MIRA INFORM REPORT

Report Date :

18.04.2014

IDENTIFICATION DETAILS

Name :	SINGER FRERES
Registered Office :	Zone Eurofret 54 Rue De L Europe 59279 Craywick
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	December, 2012
Com. Reg. No.:	RCS Dunkerque 0 383 733 623
Legal Form :	Simplified joint stock company
Line of Business :	Wholesale (intercompany trade) of various industrial supplies and equipment (4669B)
No. of Employees	20

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2014

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

SINGER FRERES

SIRET

383 733 623 00029

Personal comment

company summary

Safe Number	FR02893082	EUR VAT Number	FR31383733623
Activity (APE)	Wholesale (intercompany trade) of various industrial supplies and equipment (4669B)	Legal form	Simplified joint stock company
Phone	03 28 28 29 00	RCS Registration	RCS Dunkerque 0 383 733 623
Fax
Address	SINGER FRERES ZONE EUROFRET 54 RUE DE L EUROPE 59279 CRAYWICK	Incorporated Date	12/1991
Nationality	France	Status	Economically active

DIRECTORS/MANAGEMENT

Current Directors

3

Directors

Name	P.L.S.V.P. HOLDING
Name of representative
Manager position	President	Date of birth
Place of birth
Type	Moral person	Name at birth

Name	M. SINGER PATRICK
Manager position	Managing director	Date of birth	27/02/1965
Place of birth	ST OMER (62)
Type	Individual	Name at birth

Name	M. SINGER LAURENT
Manager position	Managing director	Date of birth	02/07/1966
Place of birth	ST OMER (62)
Type	Individual	Name at birth

Previous Directors

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

Manager position	Title and name	Date of Birth/Place of Birth
President	M PATRICK SINGER	27/02/1965 - SAINT OMER
President	PATRICK SINGER	27/02/1965 - ST OMER (62)
Managing director	M LAURENT SINGER	02/07/1966 - S TOMER

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

662,490 Euros

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

No group information available for the company

Linkages

No Linkages information available for the company

FINANCIAL INFORMATION

Trading to Date	12/31/2010	12/31/2009	12/31/2008
Turnover	15,131,859 €	12,541,709 €	12,988,020 €
Gross Operating Surplus	17,92 % Turnover	15,64 % Turnover	18,51 % Turnover
Shareholders’ equity	10,490,146 €	9,382,240 €	8,670,034 €
Net result	1,608,021 €	1,212,322 €	1,277,745 €

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2010	31/12/2009	31/12/2008
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	10/08/2011	13/08/2010	-
Activity Code	4669B	4669B	4669B
Employees	20	0	0

Active account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	2 063 350	-7,8%	2 237 959	-6,4%	2 391 518	28 490	7142,4%
- Intangible assets	3 041	0%	0	0%	661	0	0%
- Tangible assets	2 060 309	-7,8%	2 234 017	-6,4%	2 386 916	12 090	16941,4%
- Financial assets	0	0%	3 942	0%	3 942	1 806	0%
Net current assets	11 316 342	7,0%	10 571 589	0,8%	10 492 845	398 029	2743,1%
- Stocks	3 752 626	28,7%	2 915 140	-33,2%	4 363 730	47 642	7776,7%
- Advanced payments	0	7,0%	0	0%	0	0	0%
- Receivables	2 983 562	10,3%	2 704 017	-9,4%	2 984 409	193 494	1441,9%
- Securities and cash	4 580 154	-7,5%	4 952 432	57,5%	3 144 706	58 678	7705,6%
- Prepaid expenses	-	-	-	-	-	227	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	13 379 692	4,5%	12 809 548	-0,6%	12 884 363	470 596	2743,1%

Passive Account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Shareholders' equity	10 490 146	11,8%	9 382 240	8,2%	8 670 034	147 303	7021,5%
Share capital	662 490	0%	662 490	0%	662 490	37 000	1690,5%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	2 889 544	-15,7%	3 427 307	-18,7%	4 214 329	267 555	980,0%
- Financial liabilities	1 046 226	-53,5%	2 249 955	-18,0%	2 744 475	19 853	5169,9%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	1 378 542	91,7%	719 288	-43,3%	1 267 608	108 227	1173,8%
- Tax and social liabilities	464 776	1,5%	458 064	126,5%	202 247	70 986,50	554,7%
- Other debts and fixed assets liabilities	0	0%	0	0%	0	4 144	0%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	13 379 692	4,5%	12 809 548	-0,6%	12 884 363	470 596	2743,1%

Results

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Sales of Goods	15 667 777	18,8%	13 184 177	-0,1%	13 192 464	795 995	1868,3%
Net turnover	15 131 859	20,7%	12 541 709	-3,4%	12 988 020	770 981	1862,7%
- of which net export turnover	1 075 220	0%	0	0%	993 213	0	0%
Operating charges	13 198 399	15,7%	11 405 312	2,1%	11 167 364	757 568	1642,2%
Operating profit/loss	2 469 378	38,8%	1 778 865	-12,2%	2 025 099	21 232	11530,5%
Financial income	46 550	-63,3%	126 950	67,4%	75 840	134	34638,8%
Financial charges	98 069	4,2%	94 136	-44,0%	167 975	1 650	5843,6%
Financial profit/loss	-51 519	-257,0%	32 814	135,6%	-92 135	-371	-13786,5%
Pretax net operating income	2 417 859	33,5%	1 811 679	-6,3%	1 932 964	19 631	12216,5%
Extraordinary income	12 392	89,7%	6 533	2680,0%	235	297	4072,4%
Extraordinary charges	16 560	173,6%	6 053	123,5%	2 708	333	4873,0%
Extraordinary profit/loss	-4 168	-968,3%	480	119,4%	-2 473	0	0%
Net result	1 608 021	32,6%	1 212 322	-5,1%	1 277 745	17 716	8976,7%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2010	31/12/2009	31/12/2008
Months	12	12	12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2010		31/12/2009		31/12/2008
Grand Total (I to VI)	Net	13 379 692	4,5%	12 809 548	-0,6%	12 884 363
Gross	CO	15 063 109	4,9%	14 356 991	-0,1%	14 374 464
Amortisation	1A	1 683 417	8,8%	1 547 443	3,8%	1 490 102

