MIRA INFORM REPORT

Report Date :

09.04.2014

IDENTIFICATION DETAILS

Name :	RDI
Registered Office :	55 Bd Jules Verger, 35800 Dinard
Country :	France
Financials (as on) :	31.12.2006
Date of Incorporation :	November 1995
Com. Reg. No.:	RCS Saint-Malo 9 402 947 618
Legal Form :	Simplified Joint Stock Company
Line of Business :	Wholesale trader of grain, unmanufactured tobacco, seeds and animal feeds
No. of Employees	09 (31.12.2006)

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 82 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 mitigate economic inequality. France's real GDP stagnated in 2012 and 2013. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.2% in 2013. Youth unemployment in metropolitan France decreased from a high of 25.4% in the fourth quarter of 2012 to 22.8% in the fourth quarter of 2013. Lower-than-expected growth and high spending have strained France's public finances. The budget deficit rose sharply from 3.3% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.1% of GDP in 2013, while France's public debt rose from 68% of GDP to nearly 94% over the same period. In accordance with its EU obligations, France is targeting a deficit of 3.6% of GDP in 2014 and 2.8% in 2015. The administration of President Francois HOLLANDE has implemented greater state support for employment, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, including a temporary 75% tax on wages over one million euros, and hiring an additional 60,000 teachers during his five-year term. In January 2014 HOLLANDE proposed a “Responsibility Pact” aimed primarily at lowering labor costs in return for businesses’ commitment to create jobs. Despite stagnant growth and fiscal challenges, France's borrowing costs have declined in recent years because investors remain attracted to the liquidity of France’s bonds.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Name

RDI

SIRET

402 947 618 00029

company summary

		EUR VAT Number	FR57402947618
Activity (APE)	Wholesale trader of grain, unmanufactured tobacco, seeds and animal feeds	Legal form	Simplified joint stock company
Phone	02 99 16 51 50	RCS Registration	RCS Saint-Malo 9 402 947 618
Fax	02 99 16 51 60
Address	RDI 55 BD JULES VERGER 35800 DINARD	Incorporated Date	11/1995
Nationality	France	Status	Economically active

DIRECTORS/MANAGEMENT

Directors

Name	M. LE JEAN GILLES
Manager position	President	Date of birth	04/07/1960
Place of birth	SAINT-BRIEUC (22)
Type	Individual	Name at birth

Name	M. POLI OLIVIER
Manager position	Managing director	Date of birth	04/09/1969
Place of birth	ANGERS (49)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M BERTRAND HEMERY	- - -
President	M GILLES LE JEAN	04/07/1960 - SAINT-BRIEUC (22)
Managing director	M OLIVIER POLI	- - -
Managing director	M OLIVIER POLI	04/09/1969 - ANGERS (49)

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

1,046,750 Euros

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company

Company Name			Company number
FAMILLE ROULLIER AVENIR DEVELOPPEMENT			528790223
	Ultimate Parent	1 ultimate parent company for this company > FAMILLE ROULLIER AVENIR DEVELOPPEMENT  - Activities des sociétés holding (6420Z) in DINARD  (35800)

Group data

Ultimate parent company	FAMILLE ROULLIER AVENIR DEVELOPPEMENT
Direct parent	TIMAB INDUSTRIES - 99.99 %
Group – Number of companies	90
Linkages – Number of companies	6
Number of countries	3

Group Structure

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Display only where participation % > 33 %

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FAMILLE ROULLIER AVENIR DEVELOPPEMENT

Company Name	SIREN	Parts	Last account published
FAMILLE ROULLIER AVENIR DEVELOPPEMENT	528790223	-	-
CIE FINANCIERE PARTICIPATIONS ROULLI...	313642548	89.46%	31/12/2006
LABORATOIRE MICOBIOLOGIE ET D'HYG...	343507984	99.80%	31/12/2006
TIMAC AGRO BELUX	-	99.63%	-
TIMAC AGRO NEDERLAND B.V.	23055238	100%	31/12/2012
AGRINTER	390014876	99.99%	31/12/2012
LE GRAND PORCON	390175255	100%	31/12/2006
TIMAB INDUSTRIES	402949705	99.99%	31/12/2006
MAGNA	1746656	Majority	-
MAGNESITAS NAVARRAS	24503	99.70%	31/12/2012
RDI	402947618	99.99%	31/12/2006
CGB	430338400	100%	31/12/2006
SOFIAC	383111960	99.99%	31/12/2012
TIMAB DISTRIBUTION	383849106	99.80%	31/12/2006
HY-NUTRITION	403520224	73.48%	31/12/2012
TIMAB TUNISIE	-	99.97%	-
TIMAC AGRO ITALIA	-	100%	-
AGROCHEMIA HUNGARIA KFT	-	100%	-
COMPAGNIE ARMORICAINE NAVIGATION	390455814	98.26%	31/12/2005
SABLES D'AR MOR	330972241	100%	31/12/2006
HYPRED BELGIQUE	-	98.28%	-
TIMAC AGRO BULGARIA	-	100%	-
TIMAC AGRO MAROC	-	Majority	-
TIMAC AGRO ALGÉRIE	-	100%	-
TIMAC AGRO INTERNATIONAL	402947014	100%	31/12/2006
ROULLIER BRASIL	-	100%	-
SOCIETE FERMIERE DU LANDY	379513567	100%	-
TIMAC AGRO ÖSTERREICH	-	100%	-
TIMAC AGRO IRELAND	-	100%	-
TIMAC AGRO SUISSE	-	99%	-
TIMAC AGRO ESPANA	-	98.40%	-
HYPRED IBERICA	686649	100%	31/12/2012
TIMAC AGRO DEUTSCHLAND GMBH	HRB 4563	100%	31/12/2012
TIMAC AGRO	632050191	100%	31/12/2006
FLORENDI JARDIN	905620316	99.95%	31/12/2005
WILLIAM HOUDE LIMITÉE	-	99.84%	-
HYPRED	330507419	99.91%	31/12/2006
HYPRED DISTRIBUTION	394633507	100%	31/12/2006
HYPRED SCANDINAVIEN	-	100%	-
HYPRED CANADA	-	100%	-
HYPRED PRODUTOS DE HIGIENE LTDA	-	100%	-
HYPRED ITALIA S.R.L.	MI1668639	100%	31/12/2012
A&L LABORATORIES, INC	US11993299	100%	-
HYPRED CZECH	-	100%	-
HYPRED GMBH	HRB 5795	100%	31/12/2012
AGRIPLAS	342853322	99.99%	31/12/2012
INTERALIMENT	348344227	99.99%	31/12/2006
ALIEUTIS	781619085	99.99%	31/12/2004
PATISSERIES GOURMANDES	302476106	99.99%	31/12/2003
CHARCUTERIES GOURMANDES	318771177	100%	31/12/2012
SETALG	331646182	99.71%	31/12/2006
ALGUES BRETAGNE ATLANTIC	333400018	99.99%	31/12/2006
FIPAR AGRO INTERNATIONAL	450866082	100%	31/12/2006
ROULLIER MANAGEMENT CONSEIL	479940066	99.86%	31/12/2007
CERA	380251397	100%	31/12/2012
PRODHYNET	388937617	45.97%	30/09/2012
NEXTENERGIES	491687992	82.82%	-
MAGNA REFRACTORIES	-	Majority	-
TIMAC AGRO	US33865090	Majority	-
TIMAC AGRO MEXICO	-	Majority	-
MAGNA REFRACTARIOS MEXICO	-	Majority	-
TIMAC AGRO COLOMBIE	-	Majority	-
HYPRED BRASIL	-	Majority	-
TIMAC AGRO BRASIL	-	Majority	-
TIMAC AGRO BOLIVIA	-	Majority	-
TIMAC AGRO PARAGUAY	-	Majority	-
TIMAC AGRO URUGUAY	-	Majority	-
HYPRED ARGENTINA	-	Majority	-
TIMAC AGRO ARGENTINA	-	Majority	-
TIMAC AGRO CHILE	-	Majority	-
TIMAC AGRO EGYPT	-	Majority	-
TIMAC AGRO AVRASYA	-	Majority	-
PÂTISSERIES GOURMANDES	-	Majority	-
TIMAC AGRO PORTUGAL	-	Majority	-
NUTRIFERTIL	-	Majority	-
HYPRED SUISSE	-	Majority	-
TIMAC AGRO CZECH	-	Majority	-
TIMAC AGRO ZG	-	Majority	-
TIMAC AGRO HUNGARIA	-	Majority	-
TIMAC AGRO BALKANS	-	Majority	-
TIMAC AGRO SLOVAKIA	-	Majority	-
TIMAC AGRO POLSKA	-	Majority	-
HYPRED POLSKA	-	Majority	-
TIAMC AGRO ROMANIA	-	Majority	-
TIMAC AGRO UKRAINE	-	Majority	-
WEISS FRANCE	538572991	100%	31/12/2012
BIOMASS BOILER PLANTS	-	100%	-
VITAS ROULLIER	511813503	99.99%	-
VITAS USA INC	-	100%	-
VITAS PORTUGAL, LDA	-	98.85%	-

