MIRA INFORM REPORT

Report Date :

23.11.2013

IDENTIFICATION DETAILS

Name :	SYCOMORE
Registered Office :	Sycomore 2 Rue Louis Armand 95600 Eaubonne
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	1986
Legal Form :	Public limited company
Line of Business :	Subject is engaged in renting and leasing of personal and household goods
No. of Employees :	39

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

he 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

SYCOMORE

SIRET

338 642 788 00032

company summary

EUR VAT Number	FR40338642788
Activity (APE)	Location et location-bail d'autres biens personnels et domestiques (7729Z)	Legal form	Public limited company with board of directors
Phone	01 34 06 18 70	RCS Registration	RCS Pontoise 8 338 642 788
Fax		Share capital	394,448 Euros
Address	SYCOMORE 2 RUE LOUIS ARMAND 95600 EAUBONNE	Incorporated Date	09/1986
Nationality	France	Status	Economically active

DIRECTORS/MANAGEMENT

directors

Name	M. JANKOWSKI PIERRE
Manager position	Administrator	Date of birth	16/11/1942
Place of birth	75014 PARIS
Type	Individual	Name at birth

Name	M. BOUTISSEAU JEAN-YVES
Manager position	Administrator, Managing director	Date of birth	03/07/1953
Place of birth	VERNEUIL SUR AVRE
Type	Individual	Name at birth

Name	M. CHARLES MICHEL
Manager position	Chairman of the Board	Date of birth	05/03/1946
Place of birth	ERMONT
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
Chairman of the Board	M JEAN-YVES BOUTISSEAU	- - -
Chairman of the Board	M JEAN-YVES BOUTISSEAU	03/07/1953 - VERNEUIL SUR AVRE
Chairman of the Board	M MICHEL CHARLES	- - -
Managing director	M JEAN-YVES BOUTISSEAU	- - -
Administrator	M JEAN-YVES BOUTISSEAU	- - -
Administrator	M PIERRE JANKOWSKI	- - -

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Shareholders

No Shareholders available for this company

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

No group information available for the company

Linkages

No Linkages information available for the company

FINANCIAL INFORMATION

Trading to Date	12/31/2011	12/31/2010	12/31/2009
Turnover	3,192,767 €	2,538,275 €	1,863,659 €
Gross Operating Surplus	16,21 % Turnover	14,78 % Turnover	-4,52 % Turnover
Shareholders’ equity	1,358,524 €	1,285,322 €	1,132,364 €
Net result	71,911 €	151,666 €	-198,606 €

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2011	31/12/2010	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	13/12/2012	01/09/2011	01/09/2011
Activity Code	7729Z	7729Z	7729Z
Employees	38	39	23

Active account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	497 732	-0,9%	502 021	-9,3%	553 723	61 194	713,4%
- Intangible assets	274 322	-15,9%	326 187	-9,0%	358 520	0	0%
- Tangible assets	82 651	155,1%	32 403	-34,0%	49 097	37 721	119,1%
- Financial assets	148 613	0%	148 613	0%	148 613	418	35453,3%
Net current assets	2 435 255	14,1%	2 134 563	25,0%	1 707 015	76 744	3073,2%
- Stocks	770 123	43,5%	536 829	124,8%	238 804	0	0%
- Advanced payments	0	14,1%	1 865	12,0%	1 665	0	0%
- Receivables	1 652 104	4,3%	1 583 395	8,7%	1 456 045	30 495	5317,6%
- Securities and cash	13 028	4,4%	12 474	18,8%	10 501	15 090,50	-13,7%
- Prepaid expenses	-	-	-	-	-	213	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	2 932 987	11,2%	2 636 581	16,6%	2 260 736	169 729	1628,0%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	1 358 524	5,7%	1 285 322	13,5%	1 132 364	37 759,50	3497,8%
Share capital	394 448	0%	394 448	0%	394 448	9 147	4212,3%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	29 656	0%	29 656	0	0%
Liabilities	1 574 462	19,1%	1 321 604	20,3%	1 098 716	117 908	1235,3%
- Financial liabilities	282 027	14,3%	246 680	-9,3%	271 835	29 323	861,8%
- Advanced payments received	42 734	-80,4%	218 198	893,6%	21 960	0	0%
- Trade account payables	345 627	-0,4%	346 892	-18,5%	425 488	12 515,50	2661,6%
- Tax and social liabilities	898 597	93,7%	464 016	36,9%	339 027	27 005,50	3227,5%
- Other debts and fixed assets liabilities	224	-99,4%	37 055	35,2%	27 403	3 929,50	-94,3%
Account regularization	5 253	-40,1%	8 763	-32,6%	13 003	0	0%
Total liabilities	2 932 987	11,2%	2 636 581	16,6%	2 260 736	169 365	1631,8%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	3 231 837	25,7%	2 570 510	33,9%	1 919 455	155 449,50	1979,0%
Net turnover	3 192 767	25,8%	2 538 275	36,2%	1 863 659	154 449,50	1967,2%
- of which net export turnover	0	0%	0	0%	0	0	0%
Operating charges	3 072 159	27,9%	2 402 623	5,2%	2 284 459	151 228,50	1931,5%
Operating profit/loss	159 678	-4,9%	167 887	146,0%	-365 004	3 854	4043,2%
Financial income	27 674	-52,2%	57 838	-34,3%	88 074	0	0%
Financial charges	17 892	-77,6%	79 962	185,2%	28 039	879	1935,5%
Financial profit/loss	9 782	144,2%	-22 123	-136,9%	60 035	-414,50	2460,0%
Pretax net operating income	169 460	16,3%	145 764	147,8%	-304 969	3 332	4985,8%
Extraordinary income	30 777	1438,8%	2 000	-97,6%	85 000	100	30677,0%
Extraordinary charges	118 991	2877,0%	3 997	-72,2%	14 365	306	38785,9%
Extraordinary profit/loss	-88 214	-4317,3%	-1 997	-102,8%	70 635	0	0%
Net result	71 911	-52,6%	151 666	176,4%	-198 606	4 268,50	1584,7%