Non declared distributed capital (I)

		31/12/2010		31/12/2009		31/12/2008
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	-	0

Active fixed asset (II)

		31/12/2010		31/12/2009		31/12/2008
Total Active fixed asset (II)	Net	2 063 350	-7,8%	2 237 959	-6,4%	2 391 518
Gross	BJ	3 192 270	-3,1%	3 293 757	1,2%	3 253 501
Amortisation	BK	1 128 920	6,9%	1 055 798	22,5%	861 983

Intangible fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	3 041	0%	0	0%	661
	Gross	AF	194 516	-22,3%	250 202	0%	250 202
	Amortisation	AG	191 475	-23,5%	250 202	0,3%	249 541
	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%	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	3 041	0%	0	0%	661

Tangible fixed assets

		31/12/2010		31/12/2009		31/12/2008
Lands	Net	1 244	0%	1 244	0%	1 244
Gross	AN	1 244	0%	1 244	0%	1 244
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	1 955 990	-6,9%	2 099 983	-5,9%	2 231 209
Gross	AP	2 688 620	0,1%	2 687 025	0,5%	2 673 437
Amortisation	AQ	732 630	24,8%	587 042	32,7%	442 228
Plant	Net	41 024	-44,7%	74 140	-10,7%	83 023
Gross	AR	176 298	-0,6%	177 341	14,3%	155 147
Amortisation	AS	135 274	31,1%	103 201	43,1%	72 124
Other tangible fixed assets	Net	62 051	5,8%	58 650	-17,9%	71 440
Gross	AT	131 592	-24,4%	174 003	2,6%	169 529
Amortisation	AU	69 541	-39,7%	115 353	17,6%	98 089
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	2 060 309		2 234 017		2 386 916

Financial assets

		31/12/2010		31/12/2009		31/12/2008
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	0	0%	61	0%	61
Gross	CU	0	0%	61	0%	61
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%	3 881	0%	3 881
Gross	BH	0	0%	3 881	0%	3 881
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		0		3 942		3 942

Current Assets (III)

		31/12/2010		31/12/2009		31/12/2008
Total Assets	Net	11 316 342	7,0%	10 571 589	0,8%	10 492 845
Gross	CJ	11 870 839	7,3%	11 063 235	-0,5%	11 120 964
Amortisation	CK	554 497	12,8%	491 646	-21,7%	628 119

Stocks

		31/12/2010		31/12/2009		31/12/2008
Raw materials	Net	5 419	-10,8%	6 074	-80,7%	31 533
Gross	BL	27 528	-4,8%	28 907	-8,3%	31 533
Amortisation	BM	22 109	-3,2%	22 833	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	3 747 207	28,8%	2 909 066	-32,9%	4 332 197
Gross	BT	4 009 570	29,0%	3 107 299	-33,3%	4 660 510
Amortisation	BU	262 363	32,4%	198 233	-39,6%	328 313
Sub Total Stocks	Net	3 752 626	28,7%	2 915 140	-33,2%	4 363 730

Advance payments to suppliers

		31/12/2010		31/12/2009		31/12/2008
Advance payments to suppliers	Net	0	0%	0	0%	0
Gross	BV	0	0%	0	0%	0
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2010		31/12/2009		31/12/2008
Trade accounts receivable	Net	2 942 009	23,1%	2 390 855	-13,7%	2 771 862
Gross	BX	3 212 034	20,7%	2 661 435	-13,4%	3 071 668
Amortisation	BY	270 025	-0,2%	270 580	-9,7%	299 806
Other debtors	Net	22 874	-92,3%	298 238	48,9%	200 296
Gross	BZ	22 874	-92,3%	298 238	48,9%	200 296
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	2 964 883	10,3%	2 689 093	-9,5%	2 972 158

Divers

		31/12/2010		31/12/2009		31/12/2008
Investment securities	Net	315 515	0%	0	0%	799 959
Gross	CD	315 515	0%	0	0%	799 959
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	4 264 639	-13,9%	4 952 432	111,2%	2 344 747
Gross	CF	4 264 639	-13,9%	4 952 432	111,2%	2 344 747
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	4 580 154	-7,5%	4 952 432	57,5%	3 144 706

Prepaid expenses

		31/12/2010		31/12/2009		31/12/2008
Prepaid expenses	Net	18 679	25,2%	14 924	21,8%	12 251
Gross	CH	18 679	25,2%	14 924	21,8%	12 251
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2010		31/12/2009		31/12/2008
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	-	-

References

		31/12/2010		31/12/2009		31/12/2008
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)

		31/12/2010		31/12/2009		31/12/2008
Grand Total (I to V)	EE	13 379 692	4,5%	12 809 548	-0,6%	12 884 363

Shareholder Equity (I)

		31/12/2010		31/12/2009		31/12/2008
Total shareholders' equity (Total I)	DL	10 490 146	11,8%	9 382 240	8,2%	8 670 034
Equity and shareholders' equity	DA	662 490	0%	662 490	0%	662 490
Issue and merger premiums	DB	1 461 116	0%	1 461 116	0%	1 461 116
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	66 249	0%	66 249	0%	66 249
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	6 692 270	11,9%	5 980 063	14,9%	5 202 433
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	0	0%	0	0%	0
Profit or loss for the period	DI	1 608 021	32,6%	1 212 322	-5,1%	1 277 745
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2010		31/12/2009		31/12/2008
Total other capital resources (Total II)	DO	0	0%	0	0%	0
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

