MIRA INFORM REPORT

Report Date :

21.04.2014

IDENTIFICATION DETAILS

Name :	MC DIFFUSION
Registered Office :	27 Rue Popincourt, 75011 Paris 11
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	September 1984
Com. Reg. No.:	RCS Paris 8 330 929 548
Legal Form :	Public Limited Company with Board of Directors
Line of Business :	Wholesale trader of textiles
No of Employees :	13 (31.2.2010)

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow but Correct
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

MC DIFFUSION

SIRET

330 929 548 00023

Business Name	DAVID OLIVIER - COMAG FRANCE	EUR VAT Number	FR58330929548
Activity (APE)	Wholesale trader of textiles	Legal form	Public limited company with board of directors
Phone	01 48 05 44 10	RCS Registration	RCS Paris 8 330 929 548
Fax		Share capital	152,449 Euros
Address	MC DIFFUSION 27 RUE POPINCOURT 75011 PARIS 11	Incorporated Date	17/10/1984
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

No social security and tax office preferential right to date

Current Directors

3

Trading to Date	12/31/2011	12/31/2010	12/31/2009
Turnover	2,767,966 €	3,500,034 €	5,037,561 €
Gross Operating Surplus	-4,78 % Turnover	-6,90 % Turnover	-11,64 % Turnover
Shareholders’ equity	1,217,046 €	1,417,398 €	1,592,040 €
Net result	-200,352 €	-174,642 €	595,999 €
Employees	20 to 49 employees	-	-

Trends
Profitability
Liquidity
Net worth

company details

Activity (APE)	Wholesale trader of textiles
RCS Registration	RCS Paris 8 330 929 548	Share capital	152,449 Euros
Registration Court	Paris (75)	Legal form	Public limited company with board of directors
Court Registry Number	19 8 4B10898	EUR VAT Number	FR58330929548
Incorporation Date	17/10/1984	Formation Date	09/1984
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Establishment details

Activity (APE)	Wholesale trader of textiles	Business Pages FT®	LINGE DE MAISON (FABRICATION, GROS)
Postal Address	MC DIFFUSION DAVID OLIVIER COMAG FRANCE 27 RUE POPINCOURT 75011 PARIS 11	Trading Address	27 RUE POPINCOURT 75011 PARIS 11
Telephone	01 48 05 44 10
Fax

Type	Head office	Status	Economically active
Formation Date	09/1984	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Paris (75)	Region	Ile-de-France
District	1	Area	99
City	PARIS 11	Size of urban area	Paris conglomeration

Other establishments

Branches	1 branch entities in this company
	Head office	> MC DIFFUSION <<<  - Commerce de gros (commerce interentreprises) de textiles (4641Z)  in PARIS 11  (75011)
	Secondary establishments	>  MC DIFFUSION  - Commerce de gros (commerce interentreprises) de textiles (4641Z)  in BOBIGNY  (93000) >  MC DIFFUSION  - Commerce de gros (commerce interentreprises) de textiles (4641Z)  in PANTIN  (93500)

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

10 to 19 employees

Company workforce

20 to 49 employees

accounts

Active Account |  Passive Account |  Account Results

Display parameter

Currency Euro Kilo Euro

Comparison mode Average Median

Synthesized Accounts

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	28/12/2012	16/11/2011	01/11/2010
Activity Code	4641Z	4641Z	4641Z
Employees	0	13	18

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	113 863	-17,2%	137 519	0,1%	137 418	19 629	480,1%
- Intangible assets	38 112	-15,6%	45 153	18,5%	38 112	0	0%
- Tangible assets	67 370	-18,6%	82 744	-7,7%	89 684	4 781	1309,1%
- Financial assets	8 381	-12,9%	9 622	0%	9 622	1 800	365,6%
Net current assets	2 488 312	-0,5%	2 500 880	-25,9%	3 375 891	191 947	1196,4%
- Stocks	1 787 497	40,6%	1 271 666	5,6%	1 203 984	38 677	4521,6%
- Advanced payments	0	-0,5%	387	-76,8%	1 671	0	0%
- Receivables	697 055	-38,7%	1 136 293	-1,6%	1 154 436	62 928	1007,7%
- Securities and cash	3 760	-95,9%	92 534	-90,9%	1 015 800	25 957	-85,5%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	0	0%	0	0%	1 738	0	0%
Total Assets	2 602 176	-1,4%	2 638 399	-24,9%	3 515 048	251 583	934,3%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	1 217 046	-14,1%	1 417 398	-11,0%	1 592 040	62 407	1850,2%
Share capital	152 449	0%	152 449	0%	152 449	10 000	1424,5%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	100 000	0%	100 000	-1,7%	101 738	0	0%
Liabilities	1 285 131	14,6%	1 121 002	-38,4%	1 821 270	159 096	707,8%
- Financial liabilities	220 375	17063,2%	1 284	20,2%	1 068	15 163	1353,4%
- Advanced payments received	2 183	0%	0	0%	8 345	0	0%
- Trade account payables	953 148	-4,5%	997 636	-38,3%	1 616 665	49 776	1814,9%
- Tax and social liabilities	99 757	-8,3%	108 845	-24,0%	143 298	36 128	176,1%
- Other debts and fixed assets liabilities	9 668	-27,0%	13 237	-74,5%	51 894	4 713	105,1%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	2 602 176	-1,4%	2 638 399	-24,9%	3 515 048	251 580	934,3%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	2 852 762	-21,6%	3 639 541	-28,9%	5 118 882	407 476	600,1%
Net turnover	2 767 966	-20,9%	3 500 034	-30,5%	5 037 561	402 460	587,8%
- of which net export turnover	912 952	29,9%	702 821	-43,0%	1 233 605	680	134157,6%
Operating charges	3 009 509	-20,8%	3 800 910	-35,1%	5 859 704	403 186	646,4%
Operating profit/loss	-156 747	2,9%	-161 369	78,2%	-740 822	6 957	-2353,1%
Financial income	2 793	-53,1%	5 956	-99,5%	1 299 871	30	9210,0%
Financial charges	24 954	-33,9%	37 753	-45,7%	69 587	1 239	1914,0%
Financial profit/loss	-22 161	30,3%	-31 797	-102,6%	1 230 284	-186	-11814,5%
Pretax net operating income	-178 908	7,4%	-193 166	-139,5%	489 462	4 938	-3723,1%
Extraordinary income	0	0%	21 982	-89,5%	209 269	05	0%
Extraordinary charges	21 446	520,0%	3 459	-96,6%	102 731	206	10310,7%
Extraordinary profit/loss	-21 446	-215,8%	18 523	-82,6%	106 538	0	0%
Net result	-200 352	-14,7%	-174 642	-129,3%	595 999	6 120	-3373,7%

