MIRA INFORM REPORT

Report Date :

26.11.2013

IDENTIFICATION DETAILS

Name :	AGORA DISTRIBUTION
Registered Office :	13-15, 13 Av De La Metallurgie, Saint Denis, 93697 Pantin Cedex
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	July, 2008
Com. Reg. No.:	RCS Bobigny 0 505 271 528
Legal Form :	Simplified joint stock company
Line of Business :	Wholesale (intercompany trade) Clothing and footwear
No. of Employees :	100 to 199 employees

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow
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

Company name and address

Name

AGORA DISTRIBUTION

SIRET

505 271 528 00026

Personal comment

company summary

		EUR VAT Number	FR58505271528
Activity (APE)	Wholesale (intercompany trade) Clothing and footwear (4642Z)	Legal form	Simplified joint stock company
Phone	01 48 44 90 90	RCS Registration	RCS Bobigny 0 505 271 528
Fax		Share capital	4,000,000 Euros
Address	AGORA DISTRIBUTION 13-15 13 AV DE LA METALLURGIE SAINT DENIS 93697 PANTIN CEDEX	Incorporated Date	07/2008
Nationality	France	Status	Economically active

Payment Information Summary - Trade Payment Data
Total number of Invoices available	9
Total number of Invoices paid within or up to 30 days after the due date	7
Total number of Invoices paid more than 30 days after the due date	2
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

No social security and tax office preferential right to date

Ultimate Holding Company
Company Name	Company number
ERAM	388583239	1 company in 1 country. Click here to visit linked companies

Current Directors

1

Trading to Date	12/31/2012	12/31/2011	12/31/2010
Turnover	218,433,212 €	219,397,364 €	233,688,510 €
Gross Operating Surplus	2,38 % Turnover	2,37 % Turnover	1,67 % Turnover
Shareholders’ equity	3,965,067 €	1,476,175 €	648,703 €
Net result	-35,008 €	-2,172,528 €	-126,038 €
Employees	100 to 199 employees	-	-

Trends
Profitability
Liquidity
Net worth

company details

Company details

Activity (APE)	Wholesale (intercompany trade) Clothing and footwear (4642Z)
RCS Registration	RCS Bobigny 0 505 271 528	Share capital	4,000,000 Euros
Registration Court	Bobigny (93)	Legal form	Simplified joint stock company
Court Registry Number	20 0 8B04898	EUR VAT Number	FR58505271528
Incorporation Date	07/2008	Formation Date	06/2008
Deregistration Date		Last account Date	31/12/2012
Nationality	France

Ultimate Parent

1 ultimate parent company for this company >  ERAM  - Activités des sièges sociaux (7010Z)  in SAINT PIERRE MONTLIMART  (49110)

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)	Business Pages FT®
Postal Address	AGORA DISTRIBUTION 13-15 13 AV DE LA METALLURGIE SAINT DENIS 93697 PANTIN CEDEX	Trading Address	13 AVENUE DE LA METALLURGIE 93210 SAINT DENIS
Telephone	01 48 44 90 90
Fax

Type	Head office	Status	Economically active
Formation Date	07/2012	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department		Region	Ile-de-France
District		Area
City	SAINT DENIS	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	> AGORA DISTRIBUTION <<<  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in SAINT DENIS  (93210)
Secondary establishments	>  AGORA DISTRIBUTION  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in PANTIN  (93500)

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

100 to 199 employees

Company workforce

100 to 199 employees

Financials

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	31/12/2010
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	29/07/2013	11/09/2012	31/08/2011
Activity Code	4642Z	4642Z	4642Z
Employees	160	164	148

Active account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	11 091 290	224,8%	3 415 017	-43,9%	6 091 555	44 153	25020,1%
- Intangible assets	1 123 385	-37,3%	1 792 313	-32,5%	2 653 541	6 422	17392,8%
- Tangible assets	1 963 093	113,0%	921 784	-66,3%	2 737 124	5 785,50	33831,3%
- Financial assets	8 004 812	1042,0%	700 920	0,0%	700 890	5 141	155605,3%
Net current assets	80 365 763	-12,0%	91 353 068	31,5%	69 491 087	218 470,50	36685,6%
- Stocks	28 577 200	-10,5%	31 946 530	8,0%	29 580 369	55 521,50	51370,5%
- Advanced payments	72 174	-12,0%	42 645	0%	0	0	0%
- Receivables	51 234 019	1,4%	50 542 937	28,6%	39 292 310	64 547,50	79274,1%
- Securities and cash	482 370	-94,5%	8 820 956	1326,4%	618 408	33 771,50	1328,3%
- Prepaid expenses	-	-	-	-	-	127	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	91 457 051	-3,5%	94 768 088	25,4%	75 582 642	305 529	29834,0%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Shareholders' equity	3 965 067	168,6%	1 476 175	127,6%	648 703	70 729,50	5506,0%
Share capital	4 000 000	0%	4 000 000	300%	1 000 000	10 000	39900%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	1 159 585	23,6%	938 151	-14,1%	1 092 649	0	0%
Liabilities	86 332 399	-6,5%	92 353 763	25,1%	73 841 290	197 162	43687,5%
- Financial liabilities	51 939 262	-22,1%	66 652 074	83,5%	36 328 675	19 902	260875,1%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	30 372 805	37,3%	22 125 140	-36,3%	34 717 123	64 045	47324,2%
- Tax and social liabilities	4 017 461	13,0%	3 555 018	32,5%	2 682 175	44 088	9012,4%
- Other debts and fixed assets liabilities	0	0%	21 531	-81,0%	113 317	9 401	0%
Account regularization	2 871	0%	0	0%	0	0	0%
Total liabilities	91 457 051	-3,5%	94 768 088	25,4%	75 582 642	305 528,50	29834,0%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Sales of Goods	219 827 408	-0,9%	221 813 651	-5,7%	235 201 810	462 433,50	47437,1%
Net turnover	218 433 212	-0,4%	219 397 364	-6,1%	233 688 510	449 496	48495,1%
- of which net export turnover	1 544 036	-85,1%	10 382 176	-47,6%	19 809 989	0	0%
Operating charges	216 062 916	-0,6%	217 420 918	-7,3%	234 426 404	455 506,50	47333,6%
Operating profit/loss	3 764 492	-14,3%	4 392 733	466,5%	775 406	8 682	43259,7%
Financial income	207 569	-26,3%	281 519	-35,9%	439 014	03	6918866,7%
Financial charges	1 549 358	-22,6%	2 001 445	28,6%	1 556 524	824,50	187814,9%
Financial profit/loss	-1 341 789	22,0%	-1 719 926	-53,9%	-1 117 510	-123,50	-1086368,8%
Pretax net operating income	2 422 703	-9,4%	2 672 807	881,3%	-342 104	7 289,50	33135,5%
Extraordinary income	1 581 640	24993,4%	6 303	-99,5%	1 367 386	0	0%
Extraordinary charges	4 739 351	-1,5%	4 813 412	324,8%	1 133 049	240	1974629,6%
Extraordinary profit/loss	-3 157 711	34,3%	-4 807 109	-2151,4%	234 337	0	0%
Net result	-35 008	98,4%	-2 172 528	-1623,7%	-126 038	7 290,50	-580,2%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2012	31/12/2011	31/12/2010
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2012		31/12/2011		31/12/2010
	Grand Total (I to VI)	Net	91 457 051	-3,5%	94 768 088	25,4%	75 582 642
	Gross	CO	100 168 098	-4,7%	105 162 250	28,4%	81 881 239
	Amortisation	1A	8 711 047	-16,2%	10 394 162	65,0%	6 298 597

