MIRA INFORM REPORT

Report Date :

20.08.2014

IDENTIFICATION DETAILS

Name :	Masson Marine
Registered Office :	5 Rue Henri Cavallier, 89100 Saint Denis
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	November, 2005
Com. Reg. No.:	0 485 090 302
Legal Form :	Simplified Joint Stock Company
Line of Business :	Gear Manufacturing and Mechanical Transmission Components
No. of Employees :	50 to 99 Employees

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 :	Unknown
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 Name

MASSON MARINE Top of Form

Company Summary

Activity (APE)	Gear manufacturing and mechanical transmission components (2815Z)	EUR VAT Number	FR94485090302
Phone	03 86 95 62 00	Legal form	Simplified joint stock company
Fax	03 86 95 62 00	RCS Registration	RCS Sens 0 485 090 302
Address	MASSON MARINE 5 RUE HENRI CAVALLIER 89100 SAINT DENIS	Share capital	40,000 Euros
Nationality	France	Incorporated Date	11/2005
		Status	Economically active

Payment Information Summary - Trade Payment Data
Total number of Invoices available	5
Total number of Invoices paid within or up to 30 days after the due date	1
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	4

No social security and tax office preferential right to date

Ultimate Holding Company
Company Name	Company number
AZIMUTH	429737117

Current Directors

Trading to Date	12/31/2011	12/31/2010	12/31/2009
Turnover	8,455,558 €	9,553,218 €	14,750,363 €
Gross Operating Surplus	10.88 % Turnover	16.73 % Turn ver	21.28 % Turnover
Shareholders’ equity	8,367,524 €	9,494,828 €	10,433,709 €
Net result	372,696 €	561,119 €	1,902,186 €
Employees	50 to 99 employees	-	-

Trends
Profitability
Liquidity
Net worth

company details

Activity (APE)	Gear manufacturing and mechanical transmission components (2815Z)
RCS Registration	RCS Sens 0 485 090 302	Share capital	40,000 Euros
Registration Court	Sens (89)	Legal form	Simplified joint stock company
Court Registry Number	20 0 5B00205	EUR VAT Number	FR94485090302
Incorporation Date	11/2005	Formation Date	11/2005
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Ultimate Parent

1 ultimate parent company for this company > Azimuth - Council for Business and other management consultancy (7022Z) in AVIGNON (84000)

Establishment details

Activity (APE)	Gear manufacturing and mechanical transmission components (2815Z)	Business Pages FT®	ENGRENAGES ET ORGANES DE TRANSMISSION
Postal Address	MASSON MARINE 5 RUE HENRI CAVALLIER 89100 SAINT DENIS	Trading Address	5 RUE HENRI CAVALLIER 89100 SAINT DENIS
Telephone	03 86 95 62 00
Fax	03 86 95 62 00

Type	Head office (one site company)	Status	Economically active
Formation Date	11/2005	Reason for formation	Other
Activity Nature	-	Activity Location	Other

Department	Yonne (89)	Region	Bourgogne
District	3	Area	30
City	SAINT DENIS	Size of urban area	Establishment in a rural municipality

Other establishments

Branches	1 branch entities in this company
Head office	> MASSON MARINE <<< - Gear Manufacturing and mechanical transmission components (2815Z) in SAINT DENIS (89100)

Workforces

Workforce at address

50 to 99 employees

Company workforce

50 to 99 employees

Financial Data

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter

Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2011	31/12/2010	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	08/03/2013	24/01/2012	30/12/2010
Activity Code	2815Z	2815Z	2815Z
Employees	0	0	0