		31/12/2010		31/12/2009		31/12/2008
Total provisions for risks and charges (Total III)	DR	0	0%	0	0%	0
Risk provisions	DP	0	0%	0	0%	0
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/12/2010		31/12/2009		31/12/2008
Total Liabilities (Total IV)	EC	2 889 544	-15,7%	3 427 307	-18,7%	4 214 329
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	1 040 909	-53,6%	2 244 402	-11,1%	2 525 159
Sundry loans and financial liabilities	DV	5 317	-4,2%	5 553	-97,5%	219 316
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	1 378 542	91,7%	719 288	-43,3%	1 267 608
Tax and social security liabilities	DY	464 776	1,5%	458 064	126,5%	202 247
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	0	0%	0	0%	0

Translation loss (V)

		31/12/2010		31/12/2009		31/12/2008
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2010		31/12/2009		31/12/2008
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2010		31/12/2009		31/12/2008
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	2 217 262	-33,5%	3 334 253	18,4%	2 815 674
Of which current bank facilities	EH	0	0%	845 747	8,5%	779 317

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)

		31/12/2010		31/12/2009		31/12/2008
Operating result (Total I-II)	GG	2 469 378	38,8%	1 778 865	-12,2%	2 025 099

2 - Financial result (V - VI)

		31/12/2010		31/12/2009		31/12/2008
Financial result (Total V-VI)	GV	-51 519	-257,0%	32 814	135,6%	-92 135

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

		31/12/2010		31/12/2009		31/12/2008
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	2 417 859	33,5%	1 811 679	-6,3%	1 932 964

4 - Extraordinary result (VII-VIII)

		31/12/2010		31/12/2009		31/12/2008
Extraordinary result (Total VII-VIII)	HI	-4 168	-968,3%	480	119,4%	-2 473

Profit or loss

		31/12/2010		31/12/2009		31/12/2008
Profit or loss	HN	1 608 021	32,6%	1 212 322	-5,1%	1 277 745

Total Income (I+III+V+VII)

		31/12/2010		31/12/2009		31/12/2008
Total Income (I+III+V+VII)	HL	15 726 719	18,1%	13 317 660	0,4%	13 268 539

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

		31/12/2010		31/12/2009		31/12/2008
Total charges (Total II+IV+VI+VIII+IX+X)	HM	14 118 697	16,6%	12 105 338	1,0%	11 990 794

Operating income (I)

		31/12/2010		31/12/2009		31/12/2008
Total operating income (Total I)	FR	15 667 777	18,8%	13 184 177	-0,1%	13 192 464

Operating income (details)

		31/12/2010		31/12/2009		31/12/2008
Sale of goods for resale	FC	15 065 783	21,0%	12 455 617	-3,3%	12 885 490
France	FA	14 000 212	12,4%	12 455 617	4,7%	11 892 277
Export	FB	1 065 571	0%	0	0%	993 213
Sale of goods produced	FF	826	-92,1%	10 411	-65,3%	29 984
France	FD	728	-93,0%	10 411	-65,3%	29 984
Export	FE	98	0%	0	0%	0
Sale of services	FI	65 249	-13,8%	75 681	4,3%	72 547
France	FG	55 698	-26,4%	75 681	4,3%	72 547
Export	FH	9 551	0%	0	0%	0
Net turnover	FL	15 131 859	20,7%	12 541 709	-3,4%	12 988 020
France	FJ	14 056 639	12,1%	12 541 709	4,6%	11 994 807
Export	FK	1 075 220	0%	0	0%	993 213
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	531 751	-17,0%	640 338	213,3%	204 398
Other income	FQ	4 167	95,6%	2 130	4633,3%	45

Operating charges (II)

		31/12/2010		31/12/2009		31/12/2008
Total operating charges (Total II)	GF	13 198 399	15,7%	11 405 312	2,1%	11 167 364

Exploitation charges

		31/12/2010		31/12/2009		31/12/2008
Purchase of goods for resale	FS	9 469 946	57,6%	6 008 664	-29,3%	8 498 125
Change in stocks of goods for resale	FT	-902 271	-158,1%	1 553 212	240,8%	-1 102 814
Purchase of raw materials	FU	608 304	78,1%	341 575	-33,8%	516 277
Change in stocks of raw materials	FV	1 379	-47,5%	2 626	390,8%	535
Other external purchases and charges	FW	2 015 923	27,5%	1 581 597	-7,8%	1 715 413
Tax, duty and similar payments	FX	205 636	-7,3%	221 760	29,3%	171 515
Payroll	FY	711 251	17,3%	606 536	7,4%	564 621
Social security costs	FZ	310 114	17,5%	264 027	20,0%	220 107

Depreciation

		31/12/2010		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	197 499	1,9%	193 815	2,4%	189 359
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	554 497	12,8%	491 646	24,7%	394 222
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2010		31/12/2009		31/12/2008
Other charges	GE	26 122	-81,3%	139 854	2796980,0%	05

Operating charges (III-IV)

		31/12/2010		31/12/2009		31/12/2008
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		31/12/2010		31/12/2009		31/12/2008
Total financial income (Total V)	GP	46 550	-63,3%	126 950	67,4%	75 840
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	42 165	1138,0%	3 406	151,9%	1 352
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	4 385	-93,9%	72 254	2761,5%	2 525
Net income from disposal of investment securities	GO	0	0%	51 290	-28,7%	71 963

Financial Charge (VI)

		31/12/2010		31/12/2009		31/12/2008
Total financial charge (Total VI)	GU	98 069	4,2%	94 136	-44,0%	167 975
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	75 315	-5,2%	79 458	-31,3%	115 706
Exchange losses	GS	22 754	55,0%	14 678	-71,9%	52 269
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2010		31/12/2009		31/12/2008
Total extraordinary income (Total VII)	HD	12 392	89,7%	6 533	2680,0%	235
Extraordinary operating income	HA	12 392	89,7%	6 533	2680,0%	235
Extraordinary income from capital transactions	HB	0	0%	0	0%	0
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2010		31/12/2009		31/12/2008
Total extraordinary charges (Total VIII)	HH	16 560	173,6%	6 053	123,5%	2 708
Extraordinary operating charges	HE	16 560	173,6%	6 053	123,5%	2 708
Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2010		31/12/2009		31/12/2008
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2010		31/12/2009		31/12/2008
Tax on profits (Total X)	HK	805 669	34,3%	599 837	-8,1%	652 746

