MIRA INFORM REPORT

Report Date :

18.04.2014

IDENTIFICATION DETAILS

Name :	SOCIETE CASTELBRIANTAISE DES PLASTIQUE
Registered Office :	Promoplast Zone Industrielle Rue Du Quebec 44110 Chateaubriant
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	May 1973
Legal Form :	Simplified joint stock company
Line of Business :	Manufacture of plastic packaging
No. of Employees	100 to 199

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
France	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 bond

Source : CIA

Company name and address

Name

SOCIETE CASTELBRIANTAISE DES PLASTIQUE

SIRET

785 941 089 00019

Personal comment

company summary

Trade name	PROMOPLAST
Safe Number	FR12097281	EUR VAT Number	FR47785941089
Activity (APE)	Fabrication d'emballages en matières plastiques (2222Z)	Legal form	Simplified joint stock company
Phone	02 40 81 09 25	RCS Registration	RCS Nantes 7 785 941 089
Fax		Share capital	1,530,000 Euros
Address	SOCIETE CASTELBRIANTAISE DES PLASTIQUE PROMOPLAST ZONE INDUSTRIELLE RUE DU QUEBEC 44110 CHATEAUBRIANT	Incorporated Date	05/1973
Nationality	France	Status	Economically active

No social security and tax office preferential right to date

Ultimate Holding Company
Company Name	Safe Number	Company number	Click here to view the affiliation links
FINANCIERE DES SOUZEAUX	FR15586313	534150594

Current Directors

1

Trading to Date	12/31/2011	12/31/2010	12/31/2009
Turnover	13,568,661 €	13,026,316 €	13,166,699 €
Gross Operating Surplus	9,70 % Turnover	9,51 % Turnover	10,74 % Turnover
Shareholders’ equity	2,782,508 €	2,742,225 €	2,664,751 €
Net result	690,424 €	810,536 €	757,690 €
Employees	100 to 199 employees	-	-

Trends
Profitability
Liquidity
Net worth

company details

Company details

Activity (APE)	Manufacture of plastic packaging (2222Z)
RCS Registration	RCS Nantes 7 785 941 089	Share capital	1,530,000 Euros
Registration Court	Nantes (44)	Legal form	Simplified joint stock company
Court Registry Number	19 7 3B00191	EUR VAT Number	FR47785941089
Incorporation Date	05/1973	Formation Date	01/1973
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Ultimate Parent

1 ultimate parent company for this company >  FINANCIERE DES SOUZEAUX  - Activités des sociétés holding (6420Z)  in PARIS 2  (75002)

Establishment details

Trade name	PROMOPLAST
Activity (APE)	Fabrication d'emballages en matières plastiques (2222Z)	Business Pages FT®	EMBALLAGES, CONDITIONNEMENTS EN MATIERE PLASTIQUE
Postal Address	SOCIETE CASTELBRIANTAISE DES PLASTIQUE PROMOPLAST ZONE INDUSTRIELLE RUE DU QUEBEC 44110 CHATEAUBRIANT	Trading Address	RUE DU QUEBEC 44110 CHATEAUBRIANT
Telephone	02 40 81 09 25
Fax

Type	Head office	Status	Economically active
Formation Date	01/1973	Reason for formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	Manufacture, production	Activity Location	Plant
Location surface		Seasonality

Department	Loire-Atlantique (44)	Region	Pays de La Loire
District	1	Area	08
City	CHATEAUBRIANT	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	> SOCIETE CASTELBRIANTAISE DES PLASTIQUE <<<  - Fabrication d'emballages en matières plastiques (2222Z)  in CHATEAUBRIANT  (44110)
Secondary establishments	>  SOCIETE CASTELBRIANTAISE DES PLASTIQUE  - Fabrication d'emballages en matières plastiques (2222Z)  in SAINT DENIS  (97400)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

100 to 199 employees

Company workforce

100 to 199 employees

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2011	31/12/2010	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	22/02/2013	12/10/2011	22/09/2010
Activity Code	2222Z	2222Z	2222Z
Employees	127	125	0

Active account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	860 224	5,2%	817 662	13,9%	717 973	488 847	76,0%
- Intangible assets	23 357	47,8%	15 801	-16,8%	18 992	7 622	206,4%
- Tangible assets	813 742	4,5%	778 736	15,5%	674 262	359 995	126,0%
- Financial assets	30 747	0%	30 747	-4,9%	32 341	6 900	345,6%
Net current assets	6 185 946	3,4%	5 982 692	-3,1%	6 173 222	1 808 306	242,1%
- Stocks	624 360	-7,3%	673 545	7,9%	624 150	411 541	51,7%
- Advanced payments	76 543	3,4%	51 342	-22,8%	66 539	0	0%
- Receivables	3 427 019	5,5%	3 248 966	-2,8%	3 342 909	806 526	324,9%
- Securities and cash	2 058 024	2,4%	2 008 839	-6,1%	2 139 624	115 522	1681,5%
- Prepaid expenses	-	-	-	-	-	605	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	7 046 173	3,6%	6 800 355	-1,3%	6 891 195	2 301 052	206,2%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	2 782 508	1,5%	2 742 225	2,9%	2 664 751	781 054	256,3%
Share capital	1 530 000	0%	1 530 000	0%	1 530 000	200 000	665,0%
Other capital resources	47 000	0%	47 000	0%	47 000	0	0%
Risk Provisions	172 890	90,4%	90 780	-66,2%	268 700	0	0%
Liabilities	4 043 777	3,1%	3 920 350	0,2%	3 910 743	1 264 719	219,7%
- Financial liabilities	13 005	-61,2%	33 485	-73,3%	125 458	198 878	-93,5%
- Advanced payments received	23 808	87,1%	12 723	-4,0%	13 260	0	0%
- Trade account payables	1 450 901	8,5%	1 336 751	7,9%	1 239 015	470 754	208,2%
- Tax and social liabilities	1 645 292	4,7%	1 571 465	-0,8%	1 584 783	228 557,50	619,9%
- Other debts and fixed assets liabilities	880 507	-6,1%	937 411	-1,1%	948 227	24 000	3568,8%
Account regularization	30 264	6,1%	28 515	0%	0	0	0%
Total liabilities	7 046 174	3,6%	6 800 355	-1,3%	6 891 195	2 301 051	206,2%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	13 989 892	3,0%	13 582 128	0,1%	13 571 552	4 158 747	236,4%
Net turnover	13 568 661	4,2%	13 026 316	-1,1%	13 166 699	4 101 007	230,9%
- of which net export turnover	499 990	29,1%	387 177	-9,3%	426 668	83 199	501,0%
Operating charges	12 764 108	3,2%	12 367 964	1,4%	12 202 330	3 946 234	223,5%
Operating profit/loss	1 225 784	1,0%	1 214 164	-11,3%	1 369 222	73 993	1556,6%
Financial income	18 995	-26,1%	25 702	33,5%	19 258	4 462	325,7%
Financial charges	15 538	-5,0%	16 354	3,4%	15 811	14 977	3,7%
Financial profit/loss	3 457	-63,0%	9 348	171,2%	3 447	-3 318	204,2%
Pretax net operating income	1 229 241	0,5%	1 223 512	-10,9%	1 372 670	62 705	1860,4%
Extraordinary income	141 749	-38,7%	231 147	173,5%	84 524	15 784	798,1%
Extraordinary charges	205 272	274,4%	54 834	-55,8%	124 193	15 478	1226,2%
Extraordinary profit/loss	-63 523	-136,0%	176 313	544,5%	-39 669	0	0%
Net result	690 424	-14,8%	810 536	7,0%	757 690	54 300	1171,5%