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

Display parameter

Currency Euro Kilo Euro

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	2 602 176	-1,4%	2 638 399	-24,9%	3 515 048
	Gross	CO	2 848 935	-2,5%	2 921 562	-24,5%	3 869 621
	Amortisation	1A	246 759	-12,9%	283 163	-20,1%	354 573

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	113 863	-17,2%	137 519	0,1%	137 418
	Gross	BJ	320 426	0,0%	320 482	-19,5%	398 129
	Amortisation	BK	206 563	12,9%	182 963	-29,8%	260 711

Intangible 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	0	0%	7 041	0%	0
	Gross	AF	11 167	0%	11 167	95,8%	5 703
	Amortisation	AG	11 167	170,6%	4 126	-27,7%	5 703
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	38 112	0%	38 112	0%	38 112
	Gross	AJ	38 112	0%	38 112	0%	38 112
	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	38 112	-15,6%	45 153	18,5%	38 112

Tangible fixed assets

			31/12/2011		31/12/2010		31/12/2009
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	0	0%	0	0%	0
	Gross	AP	0	0%	0	0%	0
	Amortisation	AQ	0	0%	0	0%	0
	Plant	Net	0	0%	75	-93,5%	1 151
	Gross	AR	11 470	0%	11 470	0%	11 470
	Amortisation	AS	11 470	0,7%	11 395	10,4%	10 319
	Other tangible fixed assets	Net	67 370	-18,5%	82 669	-6,6%	88 533
	Gross	AT	251 296	0,5%	250 111	-24,9%	333 222
	Amortisation	AU	183 926	9,8%	167 442	-31,6%	244 689
	Fixed assets in construction	Net	0	0%	0	0%	0
	Gross	AV	0	0%	0	0%	0
	Amortisation	AW	0	0%	0	0%	0
	Advances and payments on account	Net	0	0%	0	0%	0
	Gross	AX	0	0%	0	0%	0
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	67 370		82 744		89 684

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	2 300	0%	2 300	0%	2 300
	Gross	CU	2 300	0%	2 300	0%	2 300
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	6 081	-16,9%	7 322	0%	7 322
	Gross	BH	6 081	-16,9%	7 322	0%	7 322
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		8 381		9 622		9 622

Current Assets (III)

			31/12/2011		31/12/2010		31/12/2009
	Total Assets	Net	2 488 312	-0,5%	2 500 880	-25,9%	3 375 891
	Gross	CJ	2 528 508	-2,8%	2 601 080	-25,0%	3 469 754
	Amortisation	CK	40 196	-59,9%	100 200	6,8%	93 863

Stocks

			31/12/2011		31/12/2010		31/12/2009
	Raw materials	Net	0	0%	0	0%	0
	Gross	BL	0	0%	0	0%	0
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	0	0%	0	0%	0
	Gross	BR	0	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	1 787 497	40,6%	1 271 666	5,6%	1 203 984
	Gross	BT	1 787 497	40,6%	1 271 666	5,6%	1 203 984
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	1 787 497	40,6%	1 271 666	5,6%	1 203 984

Advance payments to suppliers

			31/12/2011		31/12/2010		31/12/2009
	Advance payments to suppliers	Net	0	0%	387	-76,8%	1 671
	Gross	BV	0	0%	387	-76,8%	1 671
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2011		31/12/2010		31/12/2009
	Trade accounts receivable	Net	509 950	-40,4%	855 421	18,7%	720 441
	Gross	BX	550 146	-42,4%	955 621	17,4%	814 304
	Amortisation	BY	40 196	-59,9%	100 200	6,8%	93 863
	Other debtors	Net	101 885	-42,7%	177 751	-54,1%	387 540
	Gross	BZ	101 885	-42,7%	177 751	-54,1%	387 540
	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	611 835	-40,8%	1 033 172	-6,8%	1 107 981