Company Name	SIREN	Last account	Turnover
TIMAC AGRO IRELAND LIMITED	IE200851	31/12/2012	220 888 067 €
MOLE VALLEY FARMERS LIMITED	00679848	30/09/2012	350 399 000 £
MOLE VALLEY FORAGE SERVICES LIMITED	05771153	30/09/2012	25 824 000 £
NUTRIFERTIL LTD	07066338	31/12/2012	450 384 £
TIMAC-POTASCO SA	401729656	31/12/2003	38 171 000 €
TIMAC AGRO BELUX SA	865346205	31/12/2012	40 495 096 €

FINANCIAL INFORMATION

Trading to Date	12/31/2006	12/31/2005	12/31/2004
Turnover	1,440,452 €	1,143,061 €	685,785 €
Gross Operating Surplus	17,19 % Turnover	13,74 % Turnover	5,35 % Turnover
Shareholders’ equity	1,088,539 €	821,458 €	556,730 €
Net result	268,287 €	262,721 €	-60,807 €

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2006	31/12/2005	31/12/2004
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	-	-	-
Activity Code	4621Z	4621Z	4621Z
Employees	9	9	6

Active account

Annual Accounts	31/12/2006		31/12/2005		31/12/2004	Sector Median 2006
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	29 149	36,2%	21 401	-27,7%	29 611	110 896	-73,7%
- Intangible assets	891	0%	891	0%	891	394	126,1%
- Tangible assets	28 242	37,8%	20 494	-28,6%	28 705	53 857	-47,6%
- Financial assets	15	0%	15	0%	15	1 710	-99,1%
Net current assets	1 345 663	30,9%	1 027 828	24,9%	823 104	533 900	152,0%
- Stocks	0	0%	0	0%	0	69 235	0%
- Advanced payments	0	30,9%	10 449	867,5%	1 080	0	0%
- Receivables	1 345 663	32,3%	1 017 379	23,8%	822 024	293 813	358,0%
- Securities and cash	0	0%	0	0%	0	49 570	0%
- Prepaid expenses	-	-	-	-	-	326	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	1 374 812	31,0%	1 049 230	23,0%	852 716	728 241	88,8%

Passive Account

Annual Accounts	31/12/2006		31/12/2005		31/12/2004	Sector Median 2006
Shareholders' equity	1 088 539	32,5%	821 458	47,6%	556 730	192 888	464,3%
Share capital	1 046 750	0%	1 046 750	0%	1 046 750	41 771	2405,9%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	96 000	0	0%
Liabilities	286 273	25,7%	227 771	13,9%	199 985	436 234	-34,4%
- Financial liabilities	1 238	-71,2%	4 300	30,0%	3 307	117 274	-98,9%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	69 170	2,3%	67 591	201,6%	22 412	166 908	-58,6%
- Tax and social liabilities	210 633	36,8%	153 958	30,8%	117 719	54 140	289,1%
- Other debts and fixed assets liabilities	5 232	172,2%	1 922	-96,6%	56 546	9 902	-47,2%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	1 374 812	31,0%	1 049 230	23,0%	852 716	728 241	88,8%

Results

Annual Accounts	31/12/2006		31/12/2005		31/12/2004	Sector Median 2006
Sales of Goods	1 452 877	16,1%	1 251 933	78,2%	702 459	1 543 600	-5,9%
Net turnover	1 440 452	26,0%	1 143 061	66,7%	685 785	1 527 421	-5,7%
- of which net export turnover	1 431 120	27,1%	1 126 280	68,2%	669 442	0	0%
Operating charges	1 205 639	20,9%	997 609	32,3%	753 957	1 523 588	-20,9%
Operating profit/loss	247 238	-2,8%	254 324	593,9%	-51 498	23 129	969,0%
Financial income	20 090	96,7%	10 214	3004,6%	329	1 252	1504,6%
Financial charges	76	-91,3%	872	-90,5%	9 157	6 183	-98,8%
Financial profit/loss	20 013	114,2%	9 341	205,8%	-8 828	-1 751	1242,9%
Pretax net operating income	267 251	1,4%	263 666	537,1%	-60 326	19 624	1261,9%
Extraordinary income	15 839	1391,4%	1 062	-99,8%	663 800	2 153	635,7%
Extraordinary charges	14 803	637,6%	2 007	-99,7%	664 280	762	1842,7%
Extraordinary profit/loss	1 035	209,5%	-945	-96,9%	-480	0	0%
Net result	268 287	2,1%	262 721	532,1%	-60 807	19 922	1246,7%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2006	31/12/2005	31/12/2004
Months	12	12	12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2006		31/12/2005		31/12/2004
Grand Total (I to VI)	Net	1 374 812	31,0%	1 049 230	23,0%	852 716
Gross	CO	1 391 616	30,2%	1 068 511	23,7%	864 099
Amortisation	1A	16 803	-12,9%	19 281	69,4%	11 382

Non declared distributed capital (I)

		31/12/2006		31/12/2005		31/12/2004
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	-	-	-	-	-

Active fixed asset (II)

