MIRA INFORM REPORT

Report Date :

29.04.2014

IDENTIFICATION DETAILS

Name :	CHIPIE DESIGN
Registered Office :	11 AV DU Gen Leclerc 11000 Carcassonne
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	December 1989
Com. Reg. No.:	8 352 466 635
Legal Form :	Simplified Joint Stock Company with Single Associate
Line of Business :	Specialized design activities
No. of Employees	Not Available

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 :	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 name and address

Name	CHIPIE DESIGN

Personal comment

company summary

		EUR VAT Number	FR07352466635
Activity (APE)	Specialised design activities (7410Z)	Legal form	Simplified Joint Stock Company with Single Associate
Phone	04 68 10 54 54	RCS Registration	RCS Carcassonne 8 352 466 635
Fax		Share capital	800,000 Euros
Address	CHIPIE DESIGN 11 AV DU GEN LECLERC 11000 CARCASSONNE	Incorporated Date	12/1989
Nationality	France	Status	Economically active

Current Directors

2

Trading to Date	12/31/2012	12/31/2011	12/31/2010
Turnover	1,018,544 €	515,605 €	462,813 €
Gross Operating Surplus	-128,94 % Turnover	-192,20 % Turnover	-213,07 % Turnover
Shareholders’ equity	4,171,343 €	3,920,435 €	8,349,674 €
Net result	250,908 €	570,761 €	721,549 €
Employees	Workforce unknown	-	-

Trends
Profitability
Liquidity
Net worth

company details

Company details

Activity (APE)	Specialised design activities
RCS Registration	RCS Carcassonne 8 352 466 635	Share capital	800,000 Euros
Registration Court	Carcassonne (11)	Legal form	Simplified Joint Stock Company with Single Associate
Court Registry Number	19 8 9B00164	EUR VAT Number	FR07352466635
Incorporation Date	12/1989	Formation Date	11/1989
Deregistration Date		Last account Date	31/12/2012
Nationality	France

Establishment details

Activity (APE)	Other business support service activities nec (8299Z)	Business Pages FT®	VETEMENTS POUR ENFANTS (DETAIL)
Postal Address	CHIPIE DESIGN 11 AV DU GEN LECLERC 11000 CARCASSONNE	Trading Address	11 AVENUE DU GEN LECLERC 11000 CARCASSONNE
Telephone	04 68 10 54 54
Fax

Type	Head office	Status	Economically active
Formation Date	11/1989	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Aude (11)	Region	Languedoc-Roussillon
District	1	Area	98
City	CARCASSONNE	Size of urban area

Other establishments

Branches	2 branch entities in this company
Head office	> CHIPIE DESIGN <<<  - Activités spécialisées de design (7410Z)  in CARCASSONNE  (11000)
Secondary establishments	>  CHIPIE DESIGN  - Activités spécialisées de design (7410Z)  in SAINT CHAMOND  (42400)

Regionality	Legal unit without workforce on 31.12 of the reference year, having establishments in many areas, but no one grouping 50% of its establishments
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which no activity grouping more than 50% of establishments

Workforces

Workforce at address

Workforce unknown

Company workforce

Workforce unknown

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	13/09/2013	25/05/2013	12/09/2011
Activity Code	7410Z	7410Z	7410Z
Employees	0	0	0

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	12 203 422	0,1%	12 195 922	0,0%	12 199 555	4 411,50	276527,5%
- Intangible assets	12 195 922	0%	12 195 922	0,0%	12 199 512	0	0%
- Tangible assets	7 500	0%	0	0%	43	2 216,50	238,4%
- Financial assets	0	0%	0	0%	0	0	0%
Net current assets	1 671 358	22,8%	1 360 836	36,3%	998 156	43 086,50	3779,1%
- Stocks	272 950	-25,0%	363 700	45,0%	250 800	0	0%
- Advanced payments	0	22,8%	0	0%	0	0	0%
- Receivables	1 398 408	41,7%	986 671	34,0%	736 247	16 421	8416,0%
- Securities and cash	0	0%	10 465	-5,8%	11 109	12 402	0%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	13 874 780	2,3%	13 556 758	2,7%	13 197 711	53 894	25644,6%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Shareholders' equity	4 171 343	6,4%	3 920 435	-53,0%	8 349 674	16 827,50	24688,8%
Share capital	800 000	0%	800 000	0%	800 000	6 000	13233,3%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	9 703 438	0,7%	9 636 323	98,8%	4 848 038	32 119	30110,9%
- Financial liabilities	35 549	2103,9%	1 613	0%	0	2 768	1184,3%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	580 798	-17,0%	699 971	44,4%	484 613	4 081,50	14130,0%
- Tax and social liabilities	86 156	92,0%	44 875	-9,1%	49 384	11 885	624,9%
- Other debts and fixed assets liabilities	9 000 935	1,2%	8 889 864	106,1%	4 314 041	2 711,50	331854,1%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	13 874 780	2,3%	13 556 758	2,7%	13 197 711	53 915	25634,5%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Sales of Goods	3 018 872	5,8%	2 853 919	14,2%	2 499 053	88 058	3328,3%
Net turnover	1 018 544	97,5%	515 605	11,4%	462 813	86 227,50	1081,2%
- of which net export turnover	68 940	-11,9%	78 270	-22,4%	100 865	0	0%
Operating charges	2 243 761	21,3%	1 849 572	21,8%	1 518 938	81 266	2661,0%
Operating profit/loss	775 111	-22,8%	1 004 347	2,5%	980 115	2 844,50	27149,5%
Financial income	0	0%	3 740	2328,6%	154	0	0%
Financial charges	319 595	77,6%	179 996	99,7%	90 145	03	10653066,7%
Financial profit/loss	-319 595	-81,3%	-176 256	-95,9%	-89 992	0	0%
Pretax net operating income	455 516	-45,0%	828 091	-7,0%	890 123	2 744,50	16497,4%
Extraordinary income	3 130	-93,7%	50 000	-75,2%	201 886	0	0%
Extraordinary charges	72 000	0%	0	0%	10 000	05	1439900%
Extraordinary profit/loss	-68 870	-237,7%	50 000	-73,9%	191 886	0	0%
Net result	250 908	-56,0%	570 761	-20,9%	721 549	2 475	10037,7%