Display parameter
Currency	Euro	Kilo Euro

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

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to VI)	Net	2 932 987	11,2%	2 636 581	16,6%	2 260 736
Gross	CO	3 938 080	14,3%	3 445 534	19,9%	2 874 561
Amortisation	1A	1 005 093	24,2%	808 953	31,8%	613 825

Non declared distributed capital (I)

		31/12/2011		31/12/2010		31/12/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	-	0

Active fixed asset (II)

		31/12/2011		31/12/2010		31/12/2009
Total Active fixed asset (II)	Net	497 732	-0,9%	502 021	-9,3%	553 723
Gross	BJ	1 288 441	7,9%	1 193 713	3,6%	1 152 701
Amortisation	BK	790 709	14,3%	691 692	15,5%	598 978

Intangible fixed assets

			31/12/2011		31/12/2010		31/12/2009
	Start-up cost	Net	13 363	0%	13 363	0%	13 363
	Gross	AB	13 363	0%	13 363	0%	13 363
	Amortisation	AC	7 854	51,6%	5 182	106,5%	2 509
	R & D expenses	Net	158 102	-14,0%	183 736	0,0%	183 681
	Gross	CX	450 061	5,2%	427 707	8,2%	395 407
	Amortisation	AE	291 959	19,7%	243 971	15,2%	211 726
	Distributorships, patents	Net	102 857	-20,0%	128 572	-16,7%	154 286
	Gross	AF	195 906	0%	195 906	0%	195 906
	Amortisation	AG	93 049	38,2%	67 334	61,8%	41 620
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	516	-92,8%	7 190
	Gross	AJ	55 166	0%	55 166	0%	55 166
	Amortisation	AK	55 166	0,9%	54 650	13,9%	47 975
	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	274 322	-15,9%	326 187	-9,0%	358 520

Tangible fixed assets

		31/12/2011		31/12/2010		31/12/2009
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	0	0%	0	0%	0
Gross	AP	0	0%	0	0%	0
Amortisation	AQ	0	0%	0	0%	0
Plant	Net	62 402	378,7%	13 035	-46,4%	24 324
Gross	AR	258 562	34,0%	193 024	2,9%	187 495
Amortisation	AS	196 160	9,0%	179 989	10,3%	163 171
Other tangible fixed assets	Net	20 249	4,5%	19 368	-21,8%	24 773
Gross	AT	166 770	4,3%	159 934	2,0%	156 751
Amortisation	AU	146 521	4,2%	140 566	6,5%	131 977
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	82 651		32 403		49 097

Financial assets

		31/12/2011		31/12/2010		31/12/2009
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	146 433	0%	146 433	0%	146 433
Gross	CU	146 433	0%	146 433	0%	146 433
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0		0		0
Other financial assets	Net	2 180	0%	2 180	0%	2 180
Gross	BH	2 180	0%	2 180	0%	2 180
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		148 613		148 613		148 613

Current Assets (III)

		31/12/2011		31/12/2010		31/12/2009
Total Assets	Net	2 435 255	14,1%	2 134 563	25,0%	1 707 015
Gross	CJ	2 649 639	17,7%	2 251 823	30,8%	1 721 861
Amortisation	CK	214 384	82,8%	117 261	689,8%	14 847

Stocks

		31/12/2011		31/12/2010		31/12/2009
Raw materials	Net	770 123	43,5%	536 829	124,8%	238 804
Gross	BL	807 290	46,3%	551 675	117,5%	253 650
Amortisation	BM	37 167	150,3%	14 847	0%	14 847
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	0	0%	0	0%	0
Gross	BT	0	0%	0	0%	0
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	770 123	43,5%	536 829	124,8%	238 804

Advance payments to suppliers

		31/12/2011		31/12/2010		31/12/2009
Advance payments to suppliers	Net	0	0%	1 865	12,0%	1 665
Gross	BV	0	0%	1 865	12,0%	1 665
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2011		31/12/2010		31/12/2009
Trade accounts receivable	Net	1 203 523	-7,2%	1 296 908	16,6%	1 112 724
Gross	BX	1 305 780	-2,9%	1 344 562	20,8%	1 112 724
Amortisation	BY	102 257	114,6%	47 654	0%	0
Other debtors	Net	406 073	51,6%	267 904	-11,1%	301 347
Gross	BZ	481 033	49,1%	322 664	7,1%	301 347
Amortisation	CA	74 960	36,9%	54 760	0%	0
Capital subscribed and called up	Net	0	0%	0	0%	0
Gross	CB	0	0%	0	0%	0
Amortisation	CC	0	0%	0	0%	0
Sub Total Debtors	Net	1 609 596	2,9%	1 564 812	10,7%	1 414 071

Divers

		31/12/2011		31/12/2010		31/12/2009
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	13 028	4,4%	12 474	18,8%	10 501
Gross	CF	13 028	4,4%	12 474	18,8%	10 501
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	13 028	4,4%	12 474	18,8%	10 501

Prepaid expenses

		31/12/2011		31/12/2010		31/12/2009
Prepaid expenses	Net	42 508	128,7%	18 583	-55,7%	41 974
Gross	CH	42 508	128,7%	18 583	-55,7%	41 974
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2011		31/12/2010		31/12/2009
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	130 501	129,0%	56 995	0%	0

Display parameter
Currency	Euro	Kilo Euro

Accounts - Passive
Other capital resources | Provisions for risks and charges | Liabilities | Translation loss | Equalization accounts | References
Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to V)	EE	2 932 987	11,2%	2 636 581	16,6%	2 260 736

Shareholder Equity (I)

