MIRA INFORM REPORT

Report Date :

02.08.2014

IDENTIFICATION DETAILS

Name :	CEFEM INDUSTRIES
Registered Office :	07200 Saint Michel De Boulogne
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	December 2008
Com. Reg. No.:	RCS Aubenas 0 509 565 396
Legal Form :	Simplified Joint Stock Company
Line of Business :	· Engaged in manufacturing of electricity distribution and control Engaged in manufacturing, design of any electronic, mechanical, organizational consulting and production management.
No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Top of Form

Name

CEFEM INDUSTRIES

SIRET

509 565 396 00017

Activity (APE)	· Engaged in manufacturing of electricity distribution and control Engaged in manufacturing, design of any electronic, mechanical, organizational consulting and production management.	EUR VAT Number	FR62509565396
Phone	08 20 20 71 84	Legal form	Simplified joint stock company
Fax		RCS Registration	RCS Aubenas 0 509 565 396
Address`	CEFEM INDUSTRIES 07200 SAINT MICHEL DE BOULOGNE	Share capital	1,592,000 Euros
Nationality	France	Incorporated Date	12/2008
		Status	Economically active

This company is not under monitoring

Current Directors

5

Trading to Date	12/31/2012	12/31/2011	12/31/2010
Turnover	5,491,206 €	6,306,164 €	5,042,317 €
Gross Operating Surplus	0.52 % Turnover	5.15 % Turnover	5.18 % Turnover
Shareholders’ equity	2,320,846 €	2,236,807 €	2,015,830 €
Net result	264,038 €	351,521 €	262,290 €
Employees	Not Available	-	-

Trends
Profitability
Liquidity
Net worth

company details

Company details

Activity (APE)	· Engaged in manufacturing of electricity distribution and control Engaged in manufacturing, design of any electronic, mechanical, organizational consulting and production management.
RCS Registration	RCS Aubenas 0 509 565 396	Share capital	1,592,000 Euros
Registration Court	Aubenas (07)	Legal form	Simplified joint stock company
Court Registry Number	20 0 8B00376	EUR VAT Number	FR62509565396
Incorporation Date	12/2008	Formation Date	12/2008
Deregistration Date		Last account Date	31/12/2012
Nationality	France

Establishment details

Activity (APE)	· Engaged in manufacturing of electricity distribution and control Engaged in manufacturing, design of any electronic, mechanical, organizational consulting and production management.	Business Pages FT®	ELECTRICITE MATERIEL PRODUCTION TRANSPORT FABRICATION
Postal Address	CEFEM INDUSTRIES 07200 SAINT MICHEL DE BOULOGNE	Trading Address	07200 SAINT MICHEL DE BOULOGNE
Telephone	08 20 20 71 84
Fax

Type	Head office (one site company)	Status	Economically active
Formation Date	12/2008	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	Services	Activity Location	Plant
Location surface		Seasonality

Department	Ardèche (07)	Region	Rhône-Alpes
District		Area
City	SAINT MICHEL DE BOULOGNE	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	> CEFEM INDUSTRIES <<< - Fabrication de matériel de distribution et de commande électrique (2712Z) in SAINT MICHEL DE BOULOGNE (07200)
Secondary establishments

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

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	03/10/2013	12/12/2012	13/10/2011
Activity Code	2712Z	2712Z	2712Z
Employees	0	0	0