		31/12/2006		31/12/2005		31/12/2004
Total Active fixed asset (II)	Net	29 149	36,2%	21 401	-27,7%	29 611
Gross	BJ	45 953	13,0%	40 681	4,0%	39 134
Amortisation	BK	16 803	-12,9%	19 281	102,5%	9 522

Intangible fixed assets

			31/12/2006		31/12/2005		31/12/2004
	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	0	0%	891	0%	891
	Gross	AF	0	0%	891	0%	891
	Amortisation	AG	0	0%	0	0%	0
	Goodwill	Net	891	0%	0	0%	0
	Gross	AH	891	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	0	0%	0	0%	0
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0	0%	0
	Gross	AL	0	0%	0	0%	0
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	891	0%	891	0%	891

Tangible fixed assets

		31/12/2006		31/12/2005		31/12/2004
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	0	0%	0	0%	0
Gross	AR	0	0%	0	0%	0
Amortisation	AS	0	0%	0	0%	0
Other tangible fixed assets	Net	28 242	37,8%	20 494	-28,6%	28 705
Gross	AT	45 045	13,2%	39 775	4,0%	38 227
Amortisation	AU	16 803	-12,9%	19 281	102,5%	9 522
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	28 242		20 494		28 705

Financial assets

		31/12/2006		31/12/2005		31/12/2004
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	15	0%	15	0%	15
Gross	CU	15	0%	15	0%	15
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	0	0%	0	0%	0
Gross	BH	0	0%	0	0%	0
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		15		15		15

Current Assets (III)

		31/12/2006		31/12/2005		31/12/2004
Total Assets	Net	1 345 663	30,9%	1 027 828	24,9%	823 104
Gross	CJ	1 345 663	30,9%	1 027 828	24,6%	824 964
Amortisation	CK	0	0%	0	0%	1 860

Stocks

		31/12/2006		31/12/2005		31/12/2004
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	0	0%	0	0%	0
Gross	BT	0	0%	0	0%	0
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	0	0%	0	0%	0

Advance payments to suppliers

		31/12/2006		31/12/2005		31/12/2004
Advance payments to suppliers	Net	0	0%	10 449	867,5%	1 080
Gross	BV	0	0%	10 449	867,5%	1 080
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2006		31/12/2005		31/12/2004
Trade accounts receivable	Net	264 311	-30,5%	380 180	41,6%	268 420
Gross	BX	264 311	-30,5%	380 180	40,7%	270 280
Amortisation	BY	0	0%	0	0%	1 860
Other debtors	Net	1 081 352	69,7%	637 199	15,1%	553 604
Gross	BZ	1 081 352	69,7%	637 199	15,1%	553 604
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	1 345 663	32,3%	1 017 379	23,8%	822 024

Divers

		31/12/2006		31/12/2005		31/12/2004
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	0	0%	0	0%	0
Gross	CF	0	0%	0	0%	0
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	0	0%	0	0%	0

Prepaid expenses

		31/12/2006		31/12/2005		31/12/2004
Prepaid expenses	Net	0	0%	0	0%	0
Gross	CH	0	0%	0	0%	0
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2006		31/12/2005		31/12/2004
Multi-period charges	CW3	0	0%	0	0%	0
Gross		-	-	-	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		-	-	-	-	-
Currency differential gain	CN3	0	0%	0	0%	0
Gross		-	-	-	-	-

References

		31/12/2006		31/12/2005		31/12/2004
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)

		31/12/2006		31/12/2005		31/12/2004
Grand Total (I to V)	EE	1 374 812	31,0%	1 049 230	23,0%	852 716

Shareholder Equity (I)

		31/12/2006		31/12/2005		31/12/2004
Total shareholders' equity (Total I)	DL	1 088 539	32,5%	821 458	47,6%	556 730
Equity and shareholders' equity	DA	1 046 750	0%	1 046 750	0%	1 046 750
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	55 822	0%	55 822	0%	55 822
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	-283 330	48,1%	-546 051	-12,5%	-485 244
Profit or loss for the period	DI	268 287	2,1%	262 721	532,1%	-60 807
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	1 008	-54,5%	2 215	959,8%	209

Other capital resources (II)

		31/12/2006		31/12/2005		31/12/2004
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)

		31/12/2006		31/12/2005		31/12/2004
Total provisions for risks and charges (Total III)	DR	0	0%	0	0%	96 000
Risk provisions	DP	0	0%	0	0%	96 000
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/12/2006		31/12/2005		31/12/2004
Total Liabilities (Total IV)	EC	286 273	25,7%	227 771	13,9%	199 985
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	1 238	-71,2%	4 300	30,0%	3 307
Sundry loans and financial liabilities	DV	0	0%	0	0%	0
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	0	0%	0	0%	0
Trade accounts payables	DX	69 170	2,3%	67 591	201,6%	22 412
Tax and social security liabilities	DY	210 633	36,8%	153 958	30,8%	117 719
Fixed asset liabilities	DZ	0	0%	1 922	0%	0
Other debts	EA	5 232	0%	0	0%	56 546

Translation loss (V)

		31/12/2006		31/12/2005		31/12/2004
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2006		31/12/2005		31/12/2004
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2006		31/12/2005		31/12/2004
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)

		31/12/2006		31/12/2005		31/12/2004
Operating result (Total I-II)	GG	247 238	-2,8%	254 324	593,9%	-51 498

2 - Financial result (V - VI)

		31/12/2006		31/12/2005		31/12/2004
Financial result (Total V-VI)	GV	20 013	114,2%	9 341	205,8%	-8 828

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

		31/12/2006		31/12/2005		31/12/2004
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	267 251	1,4%	263 666	537,1%	-60 326

4 - Extraordinary result (VII-VIII)

		31/12/2006		31/12/2005		31/12/2004
Extraordinary result (Total VII-VIII)	HI	1 035	209,5%	-945	-96,9%	-480

Profit or loss

		31/12/2006		31/12/2005		31/12/2004
Profit or loss	HN	268 287	2,1%	262 721	532,1%	-60 807

Total Income (I+III+V+VII)

		31/12/2006		31/12/2005		31/12/2004
Total Income (I+III+V+VII)	HL	1 488 807	17,9%	1 263 210	-7,6%	1 366 588

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

		31/12/2006		31/12/2005		31/12/2004
Total charges (Total II+IV+VI+VIII+IX+X)	HM	1 220 519	22,0%	1 000 489	-29,9%	1 427 396

Operating income (I)

		31/12/2006		31/12/2005		31/12/2004
Total operating income (Total I)	FR	1 452 877	16,1%	1 251 933	78,2%	702 459

Operating income (details)

		31/12/2006		31/12/2005		31/12/2004
Sale of goods for resale	FC	170 670	110,4%	81 110	0%	0
France	FA	0	0%	0	0%	0
Export	FB	170 671	110,4%	81 110	0%	0
Sale of goods produced	FF	0	0%	0	0%	0
France	FD	0	0%	0	0%	0
Export	FE	0	0%	0	0%	0
Sale of services	FI	1 269 781	19,6%	1 061 951	54,9%	685 785
France	FG	9 332	-44,4%	16 781	2,7%	16 343
Export	FH	1 260 449	20,6%	1 045 170	56,1%	669 442
Net turnover	FL	1 440 452	26,0%	1 143 061	66,7%	685 785
France	FJ	9 332	-44,4%	16 781	2,7%	16 343
Export	FK	1 431 120	27,1%	1 126 280	68,2%	669 442
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	12 300	-88,7%	108 865	553,0%	16 671
Other income	FQ	124	1671,4%	07	250,0%	02