Active account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	629,180	-17.3%	760,494	-63.9%	2,108,591	370,639	69.8%
- Intangible assets	11,931	-73.5%	44,945	-47.1%	84,945	8,914	33.8%
- Tangible assets	573,248	-14.6%	671,548	-17.4%	813,111	285,587	100.7%
- Financial assets	44,001	0%	44,001	-96.4%	1,210,535	9,862	346.2%
Net current assets	11,975,673	-10.9%	13,438,506	-7.8%	14,568,311	1,894,794	532.0%
- Stocks	6,530,021	-3.5%	6,770,087	-14.0%	7,876,475	452,328	1343.6%
- Advanced payments	114,765	-10.9%	0	0%	0	0	0%
- Receivables	3,026,472	-2.2%	3,096,107	-23.8%	4,062,738	942,402	221.1%
- Securities and cash	2,304,415	-35.5%	3,572,312	35.9%	2,629,098	178,304	1192.4%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	12,604,856	-11.2%	14,199,001	-14.9%	16,676,903	2,540,648	396.1%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median2011
Shareholders' equity	8,367,524	-11.9%	9,494,828	-9.0%	10,433,709	819,549	921.0%
Share capital	40,000	0%	40,000	0%	40,000	200,000	-80.0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	171,168	-26.4%	232,514	-68.1%	727,897	0	0%
Liabilities	4,066,165	-9.1%	4,471,660	-18.9%	5,515,297	1,203,148	238.0%
- Financial liabilities	2,060,768	5.8%	1,947,060	-39.3%	3,207,679	94,598	2078.4%
- Advanced payments received	95,918	-46.2%	178,203	-66.9%	537,785	0	0%
- Trade account payables	1,407,027	-26.5%	1,915,314	47.5%	1,298,291	478,006	194.4%
- Tax and social liabilities	486,416	25.5%	387,571	-17.4%	469,267	315,003.50	54.4%
- Other debts and fixed assets liabilities	16,036	-63.1%	43,512	1811.8%	2,276	12,272	30.7%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	12,604,856	-11.2%	14,199,001	-14.9%	16,676,903	2,540,648	396.1%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median2011
Sales of Goods	9,878,882	0.7%	9,810,262	-31.7%	14,369,333	3,852,427	156.4%
Net turnover	8,455,558	-11.5%	9,553,218	-35.2%	14,750,363	3,743,822	125.9%
- of which net export turnover	0	0%	0	0%	0	90,469	0%
Operating charges	9,459,784	3.1%	9,174,753	-17.2%	11,078,765	3,800,631	148.9%
Operating profit/loss	419,098	-34.1%	635,509	-80.7%	3,290,568	101,838	311.5%
Financial income	71,340	21.6%	58,651	-50.8%	119,168	2,600	2643.8%
Financial charges	87,574	-25.3%	117,312	-48.0%	225,508	9,275	844.2%
Financial profit/loss	-16,234	72.3%	-58,661	44.8%	-106,340	-739	-2096.8%
Pretax net operating income	402,864	-30.2%	576,848	-81.9%	3,184,228	69,354	480.9%
Extraordinary income	163,580	-89.8%	1,607,892	609.8%	226,537	17,004	862.0%
Extraordinary charges	7,731	-99.4%	1,345,477	80.5%	745,447	8,744	-11.6%
Extraordinary profit/loss	155,849	-40.6%	262,415	150.6%	-518,910	5,366	2804.4%
Net result	372,696	-33.6%	561,119	-70.5%	1,902,186	90,673	311.0%

Display parameter

Currency

Euro

Kilo Euro

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

Accounts – Active

Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2011		31/12/2010		31/12/2009
	Grand Total (I to VI)	Net	12,604,856	-11.2%	14,199,001	-14.9%	16,676,903
	Gross	CO	15,073,283	-6.5%	16,129,381	-6.9%	17,329,997
	Amortisation	1A	2,468,427	27.9%	1,930,380	195.6%	653,094

Non declared distributed capital (I)

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

Active fixed asset (II)

			31/12/2011		31/12/2010		31/12/2009
	Total Active fixed asset (II)	Net	629,180	-17.3%	760,494	-63.9%	2,108,591
	Gross	BJ	1,414,068	7.5%	1,315,781	-46.2%	2,446,965
	Amortisation	BK	784,888	41.3%	555,287	64.1%	338,374

Intangible fixed assets

			31/12/2011		31/12/2010		31/12/2009
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	9,431	-77.8%	42,445	-48.5%	82,445
	Gross	AF	236,708	5.3%	224,773	0%	224,773
	Amortisation	AG	227,277	24.7%	182,328	28.1%	142,328
	Goodwill	Net	2,500	0%	2,500	0%	2,500
	Gross	AH	2,500	0%	2,500	0%	2,500
	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	11,931	-73.5%	44,945	-47.1%	84,945

Tangible fixed assets

			31/12/2011		31/12/2010		31/12/2009
	Lands	Net	15,001	0%	15,001	0%	15,001
	Gross	AN	15,001	0%	15,001	0%	15,001
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	91,214	23.7%	73,727	29.3%	57,025
	Gross	AP	111,854	28.6%	86,952	32.0%	65,852
	Amortisation	AQ	20,640	56.1%	13,225	49.8%	8,827
	Plant	Net	437,301	-22.6%	565,269	-21.1%	716,114
	Gross	AR	920,563	4.6%	880,489	2.6%	857,924
	Amortisation	AS	483,262	53.3%	315,220	122.3%	141,810
	Other tangible fixed assets	Net	29,732	69.4%	17,551	-29.7%	24,971
	Gross	AT	71,041	43.0%	49,665	-14.3%	57,980
	Amortisation	AU	41,309	28.6%	32,114	-2.7%	33,009
	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	573,248		671,548		813,111

Financial assets

			31/12/2011		31/12/2010		31/12/2009
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	44,001	0%	44,001	-96.4%	1,210,535
	Gross	CU	56,401	0%	56,401	-95.4%	1,222,935
	Amortisation	CV	12,400	0%	12,400	0%	12,400
	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		44,001		44,001		1,210,535

Current Assets (III)

			31/12/2011		31/12/2010		31/12/2009
	Total Assets	Net	11,975,673	-10.9%	13,438,506	-7.8%	14,568,311
	Gross	CJ	13,659,213	-7.8%	14,813,599	-0.5%	14,883,031
	Amortisation	CK	1,683,540	22.4%	1,375,093	336.9%	314,720