References

		31/12/2010		31/12/2009		31/12/2008
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	40 105	228,2%	12 220	71,5%	7 125
Of which trader's own contributions	A2	13 407	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)

		31/12/2010		31/12/2009		31/12/2008
Gross value at begin of period	OG	0	0%	0	0%	3 187 878
Increases due to revaluation	OH	0	0%	0	0%	0
Decreases, acquisitions, creations, contributions	OJ	0	0%	0	0%	65 622
Decreases by budget item transfer	OK1	0	0%	0	0%	0
Decreases by transfers	OK2	128 318	0%	0	0%	0
Gross value at the end of period	OL	3 192 269	0%	0	0%	3 253 501

Research and development Charge (Total I)

		31/12/2010		31/12/2009		31/12/2008
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
Decrease’s 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)

		31/12/2010		31/12/2009		31/12/2008
Gross value at begin of period	KD	250 202	0%	0	0%	249 266
Increases due to revaluation	KE	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KF	5 315	0%	0	0%	936
Decreases by budget item transfer	LV1	0	0%	0	0%	0
Decreases by transfers	LV2	61 002	0%	0	0%	0
Gross value at the end of period	LW	194 515	0%	0	0%	250 202

Tangible fixed assets (Total III)

		31/12/2010		31/12/2009		31/12/2008
Gross value at begin of period	LN	3 039 613	0%	0	0%	2 934 670
Increases due to revaluation	LO	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LP	21 515	0%	0	0%	64 686
Decreases by budget item transfer	NG1	0	0%	0	0%	0
Decreases by transfers	NG2	63 375	0%	0	0%	0
Gross value at the end of period	NH	2 997 753	0%	0	0%	2 999 356

Financial assets (Total IV)

		31/12/2010		31/12/2009		31/12/2008
Gross value at begin of period	LQ	3 942	0%	0	0%	3 942
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	3 942	0%	0	0%	0
Gross value at the end of period	NK	0	0%	0	0%	3 942

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

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	672 624
Increases		0P	0	0%	0	0%	189 360
Decreases		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	861 984

Research and development charge (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreases		PC	0	0%	0	0%	0
	Decreases by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	PE	250 202	0%	0	0%	249 266
Increases		PF	2 275	0%	0	0%	276
Decreases		PG	61 002	0%	0	0%	0
	Decreases by budget item transfer	PH	191 475	0%	0	0%	249 542

Total fixed assets amortisation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	QU	805 596	0%	0	0%	423 358
Increases		QV	195 223	0%	0	0%	189 084
Decreases		QW	63 375	0%	0	0%	0
	Decreases by budget item transfer	QX	937 444	0%	0	0%	612 442

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreases by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/12/2010		31/12/2009		31/12/2008
	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)

			31/12/2010		31/12/2009		31/12/2008
	Value at beginning of period	7C	491 646	-21,7%	628 118	45,7%	431 169
Increases		UB	554 497	12,8%	491 645	24,7%	394 223
Decreases		UC	491 646	-21,7%	628 118	218,4%	197 273
	Value at the end of period	UD	554 497	12,8%	491 645	-21,7%	628 119

Includes Total allocations

Operating	UE	554 497	0%	0	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	491 646	0%	0	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Value at beginning 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)

			31/12/2010		31/12/2009		31/12/2008
	Value at beginning of period	5Z	0	0%	0	0%	0
Increases		TV	0	0%	0	0%	0
Decreases		TW	0	0%	0	0%	0
	Value at the end of period	TX	0	0%	0	0%	0

Total Provision for depreciation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Value at beginning of period	7B	491 645	-21,7%	628 118	45,7%	431 169
Increases		TY	554 496	12,8%	491 645	24,7%	394 223
Decreases		TZ	491 645	-21,7%	628 118	218,4%	197 273
	Value at the end of period	UA	554 496	12,8%	491 645	-21,7%	628 119

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

		31/12/2010		31/12/2009		31/12/2008
Gross value	VT	3 253 588	9,2%	2 978 478	-9,4%	3 288 096
1 year at most	VU	3 253 588	9,4%	2 974 597	-9,4%	3 284 215
More than one year	VV	0	0%	3 881	0%	3 881

State of loans

		31/12/2010		31/12/2009		31/12/2008
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%	3 881	0%	3 881
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2010		31/12/2009		31/12/2008
Customers doubtful or disputed	VA	328 102	0%	0	0%	0
Other claims customer	UX	2 883 932	0%	0	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	17 711	0%	0	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	5 163	-99,8%	2 974 597	0%	0

