MIRA INFORM REPORT

Report Date :

21.04.2014

IDENTIFICATION DETAILS

Name :	APERAM ALLOYS IMPHY
Registered Office :	Av Jean Jaures, 58160 Imphy
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	December 2001
Com. Reg. No.:	RCS Nevers 0 440 326 692
Legal Form :	Simplified Joint Stock Company with Single Associate
Line of Business :	· Engaged in metallurgy of non-ferrous metals · Engaged in the design & production of nickel and cobalt alloys, as well as certain specific stainless steels produced in the form of bars, cold-rolled strip, wire rod and plates, these products are intended for high-tech applications or applications addressing very specific requirements
No of Employees :	658 (31.12.2010)

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 bonds.

Source : CIA

company summary

Name

APERAM ALLOYS IMPHY

SIRET

440 326 692 00025

		EUR VAT Number	FR41440326692
Activity (APE)	· Engaged in metallurgy of non-ferrous metals · Engaged in the design & production of nickel and cobalt alloys, as well as certain specific stainless steels produced in the form of bars, cold-rolled strip, wire rod and plates, these products are intended for high-tech applications or applications addressing very specific requirements	Legal form	Simplified Joint Stock Company with Single Associate
Phone	03 86 21 30 00	RCS Registration	RCS Nevers 0 440 326 692
Fax		Share capital	35,038,200 Euros
Address	APERAM ALLOYS IMPHY AV JEAN JAURES 58160 IMPHY	Incorporated Date	12/2001
Nationality	France	Status	Economically active

Payment Information Summary - Trade Payment Data
Total number of Invoices available	1
Total number of Invoices paid within or up to 30 days after the due date	1
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Last published preferential right	This company is not under monitoring
Collection of preferential rights for this company has been stopped by the Court

Ultimate Holding Company
Company Name	Company number
APERAM	B155908

Current Directors

1

Trading to Date	12/31/2012	12/31/2011	12/31/2010
Turnover	511,541,537 €	498,504,182 €	388,195,876 €
Gross Operating Surplus	5,60 % Turnover	6,13 % Turnover	5,75 % Turnover
Shareholders’ equity	124,590,936 €	133,147,157 €	111,353,471 €
Net result	34,448,955 €	23,228,240 €	6,582,152 €
Employees	658 (31.12.2010)	-	-

Trends

Profitability
Liquidity
Net worth

company details

Activity (APE)	· Engaged in metallurgy of non-ferrous metals · Engaged in the design & production of nickel and cobalt alloys, as well as certain specific stainless steels produced in the form of bars, cold-rolled strip, wire rod and plates, these products are intended for high-tech applications or applications addressing very specific requirements
RCS Registration	RCS Nevers 0 440 326 692	Share capital	35,038,200 Euros
Registration Court	Nevers (58)	Legal form	Simplified Joint Stock Company with Single Associate
Court Registry Number	20 0 4B00073	EUR VAT Number	FR41440326692
Incorporation Date	12/2001	Formation Date	12/2001
Deregistration Date		Last account Date	31/12/2012
Nationality	France

Establishment details

Business Pages FT®		METALLURGIE
	Postal Address		APERAM ALLOYS IMPHY AV JEAN JAURES 58160 IMPHY	Trading Address	AVENUE JEAN JAURES 58160 IMPHY
	Telephone		03 86 21 30 00
	Activity (APE)		· Engaged in metallurgy of non-ferrous metals · Engaged in the design & production of nickel and cobalt alloys, as well as certain specific stainless steels produced in the form of bars, cold-rolled strip, wire rod and plates, these products are intended for high-tech applications or applications addressing very specific requirements

Type	Head office	Status	Economically active
Formation Date	12/2003	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Nièvre (58)	Region	Bourgogne
District	3	Area	32
City	IMPHY	Size of urban area

Other establishments

Branches	2 branch entities in this company
Head office	> APERAM ALLOYS IMPHY <<<  - Métallurgie des autres métaux non ferreux (2445Z)  in IMPHY  (58160)
Secondary establishments	>  APERAM ALLOYS IMPHY  - Métallurgie des autres métaux non ferreux (2445Z)  in EPONE  (78680) >  APERAM ALLOYS IMPHY  - Métallurgie des autres métaux non ferreux (2445Z)  in SAINT DENIS  (93210) >  APERAM ALLOYS IMPHY  - Métallurgie des autres métaux non ferreux (2445Z)  in FIRMINY  (42700)

Rationality	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

500 to 999 employees

Company workforce

500 to 999 employees

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter

Currency Euro Kilo Euro

Comparison mode Average Median

Annual Accounts	31/12/2012	31/12/2011	31/12/2010
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	28/10/2013	11/06/2013	09/11/2011
Activity Code	2445Z	2445Z	2445Z
Employees	0	0	658

Active account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	78 670 787	15,4%	68 158 370	16,6%	58 461 245	115 642	67929,6%
- Intangible assets	952 768	-27,2%	1 308 669	-23,3%	1 707 135	11 785,50	7984,2%
- Tangible assets	61 276 771	21,4%	50 474 529	18,9%	42 437 832	47 121	129941,3%
- Financial assets	16 441 248	0,4%	16 375 172	14,4%	14 316 279	2 244	732575,9%
Net current assets	168 126 570	-6,0%	178 886 968	5,4%	169 739 642	444 898,50	37689,9%
- Stocks	111 070 953	5,2%	105 610 624	1,1%	104 459 316	97 371	113969,8%
- Advanced payments	166 728	-6,0%	177 903	0%	0	0	0%
- Receivables	54 692 540	-24,7%	72 660 023	15,3%	63 009 524	320 571,50	16960,9%
- Securities and cash	2 196 349	401,0%	438 418	-80,7%	2 270 799	42 882,50	5021,8%
- Prepaid expenses	-	-	-	-	-	146,50	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	246 797 357	-0,1%	247 045 336	8,3%	228 200 887	602 724,50	40847,0%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Shareholders' equity	124 590 936	-6,4%	133 147 157	19,6%	111 353 471	210 967,50	58956,9%
Share capital	35 038 200	0%	35 038 200	0%	35 038 200	85 625	40820,5%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	10 725 974	12,2%	9 556 434	2,0%	9 373 394	0	0%
Liabilities	111 480 448	6,8%	104 341 746	-2,9%	107 474 018	386 212,50	28765,1%
- Financial liabilities	131 565	1464,0%	8 412	-39,4%	13 874	54 357,50	142,0%
- Advanced payments received	3 778 620	222,6%	1 171 227	-10,3%	1 305 236	0	0%
- Trade account payables	68 152 955	0,6%	67 741 570	-22,6%	87 467 772	127 790	53232,0%
- Tax and social liabilities	15 203 575	28,4%	11 838 708	-13,9%	13 748 210	115 960	13011,1%
- Other debts and fixed assets liabilities	24 213 733	3,0%	23 516 024	384,1%	4 857 192	23 360,50	103552,5%
Account regularization	0	0%	65 805	-19,5%	81 734	0	0%
Total liabilities	246 797 358	-0,1%	247 045 336	8,3%	228 200 887	602 725	40846,9%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Sales of Goods	522 115 667	4,3%	500 708 505	15,9%	431 844 085	849 742,50	61344,0%
Net turnover	511 541 537	2,6%	498 504 182	28,4%	388 195 876	851 778	59955,7%
- of which net export turnover	341 063 912	3,8%	328 448 602	32,8%	247 379 873	0	0%
Operating charges	495 895 412	5,7%	469 133 460	12,7%	416 331 522	829 183,50	59705,3%
Operating profit/loss	26 220 255	-17,0%	31 575 045	103,5%	15 512 563	19 123	137013,7%
Financial income	12 158 571	33,5%	9 106 542	-30,4%	13 083 888	57,50	21145240,9%
Financial charges	10 006 688	50,6%	6 646 271	25,5%	5 296 684	2 497	400648,4%
Financial profit/loss	2 151 883	-12,5%	2 460 271	-68,4%	7 787 204	-1 471,50	146337,4%
Pretax net operating income	28 372 138	-16,6%	34 035 316	46,1%	23 299 767	19 433,50	145896,0%
Extraordinary income	28 089 353	410,4%	5 503 386	-15,5%	6 515 182	996	2820116,2%
Extraordinary charges	5 296 210	60,6%	3 298 645	-85,7%	23 145 216	944	560939,2%
Extraordinary profit/loss	22 793 143	933,8%	2 204 741	113,3%	-16 630 034	0	0%
Net result	34 448 955	48,3%	23 228 240	252,9%	6 582 152	14 993	229666,9%