Stocks

		31/12/2011		31/12/2010		31/12/2009
Raw materials	Net	129,435	16.5%	111,112	-24.3%	146,740
Gross	BL	213,307	1.3%	210,560	3.1%	204,184
Amortisation	BM	83,872	-15.7%	99,448	73.1%	57,444
Work in progress (goods)	Net	958,232	7.2%	893,979	18.9%	751,806
Gross	BN	958,232	7.2%	893,979	18.9%	751,806
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	5,442,354	-5.6%	5,764,996	-17.4%	6,977,929
Gross	BR	6,693,523	1.3%	6,606,067	-7.3%	7,123,505
Amortisation	BS	1,251,169	48.8%	841,071	477.8%	145,576
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	6,530,021	-3.5%	6,770,087	-14.0%	7,876,475

Advance payments to suppliers

			31/12/2011		31/12/2010		31/12/2009
	Advance payments to suppliers	Net	114,765	0%	0	0%	0
	Gross	BV	114,765	0%	0	0%	0
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2011		31/12/2010		31/12/2009
	Trade accounts receivable	Net	2,346,554	8.0%	2,172,375	-19.7%	2,704,398
	Gross	BX	2,406,453	7.8%	2,233,249	-18.1%	2,727,498
	Amortisation	BY	59,899	-1.6%	60,874	163.5%	23,100
	Other debtors	Net	496,648	-40.4%	832,607	-32.2%	1,228,874
	Gross	BZ	785,248	-34.9%	1,206,307	-8.4%	1,317,474
	Amortisation	CA	288,600	-22.8%	373,700	321.8%	88,600
	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	2,843,202	-5.4%	3,004,982	-23.6%	3,933,272

Divers

			31/12/2011		31/12/2010		31/12/2009
	Investment securities	Net	257,360	-49.1%	505,535	166.2%	189,934
	Gross	CD	257,360	-49.1%	505,535	166.2%	189,934
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	2,047,055	-33.3%	3,066,777	25.7%	2,439,164
	Gross	CF	2,047,055	-33.3%	3,066,777	25.7%	2,439,164
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	2,304,415	-35.5%	3,572,312	35.9%	2,629,098

Prepaid expenses

			31/12/2011		31/12/2010		31/12/2009
	Prepaid expenses	Net	183,270	101.1%	91,125	-29.6%	129,466
	Gross	CH	183,270	101.1%	91,125	-29.6%	129,466
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

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

References

		31/12/2011		31/12/2010		31/12/2009
Due within one year	CP	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)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to V)	EE	12,604,856	-11.2%	14,199,001	-14.9%	16,676,903

Shareholder Equity (I)

			31/12/2011		31/12/2010		31/12/2009
	Total shareholders' equity (Total I)	DL	8,367,524	-11.9%	9,494,828	-9.0%	10,433,709
	Equity and shareholders' equity	DA	40,000	0%	40,000	0%	40,000
	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	4,000	0%	4,000	0%	4,000
	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	7,950,828	-10.6%	8,889,709	4.7%	8,487,523
	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	372,696	-33.6%	561,119	-70.5%	1,902,186
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

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

Provisions for risks and charges (III)

		31/12/2011		31/12/2010		31/12/2009
Total provisions for risks and charges (Total III)	DR	171,168	-26.4%	232,514	-68.1%	727,897
Risk provisions	DP	171,168	-26.4%	232,514	-68.1%	727,897
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2011		31/12/2010		31/12/2009
	Total Liabilities (Total IV)	EC	4,066,165	-9.1%	4,471,660	-18.9%	5,515,297
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	306,144	-22.8%	396,810	-79.7%	1,957,877
	Sundry loans and financial liabilities	DV	1,754,624	13.2%	1,550,250	24.0%	1,249,802
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	95,918	-46.2%	178,203	-66.9%	537,785
	Trade accounts payables	DX	1,407,027	-26.5%	1,915,314	47.5%	1,298,291
	Tax and social security liabilities	DY	486,416	25.5%	387,571	-17.4%	469,267
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	16,036	-63.1%	43,512	1811.8%	2,276

Translation loss (V)

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

Equalization accounts

		31/12/2011		31/12/2010		31/12/2009
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	3,880,145	-11.7%	4,393,804	-20.3%	5,515,297
Of which current bank facilities	EH	52	-95.9%	1,264	-99.9%	1,504,324

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating Result (I-II)

		31/12/2011		31/12/2010		31/12/2009
Operating result (Total I-II)	GG	419,098	-34.1%	635,509	-80.7%	3,290,568

2 -Financial Result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	-16,234	72.3%	-58,661	44.8%	-106,340

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

		31/12/2011		31/12/2010		31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	402,864	-30.2%	576,848	-81.9%	3,184,228

4 -Extraordinary Result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	155,849	-40.6%	262,415	150.6%	-518,910

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	372,696	-33.6%	561,119	-70.5%	1,902,186

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	10,113,802	-11.9%	11,476,805	-22.0%	14,715,039

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

		31/12/2011		31/12/2010		31/12/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	9,741,108	-10.8%	10,915,686	-14.8%	12,812,853