Active account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	232,570	19.6%	194,525	-2.1%	198,604	60,029	287.4%
- Intangible assets	116,989	0%	116,989	0%	116,989	1,522.50	7584.0%
- Tangible assets	114,681	49.6%	76,635	-6.1%	81,615	31,120.50	268.5%
- Financial assets	900	0%	900	0%	0	2,963.50	-69.6%
Net current assets	3,082,261	-3.4%	3,190,565	10.2%	2,896,527	650,517	373.8%
- Stocks	1,252,643	-0.6%	1,260,082	11.9%	1,126,569	78,821	1489.2%
- Advanced payments	0	-3.4%	0	0%	0	0	0%
- Receivables	1,785,734	-6.3%	1,905,341	9.3%	1,743,889	339,180.50	426.5%
- Securities and cash	43,884	74.6%	25,141	-3.6%	26,069	86,296.50	-49.1%
- Prepaid expenses	-	-	-	-	-	714.50	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	3,314,831	-2.1%	3,385,089	9.4%	3,095,131	748,821.50	342.7%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median2012
Shareholders' equity	2,320,846	3.8%	2,236,807	11.0%	2,015,830	281,402.50	724.7%
Share capital	1,592,000	0%	1,592,000	0%	1,592,000	46,000	3360.9%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	10,000	0	0%
Liabilities	993,986	-13.4%	1,148,282	7.4%	1,069,301	425,353.50	133.7%
- Financial liabilities	69,385	-55.1%	154,504	394.2%	31,266	25,512.50	172.0%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	629,709	-1.9%	642,193	-11.6%	726,055	157,942	298.7%
- Tax and social liabilities	293,979	-16.1%	350,386	12.3%	311,980	121,079	142.8%
- Other debts and fixed assets liabilities	913	-23.9%	1,200	0%	0	6,265.50	-85.4%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	3,314,831	-2.1%	3,385,089	9.4%	3,095,131	748,821.50	342.7%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median2012
Sales of Goods	5,479,522	-14.0%	6,368,234	24.6%	5,109,607	1,291,829.50	324.2%
Net turnover	5,491,206	-12.9%	6,306,164	25.1%	5,042,317	1,284,266.50	327.6%
- of which net export turnover	2,732,591	-14.5%	3,194,460	16.3%	2,746,220	0	0%
Operating charges	5,448,808	-10.3%	6,076,210	25.7%	4,835,206	1,254,199.50	334.4%
Operating profit/loss	30,715	-89.5%	292,024	6.4%	274,401	32,188	-4.6%
Financial income	4,410	2.9%	4,285	3470.8%	120	492	796.3%
Financial charges	6,577	-23.1%	8,558	303.7%	2,120	1,658	296.7%
Financial profit/loss	-2,167	49.3%	-4,273	-113.6%	-2,000	-230.50	-840.1%
Pretax net operating income	28,547	-90.1%	287,751	5.6%	272,401	32,409.50	-11.9%
Extraordinary income	1,645	13.6%	1,448	-90.7%	15,507	780	110.9%
Extraordinary charges	215	-78.2%	987	-88.4%	8,493	889	-75.8%
Extraordinary profit/loss	1,430	210.2%	461	-93.4%	7,014	0	0%
Net result	264,038	-24.9%	351,521	34.0%	262,290	27,540	858.7%

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	3,314,831	-2.1%	3,385,089	9.4%	3,095,131
	Gross	CO	3,965,668	-1.0%	4,003,999	9.3%	3,664,270
	Amortisation	1A	650,837	5.2%	618,910	8.7%	569,139

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	232,570	19.6%	194,525	-2.1%	198,604
	Gross	BJ	864,401	8.8%	794,428	4.6%	759,347
	Amortisation	BK	631,831	5.3%	599,904	7.0%	560,743

Intangible fixed assets

			31/12/2012		31/12/2011		31/12/2010
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	0	0%	0	0%	0
	Gross	AF	45,174	0%	45,174	0%	45,174
	Amortisation	AG	45,174	0%	45,174	0%	45,174
	Goodwill	Net	116,989	0%	116,989	0%	116,989
	Gross	AH	116,989	0%	116,989	0%	116,989
	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	116,989	0%	116,989	0%	116,989

Tangible 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	84,064	24.8%	67,374	-4.2%	70,352
	Gross	AR	594,441	7.6%	552,632	5.5%	523,832
	Amortisation	AS	510,378	5.2%	485,257	7.0%	453,480
	Other tangible fixed assets	Net	30,617	230.6%	9,261	-17.8%	11,263
	Gross	AT	106,897	35.8%	78,733	7.3%	73,352
	Amortisation	AU	76,280	9.8%	69,472	11.9%	62,089
	Fixed assets in construction	Net	0	0%	0	0%	0
	Gross	AV	0	0%	0	0%	0
	Amortisation	AW	0	0%	0	0%	0
	Advances and payments on account	Net	0	0%	0	0%	0
	Gross	AX	0	0%	0	0%	0
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	114,681		76,635		81,615

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	900	0%	900	0%	0
	Gross	BH	900	0%	900	0%	0
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		900		900		0

Current Assets (III)

			31/12/2012		31/12/2011		31/12/2010
	Total Assets	Net	3,082,261	-3.4%	3,190,565	10.2%	2,896,527
	Gross	CJ	3,101,267	-3.4%	3,209,571	10.5%	2,904,923
	Amortisation	CK	19,006	0%	19,006	126.4%	8,396

Stocks

			31/12/2012		31/12/2011		31/12/2010
	Raw materials	Net	1,143,753	4.9%	1,090,242	11.3%	979,838
	Gross	BL	1,143,753	4.9%	1,090,242	11.3%	979,838
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	108,890	-35.9%	169,840	15.7%	146,731
	Gross	BN	108,890	-35.9%	169,840	15.7%	146,731
	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	0	0%	0	0%	0
	Gross	BT	0	0%	0	0%	0
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	1,252,643	-0.6%	1,260,082	11.9%	1,126,569

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	1,183,320	-24.6%	1,568,808	9.5%	1,432,365
	Gross	BX	1,202,326	-24.3%	1,587,814	10.2%	1,440,761
	Amortisation	BY	19,006	0%	19,006	126.4%	8,396
	Other debtors	Net	576,512	83.2%	314,634	2.7%	306,245
	Gross	BZ	576,512	83.2%	314,634	2.7%	306,245
	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	1,759,832	-6.6%	1,883,442	8.3%	1,738,610