Non declared distributed capital (I)

		31/12/2012		31/12/2011		31/12/2010
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/12/2012		31/12/2011		31/12/2010
	Total Active fixed asset (II)	Net	11 091 290	224,8%	3 415 017	-43,9%	6 091 555
	Gross	BJ	17 555 750	56,1%	11 243 399	5,8%	10 623 370
	Amortisation	BK	6 464 460	-17,4%	7 828 382	72,7%	4 531 815

Intangilble fixed assets

			31/12/2012		31/12/2011		31/12/2010
	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	1 123 385	-37,0%	1 783 813	-32,6%	2 645 041
	Gross	AF	5 949 293	3,4%	5 755 523	5,3%	5 465 299
	Amortisation	AG	4 825 908	21,5%	3 971 710	40,8%	2 820 258
	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%	8 500	0%	8 500
	Gross	AJ	0	0%	8 500	0%	8 500
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0	0%	0
	Gross	AL	0	0%	0	0%	0
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	1 123 385	-37,3%	1 792 313	-32,5%	2 653 541

Tangilble fixed assets

			31/12/2012		31/12/2011		31/12/2010
	Lands	Net	780 120	0%	0	0%	0
	Gross	AN	962 024	0%	0	0%	0
	Amortisation	AO	181 904	0%	0	0%	0
	Buildings	Net	53 092	-88,1%	447 811	-77,8%	2 020 954
	Gross	AP	106 361	-96,2%	2 766 234	6,0%	2 609 135
	Amortisation	AQ	53 269	-97,7%	2 318 423	294,2%	588 181
	Plant	Net	828 534	1870,0%	42 058	-12,9%	48 272
	Gross	AR	2 231 913	1512,6%	138 401	14,8%	120 607
	Amortisation	AS	1 403 379	1356,6%	96 343	33,2%	72 335
	Other tangible fixed assets	Net	301 347	-28,4%	420 748	-37,0%	667 898
	Gross	AT	301 347	-83,8%	1 862 654	8,4%	1 718 939
	Amortisation	AU	0	0%	1 441 906	37,2%	1 051 041
	Fixed assets in construction	Net	0	0%	11 167	0%	0
	Gross	AV	0	0%	11 167	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	1 963 093		921 784		2 737 124

Financial assets

			31/12/2012		31/12/2011		31/12/2010
	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	1 900 000	171,4%	700 000	0%	700 000
	Gross	CU	1 900 000	171,4%	700 000	0%	700 000
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	6 104 692	0%	0	0%	0
	Gross	BF	6 104 692	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	120	-87,0%	920	3,4%	890
	Gross	BH	120	-87,0%	920	3,4%	890
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		8 004 812		700 920		700 890

Current Assets (III)

			31/12/2012		31/12/2011		31/12/2010
	Total Assets	Net	80 365 763	-12,0%	91 353 068	31,5%	69 491 087
	Gross	CJ	82 612 349	-12,0%	93 918 849	31,8%	71 257 869
	Amortisation	CK	2 246 586	-12,4%	2 565 781	45,2%	1 766 782

Stocks

			31/12/2012		31/12/2011		31/12/2010
	Raw materials	Net	0	0%	0	0%	0
	Gross	BL	0	0%	0	0%	0
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	0	0%	0	0%	0
	Gross	BR	0	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	28 577 200	-10,5%	31 946 530	8,0%	29 580 369
	Gross	BT	28 867 786	-11,3%	32 556 311	4,3%	31 216 048
	Amortisation	BU	290 586	-52,3%	609 781	-62,7%	1 635 679
	Sub Total Stocks	Net	28 577 200	-10,5%	31 946 530	8,0%	29 580 369

Advance payments to suppliers

			31/12/2012		31/12/2011		31/12/2010
	Advance payments to suppliers	Net	72 174	69,2%	42 645	0%	0
	Gross	BV	72 174	69,2%	42 645	0%	0
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2012		31/12/2011		31/12/2010
	Trade accounts receivable	Net	42 256 502	-9,7%	46 776 808	44,7%	32 334 834
	Gross	BX	44 212 502	-9,3%	48 732 808	50,1%	32 465 937
	Amortisation	BY	1 956 000	0%	1 956 000	1392,0%	131 103
	Other debtors	Net	1 560 098	54,3%	1 011 307	-77,0%	4 406 138
	Gross	BZ	1 560 098	54,3%	1 011 307	-77,0%	4 406 138
	Amortisation	CA	0	0%	0	0%	0
	Capital subscribed and called up	Net	0	0%	0	0%	0
	Gross	CB	0	0%	0	0%	0
	Amortisation	CC	0	0%	0	0%	0
	Sub Total Debtors	Net	43 816 600	-8,3%	47 788 115	30,1%	36 740 972