		31/12/2011		31/12/2010		31/12/2009
Total shareholders' equity (Total I)	DL	1 358 524	5,7%	1 285 322	13,5%	1 132 364
Equity and shareholders' equity	DA	394 448	0%	394 448	0%	394 448
Issue and merger premiums	DB	437 167	0%	437 167	0%	437 167
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	39 445	19,6%	32 974	0%	32 974
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	0	0%	0	0%	0
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	398 362	57,4%	253 167	-44,0%	451 773
Profit or loss for the period	DI	71 911	-52,6%	151 666	176,4%	-198 606
Investment grants	DJ	6 000	-25,0%	8 000	-20,0%	10 000
Special tax-allowable reserves	DK	11 192	41,7%	7 900	71,4%	4 608

Other capital resources (II)

		31/12/2011		31/12/2010		31/12/2009
Total other capital resources (Total II)	DO	0	0%	0	0%	0
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

		31/12/2011		31/12/2010		31/12/2009
Total provisions for risks and charges (Total III)	DR	0	0%	29 656	0%	29 656
Risk provisions	DP	0	0%	29 656	0%	29 656
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/12/2011		31/12/2010		31/12/2009
Total Liabilities (Total IV)	EC	1 574 462	19,1%	1 321 604	20,3%	1 098 716
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	230 990	37,1%	168 536	-19,2%	208 691
Sundry loans and financial liabilities	DV	51 037	-34,7%	78 144	23,8%	63 144
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	42 734	-80,4%	218 198	893,6%	21 960
Trade accounts payables	DX	345 627	-0,4%	346 892	-18,5%	425 488
Tax and social security liabilities	DY	898 597	93,7%	464 016	36,9%	339 027
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	224	-99,4%	37 055	35,2%	27 403

Translation loss (V)

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

Equalization accounts

		31/12/2011		31/12/2010		31/12/2009
Deferred income	EB	5 253	-40,1%	8 763	-32,6%	13 003

References

		31/12/2011		31/12/2010		31/12/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	17 042
Deferred income and liabilities	EG	1 440 586	30,5%	1 103 815	2,5%	1 076 756
Of which current bank facilities	EH	104 075	-38,2%	168 536	-18,0%	205 605

Display parameter

Currency

Euro

Kilo Euro

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

1- Operating result (I-II)

		31/12/2011		31/12/2010		31/12/2009
Operating result (Total I-II)	GG	159 678	-4,9%	167 887	146,0%	-365 004

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	9 782	144,2%	-22 123	-136,9%	60 035

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

		31/12/2011		31/12/2010		31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	169 460	16,3%	145 764	147,8%	-304 969

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	-88 214	-4317,3%	-1 997	-102,8%	70 635

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	71 911	-52,6%	151 666	176,4%	-198 606

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	3 290 288	25,1%	2 630 349	25,7%	2 092 529

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

		31/12/2011		31/12/2010		31/12/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	3 218 379	29,8%	2 478 683	8,2%	2 291 138

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	3 231 837	25,7%	2 570 510	33,9%	1 919 455

Operating income (details)

		31/12/2011		31/12/2010		31/12/2009
Sale of goods for resale	FC	8 838	0%	0	0%	18 539
France	FA	8 838	0%	0	0%	18 539
Export	FB	0	0%	0	0%	0
Sale of goods produced	FF	544 499	29,4%	420 849	27,3%	330 713
France	FD	544 499	29,4%	420 849	27,3%	330 713
Export	FE	0	0%	0	0%	0
Sale of services	FI	2 639 430	24,7%	2 117 427	39,8%	1 514 407
France	FG	2 639 430	24,7%	2 117 427	39,8%	1 514 407
Export	FH	0	0%	0	0%	0
Net turnover	FL	3 192 767	25,8%	2 538 275	36,2%	1 863 659
France	FJ	3 192 767	25,8%	2 538 275	36,2%	1 863 659
Export	FK	0	0%	0	0%	0
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	18 986
Operating grants	FO	6 384	0%	0	0%	3 462
Release of reserves and provisions	FP	17 764	5,7%	16 800	-8,3%	18 323
Other income	FQ	14 922	-3,3%	15 435	2,7%	15 025

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	3 072 159	27,9%	2 402 623	5,2%	2 284 459

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	2 236	-43,6%	3 967	30,7%	3 035
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	378 703	53,6%	246 564	11,7%	220 826
Change in stocks of raw materials	FV	-255 615	14,2%	-298 025	-1059,8%	31 052
Other external purchases and charges	FW	888 881	12,8%	787 900	3,1%	763 842
Tax, duty and similar payments	FX	83 503	86,6%	44 747	-30,5%	64 356
Payroll	FY	1 107 428	13,9%	972 561	50,0%	648 491
Social security costs	FZ	476 402	17,5%	405 451	69,9%	238 679

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	99 017	6,8%	92 713	-24,1%	122 229
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	76 922	61,4%	47 654	391,7%	9 692
Provisions for risks and charges	GD	0	0%	0	0%	964

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	214 682	116,7%	99 090	-45,3%	181 293

Operating charges (III-IV)

		31/12/2011		31/12/2010		31/12/2009
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		31/12/2011		31/12/2010		31/12/2009
Total financial income (Total V)	GP	27 674	-52,2%	57 838	-34,3%	88 074
Share financial income	GJ	5 046	25,6%	4 016	21,6%	3 302
Other investment income & capitalised receivables	GK	0	0%	83	0%	0
Other interest and similar income	GL	7 553	-85,9%	53 721	-33,5%	80 820
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	15 075	79242,1%	19	-99,5%	3 952
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