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	43,884	74.6%	25,141	-3.6%	26,069
	Gross	CF	43,884	74.6%	25,141	-3.6%	26,069
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	43,884	74.6%	25,141	-3.6%	26,069

Prepaid expenses

			31/12/2012		31/12/2011		31/12/2010
	Prepaid expenses	Net	25,902	18.3%	21,899	314.8%	5,279
	Gross	CH	25,902	18.3%	21,899	314.8%	5,279
	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	900	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	3,314,831	-2.1%	3,385,089	9.4%	3,095,131

Shareholder Equity (I)

			31/12/2012		31/12/2011		31/12/2010
	Total shareholders' equity (Total I)	DL	2,320,846	3.8%	2,236,807	11.0%	2,015,830
	Equity and shareholders' equity	DA	1,592,000	0%	1,592,000	0%	1,592,000
	Issue and merger premiums	DB	84	0%	84	0%	84
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	38,764	83.0%	21,188	162.5%	8,073
	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	425,959	56.6%	272,014	77.3%	153,383
	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	264,038	-24.9%	351,521	34.0%	262,290
	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%	10,000
	Risk provisions	DP	0	0%	0	0%	10,000
	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	993,986	-13.4%	1,148,282	7.4%	1,069,301
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	8,215	-94.7%	154,504	394.2%	31,266
	Sundry loans and financial liabilities	DV	61,170	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	629,709	-1.9%	642,193	-11.6%	726,055
	Tax and social security liabilities	DY	293,979	-16.1%	350,386	12.3%	311,980
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	913	-23.9%	1,200	0%	0

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	993,986	-13.4%	1,148,282	0%	0
Of which current bank facilities	EH	8,215	-94.6%	151,563	384.8%	31,266

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	30,715	-89.5%	292,024	6.4%	274,401

2 -Financial result(V - VI)

		31/12/2012		31/12/2011		31/12/2010
Financial result (Total V-VI)	GV	-2,167	49.3%	-4,273	-113.6%	-2,000

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

		31/12/2012		31/12/2011		31/12/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	28,547	-90.1%	287,751	5.6%	272,401

4 -Extraordinary result(VII-VIII)

		31/12/2012		31/12/2011		31/12/2010
Extraordinary result (Total VII-VIII)	HI	1,430	210.2%	461	-93.4%	7,014

Profit or loss

		31/12/2012		31/12/2011		31/12/2010
Profit or loss	HN	264,038	-24.9%	351,521	34.0%	262,290

Total Income (I+III+V+VII)

		31/12/2012		31/12/2011		31/12/2010
Total Income (I+III+V+VII)	HL	5,485,578	-13.9%	6,373,967	24.4%	5,125,234

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	5,221,539	-13.3%	6,022,446	23.8%	4,862,945

Operating income(I)

		31/12/2012		31/12/2011		31/12/2010
Total operating income (Total I)	FR	5,479,522	-14.0%	6,368,234	24.6%	5,109,607

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	5,429,163	-12.6%	6,214,279	24.0%	5,010,987
	France	FD	2,728,394	-10.6%	3,051,442	33.7%	2,282,713
	Export	FE	2,700,769	-14.6%	3,162,837	15.9%	2,728,274
	Sale of services	FI	62,042	-32.5%	91,885	193.3%	31,330
	France	FG	30,220	-49.9%	60,262	350.3%	13,384
	Export	FH	31,822	0.6%	31,623	76.2%	17,946
	Net turnover	FL	5,491,206	-12.9%	6,306,164	25.1%	5,042,317
	France	FJ	2,758,615	-11.3%	3,111,704	35.5%	2,296,097
	Export	FK	2,732,591	-14.5%	3,194,460	16.3%	2,746,220
	Stocked production	FM	-60,950	-363.8%	23,109	241.0%	-16,393
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	13,139	-9.0%	14,432	37.6%	10,486
	Release of reserves and provisions	FP	36,060	49.5%	24,113	-66.9%	72,792
	Other income	FQ	68	83.7%	416	2.7%	405

Operating charges(II)

		31/12/2012		31/12/2011		31/12/2010
Total operating charges (Total II)	GF	5,448,808	-10.3%	6,076,210	25.7%	4,835,206

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	2,338,838	-14.0%	2,720,799	25.0%	2,177,014
Change in stocks of raw materials	FV	-53,511	51.5%	-110,404	37.7%	-177,132
Other external purchases and charges	FW	1,453,642	-9.9%	1,614,177	18.9%	1,357,176
Tax, duty and similar payments	FX	103,507	26.0%	82,139	44.7%	56,760
Payroll	FY	1,137,991	-8.6%	1,244,984	25.4%	992,683
Social security costs	FZ	434,245	-7.1%	467,493	26.9%	368,486