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	13 874 780	2,3%	13 556 758	2,7%	13 197 711
	Gross	CO	14 567 594	2,2%	14 247 973	1,0%	14 100 561
	Amortisation	1A	692 814	0,2%	691 215	-23,4%	902 850

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	12 203 422	0,1%	12 195 922	0,0%	12 199 555
	Gross	BJ	12 851 236	0,1%	12 842 137	-0,1%	12 850 682
	Amortisation	BK	647 814	0,2%	646 215	-0,8%	651 127

Intangilble 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	12 195 922	0%	12 195 922	0,0%	12 199 512
	Gross	AF	12 460 894	0%	12 460 894	0%	12 460 894
	Amortisation	AG	264 972	0%	264 972	1,4%	261 382
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	0	0%	0	0%	0
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0	0%	0
	Gross	AL	0	0%	0	0%	0
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	12 195 922	0%	12 195 922	0,0%	12 199 512

Tangilble fixed assets

			31/12/2012		31/12/2011		31/12/2010
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	0	0%	0	0%	0
	Gross	AP	0	0%	0	0%	0
	Amortisation	AQ	0	0%	0	0%	0
	Plant	Net	0	0%	0	0%	0
	Gross	AR	208 813	0%	208 813	-2,2%	213 463
	Amortisation	AS	208 813	0%	208 813	-2,2%	213 463
	Other tangible fixed assets	Net	7 500	0%	0	0%	43
	Gross	AT	181 529	5,3%	172 430	-2,2%	176 325
	Amortisation	AU	174 029	0,9%	172 430	-2,2%	176 282
	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	7 500		0		43

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	0	0%	0	0%	0
	Gross	CU	0	0%	0	0%	0
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	0	0%	0	0%	0
	Gross	BH	0	0%	0	0%	0
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		0		0		0

Current Assets (III)

			31/12/2012		31/12/2011		31/12/2010
	Total Assets	Net	1 671 358	22,8%	1 360 836	36,3%	998 156
	Gross	CJ	1 716 358	22,1%	1 405 836	12,5%	1 249 879
	Amortisation	CK	45 000	0%	45 000	-82,1%	251 723

Stocks

			31/12/2012		31/12/2011		31/12/2010
	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	272 950	-25,0%	363 700	45,0%	250 800
	Gross	BR	272 950	-25,0%	363 700	45,0%	250 800
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	0	0%	0	0%	0
	Gross	BT	0	0%	0	0%	0
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	272 950	-25,0%	363 700	45,0%	250 800

Advance payments to suppliers

			31/12/2012		31/12/2011		31/12/2010
	Advance payments to suppliers	Net	0	0%	0	0%	0
	Gross	BV	0	0%	0	0%	0
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2012		31/12/2011		31/12/2010
	Trade accounts receivable	Net	1 237 159	43,4%	862 893	24,3%	694 173
	Gross	BX	1 282 159	41,2%	907 893	-4,0%	945 896
	Amortisation	BY	45 000	0%	45 000	-82,1%	251 723
	Other debtors	Net	157 339	27,1%	123 778	194,2%	42 074
	Gross	BZ	157 339	27,1%	123 778	194,2%	42 074
	Amortisation	CA	0	0%	0	0%	0
	Capital subscribed and called up	Net	0	0%	0	0%	0
	Gross	CB	0	0%	0	0%	0
	Amortisation	CC	0	0%	0	0%	0
	Sub Total Debtors	Net	1 394 498	41,3%	986 671	34,0%	736 247

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	0	0%	10 465	-5,8%	11 109
	Gross	CF	0	0%	10 465	-5,8%	11 109
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	0	0%	10 465	-5,8%	11 109

Prepaid expenses

			31/12/2012		31/12/2011		31/12/2010
	Prepaid expenses	Net	3 910	0%	0	0%	0
	Gross	CH	3 910	0%	0	0%	0
	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	13 874 780	2,3%	13 556 758	2,7%	13 197 711

Shareholder Equity (I)

			31/12/2012		31/12/2011		31/12/2010
	Total shareholders' equity (Total I)	DL	4 171 343	6,4%	3 920 435	-53,0%	8 349 674
	Equity and shareholders' equity	DA	800 000	0%	800 000	0%	800 000
	Issue and merger premiums	DB	0	0%	0	0%	0
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	80 000	0%	80 000	0%	80 000
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	3 040 435	23,1%	2 469 674	-33,8%	3 729 719
	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%	3 018 406
	Profit or loss for the period	DI	250 908	-56,0%	570 761	-20,9%	721 549
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

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	0	0%	0	0%	0
	Risk provisions	DP	0	0%	0	0%	0
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2012		31/12/2011		31/12/2010
	Total Liabilities (Total IV)	EC	9 703 438	0,7%	9 636 323	98,8%	4 848 038
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	35 549	2103,9%	1 613	0%	0
	Sundry loans and financial liabilities	DV	0	0%	0	0%	0
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	0
	Trade accounts payables	DX	580 798	-17,0%	699 971	44,4%	484 613
	Tax and social security liabilities	DY	86 156	92,0%	44 875	-9,1%	49 384
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	9 000 935	1,2%	8 889 864	106,1%	4 314 041