Operating income(I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	9,878,882	0.7%	9,810,262	-31.7%	14,369,333

Operating income (details)

			31/12/2011		31/12/2010		31/12/2009
	Sale of goods for resale	FC	33,802	0%	0	0%	0
	France	FA	33,802	0%	0	0%	0
	Export	FB	0	0%	0	0%	0
	Sale of goods produced	FF	8,146,998	-12.7%	9,329,117	-36.1%	14,601,200
	France	FD	8,146,998	-12.7%	9,329,117	-36.1%	14,601,200
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	274,758	22.6%	224,101	50.2%	149,163
	France	FG	274,758	22.6%	224,101	50.2%	149,163
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	8,455,558	-11.5%	9,553,218	-35.2%	14,750,363
	France	FJ	8,455,558	-11.5%	9,553,218	-35.2%	14,750,363
	Export	FK	0	0%	0	0%	0
	Stocked production	FM	151,709	140.4%	-375,265	71.0%	-1,294,159
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	26,487	372.5%	5,606	-81.3%	29,926
	Release of reserves and provisions	FP	1,244,535	98.8%	626,035	-29.1%	882,722
	Other income	FQ	593	-11.2%	668	38.9%	481

Operating charges(II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	9,459,784	3.1%	9,174,753	-17.2%	11,078,765

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	0	0%	6,500	-51.1%	13,300
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	3,191,435	3.2%	3,092,856	-34.1%	4,690,549
Change in stocks of raw materials	FV	-2,747	56.9%	-6,376	69.8%	-21,085
Other external purchases and charges	FW	2,264,040	-10.6%	2,531,199	-26.3%	3,435,789
Tax, duty and similar payments	FX	124,688	-7.0%	134,002	-50.0%	267,871
Payroll	FY	1,485,352	18.9%	1,249,002	-10.1%	1,388,794
Social security costs	FZ	650,704	12.6%	577,847	1.0%	571,918

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	236,358	2.9%	229,668	63.0%	140,878
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	1,344,506	7.4%	1,251,393	453.4%	226,120
Provisions for risks and charges	GD	157,408	44.9%	108,660	-69.5%	356,690

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	8,040	401900%	02	-100.0%	7,942

Operating charges (III-IV)

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

Financial income(V)

			31/12/2011		31/12/2010		31/12/2009
	Total financial income (Total V)	GP	71,340	21.6%	58,651	-50.8%	119,168
	Share financial income	GJ	8,539	419.1%	1,645	0%	0
	Other investment income & capitalised receivables	GK	0	0%	0	0%	19,332
	Other interest and similar income	GL	41,002	-28.1%	57,006	329.6%	13,270
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	21,799	0%	0	0%	86,565
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2011		31/12/2010		31/12/2009
	Total financial charge (Total VI)	GU	87,574	-25.3%	117,312	-48.0%	225,508
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	81,505	10.7%	73,609	-66.0%	216,672
	Exchange losses	GS	6,069	-86.1%	43,703	394.5%	8,837
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income(VII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary income (Total VII)	HD	163,580	-89.8%	1,607,892	609.8%	226,537
	Extraordinary operating income	HA	1,485	-97.8%	67,642	-70.1%	226,537
	Extraordinary income from capital transactions	HB	76,995	-93.4%	1,169,043	0%	0
	Released provisions and transferred charges	HC	85,100	-77.1%	371,207	0%	0

Extraordinary charges(VIII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary charges (Total VIII)	HH	7,731	-99.4%	1,345,477	80.5%	745,447
	Extraordinary operating charges	HE	2,190	604.2%	311	-99.9%	374,240
	Extraordinary charges from capital transactions	HF	5,541	-99.5%	1,186,212	0%	0
	Extraordinary reserves and provisions	HG	0	0%	158,954	-57.2%	371,207

Employee profit sharing(IX)

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

Tax on profits(X)

		31/12/2011		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	186,019	-33.1%	278,144	-63.6%	763,132

References

		31/12/2011		31/12/2010		31/12/2009
Of which equipment leases	HP	17,512	0%	17,512	0%	17,512
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	74,822	73.1%	43,225	-71.7%	152,727
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	585	-11.8%	663	39.0%	477
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)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	0	0%	0	0%	0
	Gross value at the end of period	OL	0	0%	0	0%	0

Research and development Charge (Total I)

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

Other budget item from Intangible fixed assets(Total II)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	KD	0	0%	0	0%	0
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	0
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	0	0%	0	0%	0

Tangible fixed assets (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LN	0	0%	0	0%	0
	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%	0	0%	0
	Gross value at the end of period	NH	0	0%	0	0%	0

Financial assets (Total IV)

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

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

Research and development charge (Total I)

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

Other intangible assets (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	PE	0	0%	0	0%	0
Increases		PF	0	0%	0	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	0	0%	0	0%	0

Total fixed assets amotisation(Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	0	0%	0	0%	0
Increases		QV	0	0%	0	0%	0
Decreases		QW	0	0%	0	0%	0
	Decreasess by budget item transfer	QX	0	0%	0	0%	0