Display parameter
Currency	Euro	Kilo Euro

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

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2011		31/12/2010		31/12/2009
	Grand Total (I to VI)	Net	7 046 173	3,6%	6 800 355	-1,3%	6 891 195
	Gross	CO	12 392 234	2,6%	12 078 250	0,2%	12 049 322
	Amortisation	1A	5 346 061	1,3%	5 277 895	2,3%	5 158 127

Non declared distributed capital (I)

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

Active fixed asset (II)

			31/12/2011		31/12/2010		31/12/2009
	Total Active fixed asset (II)	Net	860 224	5,2%	817 662	13,9%	717 973
	Gross	BJ	5 844 039	2,0%	5 729 188	3,6%	5 531 491
	Amortisation	BK	4 983 815	1,5%	4 911 526	2,0%	4 813 518

Intangilble fixed assets

			31/12/2011		31/12/2010		31/12/2009
	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	15 735	92,4%	8 179	-28,1%	11 370
	Gross	AF	411 104	0,5%	409 035	1,1%	404 400
	Amortisation	AG	395 369	-1,4%	400 856	2,0%	393 030
	Goodwill	Net	7 622	0%	0	0%	0
	Gross	AH	7 622	0%	7 622	0%	7 622
	Amortisation	AI	7 622	0%	7 622	0%	7 622
	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	23 357	185,6%	8 179	-28,1%	11 370

Tangilble fixed assets

			31/12/2011		31/12/2010		31/12/2009
	Lands	Net	109 531	-2,7%	112 534	-2,6%	115 536
	Gross	AN	125 873	0%	125 873	0%	125 873
	Amortisation	AO	16 342	22,5%	13 339	29,0%	10 337
	Buildings	Net	156 027	-10,4%	174 143	-4,9%	183 035
	Gross	AP	1 719 458	0,3%	1 714 294	0,8%	1 700 254
	Amortisation	AQ	1 563 431	1,5%	1 540 151	1,5%	1 517 219
	Plant	Net	408 898	19,6%	341 795	23,5%	276 758
	Gross	AR	2 966 160	4,4%	2 840 972	3,6%	2 740 969
	Amortisation	AS	2 557 262	2,3%	2 499 177	1,4%	2 464 211
	Other tangible fixed assets	Net	92 439	-17,5%	112 070	81,8%	61 630
	Gross	AT	536 228	-4,7%	562 451	16,5%	482 729
	Amortisation	AU	443 789	-1,5%	450 381	7,0%	421 099
	Fixed assets in construction	Net	40 991	369,7%	8 727	-61,1%	22 437
	Gross	AV	40 991	369,7%	8 727	-61,1%	22 437
	Amortisation	AW	0	0%	0	0%	0
	Advances and payments on account	Net	5 856	-80,1%	29 467	98,2%	14 866
	Gross	AX	5 856	-80,1%	29 467	98,2%	14 866
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	813 742		778 736		674 262

Financial assets

			31/12/2011		31/12/2010		31/12/2009
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	24 000	0%	24 000	0%	24 000
	Gross	CU	24 000	0%	24 000	0%	24 000
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	5 008	0%	5 008	0%	5 008
	Gross	BD	5 008	0%	5 008	0%	5 008
	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	1 739	0%	1 739	-47,8%	3 333
	Gross	BH	1 739	0%	1 739	-47,8%	3 333
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		30 747		30 747		32 341

Current Assets (III)

			31/12/2011		31/12/2010		31/12/2009
	Total Assets	Net	6 185 946	3,4%	5 982 692	-3,1%	6 173 222
	Gross	CJ	6 548 192	3,1%	6 349 060	-2,6%	6 517 830
	Amortisation	CK	362 246	-1,1%	366 368	6,3%	344 608

Stocks

			31/12/2011		31/12/2010		31/12/2009
	Raw materials	Net	488 302	-4,0%	508 821	4,4%	487 188
	Gross	BL	722 295	-4,7%	757 744	4,7%	723 499
	Amortisation	BM	233 993	-6,0%	248 923	5,3%	236 311
	Work in progress (goods)	Net	68 234	503,6%	11 304	59,2%	7 100
	Gross	BN	75 814	369,9%	16 133	20,5%	13 390
	Amortisation	BO	7 580	57,0%	4 829	-23,2%	6 290
	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	67 824	-55,8%	153 420	18,1%	129 862
	Gross	BR	98 351	-48,3%	190 350	17,1%	162 543
	Amortisation	BS	30 527	-17,3%	36 930	13,0%	32 681
	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	624 360	-7,3%	673 545	7,9%	624 150

Advance payments to suppliers

			31/12/2011		31/12/2010		31/12/2009
	Advance payments to suppliers	Net	76 543	49,1%	51 342	-22,8%	66 539
	Gross	BV	76 543	49,1%	51 342	-22,8%	66 539
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2011		31/12/2010		31/12/2009
	Trade accounts receivable	Net	3 102 834	3,7%	2 993 150	-3,4%	3 097 559
	Gross	BX	3 192 980	4,0%	3 068 836	-3,1%	3 166 885
	Amortisation	BY	90 146	19,1%	75 686	9,2%	69 326
	Other debtors	Net	258 385	32,0%	195 696	2,5%	190 972
	Gross	BZ	258 385	32,0%	195 696	2,5%	190 972
	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	3 361 219	5,4%	3 188 846	-3,0%	3 288 531

Divers

			31/12/2011		31/12/2010		31/12/2009
	Investment securities	Net	361	-99,2%	46 728	-90,0%	467 662
	Gross	CD	361	-99,2%	46 728	-90,0%	467 662
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	2 057 663	4,9%	1 962 111	17,4%	1 671 962
	Gross	CF	2 057 663	4,9%	1 962 111	17,4%	1 671 962
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	2 058 024	2,4%	2 008 839	-6,1%	2 139 624

Prepaid expenses

			31/12/2011		31/12/2010		31/12/2009
	Prepaid expenses	Net	65 800	9,4%	60 120	10,6%	54 378
	Gross	CH	65 800	9,4%	60 120	10,6%	54 378
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

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

References

		31/12/2011		31/12/2010		31/12/2009
Due within one year	CP	1 612	0%	0	0%	0
Due after one year	CR	11 512	-16,8%	13 830	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to V)	EE	7 046 174	3,6%	6 800 355	-1,3%	6 891 195

Shareholder Equity (I)