Divers

			31/12/2012		31/12/2011		31/12/2010
	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	482 370	-94,5%	8 820 956	1326,4%	618 408
	Gross	CF	482 370	-94,5%	8 820 956	1326,4%	618 408
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	482 370	-94,5%	8 820 956	1326,4%	618 408

Prepaid expenses

			31/12/2012		31/12/2011		31/12/2010
	Prepaid expenses	Net	7 417 419	169,3%	2 754 822	8,0%	2 551 338
	Gross	CH	7 417 419	169,3%	2 754 822	8,0%	2 551 338
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2012		31/12/2011		31/12/2010
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

		31/12/2012		31/12/2011		31/12/2010
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Accounts - Passive
Other capital resources | Provisions for risks and charges | Liabilities | Translation loss | Equalization accounts | References

Grand Total - Passive Accounts (I to IV)

		31/12/2012		31/12/2011		31/12/2010
Grand Total (I to V)	EE	91 457 051	-3,5%	94 768 088	25,4%	75 582 642

Shareholder Equity (I)

			31/12/2012		31/12/2011		31/12/2010
	Total shareholders' equity (Total I)	DL	3 965 067	168,6%	1 476 175	127,6%	648 703
	Equity and shareholders' equity	DA	4 000 000	0%	4 000 000	300%	1 000 000
	Issue and merger premiums	DB	0	0%	0	0%	0
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	0	0%	0	0%	0
	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	75	100,0%	-351 297	-56,0%	-225 259
	Profit or loss for the period	DI	-35 008	98,4%	-2 172 528	-1623,7%	-126 038
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/12/2012		31/12/2011		31/12/2010
	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		31/12/2011		31/12/2010
	Total provisions for risks and charges (Total III)	DR	1 159 585	23,6%	938 151	-14,1%	1 092 649
	Risk provisions	DP	892 850	69,0%	528 350	-23,4%	690 000
	Reserves for charges	DQ	266 735	-34,9%	409 801	1,8%	402 649

Liabilities (IV)

			31/12/2012		31/12/2011		31/12/2010
	Total Liabilities (Total IV)	EC	86 332 399	-6,5%	92 353 763	25,1%	73 841 290
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	51 926 812	7,0%	48 516 503	58,4%	30 620 274
	Sundry loans and financial liabilities	DV	12 450	-99,9%	18 135 571	217,7%	5 708 401
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	0
	Trade accounts payables	DX	30 372 805	37,3%	22 125 140	-36,3%	34 717 123
	Tax and social security liabilities	DY	4 017 461	13,0%	3 555 018	32,5%	2 682 175
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	0	0%	21 531	-81,0%	113 317

Translation loss (V)

		31/12/2012		31/12/2011		31/12/2010
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2012		31/12/2011		31/12/2010
Deferred income	EB	2 871	0%	0	0%	0

References

		31/12/2012		31/12/2011		31/12/2010
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	0	0%	0
Of which current bank facilities	EH	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2012		31/12/2011		31/12/2010
Operating result (Total I-II)	GG	3 764 492	-14,3%	4 392 733	466,5%	775 406

2 - Financial result (V - VI)

		31/12/2012		31/12/2011		31/12/2010
Financial result (Total V-VI)	GV	-1 341 789	22,0%	-1 719 926	-53,9%	-1 117 510

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

		31/12/2012		31/12/2011		31/12/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	2 422 703	-9,4%	2 672 807	881,3%	-342 104

4 - Extraordinary result (VII-VIII)

		31/12/2012		31/12/2011		31/12/2010
Extraordinary result (Total VII-VIII)	HI	-3 157 711	34,3%	-4 807 109	-2151,4%	234 337

Profit or loss

		31/12/2012		31/12/2011		31/12/2010
Profit or loss	HN	-35 008	98,4%	-2 172 528	-1623,7%	-126 038

Total Income (I+III+V+VII)

		31/12/2012		31/12/2011		31/12/2010
Total Income (I+III+V+VII)	HL	221 616 617	-0,2%	222 101 473	-6,3%	237 008 210

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

		31/12/2012		31/12/2011		31/12/2010
Total charges (Total II+IV+VI+VIII+IX+X)	HM	221 651 625	-1,2%	224 274 000	-5,4%	237 134 249

Operating income (I)

		31/12/2012		31/12/2011		31/12/2010
Total operating income (Total I)	FR	219 827 408	-0,9%	221 813 651	-5,7%	235 201 810

Operating income (details)

			31/12/2012		31/12/2011		31/12/2010
	Sale of goods for resale	FC	197 144 579	-0,2%	197 627 501	-7,5%	213 630 455
	France	FA	195 733 646	4,0%	188 121 036	-3,2%	194 308 190
	Export	FB	1 410 933	-85,2%	9 506 465	-50,8%	19 322 265
	Sale of goods produced	FF	0	0%	1 604 346	75,6%	913 509
	France	FD	0	0%	991 791	14,2%	868 480
	Export	FE	0	0%	612 555	1260,4%	45 029
	Sale of services	FI	21 288 633	5,6%	20 165 517	5,3%	19 144 546
	France	FG	21 155 530	6,3%	19 902 361	6,4%	18 701 851
	Export	FH	133 103	-49,4%	263 156	-40,6%	442 695
	Net turnover	FL	218 433 212	-0,4%	219 397 364	-6,1%	233 688 510
	France	FJ	216 889 176	3,8%	209 015 188	-2,3%	213 878 521
	Export	FK	1 544 036	-85,1%	10 382 176	-47,6%	19 809 989
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	1 320 081	-42,2%	2 282 096	52,3%	1 498 883
	Other income	FQ	74 115	-44,8%	134 191	830,8%	14 417

Operating charges (II)

		31/12/2012		31/12/2011		31/12/2010
Total operating charges (Total II)	GF	216 062 916	-0,6%	217 420 918	-7,3%	234 426 404

Exploitation charges

		31/12/2012		31/12/2011		31/12/2010
Purchase of goods for resale	FS	171 219 054	-5,8%	181 717 057	-5,1%	191 433 043
Change in stocks of goods for resale	FT	3 688 525	375,2%	-1 340 262	-131,9%	4 203 977
Purchase of raw materials	FU	1 116 978	11,0%	1 006 375	-24,7%	1 336 522
Change in stocks of raw materials	FV	134 987	0%	0	0%	0
Other external purchases and charges	FW	24 618 115	17,9%	20 872 538	-2,2%	21 333 093
Tax, duty and similar payments	FX	920 463	3,7%	887 778	5,6%	840 534
Payroll	FY	8 000 906	3,7%	7 712 780	3,3%	7 468 024
Social security costs	FZ	3 533 761	5,6%	3 345 370	5,3%	3 176 038