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

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

Premium refund of obligations

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

Provisions included in balance sheet

Grand Total (I-II-III)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7C	0	0%	727,897	4.5%	696,820
Increases		UB	0	0%	747,617	2.7%	727,897
Decreases		UC	0	0%	954,016	36.9%	696,820
	Value at the end of period	UD	0	0%	521,498	-28.4%	727,897

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%	0	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

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

Total risk and charge provisions (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	5Z	0	0%	727,897	4.5%	696,820
Increases		TV	0	0%	232,514	-68.1%	727,897
Decreases		TW	0	0%	727,897	4.5%	696,820
	Value at the end of period	TX	0	0%	232,514	-68.1%	727,897

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7B	0	0%	0	0%	0
Increases		TY	0	0%	515,104	0%	0
Decreases		TZ	0	0%	226,120	0%	0
	Value at the end of period	UA	0	0%	288,984	0%	0

State deadlines claims and debts at the end of period

State claims

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	0	0%	3,530,681	-15.4%	4,174,438
1 year at most	VU	0	0%	3,530,681	-15.4%	4,174,438
More than one year	VV	0	0%	0	0%	0

State of loans

		31/12/2011		31/12/2010		31/12/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	0	0%	0	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	0%	0	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	0	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	3,530,681	-15.4%	4,174,438

Prepaid

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

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	0	0%	4,293,456	-13.7%	4,977,512
1 year at most		VZ2	0	0%	3,988,055	-13.1%	4,590,171
More than 1 year and 5 years at most		VZ3	0	0%	305,401	-21.2%	387,341
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2011		31/12/2010		31/12/2009
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	396,810	-79.7%	1,957,877
1 year at most		VG2	0	0%	91,409	-94.2%	1,570,536
More than 1 year and 5 years at most		VG3	0	0%	305,401	-21.2%	387,341
	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%	1,550,250	24.0%	1,249,802
1 year at most		8A2	0	0%	1,550,250	24.0%	1,249,802
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	0	0%	1,915,314	47.5%	1,298,291
1 year at most		8B2	0	0%	1,915,314	47.5%	1,298,291
More than 1 year and 5 years at most		8B3	0	0%	1,915,314	47.5%	1,298,291
	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%	387,571	-17.4%	469,267
1 year at most		8D2	0	0%	387,571	-17.4%	469,267
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	0	0%	0
1 year at most		VW2	0	0%	0	0%	0
More than 1 year and 5 years at most		VW3	0	0%	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most		VX2	0	0%	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0	0%	0
	Other taxes and assimilated (gross)	VQ1	0	0%	0	0%	0
1 year at most		VQ2	0	0%	0	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	0	0%	43,512	1811.8%	2,276
1 year at most		8K2	0	0%	43,512	1811.8%	2,276
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

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

Commitments

		31/12/2011		31/12/2010		31/12/2009
Commitments leasing furniture	YQ	0	0%	0	0%	40,931
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2011		31/12/2010		31/12/2009
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2011		31/12/2010		31/12/2009
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2011		31/12/2010		31/12/2009
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2011		31/12/2010		31/12/2009
Average number of employees	YP	0	0%	0	0%	0

Groups and Shareholders

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

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2011		31/12/2010		31/12/2009	Sector Median2011
Fixed Asset Financing		8.05	-13.3%	9.29	72.0%	5.40	1.56	416.0%
Global Debt		173days	2.4%	169days	25.2%	135days	98days	76.5%
Working Capital Fund overall net		424days	3.2%	411days	56.3%	263days	88.50days	379.1%
Financial independence		2733.20%	14.2%	2392.79%	349.0%	532.91%	1029.17%	165.6%
More ratios
Solvability		66.38%	-0.7%	66.87%	6.9%	62.56%	49.35%	34.5%
Capacity debt futures		%	-	1352.13%	203.9%	444.89%	2280.68%	-
Coverage of current assets by net working capital overall		72.60%	1.3%	71.66%	-0.4%	71.98%	51.50%	41.0%
General Liquidity			-	0.89	-2.2%	0.91	1.02	-
Restricted Liquidity			-	1.78	20.3%	1.48	1.58	-

Management or rotation

	31/12/2011		31/12/2010		31/12/2009	Sector Median2011
Need background in operating working capital	319days	16.8%	273days	17.7%	232days	54days	490.7%
Treasury	98days	-27.4%	135days	400%	27days	15days	553.3%
Inventory turnover of goods	days	-	0days	0%	0days	14days	-
Average length of credit granted to customers	102days	21.4%	84days	25.4%	67days	68days	50.0%
Average length of credit obtained suppliers	93days	-24.4%	123days	112.1%	58days	66days	40.9%
More ratios
Inventory turnover of raw materials in industrial enterprises	24days	-4.0%	25days	56.2%	16days	54days	-55.6%
Inventory turnover of intermediate and finished products in the industrial enterprise	days	-	days	-	days	209days	-
Rotation tangible assets	%	-	%	-	%	224.11%	-