			31/12/2011		31/12/2010		31/12/2009
	Total shareholders' equity (Total I)	DL	2 782 508	1,5%	2 742 225	2,9%	2 664 751
	Equity and shareholders' equity	DA	1 530 000	0%	1 530 000	0%	1 530 000
	Issue and merger premiums	DB	0	0%	0	0%	0
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	153 000	0%	153 000	0%	153 000
	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	258 733	163,5%	98 197	0%	98 197
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	2 491	0%	2 491	0%	2 491
	Profit or loss for the period	DI	690 424	-14,8%	810 536	7,0%	757 690
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	147 860	-0,1%	148 001	20,0%	123 373

Other capital resources (II)

			31/12/2011		31/12/2010		31/12/2009
	Total other capital resources (Total II)	DO	47 000	0%	47 000	0%	47 000
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	47 000	0%	47 000	0%	47 000

Provisions for risks and charges (III)

			31/12/2011		31/12/2010		31/12/2009
	Total provisions for risks and charges (Total III)	DR	172 890	90,4%	90 780	-66,2%	268 700
	Risk provisions	DP	172 890	90,4%	90 780	-66,2%	268 700
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2011		31/12/2010		31/12/2009
	Total Liabilities (Total IV)	EC	4 043 777	3,1%	3 920 350	0,2%	3 910 743
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	13 005	-48,6%	25 312	-32,3%	37 398
	Sundry loans and financial liabilities	DV	0	0%	8 173	-90,7%	88 060
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	23 808	87,1%	12 723	-4,0%	13 260
	Trade accounts payables	DX	1 450 901	8,5%	1 336 751	7,9%	1 239 015
	Tax and social security liabilities	DY	1 645 292	4,7%	1 571 465	-0,8%	1 584 783
	Fixed asset liabilities	DZ	25 810	-17,0%	31 081	153,0%	12 283
	Other debts	EA	854 697	-5,7%	906 330	-3,2%	935 944

Translation loss (V)

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

Equalization accounts

		31/12/2011		31/12/2010		31/12/2009
Deferred income	EB	30 264	6,1%	28 515	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	4 012 984	3,1%	3 891 717	0,4%	3 874 826
Of which current bank facilities	EH	46	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)

		31/12/2011		31/12/2010		31/12/2009
Operating result (Total I-II)	GG	1 225 784	1,0%	1 214 164	-11,3%	1 369 222

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	3 457	-63,0%	9 348	171,2%	3 447

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

		31/12/2011		31/12/2010		31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	1 229 241	0,5%	1 223 512	-10,9%	1 372 670

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	-63 523	-136,0%	176 313	544,5%	-39 669

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	690 424	-14,8%	810 536	7,0%	757 690

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	14 150 636	2,3%	13 838 977	1,2%	13 675 335

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

		31/12/2011		31/12/2010		31/12/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	13 460 213	3,3%	13 028 441	0,9%	12 917 645

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	13 989 892	3,0%	13 582 128	0,1%	13 571 552

Operating income (details)

			31/12/2011		31/12/2010		31/12/2009
	Sale of goods for resale	FC	0	0%	0	0%	0
	France	FA	0	0%	0	0%	0
	Export	FB	0	0%	0	0%	0
	Sale of goods produced	FF	13 370 049	4,1%	12 847 112	-1,1%	12 994 603
	France	FD	12 887 211	3,3%	12 476 191	-0,9%	12 584 189
	Export	FE	482 838	30,2%	370 921	-9,6%	410 414
	Sale of services	FI	198 612	10,8%	179 204	4,1%	172 095
	France	FG	181 460	11,4%	162 948	4,6%	155 841
	Export	FH	17 152	5,5%	16 256	0,0%	16 254
	Net turnover	FL	13 568 661	4,2%	13 026 316	-1,1%	13 166 699
	France	FJ	13 068 671	3,4%	12 639 139	-0,8%	12 740 030
	Export	FK	499 990	29,1%	387 177	-9,3%	426 668
	Stocked production	FM	-32 317	-205,8%	30 549	226,4%	-24 173
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	49 245	-54,3%	107 748	162,2%	41 096
	Release of reserves and provisions	FP	394 850	-3,0%	407 177	8,0%	376 899
	Other income	FQ	9 453	-8,6%	10 338	-6,3%	11 033

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	12 764 108	3,2%	12 367 964	1,4%	12 202 330

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	0	0%	0	0%	0
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	4 124 258	5,2%	3 922 203	3,3%	3 798 395
Change in stocks of raw materials	FV	35 449	203,5%	-34 245	-162,5%	54 764
Other external purchases and charges	FW	2 914 481	-1,2%	2 950 804	1,1%	2 918 690
Tax, duty and similar payments	FX	338 437	-19,2%	418 719	-8,8%	459 111
Payroll	FY	3 411 588	3,1%	3 309 629	2,6%	3 226 452
Social security costs	FZ	1 444 721	6,3%	1 359 356	3,6%	1 312 125

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	131 473	5,3%	124 825	0,1%	124 715
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	322 404	6,4%	303 074	0,2%	302 581
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	41 297	203,7%	13 599	147,3%	5 498

Operating charges (III-IV)

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

Financial income (V)

			31/12/2011		31/12/2010		31/12/2009
	Total financial income (Total V)	GP	18 995	-26,1%	25 702	33,5%	19 258
	Share financial income	GJ	11 520	28700%	40	0%	0
	Other investment income & capitalised receivables	GK	126	-8,0%	137	-7,4%	148
	Other interest and similar income	GL	3 449	15,5%	2 986	-53,7%	6 450
	Released provisions and transferred charges	GM	0	0%	0	0%	1 193
	Exchange gains	GN	3 900	-82,7%	22 539	96,5%	11 468
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2011		31/12/2010		31/12/2009
	Total financial charge (Total VI)	GU	15 538	-5,0%	16 354	3,4%	15 811
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	12 416	-12,5%	14 184	7,3%	13 215
	Exchange losses	GS	3 122	43,9%	2 170	-16,4%	2 596
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary income (Total VII)	HD	141 749	-38,7%	231 147	173,5%	84 524
	Extraordinary operating income	HA	52 824	111,1%	25 028	387,2%	5 137
	Extraordinary income from capital transactions	HB	650	-96,2%	17 300	15,3%	15 000
	Released provisions and transferred charges	HC	88 275	-53,2%	188 819	193,3%	64 387

Extraordinary charges (VIII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary charges (Total VIII)	HH	205 272	274,4%	54 834	-55,8%	124 193
	Extraordinary operating charges	HE	29 027	70697,6%	41	-94,7%	776
	Extraordinary charges from capital transactions	HF	6 001	0,6%	5 966	-88,0%	49 637
	Extraordinary reserves and provisions	HG	170 244	248,7%	48 827	-33,8%	73 779

Employee profit sharing (IX)

		31/12/2011		31/12/2010		31/12/2009
Employee profit sharing (Total IX)	HJ	139 938	-20,7%	176 556	2,8%	171 823

Tax on profits (X)

		31/12/2011		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	335 357	-18,7%	412 733	2,3%	403 488

References

		31/12/2011		31/12/2010		31/12/2009
Of which equipment leases	HP	3 218	-39,1%	5 281	-22,1%	6 780
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	68 324	-39,3%	112 562	35,5%	83 090
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	18 923	40,1%	13 511	148,9%	5 429