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%	0	0%	0

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	0	0%	9 636 323	98,8%	4 848 038
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	775 111	-22,8%	1 004 347	2,5%	980 115

2 - Financial result (V - VI)

		31/12/2012		31/12/2011		31/12/2010
Financial result (Total V-VI)	GV	-319 595	-81,3%	-176 256	-95,9%	-89 992

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	455 516	-45,0%	828 091	-7,0%	890 123

4 - Extraordinary result (VII-VIII)

		31/12/2012		31/12/2011		31/12/2010
Extraordinary result (Total VII-VIII)	HI	-68 870	-237,7%	50 000	-73,9%	191 886

Profit or loss

		31/12/2012		31/12/2011		31/12/2010
Profit or loss	HN	250 908	-56,0%	570 761	-20,9%	721 549

Total Income (I+III+V+VII)

		31/12/2012		31/12/2011		31/12/2010
Total Income (I+III+V+VII)	HL	3 022 002	3,9%	2 907 659	7,6%	2 701 093

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	2 771 093	18,6%	2 336 898	18,1%	1 979 543

Operating income (I)

		31/12/2012		31/12/2011		31/12/2010
Total operating income (Total I)	FR	3 018 872	5,8%	2 853 919	14,2%	2 499 053

Operating income (details)

			31/12/2012		31/12/2011		31/12/2010
	Sale of goods for resale	FC	0	0%	0	0%	0
	France	FA	0	0%	0	0%	0
	Export	FB	0	0%	0	0%	0
	Sale of goods produced	FF	1 018 544	97,5%	515 605	11,4%	462 973
	France	FD	949 604	117,1%	437 335	20,8%	361 948
	Export	FE	68 940	-11,9%	78 270	-22,5%	101 025
	Sale of services	FI	0	0%	0	0%	-160
	France	FG	0	0%	0	0%	0
	Export	FH	0	0%	0	0%	-160
	Net turnover	FL	1 018 544	97,5%	515 605	11,4%	462 813
	France	FJ	949 604	117,1%	437 335	20,8%	361 948
	Export	FK	68 940	-11,9%	78 270	-22,4%	100 865
	Stocked production	FM	-90 750	-180,4%	112 900	152,0%	44 800
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	0	0%	206 723	0%	0
	Other income	FQ	2 091 078	3,6%	2 018 691	1,4%	1 991 439

Operating charges (II)

		31/12/2012		31/12/2011		31/12/2010
Total operating charges (Total II)	GF	2 243 761	21,3%	1 849 572	21,8%	1 518 938

Exploitation charges

		31/12/2012		31/12/2011		31/12/2010
Purchase of goods for resale	FS	0	0%	0	0%	0
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	588 765	37,3%	428 682	26,2%	339 664
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	1 631 438	39,3%	1 171 046	2,4%	1 143 237
Tax, duty and similar payments	FX	20 933	5,8%	19 793	82,6%	10 841
Payroll	FY	0	0%	0	0%	0
Social security costs	FZ	0	0%	0	0%	0

Depreciation

		31/12/2012		31/12/2011		31/12/2010
Depreciation of fixed assets	GA	1 599	-56,0%	3 634	26,8%	2 866
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2012		31/12/2011		31/12/2010
Other charges	GE	1 026	-99,5%	226 417	914,0%	22 330

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	0	0%	3 740	2328,6%	154
	Share financial income	GJ	0	0%	0	0%	0
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	0	0%	0	0%	0
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	0	0%	3 740	2328,6%	154
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2012		31/12/2011		31/12/2010
	Total financial charge (Total VI)	GU	319 595	77,6%	179 996	99,7%	90 145
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	312 101	75,1%	178 211	113,4%	83 515
	Exchange losses	GS	7 494	319,8%	1 785	-73,1%	6 630
	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	3 130	-93,7%	50 000	-75,2%	201 886
	Extraordinary operating income	HA	3 130	-93,7%	50 000	-75,2%	201 886
	Extraordinary income from capital transactions	HB	0	0%	0	0%	0
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary charges (Total VIII)	HH	72 000	0%	0	0%	10 000
	Extraordinary operating charges	HE	72 000	0%	0	0%	10 000
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2012		31/12/2011		31/12/2010
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2012		31/12/2011		31/12/2010
Tax on profits (Total X)	HK	135 737	-55,8%	307 330	-14,7%	360 460

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%	0	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%	2 018 691	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%	8 546	-85,9%	60 745
	Gross value at the end of period	OL	0	0%	12 842 136	-0,1%	12 850 682

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%	12 460 894	-0,1%	12 473 400
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	4 818
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	17 324
	Gross value at the end of period	LW	0	0%	12 460 894	0%	12 460 894

Tangible fixed assets (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LN	0	0%	389 788	-10,0%	433 209
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	0	0%	0	0%	0
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	8 546	-80,3%	43 421
	Gross value at the end of period	NH	0	0%	381 242	-2,2%	389 788

Fiancial assets (Total IV)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LQ	0	0%	0	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	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	0
	Gross value at the end of period	NK	0	0%	0	0%	0

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%	1 228	-92,9%	17 324
Increases		PF	0	0%	3 590	192,3%	1 228
Decreasess		PG	0	0%	0	0%	17 324
	Decreasess by budget item transfer	PH	0	0%	4 818	292,3%	1 228

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%	389 744	-9,7%	431 527
Increases		QV	0	0%	44	-97,3%	1 638
Decreases		QW	0	0%	8 546	-80,3%	43 421
	Decreasess by budget item transfer	QX	0	0%	381 242	-2,2%	389 744