Depreciation

		31/12/2012		31/12/2011		31/12/2010
Depreciation of fixed assets	GA	31,928	-18.5%	39,160	-12.6%	44,811
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	16,088	60.9%	10,000
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	2,168	22.2%	1,774	-67.2%	5,408

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	4,410	2.9%	4,285	3470.8%	120
	Share financial income	GJ	4,083	1.8%	4,011	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	328	19.7%	274	128.3%	120
	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	6,577	-23.1%	8,558	303.7%	2,120
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	5,964	-26.5%	8,111	438.9%	1,505
	Exchange losses	GS	613	37.1%	447	-27.3%	615
	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	1,645	13.6%	1,448	-90.7%	15,507
	Extraordinary operating income	HA	1,645	13.6%	1,448	-90.7%	15,507

Extraordinary charges(VIII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary charges (Total VIII)	HH	215	-78.2%	987	-88.4%	8,493
	Extraordinary operating charges	HE	215	-78.2%	987	-88.4%	8,493

Employee profit sharing(IX)

		31/12/2012		31/12/2011		31/12/2010
Employee profit sharing (Total IX)	HJ	0	0%	35,146	25.9%	27,923

Tax on profits(X)

		31/12/2012		31/12/2011		31/12/2010
Tax on profits (Total X)	HK	-234,061	-137.7%	-98,455	-811.9%	-10,797

References

		31/12/2012		31/12/2011		31/12/2010
Of which equipment leases	HP	7,709	-3.9%	8,026	0%	8,026
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	36,060	317.7%	8,634	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
Decreasess by transfers	OK2	0	0%	0	0%	1,664
Gross value at the end of period	OL	864,401	0%	0	0%	759,347

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	162,163	0%	0	0%	162,163
	Gross value at the end of period	LW	162,163	0%	0	0%	162,163

Tangible fixed assets (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LN	631,365	0%	0	0%	580,893
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	69,973	0%	0	0%	17,955
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	0	0%	1,664
	Gross value at the end of period	NH	701,338	0%	0	0%	597,184

Financial assets (Total IV)

		31/12/2012		31/12/2011		31/12/2010
Increasess, acquisitions, creations, contributions	LS	900	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	45,174	0%	45,174	0%	45,174
Increases		PF	0	0%	0	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	45,174	0%	45,174	0%	45,174

Total fixed assets amotisation(Total III)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	QU	554,730	7.6%	515,569	9.1%	472,423
Increases		QV	31,928	-18.5%	39,160	-12.6%	44,811
Decreases		QW	0	0%	0	0%	1,664
	Decreasess by budget item transfer	QX	586,657	5.8%	554,730	7.6%	515,570

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	19,006	3.3%	18,396	58.6%	11,598
Increases		UB	0	0%	16,088	60.9%	10,000
Decreases		UC	0	0%	15,478	383.4%	3,202
	Value at the end of period	UD	19,006	0%	19,006	3.3%	18,396

Includes Total allocations

Operating	UE	0	0%	16,088	60.9%	10,000
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	15,478	383.4%	3,202
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%	10,000	0%	0
Increases		TV	0	0%	0	0%	10,000
Decreases		TW	0	0%	10,000	0%	0
	Value at the end of period	TX	0	0%	0	0%	10,000

Total Provision for depreciation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	7B	19,006	126.4%	8,396	-27.6%	11,598
Increases		TY	0	0%	16,088	0%	0
Decreases		TZ	0	0%	5,478	71.1%	3,202
	Value at the end of period	UA	19,006	0%	19,006	126.4%	8,396

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

		31/12/2012		31/12/2011		31/12/2010
Gross value	VT	1,805,640	-6.2%	1,925,246	9.9%	1,752,285
1 year at most	VU	1,805,640	-6.2%	1,924,346	10.4%	1,743,570
More than one year	VV	0	0%	900	-89.7%	8,715

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	900	0%	900	0%	0
Other financial assets (1 year at most)	UV	900	0%	0	0%	0

Receivables statement of assets

		31/12/2012		31/12/2011		31/12/2010
Customers doubtful or disputed	VA	22,478	0%	22,478	157.9%	8,715
Other claims customer	UX	1,179,848	-24.6%	1,565,336	9.3%	1,432,046
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	20	0%	0	0%	2,120
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	41,448	-40.3%	69,372	31.8%	52,623
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	354,270	92.6%	183,905	1.0%	182,033
Accounts receivable (including claims relating to the operation of pension titles)	VR	180,775	194.6%	61,356	-11.7%	69,469