Operating charges (II)

		31/12/2006		31/12/2005		31/12/2004
Total operating charges (Total II)	GF	1 205 639	20,9%	997 609	32,3%	753 957

Exploitation charges

		31/12/2006		31/12/2005		31/12/2004
Purchase of goods for resale	FS	107 792	127,2%	47 441	0%	0
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	419 220	10,1%	380 819	75,4%	217 102
Tax, duty and similar payments	FX	25 395	103,8%	12 458	14,1%	10 914
Payroll	FY	451 340	13,4%	398 145	34,8%	295 438
Social security costs	FZ	189 094	28,5%	147 123	17,1%	125 629

Depreciation

		31/12/2006		31/12/2005		31/12/2004
Depreciation of fixed assets	GA	12 791	31,1%	9 758	11,7%	8 736
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	96 000

Other charges

		31/12/2006		31/12/2005		31/12/2004
Other charges	GE	03	-99,8%	1 861	1278,5%	135

Operating charges (III-IV)

		31/12/2006		31/12/2005		31/12/2004
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)

		31/12/2006		31/12/2005		31/12/2004
Total financial income (Total V)	GP	20 090	96,7%	10 214	3004,6%	329
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	20 090	98,1%	10 140	2982,1%	329
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	0	0%	73	0%	0
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

		31/12/2006		31/12/2005		31/12/2004
Total financial charge (Total VI)	GU	76	-91,3%	872	-90,5%	9 157
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	76	-11,6%	86	-95,8%	2 027
Exchange losses	GS	0	0%	785	-89,0%	7 130
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2006		31/12/2005		31/12/2004
Total extraordinary income (Total VII)	HD	15 839	1391,4%	1 062	-99,8%	663 800
Extraordinary operating income	HA	69	-93,5%	1 062	0%	0
Extraordinary income from capital transactions	HB	13 965	0%	0	0%	663 800
Released provisions and transferred charges	HC	1 804	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2006		31/12/2005		31/12/2004
Total extraordinary charges (Total VIII)	HH	14 803	637,6%	2 007	-99,7%	664 280
Extraordinary operating charges	HE	3 952	395100%	01	-99,6%	270
Extraordinary charges from capital transactions	HF	10 252	0%	0	0%	663 800
Extraordinary reserves and provisions	HG	597	-70,2%	2 006	859,8%	209

Employee profit sharing (IX)

		31/12/2006		31/12/2005		31/12/2004
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2006		31/12/2005		31/12/2004
Tax on profits (Total X)	HK	0	0%	0	0%	0

References

		31/12/2006		31/12/2005		31/12/2004
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	12 300	11,8%	11 005	-34,0%	16 671
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)

		31/12/2006		31/12/2005		31/12/2004
Gross value at begin of period	OG	40 682	4,0%	39 134	0%	0
Increases due to revaluation	OH	0	0%	0	0%	0
Decreases, acquisitions, creations, contributions	OJ	30 791	1889,1%	1 548	0%	0
Decreases by budget item transfer	OK1	0	0%	0	0%	0
Decreases by transfers	OK2	25 521	0%	0	0%	0
Gross value at the end of period	OL	45 953	13,0%	40 682	0%	0

Research and development Charge (Total I)

		31/12/2006		31/12/2005		31/12/2004
Gross value at begin of period	CZ	0	0%	0	0%	0
Increases due to revaluation	KB	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KC	0	0%	0	0%	0
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	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

		31/12/2006		31/12/2005		31/12/2004
Gross value at begin of period	KD	891	0%	891	0%	0
Increases due to revaluation	KE	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KF	0	0%	0	0%	0
Decreases by budget item transfer	LV1	0	0%	0	0%	0
Decreases by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	891	0%	891	0%	0

Tangible fixed assets (Total III)

		31/12/2006		31/12/2005		31/12/2004
Gross value at begin of period	LN	39 775	4,0%	38 227	0%	0
Increases due to revaluation	LO	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LP	30 791	1889,1%	1 548	0%	0
Decreases by budget item transfer	NG1	0	0%	0	0%	0
Decreases by transfers	NG2	25 521	0%	0	0%	0
Gross value at the end of period	NH	45 045	13,2%	39 775	0%	0

Financial assets (Total IV)

		31/12/2006		31/12/2005		31/12/2004
Gross value at begin of period	LQ	15	0%	15	0%	0
Increases due to revaluation	LR	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LS	0	0%	0	0%	0
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	15	0%	15	0%	0

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

			31/12/2006		31/12/2005		31/12/2004
	Reserve for depreciation value at begin of period	0N	19 281	102,5%	9 522	1111,5%	786
Increases		0P	12 791	31,1%	9 758	11,7%	8 736
Decreases		0Q	15 268	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	16 803	-12,9%	19 281	102,5%	9 522

Research and development charge (Total I)

			31/12/2006		31/12/2005		31/12/2004
	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)

			31/12/2006		31/12/2005		31/12/2004
	Reserve for depreciation value at begin of period	PE	0	0%	0	0%	0
Increases		PF	0	0%	0	0%	0
Decreases		PG	0	0%	0	0%	0
	Decreases by budget item transfer	PH	0	0%	0	0%	0

Total fixed assets amortisation (Total III)

			31/12/2006		31/12/2005		31/12/2004
	Reserve for depreciation value at begin of period	QU	19 281	102,5%	9 522	0%	0
Increases		QV	12 791	31,1%	9 758	0%	0
Decreases		QW	15 268	0%	0	0%	0
	Decreases by budget item transfer	QX	16 803	-12,9%	19 281	102,5%	9 522

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2006		31/12/2005		31/12/2004
	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

			31/12/2006		31/12/2005		31/12/2004
	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	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)

			31/12/2006		31/12/2005		31/12/2004
	Value at beginning of period	7C	2 215	-97,7%	98 069	0%	0
Increases		UB	597	-70,2%	2 006	0%	0
Decreases		UC	1 804	-98,2%	97 860	0%	0
	Value at the end of period	UD	1 008	-54,5%	2 215	0%	0

Includes Total allocations

Operating	UE	0	0%	0	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	597	-70,2%	2 006	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	97 860	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	1 804	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2006		31/12/2005		31/12/2004
	Value at beginning of period	3Z	2 215	959,8%	209	0%	0
Increases		TS	597	-70,2%	2 006	0%	0
Decreases		TT	1 804	0%	0	0%	0
	Value at the end of period	TU	1 008	-54,5%	2 215	0%	0

Total risk and charge provisions (Total II)

			31/12/2006		31/12/2005		31/12/2004
	Value at beginning of period	5Z	0	0%	96 000	0%	0
Increases		TV	0	0%	0	0%	0
Decreases		TW	0	0%	96 000	0%	0
	Value at the end of period	TX	0	0%	0	0%	0