Depreciation

		31/12/2012		31/12/2011		31/12/2010
Depreciation of fixed assets	GA	1 439 543	-24,1%	1 896 566	1,2%	1 873 999
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	290 586	-52,3%	609 781	-65,5%	1 766 782
Provisions for risks and charges	GD	1 074 123	197,7%	360 816	-63,7%	994 392

Other charges

		31/12/2012		31/12/2011		31/12/2010
Other charges	GE	25 875	-92,7%	352 119	0%	0

Operating charges (III-IV)

		31/12/2012		31/12/2011		31/12/2010
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		31/12/2011		31/12/2010
	Total financial income (Total V)	GP	207 569	-26,3%	281 519	-35,9%	439 014
	Share financial income	GJ	0	0%	0	0%	0
	Other investment income & capitalised receivables	GK	142 752	0%	0	0%	434 339
	Other interest and similar income	GL	64 817	-76,7%	278 302	5853,0%	4 675
	Released provisions and transferred charges	GM	0	0%	3 217	0%	0
	Exchange gains	GN	0	0%	0	0%	0
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2012		31/12/2011		31/12/2010
	Total financial charge (Total VI)	GU	1 549 358	-22,6%	2 001 445	28,6%	1 556 524
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	1 549 358	-22,6%	2 001 445	28,6%	1 556 524
	Exchange losses	GS	0	0%	0	0%	0
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary income (Total VII)	HD	1 581 640	24993,4%	6 303	-99,5%	1 367 386
	Extraordinary operating income	HA	0	0%	6 303	-73,8%	24 079
	Extraordinary income from capital transactions	HB	39 252	0%	0	0%	1 343 307
	Released provisions and transferred charges	HC	1 542 388	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary charges (Total VIII)	HH	4 739 351	-1,5%	4 813 412	324,8%	1 133 049
	Extraordinary operating charges	HE	3 166 821	117,3%	1 457 412	18378,7%	7 887
	Extraordinary charges from capital transactions	HF	1 007 700	0%	0	0%	1 125 162
	Extraordinary reserves and provisions	HG	564 830	-83,2%	3 356 000	0%	0

Employee profit sharing (IX)

		31/12/2012		31/12/2011		31/12/2010
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2012		31/12/2011		31/12/2010
Tax on profits (Total X)	HK	-700 000	-1931,3%	38 225	109,2%	18 272

References

		31/12/2012		31/12/2011		31/12/2010
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		31/12/2011		31/12/2010
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	2 953 659	0%	0	0%	102 476 620
	Gross value at the end of period	OL	17 555 750	56,1%	11 243 400	5,8%	10 623 370

Research and development Charge (Total I)

			31/12/2012		31/12/2011		31/12/2010
	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		31/12/2011		31/12/2010
	Gross value at begin of period	KD	5 764 023	5,3%	5 473 799	-16,9%	6 588 100
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	219 298	-24,4%	290 224	35,7%	213 825
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	34 029	0%	0	0%	1 328 125
	Gross value at the end of period	LW	5 949 292	3,2%	5 764 023	5,3%	5 473 800

Tangible fixed assets (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LN	4 778 456	7,4%	4 448 681	10,6%	4 020 567
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	1 742 820	428,5%	329 775	-27,9%	457 608
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	2 919 630	0%	0	0%	29 494
	Gross value at the end of period	NH	3 601 646	-24,6%	4 778 456	7,4%	4 448 681

Fiancial assets (Total IV)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LQ	700 920	0,0%	700 890	116715,0%	600
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	7 303 892	24346206,7%	30	-100,0%	101 819 290
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	101 119 000
	Gross value at the end of period	NK	8 004 812	1042,0%	700 920	0,0%	700 890

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

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			31/12/2012		31/12/2011		31/12/2010
	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		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	PE	3 971 710	40,8%	2 820 258	43,8%	1 961 889
Increases		PF	879 726	-23,6%	1 151 452	6,0%	1 085 802
Decreasess		PG	25 529	0%	0	0%	227 433
	Decreasess by budget item transfer	PH	4 825 907	21,5%	3 971 710	40,8%	2 820 258

Total fixed assets amotisation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	QU	2 456 671	43,5%	1 711 557	84,4%	928 385
Increases		QV	559 816	-24,9%	745 114	-5,5%	788 197
Decreases		QW	1 377 935	0%	0	0%	5 025
	Decreasess by budget item transfer	QX	1 638 552	-33,3%	2 456 671	43,5%	1 711 557

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2012		31/12/2011		31/12/2010
	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		31/12/2011		31/12/2010
	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		31/12/2011		31/12/2010
	Value at begining of period	7C	4 903 931	71,5%	2 859 431	80,0%	1 588 523
Increases		UB	1 364 709	-68,5%	4 326 597	56,7%	2 761 174
Decreases		UC	2 862 469	25,4%	2 282 096	53,1%	1 490 266
	Value at the end of period	UD	3 406 171	-30,5%	4 903 932	71,5%	2 859 431

Includes Total allocations

Operating	UE	1 364 709	-41,1%	2 318 413	31,2%	1 766 782
Financial	UG	0	0%	1 089 760	0%	0
Exceptional	UJ	0	0%	918 423	-7,6%	994 392

Includes Total Withdrawal

Operating	UF	1 320 081	-42,2%	2 282 096	107,6%	1 099 517
Financial	UH	0	0%	0	0%	0
Exceptional	UK	1 542 388	0%	0	0%	390 749

Total regulated provisions (Total I)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	5Z	938 151	-14,1%	1 092 649	123,4%	489 006
Increases		TV	1 074 123	197,7%	360 816	-63,7%	994 392
Decreases		TW	852 689	65,5%	515 314	31,9%	390 749
	Value at the end of period	TX	1 159 585	23,6%	938 151	-14,1%	1 092 649