Display parameter
Currency	Euro	Kilo Euro

Other incomes tax return forms
Reserve for depreciation | Provisions included in balance sheet | State deadlines claims and debts at the end of period
Table allocation results and other information

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	28 091	51,4%	18 557	0%	0
	Decreasess by transfers	OK2	59 973	93,9%	30 927	-18,4%	37 911
	Gross value at the end of period	OL	5 844 040	2,0%	5 729 189	3,6%	5 531 492

Research and development Charge (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	CZ	0	0%	0	0%	0
	Increasess due to revaluation	KB	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
	Decreasess by budget item transfer	C01	0	0%	0	0%	0
	Decreasess by transfers	C02	0	0%	0	0%	0
	Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	KD	416 658	1,1%	412 023	0,2%	411 001
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	11 250	142,7%	4 635	-26,7%	6 325
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	9 181	0%	0	0%	5 303
	Gross value at the end of period	LW	418 727	0,5%	416 658	1,1%	412 023

Tangible fixed assets (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LN	5 281 785	3,8%	5 087 128	3,1%	4 934 783
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	191 665	-21,0%	242 546	31,1%	184 954
	Decreasess by budget item transfer	NG1	28 091	51,4%	18 557	0%	0
	Decreasess by transfers	NG2	50 792	73,2%	29 333	-10,0%	32 609
	Gross value at the end of period	NH	5 394 567	2,1%	5 281 784	3,8%	5 087 128

Fiancial assets (Total IV)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LQ	30 747	-4,9%	32 341	0%	32 341
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	1 594	0%	0
	Gross value at the end of period	NK	30 747	0%	30 747	-4,9%	32 341

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

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

Research and development charge (Total I)

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

Other intangible assets (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	PE	408 478	2,0%	400 652	1,0%	396 741
Increases		PF	3 694	-52,8%	7 826	-15,1%	9 214
Decreasess		PG	9 181	0%	0	0%	5 303
	Decreasess by budget item transfer	PH	402 991	-1,3%	408 478	2,0%	400 652

Total fixed assets amotisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	4 503 049	2,0%	4 412 866	1,9%	4 328 837
Increases		QV	127 779	9,2%	116 998	1,3%	115 500
Decreases		QW	50 003	86,5%	26 817	-14,8%	31 471
	Decreasess by budget item transfer	QX	4 580 825	1,7%	4 503 047	2,0%	4 412 866

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

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

Premium refund of obligations

			31/12/2011		31/12/2010		31/12/2009
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7C	605 149	-17,9%	736 681	2,6%	718 173
Increases		UB	492 647	40,0%	351 901	-6,5%	376 360
Decreases		UC	414 801	-14,2%	483 434	35,1%	357 852
	Value at the end of period	UD	682 995	12,9%	605 148	-17,9%	736 681

Includes Total allocations

Operating	UE	322 404	6,4%	303 074	0,2%	302 581
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	170 244	248,7%	48 827	-33,8%	73 779

Includes Total Withdrawal

Operating	UF	326 526	10,8%	294 615	0,3%	293 808
Financial	UH	0	0%	0	0%	1 193
Exceptional	UK	88 275	-53,2%	188 819	200,4%	62 851

Total regulated provisions (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	3Z	148 000	20,0%	123 372	6,2%	116 144
Increases		TS	33 354	1,9%	32 747	126,2%	14 479
Decreases		TT	33 494	312,5%	8 119	12,0%	7 251
	Value at the end of period	TU	147 860	-0,1%	148 000	20,0%	123 372

Total risk and charge provisions (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	5Z	90 780	-66,2%	268 700	0,9%	266 193
Increases		TV	136 890	751,3%	16 080	-72,9%	59 300
Decreases		TW	54 780	-71,8%	194 000	241,6%	56 793
	Value at the end of period	TX	172 890	90,4%	90 780	-66,2%	268 700

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7B	366 369	6,3%	344 609	2,6%	335 837
Increases		TY	322 403	6,4%	303 075	0,2%	302 581
Decreases		TZ	326 527	16,1%	281 314	-4,3%	293 809
	Value at the end of period	UA	362 245	-1,1%	366 370	6,3%	344 609

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	3 518 905	5,8%	3 326 391	-2,6%	3 415 567
1 year at most	VU	3 507 266	5,9%	3 310 822	-2,7%	3 401 817
More than one year	VV	11 639	-25,2%	15 569	13,2%	13 750

State of loans

		31/12/2011		31/12/2010		31/12/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	1 739	0%	1 739	-47,8%	3 333
Other financial assets (1 year at most)	UV	1 612	0%	0	0%	1 736

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	110 062	27,4%	86 424	6,5%	81 157
Other claims customer	UX	3 082 918	3,4%	2 982 412	-3,3%	3 085 727
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	13 644	-6,0%	14 508	12,3%	12 923
Social Security and other social organizations	UZ	1 113	-48,0%	2 141	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	85 072	-13,6%	98 432	2,7%	95 833
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	77 375	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	81 181	0,7%	80 614	-1,9%	82 216

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	65 800	9,4%	60 120	10,6%	54 378

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	4 019 967	2,9%	3 907 627	0,3%	3 897 484
1 year at most		VZ2	4 012 984	3,1%	3 891 717	0,6%	3 868 059
More than 1 year and 5 years at most		VZ3	6 983	-56,1%	15 910	-45,9%	29 425
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2011		31/12/2010		31/12/2009
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	3 808	-85,0%	25 312	-32,3%	37 398
1 year at most		VG2	3 808	-76,4%	16 115	9,3%	14 740
More than 1 year and 5 years at most		VG3	0	0%	9 197	-59,4%	22 658
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	9 197	0%	0	0%	0
1 year at most		VH2	9 197	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	8 173	-90,7%	88 060
1 year at most		8A2	0	0%	8 173	-90,7%	88 060
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	1 450 901	8,5%	1 336 751	7,9%	1 239 015
1 year at most		8B2	1 450 901	8,5%	1 336 751	7,9%	1 239 015
More than 1 year and 5 years at most		8B3	1 450 901	8,5%	1 336 751	7,9%	1 239 015
	Personnel and associated accounts (gross)	8C1	783 650	-1,0%	791 885	-2,7%	813 886
1 year at most		8C2	783 650	-1,0%	791 885	-2,7%	813 886
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	673 787	4,1%	646 988	3,3%	626 032
1 year at most		8D2	666 804	4,1%	640 275	3,4%	619 265
More than 1 year and 5 years at most		8D3	6 983	4,0%	6 713	-0,8%	6 767
	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	183 388	40,5%	130 490	-8,0%	141 884
1 year at most		VW2	183 388	40,5%	130 490	-8,0%	141 884
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	4 466	112,4%	2 103	-29,5%	2 981
1 year at most		VQ2	4 466	112,4%	2 103	-29,5%	2 981
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	25 810	-17,0%	31 081	153,0%	12 283
1 year at most		8J2	25 810	-17,0%	31 081	153,0%	12 283
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	650 000	-9,7%	720 000	2,9%	700 000
1 year at most		VI2	650 000	-9,7%	720 000	2,9%	700 000
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	204 697	9,9%	186 330	-21,0%	235 944
1 year at most		8K2	204 697	9,9%	186 330	-21,0%	235 944
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	30 264	6,1%	28 515	0%	0
1 year at most		8L2	30 264	6,1%	28 515	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Loans made during the period	VJ	0	0%	0	0%	40 000
Debt repaid during the period	VK	13 461	3,0%	13 070	205,9%	4 272