Prepaid

		31/12/2010		31/12/2009		31/12/2008
Prepaid	VS	18 679	0%	0	0%	12 251

State Debt

			31/12/2010		31/12/2009		31/12/2008
	Total debt (gross)	VY	2 889 544	-15,7%	3 427 307	-18,7%	4 214 330
1 year at most		VZ2	2 217 262	-7,1%	2 386 398	-15,2%	2 815 675
More than 1 year and 5 years at most		VZ3	672 282	-35,4%	1 040 909	-25,6%	1 398 655
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2010		31/12/2009		31/12/2008
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	2 244 402	0%	0
1 year at most		VG2	0	0%	1 203 493	0%	0
More than 1 year and 5 years at most		VG3	0	0%	1 040 909	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	1 040 909	0%	0	0%	2 525 159
1 year at most		VH2	368 627	0%	0	0%	1 126 504
More than 1 year and 5 years at most		VH3	672 282	0%	0	0%	1 398 655
	Loans and various financial liabilities (gross)	8A1	1 343	-75,8%	5 553	-97,5%	219 316
1 year at most		8A2	1 343	-75,8%	5 553	-97,5%	219 316
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	1 378 542	91,7%	719 288	-43,3%	1 267 608
1 year at most		8B2	1 378 542	91,7%	719 288	-43,3%	1 267 608
More than 1 year and 5 years at most		8B3	1 378 542	91,7%	719 288	0%	0
	Personnel and associated accounts (gross)	8C1	80 237	0%	0	0%	0
1 year at most		8C2	80 237	0%	0	0%	0
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	108 041	-76,4%	458 064	126,5%	202 247
1 year at most		8D2	108 041	-76,4%	458 064	126,5%	202 247
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	205 831	0%	0	0%	0
1 year at most		8E2	205 831	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	14 395	0%	0	0%	0
1 year at most		VW2	14 395	0%	0	0%	0
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	56 272	0%	0	0%	0
1 year at most		VQ2	56 272	0%	0	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	3 974	0%	0	0%	0
1 year at most		VI2	3 974	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	0	0%	0	0%	0
1 year at most		8K2	0	0%	0	0%	0
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

		31/12/2010		31/12/2009		31/12/2008
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	357 746	0%	0	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2010		31/12/2009		31/12/2008
Dividends	ZE	500 115	0%	0	0%	0

Commitments

		31/12/2010		31/12/2009		31/12/2008
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2010		31/12/2009		31/12/2008
Subcontracting	YT	423 206	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	74 626	0%	0	0%	0
Staff outside the company	YU	9 976	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	79 307	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	1 428 808	0%	0	0%	0
Total Other purchases and external	ZJ	2 015 923	0%	0	0%	0

Taxes and Fees

		31/12/2010		31/12/2009		31/12/2008
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	205 636	0%	0	0%	0
Total taxes and fees	YX	205 636	0%	0	0%	0

VAT

		31/12/2010		31/12/2009		31/12/2008
Amount VAT collected	YY	2 778 323	0%	0	0%	0
Total VAT on goods and services	YZ	2 363 262	0%	0	0%	0

Average number of employees

		31/12/2010		31/12/2009		31/12/2008
Average number of employees	YP	20	0%	0	0%	0

Groups and Shareholders

		31/12/2010		31/12/2009		31/12/2008
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Fixed Asset Financing	3,97	10,3%	3,60	2,0%	3,53	3,05	30,2%
Global Debt	69 days	-29,6%	98 days	-16,2%	117 days	110 days	-37,3%
Working Capital Fund overall net	225 days	-8,2%	245 days	7,0%	229 days	74 days	204,1%
Financial independence	1007,79%	141,1%	418,03%	21,8%	343,35%	756,65%	33,2%
More ratios
Solvability	78,40%	7,0%	73,24%	8,8%	67,29%	38,66%	102,8%
Capacity debt futures	2845,73%	896,5%	285,58%	-62,9%	769,64%	1901,09%	49,7%
Coverage of current assets by net working capital overall	77,85%	0,6%	77,37%	11,8%	69,22%	43,58%	78,6%
General Liquidity	1,47	17,6%	1,25	6,8%	1,17	0,88	67,0%
Restricted Liquidity	3,53	6,3%	3,32	45,6%	2,28	1,28	175,8%

Management or rotation

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Need background in operating working capital	116 days	-8,7%	127 days	-22,1%	163 days	34 days	241,2%
Treasury	109 days	-7,6%	118 days	78,8%	66 days	18 days	505,6%
Inventory turnover of goods	168 days	13,5%	148 days	-34,8%	227 days	51 days	229,4%
Average length of credit granted to customers	65 days	-14,5%	76 days	-10,6%	85 days	73 days	-11,0%
Average length of credit obtained suppliers	37 days	37,0%	27 days	-42,6%	47 days	66 days	-43,9%
More ratios
Inventory turnover of raw materials in industrial enterprises	6 days	-80,0%	30 days	275,0%	8 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	505 days	-	days	-	433 days	1150 days	-56,1%
Rotation tangible assets	504,77%	-	%	-	433,03%	1536,61%	-67,2%

Profitability of the business

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Margin trading	42,94%	10,0%	39,02%	-7,7%	42,27	27,09%	58,5%
Profitability of the business	17,92	14,6%	15,64	-15,5%	18,51	4,07%	340,3%
Net profit	10,63%	9,9%	9,67%	-1,7%	9,84%	2,47%	330,4%
More ratios
Growth rate of turnover (excluding VAT)	20,65%	700,3%	-3,44%	-142,3%	-1,42%	2,45%	742,9%
Rates integration	26,03%	6,9%	24,35%	-5,9%	25,87%	24,81%	4,9%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	25,59%	-10,2%	28,51%	22,1%	23,35%	73,57%	-65,2%
Weight interests	0,65	-13,3%	0,75%	-41,9%	1,29%	0,21%	209,5%

Return on capital

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Cash flow from the overall profitability	8,68%	-22,6%	11,21%	-0,8%	11,30%	3,14%	176,4%
Rates of economic profitability	24%	41,2%	17%	-19,0%	21%	15%	60,0%
Financial profitability	10490146%	11,8%	9382240%	8,2%	8670034%	130010%	7968,7%
Return on investment	14,79%	31,7%	11,23%	-11,4%	12,67%	10,93%	35,3%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Turnover	15 131 859	20,7%	12 541 709	-3,4%	12 988 020	770 981 €	1862,7%

Sales of goods	15 065 783	21,0%	12 455 617	-3,3%	12 885 490
- Purchase of goods	9 469 946	57,6%	6 008 664	-29,3%	8 498 125
+/- Stock of goods variation	-902 271	-158,1%	1 553 212	240,8%	-1 102 814
Trading margin	6 498 108 €	32,8%	4 893 741 €	-10,9%	5 490 179 €	164 055 €	3860,9%
	42,94 % CA	10,0%	39,02 % CA	-7,7%	42,27 % CA	27,86 % CA	54,1%