Total Provision for depreciation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	7B	3 965 781	124,5%	1 766 782	60,7%	1 099 517
Increases		TY	290 586	-92,7%	3 965 781	124,5%	1 766 782
Decreases		TZ	2 009 781	13,8%	1 766 782	60,7%	1 099 517
	Value at the end of period	UA	2 246 586	-43,4%	3 965 781	124,5%	1 766 782

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

		31/12/2012		31/12/2011		31/12/2010
Gross value	VT	59 294 831	12,9%	52 499 858	33,2%	39 424 303
1 year at most	VU	59 294 831	27,2%	46 609 308	18,2%	39 423 413
More than one year	VV	0	0%	5 890 550	661759,6%	890

State of loans

		31/12/2012		31/12/2011		31/12/2010
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	6 104 692	0%	0	0%	0
Loans (1 year at most)	UR	6 104 692	0%	0	0%	0
Other financial assets (gross)	UT	120	-87,0%	920	3,4%	890
Other financial assets (1 year at most)	UV	120	-87,0%	920	0%	0

Receivables statement of assets

		31/12/2012		31/12/2011		31/12/2010
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	44 212 502	-9,3%	48 732 808	50,1%	32 465 937
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	9 725	574,4%	1 442	160,8%	553
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	24 099	0%	0	0%	12 282
Value added tax	VB	782 022	-19,3%	969 201	-77,5%	4 304 684
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	700 000	0%	0	0%	0
Group and Associates	VC	38 209	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	6 043	-85,1%	40 664	-54,1%	88 618

Prepaid

		31/12/2012		31/12/2011		31/12/2010
Prepaid	VS	7 417 419	169,3%	2 754 822	8,0%	2 551 338

State Debt

			31/12/2012		31/12/2011		31/12/2010
	Total debt (gross)	VY	86 332 400	-6,5%	92 353 762	25,0%	73 860 703
1 year at most		VZ2	34 832 400	35,4%	25 718 191	-65,2%	73 860 703
More than 1 year and 5 years at most		VZ3	51 500 000	-22,7%	66 635 571	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2012		31/12/2011		31/12/2010
	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	51 926 812	7,0%	48 516 503	58,4%	30 620 274
1 year at most		VG2	426 812	2486,3%	16 503	-99,9%	30 620 274
More than 1 year and 5 years at most		VG3	51 500 000	6,2%	48 500 000	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	12 450	-99,9%	18 135 571	217,7%	5 708 401
1 year at most		8A2	12 450	0%	0	0%	5 708 401
More than 1 year and 5 years at most		8A3	0	0%	18 135 571	0%	0
	Suppliers and associated accounts (gross)	8B1	30 372 805	37,3%	22 125 140	-36,3%	34 736 536
1 year at most		8B2	30 372 805	37,3%	22 125 140	-36,3%	34 736 536
More than 1 year and 5 years at most		8B3	30 372 805	37,3%	22 125 140	-36,3%	34 736 536
	Personnel and associated accounts (gross)	8C1	801 135	-2,0%	817 458	-13,8%	947 856
1 year at most		8C2	801 135	-2,0%	817 458	-13,8%	947 856
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	1 088 860	0,8%	1 079 951	2,0%	1 058 372
1 year at most		8D2	1 088 860	0,8%	1 079 951	2,0%	1 058 372
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	1 465 433	36,4%	1 074 080	1462,7%	68 731
1 year at most		VW2	1 465 433	36,4%	1 074 080	1462,7%	68 731
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	662 033	13,5%	583 529	-3,9%	607 218
1 year at most		VQ2	662 033	13,5%	583 529	-3,9%	607 218
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%	50 000
1 year at most		VI2	0	0%	0	0%	50 000
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%	21 531	-66,0%	63 317
1 year at most		8K2	0	0%	21 531	-66,0%	63 317
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	2 871	0%	0	0%	0
1 year at most		8L2	2 871	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2012		31/12/2011		31/12/2010
Loans made during the period	VJ	0	0%	20 500 000	-87,2%	160 372 457
Debt repaid during the period	VK	0	0%	2 000 000	-98,9%	174 061 831

Table allocation results and other information
Dividends distributed

		31/12/2012		31/12/2011		31/12/2010
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2012		31/12/2011		31/12/2010
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		31/12/2011		31/12/2010
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		31/12/2011		31/12/2010
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		31/12/2011		31/12/2010
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		31/12/2011		31/12/2010
Average number of employees	YP	160	-2,4%	164	10,8%	148

Groups and Shareholders

		31/12/2012		31/12/2011		31/12/2010
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		31/12/2010	Sector Median 2012
Fixed Asset Financing		3,62	-47,1%	6,84	70,6%	4,01	2,02	79,2%
Global Debt		142 days	-6,6%	152 days	33,3%	114 days	144 days	-1,4%
Working Capital Fund overall net		76 days	-29,6%	108 days	120,4%	49 days	55 days	38,2%
Financial independence		7,64%	151,3%	3,04%	43,4%	2,12%	314,69%	-97,6%
Solvability		4,34%	178,2%	1,56%	81,4%	0,86%	27,74%	-84,4%
Capacity debt futures		3,83%	152,0%	1,52%	-28,3%	2,12%	991,78%	-99,6%
Coverage of current assets by net working capital overall		61,14%	-15,1%	72,01%	54,7%	46,54%	35,02%	74,6%
General Liquidity		1,70	-6,1%	1,81	241,5%	0,53	0,42	304,8%
Restricted Liquidity		1,72	-20,4%	2,16	300%	0,54	0,74	132,4%

Management or rotation

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Need background in operating working capital		63 days	-29,2%	89 days	102,3%	44 days	16 days	293,8%
Treasury		1 days	-92,9%	14 days	1300%	1 days	8 days	-87,5%
Inventory turnover of goods		59 days	-9,2%	65 days	14,0%	57 days	97 days	-39,2%
Average length of credit granted to customers		73 days	-8,8%	80 days	60,0%	50 days	32 days	128,1%
Average length of credit obtained suppliers		54 days	38,5%	39 days	-31,6%	57 days	60 days	-10,0%
Inventory turnover of raw materials in industrial enterprises		0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	4591 days	-12,6%	5253 days	1751 days	-
Rotation tangible assets		6064,82%	32,1%	4591,39%	-12,6%	5252,98%	1914,87%	216,7%