Table allocation results and other information
Dividends distributed

		31/12/2011		31/12/2010		31/12/2009
Dividends	ZE	650 000	0%	0	0%	0

Commitments

		31/12/2011		31/12/2010		31/12/2009
Commitments leasing furniture	YQ	0	0%	2 219	-69,3%	7 238
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	68 570	0%	0	0%	0

Other charges Externes

		31/12/2011		31/12/2010		31/12/2009
Subcontracting	YT	276 606	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	251 047	0%	0	0%	0
Staff outside the company	YU	30 260	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	613 171	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	1 743 396	0%	0	0%	0
Total Other purchases and external	ZJ	2 914 480	0%	0	0%	0

Taxes and Fees

		31/12/2011		31/12/2010		31/12/2009
Business tax	YW	133 191	0%	0	0%	0
Other taxes and payments assimilated	9Z	205 246	0%	0	0%	0
Total taxes and fees	YX	338 437	0%	0	0%	0

VAT

		31/12/2011		31/12/2010		31/12/2009
Amount VAT collected	YY	2 424 990	0%	0	0%	0
Total VAT on goods and services	YZ	1 272 589	0%	0	0%	0

Average number of employees

		31/12/2011		31/12/2010		31/12/2009
Average number of employees	YP	127	1,6%	125	0%	0

Groups and Shareholders

		31/12/2011		31/12/2010		31/12/2009
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

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Fixed Asset Financing		1,37	0%	1,37	-4,2%	1,43	1,34	2,2%
Global Debt		107 days	-0,9%	108 days	0,9%	107 days	110 days	-2,7%
Working Capital Fund overall net		57 days	-1,7%	58 days	-10,8%	65 days	62 days	-8,1%
Financial independence		21395,68%	97,5%	10833,70%	52,0%	7125,38%	441,84%	4742,4%
More ratios
Solvability		40,16%	-2,1%	41,02%	4,2%	39,35%	40,58%	-1,0%
Capacity debt futures		21395,68%	169,2%	7946,41%	79,1%	4437,11%	1141,09%	1775,0%
Coverage of current assets by net working capital overall		33,24%	0,5%	33,08%	-4,0%	34,45%	43,04%	-22,8%
General Liquidity		0,87	2,4%	0,85	-3,4%	0,88	0,83	4,8%
Restricted Liquidity		1,39	1,5%	1,37	-4,2%	1,43	1,05	32,4%

Management or rotation

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital		2 days	0%	2 days	-60,0%	5 days	42 days	-95,2%
Treasury		55 days	-1,8%	56 days	-5,1%	59 days	11 days	400%
Inventory turnover of goods		days	-	days	-	days	17 days	-
Average length of credit granted to customers		73 days	-14,1%	85 days	-2,3%	87 days	62 days	17,7%
Average length of credit obtained suppliers		63 days	-10,0%	70 days	6,1%	66 days	63 days	0%
More ratios
Inventory turnover of raw materials in industrial enterprises		63 days	-10,0%	70 days	1,4%	69 days	48,50 days	29,9%
Inventory turnover of intermediate and finished products in the industrial enterprise		252 days	2,0%	247 days	-4,6%	259 days	212 days	18,9%
Rotation tangible assets		251,52%	2,0%	246,63%	-4,7%	258,82%	224,50%	12,0%

Profitability of the business

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading		0%	0%	0%	0%	0	0,38%	0%
Profitability of the business		9,70	2,1%	9,50	-11,5%	10,74	5,41%	79,3%
Net profit		5,09%	-18,2%	6,22%	8,2%	5,75%	2,08%	144,7%
More ratios
Growth rate of turnover (excluding VAT)		4,16%	488,8%	-1,07%	90,0%	-10,71%	6,78%	-38,6%
Rates integration		47,63%	-0,2%	47,73%	-1,3%	48,38%	28,81%	65,3%
Rate leasing furniture		0,02%	-50,0%	0,04%	-20,0%	0,05%	0%	0%
Work Factor		75,15%	0,1%	75,09%	5,4%	71,24%	74,72%	0,6%
Weight interests		0,11	-15,4%	0,13%	8,3%	0,12%	0,46%	-76,1%

Return on capital

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability		4,29%	14,1%	3,76%	-21,8%	4,81%	4,79%	-10,4%
Rates of economic profitability		46%	4,5%	44%	-12,0%	50%	16%	187,5%
Financial profitability		2829508%	1,4%	2789225%	2,9%	2711751%	804648%	251,6%
Return on investment		24,84%	-15,2%	29,29%	7,4%	27,26%	7,83%	217,2%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Turnover	13 568 661	4,2%	13 026 316	-1,1%	13 166 699	4 101 007 €	230,9%

Sales of goods	0	0%	0	0%	0
- Purchase of goods	0	0%	0	0%	0
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	0 €	0%	0 €	0%	0 €	14 853 €	0%
	0,00 % CA	0%	0,00 % CA	0%	0,00 % CA	0,51 % CA	0%

Sale of goods produced	13 568 661	4,2%	13 026 316	-1,1%	13 166 698
+/- Stocked production	-32 317	-205,8%	30 549	226,4%	-24 173
+ Self-constructed assets	0	0%	0	0%	0
Period production	13 536 344 €	3,7%	13 056 865 €	-0,7%	13 142 525 €	3 585 228 €	277,6%
	99,76 % CA	-0,5%	100,23 % CA	0,4%	99,82 % CA	97,87 % CA	1,9%

Trading margin	0	0%	0	0%	0	14 853	0%
+ Period Production	13 536 344	3,7%	13 056 865	-0,7%	13 142 525	3 585 228	277,6%
- Purchase of raw materials	4 124 258	5,2%	3 922 203	3,3%	3 798 395
+/- Change in stocks of raw materiels	35 449	203,5%	-34 245	-162,5%	54 764
- Other external purchases and charges	2 914 481	-1,2%	2 950 804	1,1%	2 918 690
Added value	6 462 156 €	3,9%	6 218 103 €	-2,4%	6 370 676 €	1 111 253 €	481,5%
	47,63 % CA	-0,2%	47,73 % CA	-1,3%	48,38 % CA	28,81 % CA	65,3%

Added value	6 462 156 €	3,9%	6 218 103 €	-2,4%	6 370 676 €	1 111 253 €	481,5%
+ Operating grants	49 245	-54,3%	107 748	162,2%	41 096
- Tax, duty and similar payments	338 437	-19,2%	418 719	-8,8%	459 111
- Personal charges	4 856 309	4,0%	4 668 985	2,9%	4 538 577
Gross operating surplus	1 316 655 €	6,3%	1 238 147 €	-12,4%	1 414 084 €	140 535 €	836,9%
	9,70 % CA	2,1%	9,50 % CA	-11,5%	10,74 % CA	5,41 % CA	79,3%

