MIRA INFORM REPORT

Report Date :

28.08.2014

IDENTIFICATION DETAILS

Name :	ARGIS-GALAC'SEA
Registered Office :	15 Rue Florian Laporte 56100 Lorient
Country :	France
Financials (as on) :	31.03.2013
Date of Incorporation :	November 1995
Com. Reg. No.:	9 402 810 717
Legal Form :	Simplified joint stock company
Line of Business :	Wholesale of products Frozen
No. of Employees	10 to 19

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 :	Slow but correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – 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 and address

ARGIS-GALAC'SEA

		EUR VAT Number	FR52402810717
Activity (APE)	Wholesale of products Frozen	Legal form	Simplified joint stock company
Phone	02 97 83 10 00	RCS Registration	RCS Lorient 9 402 810 717
Fax	02 97 83 25 00	Share capital	400,000 Euros
Address	ARGIS-GALAC'SEA 15 RUE FLORIAN LAPORTE 56100 LORIENT	Incorporated Date	11/1995
Nationality	France	Status	Economically active

This company is not under monitoring

Current Directors

Trading to Date	03/31/2013	03/31/2012	03/31/2011
Turnover	19,516,799 €	25,488,913 €	26,598,293 €
Gross Operating Surplus	1,30 % Turnover	2,63 % Turnover	2,82 % Turnover
Shareholders’ equity	3,754,934 €	3,845,599 €	3,662,359 €
Net result	159,336 €	383,240 €	535,889 €
Employees	10 to 19 employees	-	-

Trends
Profitability
Liquidity
Net worth

company details

Company details

Activity (APE)	Wholesale of products Frozen
RCS Registration	RCS Lorient 9 402 810 717	Share capital	400,000 Euros
Registration Court	Lorient (56)	Legal form	Simplified joint stock company
Court Registry Number	19 9 5B00504	EUR VAT Number	FR52402810717
Incorporation Date	11/1995	Formation Date	11/1995
Deregistration Date		Last account Date	31/03/2013
Nationality	France

Establishment details

Activity (APE)	Wholesale of products Frozen	Business Pages FT®	SURGELES: PRODUITS ALIMENTAIRES (FABRICATION, GROS)
Postal Address	ARGIS-GALAC'SEA 15 RUE FLORIAN LAPORTE 56100 LORIENT	Trading Address	15 RUE FLORIAN LAPORTE 56100 LORIENT
Telephone	02 97 83 10 00
Fax	02 97 83 25 00

Type	Head office (one site company)	Status	Economically active
Formation Date	11/1995	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Store
Location surface	From 300 m² to less than 400 m²	Seasonality

Department	Morbihan (56)	Region	Bretagne
District	1	Area	98
City	LORIENT	Size of urban area	Urban unit with 100 000 to 199 999 inhabitants

Other establishments

Branches	1 branch entities in this company
Head office	> ARGIS-GALAC'SEA <<<  Wholesale of products Frozen
Secondary establishments

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

Workforces

Workforce at address

10 to 19 employees

Company workforce

10 to 19 employees

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/03/2013	31/03/2012	31/03/2011
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	11/11/2013	27/11/2012	08/10/2011
Activity Code	4639A	4639A	4639A
Employees	0	0	0

FINANCIAL DATA

Annual Accounts	31/03/2013		31/03/2012		31/03/2011	Sector Median 2013
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	1 099 151	-2,8%	1 131 293	-15,0%	1 330 929	107 336,50	924,0%
- Intangible assets	831 258	-0,2%	832 996	4,1%	800 291	991	83780,7%
- Tangible assets	63 977	-29,9%	91 264	-18,8%	112 393	44 054	45,2%
- Financial assets	203 916	-1,5%	207 033	-50,5%	418 245	14 892	1269,3%
Net current assets	7 880 095	-0,2%	7 895 398	-7,5%	8 532 106	2 514 071,50	213,4%
- Stocks	2 753 230	46,6%	1 878 521	-0,7%	1 891 585	544 069,50	406,0%
- Advanced payments	0	-0,2%	0	0%	0	0	0%
- Receivables	4 246 548	-18,1%	5 187 052	-8,7%	5 679 412	1 251 756	239,2%
- Securities and cash	880 317	6,1%	829 825	-13,7%	961 109	147 013	498,8%
- Prepaid expenses	-	-	-	-	-	126	-
Accounts of regularization	0	0%	0	0%	1 038	0	0%
Total Assets	8 979 246	-0,5%	9 026 691	-8,5%	9 864 072	2 761 740,50	225,1%