Display parameter

Currency Euro Kilo Euro

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

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2012		31/12/2011		31/12/2010
	Grand Total (I to VI)	Net	246 797 357	-0,1%	247 045 336	8,3%	228 200 887
	Gross	CO	370 388 288	1,1%	366 519 967	5,2%	348 560 004
	Amortisation	1A	123 590 931	3,4%	119 474 631	-0,7%	120 359 117

Non declared distributed capital (I)

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

Active fixed asset (II)

			31/12/2012		31/12/2011		31/12/2010
	Total Active fixed asset (II)	Net	78 670 787	15,4%	68 158 370	16,6%	58 461 245
	Gross	BJ	194 659 343	9,4%	177 919 957	8,0%	164 673 283
	Amortisation	BK	115 988 556	5,7%	109 761 587	3,3%	106 212 037

Intangible fixed assets

			31/12/2012		31/12/2011		31/12/2010
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	5 333	-98,5%	361 234	-52,5%	759 700
	Gross	AF	2 274 060	0%	2 274 060	0,0%	2 274 059
	Amortisation	AG	2 268 727	18,6%	1 912 826	26,3%	1 514 359
	Goodwill	Net	947 435	0%	947 435	0%	947 435
	Gross	AH	947 435	0%	947 435	0%	947 435
	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	952 768	-27,2%	1 308 669	-23,3%	1 707 135

Tangible fixed assets

			31/12/2012		31/12/2011		31/12/2010
	Lands	Net	1 279 790	0%	1 279 790	-0,7%	1 288 632
	Gross	AN	2 840 868	0%	2 840 868	-0,3%	2 849 709
	Amortisation	AO	1 561 078	0%	1 561 078	0,0%	1 561 077
	Buildings	Net	8 770 193	82,6%	4 804 006	-4,9%	5 051 528
	Gross	AP	33 433 753	14,5%	29 195 436	0,0%	29 195 435
	Amortisation	AQ	24 663 560	1,1%	24 391 430	1,0%	24 143 907
	Plant	Net	48 495 131	39,9%	34 669 166	1,0%	34 332 813
	Gross	AR	128 774 650	15,0%	111 959 275	2,9%	108 825 325
	Amortisation	AS	80 279 519	3,9%	77 290 109	3,8%	74 492 512
	Other tangible fixed assets	Net	17 833	-28,0%	24 785	-31,5%	36 208
	Gross	AT	1 925 224	0,0%	1 925 491	-0,1%	1 927 212
	Amortisation	AU	1 907 391	0,4%	1 900 706	0,5%	1 891 004
	Fixed assets in construction	Net	2 571 538	-62,2%	6 796 483	293,2%	1 728 651
	Gross	AV	2 571 538	-62,2%	6 796 483	293,2%	1 728 651
	Amortisation	AW	0	0%	0	0%	0
	Advances and payments on account	Net	142 286	-95,1%	2 900 299	0%	0
	Gross	AX	142 286	-95,1%	2 900 299	0%	0
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	61 276 771		50 474 529		42 437 832

Financial assets

			31/12/2012		31/12/2011		31/12/2010
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	16 354 244	0,5%	16 267 414	14,5%	14 209 041
	Gross	CU	21 662 525	14,2%	18 972 852	12,8%	16 818 219
	Amortisation	CV	5 308 281	96,2%	2 705 438	3,7%	2 609 178
	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	21 000	0%	21 000	0%	21 000
	Gross	BF	21 000	0%	21 000	0%	21 000
	Amortisation	BG	0		0		0
	Other financial assets	Net	66 004	-23,9%	86 758	0,6%	86 238
	Gross	BH	66 004	-23,9%	86 758	0,6%	86 238
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		16 441 248		16 375 172		14 316 279

Current Assets (III)

			31/12/2012		31/12/2011		31/12/2010
	Total Assets	Net	168 126 570	-6,0%	178 886 968	5,4%	169 739 642
	Gross	CJ	175 728 946	-6,8%	188 600 011	2,6%	183 886 717
	Amortisation	CK	7 602 376	-21,7%	9 713 043	-31,3%	14 147 075

Stocks

			31/12/2012		31/12/2011		31/12/2010
	Raw materials	Net	15 224 947	13,6%	13 398 237	54,9%	8 646 854
	Gross	BL	21 645 196	-1,4%	21 959 571	13,1%	19 411 484
	Amortisation	BM	6 420 249	-25,0%	8 561 334	-20,5%	10 764 630
	Work in progress (goods)	Net	64 450 220	-1,6%	65 471 993	-0,5%	65 780 840
	Gross	BN	64 450 220	-1,6%	65 471 993	-0,5%	65 780 840
	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	31 395 786	17,4%	26 740 394	-11,0%	30 031 622
	Gross	BR	32 348 537	17,9%	27 446 776	-17,1%	33 107 863
	Amortisation	BS	952 751	34,9%	706 382	-77,0%	3 076 241
	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	111 070 953	5,2%	105 610 624	1,1%	104 459 316

Advance payments to suppliers

			31/12/2012		31/12/2011		31/12/2010
	Advance payments to suppliers	Net	166 728	-6,3%	177 903	0%	0
	Gross	BV	166 728	-6,3%	177 903	0%	0
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2012		31/12/2011		31/12/2010
	Trade accounts receivable	Net	26 236 969	-18,6%	32 222 280	-9,5%	35 585 738
	Gross	BX	26 466 345	-19,0%	32 664 540	-9,0%	35 891 942
	Amortisation	BY	229 376	-48,1%	442 260	44,4%	306 204
	Other debtors	Net	27 542 571	-31,8%	40 411 818	48,9%	27 137 831
	Gross	BZ	27 542 571	-31,9%	40 414 885	48,9%	27 137 831
	Amortisation	CA	0	0%	3 067	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	53 779 540	-26,0%	72 634 098	15,8%	62 723 569

Divers

			31/12/2012		31/12/2011		31/12/2010
	Investment securities	Net	0	0%	0	0%	0
	Gross	CD	0	0%	0	0%	0
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	2 196 349	401,0%	438 418	-80,7%	2 270 799
	Gross	CF	2 196 349	401,0%	438 418	-80,7%	2 270 799
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	2 196 349	401,0%	438 418	-80,7%	2 270 799

Prepaid expenses

			31/12/2012		31/12/2011		31/12/2010
	Prepaid expenses	Net	913 000	3421,7%	25 925	-90,9%	285 955
	Gross	CH	913 000	3421,7%	25 925	-90,9%	285 955
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2012		31/12/2011		31/12/2010
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

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

Display parameter

Currency Euro Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2012		31/12/2011		31/12/2010
Grand Total (I to V)	EE	246 797 358	-0,1%	247 045 336	8,3%	228 200 887

Shareholder Equity (I)

			31/12/2012		31/12/2011		31/12/2010
	Total shareholders' equity (Total I)	DL	124 590 936	-6,4%	133 147 157	19,6%	111 353 471
	Equity and shareholders' equity	DA	35 038 200	0%	35 038 200	0%	35 038 200
	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	3 503 820	0%	3 503 820	211,2%	1 125 730
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	0	0%	0	0%	0
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	3 184 110	-0,1%	3 186 158	413,0%	-1 017 905
	Profit or loss for the period	DI	34 448 955	48,3%	23 228 240	252,9%	6 582 152
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	48 415 851	-29,0%	68 190 739	-2,1%	69 625 294

Other capital resources (II)

			31/12/2012		31/12/2011		31/12/2010
	Total other capital resources (Total II)	DO	0	0%	0	0%	0
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

			31/12/2012		31/12/2011		31/12/2010
	Total provisions for risks and charges (Total III)	DR	10 725 974	12,2%	9 556 434	2,0%	9 373 394
	Risk provisions	DP	1 825 209	30,0%	1 403 825	-36,7%	2 218 726
	Reserves for charges	DQ	8 900 765	9,2%	8 152 609	13,9%	7 154 668

Liabilities (IV)