Divers

			31/12/2011		31/12/2010		31/12/2009
	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	3 760	-95,9%	92 534	-90,9%	1 015 800
	Gross	CF	3 760	-95,9%	92 534	-90,9%	1 015 800
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	3 760	-95,9%	92 534	-90,9%	1 015 800

Prepaid expenses

			31/12/2011		31/12/2010		31/12/2009
	Prepaid expenses	Net	85 220	-17,4%	103 121	122,0%	46 455
	Gross	CH	85 220	-17,4%	103 121	122,0%	46 455
	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%	1 738
Gross		0	0%	0	0%	1 738

References

		31/12/2011		31/12/2010		31/12/2009
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	109 887	-31,0%	159 333	0%	0

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	2 602 176	-1,4%	2 638 399	-24,9%	3 515 048

Shareholder Equity (I)

			31/12/2011		31/12/2010		31/12/2009
	Total shareholders' equity (Total I)	DL	1 217 046	-14,1%	1 417 398	-11,0%	1 592 040
	Equity and shareholders' equity	DA	152 449	0%	152 449	0%	152 449
	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	15 245	0%	15 245	0%	15 245
	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	1 249 704	-12,3%	1 424 346	72,0%	828 347
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	0	0%	0	0%	0
	Profit or loss for the period	DI	-200 352	-14,7%	-174 642	-129,3%	595 999
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

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

			31/12/2011		31/12/2010		31/12/2009
	Total provisions for risks and charges (Total III)	DR	100 000	0%	100 000	-1,7%	101 738
	Risk provisions	DP	100 000	0%	100 000	-1,7%	101 738
	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	1 285 131	14,6%	1 121 002	-38,4%	1 821 270
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	1 375	7,1%	1 284	20,2%	1 068
	Sundry loans and financial liabilities	DV	219 000	0%	0	0%	0
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	2 183	0%	0	0%	8 345
	Trade accounts payables	DX	953 148	-4,5%	997 636	-38,3%	1 616 665
	Tax and social security liabilities	DY	99 757	-8,3%	108 845	-24,0%	143 298
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	9 668	-27,0%	13 237	-74,5%	51 894

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	0	0%	0	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	1 285 131	14,6%	1 121 001	-38,2%	1 812 925
Of which current bank facilities	EH	199	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	-156 747	2,9%	-161 369	78,2%	-740 822

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	-22 161	30,3%	-31 797	-102,6%	1 230 284

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	-178 908	7,4%	-193 166	-139,5%	489 462

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	-21 446	-215,8%	18 523	-82,6%	106 538

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	-200 352	-14,7%	-174 642	-129,3%	595 999

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	2 855 555	-22,1%	3 667 479	-44,7%	6 628 022

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	3 055 909	-20,5%	3 842 122	-36,3%	6 032 022

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	2 852 762	-21,6%	3 639 541	-28,9%	5 118 882

Operating income (details)

			31/12/2011		31/12/2010		31/12/2009
	Sale of goods for resale	FC	2 766 984	-20,8%	3 495 441	-30,6%	5 035 205
	France	FA	1 854 427	-33,6%	2 794 241	-26,5%	3 801 868
	Export	FB	912 557	30,1%	701 200	-43,1%	1 233 337
	Sale of goods produced	FF	0	0%	0	0%	0
	France	FD	0	0%	0	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	982	-78,6%	4 593	94,9%	2 356
	France	FG	587	-80,2%	2 972	42,3%	2 088
	Export	FH	395	-75,6%	1 621	504,9%	268
	Net turnover	FL	2 767 966	-20,9%	3 500 034	-30,5%	5 037 561
	France	FJ	1 855 014	-33,7%	2 797 213	-26,5%	3 803 956
	Export	FK	912 952	29,9%	702 821	-43,0%	1 233 605
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	76 449	271,9%	20 558	-73,0%	76 119
	Other income	FQ	8 347	-93,0%	118 948	2186,6%	5 202

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	3 009 509	-20,8%	3 800 910	-35,1%	5 859 704

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	2 379 326	-7,6%	2 575 371	-20,7%	3 246 529
Change in stocks of goods for resale	FT	-515 831	-662,1%	-67 683	-108,4%	801 221
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	505 849	-12,0%	574 979	-28,4%	803 278
Tax, duty and similar payments	FX	15 431	-44,5%	27 820	-47,8%	53 282
Payroll	FY	365 296	-21,3%	464 230	-11,2%	522 646
Social security costs	FZ	150 085	-10,1%	166 855	-15,4%	197 210

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	23 600	11,2%	21 230	19,7%	17 732
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	16 445	-0,8%	16 580	-66,0%	48 707
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	69 308	222,0%	21 527	-87,3%	169 099