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%	511 877	0%	511 877
Increases		UB	0	0%	0	0%	0
Decreases		UC	0	0%	206 723	0%	0
	Value at the end of period	UD	0	0%	305 154	-40,4%	511 877

Includes Total allocations

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

Includes Total Withdrawal

Operating	UF	0	0%	206 723	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	5Z	0	0%	0	0%	0
Increases		TV	0	0%	0	0%	0
Decreases		TW	0	0%	0	0%	0
	Value at the end of period	TX	0	0%	0	0%	0

Total Provision for depreciation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	7B	0	0%	511 877	0%	511 877
Increases		TY	0	0%	0	0%	0
Decreases		TZ	0	0%	206 723	0%	0
	Value at the end of period	UA	0	0%	305 154	-40,4%	511 877

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%	1 031 671	4,4%	987 970
1 year at most	VU	0	0%	1 031 671	4,4%	987 970
More than one year	VV	0	0%	0	0%	0

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%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	0	0%	0	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2012		31/12/2011		31/12/2010
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	0%	907 893	-4,0%	945 896
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%	63 148	97,4%	31 989
Other taxes and payments assimilated	VN	0	0%	2 822	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	53 093	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	4 715	-53,2%	10 085

Prepaid

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

State Debt

			31/12/2012		31/12/2011		31/12/2010
	Total debt (gross)	VY	0	0%	9 636 323	98,8%	4 848 038
1 year at most		VZ2	0	0%	9 636 323	98,8%	4 848 038
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%	1 613	0%	0
1 year at most		VG2	0	0%	1 613	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%	699 971	44,4%	484 613
1 year at most		8B2	0	0%	699 971	44,4%	484 613
More than 1 year and 5 years at most		8B3	0	0%	699 971	44,4%	484 613
	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%	3 872	-0,2%	3 878
1 year at most		8D2	0	0%	3 872	-0,2%	3 878
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%	41 003	-8,6%	44 839
1 year at most		VW2	0	0%	41 003	-8,6%	44 839
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%	667
1 year at most		VQ2	0	0%	0	0%	667
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%	8 884 900	0%	0
1 year at most		VI2	0	0%	8 884 900	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%	4 964	-99,9%	4 314 041
1 year at most		8K2	0	0%	4 964	-99,9%	4 314 041
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

		31/12/2012		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%	5 000 000	66,7%	3 000 000

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%	902 099	-1,1%	911 802
Rentals, rental charges and condominiums	XQ	0	0%	35 559	0,1%	35 540
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	186 538	44,2%	129 326
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	46 849	-29,6%	66 569
Total Other purchases and external	ZJ	0	0%	1 171 045	2,4%	1 143 237

Taxes and Fees

		31/12/2012		31/12/2011		31/12/2010
Business tax	YW	0	0%	15 921	128,6%	6 966
Other taxes and payments assimilated	9Z	0	0%	3 872	-0,1%	3 875
Total taxes and fees	YX	0	0%	19 793	82,6%	10 841

VAT

		31/12/2012		31/12/2011		31/12/2010
Amount VAT collected	YY	0	0%	514 073	11,1%	462 822
Total VAT on goods and services	YZ	0	0%	287 023	9,9%	261 145

Average number of employees

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

Groups and Shareholders

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

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Fixed Asset Financing		0,38	5,6%	0,36	-48,6%	0,70	2,33	-83,7%
Global Debt		3430 days	-49,0%	6728 days	78,4%	3771 days	125 days	2644,0%
Working Capital Fund overall net		-2826 days	51,1%	-5777 days	-92,9%	-2995 days	66 days	-4381,8%
Financial independence		11734,07%	-95,2%	243052,39%	-	%	253,55%	4527,9%
More ratios
Solvability		30,06%	3,9%	28,92%	-54,3%	63,27%	34,41%	-12,6%
Capacity debt futures		%	-	243052,39%	-	%	1116,41%	-
Coverage of current assets by net working capital overall		-466,96%	20,7%	-588,54%	-91,1%	-308,02%	42,18%	-1207,1%
General Liquidity			-	0,11	-45,0%	0,20	0,62	-
Restricted Liquidity			-	0,11	-47,6%	0,21	1,26	-

Management or rotation

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Need background in operating working capital		-2828 days	51,1%	-5784 days	-92,6%	-3003 days	0 days	0%
Treasury		0 days	0%	7 days	-22,2%	9 days	6 days	0%
Inventory turnover of goods		days	-	days	-	days	0 days	-
Average length of credit granted to customers		453 days	42,9%	317 days	-13,9%	368 days	43 days	953,5%
Average length of credit obtained suppliers		94 days	-29,9%	134 days	34,0%	100 days	36 days	161,1%
More ratios
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	-	135 days	13,4%	119 days	1142 days	-
Rotation tangible assets		%	-	135,24%	13,9%	118,73%	1107,26%	-

Profitability of the business

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Margin trading		0%	0%	0%	0%	0	0%	0%
Profitability of the business		-128,94	32,9%	-192,20	9,8%	-213,07	5,50%	-2444,4%
Net profit		24,63%	-77,8%	110,70%	-29,0%	155,91%	2,86%	761,2%
More ratios
Growth rate of turnover (excluding VAT)		97,54%	754,9%	11,41%	388,9%	-3,95%	2,67%	3553,2%
Rates integration		-126,89%	32,6%	-188,37%	10,6%	-210,73%	40,75%	-411,4%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		0%	0%	0%	0%	0%	64,71%	0%
Weight interests		31,38	-10,1%	34,91%	79,2%	19,48%	0,01%	313700%