			31/12/2012		31/12/2011		31/12/2010
	Total Liabilities (Total IV)	EC	111 480 448	6,8%	104 341 746	-2,9%	107 474 018
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	0	0%	0	0%	0
	Sundry loans and financial liabilities	DV	131 565	1464,0%	8 412	-39,4%	13 874
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	3 778 620	222,6%	1 171 227	-10,3%	1 305 236
	Trade accounts payables	DX	68 152 955	0,6%	67 741 570	-22,6%	87 467 772
	Tax and social security liabilities	DY	15 203 575	28,4%	11 838 708	-13,9%	13 748 210
	Fixed asset liabilities	DZ	2 587 055	-53,7%	5 591 748	179,2%	2 002 779
	Other debts	EA	21 626 678	20,7%	17 924 276	527,9%	2 854 413

Translation loss (V)

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

Equalization accounts

		31/12/2012		31/12/2011		31/12/2010
Deferred income	EB	0	0%	65 805	-19,5%	81 734

References

		31/12/2012		31/12/2011		31/12/2010
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	107 701 828	4,4%	103 170 519	-2,8%	106 168 783
Of which current bank facilities	EH	0	0%	0	0%	0

Display parameter

Currency Euro Kilo Euro

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

1- Operating result (I-II)

		31/12/2012		31/12/2011		31/12/2010
Operating result (Total I-II)	GG	26 220 255	-17,0%	31 575 045	103,5%	15 512 563

2 - Financial result (V - VI)

		31/12/2012		31/12/2011		31/12/2010
Financial result (Total V-VI)	GV	2 151 883	-12,5%	2 460 271	-68,4%	7 787 204

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

		31/12/2012		31/12/2011		31/12/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	28 372 138	-16,6%	34 035 316	46,1%	23 299 767

4 - Extraordinary result (VII-VIII)

		31/12/2012		31/12/2011		31/12/2010
Extraordinary result (Total VII-VIII)	HI	22 793 143	933,8%	2 204 741	113,3%	-16 630 034

Profit or loss

		31/12/2012		31/12/2011		31/12/2010
Profit or loss	HN	34 448 955	48,3%	23 228 240	252,9%	6 582 152

Total Income (I+III+V+VII)

		31/12/2012		31/12/2011		31/12/2010
Total Income (I+III+V+VII)	HL	562 363 591	9,1%	515 318 433	14,1%	451 443 155

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

		31/12/2012		31/12/2011		31/12/2010
Total charges (Total II+IV+VI+VIII+IX+X)	HM	527 914 636	7,3%	492 090 194	10,6%	444 860 999

Operating income (I)

		31/12/2012		31/12/2011		31/12/2010
Total operating income (Total I)	FR	522 115 667	4,3%	500 708 505	15,9%	431 844 085

Operating income (details)

			31/12/2012		31/12/2011		31/12/2010
	Sale of goods for resale	FC	29 208 000	129,8%	12 710 000	0,5%	12 653 000
	France	FA	29 208 000	129,8%	12 710 000	0,5%	12 653 000
	Export	FB	0	0%	0	0%	0
	Sale of goods produced	FF	471 988 432	-0,6%	474 911 512	30,4%	364 265 172
	France	FD	135 909 236	-10,6%	152 052 460	24,1%	122 548 233
	Export	FE	336 079 196	4,1%	322 859 052	33,6%	241 716 939
	Sale of services	FI	10 345 105	-4,9%	10 882 670	-3,5%	11 277 702
	France	FG	5 360 389	1,3%	5 293 120	-5,7%	5 614 768
	Export	FH	4 984 716	-10,8%	5 589 550	-1,3%	5 662 934
	Net turnover	FL	511 541 537	2,6%	498 504 182	28,4%	388 195 876
	France	FJ	170 477 625	0,2%	170 055 580	20,8%	140 816 001
	Export	FK	341 063 912	3,8%	328 448 602	32,8%	247 379 873
	Stocked production	FM	3 879 988	165,0%	-5 969 935	-118,2%	32 841 970
	Self-constructed assets	FN	0	0%	1 698	-97,5%	67 744
	Operating grants	FO	44 886	-34,3%	68 334	659,3%	9 000
	Release of reserves and provisions	FP	6 207 066	-20,0%	7 761 453	-25,3%	10 395 469
	Other income	FQ	442 190	29,0%	342 773	2,6%	334 025

Operating charges (II)

		31/12/2012		31/12/2011		31/12/2010
Total operating charges (Total II)	GF	495 895 412	5,7%	469 133 460	12,7%	416 331 522

Exploitation charges

		31/12/2012		31/12/2011		31/12/2010
Purchase of goods for resale	FS	34 617 583	105,9%	16 812 200	2,9%	16 333 202
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	316 843 648	-0,2%	317 632 376	15,0%	276 124 826
Change in stocks of raw materials	FV	314 375	112,3%	-2 548 086	72,3%	-9 190 021
Other external purchases and charges	FW	89 255 702	2,1%	87 392 408	23,8%	70 570 702
Tax, duty and similar payments	FX	5 016 652	20,0%	4 180 665	-1,5%	4 242 424
Payroll	FY	27 472 609	5,2%	26 117 662	-8,3%	28 471 674
Social security costs	FZ	13 279 119	6,7%	12 443 959	1,8%	12 227 308

Depreciation

		31/12/2012		31/12/2011		31/12/2010
Depreciation of fixed assets	GA	3 671 179	1,9%	3 604 196	2,2%	3 528 064
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	3 163 939	109,1%	1 513 322	-85,2%	10 192 110
Provisions for risks and charges	GD	1 966 880	4,6%	1 880 025	-32,6%	2 789 324

Other charges

		31/12/2012		31/12/2011		31/12/2010
Other charges	GE	293 726	180,5%	104 733	-89,9%	1 041 909

Operating charges (III-IV)

		31/12/2012		31/12/2011		31/12/2010
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

			31/12/2012		31/12/2011		31/12/2010
	Total financial income (Total V)	GP	12 158 571	33,5%	9 106 542	-30,4%	13 083 888
	Share financial income	GJ	5 236 462	161,4%	2 002 940	544,1%	310 951
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	96 002	-18,2%	117 339	-95,5%	2 628 893
	Released provisions and transferred charges	GM	90 790	-89,2%	837 517	-78,0%	3 809 053
	Exchange gains	GN	6 735 317	9,5%	6 148 746	-2,9%	6 334 156
	Net income from disposal of investment securities	GO	0	0%	0	0%	835

Financial Charge (VI)

			31/12/2012		31/12/2011		31/12/2010
	Total financial charge (Total VI)	GU	10 006 688	50,6%	6 646 271	25,5%	5 296 684
	Financial reserves and provisions	GQ	2 690 566	199,7%	897 617	216,0%	284 059
	Interest and similar charges	GR	551 448	446,8%	100 843	-50,9%	205 489
	Exchange losses	GS	6 764 674	19,8%	5 647 811	17,5%	4 807 136
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary income (Total VII)	HD	28 089 353	410,4%	5 503 386	-15,5%	6 515 182
	Extraordinary operating income	HA	3 502	-98,8%	284 884	0%	0
	Extraordinary income from capital transactions	HB	3 225 427	587,5%	469 146	562,6%	70 807
	Released provisions and transferred charges	HC	24 860 424	423,4%	4 749 356	-26,3%	6 444 375

Extraordinary charges (VIII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary charges (Total VIII)	HH	5 296 210	60,6%	3 298 645	-85,7%	23 145 216
	Extraordinary operating charges	HE	332 443	9238,3%	3 560	-99,8%	1 872 254
	Extraordinary charges from capital transactions	HF	103 087	246,7%	29 735	-84,3%	189 519
	Extraordinary reserves and provisions	HG	4 860 680	48,9%	3 265 350	-84,5%	21 083 443

Employee profit sharing (IX)

		31/12/2012		31/12/2011		31/12/2010
Employee profit sharing (Total IX)	HJ	639 317	26,9%	503 625	92,3%	261 913

Tax on profits (X)

		31/12/2012		31/12/2011		31/12/2010
Tax on profits (Total X)	HK	16 077 009	28,5%	12 508 193	7274,8%	-174 336

References

		31/12/2012		31/12/2011		31/12/2010
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	102 721	-95,6%	2 347 607
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter

Currency Euro Kilo Euro

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

Table allocation results and other information

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	0	0%	0	0%	4 914 000
	Gross value at the end of period	OL	0	0%	0	0%	164 673 000