Gross operating surplus	1 316 655 €	6,3%	1 238 147 €	-12,4%	1 414 084 €	140 535 €	836,9%
+ Release of reserves and provisions	394 850	-3,0%	407 177	8,0%	376 899
+ Other operating income	9 453	-8,6%	10 338	-6,3%	11 033
- Depreciation/Amortisation	453 877	6,1%	427 899	0,1%	427 296
- Other charges	41 297	203,7%	13 599	147,3%	5 498
Operating result	1 225 784 €	1,0%	1 214 164 €	-11,3%	1 369 222 €	73 993 €	1556,6%
	9,03 % CA	-3,1%	9,32 % CA	-10,4%	10,40 % CA	2,72 % CA	232,0%

Operating result	1 225 784 €	1,0%	1 214 164 €	-11,3%	1 369 222 €	73 993 €	1556,6%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	18 995	-26,1%	25 702	33,5%	19 258
- Financial charges	15 538	-5,0%	16 354	3,4%	15 811
Pre-tax result	1 229 241 €	0,5%	1 223 512 €	-10,9%	1 372 669 €	62 705 €	1860,4%
	9,06 % CA	-3,5%	9,39 % CA	-10,0%	10,43 % CA	2,69 % CA	236,8%

Extraordinary income	141 749	-38,7%	231 147	173,5%	84 524	15 784	798,1%
- Extraordinary charges	205 272	274,4%	54 834	-55,8%	124 193
Extraordinary result	-63 523 €	-136,0%	176 313 €	544,5%	-39 669 €	0 €	0%
	-0,47 % CA	-134,8%	1,35 % CA	550,0%	0 % CA	0 % CA	0%

Pre-tax result	1 229 241 €	0,5%	1 223 512 €	-10,9%	1 372 669 €	62 705 €	1860,4%
Extraordinary result	-63 523 €	-136,0%	176 313 €	544,5%	-39 669 €	0 €	0%
- Employee profit sharing	139 938	-20,7%	176 556	2,8%	171 823
- Tax on profits	335 357	-18,7%	412 733	2,3%	403 488
Net result	690 423 €	-14,8%	810 536 €	7,0%	757 689 €	54 302 €	1171,5%
	5,09 % CA	-18,2%	6,22 % CA	8,2%	5,75 % CA	2,08 % CA	144,7%

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 creditor days are 39.03
		Industry code with low risk rating
		Department code with low risk rating
		The risk provisions are 172,890 €
		The company has 1 director(s)
		The total assets are 7,046,173 €
		The liabilities are 4,043,777 €
		The net current assets are 6,185,946 €
		The net turnover is 13,568,661 €
		The pre-tax profit is 1,025,781 €
		The shareholder's equity is 2,782,508 €
		The sales to current assets ratio is 2,19
		The ratio total assets to total liabilities is 1,67
		The stock to turnover ratio is 4,6
		The return on total assets employed is 14.56
		High risk workforce size
		The increase in the gearing percentage over the last two accounting periods is 47 %

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	26/03/2009
Status of Monitoring	No social security and tax office preferential right to date

Group data

Linkages

Ultimate parent company	FINANCIERE DES SOUZEAUX
Direct parent	FINANCIERE DES SOUZEAUX - 100 %
Group – Number of companies	3
Linkages – Number of companies	-
Number of countries	-