Profitability of the business

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Margin trading		10,18%	29,5%	7,86%	2,1%	7,70	32,92%	-69,1%
Profitability of the business		2,38	0,4%	2,37	41,9%	1,67	2,79%	-14,7%
Net profit		-0,02%	98,0%	-0,99%	-1880,0%	-0,05%	1,47%	-101,4%
Growth rate of turnover (excluding VAT)		-0,44%	92,8%	-6,12%	-109,2%	66,37%	-0,69%	36,2%
Rates integration		8,08%	3,5%	7,81%	18,7%	6,58%	18,54%	-56,4%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		65,33%	1,3%	64,51%	-6,8%	69,20%	70,23%	-7,0%
Weight interests		0,71	-22,0%	0,91%	35,8%	0,67%	0,22%	222,7%

Return on capital

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Cash flow from the overall profitability		0,03%	-91,7%	0,36%	1700%	0,02%	2,20%	-98,6%
Rates of economic profitability		9%	12,5%	8%	-27,3%	11%	12,05%	-25,3%
Financial profitability		3965067%	168,6%	1476175%	127,6%	648703%	39040,50%	10056,3%
Return on investment		2,71%	1184,0%	-0,25%	-106,5%	3,87%	10%	-72,9%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Turnover	218 433 212	-0,4%	219 397 364	-6,1%	233 688 510	449 496 €	48495,1%

Sales of goods	197 144 579	-0,2%	197 627 501	-7,5%	213 630 455
- Purchase of goods	171 219 054	-5,8%	181 717 057	-5,1%	191 433 043
+/- Stock of goods variation	3 688 525	375,2%	-1 340 262	-131,9%	4 203 977
Trading margin	22 237 000 €	28,9%	17 250 706 €	-4,1%	17 993 435 €	123 628 €	17887,0%
	10,18 % CA	29,5%	7,86 % CA	2,1%	7,70 % CA	33,66 % CA	-69,8%

Sale of goods produced	21 288 633	-2,2%	21 769 863	8,5%	20 058 055
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	21 288 633 €	-2,2%	21 769 863 €	8,5%	20 058 055 €	2 993,50 €	711062,0%
	9,75 % CA	-1,7%	9,92 % CA	15,6%	8,58 % CA	1,21 % CA	705,8%

Trading margin	22 237 000	28,9%	17 250 706	-4,1%	17 993 435	123 628	17887,0%
+ Period Production	21 288 633	-2,2%	21 769 863	8,5%	20 058 055	2 993,50	711062,0%
- Purchase of raw materials	1 116 978	11,0%	1 006 375	-24,7%	1 336 522
+/- Change in stocks of raw materiels	134 987	0%	0	0%	0
- Other external purchases and charges	24 618 115	17,9%	20 872 538	-2,2%	21 333 093
Added value	17 655 553 €	3,0%	17 141 656 €	11,4%	15 381 875 €	89 670,50 €	19589,4%
	8,08 % CA	3,5%	7,81 % CA	18,7%	6,58 % CA	18,54 % CA	-56,4%

Added value	17 655 553 €	3,0%	17 141 656 €	11,4%	15 381 875 €	89 670,50 €	19589,4%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	920 463	3,7%	887 778	5,6%	840 534
- Personal charges	11 534 667	4,3%	11 058 150	3,9%	10 644 062
Gross operating surplus	5 200 423 €	0,1%	5 195 728 €	33,3%	3 897 279 €	11 098,50 €	46757,0%
	2,38 % CA	0,4%	2,37 % CA	41,9%	1,67 % CA	2,79 % CA	-14,7%

Gross operating surplus	5 200 423 €	0,1%	5 195 728 €	33,3%	3 897 279 €	11 098,50 €	46757,0%
+ Release of reserves and provisions	1 320 081	-42,2%	2 282 096	52,3%	1 498 883
+ Other operating income	74 115	-44,8%	134 191	830,8%	14 417
- Depreciation/Amortisation	2 804 252	-2,2%	2 867 163	-38,1%	4 635 173
- Other charges	25 875	-92,7%	352 119	0%	0
Operating result	3 764 492 €	-14,3%	4 392 733 €	466,5%	775 406 €	8 682 €	43259,7%
	1,72 % CA	-14,0%	2,00 % CA	506,1%	0,33 % CA	2,09 % CA	-17,7%

Operating result	3 764 492 €	-14,3%	4 392 733 €	466,5%	775 406 €	8 682 €	43259,7%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	207 569	-26,3%	281 519	-35,9%	439 014
- Financial charges	1 549 358	-22,6%	2 001 445	28,6%	1 556 524
Pre-tax result	2 422 703 €	-9,4%	2 672 807 €	881,3%	-342 104 €	7 289,50 €	33135,5%
	1,11 % CA	-9,0%	1,22 % CA	913,3%	-0,15 % CA	1,68 % CA	-33,9%

Extraordinary income	1 581 640	24993,4%	6 303	-99,5%	1 367 386	0	0%
- Extraordinary charges	4 739 351	-1,5%	4 813 412	324,8%	1 133 049
Extraordinary result	-3 157 711 €	34,3%	-4 807 109 €	-2151,4%	234 337 €	0 €	0%
	-1,45 % CA	33,8%	-2,19 % CA	-2290,0%	0 % CA	0 % CA	0%

Pre-tax result	2 422 703 €	-9,4%	2 672 807 €	881,3%	-342 104 €	7 289,50 €	33135,5%
Extraordinary result	-3 157 711 €	34,3%	-4 807 109 €	-2151,4%	234 337 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	-700 000	-1931,3%	38 225	109,2%	18 272
Net result	-35 008 €	98,4%	-2 172 527 €	-1623,7%	-126 039 €	7 290 €	-580,2%
	-0,02 % CA	98,0%	-0,99 % CA	-1880,0%	-0,05 % CA	1,46 % CA	-101,4%

rating

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 3,965,067 €
	The creditor days are 50.75
	The deviation of tangible fixed assets over the last two accounting periods is 212.97 %
	The liabilities are 86,332,399 €
	The net current assets are 80,365,763 €
	The net turnover is 218,433,212 €
	The risk provisions are 1,159,585 €
	The total assets are 91,457,051 €
	Industry code with low risk rating
	Department code with low risk rating
	The company has 1 director(s)
	The sales to current assets ratio is 2,72
	The stock to turnover ratio is 13.08
	The deviation in the gearing percentage over the last two accounting periods is 29.25 %
	High risk workforce size
	The pre-tax profit is -735,008 €
	The ratio total assets to total liabilities is 1,05
	The return on total assets employed is -0,8