Total Provision for depreciation (Total III)

			31/12/2006		31/12/2005		31/12/2004
	Value at beginning of period	7B	0	0%	1 860	0%	1 860
Increases		TY	0	0%	0	0%	0
Decreases		TZ	0	0%	1 860	0%	0
	Value at the end of period	UA	0	0%	0	0%	1 860

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

		31/12/2006		31/12/2005		31/12/2004
Gross value	VT	1 345 663	30,9%	1 027 828	24,6%	824 964
1 year at most	VU	1 345 663	30,9%	1 027 828	24,6%	824 964
More than one year	VV	0	0%	0	0%	0

State of loans

		31/12/2006		31/12/2005		31/12/2004
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	0	0%	0	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2006		31/12/2005		31/12/2004
Customers doubtful or disputed	VA	0	0%	0	0%	1 860
Other claims customer	UX	264 311	-30,5%	380 180	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	5 310	0%	5 310	32,0%	4 024
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	1 575	0%	0
Value added tax	VB	6 277	-34,6%	9 598	593,5%	1 384
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	1 040 836	68,7%	616 836	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	28 927	101,9%	14 327	0%	0

Prepaid

		31/12/2006		31/12/2005		31/12/2004
Prepaid	VS	0	0%	0	0%	0

State Debt

			31/12/2006		31/12/2005		31/12/2004
	Total debt (gross)	VY	286 273	25,7%	227 771	13,9%	199 985
1 year at most		VZ2	286 273	25,7%	227 771	13,9%	199 985
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2006		31/12/2005		31/12/2004
	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	1 238	-71,2%	4 300	30,0%	3 307
1 year at most		VG2	1 238	-71,2%	4 300	30,0%	3 307
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	60 915	53,2%	39 767
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	69 170	2,3%	67 591	0%	0
1 year at most		8B2	69 170	2,3%	67 591	201,6%	22 412
More than 1 year and 5 years at most		8B3	0	0%	0	0%	0
	Personnel and associated accounts (gross)	8C1	103 214	0%	0	0%	39 767
1 year at most		8C2	103 214	69,4%	60 915	53,2%	39 767
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	104 883	17,0%	89 676	19,0%	75 332
1 year at most		8D2	104 883	17,0%	89 676	19,0%	75 332
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	337	-79,8%	1 671	120,7%	757
1 year at most		VW2	337	-79,8%	1 671	120,7%	757
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	2 197	29,6%	1 695	-8,9%	1 861
1 year at most		VQ2	2 197	29,6%	1 695	-8,9%	1 861
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	1 922	0%	0
1 year at most		8J2	0	0%	1 922	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	5 232	0%	0	0%	0
1 year at most		8K2	5 232	0%	0	0%	56 546
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2006		31/12/2005		31/12/2004
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2006		31/12/2005		31/12/2004
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2006		31/12/2005		31/12/2004
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

		31/12/2006		31/12/2005		31/12/2004
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

		31/12/2006		31/12/2005		31/12/2004
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

		31/12/2006		31/12/2005		31/12/2004
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

		31/12/2006		31/12/2005		31/12/2004
Average number of employees	YP	09	0%	09	50,0%	06

Groups and Shareholders

		31/12/2006		31/12/2005		31/12/2004
Groups and Shareholders	ZR	-	-	-	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

	31/12/2006		31/12/2005		31/12/2004	Sector Median 2006
Fixed Asset Financing	24,08	15,9%	20,77	22,1%	17,01	1,60	1405,0%
Global Debt	72 days	0%	72 days	-31,4%	105 days	99 days	-27,3%
Working Capital Fund overall net	265 days	4,7%	253 days	-23,1%	329 days	48 days	452,1%
Financial independence	87927,22%	360,3%	19103,67%	13,5%	16834,90%	183,57%	47798,5%
More ratios
Solvability	79,18%	1,1%	78,29%	19,9%	65,29%	31,88%	148,4%
Capacity debt futures	87927,22%	6880,5%	1259,62%	-2,5%	1292,50%	656,09%	13301,7%
Coverage of current assets by net working capital overall	78,82%	0,7%	78,26%	3,1%	75,93%	39,41%	100%
General Liquidity	4,70	4,2%	4,51	9,2%	4,13	0,80	487,5%
Restricted Liquidity	4,70	4,2%	4,51	9,2%	4,13	1,04	351,9%

Management or rotation

	31/12/2006		31/12/2005		31/12/2004	Sector Median 2006
Need background in operating working capital	265 days	4,7%	253 days	-23,1%	329 days	34 days	679,4%
Treasury	0 days	0%	0 days	0%	0 days	2 days	0%
Inventory turnover of goods	0 days	0%	0 days	-	days	26 days	0%
Average length of credit granted to customers	66 days	-45,0%	120 days	-15,5%	142 days	51 days	29,4%
Average length of credit obtained suppliers	47 days	-17,5%	57 days	54,1%	37 days	42 days	11,9%
More ratios
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	-	days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	days	-	days	-	days	376 days	-
Rotation tangible assets	3197,81%	11,3%	2873,82%	-	%	586,68%	445,1%

Profitability of the business

	31/12/2006		31/12/2005		31/12/2004	Sector Median 2006
Margin trading	4,37%	48,1%	2,95%	0%	0	16,61%	-73,7%
Profitability of the business	17,19	25,1%	13,74	156,8%	5,35	2,97%	478,8%
Net profit	18,63%	-18,9%	22,98%	359,1%	-8,87%	1,20%	1452,5%
More ratios
Growth rate of turnover (excluding VAT)	26,02%	-61,0%	66,68%	0%	0%	0,53%	4809,4%
Rates integration	63,41%	1,4%	62,53%	-8,5%	68,34%	12,21%	419,3%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	70,11%	-8,1%	76,28%	-15,1%	89,84%	59,69%	17,5%
Weight interests	0,01	-87,5%	0,08%	-94,0%	1,34%	0,44%	-97,7%

Return on capital

	31/12/2006		31/12/2005		31/12/2004	Sector Median 2006
Cash flow from the overall profitability	19,17%	24,1%	15,45%	304,4%	-7,56%	2,29%	737,1%
Rates of economic profitability	23%	21,1%	19%	171,4%	7%	11,31%	103,4%
Financial profitability	1088539%	32,5%	821458%	47,6%	556730%	186667%	483,1%
Return on investment	24,63%	-22,8%	31,92%	446,2%	-9,22%	7,35%	235,1%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2006		31/12/2005		31/12/2004	Sector Median 2006
Turnover	1 440 452	26,0%	1 143 061	66,7%	685 785	1 527 421 €	-5,7%

Sales of goods	170 670	110,4%	81 110	0%	0
- Purchase of goods	107 792	127,2%	47 441	0%	0
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	62 878 €	86,8%	33 669 €	0%	0 €	240 769 €	-73,9%
	4,37 % CA	48,1%	2,95 % CA	0%	0,00 % CA	16,90 % CA	-74,1%

Sale of goods produced	1 269 781	19,6%	1 061 951	54,9%	685 785
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	1 269 781 €	19,6%	1 061 951 €	54,9%	685 785 €	40 064 €	3069,4%
	88,15 % CA	-5,1%	92,90 % CA	-7,1%	100,00 % CA	1,83 % CA	4716,9%