No Linkages information available for the company

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
10/12/2012	Bodacc C	Comptes annuels et rapports
44 - LOIRE-ATLANTIQUE GREFFE DU TRIBUNAL DE COMMERCE DE NANTES 5906 - 785941089 RCS. SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme : Société par actions simplifiée à associé unique. Adresse : rue du Québec 44110 Châteaubriant. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
16/11/2011	Bodacc B	Modification et mutation diverse
44 - LOIRE-ATLANTIQUE GREFFE DU TRIBUNAL DE COMMERCE DE NANTES 410 - 785 941 089 RCS Nantes. SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme : S.A.S. unipersonnelle. Administration : Président de la société : FINANCIERE DE L'OUEST Commissaire aux comptes titulaire : KPMG SA Commissaire aux comptes suppléant : DUPAS Luc. Capital : 1530000 EUR. Activité : Transformation et négoce de toutes matières plastiques synthétiques ou de fibres naturelles. Adresse de l’établissement principal : Z.I. rue du Québec, 44110 Chateaubriant. Adresse du siège social : Z.I. rue du Québec, 44110 Chateaubriant. Commentaires : changement de président dans une société par actions simplifié. Date de commencement de l’activité : 01/04/1973. Date d’effet : 18/10/2011.
25/10/2011	Bodacc C	Comptes annuels et rapports
44 - LOIRE-ATLANTIQUE GREFFE DU TRIBUNAL DE COMMERCE DE NANTES 6241 - 785941089 RCS. SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme : S.A.S. unipersonnelle. Adresse : Z.I. rue du Québec 44110 Chateaubriant. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
18/10/2010	Bodacc C	Comptes annuels et rapports
44 - LOIRE-ATLANTIQUE GREFFE DU TRIBUNAL DE COMMERCE DE NANTES 6336 - 785941089 RCS. SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme : S.A.S. unipersonnelle. Adresse : Z.I. rue du Québec 44110 Chateaubriant. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
30/10/2009	Bodacc C	Comptes annuels et rapports
44 - LOIRE-ATLANTIQUE GREFFE DU TRIBUNAL DE COMMERCE DE NANTES 6282 - 785941089 RCS. SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme : Société par actions simplifiée unipersonnelle. Adresse : Z.I. rue du Québec 44110 Châteaubriant. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
25/10/2008	Bodacc C	Comptes annuels et rapports
44 - LOIRE-ATLANTIQUE GREFFE DU TRIBUNAL DE COMMERCE DE NANTES 5361 - 785941089 RCS. SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme : Société par actions simplifiée unipersonnelle. Adresse : Z.I. rue du Québec 44110 Châteaubriant. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
25/11/2007	Bodacc C	Avis de dépôt des comptes
8149 - 785 941 089. RCS Nantes SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme: Société par actions simplifiée unipersonnelle. Adresse du siège social: Z.I. - rue du Québec 44110 Châteaubriant. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
18/11/2006	Bodacc C	Avis de dépôt des comptes
2865 - RCS Nantes B 785 941 089. RC 73-B 191. SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme: SASU . Adresse du siège social: Z.I. - rue du Quebec,44110 Chateaubriant. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
30/10/2005	Bodacc C	Avis de dépôt des comptes
2931 - RCS Nantes B 785 941 089. RC 73-B 191. SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme: SASU . Adresse du siège social: Z.I. - rue du Quebec,44110 Chateaubriant. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
21/11/2003	Bodacc B	Modifications et mutations diverses
RCS Nantes B 785941089 RC 73-B 191 SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme : S.A. à conseil d'administration. Capital : 1 530 000 euros. Adresse du siège social : Z.I., rue du Québec, 44110 Chateaubriant. Administration : président du conseil d'administration et directeur général : MARION (Patrick, Charles, Jacques). Administrateurs : FERNIER (Jean-Marie, Pierre, Maurice) M l l e CHEVALIER (Catherine, Renée, Claude). Commissaire aux comptes titulaire : K.P.M.G. S.A. Commissaire aux comptes suppléant : DUPAS (Luc). Ancien président du conseil d' administration : BAUCHER (Bernard, Pierre, Joseph, Marie). Anciens administrateurs : COCKREM (Anthony, Philips) DESBORDES (Chantal, Yvonne, Marie) CREESE (Andrew, Georges, James) . Ancien directeur général : MARION ( Patrick, Charles, Jacques) Etablissement principal: Activité : transformation, négoce de toutes matières plastiques, synthétiques ou de fibres naturelles. Adresse : Z.I., rue du Québec, 44110 Chateaubriant. Date d'effet : 6 octobre 2003.
21/11/2003	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Nantes B 785941089 RC 73-B 191 SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme : S. A. à conseil d'administration. Capital : 1 530 000 euros. Adresse : Z.I., rue du Québec, 44110 Chateaubriant. Administration : président : MARION ( Patrick, Charles, Jacques). Commissaire aux comptes titulaire : K.P.M.G. S.A. Commissaire aux comptes suppléant : DUPAS (Luc). Anciens administrateurs : FERNIER (Jean-Marie, Pierre, Maurice) M l l e CHEVALIER (Catherine, Renée, Claude). Ancien président du conseil d' administration : MARION (Patrick, Charles, Jacques) Nouvelle situation du siège social. Forme : S.A.S.U Etablissement principal: Activité : transformation, négoce de toutes matières plastiques et synthétiques ou de fibres naturelles. Adresse : Z.I., rue du Québec, 44110 Chateaubriant. Date d'effet : 22 octobre 2003.
11/04/2003	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Nantes B 785941089 RC 73-B 191 SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme : S. A. à conseil d'administration. Capital : 3 213 000 euros. Adresse : Z.I., rue du Québec, 44110 Chateaubriant Nouvelle situation du siège social. Capital : 1 530 000 euros Etablissement principal: Activité : transformation, négoce de toutes matières plastiques, synthétiques ou de fibres naturelles. Adresse : Z.I., rue du Québec, 44110 Chateaubriant. Date d'effet : 24 janvier 2003.
03/04/2003	Bodacc B	Modifications et mutations diverses
RCS Nantes B 785941089 RC 73-B 191 SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme : S.A. à conseil d'administration. Capital : 3 213 000 euros. Adresse du siège social : Z.I. rue du Québec, 44110 Chateaubriant. Administration : président du conseil d'administration : BAUCHER ( Bernard, Pierre, Joseph, Marie), ancien directeur général. Directeur général : MARION (Patrick, Charles, Jacques). Administrateurs : COCKREM (Anthony, Philips) DESBORDES (Chantal, Yvonne, Marie) CREESE (Andrew, Georges, James) . Commissaire aux comptes titulaire : K. P.M.G. S.A. Commissaire aux comptes suppléant : DUPAS (Luc) Etablissement principal: Activité : transformation, négoce de toutes matières plastiques, synthétiques ou de fibres naturelles. Adresse : Z.I. rue du Québec, 44110 Chateaubriant.
30/09/2001	Bodacc B	Modifications et mutations diverses
RCS Nantes B 785941089 RC 73-B 191 SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme : S.A. à conseil d'administration. Capital : 3 213 000 euros. Adresse du siège social : Z.I. rue du Québec, 44110 Chateaubriant. Administration : président du conseil d'administration : BAUCHER ( Bernard, Pierre, Joseph, Marie). Directeur général : MARION (Patrick, Charles, Jacques). Administrateurs : COCKREM (Anthony, Philips) DESBORDES ( Chantal, Yvonne, Marie). Nomination d' un administrateur : CREESE (Andrew, Georges, James). Commissaire aux comptes titulaire : K.P.M.G. S.A. Commissaire aux comptes suppléant : DUPAS (Luc) Etablissement principal: Activité : transformation, négoce de toutes matières plastiques, synthétiques ou de fibres naturelles. Adresse : Z.I. rue du Québec, 44110 Chateaubriant. Date d'effet : 18 avril 2001.
28/09/2001	Bodacc B	Modifications et mutations diverses
RCS Nantes B 785941089 RC 73-B 191 SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme : S.A. à conseil d'administration. Capital : 3 213 000 euros. Adresse du siège social : Z.I. rue du Québec, 44110 Chateaubriant. Administration : président du conseil d'administration : BAUCHER ( Bernard, Pierre, Joseph, Marie). Directeur général : MARION (Patrick, Charles, Jacques). Administrateurs : COCKREM (Anthony, Philips) DESBORDES ( Chantal, Yvonne, Marie). Commissaire aux comptes titulaire : K.P.M.G. S.A. Commissaire aux comptes suppléant : DUPAS (Luc). Ancien administrateur : ANDERSON (Michael, Colin) Etablissement principal: Activité : transformation et négoce de tous matériaux plastiques, synthétiques ou de fibres naturelles. Adresse : Z.I. rue du Québec, 44110 Chateaubriant. Date d'effet : 1 e r mars 2001.
11/10/2000	Bodacc B	Modifications et mutations diverses
RCS Nantes B 785941089 RC 73-B 191 SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme : S.A. à conseil d'administration. Capital : 21 000 000 de F. Adresse du siège social : Z.I., rue du Québec, 44110 Chateaubriant. Administration : président du conseil d'administration : BAUCHER (Bernard, Pierre, Joseph, Marie) . Directeur général : MARION (Patrick, Charles, Jacques). Administrateurs : ANDERSON (Michael, Colin) COCKREM ( Anthony, Philips) DESBORDES (Chantal, Yvonne, Marie). Commissaire aux comptes titulaire : FIDUCIAIRE DE FRANCE-STE D' EXPERTISE COMPTABLE COMMISSAIRE AUX COMPTES. Commissaire aux comptes suppléant : DUPAS (Luc). Ancien administrateur : KERVEADOU (André) Etablissement principal: Activité : transformation, négoce de tous matériaux en plastique, synthétique ou en fibres naturelles. Adresse : Z.I., rue du Québec, 44110 Chateaubriant. Date d'effet : 1er mai 2000.
11/10/2000	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Nantes B 785941089 RC 73-B 191 SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme : S. A. à conseil d'administration. Capital : 21 000 000 d'euros. Adresse : Z.I., rue du Québec, 44110 Chateaubriant Nouvelle situation du siège social. Capital : 3 213 000 euros Etablissement principal: Activité : transformation et négoce de toutes matières plastiques, synthétiques ou de fibres naturelles. Adresse : Z.I., rue du Québec, 44110 Chateaubriant. Date d'effet : 31 mai 2000.
20/09/1998	Bodacc B	Modifications et mutations diverses
RCS Nantes B 785 941 089 RC 73-B 191 SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme : S.A. à conseil d'administration. Capital : 21 000 000 de F. Adresse du siège social : Z.I., rue du Québec 44110 Chateaubriant. Administration : président du conseil d'administration : BAUCHER ( Bernard, Pierre, Joseph, Marie). Administrateurs : ANDERSON (Michael, Colin) COCKREM (Anthony, Philips) KERVEADOU (André, Louis, Marie). Commissaire aux comptes titulaire : FIDUCIAIRE DE FRANCE-STE D'EXPERTISE COMPTABLE COMMISSAIRE AUX COMPTES - FIDEX. Commissaire aux comptes suppléant : DUPAS (Luc). Ancien administrateur : SALTER (Saul) Etablissement principal: Activité : transformation et négoce de matières plastiques synthétiques ou de fibres naturelles. Adresse : Z.I., rue du Québec 44110 Chateaubriant. Date d'effet : 15 juin 1998.
06/10/1996	Bodacc B	Modifications et mutations diverses
RCS Nantes B 785 941 089 RC 73-B 191 SOCIETE CASTELBRIANTAISE DE PLASTIQUES. Forme : S.A. Capital : 14 000 000 de F. Adresse du siège social : Z.I., rue du Québec 44110 Chateaubriant. Administration : président du conseil d' administration : BAUCHER (Bernard, Pierre, Joseph, Marie). Administrateurs ANDERSON (Michael, Colin) COCKREM ( Anthony, Philips) SALTER (Saul). Commissaire aux comptes titulaire : FIDUCIAIRE DE FRANCE-STE D'EXPERTISE COMPTABLE COMMISSAIRE AUX COMPTES. Commissaire aux comptes suppléant : DUPAS (Luc). Ancien commissaire du gouvernement : ESCO AUDIT ET PERFORMANCE. Ancien commissaire aux comptes suppléant : DIDIER (Jean-Paul) Etablissement principal: Activité : transformation, négoce de matériel plastique, synthétique ou de fibres naturelles. Adresse : Z.I., rue du Québec 44110 Chateaubriant. Date d'effet : 20 juin 1996.