Return on capital

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Cash flow from the overall profitability		24,79%	-65,2%	71,31%	-54,4%	156,52%	5,40%	359,1%
Rates of economic profitability		-31%	-24,0%	-25%	-108,3%	-12%	25%	-224,0%
Financial profitability		4171343%	6,4%	3920435%	-53,0%	8349674%	674%	618793,6%
Return on investment		13,56%	-29,2%	19,14%	96,9%	9,72%	15,87%	-14,6%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Turnover	1 018 544	97,5%	515 605	11,4%	462 813	86 228 €	1081,2%

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

Sale of goods produced	1 018 544	97,5%	515 605	11,4%	462 813
+/- Stocked production	-90 750	-180,4%	112 900	152,0%	44 800
+ Self-constructed assets	0	0%	0	0%	0
Period production	927 794 €	47,6%	628 505 €	23,8%	507 613 €	71 167 €	1203,7%
	91,09 % CA	-25,3%	121,90 % CA	11,1%	109,68 % CA	100 % CA	-8,9%

Trading margin	0	0%	0	0%	0	0	0%
+ Period Production	927 794	47,6%	628 505	23,8%	507 613	71 167	1203,7%
- Purchase of raw materials	588 765	37,3%	428 682	26,2%	339 664
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	1 631 438	39,3%	1 171 046	2,4%	1 143 237
Added value	-1 292 409 €	-33,1%	-971 223 €	0,4%	-975 288 €	35 165 €	-3775,3%
	-126,89 % CA	32,6%	-188,37 % CA	10,6%	-210,73 % CA	40,75 % CA	-411,4%

Added value	-1 292 409 €	-33,1%	-971 223 €	0,4%	-975 288 €	35 165 €	-3775,3%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	20 933	5,8%	19 793	82,6%	10 841
- Personal charges	0	0%	0	0%	0
Gross operating surplus	-1 313 342 €	-32,5%	-991 016 €	-0,5%	-986 129 €	4 864 €	-27101,3%
	-128,94 % CA	32,9%	-192,20 % CA	9,8%	-213,07 % CA	5,50 % CA	-2444,4%

Gross operating surplus	-1 313 342 €	-32,5%	-991 016 €	-0,5%	-986 129 €	4 864 €	-27101,3%
+ Release of reserves and provisions	0	0%	206 723	0%	0
+ Other operating income	2 091 078	3,6%	2 018 691	1,4%	1 991 439
- Depreciation/Amortisation	1 599	-56,0%	3 634	26,8%	2 866
- Other charges	1 026	-99,5%	226 417	914,0%	22 330
Operating result	775 111 €	-22,8%	1 004 347 €	2,5%	980 114 €	2 865 €	26954,5%
	76,10 % CA	-60,9%	194,79 % CA	-8,0%	211,77 % CA	3,16 % CA	2308,2%

Operating result	775 111 €	-22,8%	1 004 347 €	2,5%	980 114 €	2 865 €	26954,5%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	0	0%	3 740	2328,6%	154
- Financial charges	319 595	77,6%	179 996	99,7%	90 145
Pre-tax result	455 516 €	-45,0%	828 091 €	-7,0%	890 123 €	2 744,50 €	16497,4%
	44,72 % CA	-72,2%	160,61 % CA	-16,5%	192,33 % CA	3,08 % CA	1351,9%

Extraordinary income	3 130	-93,7%	50 000	-75,2%	201 886	0	0%
- Extraordinary charges	72 000	0%	0	0%	10 000
Extraordinary result	-68 870 €	-237,7%	50 000 €	-73,9%	191 886 €	0 €	0%
	-6,76 % CA	-169,7%	9,70 % CA	-76,6%	41 % CA	0 % CA	0%

Pre-tax result	455 516 €	-45,0%	828 091 €	-7,0%	890 123 €	2 744,50 €	16497,4%
Extraordinary result	-68 870 €	-237,7%	50 000 €	-73,9%	191 886 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	135 737	-55,8%	307 330	-14,7%	360 460
Net result	250 909 €	-56,0%	570 761 €	-20,9%	721 549 €	2 524 €	9840,9%
	24,63 % CA	-77,8%	110,70 % CA	-29,0%	155,91 % CA	2,88 % CA	755,2%

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 sales to current assets ratio is 0,61
	The increase in the current ratio over the last two accounting periods is 22 %
	The net current assets are 1,671,358 €
	The net turnover is 1,018,544 €
	The pre-tax profit is 386,645 €
	Low risk workforce size
	Industry code with low risk rating
	The company is 24 years old
	Region code with medium risk rating
	The tangible fixed assets are 7,500 €
	The financial liabilities are 35,549 €
	The ratio total assets to total liabilities is 1,43
	The trade payables value is 580,798 €
	The stocks value is 272,950 €
	The receivables value is 1,398,408 €
	The decrease in the equity percentage over the last two accounting periods is 14 %
	The increase in the gearing percentage over the last two accounting periods is 1,971 %
	The decrease in the return on capital employed over the last two accounting periods is 59 %
	The decrease in pre-tax profit over the last two accounting periods is 56 %
	The decrease in the pre-tax profit margin over the last two accounting periods is 78 %

Payment Information Summary - Trade Payment Data

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judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Status of collection

This company is not under monitoring

Group data

Linkages

Ultimate parent company	INCHIOSTRO SA
Direct parent	GROUPE ZANNIER - 100 %
Group – Number of companies	46
Linkages – Number of companies	6
Number of countries	2
Company Name		SIREN	Last account	Turnover
GROUPE ZANNIER		308574771	31/12/2005	6 446 505 €
GROUPE ZANNIER UK LIMITED		03574578	31/12/2012	8 087 627 £
IKKS UK LIMITED		05825805	31/12/2012	434 183 £
VANNIER		778151639	31/12/2012	8 957 623 €
CATIMINI SA	-	-	-	-
IKKS GROUP	-	-	-	-