Research and development Charge (Total I)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	CZ	0	0%	0	0%	0
	Increasess due to revaluation	KB	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
	Decreasess by budget item transfer	C01	0	0%	0	0%	0
	Decreasess by transfers	C02	0	0%	0	0%	0
	Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	KD	0	0%	0	0%	3 221 000
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	0	0%	0	0%	3 221 000

Tangible fixed assets (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LN	0	0%	0	0%	140 375 000
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	0	0%	0	0%	9 057 000
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	0	0%	4 907 000
	Gross value at the end of period	NH	0	0%	0	0%	144 525 000

Financial assets (Total IV)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LQ	0	0%	0	0%	16 418 000
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	516 000
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	7 000
	Gross value at the end of period	NK	0	0%	0	0%	16 927 000

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

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

Research and development charge (Total I)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	PE	0	0%	0	0%	1 116 000
Increases		PF	0	0%	0	0%	399 000
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	0	0%	0	0%	1 515 000

Total fixed assets amotisation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	QU	0	0%	0	0%	98 991 000
Increases		QV	0	0%	0	0%	3 129 000
Decreases		QW	0	0%	0	0%	33 000
	Decreasess by budget item transfer	QX	0	0%	0	0%	102 087 000

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/12/2012		31/12/2011		31/12/2010
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	7C	0	0%	0	0%	79 708 000
Increases		UB	0	0%	0	0%	34 348 000
Decreases		UC	0	0%	0	0%	18 301 000
	Value at the end of period	UD	0	0%	0	0%	95 755 000

Includes Total allocations

Operating	UE	0	0%	0	0%	12 981 000
Financial	UG	0	0%	0	0%	284 000
Exceptional	UJ	0	0%	0	0%	21 083 000

Includes Total Withdrawal

Operating	UF	0	0%	0	0%	8 048 000
Financial	UH	0	0%	0	0%	3 809 000
Exceptional	UK	0	0%	0	0%	6 444 000

Total regulated provisions (Total I)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	3Z	0	0%	0	0%	53 486 000
Increases		TS	0	0%	0	0%	20 851 000
Decreases		TT	0	0%	0	0%	4 711 000
	Value at the end of period	TU	0	0%	0	0%	69 626 000

Total risk and charge provisions (Total II)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	5Z	0	0%	0	0%	10 584 000
Increases		TV	0	0%	0	0%	3 022 000
Decreases		TW	0	0%	0	0%	4 234 000
	Value at the end of period	TX	0	0%	0	0%	9 372 000

Total Provision for depreciation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	7B	0	0%	0	0%	15 638 000
Increases		TY	0	0%	0	0%	10 475 000
Decreases		TZ	0	0%	0	0%	9 356 000
	Value at the end of period	UA	0	0%	0	0%	16 757 000

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

		31/12/2012		31/12/2011		31/12/2010
Gross value	VT	0	0%	0	0%	63 423 000
1 year at most	VU	0	0%	0	0%	63 316 000
More than one year	VV	0	0%	0	0%	107 000

State of loans

		31/12/2012		31/12/2011		31/12/2010
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	21 000
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	0	0%	0	0%	86 000
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2012		31/12/2011		31/12/2010
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	0%	0	0%	35 892 000
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	0	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	0	0%	0	0%	27 138 000

Prepaid

		31/12/2012		31/12/2011		31/12/2010
Prepaid	VS	0	0%	0	0%	286 000

State Debt

			31/12/2012		31/12/2011		31/12/2010
	Total debt (gross)	VY	0	0%	0	0%	107 474 000
1 year at most		VZ2	0	0%	0	0%	107 474 000
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2012		31/12/2011		31/12/2010
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	0	0%	0
1 year at most		VG2	0	0%	0	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	14 000
1 year at most		8A2	0	0%	0	0%	14 000
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	0	0%	0	0%	87 577 000
1 year at most		8B2	0	0%	0	0%	87 577 000
More than 1 year and 5 years at most		8B3	0	0%	0	0%	87 577 000
	Personnel and associated accounts (gross)	8C1	0	0%	0	0%	0
1 year at most		8C2	0	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	0	0%	0	0%	10 563 000
1 year at most		8D2	0	0%	0	0%	10 563 000
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	0	0%	0
1 year at most		VW2	0	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	0	0%	0	0%	3 185 000
1 year at most		VQ2	0	0%	0	0%	3 185 000
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%	1 893 000
1 year at most		8J2	0	0%	0	0%	1 893 000
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	0	0%	0	0%	4 160 000
1 year at most		8K2	0	0%	0	0%	4 160 000
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%	82 000
1 year at most		8L2	0	0%	0	0%	82 000
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2012		31/12/2011		31/12/2010
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

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

Commitments

		31/12/2012		31/12/2011		31/12/2010
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2012		31/12/2011		31/12/2010
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2012		31/12/2011		31/12/2010
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2012		31/12/2011		31/12/2010
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2012		31/12/2011		31/12/2010
Average number of employees	YP	0	0%	0	0%	658

Groups and Shareholders

		31/12/2012		31/12/2011		31/12/2010
Groups and Shareholders	ZR	0	-	0	-	-

Ratios

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

Structure and Liquidity

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Fixed Asset Financing		1,29	-9,2%	1,42	2,9%	1,38	1,47	-12,2%
Global Debt		78 days	4,0%	75 days	-25,0%	100 days	130 days	-40,0%
Working Capital Fund overall net		40 days	-25,9%	54 days	-6,9%	58 days	61,50 days	-35,0%
Financial independence		%	-	%	-	%	472,46%	-
Solvability		50,48%	-6,3%	53,90%	10,5%	48,80%	38,45%	31,3%
Capacity debt futures		%	-	%	-	%	1752,81%	-
Coverage of current assets by net working capital overall		32,48%	-17,9%	39,54%	16,6%	33,92%	40,08%	-19,0%
General Liquidity			-		-	0,59	0,88	-
Restricted Liquidity			-		-	0,61	1,17	-

Management or rotation

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Need background in operating working capital		38 days	-29,6%	54 days	-1,8%	55 days	40 days	-5,0%
Treasury		2 days	0%	0 days	0%	2 days	4,50 days	-55,6%
Inventory turnover of goods		0 days	0%	0 days	0%	0 days	0 days	0%
Average length of credit granted to customers		19 days	-20,8%	24 days	-27,3%	33 days	62,50 days	-69,6%
Average length of credit obtained suppliers		56 days	-3,4%	58 days	-34,8%	89 days	60 days	-6,7%
Inventory turnover of raw materials in industrial enterprises		25 days	0%	25 days	0%	25 days	37 days	-32,4%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	269 days	356 days	-
Rotation tangible assets		%	-	%	-	268,60%	298,01%	-

Profitability of the business

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Margin trading		-1,06%	-29,3%	-0,82%	13,7%	-0,95	0%	0%
Profitability of the business		5,60	-8,6%	6,13	6,6%	5,75	5,51%	1,6%
Net profit		6,73%	44,4%	4,66%	174,1%	1,70%	2,26%	197,8%
Growth rate of turnover (excluding VAT)		2,62%	-90,8%	28,42%	-14,0%	33,04%	5,48%	-52,2%
Rates integration		14,54%	-1,0%	14,69%	-15,2%	17,33%	38,45%	-62,2%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		54,78%	4,0%	52,65%	-13,0%	60,50%	74,63%	-26,6%
Weight interests		1,96	47,4%	1,33%	-2,2%	1,36%	0,34%	476,5%

Return on capital

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Cash flow from the overall profitability		8,32%	35,7%	6,13%	79,2%	3,42%	5,89%	41,3%
Rates of economic profitability		23%	0%	23%	15,0%	20%	13,50%	70,4%
Financial profitability		124590936%	-6,4%	133147157%	19,6%	111353471%	210967,50%	58956,9%
Return on investment		35,64%	58,8%	22,44%	110,3%	10,67%	8,23%	333,0%

Soldes Intermédiaires de Gestion

	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Turnover	511 541 537	2,6%	498 504 182	28,4%	388 195 876	851 778 €	59955,7%

Sales of goods	29 208 000	129,8%	12 710 000	0,5%	12 653 000
- Purchase of goods	34 617 583	105,9%	16 812 200	2,9%	16 333 202
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	-5 409 583 €	-31,9%	-4 102 200 €	-11,5%	-3 680 202 €	0 €	0%
	-1,06 % CA	-29,3%	-0,82 % CA	13,7%	-0,95 % CA	0 % CA	0%