Profitability of the business

		31/12/2011		31/12/2010		31/12/2009	Sector Median2011
Margin trading		0.40%	671.4%	-0.07%	22.2%	-0.09	0%	0%
Profitability of the business		10.88	-35.0%	16.73	-21.4%	21.28	7.26%	49.9%
Net profit		4.41%	-24.9%	5.87%	-54.5%	12.90%	3.91%	12.8%
More ratios
Growth rate of turnover (excluding VAT)		-11.49%	67.4%	-35.23%	-395.5%	-7.11%	13.87%	-182.8%
Rates integration		37.31%	0.3%	37.20%	2.8%	36.19%	39.83%	-6.3%
Rate leasing furniture		0.21%	16.7%	0.18%	50.0%	0.12%	0%	0%
Work Factor		67.71%	31.7%	51.41%	40.0%	36.73%	75.42%	-10.2%
Weight interests		1.04	-15.4%	1.23%	-19.6%	1.53%	0.32%	225.0%

Return on capital

		31/12/2011		31/12/2010		31/12/2009	Sector Median2011
Cash flow from the overall profitability		6.36%	-37.2%	10.12%	-38.2%	16.37%	6.13%	3.8%
Rates of economic profitability		9%	-35.7%	14%	-39.1%	23%	17%	-47.1%
Financial profitability		8367524%	-11.9%	9494828%	-9.0%	10433709%	819549%	921.0%
Return on investment		4.41%	-25.6%	5.93%	-62.0%	15.60%	9.31%	-52.6%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Sales Agents Management

	31/12/2011		31/12/2010		31/12/2009	Sector Median2011
Turnover	8,455,558	-11.5%	9,553,218	-35.2%	14,750,363	3,743,822 €	1 5.9%

Sales of goods	33,802	0%	0	0%	0
- Purchase of goods	0	0%	6,500	-51.1%	13,300
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	33,802 €	620.0%	-6,500 €	51.1%	-13,300 €	0 €	0%
	0.40 % CA	671.4%	-0.07 % A	22.2%	-0.09 % CA	0 % CA	0%

Sale of goods produced	8,421,756	-11.8%	9,553,218	-35.2%	14,750,363
+/- Stocked production	151,709	140.4%	-375,265	71.0%	-1,294,159
+ Self-constructed assets	0	0%	0	0%	0
Period production	8,573,465 €	- .6%	9,177,953 €	-31.8%	13,456,204 €	3,461,017 €	147.7%
	101.39 % CA	5.5%	96.07 % CA	5.3%	91.23 % CA	99.65 % CA	1.7%

Trading margin	33,802	620.0%	-6,500	51.1%	-13,300	0	0%
+ Period Production	8,573,465	-6.6%	9,177,953	-31.8%	13,456,204	3,461,017	147 7%
- Purchase of raw materials	3,191,435	3.2%	3,092,856	-34.1%	4,690,549
+/- Change in stocks of raw materiels	-2,747	56.9%	-6,376	69.8%	-21,085
- Other external purchases and charges	2,264,040	-10.6%	2,531,199	-26.3%	3,435,789
Added value	3,154,539 €	-11.2%	3,553,774 €	-33.4%	5,337,651 €	1,328,999 €	137.4%
	37.31 % CA	0.3%	37.20 % CA	2.8%	36.19 % CA	39.83 % CA	-6.3%

Added value	3,154,539 €	-11.2%	3,553,774 €	-33.4%	5,337,651 €	1,328,999 €	137.4%
+ Operating grants	26,487	372.5%	5,606	-81.3%	29,926
- Tax, duty and similar payments	124,688	-7.0%	134,002	-50.0%	267,871
- Personal charges	2,136,056	16.9%	1,826,849	-6.8%	1,960,712
Gross operating surplus	920,282 €	-42.4%	1,598,529 €	-49.1%	3,138,994 €	178,676 €	415.1%
	10.88 % CA	-35.0%	16.73 % CA	-21.4%	21.28 % CA	7.26 % CA	49.9%

Gross operating surplus	920,282 €	-42.4%	1,598,529 €	-49.1%	3,138,994 €	178,676 €	415.1%
+ Release of reserves and provisions	1,244,535	98.8%	626,035	-29.1%	882,722
+ Other operating income	593	-11.2%	668	38.9%	481
- Depreciation/Amortisation	1,738,272	9.3%	1,589,721	119.7%	723,688
- Other charges	8,040	401900%	02	-100.0%	7,942
Operating result	419,098 €	-34.1%	635,509 €	-80.7%	3,290,567 €	101,838 €	311.5%
	4.96 % CA	-25.4%	6.65 % CA	-70.2%	22.31 % CA	4.37 % CA	13.5%

Operating result	419,098 €	-34.1%	635,509 €	-80.7%	3,290,567 €	101,838 €	311.5%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	71,340	21.6%	58,651	-50.8%	119,168
- Financial charges	87,574	-25.3%	117,312	-48.0%	225,508
Pre-tax result	402,864 €	-30.2%	576,848 €	-81.9%	3,184,227 €	69,354 €	480.9%
	4.76 % CA	-21.2%	6.04 % CA	-72.0%	21.59 % CA	4.28 % CA	11.2%