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	2 793	-53,1%	5 956	-99,5%	1 299 871
	Share financial income	GJ	0	0%	0	0%	1 293 105
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	10	-77,3%	44	-36,2%	69
	Released provisions and transferred charges	GM	0	0%	1 738	150,1%	695
	Exchange gains	GN	2 783	-33,3%	4 174	-30,5%	6 002
	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	24 954	-33,9%	37 753	-45,7%	69 587
	Financial reserves and provisions	GQ	0	0%	0	0%	1 738
	Interest and similar charges	GR	20 413	-27,9%	28 297	-54,9%	62 680
	Exchange losses	GS	4 541	-51,7%	9 410	82,0%	5 169
	Net loss from disposal of investment securities	GT	0	0%	46	0%	0

Extraordinary income (VII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary income (Total VII)	HD	0	0%	21 982	-89,5%	209 269
	Extraordinary operating income	HA	0	0%	8 982	-83,3%	53 687
	Extraordinary income from capital transactions	HB	0	0%	13 000	766,7%	1 500
	Released provisions and transferred charges	HC	0	0%	0	0%	154 082

Extraordinary charges (VIII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary charges (Total VIII)	HH	21 446	520,0%	3 459	-96,6%	102 731
	Extraordinary operating charges	HE	21 446	520,0%	3 459	-96,6%	101 895
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	836
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2011		31/12/2010		31/12/2009
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2011		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	0	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Of which equipment leases	HP	0	0%	218	-94,7%	4 131
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	10 316	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	11 166	-40,8%	18 846

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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	1 241	0%	0	0%	0
	Decreasess by transfers	OK2	0	0%	98 977	0%	0
	Gross value at the end of period	OL	320 427	0,0%	320 483	0%	0

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	49 279	12,5%	43 815	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	11 167	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	5 703	0%	0
	Gross value at the end of period	LW	49 279	0%	49 279	0%	0

Tangible fixed assets (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LN	261 582	-24,1%	344 692	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	1 185	-88,3%	10 164	0%	0
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	93 275	0%	0
	Gross value at the end of period	NH	262 767	0,5%	261 581	0%	0

Financial assets (Total IV)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LQ	9 622	0%	9 622	0%	0
	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	1 241	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	0
	Gross value at the end of period	NK	8 381	-12,9%	9 622	0%	0

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	4 126	-27,7%	5 703	0%	0
Increases		PF	0	0%	4 126	0%	0
Decreasess		PG	0	0%	5 703	0%	0
	Decreasess by budget item transfer	PH	4 126	0%	4 126	0%	0

Total fixed assets amotisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	178 837	-29,9%	255 008	0%	0
Increases		QV	0	0%	17 104	0%	0
Decreases		QW	0	0%	93 275	0%	0
	Decreasess by budget item transfer	QX	178 837	0%	178 837	0%	0

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	200 200	2,4%	195 601	0%	0
Increases		UB	0	0%	16 580	0%	0
Decreases		UC	0	0%	11 981	0%	0
	Value at the end of period	UD	200 200	0%	200 200	0%	0

Includes Total allocations

Operating	UE	0	0%	16 580	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	10 242	0%	0
Financial	UH	0	0%	1 738	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	5Z	100 000	-1,7%	101 738	0%	0
Increases		TV	0	0%	0	0%	0
Decreases		TW	0	0%	1 738	0%	0
	Value at the end of period	TX	100 000	0%	100 000	0%	0

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7B	100 200	6,8%	93 863	0%	0
Increases		TY	0	0%	16 580	0%	0
Decreases		TZ	0	0%	10 243	0%	0
	Value at the end of period	UA	100 200	0%	100 200	0%	0

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	0	0%	1 243 815	0%	0
1 year at most	VU	0	0%	1 077 160	0%	0
More than one year	VV	0	0%	166 655	0%	0

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	0	0%	7 322	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	0	0%	159 333	0%	0
Other claims customer	UX	0	0%	796 288	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	137	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%	14 759	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%	162 856	0%	0

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	0	0%	103 121	0%	0

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	0	0%	1 121 001	0%	0
1 year at most		VZ2	0	0%	1 121 001	0%	0
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

			31/12/2011		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	0	0%	1 284	0%	0
1 year at most		VG2	0	0%	1 284	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%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	0	0%	997 636	0%	0
1 year at most		8B2	0	0%	997 636	0%	0
More than 1 year and 5 years at most		8B3	0	0%	997 636	0%	0
	Personnel and associated accounts (gross)	8C1	0	0%	37 831	0%	0
1 year at most		8C2	0	0%	37 831	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%	51 140	0%	0
1 year at most		8D2	0	0%	51 140	0%	0
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%	8 270	0%	0
1 year at most		VW2	0	0%	8 270	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%	11 604	0%	0
1 year at most		VQ2	0	0%	11 604	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	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%	13 237	0%	0
1 year at most		8K2	0	0%	13 237	0%	0
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

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

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

Commitments

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

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

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

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

		31/12/2011		31/12/2010		31/12/2009
Average number of employees	YP	0	0%	13	-27,8%	18