Sale of goods produced	482 333 537	-0,7%	485 794 182	29,4%	375 542 874
+/- Stocked production	3 879 988	165,0%	-5 969 935	-118,2%	32 841 970
+ Self-constructed assets	0	0%	1 698	-97,5%	67 744
Period production	486 213 525 €	1,3%	479 825 945 €	17,5%	408 452 588 €	842 804,50 €	57590,0%
	95,05 % CA	-1,2%	96,25 % CA	-8,5%	105,22 % CA	100 % CA	-5,0%

Trading margin	-5 409 583	-31,9%	-4 102 200	-11,5%	-3 680 202	0	0%
+ Period Production	486 213 525	1,3%	479 825 945	17,5%	408 452 588	842 804,50	57590,0%
- Purchase of raw materials	316 843 648	-0,2%	317 632 376	15,0%	276 124 826
+/- Change in stocks of raw materiels	314 375	112,3%	-2 548 086	72,3%	-9 190 021
- Other external purchases and charges	89 255 702	2,1%	87 392 408	23,8%	70 570 702
Added value	74 390 217 €	1,6%	73 247 047 €	8,9%	67 266 879 €	358 704 €	20638,6%
	14,54 % CA	-1,0%	14,69 % CA	-15,2%	17,33 % CA	38,45 % CA	-62,2%

Added value	74 390 217 €	1,6%	73 247 047 €	8,9%	67 266 879 €	358 704 €	20638,6%
+ Operating grants	44 886	-34,3%	68 334	659,3%	9 000
- Tax, duty and similar payments	5 016 652	20,0%	4 180 665	-1,5%	4 242 424
- Personal charges	40 751 728	5,7%	38 561 621	-5,3%	40 698 982
Gross operating surplus	28 666 723 €	-6,2%	30 573 095 €	36,9%	22 334 473 €	35 235,50 €	81257,5%
	5,60 % CA	-8,6%	6,13 % CA	6,6%	5,75 % CA	5,51 % CA	1,6%

Gross operating surplus	28 666 723 €	-6,2%	30 573 095 €	36,9%	22 334 473 €	35 235,50 €	81257,5%
+ Release of reserves and provisions	6 207 066	-20,0%	7 761 453	-25,3%	10 395 469
+ Other operating income	442 190	29,0%	342 773	2,6%	334 025
- Depreciation/Amortisation	8 801 998	25,8%	6 997 543	-57,6%	16 509 498
- Other charges	293 726	180,5%	104 733	-89,9%	1 041 909
Operating result	26 220 255 €	-17,0%	31 575 045 €	103,5%	15 512 560 €	19 123 €	137013,7%
	5,13 % CA	-19,0%	6,33 % CA	58,2%	4,00 % CA	2,41 % CA	112,9%

Operating result	26 220 255 €	-17,0%	31 575 045 €	103,5%	15 512 560 €	19 123 €	137013,7%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	12 158 571	33,5%	9 106 542	-30,4%	13 083 888
- Financial charges	10 006 688	50,6%	6 646 271	25,5%	5 296 684
Pre-tax result	28 372 138 €	-16,6%	34 035 316 €	46,1%	23 299 764 €	19 433,50 €	145896,0%
	5,55 % CA	-18,7%	6,83 % CA	13,8%	6,00 % CA	2,30 % CA	141,3%

Extraordinary income	28 089 353	410,4%	5 503 386	-15,5%	6 515 182	996	2820116,2%
- Extraordinary charges	5 296 210	60,6%	3 298 645	-85,7%	23 145 216
Extraordinary result	22 793 143 €	933,8%	2 204 741 €	113,3%	-16 630 034 €	0 €	0%
	4,46 % CA	913,6%	0,44 % CA	110,3%	-4 % CA	0 % CA	0%

Pre-tax result	28 372 138 €	-16,6%	34 035 316 €	46,1%	23 299 764 €	19 433,50 €	145896,0%
Extraordinary result	22 793 143 €	933,8%	2 204 741 €	113,3%	-16 630 034 €	0 €	0%
- Employee profit sharing	639 317	26,9%	503 625	92,3%	261 913
- Tax on profits	16 077 009	28,5%	12 508 193	7274,8%	-174 336
Net result	34 448 955 €	48,3%	23 228 239 €	252,9%	6 582 153 €	14 993 €	229666,9%
	6,73 % CA	44,4%	4,66 % CA	174,1%	1,70 % CA	2,26 % CA	197,8%

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 124,590,936 €

The ratio total assets to total liabilities is 2,02

The creditor days are 48.63

The increase of tangible fixed assets over the last two accounting periods is 21 %

The liabilities are 111,480,448 €

The net current assets are 168,126,570 €

The net turnover is 511,541,537 €

The pre-tax profit is 50,525,964 €

The risk provisions are 10,725,974 €

The total assets are 246,797,357 €

Low risk workforce size

Industry code with low risk rating

Department code with low risk rating

The company has 1 director(s)

The sales to current assets ratio is 3,04

The return on total assets employed is 20.47

The stock to turnover ratio is 21.71

The increase in the gearing percentage over the last two accounting periods is 21 %

Payment Information Summary - Trade Payment Data

Payment Information Summary - Trade Payment Data
Total number of Invoices available	1
Total number of Invoices paid within or up to 30 days after the due date	1
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

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	13/09/2007	Monitored stopped since	13/09/2013
Status of Monitoring	Collection of preferential rights for this company has been stopped by the Court

Social security, pension funds preferential rights

Number of preferential rights	0
Total amount	-
Due remaining amount	-
Date of last preferential right	-

Historical Data

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

31210167

24/10/2012

13/09/2013

NOVALIS RETRAITE ARRCAO

22 260 EUR

-

Reason for closure	Monitoring stopped by the court due to company radiation
Court	Bobigny
Creditor	NOVALIS RETRAITE ARRCAO 7 RUE DE MAGDEBOURG 75116, PARIS
Debtor	IMPHY ALLOYS 1 à 5 RUE Luigi Cherubini 93200 SAINT DENIS, ST DENIS, FR

30706105

21/09/2007

21/03/2010

CAPIMMEC

6 120 EUR

-

Reason for closure	Void
Court	Bobigny
Creditor	CAPIMMEC 15 AVE DU CENTRE 78281 GUYANCOURT, ST QUENTIN YVELINES CEDEX
Debtor	IMPHY ALLOYS 1 à 5 RUE Luigi Cherubini 93200 SAINT DENIS, ST DENIS, FR

Group data

Linkages

Ultimate parent company		APERAM
Direct parent		APERAM STAINLESS FRANCE - 100 %
Group – Number of companies		27
Linkages – Number of companies		1
Number of countries		1
Company Name	SIREN		Last account	Turnover
APERAM HOLDCO S.À R.L.	-		-	-

Group Structure

Company Name	SIREN	Parts	Last account published
APERAM	B155908	-	31/12/2012
APERAM SOUTH AMERICA	-	100%	-
APERAM STAINLESS SERVICES & SOLUTION...	HRB 12631	100%	31/12/2012
APERAM STAINLESS SERVICES & SOLUTION...	US00810977	100%	-
APERAM STAINLESS BELGIUM	-	100%	-
ARCELORMITTAL BIOENERGIA LTDA	-	36.50%	-
APERAM STAINLESS FRANCE	501651616	100%	31/12/2011
IMHUA SPECIAL METAL CO. LTD	-	65%	-
APERAM STAINLESS SCE & SOLUTIONS I...	390216570	100%	31/12/2012
APERAM ALLOYS IMPHY	440326692	100%	31/12/2012
APERAM ALLOYS AMILLY	612013268	100%	31/12/2012
APERAM ALLOYS SERVICE	340429620	99.99%	31/12/2012
APERAM ALLOYS RESCAL	326144490	100%	31/12/2012
APERAM STAINLESS SERVICES & SOLUTI...	399403435	100%	31/12/2010
APERAM STAINLESS SCE SOLUTION TUBE...	485720015	100%	31/12/2011
MEUSIENNE D'ITALIA	-	100%	-
APERAM STAINLESS SCE & SOLUTION ...	433986536	100%	31/12/2011
APERAM STAINLESS EUROPE	303284269	95%	31/12/2012
UGINE IBERICA S.A.	-	100%	-
UGINE ITALIA SRL	-	100%	-
APERAM STAINLESS SCE & SOLUT PRECI...	410436265	100%	31/12/2011
APERAM TREASURY SNC	528617004	Majority	-
RECYCO	538842188	100%	-
APERAM STAINLESS SERVICES & SOLUTIONS IT...	-	100%	-
ARCELORMITTAL INOX BRAZIL SERVICOS	-	100%	-
ARCELORMITTAL INOX BRAZIL TUBOS	-	100%	-
ARCELORMITTAL STAINLESS AUTOMOTIVE TUBE ...	-	100%	-