Company events history

Date	Description
19/10/2013	Update Limit
19/10/2013	Update Rating
07/09/2013	Update Limit
07/09/2013	Update Rating
23/02/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
10/12/2012	Bodacc C : Deposit accounts notice
05/10/2012	Disengagement of the group
05/10/2012	New ultimate parent
05/10/2012	New parent detected
27/04/2012	Modification of Company Activity
27/04/2012	Update of Company Activity
03/02/2012	New subsidiarie(s) detected
31/12/2011	New accounts available
16/11/2011	Bodacc B: Various editing or changing
04/11/2011	New chairman (CEO, CoB)
04/11/2011	Amendment
25/10/2011	Bodacc C : Deposit accounts notice
14/10/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
12/11/2010	New ultimate parent
12/11/2010	New parent detected
18/10/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
30/10/2009	Bodacc C : Deposit accounts notice
26/03/2009	Collection of preferential rights activated for this company
31/12/2008	New accounts available
25/10/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
10/11/2003	Changement de Forme Juridique sans changement de catégorie
10/11/2003	Changement de Président (PDG, PCA)
10/11/2003	Acte sous seing privé
10/11/2003	Nomination/démission des organes de gestion
10/11/2003	PV d'Assemblée
10/11/2003	Statuts mis à jour
10/11/2003	Acte modificatif
07/11/2003	Acte sous seing privé
07/11/2003	Acte modificatif
07/11/2003	Nomination/démission des organes de gestion
07/11/2003	Modification du Conseil d'Administration
07/11/2003	Changement de Président (PDG, PCA)
07/11/2003	PV du Conseil d'Administration
07/11/2003	PV d'Assemblée
27/10/2003	Rapport des Commissaires ou du Gérant
27/10/2003	Acte sous seing privé
01/04/2003	Rapport des Commissaires ou du Gérant
01/04/2003	Réduction de Capital
01/04/2003	Statuts mis à jour
01/04/2003	PV du Conseil d'Administration
01/04/2003	Acte sous seing privé
23/01/2003	Acte sous seing privé
23/01/2003	PV du Conseil d'Administration
23/01/2003	Statuts mis à jour
23/01/2003	Acte modificatif
23/01/2003	PV d'Assemblée
23/12/2002	Réduction de Capital
23/12/2002	PV d'Assemblée
23/12/2002	Acte sous seing privé
17/09/2001	Nomination/démission des organes de gestion
17/09/2001	Modification du Conseil d'Administration
17/09/2001	PV du Conseil d'Administration
17/09/2001	Acte sous seing privé
26/09/2000	Statuts mis à jour
26/09/2000	PV d'Assemblée
26/09/2000	Nomination/démission des organes de gestion
26/09/2000	Acte sous seing privé
26/09/2000	Modification du Conseil d'Administration
26/09/2000	Augmentation de Capital
26/09/2000	Conversion du Capital Social en Euros
25/09/2000	Nomination/démission des organes de gestion
25/09/2000	Acte sous seing privé
25/09/2000	Modification du Conseil d'Administration
25/09/2000	PV du Conseil d'Administration
07/09/1998	Modification du Conseil d'Administration
07/09/1998	PV d'Assemblée
07/09/1998	Nomination/démission des organes de gestion
07/09/1998	Acte sous seing privé
04/09/1997	PV d'Assemblée
04/09/1997	Nomination/démission des organes de gestion
04/09/1997	Acte sous seing privé
21/11/1996	Rapport des Commissaires ou du Gérant
21/11/1996	Augmentation de Capital
21/11/1996	Statuts mis à jour
21/11/1996	PV du Conseil d'Administration
21/11/1996	PV d'Assemblée
21/11/1996	Acte sous seing privé
20/09/1996	PV du Conseil d'Administration
20/09/1996	Acte sous seing privé
20/09/1996	PV d'Assemblée
20/09/1996	Nomination/démission des organes de gestion
18/10/1994	PV d'Assemblée
29/03/1994	Modification du Conseil d'Administration
29/03/1994	PV du Conseil d'Administration
25/01/1994	Rapport des Commissaires ou du Gérant
25/01/1994	Augmentation de Capital
25/01/1994	Réduction de Capital
25/01/1994	Statuts mis à jour
25/01/1994	Certificat de dépôt des fonds
25/01/1994	Déclaration de conformité
25/01/1994	PV d'Assemblée
23/12/1992	Modification du Conseil d'Administration
23/12/1992	PV du Conseil d'Administration
17/06/1992	Modification du Conseil d'Administration
17/06/1992	PV du Conseil d'Administration
11/06/1992	PV d'Assemblée
11/06/1992	Nomination/démission des organes de gestion
11/06/1992	Modification du Conseil d'Administration
25/02/1992	PV d'Assemblée
25/02/1992	Déclaration de conformité
25/02/1992	Statuts mis à jour
06/02/1992	Nomination/démission des organes de gestion
06/02/1992	Changement de Président (PDG, PCA)
06/02/1992	PV du Conseil d'Administration
18/11/1991	Nomination/démission des organes de gestion
18/11/1991	PV d'Assemblée
18/11/1991	Modification du Conseil d'Administration
18/11/1991	PV du Conseil d'Administration

directors

Shareholder(s)

Name	FINANCIERE DE L'OUEST
Name of representative
Manager position	President	Date of birth
Place of birth
Type	Moral person	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Chief Executive Officer	M PATRICK MARION	05/03/1946 - RENNES
President	FINANCIERE DE L'OUEST	- - -

Bottom of Form

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 :	NIS

RATING EXPLANATIONS

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

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

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

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

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

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