Groups and Shareholders

		31/12/2011		31/12/2010		31/12/2009
Groups and Shareholders	ZR	0	-	0	-	-

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

Structure and Liquidity

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Fixed Asset Financing		5,44	2,4%	5,31	8,1%	4,91	2,80	94,3%
Global Debt		167 days	45,2%	115 days	-11,5%	130 days	127,50 days	31,0%
Working Capital Fund overall net		185 days	30,3%	142 days	27,9%	111 days	73 days	153,4%
Financial independence		88512,44%	-19,8%	110389,25%	-25,9%	149067,42%	448,84%	19620,3%
Solvability		46,77%	-12,9%	53,72%	18,6%	45,29%	33,73%	38,7%
Capacity debt futures		%	-	110389,25%	-	%	1043,30%	-
Coverage of current assets by net working capital overall		58,26%	5,4%	55,29%	21,5%	45,49%	42,35%	37,6%
General Liquidity			-	0,96	-		0,58	-
Restricted Liquidity			-	1,04	-		0,96	-

Management or rotation

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital		174 days	42,6%	122 days	248,6%	35 days	30,50 days	470,5%
Treasury		0 days	0%	10 days	-86,3%	73 days	11 days	0%
Inventory turnover of goods		345 days	88,5%	183 days	71,0%	107 days	86 days	301,2%
Average length of credit granted to customers		72 days	-26,5%	98 days	69,0%	58 days	51 days	41,2%
Average length of credit obtained suppliers		145 days	23,9%	117 days	-2,5%	120 days	59 days	145,8%
Inventory turnover of raw materials in industrial enterprises		0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	1182 days	-
Rotation tangible assets		1053,39%	-21,3%	1338,03%	-	%	1903,77%	-44,7%

Profitability of the business

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading		32,64%	15,7%	28,22%	44,0%	19,60	29,69%	9,9%
Profitability of the business		-4,78	30,7%	-6,90	40,7%	-11,64	3,02%	-258,3%
Net profit		-7,24%	-45,1%	-4,99%	-142,2%	11,83%	1,49%	-585,9%
Growth rate of turnover (excluding VAT)		-20,92%	31,5%	-30,52%	29,7%	-43,43%	0%	0%
Rates integration		14,40%	20,8%	11,92%	222,2%	3,70%	19,53%	-26,3%
Rate leasing furniture		0%	0%	0,01%	-87,5%	0,08%	0%	0%
Work Factor		129,29%	-14,5%	151,21%	-60,8%	385,91%	66,55%	94,3%
Weight interests		0,90	-16,7%	1,08%	-21,7%	1,38%	0,34%	164,7%

Return on capital

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability		-6,39%	-25,3%	-5,10%	-141,8%	12,20%	2,07%	-408,7%
Rates of economic profitability		-9%	47,1%	-17%	54,1%	-37%	10,70%	-184,1%
Financial profitability		1217046%	-14,1%	1417398%	-11,0%	1592040%	42440%	2767,7%
Return on investment		-12,20%	-26,4%	-9,65%	-123,1%	41,78%	8,32%	-246,6%

Soldes Intermédiaires de Gestion

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Turnover	2 767 966	-20,9%	3 500 034	-30,5%	5 037 561	402 460 €	587,8%

Sales of goods	2 766 984	-20,8%	3 495 441	-30,6%	5 035 205
- Purchase of goods	2 379 326	-7,6%	2 575 371	-20,7%	3 246 529
+/- Stock of goods variation	-515 831	-662,1%	-67 683	-108,4%	801 221
Trading margin	903 489 €	-8,5%	987 753 €	0,0%	987 455 €	86 429 €	945,4%
	32,64 % CA	15,7%	28,22 % CA	44,0%	19,60 % CA	31,41 % CA	3,9%

Sale of goods produced	982	-78,6%	4 593	94,9%	2 356
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	982 €	-78,6%	4 593 €	94,9%	2 356 €	8 504 €	-88,5%
	0,04 % CA	-69,2%	0,13 % CA	160,0%	0,05 % CA	2,58 % CA	-98,4%

Trading margin	903 489	-8,5%	987 753	0,0%	987 455	86 429	945,4%
+ Period Production	982	-78,6%	4 593	94,9%	2 356	8 504	-88,5%
- Purchase of raw materials	0	0%	0	0%	0
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	505 849	-12,0%	574 979	-28,4%	803 278
Added value	398 622 €	-4,5%	417 367 €	123,7%	186 533 €	83 197 €	379,1%
	14,40 % CA	20,8%	11,92 % CA	222,2%	3,70 % CA	19,53 % CA	-26,3%

Added value	398 622 €	-4,5%	417 367 €	123,7%	186 533 €	83 197 €	379,1%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	15 431	-44,5%	27 820	-47,8%	53 282
- Personal charges	515 381	-18,3%	631 085	-12,3%	719 856
Gross operating surplus	-132 190 €	45,3%	-241 538 €	58,8%	-586 605 €	8 966 €	-1574,3%
	-4,78 % CA	30,7%	-6,90 % CA	40,7%	-11,64 % CA	3,02 % CA	-258,3%

Gross operating surplus	-132 190 €	45,3%	-241 538 €	58,8%	-586 605 €	8 966 €	-1574,3%
+ Release of reserves and provisions	76 449	271,9%	20 558	-73,0%	76 119
+ Other operating income	8 347	-93,0%	118 948	2186,6%	5 202
- Depreciation/Amortisation	40 045	5,9%	37 810	-43,1%	66 439
- Other charges	69 308	222,0%	21 527	-87,3%	169 099
Operating result	-156 747 €	2,9%	-161 369 €	78,2%	-740 822 €	6 957 €	-2353,1%
	-5,66 % CA	-22,8%	-4,61 % CA	68,7%	-14,71 % CA	2,01 % CA	-381,6%