Sale of goods produced	66 075	-23,3%	86 092	-16,0%	102 531
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	66 075 €	-23,3%	86 092 €	-16,0%	102 531 €	65 408 €	1,0%
	0,44 % CA	-36,2%	0,69 % CA	-12,7%	0,79 % CA	9,75 % CA	-95,5%

Trading margin	6 498 108	32,8%	4 893 741	-10,9%	5 490 179	164 055	3860,9%
+ Period Production	66 075	-23,3%	86 092	-16,0%	102 531	65 408	1,0%
- Purchase of raw materials	608 304	78,1%	341 575	-33,8%	516 277
+/- Change in stocks of raw materiels	1 379	-47,5%	2 626	390,8%	535
- Other external purchases and charges	2 015 923	27,5%	1 581 597	-7,8%	1 715 413
Added value	3 938 577 €	29,0%	3 054 035 €	-9,1%	3 360 485 €	198 509 €	1884,1%
	26,03 % CA	6,9%	24,35 % CA	-5,9%	25,87 % CA	24,81 % CA	4,9%

Added value	3 938 577 €	29,0%	3 054 035 €	-9,1%	3 360 485 €	198 509 €	1884,1%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	205 636	-7,3%	221 760	29,3%	171 515
- Personal charges	1 021 365	17,3%	870 563	10,9%	784 728
Gross operating surplus	2 711 576 €	38,2%	1 961 712 €	-18,4%	2 404 242 €	26 602 €	10093,1%
	17,92 % CA	14,6%	15,64 % CA	-15,5%	18,51 % CA	4,07 % CA	340,3%

Gross operating surplus	2 711 576 €	38,2%	1 961 712 €	-18,4%	2 404 242 €	26 602 €	10093,1%
+ Release of reserves and provisions	531 751	-17,0%	640 338	213,3%	204 398
+ Other operating income	4 167	95,6%	2 130	4633,3%	45
- Depreciation/Amortisation	751 996	9,7%	685 461	17,5%	583 581
- Other charges	26 122	-81,3%	139 854	2796980,0%	05
Operating result	2 469 376 €	38,8%	1 778 865 €	-12,2%	2 025 099 €	21 229 €	11532,1%
	16,32 % CA	15,1%	14,18 % CA	-9,0%	15,59 % CA	3,20 % CA	410,0%

Operating result	2 469 376 €	38,8%	1 778 865 €	-12,2%	2 025 099 €	21 229 €	11532,1%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	46 550	-63,3%	126 950	67,4%	75 840
- Financial charges	98 069	4,2%	94 136	-44,0%	167 975
Pre-tax result	2 417 857 €	33,5%	1 811 679 €	-6,3%	1 932 964 €	19 505 €	12296,1%
	15,98 % CA	10,6%	14,45 % CA	-2,9%	14,88 % CA	2,98 % CA	436,2%

Extraordinary income	12 392	89,7%	6 533	2680,0%	235	297	4072,4%
- Extraordinary charges	16 560	173,6%	6 053	123,5%	2 708
Extraordinary result	-4 168 €	-968,3%	480 €	119,4%	-2 473 €	0 €	0%
	-0,03 % CA	0%	0,00 % CA	0%	0 % CA	0 % CA	0%

Pre-tax result	2 417 857 €	33,5%	1 811 679 €	-6,3%	1 932 964 €	19 505 €	12296,1%
Extraordinary result	-4 168 €	-968,3%	480 €	119,4%	-2 473 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	805 669	34,3%	599 837	-8,1%	652 746
Net result	1 608 020 €	32,6%	1 212 322 €	-5,1%	1 277 745 €	17 648 €	9011,6%
	10,63 % CA	9,9%	9,67 % CA	-1,7%	9,84 % CA	2,46 % CA	332,1%

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers (4669B)
RCS Registration	RCS Dunkerque 0 383 733 623	Share capital	662,490 Euros
Registration Court	Dunkerque (59)	Legal form	Simplified joint stock company
Court Registry Number	20 0 6B00279	EUR VAT Number	FR31383733623
Incorporation Date	12/1991	Formation Date	11/1991
Deregistration Date		Last account Date	31/12/2010
Nationality	France

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers (4669B)	Business Pages FT®	VETEMENTS ET ACCESSOIRES DE PROTECTION
Postal Address	SINGER FRERES ZONE EUROFRET 54 RUE DE L EUROPE 59279 CRAYWICK	Trading Address	54 RUE DE L EUROPE 59279 CRAYWICK
Telephone	03 28 28 29 00
Fax

Type	Head office (one site company)	Status	Economically active
Formation Date	08/2006	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Nord (59)	Region	Nord-Pas-de-Calais
District	4	Area	27
City	CRAYWICK	Size of urban area	Establishment in a rural municipality

Other establishments

Branches	1 branch entities in this company
Head office	> SINGER FRERES <<<  - Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers (4669B) in CRAYWICK  (59279)
Secondary establishments	>  SINGER FRERES  - Commerce de gros de fournitures et équipements industriels divers (518M) in LONGUENESSE  (62219)