event history

Status history

Date	Description
24/04/2012	Economically active

Recent publications in Gazettes

Publication date	Gazette Name	Description
26/12/2013	Bodacc B	Modification et mutation diverse
58 - NIEVRE GREFFE DU TRIBUNAL DE COMMERCE DE NEVERS 2126 - 440 326 692 RCS Nevers. APERAM ALLOYS IMPHY. Forme : Société par actions simplifiée à associé unique. Administration : Président : DARMAYAN Philippe Commissaire aux comptes titulaire : DELOITTE & ASSOCIES SA (SA) Commissaire aux comptes suppléant : BEAS SARL (SARL). Activité : . Commentaires : Modification survenue sur l'administration.
13/12/2013	JAL	Resignation / Revocation of the social representative
Terres de Bourgogne Date de décision : 28/06/2013 La société 440326692 - APERAM ALLOYS IMPHY, AV JEAN JAURES, 58160 IMPHY Fait l'objet du départ de Monsieur Julien Burdeau
13/12/2013	JAL	Appointment of the social representative
Terres de Bourgogne Date de décision : 28/06/2013 Société faisant l'objet d'une nomination : 440326692 - APERAM ALLOYS IMPHY, AV JEAN JAURES, 58160 IMPHY Nominé : Monsieur Philippe Darmayan, 75000 PARIS 15 En la fonction de : Président
20/11/2013	Bodacc C	Comptes annuels et rapports
58 - NIEVRE GREFFE DU TRIBUNAL DE COMMERCE DE NEVERS 4582 - 440326692 RCS. APERAM ALLOYS IMPHY. Forme : Société par actions simplifiée à associé unique. Adresse : avenue Jean Jaurès 58160 Imphy. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
05/03/2013	Bodacc B	Modification et mutation diverse
58 - NIEVRE GREFFE DU TRIBUNAL DE COMMERCE DE NEVERS 1097 - 440 326 692 RCS Nevers. APERAM ALLOYS IMPHY. Forme : Société par actions simplifiée à associé unique. Administration : Président : BURDEAU Julien Président : DARMAYAN Philippe Commissaire aux comptes titulaire : DELOITTE & ASSOCIES SA (SA) Commissaire aux comptes suppléant : BEAS SARL (SARL). Activité : . Commentaires : Modification survenue sur l'administration.
22/02/2013	JAL	Appointment of the social representative
Terres de Bourgogne Date de décision : 06/11/2012 Société faisant l'objet d'une nomination : 440326692 - APERAM ALLOYS IMPHY, AV JEAN JAURES, 58160 IMPHY Nominé : Monsieur Philippe Darmayan, 75015 PARIS 15 En la fonction de : Président
23/12/2012	Bodacc B	Modification et mutation diverse
58 - NIEVRE GREFFE DU TRIBUNAL DE COMMERCE DE NEVERS 941 - 440 326 692 RCS Nevers. APERAM ALLOYS IMPHY. Forme : Société anonyme. Administration : Président du conseil d'administration et Directeur général : BURDEAU Julien Administrateur : BAZETOUX Guillaume Administrateur : HEBEISEN Bernard Administrateur : APERAM INVEST FRANCE (SAS) représenté par ONILLON Julien Commissaire aux comptes titulaire : DELOITTE & ASSOCIES SA (SA) Commissaire aux comptes suppléant : BEAS SARL (SARL). Activité : . Adresse du siège social : avenue Jean Jaurès, 58160 Imphy. Commentaires : Modification survenue sur l'administration et transfert du siège social.
23/12/2012	Bodacc B	Modification et mutation diverse
58 - NIEVRE GREFFE DU TRIBUNAL DE COMMERCE DE NEVERS 943 - 440 326 692 RCS Nevers. APERAM ALLOYS IMPHY. Forme : Société par actions simplifiée. Administration : Président : BURDEAU Julien Commissaire aux comptes titulaire : DELOITTE & ASSOCIES SA (SA) Commissaire aux comptes suppléant : BEAS SARL (SARL). Activité : . Commentaires : Modification survenue sur la forme juridique, l'administration.
30/11/2012	JAL	Head Office Transfer
Terres de Bourgogne Date de décision : 24/04/2012 Transfert du siège social de la société 440326692 -  APERAM ALLOYS IMPHY Adresse du nouveau siège : AVENUE JEAN JAURES, 58160 IMPHY Ancienne localisation : 1 RUE LUIGI CHERUBINI, 1-5, SAINT DENIS, 93210 SAINT DENIS Date d'effet : 24/04/2012
26/11/2012	JAL	Head Office Transfer
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 24/04/2012 Transfert du siège social de la société 440326692 -  APERAM ALLOYS IMPHY Adresse du nouveau siège : AVENUE JEAN JAURES, 58160 IMPHY Ancienne localisation : 1 RUE LUIGI CHERUBINI, 1-5, SAINT DENIS, 93210 SAINT DENIS Date d'effet : 24/04/2012
03/09/2012	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 12247 - 440326692 RCS. Aperam Alloys Imphy. Forme : Société anonyme. Adresse : 1 à 5 rue Luigi Cherubini Saint-Denis 93200 Saint-Denis. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
31/10/2011	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 13335 - 440326692 RCS. Aperam Alloys Imphy. Forme : Société anonyme. Adresse : 1 à 5 rue Luigi Cherubini Saint-Denis 93200 Saint-Denis. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
20/03/2011	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 1583 - 440 326 692 RCS Bobigny. APERAM ALLOYS IMPHY. Forme : Société anonyme. Administration : Commissaire aux comptes suppléant : BEAS en fonction le 22 Septembre 2008 Commissaire aux comptes titulaire : DELOITTE & ASSOCIES en fonction le 22 Septembre 2008 Président du c. a. directeur général et administrateur : BURDEAU Julien, Mathieu, François en fonction le 19 Août 2009 Administrateur : BAZETOUX Guillaume, Nicolas, Philippe en fonction le 19 Août 2009 Administrateur : HEBEISEN Bernard, Henri, Jean en fonction le 19 Août 2009 Administrateur : Aperam Invest France représenté par ONILLON Julien, Jean, Maurice, François en fonction le 11 Mars 2011. Activité : . Commentaires : Modification de représentant. Modification du nom, nom d'usage, prénom ou de la dénomination.
17/03/2011	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 1636 - 440 326 692 RCS Bobigny. ARCELORMITTAL - STAINLESS & NICKEL ALLOYS. Forme : Société anonyme. Administration : Administrateur : ArcelorMittal France représenté par BOURRIER Hervé modification le 09 Mars 2011 Commissaire aux comptes suppléant : BEAS en fonction le 22 Septembre 2008 Commissaire aux comptes titulaire : DELOITTE & ASSOCIES en fonction le 22 Septembre 2008 Président du c. a. directeur général et administrateur : BURDEAU Julien, Mathieu, François en fonction le 19 Août 2009 Administrateur : BAZETOUX Guillaume, Nicolas, Philippe en fonction le 19 Août 2009 Administrateur : HEBEISEN Bernard, Henri, Jean en fonction le 19 Août 2009. Activité : . Commentaires : Modification de représentant.
08/03/2011	JAL	Appointment of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Société faisant l'objet d'une nomination : 440326692 - ARCELORMITTAL-STAINLESS&NICKEL ALLOYS, 1 RUE LUIGI CHERUBINI, 1-5, SAINT DENIS, 93210 SAINT DENIS Nominé : En la fonction de : Administrateur Date d'effet : 28/01/2011
11/10/2010	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 13508 - 440326692 RCS. ArcelorMittal - Stainless & Nickel Alloys. Forme : Société anonyme. Adresse : 1 à 5 rue Luigi Cherubini Saint-Denis 93200 Saint-Denis. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
23/12/2009	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 9460 - 440326692 RCS. ArcelorMittal - Stainless & Nickel Alloys. Forme : Société anonyme. Adresse : 1 à 5 rue Luigi Cherubini Saint-Denis 93200 Saint-Denis. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