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
24/09/2013	Bodacc C	Comptes annuels et rapports
11 - AUDE GREFFE DU TRIBUNAL DE COMMERCE DE CARCASSONNE 1143 - 352466635 RCS. CHIPIE DESIGN. Forme : Société par actions simplifiée. Adresse : 11 avenue Général Leclerc 11000 Carcassonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
23/10/2012	Bodacc B	Modification et mutation diverse
11 - AUDE GREFFE DU TRIBUNAL DE COMMERCE DE CARCASSONNE 239 - 352 466 635 RCS Carcassonne. CHIPIE DESIGN. Forme : Société par actions simplifiée. Administration : Président : GROUPE ZANNIER (SAS) représenté par MOLTER Bernard Directeur général : PHILIP Jean-Jacques Commissaire aux comptes : ROSIER Olivier Commissaire aux comptes suppléant : VALETTE Dominique. Activité : . Commentaires : Modification survenue sur l'administration.
15/09/2012	Bodacc C	Comptes annuels et rapports
11 - AUDE GREFFE DU TRIBUNAL DE COMMERCE DE CARCASSONNE 959 - 352466635 RCS. CHIPIE DESIGN. Forme : Société par actions simplifiée. Adresse : 11 avenue Général Leclerc 11000 Carcassonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
20/03/2012	Bodacc B	Modification et mutation diverse
11 - AUDE GREFFE DU TRIBUNAL DE COMMERCE DE CARCASSONNE 118 - 352 466 635 RCS Carcassonne. CHIPIE DESIGN. Forme : Société par actions simplifiée. Administration : Président : GROUPE ZANNIER (SAS) représenté par MOLTER Bernard Directeur général : PHILIP Jean-Jacques Commissaire aux comptes : ROSIER Olivier Commissaire aux comptes suppléant : JULLIEN Joël. Activité : . Commentaires : Modification survenue sur l'administration.
24/02/2012	JAL	Appointment of the social representative
Limouxin (Le) Date de décision : 18/01/2012 Société faisant l'objet d'une nomination : 352466635 - CHIPIE DESIGN, 11 AV DU GEN LECLERC, 11000 CARCASSONNE Nominé : Monsieur Jean-Jacques PHILIP, 69680 CHASSIEU En la fonction de : Directeur général
13/09/2011	Bodacc C	Comptes annuels et rapports
11 - AUDE GREFFE DU TRIBUNAL DE COMMERCE DE CARCASSONNE 661 - 352466635 RCS. CHIPIE DESIGN. Forme : Société par actions simplifiée. Adresse : 11 avenue Général Leclerc 11000 Carcassonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
10/09/2010	Bodacc C	Comptes annuels et rapports
11 - AUDE GREFFE DU TRIBUNAL DE COMMERCE DE CARCASSONNE 1201 - 352466635 RCS. CHIPIE DESIGN. Forme : Société par actions simplifiée. Adresse : 11 avenue Général Leclerc 11000 Carcassonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
19/08/2009	Bodacc C	Comptes annuels et rapports
11 - AUDE GREFFE DU TRIBUNAL DE COMMERCE DE CARCASSONNE 376 - 352466635 RCS. CHIPIE DESIGN. Forme : Société par actions simplifiée. Adresse : 11 avenue Général Leclerc 11000 Carcassonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
18/08/2009	Bodacc B	Modification et mutation diverse
11 - AUDE GREFFE DU TRIBUNAL DE COMMERCE DE CARCASSONNE 198 - 352 466 635 RCS Carcassonne. CHIPIE DESIGN. Forme : Société par actions simplifiée. Administration : Président : GROUPE ZANNIER (SAS) représenté par SERIS François Commissaire aux comptes : ROSIER Olivier Commissaire aux comptes suppléant : JULLIEN Joël. Commentaires : Modification survenue sur l'administration.
21/08/2008	Bodacc C	Comptes annuels et rapports
11 - AUDE GREFFE DU TRIBUNAL DE COMMERCE DE CARCASSONNE 268 - 352466635 RCS. CHIPIE DESIGN. Forme : Société par actions simplifiée. Adresse : 11 avenue Général Leclerc 11000 Carcassonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
06/11/2007	Bodacc C	Avis de dépôt des comptes
884 - 352 466 635. RCS Carcassonne CHIPIE DESIGN. Sigle: CHIPIE Forme: Société par actions simplifiée. Adresse du siège social: 11 avenue Général Leclerc 11000 Carcassonne. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
22/03/2007	Bodacc B	Modifications et mutations diverses
136 - RCS Carcassonne B 352 466 635. RC 89-B 164. CHIPIE DESIGN. Sigle : CHIPIE. Forme : S.A.S. Adresse du siège social : 11 avenue du Général-Leclerc,, 11000 Commentaires : modification survenue sur l'administration. Administration : président : FINANCIERE ZANNIER, représentée par SERIS (François) (Nom d'usage : SERIS). Commissaire aux comptes : ROSIER (Olivier) (Nom d'usage : ROSIER). Commissaire aux comptes suppléant : JULLIEN (Joël) (Nom d'usage : JULLIEN). Date d'effet : 22 décembre 2006.
01/09/2006	Bodacc C	Avis de dépôt des comptes
1147 - RCS Carcassonne B 352 466 635. RC 89-B 164. CHIPIE DESIGN. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 11, avenue Général Leclerc,11000 Carcassonne. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
03/08/2005	Bodacc C	Avis de dépôt des comptes