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

Workforce unknown

Company workforce

10 to 19 employees

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
04/12/2013	Bodacc B	Modification et mutation diverse
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DUNKERQUE 977 - 383 733 623 RCS Dunkerque. SINGER FRERES. Forme : Société par actions simplifiée. Administration : Président : P.L.S.V.P. HOLDING (SAS) Directeur général : SINGER Patrick Directeur général : SINGER Laurent Commissaire aux comptes titulaire : AEQUITAS SOCIETE D'EXPERTISE COMPTABLE ET DE COMMISSARIAT (SARL) Commissaire aux comptes suppléant : VANDERSCHELDEN Benoit. Activité : . Commentaires : Modification survenue sur l'administration.
08/11/2013	JAL	Appointment of the social representative
Syndicat agricole (Le) Date de décision : 31/10/2013 Société faisant l'objet d'une nomination : 383733623 - SINGER FRERES, 54 RUE DE L EUROPE, ZONE EUROFRET, 59279 CRAYWICK Nominé : 490660644 - PLSVP HOLDING, 21 RUE EDOUARD DEVAUX, 62500 SAINT OMER En la fonction de : Président Nominé : Monsieur Patrick SINGER En la fonction de : Directeur général
08/11/2013	JAL	Resignation / Revocation of the social representative
Syndicat agricole (Le) Date de décision : 31/10/2013 La société 383733623 - SINGER FRERES, 54 RUE DE L EUROPE, ZONE EUROFRET, 59279 CRAYWICK Fait l'objet du départ de Monsieur Patrick SINGER
09/09/2010	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DUNKERQUE 6922 - 383733623 RCS. SINGER FRERES. Forme : Société par actions simplifiée. Adresse : rue de l'Europe Zone Eurofrêt 59279 Craywick. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
19/08/2010	Bodacc B	Modification et mutation diverse
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DUNKERQUE 1813 - 383 733 623 RCS Dunkerque. SINGER FRERES. Forme : Société par actions simplifiée. Administration : Président : SINGER Patrick Directeur général : SINGER Laurent Commissaire aux comptes titulaire : AEQUITAS SOCIETE D'EXPERTISE COMPTABLE ET DE COMMISSARIAT (SARL) Commissaire aux comptes suppléant : VANDERSCHELDEN Benoit. Commentaires : Modification survenue sur l'administration.
23/09/2009	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DUNKERQUE 6265 - 383733623 RCS. SINGER FRERES. Forme : Société par actions simplifiée. Adresse : rue de l'Europe Zone Eurofrêt 59279 Craywick. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
21/08/2008	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DUNKERQUE 4515 - 383733623 RCS. SINGER FRERES. Forme : Société par actions simplifiée. Adresse : rue de l'Europe Zone Eurofrêt, 59279 Craywick. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
31/10/2006	Bodacc B	Radiation
1031 - RCS Saint-Omer B 383 733 623. RC 91-B 134. SINGER FRERES. Forme : S.A.S. Adresse du siège social : 54 route de Lumbres, 62219 Longuenesse. Date de radiation : 7 août 2006. Commentaires : pour cause de transfert.
19/10/2006	Bodacc B	Modifications et mutations diverses
1797 - RCS B 383 733 623. RC 06-B 279. SINGER FRERES. Forme : S.A.S. Capital : 662 490 euros. Adresse du siège social : zone Eurofret, rue de l'Europe, 59279 Craywick. Administration : président : SINGER (Patrick) (Nom d'usage : SINGER). Directeur général : SINGER (Laurent) (Nom d'usage : SINGER). Commissaire aux comptes titulaire : AEQUITAS SOCIETE D'EXPERTISE COMPTABLE ET DE COMMISSARIAT. Commissaire aux comptes suppléant : DE RUYFFELAERE (Roger) (Nom d'usage : DE RUYFFELAERE). Etablissement principal - Activité : négoce ainsi que fabrication d'articles et d'équipements de protection et de signalisation prise de participations dans toutes sociétés ou entreprises, tant en France qu'à l'étranger . Adresse : zone Eurofret, rue de l'Europe, 59279 Craywick. Commentaires : immatriculation d'une personne morale suite au transfert du siège hors ressort. Date de début d'activité : 7 août 2006.
18/09/2006	Bodacc C	Avis de dépôt des comptes
3728 - RCS Saint-Omer B 383 733 623. RC 91-B 134. SINGER FRERES. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 54, route de Lumbres,62219 Longuenesse. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
08/09/2005	Bodacc C	Avis de dépôt des comptes
4017 - RCS Saint-Omer B 383 733 623. RC 91-B 134. SINGER FRERES. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 54, route de Lumbres,62219 Longuenesse. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
16/08/2002	Bodacc B	Modifications et mutations diverses
RCS Saint-Omer B 383733623 RC 91-B 134 SINGER FRERES. Forme : S.A.S. Capital : 662 490 euros. Adresse du siège social : 54 route de Lumbres, 62219 Longuenesse. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : président : SINGER ( Patrick) ( Nom d'usage : SINGER). Directeur général : SINGER (Laurent) ( Nom d'usage : SINGER). Commissaire aux comptes titulaire : C.E.E.C.-CONTROLE ET EXPERTISE COMPTABLE. Commissaire aux comptes suppléant : DE RUYFFELAERE ( Roger) ( Nom d'usage : DE RUYFFELAERE). Date d'effet : 28 juin 2002.
24/05/2001	Bodacc B	Modifications et mutations diverses
RCS Saint-Omer B 383733623 RC 91-B 134 SINGER FRERES. Forme : S.A. Capital : 662 490 euros. Adresse du siège social : 54 route de Lumbres, 62219 Longuenesse. Commentaires : modification survenue sur le capital (augmentation et conversion en euros). Date d'effet : 16 février 2001.
20/10/1999	Bodacc B	Modifications et mutations diverses
RCS Saint-Omer B 383733623 RC 91-B 134 SINGER FRERES. Forme : S.A. Activité : négoce, fabrication d'articles et d' équipements de protection et de signalisation prise de participations dans toutes sociétés ou entreprises, en France ou à l'étranger. Adresse du siège social : 54 route de Lumbres, 62219 Longuenesse. Commentaires : modification survenue sur la dénomination, l'activité et l' administration. Administration : président du conseil d'administration et administrateur : SINGER (Patrick) ( Nom d'usage : SINGER). Administrateur : SINGER (Michel) ( Nom d'usage : SINGER) . Directeur général et administrateur : SINGER (Laurent) ( Nom d'usage : SINGER). Commissaire aux comptes titulaire : C.E.E.C.-CONTROLE ET EXPERTISE COMPTABLE. Commissaire aux comptes suppléant : DE RUYFFELAERE ( Roger) ( Nom d'usage : DE RUYFFELAERE). Date d'effet : 10 aout 1999.
27/05/1997	Bodacc B	Modifications et mutations diverses
RCS Saint-Omer B 383733623 RC 91-B 134 FINANCIERE SINGER FRERES. Forme : S.A. Capital : 4 330 000 F (fixe). Adresse du siège social : 54, route de Lumbres, 62219 Longuenesse. Commentaires : il n'a pas été procédé au remplacement de Mme SINGER-DARRAS (Catherine), administrateur décédé. Administration : nouveau commissaire aux comptes suppléant : DE RUYFFELAERE (Roger) ancien commissaire aux comptes suppléant : WALLAERT (Jean-Jacques), démissionnaire. Date d'effet : 27 février 1997.