		31/12/2011		31/12/2010		31/12/2009
Total financial charge (Total VI)	GU	17 892	-77,6%	79 962	185,2%	28 039
Financial reserves and provisions	GQ	0	0%	54 760	0%	0
Interest and similar charges	GR	15 736	-37,0%	24 991	-8,2%	27 221
Exchange losses	GS	2 156	921,8%	211	-74,2%	818
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2011		31/12/2010		31/12/2009
Total extraordinary income (Total VII)	HD	30 777	1438,8%	2 000	-97,6%	85 000
Extraordinary operating income	HA	85	0%	0	0%	85 000
Extraordinary income from capital transactions	HB	2 000	0%	2 000	0%	0
Released provisions and transferred charges	HC	28 692	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2011		31/12/2010		31/12/2009
Total extraordinary charges (Total VIII)	HH	118 991	2877,0%	3 997	-72,2%	14 365
Extraordinary operating charges	HE	95 499	13446,0%	705	-88,0%	5 876
Extraordinary charges from capital transactions	HF	0	0%	0	0%	5 197
Extraordinary reserves and provisions	HG	23 492	613,6%	3 292	0%	3 292

Employee profit sharing (IX)

		31/12/2011		31/12/2010		31/12/2009
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2011		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	9 337	218,2%	-7 898	77,9%	-35 725

References

		31/12/2011		31/12/2010		31/12/2009
Of which equipment leases	HP	0	0%	207 386	-5,4%	219 257
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	16 800	0%	16 800	0%	16 800
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	13 862	-10,1%	15 423	2,8%	15 000
Of which royalties on licences and patents (charges)	A4	207 262	109,2%	99 085	-45,3%	181 292

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)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	OG	0	0%	0	0%	0
Increases due to revaluation	OH	0	0%	0	0%	0
Decreases, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreases by budget item transfer	OK1	0	0%	0	0%	0
Decreases by transfers	OK2	1 403	-99,3%	211 672	1698,1%	11 772
Gross value at the end of period	OL	1 288 441	7,9%	1 193 713	3,6%	1 152 700

Research and development Charge (Total I)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	CZ	441 070	7,9%	408 770	19,4%	342 444
Increases due to revaluation	KB	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KC	22 355	-30,8%	32 300	-51,3%	66 327
Decreases by budget item transfer	C01	0	0%	0	0%	0
Decreases by transfers	C02	0	0%	0	0%	0
Gross value at the end of period	D0	463 425	5,1%	441 070	7,9%	408 771

Other budget item from Intangible fixed assets (Total II)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	KD	251 071	0%	251 071	0%	251 071
Increases due to revaluation	KE	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KF	0	0%	211 672	0%	0
Decreases by budget item transfer	LV1	0	0%	0	0%	0
Decreases by transfers	LV2	0	0%	211 672	0%	0
Gross value at the end of period	LW	251 071	0%	251 071	0%	251 071

Tangible fixed assets (Total III)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	LN	352 958	2,5%	344 245	-2,9%	354 668
Increases due to revaluation	LO	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LP	73 777	746,8%	8 712	545,3%	1 350
Decreases by budget item transfer	NG1	0	0%	0	0%	0
Decreases by transfers	NG2	1 403	0%	0	0%	11 772
Gross value at the end of period	NH	425 332	20,5%	352 957	2,5%	344 246

Financial assets (Total IV)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	LQ	148 613	0%	148 613	0,9%	147 233
Increases due to revaluation	LR	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LS	0	0%	0	0%	1 380
Decreases by budget item transfer	NJ1	0	0%	0	0%	0
Decreases by transfers	NJ2	0	0%	0	0%	0
Gross value at the end of period	NK	148 613	0%	148 613	0%	148 613

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

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreases		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreases		PC	0	0%	0	0%	0
	Decreases by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	PE	121 984	36,2%	89 595	92,8%	46 472
Increases		PF	26 230	-76,3%	110 611	156,5%	43 124
Decreases		PG	0	0%	78 222	0%	0
	Decreases by budget item transfer	PH	148 214	21,5%	121 984	36,1%	89 596

Total fixed assets amortisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	320 555	8,6%	295 148	12,7%	261 988
Increases		QV	22 126	-44,3%	39 737	0,0%	39 736
Decreases		QW	0	0%	14 331	118,0%	6 575
	Decreases by budget item transfer	QX	342 682	6,9%	320 554	8,6%	295 149

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreases by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/12/2011		31/12/2010		31/12/2009
	Net value at beginning of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	463 425	5,1%	441 070	7,9%	408 771
	Net value at the end of period	SR	0	0%	0	0%	0

Provisions included in balance sheet
Grand Total (I-II-III)

			31/12/2011		31/12/2010		31/12/2009
	Value at beginning of period	7C	154 817	215,2%	49 110	33,9%	36 686
Increases		UB	100 415	-5,0%	105 706	657,9%	13 947
Decreases		UC	29 656	0%	0	0%	1 523
	Value at the end of period	UD	225 576	45,7%	154 816	215,2%	49 110

Includes Total allocations

Operating	UE	76 922	61,4%	47 654	347,2%	10 656
Financial	UG	0	0%	54 760	0%	0
Exceptional	UJ	23 492	613,6%	3 292	0%	3 292

Includes Total Withdrawal

Operating	UF	964	0%	0	0%	1 523
Financial	UH	0	0%	0	0%	0
Exceptional	UK	28 692	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Value at beginning of period	3Z	7 900	71,4%	4 608	249,9%	1 317
Increases		TS	3 292	0%	3 292	0%	3 292
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	11 192	41,7%	7 900	71,4%	4 609

Total risk and charge provisions (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Value at beginning of period	5Z	29 656	0%	29 656	44,5%	20 523
Increases		TV	0	0%	0	0%	10 656
Decreases		TW	29 656	0%	0	0%	1 523
	Value at the end of period	TX	0	0%	29 656	0%	29 656

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at beginning of period	7B	117 261	689,8%	14 847	0%	14 847
Increases		TY	97 123	-5,2%	102 414	0%	0
Decreases		TZ	0	0%	0	0%	0
	Value at the end of period	UA	214 384	82,8%	117 261	689,8%	14 847