29 - RCS Carcassonne B 352 466 635. RC 89-B 164. CHIPIE DESIGN. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 11, avenue Général Leclerc,11000 Carcassonne. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
01/05/2002	Bodacc B	Modifications et mutations diverses
RCS Carcassonne B 352466635 RC 89-B 164 CHIPIE DESIGN. Sigle : CHIPIE. Forme : S.A. S. Capital : 800 000 euros. Adresse du siège social : 11 avenue du Général- Leclerc, 11000 Carcassonne. Commentaires : modification survenue sur l' administration. Administration : président : GROUPE ZANNIER, représentée par LE GOFF (Gérard) ( Nom d'usage : LE GOFF). Commissaire aux comptes : ROSIER (Olivier) ( Nom d'usage : ROSIER). Commissaire aux comptes suppléant : JULLIEN (Joel) ( Nom d' usage : JULLIEN). Date d'effet : 31 décembre 2001.
02/01/2002	Bodacc B	Modifications et mutations diverses
RCS Carcassonne B 352466635 RC 89-B 164 CHIPIE DESIGN. Sigle : CHIPIE. Forme : S.A. S. Capital : 800 000 euros. Adresse du siège social : 11 avenue du Général- Leclerc, 11000 Carcassonne. Commentaires : modification survenue sur le capital ( augmentation et conversion en euros) et l'administration. Administration : président : GROUPE ZANNIER, représentée par SERIS (François) ( Nom d'usage : SERIS). Directeur général : LE GOFF ( Gérard) ( Nom d'usage : LE GOFF). Commissaires aux comptes : S.A. SERCO KOUBY ET ASSOCIES ROSIER (Olivier) ( Nom d'usage : ROSIER). Commissaires aux comptes suppléants : JOCTEUR MONROZIER (Didier) ( Nom d'usage : JOCTEUR (Monrozier)) JULLIEN (Joel) ( Nom d'usage : JULLIEN). Date d'effet : 18 octobre 2001.
15/02/2001	Bodacc B	Modifications et mutations diverses
RCS Carcassonne B 352466635 RC 89-B 164 CHIPIE DESIGN. Sigle : CHIPIE. Forme : S.A. S. Capital : 5 000 000 de F. Adresse du siège social : 11 avenue du Général- Leclerc, 11000 Carcassonne. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : président : GROUPE ZANNIER, représentée par SERIS ( François) ( Nom d'usage : SERIS). Commissaires aux comptes : S.A. SERCO KOUBY ET ASSOCIES ROSIER (Olivier) ( Nom d'usage : ROSIER). Commissaires aux comptes suppléants : JOCTEUR- MONROZIER (Didier) ( Nom d'usage : JOCTEUR-MONROZIER) JULLIEN (Joel) ( Nom d'usage : JULLIEN). Date d'effet : 19 décembre 2000.
03/12/2000	Bodacc B	Modifications et mutations diverses
RCS Carcassonne B 352466635 RC 89-B 164 CHIPIE DESIGN. Sigle : CHIPIE. Forme : S.A. Capital : 5 000 000 de F. Adresse du siège social : 11 avenue du Général- Leclerc, 11000 Carcassonne. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration : SERIS (François) ( Nom d'usage : SERIS) . Administrateurs : GROUPE ZANNIER, représentée par ZANNIER (Roger) ( Nom d' usage : ZANNIER) CENTRALE D'ACHATS ZANNIER, représentée par MOLTER ( Bernard) ( Nom d'usage : MOLTER) ZANNIER S.A., représentée par JOSSE ( Loic) ( Nom d'usage : JOSSE). Commissaires aux comptes : S.A. SERCO KOUBY ET ASSOCIES ROSIER (Olivier) ( Nom d'usage : ROSIER). Commissaires aux comptes suppléants : JOCTEUR- MONROZIER (Didier) ( Nom d'usage : JOCTEUR-MONROZIER) JULLIEN (Joel) ( Nom d'usage : JULLIEN). Date d'effet : 22 juin 2000.
18/08/1999	Bodacc B	Modifications et mutations diverses
RCS Carcassonne B 352466635 RC 89-B 164 CHIPIE DESIGN. Sigle : CHIPIE. Forme : S.A. Adresse du siège social : 11 avenue du Général-Leclerc, 11000 Carcassonne. Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : SERIS (François). Administrateurs : GROUPE ZANNIER, représentée par ZANNIER (Roger) CENTRALE D'ACHATS ZANNIER, représentée par MOLTER (Bernard) ZANNIER S.A. Commissaire aux comptes : S.A. SERCO KOUBY ET ASSOCIES. Commissaire aux comptes suppléant : JOCTEUR-MONROZIER (Didier) ( Nom d' usage : JOCTEUR-MONROZIER). Date d'effet : 6 juillet 1999.
05/10/1997	Bodacc A	Création d'établissement
RCS Carcassonne B 352 466 635 RC 89-B 164 CHIPIE DESIGN. Forme : S.A. Capital : 5 000 000 de F (fixe). Adresse du siège social : 11 avenue du Général-Leclerc, 11000 Carcassonne Fonds acquis par fusion-absorption, au montant évalué à 3 463 000 F. Date d'effet : 30 juin 1997 Précédente propriétaire SOCIETE CHIPIE INDUSTRIE Publication légale: L'Aude et les Corbières du 31 juillet 1997.
07/02/1996	Bodacc B	Modifications et mutations diverses
RCS Carcassonne B 352466635 RC 89-B 164 chipie design. Forme : S.A. Capital : 5 000 000 F (fixe). Adresse du siège social : 11, avenue Général-Leclerc, 11000 Carcassonne. Administration : changement du commissaire aux comptes titulaire : ancien : DALMAU (Roger) nouveau : SOCIETE CIVILE PARTICULIERE ARMAND KOUBY ET ASSOCIES. Date d'effet : 30 juin 1995.