28/08/2009	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 683 - 440 326 692 RCS Bobigny. ARCELORMITTAL - STAINLESS & NICKEL ALLOYS. Forme : Société anonyme. Administration : Administrateur : ArcelorMittal France représenté par GILET Jean Yves modification le 12 Février 2008 Commissaire aux comptes suppléant : BEAS en fonction le 22 Septembre 2008 Commissaire aux comptes titulaire : DELOITTE & ASSOCIES en fonction le 22 Septembre 2008 Président du c. a. directeur général et administrateur : BURDEAU Julien, Mathieu, François en fonction le 19 Août 2009 Administrateur : BAZETOUX Guillaume, Nicolas, Philippe en fonction le 19 Août 2009 Administrateur : HEBEISEN Bernard, Henri, Jean en fonction le 19 Août 2009. Commentaires : Modification de représentant.
01/10/2008	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 3210 - 440 326 692 RCS Bobigny. ARCELORMITTAL - STAINLESS & NICKEL ALLOYS. Forme : Société anonyme. Administration : Administrateur : ArcelorMittal France représenté par GILET Jean Yves modification le 12 Février 2008. Président directeur général et administrateur : CHABOUD Michel. Administrateur : JOURON Arnaud en fonction le 28 Juin 2007. Commissaire aux comptes suppléant : BEAS en fonction le 22 Septembre 2008. Commissaire aux comptes titulaire : DELOITTE & ASSOCIES en fonction le 22 Septembre 2008. Commentaires : Modification de représentant.
26/08/2008	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 9311 - 440326692 RCS. ArcelorMittal - Stainless & Nickel Alloys. Forme : Société anonyme. Adresse : 1 à 5 rue Luigi Cherubini 93200 Saint-Denis. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
21/02/2008	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 4331 - 440 326 692 RCS Bobigny. ARCELORMITTAL - STAINLESS & NICKEL ALLOYS. Forme : Société anonyme. Administration : Commissaire aux comptes suppléant : SCP DE COMMISSAIRES AUX COMPTES JEAN CLAUDE ANDRE ET AUTRES. Commissaire aux comptes titulaire : KPMG S. A. Administrateur : ArcelorMittal France représenté par GILET Jean Yves modification le 12 Février 2008. Président directeur général et administrateur : CHABOUD Michel. Administrateur : JOURON Arnaud en fonction le 28 Juin 2007. Commentaires : Modification de représentant.
23/01/2008	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 1904 - 440 326 692 RCS Bobigny. ARCELORMITTAL - STAINLESS & NICKEL ALLOYS. Forme : Société anonyme. Commentaires : Modification du nom ou de la dénomination.
19/07/2007	Bodacc B	Modifications et mutations diverses
3356 - RCS Bobigny B 440 326 692. RC 06-B 3121. IMPHY ALLOYS. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : administrateur partant : CARAKEHIAN (Yves). Nomination d'un administrateur : JOURON (Arnaud).
30/06/2007	Bodacc C	Avis de dépôt des comptes
7128 - 440 326 692. RCS Bobigny IMPHY ALLOYS. Forme: Société anonyme. Adresse du siège social: 1 à 5 rue Luigi Cherubini Saint-Denis , 93200 Saint-Denis. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
31/03/2007	Bodacc B	Modifications et mutations diverses
1942 - RCS Bobigny B 440 326 692. RC 06-B 3121. IMPHY ALLOYS. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : administrateur partant : POLARD (Victor).
17/01/2007	Bodacc C	Avis de dépôt des comptes
8877 - RCS Bobigny B 440 326 692. RC 06-B 3121. IMPHY ALLOYS. Forme: S.A. Adresse du siège social: 1, A 5 rue Luigi Cherubini,Saint Denis, 93200 Saint-Denis. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
16/06/2006	Bodacc B	Modifications et mutations diverses
2277 - RCS Bobigny B 440 326 692. RC 06-B 3121. IMPHY ALLOYS. Forme : S.A. Adresse du siège social : 1/5 rue Luigi-Cherubini,, 93200 Etablissement principal - Adresse : 1/5 rue Luigi-Cherubini, 93200 Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l'établissement principal.
16/02/2006	Bodacc C	Avis de dépôt des comptes
3529 - RCS Nanterre B 440 326 692. RC 01-B 6131. IMPHY ALLOYS. Forme: S.A. Adresse du siège social: immeuble la Pacific 11/13, cours Valmy,la Défense 7, 92800 Puteaux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
08/01/2006	Bodacc B	Modifications et mutations diverses
2306 - RCS Nanterre B 440 326 692. RC 01-B 6131. IMPHY ALLOYS. Forme : S.A. Activité : fabrication de tous produits laminés en alliage et d'autres produits métallurgiques achat, vente, import-export des mêmes produits. Création, acquisition, obtention et cession de brevets, de marques de fabrique ou de commerce et de procédés quelconques, ainsi que toutes additions et licences . Commentaires : modification survenue sur l'activité et l'administration. Administration : administrateur partant : IMPHY UGINE PRECISION, représentée par CHABOUD (Michel). P.-D.G. partant : DANEL (Noël). Nomination d'administrateurs : USINOR, représentée par GILET (Jean, Yves) POLARD (Victor). Nomination du P.-D.G. et administrateur : CHABOUD (Michel).
04/04/2004	Bodacc A	Création d'établissement
RCS B 440326692 RC 04-B 73 IMPHY ALLOYS. Forme : S.A. Adresse du siège social : immeuble La Pacific, 11-13 cours Valmy, 92800 Puteaux ETABLISSEMENT SECONDAIRE. Activité : fabrication de tous produits laminés en alliages et autres produits métallurgiques. Adresse : avenue Jean- Jaurès, 58160 Imphy Etablissement secondaire acquis par apport au montant évalué à 34 902 365 euros Date de début d'activité: 1 e r décembre 2003. Précédent propriétaire : IMPHY UGINE PRECISION. RCS B 410436265 Publication légale: Les Petites affiches du 2 décembre 2003 déclaration de créances: au tribunal de commerce de Nevers.
11/01/2004	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 440326692 RC 01-B 6131 IMPHY ALLOYS. Forme : S.A. Capital : 35 038 200 euros. Activité : fabrication de tous produits laminés en aliages et d'autres produits métallurgiques achat, vente et import-export de memes produits. Création, acquisition, obtention, cession de brevets, de marques de fabrique ou de commerce et de procédés quelconques, ainsi que toutes additions et licences. Commentaires : modification survenue sur la dénomination, le capital (augmentation), l'activité et l' administration. Administration : P.-D.G. partant : CAUVIN (Emmanuel, Joseph, Marie). Administrateurs partants : CHAOUCH (Jacques, Maurice) RIZZI ( Vanessa, Eléonora, Marie). Nomination d' administrateurs : IMPHY UGINE PRECISION, représentée par VASSORT (Francis) GILET (Jean, Yves). Nomination du P.-D. G. : DANEL (Noel). Nomination d'un administrateur : CARAKEHIAN (Yves).
06/12/2002	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 440326692 RC 01-B 6131 TORS. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : commissaire aux comptes titulaire partant : DELOITTE TOUCHE TOHMATSU. Commissaire aux comptes suppléant partant : BEAS. Nomination d'un commissaire aux comptes suppléant : S.C. P. DE COMMISSAIRES AUX COMPTES JEAN CLAUDE ANDRE ET AUTRES. Nomination d'un commissaire aux comptes titulaire : K.P. M.G. S.A.