Trading margin	62 878	86,8%	33 669	0%	0	240 769	-73,9%
+ Period Production	1 269 781	19,6%	1 061 951	54,9%	685 785	40 064	3069,4%
- Purchase of raw materials	0	0%	0	0%	0
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	419 220	10,1%	380 819	75,4%	217 102
Added value	913 439 €	27,8%	714 801 €	52,5%	468 683 €	174 244 €	424,2%
	63,41 % CA	1,4%	62,53 % CA	-8,5%	68,34 % CA	12,21 % CA	419,3%

Added value	913 439 €	27,8%	714 801 €	52,5%	468 683 €	174 244 €	424,2%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	25 395	103,8%	12 458	14,1%	10 914
- Personal charges	640 434	17,5%	545 268	29,5%	421 067
Gross operating surplus	247 610 €	57,6%	157 075 €	328,0%	36 702 €	42 443 €	483,4%
	17,19 % CA	25,1%	13,74 % CA	156,8%	5,35 % CA	2,97 % CA	478,8%

Gross operating surplus	247 610 €	57,6%	157 075 €	328,0%	36 702 €	42 443 €	483,4%
+ Release of reserves and provisions	12 300	-88,7%	108 865	553,0%	16 671
+ Other operating income	124	1671,4%	07	250,0%	02
- Depreciation/Amortisation	12 791	31,1%	9 758	-90,7%	104 736
- Other charges	03	-99,8%	1 861	1278,5%	135
Operating result	247 240 €	-2,8%	254 328 €	593,9%	-51 496 €	23 095 €	970,5%
	17,16 % CA	-22,9%	22,25 % CA	396,3%	-7,51 % CA	1,59 % CA	979,2%

Operating result	247 240 €	-2,8%	254 328 €	593,9%	-51 496 €	23 095 €	970,5%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	20 090	96,7%	10 214	3004,6%	329
- Financial charges	76	-91,3%	872	-90,5%	9 157
Pre-tax result	267 254 €	1,4%	263 670 €	537,1%	-60 324 €	18 849 €	1317,9%
	18,55 % CA	-19,6%	23,07 % CA	362,2%	-8,80 % CA	1,28 % CA	1349,2%

Extraordinary income	15 839	1391,4%	1 062	-99,8%	663 800	2 153	635,7%
- Extraordinary charges	14 803	637,6%	2 007	-99,7%	664 280
Extraordinary result	1 036 €	209,6%	-945 €	-96,9%	-480 €	0 €	0%
	0,07 % CA	187,5%	-0,08 % CA	-14,3%	0 % CA	0,01 % CA	600%

Pre-tax result	267 254 €	1,4%	263 670 €	537,1%	-60 324 €	18 849 €	1317,9%
Extraordinary result	1 036 €	209,6%	-945 €	-96,9%	-480 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	0	0%	0	0%	0
Net result	268 290 €	2,1%	262 725 €	532,1%	-60 804 €	19 534 €	1273,5%
	18,63 % CA	-18,9%	22,98 % CA	359,1%	-8,87 % CA	1,20 % CA	1452,5%

ADDITIONAL INFORMATION

Company details

	Activity (APE)	Wholesale trader of grain, unmanufactured tobacco, seeds and animal feeds
	RCS Registration	RCS Saint-Malo 9 402 947 618	Share capital	1,046,750 Euros
	Registration Court	Saint-Malo (35)	Legal form	Simplified joint stock company
	Court Registry Number	19 9 5B00220	EUR VAT Number	FR57402947618
	Incorporation Date	11/1995	Formation Date	11/1995
	Deregistration Date		Last account Date	31/12/2006
	Nationality	France
Establishment details

Activity (APE)	Wholesale trader of grain, unmanufactured tobacco, seeds and animal feeds	Business Pages FT®	PRODUITS CHIMIQUES (FABRICATION, GROS)
Postal Address	RDI 55 BD JULES VERGER 35800 DINARD	Trading Address	55 BOULEVARD JULES VERGER 35800 DINARD
Telephone	02 99 16 51 50
Fax	02 99 16 51 60

Type	Head office (one site company)	Status	Economically active
Formation Date	09/2003	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

	Department	Ille-et-Vilaine (35)	Region	Bretagne
	District	4	Area	10
	City	DINARD	Size of urban area
Other establishments

Branches	1 branch entities in this company
Head office	> RDI <<<  - Commerce de gros (commerce interentreprises) de céréales, de tabac non manufacturé, de semences et d'aliments pour le bétail (4621Z) in DINARD  (35800)
Secondary establishments	>  RDI  - Commerce de gros de produits chimiques (515L)  in SAINT MALO  (35400)