Company events history

Date	Description
24/09/2013	Bodacc C : Deposit accounts notice
14/09/2013	Update Rating
14/09/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
28/05/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2012	New accounts available
23/10/2012	Bodacc B: Various editing or changing
11/10/2012	New auditor
11/10/2012	Amendment
15/09/2012	Bodacc C : Deposit accounts notice
20/03/2012	Bodacc B: Various editing or changing
10/03/2012	Amendment
10/03/2012	Updated articles of association
18/01/2012	Legal Gazette: Appointment of the social representative
18/01/2012	Other modification of Establishment (error correction)
18/01/2012	Update of Company Legal Form
31/12/2011	New accounts available
02/12/2011	Disengagement of the group
02/12/2011	New ultimate parent
02/12/2011	New parent detected
14/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
13/09/2011	Bodacc C : Deposit accounts notice
31/12/2010	New accounts available
10/09/2010	Bodacc C : Deposit accounts notice
22/02/2010	New ultimate parent
22/02/2010	New parent detected
31/12/2009	New accounts available
19/08/2009	Bodacc C : Deposit accounts notice
18/08/2009	Bodacc B: Various editing or changing
07/08/2009	Minutes of general meeting of shareholders
07/08/2009	Acte modificatif
07/08/2009	Appointment/resignation of company officers
07/08/2009	Private document
07/08/2009	New chairman (CEO, CoB)
07/08/2009	Changement de Président (PDG, PCA)
07/08/2009	Amendment
31/12/2008	New accounts available
21/08/2008	Bodacc C : Deposit accounts notice
02/01/2008	Modification of Company Activity
02/01/2008	Update of Company Activity
31/12/2007	New accounts available
01/10/2007	Transfer of Establishment
01/10/2007	Other modification of Establishment (error correction)
27/02/2007	Appointment/resignation of company officers
27/02/2007	Minutes of general meeting of shareholders
27/02/2007	Private document
27/02/2007	Acte modificatif
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
27/03/2002	PV d'Assemblée
30/01/2002	Changement de Commissaire aux Comptes
30/01/2002	PV d'Assemblée
01/01/2002	Nomination/démission des organes de gestion
01/01/2002	Statuts mis à jour
01/01/2002	Acte sous seing privé
01/01/2002	Conversion du Capital Social en Euros
01/01/2002	Augmentation de Capital
01/01/2002	PV d'Assemblée
07/12/2001	Conversion du Capital Social en Euros
07/12/2001	Acte modificatif
07/12/2001	Statuts mis à jour
07/12/2001	PV d'Assemblée
24/01/2001	Changement de Forme Juridique avec changement de catégorie
24/01/2001	PV d'Assemblée
24/01/2001	Statuts mis à jour
24/01/2001	Acte modificatif
01/01/2001	Changement de Forme Juridique sans changement de catégorie
01/01/2001	PV d'Assemblée
01/01/2001	Nomination/démission des organes de gestion
01/01/2001	Statuts mis à jour
01/01/2001	Acte sous seing privé
13/11/2000	PV d'Assemblée
13/11/2000	Changement de Commissaire aux Comptes
01/01/2000	Nomination/démission des organes de gestion
01/01/2000	Acte sous seing privé
01/01/2000	PV d'Assemblée
31/07/1999	Modification du Conseil d'Administration
31/07/1999	PV du Conseil d'Administration
31/07/1999	PV d'Assemblée
31/07/1999	Acte modificatif
01/01/1999	Nomination/démission des organes de gestion
01/01/1999	PV du Conseil d'Administration
01/01/1999	PV d'Assemblée
01/01/1999	Changement de Président (PDG, PCA)
01/01/1999	Modification du Conseil d'Administration
01/01/1999	Acte sous seing privé
30/08/1997	Statuts mis à jour
30/08/1997	Fusion
30/08/1997	Déclaration de conformité
30/08/1997	Acte modificatif
30/08/1997	PV d'Assemblée
20/06/1997	Acte sous seing privé
20/06/1997	Rapport des Commissaires ou du Gérant
20/06/1997	Acte modificatif
20/05/1997	Acte modificatif
01/01/1997	PV d'Assemblée
01/01/1997	Déclaration de conformité
01/01/1997	Acte sous seing privé
01/01/1997	Fusion
01/01/1997	Rapport des Commissaires ou du Gérant
01/01/1997	Statuts mis à jour
01/01/1996	PV d'Assemblée
30/12/1995	Changement de Commissaire aux Comptes
30/12/1995	PV d'Assemblée
11/02/1995	PV d'Assemblée
11/02/1995	Changement de date de clôture
11/02/1995	Statuts mis à jour
01/01/1995	PV d'Assemblée
01/01/1995	Statuts mis à jour
01/01/1995	Changement de date de clôture

directors

Shareholder(s)

Name	GROUPE ZANNIER
Name of representative	M MOLTER BERNARD
Manager position	President	Date of birth	06/12/1954
Place of birth	ST CHAMOND (42)
Type	Moral person	Name at birth

Name	M. PHILIP JEAN-JACQUES
Manager position	Managing director	Date of birth	03/09/1953
Place of birth	BUDAPEST(HONGRIE)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	FINANCIERE ZANNIER	- - -
Chairman of the Board	GROUPE ZANNIER	- - -

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.50
UK Pound	1	Rs.101.69
Euro	1	Rs.83.62

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIS

RATING EXPLANATIONS

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

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

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

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

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