Extraordinary income	163,580	-89.8%	1,607,892	609.8%	226,537	17,004	862.0%
- Extraordinary charges	7,731	-99.4%	1,345,477	80.5%	745,447
Extraordinary result	155,849 €	-40.6%	262,415 €	150.6%	-518,910 €	5,366 €	2804.4%
	1.84 % CA	-33.1%	2.75 % CA	178.1%	-4 % CA	0.14 % CA	1214.3%

Pre-tax result	402,864 €	-30.2%	576,848 €	-81.9%	3,184,227 €	69,354 €	480.9%
Extraordinary result	155,849 €	-40.6%	262,415 €	150.6%	-518,910 €	5,366 €	2804.4%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	186,019	-33.1%	278,144	-63.6%	763,132
Net result	372,694 €	-33.6%	561,119 €	-70.5%	1,902,185 €	90,674 €	311.0%
	4.41 % CA	-24.9%	5.87 % CA	-54.5%	12.90 % CA	3.91 % CA	12.8%

JUDGEMENTS

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	21/07/2008
Status of Monitoring	No social security and tax office preferential right to date

Group data

Ultimate parent company	AZIMUTH
Direct parent	AZIMUTH - 100 %
Group – Number of companies	8
Linkages – Number of companies	-
Number of countries	-

Group Structure

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Display only where participation % > 33 %

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AZIMUTH

Company Name	SIREN	Parts	Last account published
ÃZIMUTH	429737117	-	31/12/2010
MASSON MARINE	485090302	100%	31/12/2011
MASSON MARINE ENGINEERING	500205190	100%	31/12/2011
MECANIQUE DEVILLE	448834911	100%	31/12/2011
DEVILLE PROTOTYPE	512968728	99%	31/12/2011
DEVILLE LOGISTIQUE	512968264	99%	31/12/2011
CELETTE FRANCE	529689671	100%	31/12/2012
MARINE PROPULSION SERVICE	518303854	100%	31/12/2012