Passive Account

Annual Accounts	31/03/2013		31/03/2012		31/03/2011	Sector Median 2013
Shareholders' equity	3 754 934	-2,4%	3 845 599	5,0%	3 662 359	725 826	417,3%
Share capital	400 000	0%	400 000	0%	400 000	78 000	412,8%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	5 224 312	0,8%	5 181 092	-16,5%	6 201 713	1 622 503,50	222,0%
- Financial liabilities	263 617	7,1%	246 216	1,1%	243 547	190 756,50	38,2%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	3 026 690	17,4%	2 578 646	-25,2%	3 446 925	750 313,50	303,4%
- Tax and social liabilities	281 918	-5,6%	298 573	-21,1%	378 547	194 977,50	44,6%
- Other debts and fixed assets liabilities	1 652 087	-19,5%	2 053 156	-3,3%	2 124 195	18 082	9036,6%
Account regularization	0	0%	4 500	-47,1%	8 500	0	0%
Total liabilities	8 979 246	-0,5%	9 026 690	-8,5%	9 864 072	2 941 789	205,2%

Results

Annual Accounts	31/03/2013		31/03/2012		31/03/2011	Sector Median 2013
Sales of Goods	19 588 464	-23,4%	25 571 577	-4,1%	26 661 657	7 722 770	153,6%
Net turnover	19 516 799	-23,4%	25 488 913	-4,2%	26 598 293	7 554 712,50	158,3%
- of which net export turnover	1 728 264	-15,8%	2 053 098	46,7%	1 399 811	11 850	14484,5%
Operating charges	19 381 931	-22,4%	24 992 565	-3,4%	25 869 006	7 458 931	159,8%
Operating profit/loss	206 533	-64,3%	579 012	-27,0%	792 651	196 641	5,0%
Financial income	4 272	-98,3%	257 408	469,2%	45 226	318,50	1241,3%
Financial charges	17 493	-64,8%	49 727	5,7%	47 045	5 602,50	212,2%
Financial profit/loss	-13 221	-106,4%	207 681	11517,3%	-1 819	-2 263	-484,2%
Pretax net operating income	193 312	-75,4%	786 693	-0,5%	790 832	157 769	22,5%
Extraordinary income	44 525	-46,9%	83 834	200,2%	27 925	3 017,50	1375,6%
Extraordinary charges	6 866	-97,0%	232 034	1198,5%	17 870	2 211	210,5%
Extraordinary profit/loss	37 659	125,4%	-148 200	-1573,9%	10 055	-22,50	167473,3%
Net result	159 336	-58,4%	383 240	-28,5%	535 889	98 133	62,4%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/03/2013	31/03/2012	31/03/2011
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

		31/03/2013		31/03/2012		31/03/2011
Grand Total (I to VI)	Net	8 979 246	-0,5%	9 026 691	-8,5%	9 864 072
Gross	CO	9 369 451	0,7%	9 305 604	-6,7%	9 969 105
Amortisation	1A	390 205	39,9%	278 913	165,5%	105 033

Non declared distributed capital (I)

		31/03/2013		31/03/2012		31/03/2011
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		31/03/2013		31/03/2012		31/03/2011
Total Active fixed asset (II)	Net	1 099 151	-2,8%	1 131 293	-15,0%	1 330 929
Gross	BJ	1 269 642	-0,1%	1 270 509	-11,5%	1 435 962
Amortisation	BK	170 491	22,5%	139 216	32,5%	105 033