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	1 831 500	8,5%	1 687 989	15,8%	1 458 225
1 year at most	VU	1 698 819	4,3%	1 628 814	11,9%	1 456 045
More than one year	VV	132 681	124,2%	59 175	2614,4%	2 180

State of loans

		31/12/2011		31/12/2010		31/12/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	2 180	0%	2 180	0%	2 180
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	130 501	129,0%	56 995	0%	0
Other claims customer	UX	1 175 279	-8,7%	1 287 567	15,7%	1 112 724
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	21 259	4036,0%	514	0%	0
Social Security and other social organizations	UZ	621	6800%	09	-99,9%	14 654
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	163 070	71,0%	95 342	23,6%	77 109
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	7 898	0%	7 898	-40,7%	13 312
Group and Associates	VC	157 409	43,1%	110 005	20,0%	91 702
Accounts receivable (including claims relating to the operation of pension titles)	VR	130 776	20,1%	108 896	4,1%	104 570

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	42 508	128,7%	18 583	-55,7%	41 974

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	1 530 983	38,7%	1 103 815	2,5%	1 076 756
1 year at most		VZ2	1 440 586	30,5%	1 103 815	2,5%	1 076 756
More than 1 year and 5 years at most		VZ3	90 397	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2011		31/12/2010		31/12/2009
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
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	230 990	37,1%	168 536	-19,2%	208 691
1 year at most		VH2	140 593	-16,6%	168 536	203,4%	55 548
More than 1 year and 5 years at most		VH3	90 397	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	345 627	-0,4%	346 892	-18,5%	425 488
1 year at most		8B2	345 627	-0,4%	346 892	-18,5%	425 488
More than 1 year and 5 years at most		8B3	345 627	-0,4%	346 892	-18,5%	425 488
	Personnel and associated accounts (gross)	8C1	108 818	58,1%	68 830	0%	0
1 year at most		8C2	108 818	58,1%	68 830	23,9%	55 548
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	251 320	79,5%	140 034	17,0%	119 650
1 year at most		8D2	251 320	79,5%	140 034	17,0%	119 650
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	9 337	0%	0	0%	0
1 year at most		8E2	9 337	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	499 827	103,2%	246 015	83,5%	134 039
1 year at most		VW2	499 827	103,2%	246 015	83,5%	134 039
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	28 551	199,1%	9 547	-68,0%	29 790
1 year at most		VQ2	28 551	199,1%	9 547	-68,0%	29 790
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	51 037	-34,7%	78 144	23,8%	63 144
1 year at most		VI2	51 037	-34,7%	78 144	23,8%	63 144
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	224	-99,4%	37 055	35,2%	27 403
1 year at most		8K2	224	-99,4%	37 055	35,2%	27 403
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	5 253	-40,1%	8 763	-32,6%	13 003
1 year at most		8L2	5 253	-40,1%	8 763	-32,6%	13 003
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	3 086	-74,3%	12 028

Table allocation results and other information
Dividends distributed

		31/12/2011		31/12/2010		31/12/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2011		31/12/2010		31/12/2009
Commitments leasing furniture	YQ	279 675	-26,8%	381 869	26,9%	300 913
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2011		31/12/2010		31/12/2009
Subcontracting	YT	245 748	-3,3%	254 218	17,3%	216 761
Rentals, rental charges and condominiums	XQ	104 281	13,5%	91 852	6,9%	85 938
Staff outside the company	YU	6 617	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	79 419	48,6%	53 451	-35,2%	82 516
Fees, commissions and brokerage	YV	39 370	-14,2%	45 902	440,3%	8 495
Other accounts	ST	413 448	20,7%	342 477	-7,5%	370 133
Total Other purchases and external	ZJ	888 883	1886,5%	787 900	3,1%	763 843

Taxes and Fees

		31/12/2011		31/12/2010		31/12/2009
Business tax	YW	11 210	57,3%	7 126	-79,3%	34 467
Other taxes and payments assimilated	9Z	72 293	92,2%	37 621	25,9%	29 889
Total taxes and fees	YX	83 503	86,6%	44 747	-30,5%	64 356

VAT

		31/12/2011		31/12/2010		31/12/2009
Amount VAT collected	YY	664 998	38,2%	481 081	74,8%	275 152
Total VAT on goods and services	YZ	266 130	83,4%	145 081	-26,4%	197 111

Average number of employees

		31/12/2011		31/12/2010		31/12/2009
Average number of employees	YP	38	-2,6%	39	69,6%	23

Groups and Shareholders

		31/12/2011		31/12/2010		31/12/2009
Groups and Shareholders	ZR	0	-	0	-	01

Display parameter
Comparison mode	Average	Median

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

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Fixed Asset Financing	1,81	3,4%	1,75	10,1%	1,59	1,14	58,8%
Global Debt	178 days	-4,8%	187 days	-11,8%	212 days	187,50 days	-5,1%
Working Capital Fund overall net	117 days	-7,1%	126 days	-3,1%	130 days	46 days	154,3%
Financial independence	582,35%	-22,8%	754,71%	40,8%	536,20%	148,86%	291,2%
More ratios
Solvability	46,32%	-5,0%	48,75%	-2,7%	50,09%	28,52%	62,4%
Capacity debt futures	966,28%	26,7%	762,64%	-62,6%	2038,53%	480,33%	101,2%
Coverage of current assets by net working capital overall	39,84%	-0,2%	39,90%	-0,6%	40,15%	34,90%	14,2%
General Liquidity	1,18	-20,3%	1,48	9,6%	1,35	0,45	162,2%
Restricted Liquidity	1,19	-20,1%	1,49	9,6%	1,36	0,85	40,0%