Linkages

Ultimate parent company	AZIMUTH
Direct parent	AZIMUTH - 100 %
Group – Number of companies	8
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
25/02/2013	Bodacc C	Comptes annuels et rapports
89 - YONNE GREFFE DU TRIBUNAL DE COMMERCE DE SENS 13461 - 485090302 RCS. MASSON MARINE. Forme : Société par actions simplifiée à associé unique. Adresse : 5 rue Henri Cavallier 89100 Saint-Denis. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
13/11/2012	Bodacc B	Modification et mutation diverse
89 - YONNE GREFFE DU TRIBUNAL DE COMMERCE DE SENS 1961 - 485 090 302 RCS Sens. MASSON MARINE. Forme : Société par actions simplifiée à associé unique. Administration : Commissaire aux comptes suppléant : ALPES PROVENCE AUDIT en fonction le 08 Décembre 2011 Commissaire aux comptes titulaire : SECOVAL AUDIT en fonction le 08 Décembre 2011 Président : GUIGUE Anne Isabelle en fonction le 05 Novembre 2012. Activité : . Commentaires : Modification de représentant.
05/10/2012	JAL	Resignation / Revocation of the social representative
Indépendant de l Yonne (L ) Date de décision : 27/06/2012 La société 485090302 - MASSON MARINE, 5 RUE HENRI CAVALLIER, 89100 SAINT DENIS Fait l'objet du départ de Monsieur Bruno GUERRE, 155 Rue Lawrence DURRELL, 84000, AVIGNON
05/10/2012	JAL	Appointment of the social representative
Indépendant de l Yonne (L ) Date de décision : 27/06/2012 Société faisant l'objet d'une nomination : 485090302 - MASSON MARINE, 5 RUE HENRI CAVALLIER, 89100 SAINT DENIS Nominé : Madame Anne LOIR, 84000 AVIGNON En la fonction de : Président
16/12/2011	Bodacc B	Modification et mutation diverse
89 - YONNE GREFFE DU TRIBUNAL DE COMMERCE DE SENS 1555 - 485 090 302 RCS Sens. MASSON MARINE. Forme : Société par actions simplifiée à associé unique. Administration : Président : GUERRE Bruno Pascal Commissaire aux comptes suppléant : ALPES PROVENCE AUDIT en fonction le 08 Décembre 2011 Commissaire aux comptes titulaire : SECOVAL AUDIT en fonction le 08 Décembre 2011. Activité : . Commentaires : Modification de représentant.
05/12/2011	Bodacc C	Comptes annuels et rapports
89 - YONNE GREFFE DU TRIBUNAL DE COMMERCE DE SENS 10805 - 485090302 RCS. MASSON MARINE. Forme : S.A.S. unipersonnelle. Adresse : 5 rue Henri Cavallier 89100 Saint-Denis. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
10/01/2011	Bodacc C	Comptes annuels et rapports
89 - YONNE GREFFE DU TRIBUNAL DE COMMERCE DE SENS 11072 - 485090302 RCS. MASSON MARINE. Forme : S.A.S. unipersonnelle. Adresse : 5 rue Henri Cavallier 89100 Saint-Denis. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
01/03/2010	Bodacc C	Comptes annuels et rapports
89 - YONNE GREFFE DU TRIBUNAL DE COMMERCE DE SENS 9566 - 485090302 RCS. MASSON MARINE. Forme : S.A.S. unipersonnelle. Adresse : 5 rue Henri Cavallier 89100 Saint-Denis. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
31/10/2008	Bodacc C	Comptes annuels et rapports
89 - YONNE GREFFE DU TRIBUNAL DE COMMERCE DE SENS 8036 - 485090302 RCS. MASSON MARINE. Forme : Société par actions simplifiée unipersonnelle. Adresse : 5 rue Henri Cavallier 89100 Saint-Denis. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
20/12/2007	Bodacc C	Avis de dépôt des comptes
12545 - 485 090 302. RCS Sens MASSON MARINE. Forme: Société par actions simplifiée unipersonnelle. Adresse du siège social: 5 rue Henri Cavallier 89100 Saint-Denis. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
14/10/2006	Bodacc C	Avis de dépôt des comptes
5492 - RCS Sens B 485 090 302. RC 05-B 205. MASSON MARINE. Forme: SASU . Adresse du siège social: 5, rue Henri Cavallier,Saint Denis les Sens, 89100 Sens. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
04/10/2006	Bodacc A	Vente et cession
1662 - RCS Sens B 485 090 302. MASSON MARINE. Forme : S.A.S.U. Capital : 40 000 euros. Adresse du siège social : 5 rue Henri-Cavallier, 89100 Saint-Denis-les-Sens. Etablissement principal - Activité : marine. Adresse : 5 rue Henri-Cavallier, 89100 Saint-Denis-les-Sens. Branche complète et autonome de l'activité de marine, dépendant de l'établissement principal, acquise par achat au prix stipulé de 7 500 euros. Date d'effet : 14 novembre 2005. Précédent propriétaire : ZF MASSON. RCS Sens B 622 049 088. Publication légale : Terre de Bourgogne du 25 août 2006. Oppositions : au fonds, pour la validité et Me Segard (Didier), administrateur judiciaire, 16 rue de l'Horloge, 89000 Auxerre, pour la correspondance.
20/12/2005	Bodacc A	Vente et cession
1320 - RCS Sens B 485 090 302. A dater du : 22 novembre 2005. RC 05-B 205. MASSON MARINE. Forme : S.A.S.U. Capital : 40 000 euros. Adresse du siège social : 5 rue Henri-Cavallier, Saint-Denis-lès-Sens, 89100 Sens. Administration : président : GUERRE (Bruno, Pascal). Commissaire aux comptes titulaire : RAINA (Robert). Commissaire aux comptes suppléant : K.P.M.G. S.A. Etablissement principal - Activité : fabrication d'organes de transmission, de réducteurs, d'inverseurs et de boîtes de vitesses. Adresse : 5 rue Henri-Cavallier, Saint-Denis-lès-Sens, 89100 Sens. Etablissement principal acquis par achat, dans le cadre d'une procédure collective, au prix stipulé de 30 000 euros. Date de début d'activité : 14 novembre 2005. Précédent propriétaire : S.A. ZF MASSON. RCS B 622 049 088.

Company events history

Date	Description
12/03/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
25/02/2013	Bodacc C : Deposit accounts notice
13/11/2012	Bodacc B: Various editing or changing
05/11/2012	New chairman (CEO, CoB)
05/11/2012	Updated articles of association
05/11/2012	Amendment
05/10/2012	Legal Gazette: Resignation / Revocation of the social representative
27/06/2012	Legal Gazette: Appointment of the social representative
26/01/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
16/12/2011	Bodacc B: Various editing or changing
08/12/2011	New auditor
08/12/2011	Amendment
05/12/2011	Bodacc C : Deposit accounts notice
10/01/2011	Bodacc C : Deposit accounts notice
31/12/2010	New accounts available
12/11/2010	New subsidiarie(s) detected
12/11/2010	New ultimate parent
12/11/2010	New parent detected
01/03/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
31/12/2008	New accounts available
31/10/2008	Bodacc C : Deposit accounts notice
21/07/2008	Collection of preferential rights activated for this company
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
22/11/2005	Articles of association
22/11/2005	Statuts
22/11/2005	Private document
22/11/2005	Changement de Président (PDG, PCA)
22/11/2005	Company formation
22/11/2005	Formation de Société
22/11/2005	Changement de Commissaire aux Comptes

directors

Name	Mme. LOIR ANNE ISABELLE
Manager position	President	Date of birth	02/02/1968
Place of birth	AVIGNON
Type	Individual	Name at birth	GUIGUE

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M BRUNO PASCAL GUERRE	4/3/1967 - STE FOY LES LYON
President	M BRUNO GUERRE	4/3/1967 - ST FOY LES LYON

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.73
UK Pound	1	Rs.101.48
Euro	1	Rs.81.04

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIT

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%)