Company events history

Date	Description
26/12/2013	Bodacc B: Various editing or changing
13/12/2013	Legal Gazette: Resignation / Revocation of the social representative
04/12/2013	New chairman (CEO, CoB)
04/12/2013	Minutes of general meeting of shareholders
20/11/2013	Bodacc C : Deposit accounts notice
29/10/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
13/09/2013	Collection of preferential rights for this company has been stopped by the Court
28/06/2013	Legal Gazette: Appointment of the social representative
12/06/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/03/2013	Bodacc B: Various editing or changing
18/02/2013	New legal form – new category
18/02/2013	New chairman (CEO, CoB)
18/02/2013	Updated articles of association
18/02/2013	Amendment
31/12/2012	New accounts available
23/12/2012	Bodacc B: Various editing or changing
01/12/2012	Formation of Establishment
30/11/2012	Legal Gazette: Head Office Transfer
29/11/2012	Audit or Management Report
29/11/2012	Updated articles of association
29/11/2012	Minutes of Board meeting
29/11/2012	Minutes of general meeting of shareholders
29/11/2012	Changes to the Board of Directors
29/11/2012	New legal form – new category
29/11/2012	Registered office transferred inside jurisdiction of the Commercial Court
26/11/2012	Legal Gazette: Head Office Transfer
06/11/2012	Modification to Company Identifier
06/11/2012	Legal Gazette: Appointment of the social representative
06/11/2012	Update of Company Legal Form
24/10/2012	New Filling of Social Security preferential right
03/09/2012	Bodacc C : Deposit accounts notice
01/07/2012	Update of Company Legal Form
01/07/2012	Modification to Company Identifier
24/04/2012	Transfer of Establishment
24/04/2012	Update of Company Head Office Identifier
31/12/2011	New accounts available
11/11/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/10/2011	Bodacc C : Deposit accounts notice
02/09/2011	Update of participations in other companies
02/09/2011	Disengagement of the group
02/09/2011	New ultimate parent
02/09/2011	New parent detected
01/04/2011	New subsidiarie(s) detected
20/03/2011	Bodacc B: Various editing or changing
17/03/2011	Bodacc B: Various editing or changing
11/03/2011	Minutes of general meeting of shareholders
11/03/2011	Amendment
11/03/2011	Updated articles of association
11/03/2011	Changes to the Board of Directors
11/03/2011	New company name
11/03/2011	Appointment/resignation of company officers
09/03/2011	Amendment
09/03/2011	Appointment/resignation of company officers
28/01/2011	Legal Gazette: Appointment of the social representative
31/12/2010	New accounts available
11/10/2010	Bodacc C : Deposit accounts notice
21/03/2010	A Social Security Preferential right lapsed
02/03/2010	New subsidiarie(s) detected
31/12/2009	New accounts available
23/12/2009	Bodacc C : Deposit accounts notice
28/08/2009	Bodacc B: Various editing or changing
19/08/2009	Changes to the Board of Directors
19/08/2009	Private document
19/08/2009	Nomination/démission des organes de gestion
19/08/2009	Minutes of general meeting of shareholders
19/08/2009	Minutes of Board meeting
19/08/2009	Acte modificatif
19/08/2009	Amendment
19/08/2009	Modification du Conseil d'Administration
19/08/2009	New chairman (CEO, CoB)
19/08/2009	Changement de Président (PDG, PCA)
19/08/2009	Appointment/resignation of company officers
31/12/2008	New accounts available
12/11/2008	Private document
12/11/2008	Minutes of general meeting of shareholders
12/11/2008	New auditor
12/11/2008	Appointment/resignation of company officers
01/10/2008	New Bodacc B ads detected
01/10/2008	Bodacc B: Various editing or changing
22/09/2008	Minutes of general meeting of shareholders
22/09/2008	Changement de Commissaire aux Comptes
22/09/2008	New auditor
22/09/2008	PV d'Assemblée
22/09/2008	Private document
22/09/2008	Appointment/resignation of company officers
26/08/2008	Bodacc C : Deposit accounts notice
17/04/2008	Payment incident closed
07/03/2008	Payment incident detected
21/02/2008	New Bodacc B ads detected
21/02/2008	Bodacc B: Various editing or changing
23/01/2008	Bodacc B: Various editing or changing
23/01/2008	New Bodacc B ads detected
09/01/2008	Changement de dénomination sociale
09/01/2008	Minutes of general meeting of shareholders
09/01/2008	PV d'Assemblée
09/01/2008	Private document
09/01/2008	New company name
09/01/2008	Statuts mis à jour
09/01/2008	Updated articles of association
31/12/2007	New accounts available
21/09/2007	Filling of Preferential Right
21/09/2007	New Filling of Social Security preferential right
13/09/2007	Collection of preferential rights activated for this company
28/06/2007	Changes to the Board of Directors
28/06/2007	Modification du Conseil d'Administration
28/06/2007	Appointment/resignation of company officers
28/06/2007	Acte modificatif
28/06/2007	PV du Conseil d'Administration
28/06/2007	Minutes of general meeting of shareholders
28/06/2007	PV d'Assemblée
28/06/2007	Declaration of conformity
28/06/2007	Déclaration de conformité
28/06/2007	Private document
29/03/2007	Private document
29/03/2007	Planned merger
29/03/2007	Acte modificatif
29/03/2007	Amendment
29/03/2007	Apport Partiel
08/03/2007	Acte modificatif
08/03/2007	Private document
08/03/2007	Changes to the Board of Directors
08/03/2007	Minutes of Board meeting
08/03/2007	Modification du Conseil d'Administration
08/03/2007	Appointment/resignation of company officers
31/12/2006	New accounts available
23/10/2006	PV d'Assemblée
23/10/2006	Statuts mis à jour
20/10/2006	Updated articles of association
20/10/2006	Minutes of general meeting of shareholders
20/10/2006	Private document
20/10/2006	Registration after transfer
26/05/2006	Updated articles of association
26/05/2006	Acte modificatif
26/05/2006	Statuts mis à jour
26/05/2006	PV du Conseil d'Administration
26/05/2006	Minutes of Board meeting
26/05/2006	Private document
26/05/2006	Acte sous seing privé
26/05/2006	Registration after transfer
26/05/2006	Transfert du Siège hors du ressort du Tribunal de Commerce
26/05/2006	Immatriculation suite à transfert
31/12/2005	New accounts available
15/12/2005	Modification du Conseil d'Administration
15/12/2005	Acte sous seing privé
15/12/2005	Private document
15/12/2005	Minutes of Board meeting
15/12/2005	PV du Conseil d'Administration
15/12/2005	Acte modificatif
15/12/2005	Amendment
15/12/2005	Changement de Président (PDG, PCA)
15/12/2005	Nomination/démission des organes de gestion
31/12/2004	New accounts available
17/11/2004	Nomination/démission des organes de gestion
31/12/2003	New accounts available
29/12/2003	Apport Partiel
29/12/2003	Acte modificatif
29/12/2003	Statuts mis à jour
29/12/2003	PV du Conseil d'Administration
29/12/2003	PV d'Assemblée
29/12/2003	Augmentation de Capital
29/12/2003	Modification de l'objet social
29/12/2003	Changement de dénomination sociale
29/12/2003	Changement de Président (PDG, PCA)
29/12/2003	Modification du Conseil d'Administration
29/12/2003	Nomination/démission des organes de gestion
18/11/2003	Rapport des Commissaires ou du Gérant
18/11/2003	Acte sous seing privé
30/10/2003	Acte sous seing privé
30/10/2003	Projet de Fusion
30/10/2003	Apport Partiel
23/11/2002	Acte sous seing privé
23/11/2002	Changement de Commissaire aux Comptes
23/11/2002	PV d'Assemblée
23/11/2002	Nomination/démission des organes de gestion
28/12/2001	Formation de Société
28/12/2001	Acte sous seing privé
28/12/2001	Statuts
28/12/2001	Nomination/démission des organes de gestion
28/12/2001	PV du Conseil d'Administration
28/12/2001	Certificat de dépôt des fonds

Establishment events history

Date	Description
12/01/2013	Update of phone numbers
01/12/2012	Modification of Head office
01/07/2012	Modification of Head office
24/04/2012	Modification of Head office (after transfer)
24/04/2012	Update of Establishment Activity
18/03/2008	Update of phone numbers
17/03/2008	Update of phone numbers
22/02/2008	Update of phone numbers

directors

Name	M. DARMAYAN PHILIPPE
Manager position	President	Date of birth	03/05/1952
Place of birth	ALGER(ALGERIE)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M JULIEN BURDEAU	21/09/1971 - RENNES (35)
Chairman of the Board	M JULIEN BURDEAU	- - -
Managing director	M JULIEN BURDEAU	- - -
Administrator	ARCELORMITTAL FRANCE	- - -
Administrator	ARCELORMITTAL FRANCE	- - -
Administrator	M GUILLAUME BAZETOUX	- - -
Administrator	M JULIEN BURDEAU	- - -
Administrator	M BERNARD HEBEISEN	- - -

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 :	MNL

RATING EXPLANATIONS

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

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

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

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

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.