Management or rotation

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital	123 days	-16,3%	147 days	-9,3%	162 days	-7,50 days	1740,0%
Treasury	-10 days	54,5%	-22 days	42,1%	-38 days	8 days	-225,0%
Inventory turnover of goods	0 days	0%	0 days	0%	0 days	54 days	0%
Average length of credit granted to customers	122 days	-23,8%	160 days	-14,4%	187 days	44 days	177,3%
Average length of credit obtained suppliers	97 days	-31,2%	141 days	11,9%	126 days	60 days	61,7%
More ratios
Inventory turnover of raw materials in industrial enterprises	767 days	-4,7%	805 days	94,4%	414 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	751 days	4,5%	719 days	32,9%	541 days	137 days	448,2%
Rotation tangible assets	750,65%	4,4%	719,15%	32,8%	541,37%	128,12%	485,9%

Profitability of the business

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading	0,21%	231,2%	-0,16%	-119,3%	0,83	0%	0%
Profitability of the business	16,21	9,7%	14,78	427,0%	-4,52	12,53%	29,4%
Net profit	2,25%	-62,4%	5,98%	156,1%	-10,66%	3,19%	-29,5%
More ratios
Growth rate of turnover (excluding VAT)	25,78%	-28,8%	36,20%	278,1%	-20,33%	2,99%	762,2%
Rates integration	68,23%	-3,7%	70,83%	52,8%	46,35%	44,27%	54,1%
Rate leasing furniture	0%	0%	8,17%	-30,5%	11,76%	0%	0%
Work Factor	72,70%	-5,2%	76,65%	-25,4%	102,69%	45,69%	59,1%
Weight interests	0,56	-82,2%	3,15%	110,0%	1,50%	0,45%	24,4%

Return on capital

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability	5,10%	-56,9%	11,84%	418,3%	-3,72%	11,43%	-55,4%
Rates of economic profitability	32%	33,3%	24%	500%	-6%	23%	39,1%
Financial profitability	1358524%	5,7%	1285322%	13,5%	1132364%	6813%	19840,2%
Return on investment	5,47%	-63,8%	15,12%	224,4%	-12,15%	8,44%	-35,2%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Turnover	3 192 767	25,8%	2 538 275	36,2%	1 863 659	154 450 €	1967,2%

Sales of goods	8 838	0%	0	0%	18 539
- Purchase of goods	2 236	-43,6%	3 967	30,7%	3 035
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	6 602 €	266,4%	-3 967 €	-125,6%	15 504 €	0 €	0%
	0,21 % CA	231,2%	-0,16 % CA	-119,3%	0,83 % CA	0,17 % CA	23,5%

Sale of goods produced	3 183 929	25,4%	2 538 276	37,6%	1 845 120
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	18 986
Period production	3 183 929 €	25,4%	2 538 276 €	36,2%	1 864 106 €	113 934,50 €	2694,5%
	99,72 % CA	-0,3%	100,00 % CA	0,0%	100,02 % CA	99,95 % CA	-0,2%

Trading margin	6 602	266,4%	-3 967	-125,6%	15 504	0	0%
+ Period Production	3 183 929	25,4%	2 538 276	36,2%	1 864 106	113 934,50	2694,5%
- Purchase of raw materials	378 703	53,6%	246 564	11,7%	220 826
+/- Change in stocks of raw materiels	-255 615	14,2%	-298 025	-1059,8%	31 052
- Other external purchases and charges	888 881	12,8%	787 900	3,1%	763 842
Added value	2 178 562 €	21,2%	1 797 870 €	108,1%	863 890 €	61 879 €	3420,7%
	68,23 % CA	-3,7%	70,83 % CA	52,8%	46,35 % CA	44,19 % CA	54,4%

Added value	2 178 562 €	21,2%	1 797 870 €	108,1%	863 890 €	61 879 €	3420,7%
+ Operating grants	6 384	0%	0	0%	3 462
- Tax, duty and similar payments	83 503	86,6%	44 747	-30,5%	64 356
- Personal charges	1 583 830	14,9%	1 378 012	55,3%	887 170
Gross operating surplus	517 613 €	38,0%	375 111 €	545,6%	-84 174 €	18 342,50 €	2721,9%
	16,21 % CA	9,7%	14,78 % CA	427,0%	-4,52 % CA	12,49 % CA	29,8%

Gross operating surplus	517 613 €	38,0%	375 111 €	545,6%	-84 174 €	18 342,50 €	2721,9%
+ Release of reserves and provisions	17 764	5,7%	16 800	-8,3%	18 323
+ Other operating income	14 922	-3,3%	15 435	2,7%	15 025
- Depreciation/Amortisation	175 939	25,3%	140 367	5,6%	132 885
- Other charges	214 682	116,7%	99 090	-45,3%	181 293
Operating result	159 678 €	-4,9%	167 889 €	146,0%	-365 004 €	3 866 €	4030,3%
	5,00 % CA	-24,4%	6,61 % CA	133,7%	-19,59 % CA	3,45 % CA	44,9%

Operating result	159 678 €	-4,9%	167 889 €	146,0%	-365 004 €	3 866 €	4030,3%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	27 674	-52,2%	57 838	-34,3%	88 074
- Financial charges	17 892	-77,6%	79 962	185,2%	28 039
Pre-tax result	169 460 €	16,3%	145 765 €	147,8%	-304 969 €	3 332 €	4985,8%
	5,31 % CA	-7,5%	5,74 % CA	135,1%	-16,36 % CA	2,79 % CA	90,3%

Extraordinary income	30 777	1438,8%	2 000	-97,6%	85 000	100	30677,0%
- Extraordinary charges	118 991	2877,0%	3 997	-72,2%	14 365
Extraordinary result	-88 214 €	-4317,3%	-1 997 €	-102,8%	70 635 €	0 €	0%
	-2,76 % CA	-3350,0%	-0,08 % CA	-102,1%	4 % CA	0 % CA	0%