Operating result	-156 747 €	2,9%	-161 369 €	78,2%	-740 822 €	6 957 €	-2353,1%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	2 793	-53,1%	5 956	-99,5%	1 299 871
- Financial charges	24 954	-33,9%	37 753	-45,7%	69 587
Pre-tax result	-178 908 €	7,4%	-193 166 €	-139,5%	489 462 €	4 938 €	-3723,1%
	-6,46 % CA	-17,0%	-5,52 % CA	-156,8%	9,72 % CA	1,77 % CA	-465,0%

Extraordinary income	0	0%	21 982	-89,5%	209 269	05	0%
- Extraordinary charges	21 446	520,0%	3 459	-96,6%	102 731
Extraordinary result	-21 446 €	-215,8%	18 523 €	-82,6%	106 538 €	0 €	0%
	-0,77 % CA	-245,3%	0,53 % CA	-74,9%	2 % CA	0 % CA	0%

Pre-tax result	-178 908 €	7,4%	-193 166 €	-139,5%	489 462 €	4 938 €	-3723,1%
Extraordinary result	-21 446 €	-215,8%	18 523 €	-82,6%	106 538 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	0	0%	0	0%	0
Net result	-200 354 €	-14,7%	-174 643 €	-129,3%	596 000 €	6 086 €	-3392,0%
	-7,24 % CA	-45,1%	-4,99 % CA	-142,2%	11,83 % CA	1,49 % CA	-585,9%

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 return on total assets employed is negative

The sales to current assets ratio is 1,11

The pre-tax profit is less than 25,000€

Important board management change

The debtor days are 91.92

The ratio total assets to total liabilities is 1,88

The tangible fixed assets are 67,370 €

The company is 29 years old

Industry code with low risk rating

The shareholder's equity is more than 250,000€

The liquidity acid test is more than 65%

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	05/08/2009
Status of Monitoring	No social security and tax office preferential right to date

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

30721238

21/11/2007

02/09/2010

URSSAF DD PARIS 1

26 397 EUR

-

Reason for closure	Crossed Off
Paid off amount	23 998 EUR
Court	Paris
Creditor	URSSAF DD PARIS 1
Debtor	SA MC DIFFUSION 27 R POPINCOURT 75011 PARIS

30805368

18/03/2008

26/08/2010

URSSAF DD PARIS 1

26 710 EUR

-

Reason for closure	Crossed Off
Court	Paris
Creditor	URSSAF DD PARIS 1
Debtor	SA MC DIFFUSION 27 R POPINCOURT 75011 PARIS

30722402

17/12/2007

26/08/2010

URSSAF DD PARIS 1

26 829 EUR

-

Reason for closure	Crossed Off
Paid off amount	23 340 EUR
Court	Paris
Creditor	URSSAF DD PARIS 1
Debtor	SA MC DIFFUSION 27 R POPINCOURT 75011 PARIS

30806040

01/04/2008

02/09/2010

URSSAF DD PARIS 1

18 236 EUR

-

Reason for closure	Crossed Off
Court	Paris
Creditor	URSSAF DD PARIS 1
Debtor	SA MC DIFFUSION 27 R POPINCOURT 75011 PARIS

30718214

16/10/2007

02/09/2010

URSSAF DD PARIS 3

31 401 EUR

-

Reason for closure	Crossed Off
Paid off amount	28 547 EUR
Court	Paris
Creditor	URSSAF DD PARIS 3
Debtor	SA MC DIFFUSION 27 R POPINCOURT 75011 PARIS

30714754

17/08/2007

02/09/2010

URSSAF DD PARIS 3

30 202 EUR

-

Reason for closure	Crossed Off
Paid off amount	26 303 EUR
Court	Paris
Creditor	URSSAF DD PARIS 3
Debtor	SA MC DIFFUSION 27 R POPINCOURT 75011 PARIS

30711986

17/07/2007

02/09/2010

URSSAF DD PARIS 3

30 387 EUR

-

Reason for closure	Crossed Off
Paid off amount	26 558 EUR
Court	Paris
Creditor	URSSAF DD PARIS 3
Debtor	SA MC DIFFUSION 27 R POPINCOURT 75011 PARIS