	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	09 (31.12.2006)	Company workforce	09 (31.12.2006)
Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
13/10/2013	Bodacc B	Modification et mutation diverse
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE SAINT-MALO 364 - 402 947 618 RCS Saint-Malo. RDI. Forme : Société par actions simplifiée. Administration : Président : LE JEAN Gilles Directeur général : POLI Olivier Commissaire aux comptes titulaire : COMPTAGESMA AUDIT (SARL) Commissaire aux comptes suppléant : MAZARS (SACA). Activité : . Commentaires : Modification survenue sur l'administration.
23/02/2011	Bodacc B	Modification et mutation diverse
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE SAINT-MALO 836 - 402 947 618 RCS Saint-Malo. RDI. Forme : Société par actions simplifiée. Administration : Président : LE JEAN Gilles Directeur général : POLI Olivier Commissaire aux comptes titulaire : COMPTAGESMA AUDIT (SARL) Commissaire aux comptes suppléant : LAINE Yves. Activité : . Commentaires : Modification survenue sur l'administration.
20/01/2011	JAL	Resignation / Revocation of the social representative
Chronique républicaine (La) Date de décision : 10/01/2011 La société 402947618 - RDI, 55 BD JULES VERGER, 35800 DINARD Fait l'objet du départ de Date d'effet : 10/01/2011
08/11/2009	Bodacc B	Modification et mutation diverse
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE SAINT-MALO 544 - 402 947 618 RCS Saint-Malo. RDI. Forme : Société par actions simplifiée. Administration : Président : REMOND Jean-François Directeur général : SPILLMANN Benoit Marie Antoine Napoléon Commissaire aux comptes titulaire : COMPTAGESMA AUDIT (SARL) Commissaire aux comptes suppléant : LAINE Yves. Commentaires : Modification survenue sur l'administration.
13/05/2008	Bodacc B	Modification et mutation diverse
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE SAINT-MALO 598 - 402 947 618 RCS Saint-Malo. RDI. Forme : Société par actions simplifiée. Administration : Président : POLI OlivierDirecteur général : SPILLMANN Benoit Marie Antoine Napoléon. Commissaire aux comptes titulaire : COMPTAGESMA AUDIT (SARL). Commissaire aux comptes suppléant : LAINE Yves. Commentaires : Modification survenue sur l'administration.
08/10/2007	Bodacc C	Avis de dépôt des comptes
7481 - 402 947 618. RCS Saint-Malo RDI. Forme: Société par actions simplifiée. Adresse du siège social: 55 boulevard Jules Verger 35800 Dinard. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
13/03/2007	Bodacc B	Modifications et mutations diverses
855 - RCS Saint-Malo B 402 947 618. RC 95-B 220. RDI. Forme : S.A.S. Adresse du siège social : 55 boulevard Jules-Verger,, 35800 Commentaires : modification survenue sur l'administration. Administration : président : POLI (Olivier) (Nom d'usage : POLI). Directeur général : MILEV (Plamen) (Nom d'usage : MILEV). Commissaire aux comptes titulaire : COMPTAGESMA AUDIT. Commissaire aux comptes suppléant : LAINE (Yves) (Nom d'usage : LAINE). Date d'effet : 29 janvier 2007.
24/02/2007	Bodacc C	Avis de dépôt des comptes
3284 - RCS Saint-Malo B 402 947 618. RC 95-B 220. RDI. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 55, boulevard Jules Verger,35800 Dinard. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
31/08/2005	Bodacc C	Avis de dépôt des comptes
860 - RCS Saint-Malo B 402 947 618. RC 95-B 220. RDI. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 55, boulevard Jules Verger,35800 Dinard. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
19/05/2005	Bodacc B	Modifications et mutations diverses
681 - RCS Saint-Malo B 402 947 618. RC 95-B 220. RDI. Forme : S.A.S. Activité : négoce en gros, commercialisation de produits, de matériel, de produits spécialisés de l'agro-fourniture, l'agro-chimie et l'agroalimentaire agent commercial . Adresse du siège social : 55 boulevard Jules-Verger,, 35800 Commentaires : modification survenue sur l'activité. Date d'effet : 16 mars 2005.
23/03/2004	Bodacc B	Modifications et mutations diverses
RCS Saint-Malo B 402947618 RC 95-B 220 RDI. Forme : S.A.S. Capital : 1 046 750 euros. Adresse du siège social : 55 boulevard Jules-Verger, 35800 Dinard. Commentaires : modification survenue sur l'administration. Administration : président : HEMERY (Bertrand) ( Nom d' usage : HEMERY). Directeur général : POLI (Olivier) ( Nom d'usage : POLI). Commissaire aux comptes titulaire : RICHECOEUR ET ASSOCIES. Commissaire aux comptes suppléant : LAINE (Yves) ( Nom d'usage : LAINE). Date d'effet : 15 janvier 2004.
19/10/2003	Bodacc B	Modifications et mutations diverses
RCS Saint-Malo B 402947618 RC 95-B 220 RDI. Forme : S.A.S. Capital : 1 046 750 euros. Adresse du siège social : 55 boulevard Jules-Verger, 35400 Saint- Malo. Commentaires : modification survenue sur l'adresse du siège social. Date d'effet : 1 e r septembre 2003.
15/12/2002	Bodacc B	Modifications et mutations diverses
RCS Saint-Malo B 402947618 RC 95-B 220 R.D.I. Forme : S.A.S. Capital : 1 046 750 euros. Adresse du siège social : 27 avenue Franklin-Roosevelt, 35400 Saint- Malo. Commentaires : modification survenue sur la dénomination. Date d'effet : 12 novembre 2002.
22/03/2002	Bodacc B	Modifications et mutations diverses
RCS Saint-Malo B 402947618 RC 95-B 220 ROULLIER DEVELOPPEMENT INTERNATIONAL. Forme : S.A.S. Capital : 1 046 750 euros. Adresse du siège social : 27 avenue Franklin-Roosevelt, 35400 Saint-Malo. Commentaires : modification survenue sur la forme juridique, le capital ( augmentation) et l'administration. Administration : président : VIGNON ( Philippe) ( Nom d'usage : VIGNON). Directeur général : ROULLIER (Danielle) ( Nom d'usage : CAPPE). Commissaire aux comptes titulaire : RICHECOEUR ET ASSOCIES. Commissaire aux comptes suppléant : LAINE (Yves) ( Nom d'usage : LAINE). Date d'effet : 15 février 2002.
17/07/2001	Bodacc B	Modifications et mutations diverses
RCS Saint-Malo B 402947618 RC 95-B 220 ROULLIER DEVELOPPEMENT INTERNATIONAL. Forme : S.A. Capital : 38 100 euros. Adresse du siège social : 27 avenue Franklin-Roosevelt, 35400 Saint-Malo. Commentaires : modification survenue sur le capital (diminution et conversion en euros). Date d'effet : 22 mai 2001.
09/04/2000	Bodacc B	Modifications et mutations diverses
RCS Saint-Malo B 402947618 RC 95-B 220 ROULLIER DEVELOPPEMENT INTERNATIONAL. Forme : S.A. Adresse du siège social : 27 avenue Franklin-Roosevelt, 35400 Saint- Malo. Commentaires : modification survenue sur l'administration. Administration : président du conseil d' administration : VIGNON (Philippe) ( Nom d'usage : VIGNON). Administrateurs MONNERIE (Roland) ( Nom d'usage : MONNERIE) COMPAGNIE FINANCIERE ET DE PARTICIPATIONS ROULLIER, représentée par ROULLIER (Danielle) ( Nom d'usage : CAPPE). Commissaire aux comptes titulaire : RICHECOEUR ET ASSOCIES. Commissaire aux comptes suppléant : LAINE (Yves) ( Nom d'usage : LAINE). Date d'effet : 25 février 2000.
19/03/2000	Bodacc B	Modifications et mutations diverses
RCS Saint-Malo B 402947618 RC 95-B 220 ROULLIER DEVELOPPEMENT INTERNATIONAL. Forme : S.A. Activité : négoce en gros, commercialisation de produits, de matériel, de spécialités d'agro- fourniture, d'agro-chimie et d'agro- alimentaire. Adresse du siège social : 27 avenue Franklin-Roosevelt, 35400 Saint- Malo. Commentaires : modification survenue sur la dénomination, l' activité et l'administration. Administration : président du conseil d' administration : VIGNON (Philippe) ( Nom d'usage : VIGNON). Administrateurs MONNERIE (Roland) ( Nom d'usage : MONNERIE) COMPAGNIE FINANCIERE ET DE PARTICIPATIONS ROULLIER, représentée par ROULLIER (Danielle) ( Nom d'usage : CAPPE) LOISON (Ronan) ( Nom d'usage : LOISON). Commissaire aux comptes titulaire : RICHECOEUR ET ASSOCIES. Commissaire aux comptes suppléant : LAINE (Yves) ( Nom d'usage : LAINE). Date d'effet : 4 janvier 2000.
10/10/1999	Bodacc B	Modifications et mutations diverses
RCS Saint-Malo B 402947618 RC 95-B 220 AGRIPLAS INTERNATIONALE. Forme : S.A. Adresse du siège social : 27 avenue Franklin-Roosevelt, 35400 Saint-Malo. Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : MONNERIE (Roland) ( Nom d'usage : MONNERIE). Administrateurs : COMPAGNIE FINANCIERE ET DE PARTICIPATIONS ROULLIER, représentée par ROULLIER ( Danielle) ( Nom d'usage : CAPPE) LOISON (Ronan) ( Nom d'usage : LOISON). Commissaire aux comptes titulaire : RICHECOEUR ET ASSOCIES. Commissaire aux comptes suppléant : LAINE (Yves) ( Nom d'usage : LAINE). Date d'effet : 25 aout 1999.