Prepaid

		31/12/2012		31/12/2011		31/12/2010
Prepaid	VS	25,902	18.3%	21,899	314.8%	5,279

State Debt

			31/12/2012		31/12/2011		31/12/2010
	Total debt (gross)	VY	993,986	-13.4%	1,148,283	7.4%	1,069,301
1 year at most		VZ2	993,986	-13.4%	1,148,283	7.4%	1,069,301
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	8,215	-94.7%	154,504	394.2%	31,266
1 year at most		VG2	8,215	-94.7%	154,504	394.2%	31,266
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	629,709	-1.9%	642,193	-11.6%	726,055
1 year at most		8B2	629,709	-1.9%	642,193	-11.6%	726,055
More than 1 year and 5 years at most		8B3	629,709	-1.9%	642,193	-11.6%	726,055
	Personnel and associated accounts (gross)	8C1	114,917	-16.5%	137,543	9.4%	125,780
1 year at most		8C2	114,917	-16.5%	137,543	9.4%	125,780
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	159,172	-8.2%	173,339	14.9%	150,830
1 year at most		8D2	159,172	-8.2%	173,339	14.9%	150,830
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	11,104	0%	0	0%	3,876
1 year at most		VW2	11,104	0%	0	0%	3,876
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	8,786	-77.8%	39,504	25.4%	31,494
1 year at most		VQ2	8,786	-77.8%	39,504	25.4%	31,494
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	61,170	0%	0	0%	0
1 year at most		VI2	61,170	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	913	-23.9%	1,200	0%	0
1 year at most		8K2	913	-23.9%	1,200	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

		31/12/2012		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%	14,168

Table allocation results and other information
Dividends distributed

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

Commitments

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

Other charges Externes

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

Taxes and Fees

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

VAT

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

Average number of employees

		31/12/2012		31/12/2011		31/12/2010
Average number of employees	YP	0	0%	0	0%	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 Median2012
Fixed Asset Financing		3.49	-2.2%	3.57	4.7%	3.41	2.42	44.2%
Global Debt		65days	-1.5%	66days	-13.2%	76days	107days	-39.3%
Working Capital Fund overall net		141days	20.5%	117days	-10.0%	130days	79days	78.5%
Financial independence		28251.32%	1851.4%	1447.73%	-77.5%	6447.35%	889.86%	3074.8%
More ratios
Solvability		70.01%	5.9%	66.08%	1.5%	65.13%	40.23%	74.0%
Capacity debt futures		28251.32%	1851.4%	1447.73%	-77.5%	6447.35%	1855.24%	1422.8%
Coverage of current assets by net working capital overall		69.89%	8.9%	64.16%	1.8%	63.02%	45.49%	53.6%
General Liquidity		1.82	8.3%	1.68	3.1%	1.63	0.97	87.6%
Restricted Liquidity		1.86	9.4%	1.70	3.0%	1.65	1.38	34.8%

Management or rotation

		31/12/2012		31/12/2011		31/12/2010	Sector Median2012
Need background in operating working capital		137days	11.4%	123days	-5.4%	130days	36days	280.6%
Treasury		2days	128.6%	-7days	0%	0days	21days	-90.5%
Inventory turnover of goods		days	-	days	-	days	0days	-
Average length of credit granted to customers		79days	-13.2%	91days	-11.7%	103days	75days	5.3%
Average length of credit obtained suppliers		61days	10.9%	55days	-29.5%	78days	61days	0%
More ratios
Inventory turnover of raw materials in industrial enterprises		176days	22.2%	144days	-11.1%	162days	40.50days	334.6%
Inventory turnover of intermediate and finished products in the industrial enterprise		783days	-	days	-	844days	915days	-14.4%
Rotation tangible assets		782.96%	-	%	-	844.35%	927.88%	-15.6%

Profitability of the business

		31/12/2012		31/12/2011		31/12/2010	Sector Median2012
Margin trading		0%	0%	0%	0%	0	0%	0%
Profitability of the business		0.52	-89.9%	5.15	-0.6%	5.18	4.66%	-88.8%
Net profit		4.81%	-13.6%	5.57%	7.1%	5.20%	2.58%	86.4%
More ratios
Growth rate of turnover (excluding VAT)		-12.92%	-151.6%	25.06%	-7.9%	27.20%	0.57%	-2366.7%
Rates integration		30.80%	-7.7%	33.38%	0.8%	33.10%	35.28%	-12.7%
Rate leasing furniture		0.14%	7.7%	0.13%	-18.8%	0.16%	0%	0%
Work Factor		92.96%	14.3%	81.36%	-0.2%	81.56%	81.51%	14.0%
Weight interests		0.12	-14.3%	0.14%	250.0%	0.04%	0.17%	-29.4%