Rating and Limit history

Date	Rating	Limit	International Score	Description
05/10/2013	29	0 €	D	High Risk
07/09/2013	28		D	High Risk

Payment Information Summary - Trade Payment Data

Payment Information Summary - Trade Payment Data
Total number of Invoices available	9
Total number of Invoices paid within or up to 30 days after the due date	7
Total number of Invoices paid more than 30 days after the due date	2
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

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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	21/10/2010
Status of Monitoring	No social security and tax office preferential right to date

Group data

Ultimate parent company	ERAM
Direct parent	ERAM - 99 %
Group – Number of companies	53
Linkages – Number of companies	1
Number of countries	1

Group Structure

Linkages

Company Name	SIREN	Parts	Last account published
ERAM	388583239	-	31/12/2012
PROGEFOR	344138599	68.20%	31/12/2012
PARMY	312843394	68.20%	31/12/2012
SOCIETE COMMERCIALE DE REPRESENTATIO...	312695133	70.20%	31/12/2012
CHAUSSURES LUSI FRANCE	332010214	100%	31/12/2012
TEXTO FRANCE	399861194	35.03%	31/12/2012
TECHNISYNTHESE	302135256	66.33%	31/12/2012
TECHNI-MAG	330432873	39.98%	31/12/2012
ERAM PRESTATIONS	408025401	99%	31/12/2012
DIVERGENCE	335243531	68.20%	31/12/2012
CHAUSSURES HERVE	312707839	71.20%	31/12/2012
VETIR	322424342	69.95%	31/12/2012
F�BIO LUCCI-REPRESENTAÇÕES LDA	-	35%	-
ERAM LOGISTIQUE	381863372	68.20%	31/12/2012
ERAM DIFFUSION	321421380	67.20%	31/12/2012
PARADE	312911902	100%	31/12/2012
ERAM SERVICES	399943935	99%	31/12/2012
STE DIFFUSION CREATIONS BOCAGE	309930758	100%	31/12/2012
BELLIERE	312911894	70.20%	31/12/2012
SOC FINANCIERE EXPANSION INDUST CIAL	069201051	82%	31/12/2012
ERAM INTERSERVICES	310817457	100%	31/12/2012
CHAUSSURES ERAM	775610306	97.37%	31/12/2012
SAMITECH	331443523	90%	31/12/2012
FRANCE ARNO	689800225	100%	31/12/2012
IS CHAUSSURES	347982605	100%	31/12/2012
MELLOW YELLOW FRANCE SERVICES	443486220	100%	31/12/2011
SOBIBA	070202015	50%	31/12/2012
HEYRAUD	754500783	69.26%	31/12/2012
HEYRAUD	-	100%	-
CHAUSSURES BRUNO	312707805	71.20%	31/12/2012
SA DES CHAUSSURES LAURENT	961200060	79.99%	31/12/2012
PASSAGE	312843352	100%	31/12/2012
CHAUSSURES RENE	326555612	68.20%	31/12/2012
VETURA	311549240	100%	31/12/2012
GEMO SERVICES	381649391	68.20%	31/12/2012
DRESCO	612045864	100%	31/12/2012
CHAUSSURES TEDDY	312707797	68.20%	31/12/2012
GEVRISE	312843311	69.40%	31/12/2012
ERAM SHOP	312706765	67.20%	31/12/2012
SARL IMAGE DE PARIS	312911845	68.20%	31/12/2012
DE LA GRANGE	312939408	68.20%	31/12/2012
TEXTO FRANCE	399861194	41.76%	31/12/2012
BUGGY	312843303	100%	31/12/2012
MFC ERAM	522957802	100%	31/12/2012
LILNAT	442891628	90%	31/12/2012
C'BO	413890237	100%	31/12/2011
DOUA	493271266	100%	31/12/2011
COMBE	451205736	100%	31/12/2011
STAL	380869412	100%	31/12/2012
B.C.G	334326162	67%	31/12/2012
AGORA DISTRIBUTION	505271528	99%	31/12/2012
TATI WEB	520595570	70%	31/12/2012
MOBILIERE SAINT JACQUES	434504874	100%	31/12/2012

Shareholders

Linkages

Ultimate parent company	ERAM
Direct parent	ERAM - 99 %
Group – Number of companies	53
Linkages – Number of companies	1
Number of countries	1

Linkages

Company Name	Safe Number	SIREN	Last account	Rating	Limit	Turnover
CHAUSSURES ERAM	FR11901970	775610306	31/12/2012	97	1 500 000 €	181 233 297 €