Pre-tax result	169 460 €	16,3%	145 765 €	147,8%	-304 969 €	3 332 €	4985,8%
Extraordinary result	-88 214 €	-4317,3%	-1 997 €	-102,8%	70 635 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	9 337	218,2%	-7 898	77,9%	-35 725
Net result	71 909 €	-52,6%	151 666 €	176,4%	-198 609 €	4 159,50 €	1628,8%
	2,25 % CA	-62,4%	5,98 % CA	156,1%	-10,66 % CA	3,22 % CA	-30,1%

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Company details

Activity (APE)	Renting and leasing of other personal and household goods (7729Z)
RCS Registration	RCS Pontoise 8 338 642 788	Share capital	394,448 Euros
Registration Court	Pontoise (78)	Legal form	Public limited company with board of directors
Court Registry Number	19 8 6B01536	EUR VAT Number	FR40338642788
Incorporation Date	09/1986	Formation Date	07/1986
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Establishment details

Activity (APE)	Renting and leasing of other personal and household goods (7729Z)	Business Pages FT®	AUDIOVISUEL PRODUCTION EDITION REALISATION
Postal Address	SYCOMORE 2 RUE LOUIS ARMAND 95600 EAUBONNE	Trading Address	2 RUE LOUIS ARMAND 95600 EAUBONNE
Telephone	01 34 06 18 70
Fax

Type	Head office (one site company)	Status	Economically active
Formation Date	03/1999	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Val-d'Oise (95)	Region	Ile-de-France
District	3	Area	07
City	EAUBONNE	Size of urban area	Paris conglomeration

Other establishments

Branches	1 branch entities in this company
Head office	> SYCOMORE <<<  - Location et location-bail d'autres biens personnels et domestiques (7729Z)  in EAUBONNE  (95600)
Secondary establishments

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

20 to 49 employees

Company workforce

20 to 49 employees

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
29/10/2012	Bodacc C	Comptes annuels et rapports
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 14726 - 338642788 RCS. SYCOMORE. Forme : Société anonyme. Adresse : 2 rue Louis Armand 95600 Eaubonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
16/05/2010	Bodacc B	Modification et mutation diverse
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 2613 - 338 642 788 RCS Pontoise. SYCOMORE. Forme : Société anonyme. Capital : 394448 EUR. Commentaires : Modification du capital.
19/03/2010	JAL	Modification of the share capital
L'ECHO - LE REGIONAL Date de décision : 23/10/2009 La société : 338642788 - SYCOMORE, 2 RUE LOUIS ARMAND, 95600 EAUBONNE a subi une augmentation de son capital social désormais de 378 448 €
19/03/2010	JAL	Modification of the share capital
L'ECHO - LE REGIONAL Date de décision : 23/10/2009 La société : 338642788 - SYCOMORE, 2 RUE LOUIS ARMAND, 95600 EAUBONNE a subi une augmentation de son capital social désormais de 359 824 €
19/03/2010	JAL	Modification of the share capital
L'ECHO - LE REGIONAL Date de décision : 23/10/2009 La société : 338642788 - SYCOMORE, 2 RUE LOUIS ARMAND, 95600 EAUBONNE a subi une augmentation de son capital social désormais de 394 448 €
11/02/2010	Bodacc C	Comptes annuels et rapports
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 10983 - 338642788 RCS. SYCOMORE. Forme : Société anonyme. Adresse : 2 rue Louis Armand 95600 Eaubonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
02/08/2009	Bodacc B	Modification et mutation diverse
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 3240 - 338 642 788 RCS Pontoise. SYCOMORE. Forme : Société anonyme. Capital : 342842.56 EUR. Commentaires : Modification du capital.
31/10/2008	Bodacc C	Comptes annuels et rapports
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 11393 - 338642788 RCS. SYCOMORE. Forme : Société anonyme. Adresse : 2 rue Louis Armand 95600 Eaubonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
19/10/2008	Bodacc B	Modification et mutation diverse
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 2809 - 338 642 788 RCS Pontoise. SYCOMORE. Forme : Société anonyme. Administration : Administrateur : JANKOWSKI PIERRE. Directeur général et administrateur : BOUTISSEAU Jean-Yves en fonction le 01 Mars 2007. Président du conseil d'administration : CHARLES Michel modification le 13 Mars 2007. Commissaire aux comptes suppléant : ADD EQUATION en fonction le 09 Octobre 2008. Commissaire aux comptes titulaire : EURL DE COMMISSAIRES AUX COMPTES LIONEL GUIBERT en fonction le 09 Octobre 2008. Capital : 236753 EUR. Commentaires : Modification du capital. Modification de représentant.
08/06/2008	Bodacc C	Comptes annuels et rapports
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 8414 - 338642788 RCS. SYCOMORE. Forme : Société anonyme. Adresse : 2 rue Louis Armand 95600 Eaubonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
21/03/2007	Bodacc B	Modifications et mutations diverses
3166 - RCS Pontoise B 338 642 788. RC 86-B 1536. SYCOMORE. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration et directeur général partant : CHARLES (Michel). Administrateur partant : MEYER (Marcel). Nomination d'un directeur général et administrateur : BOUTISSEAU (Jean-Yves). Nomination du président du conseil d'administration : BOUTISSEAU (Jean-Yves).
18/03/2007	Bodacc C	Avis de dépôt des comptes
9319 - RCS Pontoise B 338 642 788. RC 86-B 1536. SYCOMORE. Forme: S.A. Adresse du siège social: 2, rue Louis Armand,95600 Eaubonne. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
14/10/1999	Bodacc B	Modifications et mutations diverses
*. RCS Pontoise B 338 642 788 RC 86-B 1536 SYCOMORE. Forme : S.A. Adresse du siège social : 2, rue Louis-Armand 95600 Eaubonne. Commentaires : modification survenue sur l'adresse du siège social et de l'établissement principal Etablissement principal: Adresse : 2, rue Louis-Armand 95600 Eaubonne.