Return on capital

		31/12/2012		31/12/2011		31/12/2010	Sector Median2012
Cash flow from the overall profitability		5.39%	-9.4%	5.95%	-1.3%	6.03%	3.83%	40.7%
Rates of economic profitability		1%	-92.9%	14%	7.7%	13%	15.50%	-93.5%
Financial profitability		2320846%	3.8%	2236807%	11.0%	2015830%	275876.50%	741.3%
Return on investment		11.32%	-24.8%	15.06%	16.6%	12.92%	10.90%	3.9%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2012		31/12/2011		31/12/2010	Sector Median2012
Turnover	5,491,206	-12.9%	6,306,164	25.1%	5,042,317	1,284,266 €	327.6%

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	5,491,205	-12.9%	6,306,164	25.1%	5,042,317
+/- Stocked production	-60,950	-363.8%	23,109	241.0%	-16,393
+ Self-constructed assets	0	0%	0	0%	0
Period production	5,430,255 €	-14.2%	6,329,273 €	25.9%	5,025,924 €	1,205,382.50 €	350.5%
	98.89 % CA	-1.5%	100.37 % CA	0.7%	99.67 % CA	100 % CA	-1.1%

Trading margin	0	0%	0	0%	0	0	0%
+Period Production	5,430,255	-14.2%	6,329,273	25.9%	5,025,924	1,205,382.50	350.5%
- Purchase of raw materials	2,338,838	-14.0%	2,720,799	25.0%	2,177,014
+/- Change in stocks of raw materiels	-53,511	51.5%	-110,404	37.7%	-177,132
- Other external purchases and charges	1,453,642	-9.9%	1,614,177	18.9%	1,357,176
Added value	1,691,286 €	-19.6%	2,104,701 €	26.1%	1,668,866 €	434,059 €	289.6%
	30.80 % CA	-7.7%	33.38 % CA	0.8%	33.10 % CA	35.28 % CA	-12.7%

Added value	1,691,286 €	-19.6%	2,104,701 €	26.1%	1,668,866 €	434,059 €	289.6%
+ Operating grants	13,139	-9.0%	14,432	37.6%	10,486
- Tax, duty and similar payments	103,507	26.0%	82,139	44.7%	56,760
- Personal charges	1,572,236	-8.2%	1,712,477	25.8%	1,361,169
Gross operating surplus	28,682 €	-91.2%	324,517 €	24.1%	261,423 €	43,286 €	-33.7%
	0.52 % CA	-89.9%	5.15 % CA	-0.6%	5.18 % CA	4.66 % CA	-88.8%

Gross operating surplus	28,682 €	-91.2%	324,517 €	24.1%	261,423 €	43,286 €	-33.7%
+ Release of reserves and provisions	36,060	49.5%	24,113	-66.9%	72,792
+ Other operating income	68	-83.7%	416	2.7%	405
- Depreciation/Amortisation	31,928	-42.2%	55,248	0.8%	54,811
- Other charges	2,168	22.2%	1,774	-67.2%	5,408
Operating result	30,714 €	-89.5%	292,024 €	6.4%	274,401 €	32,188 €	-4.6%
	0.56 % CA	-87.9%	4.63 % CA	-14.9%	5.44 % CA	3.53 % CA	-84.1%

Operating result	30,714 €	-89.5%	292,024 €	6.4%	274,401 €	32,188 €	-4.6%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	4,410	2.9%	4,285	3470.8%	120
- Financial charges	6,577	-23.1%	8,558	303.7%	2,120
Pre-tax result	28,547 €	-90.1%	287,751 €	5.6%	272,401 €	32,409.50 €	-11.9%
	0.52 % CA	-88.6%	4.56 % CA	-15.6%	5.40 % CA	3.35 % CA	-84.5%

Extraordinary income	1,645	13.6%	1,448	-90.7%	15,507	780	110.9%
- Extraordinary charges	215	-78.2%	87	88.4%	8,93
Extraordinary result	1,430 €	210.2%	461 €	-93.4%	7,014 €	0 €	0%
	0.03 % CA	200%	0.01 % CA	-92.9%	0 % CA	0 % CA	0%

Pre-tax result	28,547 €	-90.1%	287,751 €	5.6%	272,401 €	32,409.50 €	-11.9%
Extraordinary result	1,430 €	210.2%	461 €	-93.4%	7,014 €	0 €	0%
- Employee profit sharing	0	0%	35,146	25.9%	27,923
- Tax on profits	-234,061	-137.7%	-98,455	-811.9%	-10,797
Net result	264,038 €	-24.9%	351,521 €	34.0%	262,289 €	27,540.50 €	858.7%
	4.81 % CA	-13.6%	5.57 % CA	7.1%	5.20 % CA	2.58 % CA	86.4%

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

Ultimate parent company	GEORGES FANGIER
Direct parent	CEFEM HOLDING - 100 %
Group – Number of companies	4
Linkages – Number of companies	-
Number of countries	-

Group Structure

Go directly to the current company

Display only where participation % > 33 %

Display all participations

This company is a part of several groups, choose the group you wish to see the structure

Display the group

GEORGES FANGIER

loading data...