Company events history

Date	Description
10/01/2014	Update Rating
10/01/2014	Update Limit
22/10/2013	Update Limit
22/10/2013	Update Rating
15/10/2013	Update Limit
15/10/2013	Update Rating
13/10/2013	Bodacc B: Various editing or changing
04/10/2013	New ultimate parent
26/09/2013	New auditor
26/09/2013	Minutes of general meeting of shareholders
23/02/2011	Bodacc B: Various editing or changing
09/02/2011	Audit or Management Report
09/02/2011	New chairman (CEO, CoB)
09/02/2011	Minutes of general meeting of shareholders
20/01/2011	Legal Gazette: Resignation / Revocation of the social representative
02/03/2010	New ultimate parent
02/03/2010	New parent detected
08/11/2009	Bodacc B: Various editing or changing
02/10/2009	Minutes of general meeting of shareholders
02/10/2009	New chairman (CEO, CoB)
02/10/2009	Changement de Président (PDG, PCA)
02/10/2009	PV d'Assemblée
13/05/2008	Bodacc B: Various editing or changing
13/05/2008	New Bodacc B ads detected
30/04/2008	Appointment/resignation of company officers
30/04/2008	New manager
30/04/2008	Private document
30/04/2008	PV d'Assemblée
30/04/2008	Minutes of general meeting of shareholders
02/01/2008	Update of Company Activity
02/01/2008	Modification of Company Activity
14/02/2007	Private document
14/02/2007	Appointment/resignation of company officers
14/02/2007	PV d'Assemblée
14/02/2007	Minutes of general meeting of shareholders
14/02/2007	Changement de Président (PDG, PCA)
31/12/2006	New accounts available
18/09/2006	Acte sous seing privé
18/09/2006	Private document
18/09/2006	Minutes of general meeting of shareholders
18/09/2006	PV d'Assemblée
18/09/2006	Changement de Commissaire aux Comptes
18/09/2006	Acte modificatif
18/09/2006	Amendment
31/12/2005	New accounts available
12/04/2005	Updated articles of association
12/04/2005	Private document
12/04/2005	Acte sous seing privé
12/04/2005	Minutes of general meeting of shareholders
12/04/2005	PV d'Assemblée
12/04/2005	Statuts mis à jour
12/04/2005	Prise ou reprise d'activité
12/04/2005	Modification de l'objet social
12/04/2005	Change to corporate purpose
12/04/2005	Acte modificatif
31/12/2004	New accounts available
01/03/2004	Acte modificatif
01/03/2004	Nomination/démission des organes de gestion
01/03/2004	PV d'Assemblée
01/03/2004	Acte sous seing privé
01/03/2004	Modification du Conseil d'Administration
31/12/2003	New accounts available
29/09/2003	Statuts mis à jour
29/09/2003	PV d'Assemblée
29/09/2003	Acte sous seing privé
29/09/2003	Transfert du Siège dans le ressort du Tribunal de Commerce
09/12/2002	Acte modificatif
09/12/2002	Acte sous seing privé
09/12/2002	Reconstitution de l'Actif Net
09/12/2002	PV d'Assemblée
26/11/2002	Changement de dénomination sociale
26/11/2002	Acte sous seing privé
26/11/2002	PV d'Assemblée
26/11/2002	Statuts mis à jour
08/03/2002	Nomination/démission des organes de gestion
08/03/2002	Certificat de dépôt des fonds
08/03/2002	Acte sous seing privé
08/03/2002	Réduction de Capital
08/03/2002	Augmentation de Capital
08/03/2002	Changement de Forme Juridique avec changement de catégorie
08/03/2002	Changement de Forme Juridique sans changement de catégorie
08/03/2002	Acte modificatif
08/03/2002	Statuts mis à jour
08/03/2002	PV d'Assemblée
17/12/2001	Continuation malgré perte supérieure à la moitié du capital
17/12/2001	PV d'Assemblée
17/12/2001	Acte sous seing privé
28/06/2001	Conversion du Capital Social en Euros
28/06/2001	Acte sous seing privé
28/06/2001	Acte modificatif
28/06/2001	PV d'Assemblée
28/06/2001	Statuts mis à jour
28/06/2001	Réduction de Capital
22/03/2000	Acte sous seing privé
22/03/2000	Modification du Conseil d'Administration
22/03/2000	Nomination/démission des organes de gestion
22/03/2000	PV d'Assemblée
29/02/2000	Modification du Conseil d'Administration
29/02/2000	Acte modificatif
29/02/2000	PV du Conseil d'Administration
29/02/2000	Modification de l'objet social
29/02/2000	Acte sous seing privé
29/02/2000	Changement de dénomination sociale
29/02/2000	Nomination/démission des organes de gestion
29/02/2000	PV d'Assemblée
29/02/2000	Statuts mis à jour
29/02/2000	Changement de Président (PDG, PCA)
22/09/1999	Modification du Conseil d'Administration
22/09/1999	Acte sous seing privé
22/09/1999	PV du Conseil d'Administration
22/09/1999	Changement de Président (PDG, PCA)
22/09/1999	PV d'Assemblée
22/09/1999	Nomination/démission des organes de gestion
22/09/1999	Acte modificatif
29/11/1995	Acte modificatif
29/11/1995	Statuts
29/11/1995	PV du Conseil d'Administration
29/11/1995	Certificat de dépôt des fonds
29/11/1995	Acte sous seing privé
29/11/1995	Formation de Société
29/11/1995	Nomination/démission des organes de gestion

Establishment events history

Date	Description
22/02/2014	Update of phone numbers
06/05/2011	Update Rating
03/09/2010	Update Rating
05/06/2009	Update Rating
03/09/2008	Update Rating
12/06/2008	Update of phone numbers
02/01/2008	Update of Establishment Activity
02/01/2008	Modification of Head office Activity
16/12/2007	Update Limit
10/12/2007	Update Limit
28/08/2007	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.

The latest account data is more than 5 years old, this has an impact on the rating.

The decrease in the pre-tax profit margin over the last two accounting periods is 19 %

The decrease in the return on capital employed over the last two accounting periods is 23 %

The receivables value is 1,345,663 €

The trade payables value is 69,170 €

The financial liabilities are 1,238 €

The tangible fixed assets are 28,242 €

Workforce size is in the average risk band

The company is 18 years old

Region code with low risk rating

Industry code with low risk rating

The stocks value is 0 €

The pre-tax profit is 268,287 €

The net turnover is 1,440,452 €

The net current assets are 1,345,663 €

The decrease in the gearing percentage over the last two accounting periods is 78 %

The sales to current assets ratio is 1,07

The ratio total assets to total liabilities is 4,8

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.95
UK Pound	1	Rs.99.36
Euro	1	Rs.82.15

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

RATING EXPLANATIONS

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

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

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

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

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