Company events history

Date	Description
11/01/2014	Update Limit
11/01/2014	Update Rating
04/12/2013	Bodacc B: Various editing or changing
13/11/2013	Update Limit
13/11/2013	Update Rating
08/11/2013	Legal Gazette: Resignation / Revocation of the social representative
08/11/2013	Updated articles of association
08/11/2013	New chairman (CEO, CoB)
08/11/2013	Minutes of general meeting of shareholders
31/10/2013	Legal Gazette: Appointment of the social representative
15/10/2013	Update Limit
15/10/2013	Update Rating
24/01/2013	Collection of preferential rights activated for this company
12/08/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
09/09/2010	Bodacc C : Deposit accounts notice
19/08/2010	Bodacc B: Various editing or changing
26/07/2010	PV d'Assemblée
31/12/2009	New accounts available
23/09/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
21/08/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
29/09/2006	Minutes of general meeting of shareholders
29/09/2006	PV d'Assemblée
29/09/2006	Private document
29/09/2006	Registration after transfer
29/09/2006	Transfert du Siège dans le ressort du Tribunal de Commerce
29/09/2006	Statuts mis à jour
29/09/2006	Updated articles of association
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
31/07/2002	Acte modificatif
31/07/2002	Rapport des Commissaires ou du Gérant
31/07/2002	Statuts mis à jour
31/07/2002	PV d'Assemblée
31/07/2002	Nomination/démission des organes de gestion
31/07/2002	Acte sous seing privé
31/07/2002	Changement de Forme Juridique avec changement de catégorie
31/07/2002	Changement de Forme Juridique sans changement de catégorie
11/09/2001	Acte sous seing privé
11/09/2001	Changement de date de clôture
11/09/2001	Acte modificatif
11/09/2001	PV d'Assemblée
11/09/2001	Statuts mis à jour
26/04/2001	Conversion du Capital Social en Euros
26/04/2001	PV d'Assemblée
26/04/2001	Augmentation de Capital
26/04/2001	Statuts mis à jour
26/04/2001	Acte sous seing privé
26/04/2001	Acte modificatif
17/09/1999	Acte sous seing privé
17/09/1999	Acte modificatif
17/09/1999	Fusion
17/09/1999	Changement de dénomination sociale
17/09/1999	PV d'Assemblée
17/09/1999	Dissolution
17/09/1999	Statuts mis à jour
17/09/1999	Modification de l'objet social
05/07/1999	Acte modificatif
05/07/1999	Acte sous seing privé
05/07/1999	PV d'Assemblée
05/07/1999	Rapport des Commissaires ou du Gérant
30/06/1999	Acte sous seing privé
30/06/1999	Projet de Fusion
30/06/1999	Acte modificatif
30/06/1999	PV d'Assemblée
31/05/1999	Requête et Ordonnance
31/05/1999	PV d'Assemblée
31/05/1999	Acte modificatif
31/05/1999	Nomination/démission des organes de gestion
03/04/1997	Acte sous seing privé
03/04/1997	Changement de Commissaire aux Comptes
03/04/1997	Acte modificatif
03/04/1997	PV d'Assemblée
03/04/1997	Nomination/démission des organes de gestion
03/04/1997	Modification du Conseil d'Administration
17/04/1992	PV d'Assemblée
17/04/1992	Statuts mis à jour
17/04/1992	Déclaration de conformité
17/04/1992	Acte modificatif
17/04/1992	Augmentation de Capital
12/02/1992	Acte modificatif
12/02/1992	PV d'Assemblée
12/02/1992	Rapport des Commissaires ou du Gérant
13/01/1992	PV d'Assemblée
13/01/1992	Acte modificatif
13/01/1992	Requête et Ordonnance
10/12/1991	Acte sous seing privé
10/12/1991	Nomination/démission des organes de gestion
10/12/1991	Déclaration de conformité
10/12/1991	Formation de Société
10/12/1991	PV du Conseil d'Administration
10/12/1991	Statuts
10/12/1991	Certificat de dépôt des fonds

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 shareholder's equity is 10,490,146 €

The ratio total assets to total liabilities is 4,63

The creditor days are 33.25

The decrease in the gearing percentage over the last two accounting periods is 58 %

The pre-tax profit is 2,413,690 €

Low risk workforce size

The company has 3 directors

Industry code with low risk rating

Department code with medium risk rating

The risk provisions are 0 €

The total assets are 13,379,692 €

The net current assets are 11,316,342 €

The net turnover is 15,131,859 €

The return on total assets employed is 18.04

The liabilities are 2,889,544 €

The sales to current assets ratio is 1,34

The stock to turnover ratio is 24.80

The latest account data is more than 3 years old, this has an impact on the rating. Please contact Creditsafe with your latest financial statements if you want the risk score to be recalculated

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.38
UK Pound	1	Rs.101.63
Euro	1	Rs.83.57

INFORMATION DETAILS

Analysis Done by :	SUB
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.