Company Name	SIREN	Parts	Last account published
GEORGES FANGIER	-	-	-
CEFEM HOLDING	339247330	55.09%	31/12/2012
CEFEM INDUSTRIES	509565396	100%	31/12/2012
CEFEM SOLAR SYSTEMS	518168679	100%	31/12/2012

Linkages

Ultimate parent company	GEORGES FANGIER
Direct parent	CEFEM HOLDING - 100 %
Group – Number of companies	4
Linkages – Number of companies	-
Number of countries	-

No Linkages information available for the company

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
03/10/2013	Bodacc C	Comptes annuels et rapports
07 - ARDECHE GREFFE DU TRIBUNAL DE COMMERCE D'AUBENAS 872 - 509565396 RCS. CEFEM Industries. Forme : Société par Actions Simplifiée. Adresse : Saint Michel de Boulogne 7200 Aubenas. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
10/07/2013	Bodacc B	Modification et mutation diverse
07 - ARDECHE GREFFE DU TRIBUNAL DE COMMERCE D'AUBENAS 157 - 509 565 396 RCS Aubenas. CEFEM INDUSTRIES. Forme : Société par Actions Simplifiée. Administration : FANGIER Jérôme nom d'usage : FANGIER devient directeur général. FANGIER Lionel nom d'usage : FANGIER devient directeur général. FANGIER Emilie nom d'usage : FANGIER devient directeur général. BERTRAND Virginie nom d'usage : FANGIER devient directeur général. Activité : . Commentaires : Modification de l'administration.
27/06/2013	JAL	Appointment of the social representative
Hebdo de l’Ardèche (L ) Date de décision : 28/03/2013 Société faisant l'objet d'une nomination : 509565396 - CEFEM INDUSTRIES, 07200 SAINT MICHEL DE BOULOGNE Nominé : Madame Virginie FANGIER, 07200 AUBENAS En la fonction de : Directeur général Nominé : Mademoiselle Emilie FANGIER, 07200 AUBENAS En la fonction de : Directeur général Nominé : Monsieur Lionel FANGIER, 07200 AUBENAS En la fonction de : Directeur général Nominé : Monsieur Jérôme FANGIER, 07200 AUBENAS En la fonction de : Directeur général
18/12/2012	Bodacc C	Comptes annuels et rapports
07 - ARDECHE GREFFE DU TRIBUNAL DE COMMERCE D'AUBENAS 654 - 509565396 RCS. CEFEM Industries. Forme : Société par Actions Simplifiée. Adresse : Saint Michel de Boulogne 7200 Aubenas. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
31/10/2011	Bodacc C	Comptes annuels et rapports
07 - ARDECHE GREFFE DU TRIBUNAL DE COMMERCE D'AUBENAS 933 - 509565396 RCS. CEFEM Industries. Forme : Société par Actions Simplifiée. Adresse : Saint Michel de Boulogne 7200 Aubenas. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
23/11/2010	Bodacc C	Comptes annuels et rapports
07 - ARDECHE GREFFE DU TRIBUNAL DE COMMERCE D'AUBENAS 657 - 509565396 RCS. CEFEM Industries. Forme : Société par Actions Simplifiée. Adresse : Saint Michel de Boulogne 7200 Aubenas. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
27/06/2010	Bodacc B	Modification et mutation diverse
07 - ARDECHE GREFFE DU TRIBUNAL DE COMMERCE D'AUBENAS 91 - 509 565 396 RCS Aubenas. CEFEM INDUSTRIES. Forme : Société par Actions Simplifiée. Capital : 1592000 EUR. Commentaires : Modification du capital. Modification de la dénomination.
17/12/2009	Bodacc C	Comptes annuels et rapports
07 - ARDECHE GREFFE DU TRIBUNAL DE COMMERCE D'AUBENAS 911 - 509565396 RCS. CEFEM. Forme : Société par Actions Simplifiée. Adresse : Saint Michel de Boulogne 7200 Aubenas. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
03/12/2009	JAL	Modification of the share capital
L'HEBDO DE L'ARDECHE - TERRE VIVAROISE Date de décision : 20/10/2009 La société : 509565396 - CEFEM, 07200 SAINT MICHEL DE BOULOGNE a subi une augmentation de son capital social désormais de 1 592 000 €
15/01/2009	Bodacc A	Création d'établissement
07 - ARDECHE GREFFE DU TRIBUNAL DE COMMERCE D'AUBENAS 159 - 509 565 396 RCS Aubenas. CEFEM. Forme : Société par Actions Simplifiée. Administration : Président : FANGIER Georges Pierre nom d'usage : FANGIER Georges.. Commissaire aux comptes titulaire : SORGEC AUDIT.. Commissaire aux comptes suppléant : CHAVE YVES nom d'usage : CHAVE YVES.. Capital : 37000 EUR. Adresse : Saint Michel de Boulogne, 7200 Aubenas. Activité : La fabrication, la conception de tous produits électroniques et mécaniques, le conseil en organisation et gestion de production. Adresse : . Date de commencement de l’activité : 08/12/2008. Commentaires : Immatriculation d'une personne morale (B, C, D) suite à création d'un établissement principal.