Group data

Group Structure

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
05/03/2014	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2535 - 330 929 548 RCS Paris. MC DIFFUSION. Forme : Société anonyme. Administration : Directeur général délégué partant : Franco, David. Capital : 152449.02 EUR. Activité : . Adresse du siège social : 27 rue Popincourt, 75011 Paris. Commentaires : modification survenue sur l'administration.
25/02/2014	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2121 - 330 929 548 RCS Paris. MC DIFFUSION. Forme : Société anonyme. Administration : Président du conseil d'administration et Directeur général partant : Franco, nom d'usage : Dahan, Muriel Fanny, nomination du Président du conseil d'administration et Directeur général : Nehama, David Jacques, modification du Directeur général délégué Franco, David. Capital : 152449.02 EUR. Activité : . Adresse du siège social : 27 rue Popincourt, 75011 Paris. Commentaires : modification survenue sur l'administration.
05/02/2014	JAL	Appointment of the social representative
Journal spécial des sociétés (Le) Date de décision : 31/10/2013 Société faisant l'objet d'une nomination : 330929548 - MC DIFFUSION, 27 RUE POPINCOURT, 75011 PARIS 11 Nominé : Monsieur David NEHAMA En la fonction de : Président Directeur Général Nominé : Monsieur David NEHAMA, 94100 ST MAUR DES FOSSES En la fonction de : Administrateur
05/02/2014	JAL	Resignation / Revocation of the social representative
Journal spécial des sociétés (Le) Date de décision : 31/10/2013 La société 330929548 - MC DIFFUSION, 27 RUE POPINCOURT, 75011 PARIS 11 Fait l'objet du départ de Monsieur David FRANCO, De Madame Muriel DAHAN, De Madame Muriel DAHAN, De Monsieur David FRANCO, De Madame Muriel DAHAN, De Monsieur David FRANCO
08/12/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6471 - 330929548 RCS. MC DIFFUSION. Forme : Société anonyme. Adresse : 27 rue Popincourt 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
28/11/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7341 - 330929548 RCS. MC DIFFUSION. Forme : Société anonyme. Adresse : 27 rue Popincourt 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
13/12/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8332 - 330929548 RCS. MC DIFFUSION. Forme : Société anonyme. Adresse : 27 R POPINCOURT 75011 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
28/10/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6780 - 330929548 RCS. MC DIFFUSION. Forme : Société anonyme. Adresse : 27 rue Popincourt 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
03/12/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 4964 - 330929548 RCS. MC DIFFUSION. Forme : Société anonyme. Adresse : 27 rue Popincourt 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
24/04/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6084 - 330929548 RCS. MC DIFFUSION. Forme : Société anonyme. Adresse : 27 rue Popincourt 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
17/04/2008	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 981 - 330 929 548 RCS Paris. MC DIFFUSION. Forme : Société anonyme. Administration : modification du Président du conseil d'administration et Directeur général Franco, nom d'usage : Dahan, Muriel Fanny, modification du Directeur général délègué et Administrateur Franco, Robert Isaac. Capital : 152449.02 EUR. Adresse du siège social : 27 rue Popincourt, 75011 Paris. Commentaires : modification survenue sur l'administration.
09/12/2007	Bodacc C	Avis de dépôt des comptes
7031 - 330 929 548. RCS Paris MC DIFFUSION. Forme: Société anonyme. Adresse du siège social: 27 rue Popincourt 75011 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
17/01/2007	Bodacc C	Avis de dépôt des comptes
1699 - RCS Paris B 330 929 548. RC 84-B 10898. MC DIFFUSION. Forme: S.A. Adresse du siège social: 27, R Popincourt,Paris, 75011 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
17/03/2005	Bodacc C	Avis de dépôt des comptes
1812 - RCS Paris B 330 929 548. RC 84-B 10898. MC DIFFUSION. Forme: S.A. Adresse du siège social: 27, rue Popincourt,75011 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2003.
04/04/2003	Bodacc B	Modifications et mutations diverses
RCS Paris B 330929548 RC 84-B 10898 M.C. DIFFUSION. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : modification du président du conseil d' administration et directeur général : FRANCO (Robert, Isaac). Modification du directeur général délégué et administrateur : FRANCO (David). Nomination en qualité de directeur général délégué et administrateur : FRANCO (Muriel, Fanny) ( Nom d'usage : DAHAN).
03/05/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 330929548 RC 84-B 10898 M.C. DIFFUSION. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : modification du président du conseil d' administration : FRANCO (Robert, Isaac). Nomination du directeur général et administrateur : FRANCO (David). Modification d'un administrateur : Mme FRANCO, née CASIEZ (Marie-France). Administrateur partant : GUERCHON (Marc).
16/08/1997	Bodacc A	Création d'établissement
RCS Paris B 330 929 548 M.C. DIFFUSION. Forme : S.A. Capital : 1 000 000 de F. Adresse du siège social : 27 rue Popincourt 75011 Paris Etablissement principal: Activité : import-export et commerce en gros de linge de maison. Adresse : 8 bis rue Martel 75010 Paris Nom commercial: Comag France Cession du nom commercial dépendant de l' établissement principal au prix stipulé de 250 000 F. Date d'effet : 17 juillet 1997. Précédent propriétaire : SOCIETE COMAG FRANCE. RCS B 311 962 831 Publication légale: La Loi du 23 juillet 1997. Oppositions : Me Aubert, 11 rue Anatole-de-la-Forge, 75017 Paris.
22/01/1995	Bodacc B	Modifications et mutations diverses
RCS Paris B 330 929 548 RC 84-B 10898 M. C. DIFFUSION. Forme : S.A. Administration : P.-D.G. : FRANCO (Robert, Issac). Administrateurs : FRANCO, née CASIEZ ( Marie-France) GUERCHON (Marc). Commissaire aux comptes titulaire : S.A. R.L. COMAUDITEX. Commissaire aux comptes suppléant : CAUZOT (Jean-Claude). Commentaires : modification survenue sur l'administration.