event history

Status history

Date	Description
04/07/2012	Economically active

Recent publications in Gazettes

Publication date	Gazette Name	Description
29/10/2013	JAL	Modification of the share capital
Affiches parisiennes (Les) Date de décision : 12/07/2013 La société : 505271528 - AGORA DISTRIBUTION, 13 AV DE LA METALLURGIE, 13-15, SAINT DENIS, 93210 SAINT DENIS a subi une augmentation de son capital social désormais de 11 300 000 € Date d'effet : 12/07/2013
18/08/2013	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 11801 - 505271528 RCS. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Adresse : 13/15 rue de la Métallurgie 93210 SAINT- DENIS La Plaine. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
27/09/2012	JAL	Continuation of activity in spite of stockholders' equity become lower in the middle of the share capital
Gazette du palais (La) Date de décision : 25/06/2012 Poursuite d'activité malgré des fonds propres devenus inférieurs à la moitié du capital social de la société 505271528 -  AGORA DISTRIBUTION, 81 RUE CARTIER BRESSON, 93500 PANTIN Date d'effet : 25/06/2012
27/09/2012	JAL	Modification of the share capital
Gazette du palais (La) Date de décision : 25/06/2012 La société : 505271528 - AGORA DISTRIBUTION, 81 RUE CARTIER BRESSON, 93500 PANTIN a subi une augmentation de son capital social désormais de 4 000 000 € Date d'effet : 25/06/2012
21/08/2012	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 12969 - 505271528 RCS. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Adresse : 81 rue Cartier Bresson Pantin 93697 Pantin Cedex. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
08/08/2012	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 2399 - 505 271 528 RCS Bobigny. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Activité : . Adresse du siège social : 13/15 rue de la Métallurgie, 93210 SAINT- DENIS La Plaine. Commentaires : Modification de l'adresse du siège.
20/07/2012	JAL	Head Office Transfer
Moniteur des bâtiments et travaux publics Date de décision : 04/07/2012 Transfert du siège social de la société 505271528 -  AGORA DISTRIBUTION Adresse du nouveau siège : 13 RUE DE LA METALLURGIE, 93210 ST DENIS Ancienne localisation : 81 RUE CARTIER BRESSON, 93500 PANTIN Date d'effet : 04/07/2012
31/10/2011	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 1848 - 505 271 528 RCS Bobigny. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Capital : 4000000 EUR. Activité : . Commentaires : Modification du capital.
07/10/2011	JAL	Modification of the share capital
Moniteur des bâtiments et travaux publics Date de décision : 26/09/2011 La société : 505271528 - AGORA DISTRIBUTION, 81 RUE CARTIER BRESSON, 93500 PANTIN a subi une augmentation de son capital social désormais de 4 000 000 € Date d'effet : 26/09/2011
07/10/2010	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 2898 - 505 271 528 RCS Bobigny. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : LHOMMEAU Philippe en fonction le 25 Juillet 2008 Commissaire aux comptes titulaire : FIDUCIAIRE AUDIT CONSEIL en fonction le 25 Juillet 2008 Commissaire aux comptes suppléant : SCOUPE Florence en fonction le 25 Juillet 2008 Commissaire aux comptes suppléant : CABINET AVEC en fonction le 25 Juillet 2008 Président : DEROUDE Emmanuel, Roger en fonction le 28 Septembre 2010. Commentaires : Modification de représentant.
07/09/2010	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 9282 - 505271528 RCS. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Adresse : 81 rue Cartier Bresson Pantin 93697 Pantin Cedex. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
05/08/2008	Bodacc A	Création d'établissement
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 1492 - 505 271 528 RCS Bobigny. AGORA DISTRIBUTION. Forme : Société par actions simplifiée. Administration : Président : HINSINGER Yann. Commissaire aux comptes titulaire : LHOMMEAU Philippe. Commissaire aux comptes titulaire : FIDUCIAIRE AUDIT CONSEIL. Commissaire aux comptes suppléant : SCOUPE Florence. Commissaire aux comptes suppléant : CABINET AVEC. Capital : 1000000 EUR. Adresse : 81 rue Cartier Bresson, Pantin 93697 Pantin Cedex. Origine du fonds : Création d'un fonds de commerce. Etablissement : Etablissement principal. Activité : achat vente en gros et demi gros de vêtements articles textiles et en général tous articles d'équipement de la personne. Adresse : . Date de commencement de l’activité : 20/06/2008. Commentaires : Immatriculation d'une personne morale (B, C, D) suite à création d'un établissement principal.

Company events history

Date	Description
18/10/2013	Update Rating
18/10/2013	Update Limit
05/10/2013	Update Rating
18/08/2013	Bodacc C : Deposit accounts notice
31/07/2013	Update Rating
31/07/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
12/07/2013	Legal Gazette: Modification of the share capital
31/12/2012	New accounts available
04/10/2012	Capital reduction
04/10/2012	Continuation of business despite loss of equity
04/10/2012	Capital increase
04/10/2012	Amendment
04/10/2012	Minutes of general meeting of shareholders
02/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
13/09/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
21/08/2012	Bodacc C : Deposit accounts notice
08/08/2012	Bodacc B: Various editing or changing
31/07/2012	Registered office transferred inside jurisdiction of the Commercial Court
31/07/2012	Updated articles of association
31/07/2012	Amendment
20/07/2012	Legal Gazette: Head Office Transfer
04/07/2012	Transfer of Establishment
04/07/2012	Update of Company Head Office Identifier
25/06/2012	Legal Gazette: Modification of the share capital
25/06/2012	Modification to Establishment Address or Identifier
25/06/2012	Legal Gazette: Continuation of activity
01/06/2012	New subsidiarie(s) detected
01/06/2012	New ultimate parent
01/06/2012	New parent detected
31/12/2011	New accounts available
31/10/2011	Bodacc B: Various editing or changing
24/10/2011	Updated articles of association
24/10/2011	Minutes of general meeting of shareholders
24/10/2011	Fund deposit certificate
24/10/2011	Capital increase
26/09/2011	Legal Gazette: Modification of the share capital
06/09/2011	Bodacc C : Deposit accounts notice
01/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
21/10/2010	Collection of preferential rights activated for this company
07/10/2010	Bodacc B: Various editing or changing
28/09/2010	New chairman (CEO, CoB)
28/09/2010	Minutes of general meeting of shareholders
07/09/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
05/08/2008	New Bodacc A ads detected
05/08/2008	Bodacc A : Establishment creation
25/07/2008	Company formation
25/07/2008	Changement de Président (PDG, PCA)
25/07/2008	New chairman (CEO, CoB)
25/07/2008	Private document
25/07/2008	Fund deposit certificate
25/07/2008	Nomination/démission des organes de gestion
25/07/2008	Appointment/resignation of company officers
25/07/2008	PV d'Assemblée
25/07/2008	Minutes of general meeting of shareholders
25/07/2008	Statuts
25/07/2008	Articles of association
25/07/2008	Changement de Commissaire aux Comptes
25/07/2008	Acte modificatif

Establishment events history

Date	Description
31/07/2013	Update Limit
19/06/2013	Update of phone numbers
04/07/2012	Formation of Head office (after transfer)
25/06/2012	Update of Establishment Address
25/06/2012	Modification of Head office Identification

directors

Name	M. DEROUDE EMMANUEL, ROGER
Manager position	President	Date of birth	07/12/1968
Place of birth	AVALLON
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M YANN HINSINGER	- - -

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.58
UK Pound	1	Rs.101.42
Euro	1	Rs.84.70

INFORMATION DETAILS

Report Prepared by :

SDA

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.