Company events history

Date	Description
20/10/2013	Update Limit
20/10/2013	Update Rating
15/10/2013	Update Limit
15/10/2013	Update Rating
12/06/2013	Application and court order
12/06/2013	Extension of term
15/12/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
29/10/2012	Bodacc C : Deposit accounts notice
26/06/2012	Application and court order
26/06/2012	Extension of term
31/12/2011	Update of Company Activity
31/12/2011	Modification of Company Activity
31/12/2011	New accounts available
05/09/2011	Bodacc C : Deposit accounts notice
03/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
16/05/2010	Bodacc B: Various editing or changing
04/05/2010	Statuts mis à jour
04/05/2010	Updated articles of association
04/05/2010	Acte modificatif
04/05/2010	Amendment
04/05/2010	Augmentation de Capital
04/05/2010	Minutes of Board meeting
04/05/2010	Capital increase
04/05/2010	Minutes of general meeting of shareholders
04/05/2010	PV d'Assemblée
04/05/2010	Other modification of Establishment
11/02/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
31/12/2009	Update of Company Activity
31/12/2009	Modification of Company Activity
23/10/2009	Legal Gazette: Modification of the share capital
23/10/2009	Other modification of Establishment
02/08/2009	Bodacc B: Various editing or changing
24/07/2009	Other modification of Establishment
24/07/2009	Updated articles of association
24/07/2009	Statuts mis à jour
24/07/2009	Minutes of general meeting of shareholders
24/07/2009	PV d'Assemblée
24/07/2009	Private document
24/07/2009	Augmentation de Capital
24/07/2009	Capital increase
31/12/2008	New accounts available
23/12/2008	Other modification of Establishment
31/10/2008	Bodacc C : Deposit accounts notice
19/10/2008	Bodacc B: Various editing or changing
19/10/2008	New Bodacc B ads detected
09/10/2008	Capital increase
09/10/2008	Augmentation de Capital
09/10/2008	New auditor
09/10/2008	Changement de Commissaire aux Comptes
09/10/2008	Updated articles of association
09/10/2008	Statuts mis à jour
09/10/2008	Minutes of general meeting of shareholders
09/10/2008	PV d'Assemblée
09/10/2008	Appointment/resignation of company officers
09/10/2008	Private document
08/06/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
01/03/2007	Appointment/resignation of company officers
01/03/2007	PV du Conseil d'Administration
01/03/2007	Nomination/démission des organes de gestion
01/03/2007	Minutes of general meeting of shareholders
01/03/2007	Private document
01/03/2007	New chairman (CEO, CoB)
01/03/2007	Modification du Conseil d'Administration
01/03/2007	Changes to the Board of Directors
01/03/2007	Acte modificatif
01/03/2007	PV d'Assemblée
31/12/2006	New accounts available
31/12/2005	New accounts available
04/12/2001	Conversion du Capital Social en Euros
04/12/2001	Statuts mis à jour
04/12/2001	PV d'Assemblée
04/12/2001	Acte sous seing privé
28/09/1999	PV du Conseil d'Administration
28/09/1999	Acte sous seing privé
28/09/1999	Statuts mis à jour
28/09/1999	Acte modificatif
28/09/1999	Transfert du Siège dans le ressort du Tribunal de Commerce
05/12/1996	Acte sous seing privé
05/12/1996	Requête et Ordonnance
04/12/1996	Acte modificatif
03/12/1996	Nomination/démission des organes de gestion
03/12/1996	Rapport des Commissaires ou du Gérant
03/12/1996	Changement de Forme Juridique sans changement de catégorie
03/12/1996	Statuts mis à jour
03/12/1996	PV du Conseil d'Administration
03/12/1996	PV d'Assemblée
03/12/1996	Acte modificatif
03/12/1996	Acte sous seing privé
02/08/1996	Cession de parts
02/08/1996	Acte modificatif
02/08/1996	Acte sous seing privé

Establishment events history

Date	Description
01/09/2013	Update Rating
15/12/2012	Update Limit
15/12/2012	Update Rating
06/11/2012	Update Limit
06/11/2012	Update Rating
11/09/2012	Update Rating
11/09/2012	Update Limit
04/04/2012	Update Rating
22/01/2012	Update Rating
31/12/2011	Update of Establishment Activity
31/12/2011	Modification of Head office Activity
11/11/2011	Update Rating
03/09/2011	Update Limit
03/09/2011	Update Rating
03/08/2011	Update Rating
09/11/2010	Update Rating
27/09/2010	Update Limit
25/09/2010	Update Rating
25/01/2010	Update Rating
25/01/2010	Update Limit
04/01/2010	Update Limit
31/12/2009	Update of Establishment Activity
31/12/2009	Modification of Head office Activity
30/12/2009	Update Rating
06/09/2009	Update Limit
06/09/2009	Update Rating
24/07/2009	Modification of Head office
23/12/2008	Modification of Head office
23/10/2008	Update Rating
23/10/2008	Update Limit
22/10/2008	Update Rating
28/09/2008	Update Limit
27/09/2008	Update Rating
09/06/2008	Update Rating
09/06/2008	Update Limit
13/01/2008	Update Limit
16/12/2007	Update Limit
10/12/2007	Update Limit

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.

	Positive export turnover
	The pre-tax profit is more than 25,000€
	The shareholder's equity is more than 250,000€
	The return on total assets employed is positive
	Industry code with low risk rating
	The company is 27 years old
	The tangible fixed assets are 82,651 €
	The ratio total assets to total liabilities is 1,86
	The deviation of shareholder's equity over the past two years is less than 75%
	The sales to current assets ratio is 1,31
	The liquidity acid test is less than 65%
	The debtor days are 188.87
	The deviation of the current ratio over the past two years is less than 80%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.02
UK Pound	1	Rs.102.04
Euro	1	Rs.84.92

INFORMATION DETAILS

Report Prepared by :

NIS

RATING EXPLANATIONS

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

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

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

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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