Company events history

Date	Description
05/03/2014	Bodacc B: Various editing or changing
25/02/2014	Bodacc B: Various editing or changing
20/02/2014	Update Limit
20/02/2014	Update Rating
10/02/2014	Updated articles of association
10/02/2014	Minutes of general meeting of shareholders
10/02/2014	Changes to the Board of Directors
10/02/2014	New chairman (CEO, CoB)
10/02/2014	Amendment
05/02/2014	Legal Gazette: Resignation / Revocation of the social representative
31/10/2013	Legal Gazette: Appointment of the social representative
20/10/2013	Update Rating
20/10/2013	Update Limit
15/10/2013	Update Rating
15/10/2013	Update Limit
18/07/2013	Update Rating
01/01/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
08/12/2012	Bodacc C : Deposit accounts notice
19/10/2012	Amendment
19/10/2012	Updated articles of association
31/12/2011	New accounts available
28/11/2011	Bodacc C : Deposit accounts notice
18/11/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
13/12/2010	Bodacc C : Deposit accounts notice
02/09/2010	Preferential right lapsed
26/08/2010	Preferential right lapsed
17/06/2010	A Social Security Preferential right lapsed
21/05/2010	A Social Security Preferential right lapsed
16/04/2010	A Social Security Preferential right lapsed
17/02/2010	A Social Security Preferential right lapsed
17/01/2010	A Social Security Preferential right lapsed
31/12/2009	New accounts available
28/10/2009	Bodacc C : Deposit accounts notice
05/08/2009	Collection of preferential rights activated for this company
31/12/2008	New accounts available
03/12/2008	Bodacc C : Deposit accounts notice
24/04/2008	Bodacc C : Deposit accounts notice
17/04/2008	Bodacc B: Various editing or changing
01/04/2008	New Filling of Social Security preferential right
01/04/2008	Unfiling of a Social Security preferential right
18/03/2008	New Filling of Social Security preferential right
18/03/2008	Unfiling of a Social Security preferential right
31/12/2007	New accounts available
17/12/2007	New Filling of Social Security preferential right
17/12/2007	Unfiling of a Social Security preferential right
26/11/2007	Nomination/démission des organes de gestion
26/11/2007	Private document
26/11/2007	Changes to the Board of Directors
26/11/2007	Modification du Conseil d'Administration
26/11/2007	Changement de Président (PDG, PCA)
26/11/2007	Appointment/resignation of company officers
26/11/2007	Acte modificatif
26/11/2007	Minutes of Board meeting
26/11/2007	Minutes of general meeting of shareholders
26/11/2007	PV d'Assemblée
21/11/2007	New Filling of Social Security preferential right
21/11/2007	Unfiling of a Social Security preferential right
16/10/2007	New Filling of Social Security preferential right
16/10/2007	Unfiling of a Social Security preferential right
17/08/2007	Unfiling of a Social Security preferential right
17/08/2007	New Filling of Social Security preferential right
17/07/2007	New Filling of Social Security preferential right
17/07/2007	Filling of Social Security Preferential Right
17/07/2007	Unfiling of a Social Security preferential right
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
25/03/2003	Statuts mis à jour
25/03/2003	PV du Conseil d'Administration
25/03/2003	Conversion du Capital Social en Euros
25/03/2003	Modification du Conseil d'Administration
25/03/2003	Acte modificatif
25/03/2003	Acte sous seing privé
25/03/2003	PV d'Assemblée
19/04/2001	Acte sous seing privé
19/04/2001	Changement de Président (PDG, PCA)
19/04/2001	Modification du Conseil d'Administration
19/04/2001	Nomination/démission des organes de gestion
19/04/2001	PV d'Assemblée
19/04/2001	Acte modificatif
19/04/2001	PV du Conseil d'Administration
09/12/1994	Modification du Conseil d'Administration
09/12/1994	Nomination/démission des organes de gestion
09/12/1994	Acte modificatif
09/12/1994	Changement de Commissaire aux Comptes
09/12/1994	PV d'Assemblée

directors

Name	M. NEHAMA DAVID JACQUES
Manager position	Chairman of the Board, Managing director	Date of birth	06/07/1975
Place of birth	PARIS (75019)
Type	Individual	Name at birth

Name	M. FRANCO ROBERT ISAAC
Manager position	Delegated managing director, Administrator	Date of birth	05/12/1934
Place of birth	PARIS (75012)
Type	Individual	Name at birth

Name	Mme. FRANCO MARIE-FRANCE
Manager position	Administrator	Date of birth	29/01/1943
Place of birth	PARIS (75018)
Type	Individual	Name at birth	CASIEZ

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Chairman of the Board	Mme MURIEL FANNY DAHAN	25/06/1970 - PARIS (75017)
Managing director	Mme MURIEL FANNY DAHAN	25/06/1970 - PARIS (75017)
Delegated managing director	M DAVID FRANCO	09/07/1963 - PARIS (75012)
Administrator	M DAVID FRANCO	09/07/1963 - PARIS (75012)

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.