Company events history

Date	Description
05/07/2014	Update Rating
06/05/2014	Amendment
04/01/2014	Update Rating
05/11/2013	Update Rating
18/10/2013	Update Limit
18/10/2013	Update Rating
04/10/2013	New ultimate parent
04/10/2013	New parent detected
04/10/2013	Update Limit
04/10/2013	Update Rating
04/10/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
03/10/2013	Bodacc C : Deposit accounts notice
10/07/2013	Bodacc B: Various editing or changing
26/06/2013	Minutes of general meeting of shareholders
28/03/2013	Legal Gazette: Appointment of the social representative
31/12/2012	Update of Company Workforce
31/12/2012	Update of Company Activity
31/12/2012	New accounts available
31/12/2012	Modification of Company Activity
18/12/2012	Bodacc C : Deposit accounts notice
13/12/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
31/10/2011	Bodacc C : Deposit accounts notice
14/10/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
23/11/2010	Bodacc C : Deposit accounts notice
27/06/2010	Bodacc B: Various editing or changing
18/02/2010	Rapport des Commissaires ou du Gérant
18/02/2010	Audit or Management Report
18/02/2010	Statuts mis à jour
18/02/2010	Déclaration de conformité
18/02/2010	Updated articles of association
18/02/2010	Acte modificatif
18/02/2010	Declaration of conformity
31/12/2009	New accounts available
17/12/2009	Bodacc C : Deposit accounts notice
20/11/2009	Other modification of Establishment
20/11/2009	Update of Company Name
20/11/2009	Modification to Company Identifier
20/10/2009	Legal Gazette: Modification of the share capital
30/06/2009	Amendment
30/06/2009	Private document
30/06/2009	Planned merger
15/01/2009	New Bodacc A ads detected
15/01/2009	Bodacc A : Establishment creation
31/12/2008	New accounts available
19/12/2008	Amendment
19/12/2008	Certificat de dépôt des fonds
19/12/2008	Fund deposit certificate
19/12/2008	Statuts
19/12/2008	Company formation
19/12/2008	Private document
19/12/2008	Articles of association
08/12/2008	Modification of Company Activity
08/12/2008	Formation of Company
08/12/2008	Update of Company Activity

Establishment events history

Date	Description
04/05/2014	Update Rating
06/04/2014	Update Rating
05/11/2013	Update Rating
05/10/2013	Update Rating
04/10/2013	Update Limit
04/10/2013	Update Rating
28/09/2013	Update Rating
28/09/2013	Update Limit
27/02/2013	Update Rating
31/12/2012	Modification of Head office Activity
31/12/2012	Update of Establishment Activity
31/12/2012	Update of Establishment Workforce
13/12/2012	Update Limit
13/12/2012	Update Rating
14/10/2012	Update Rating
14/10/2012	Update Limit
17/05/2012	Update Rating
14/10/2011	Update Limit
14/10/2011	Update Rating
22/09/2011	Update Limit
22/09/2011	Update Rating
13/07/2011	Update Rating
27/10/2010	Update Limit
27/10/2010	Update Rating
02/10/2010	Update Rating
02/10/2010	Update Limit
23/03/2010	Update of phone numbers
22/02/2010	Update Rating
21/01/2010	Update of phone numbers
09/01/2010	Update Rating
26/12/2009	Update Limit
26/12/2009	Update Rating
14/04/2009	Update of phone numbers
08/12/2008	Modification of Head office Activity
08/12/2008	Formation of Head office
08/12/2008	Update of Establishment Activity

directors

Name	M. FANGIER GEORGES PIERRE
Manager position	President	Date of birth	09/11/1950
Place of birth	AUBENAS(07)
Type	Individual	Name at birth

Name	M. FANGIER JÉRÔME
Manager position	Managing director	Date of birth	10/01/1974
Place of birth	CREST(26)
Type	Individual	Name at birth

Name	M. FANGIER LIONEL
Manager position	Managing director	Date of birth	09/10/1976
Place of birth	CREST(26)
Type	Individual	Name at birth

Name	Mme. FANGIER EMILIE
Manager position	Managing director	Date of birth	05/11/1982
Place of birth	TOURNON SUR RHONE(07)
Type	Individual	Name at birth

Name	Mme. FANGIER VIRGINIE
Manager position	Managing director	Date of birth	11/08/1976
Place of birth	AUBENAS(07)
Type	Individual	Name at birth	BERTRAND

Previous Directors

No data about previous directors is available for this company

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.85
UK Pound	1	Rs.102.69
Euro	1	Rs.81.46

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.