Intangilble fixed assets

			31/03/2013		31/03/2012		31/03/2011
	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	37 482	-4,4%	39 220	873,7%	4 028
	Gross	AF	58 765	4,0%	56 515	237,1%	16 765
	Amortisation	AG	21 283	23,1%	17 295	35,8%	12 737
	Goodwill	Net	793 776	0%	793 776	0%	793 776
	Gross	AH	793 776	0%	793 776	0%	793 776
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	2 487
	Gross	AJ	7 792	0%	7 792	0%	7 792
	Amortisation	AK	7 792	0%	7 792	46,9%	5 305
	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	831 258	-0,2%	832 996	4,1%	800 291

Tangilble fixed assets

		31/03/2013		31/03/2012		31/03/2011
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	7 281	-27,5%	10 040	-21,6%	12 800
Gross	AP	29 798	0%	29 798	0%	29 798
Amortisation	AQ	22 517	14,0%	19 758	16,2%	16 998
Plant	Net	0	0%	0	0%	0
Gross	AR	442	0%	442	0%	442
Amortisation	AS	442	0%	442	0%	442
Other tangible fixed assets	Net	56 696	-30,2%	81 224	-18,4%	99 593
Gross	AT	165 153	0%	165 153	3,8%	159 144
Amortisation	AU	108 457	29,2%	83 929	40,9%	59 551
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	63 977		91 264		112 393

Financial assets

		31/03/2013		31/03/2012		31/03/2011
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	58 981	4,1%	56 666	-75,2%	228 844
Gross	CU	68 981	3,5%	66 666	-72,1%	238 844
Amortisation	CV	10 000	0%	10 000	0%	10 000
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	144 935	-3,6%	150 367	-20,6%	189 401
Gross	BH	144 935	-3,6%	150 367	-20,6%	189 401
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		203 916		207 033		418 245

Current Assets (III)

		31/03/2013		31/03/2012		31/03/2011
Total Assets	Net	7 880 095	-0,2%	7 895 398	-7,5%	8 532 106
Gross	CJ	8 099 810	0,8%	8 035 096	-5,8%	8 532 106
Amortisation	CK	219 715	57,3%	139 698	0%	0

Stocks

		31/03/2013		31/03/2012		31/03/2011
Raw materials	Net	0	0%	0	0%	0
Gross	BL	0	0%	0	0%	0
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	0	0%	0	0%	0
Gross	BN	0	0%	0	0%	0
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	2 753 230	46,6%	1 878 521	-0,7%	1 891 585
Gross	BT	2 835 474	50,9%	1 878 521	-0,7%	1 891 585
Amortisation	BU	82 244	0%	0	0%	0
Sub Total Stocks	Net	2 753 230	46,6%	1 878 521	-0,7%	1 891 585

Advance payments to suppliers

		31/03/2013		31/03/2012		31/03/2011
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

		31/03/2013		31/03/2012		31/03/2011
Trade accounts receivable	Net	2 906 122	-30,0%	4 153 832	10,4%	3 760 901
Gross	BX	3 043 593	-29,1%	4 293 530	14,2%	3 760 901
Amortisation	BY	137 471	-1,6%	139 698	0%	0
Other debtors	Net	516 098	73,7%	297 088	-25,8%	400 617
Gross	BZ	516 098	73,7%	297 088	-25,8%	400 617
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	3 422 220	-23,1%	4 450 920	7,0%	4 161 518

Divers

		31/03/2013		31/03/2012		31/03/2011
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	880 317	6,1%	829 825	-13,7%	961 109
Gross	CF	880 317	6,1%	829 825	-13,7%	961 109
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	880 317	6,1%	829 825	-13,7%	961 109

Prepaid expenses

		31/03/2013		31/03/2012		31/03/2011
Prepaid expenses	Net	824 328	12,0%	736 132	-51,5%	1 517 894
Gross	CH	824 328	12,0%	736 132	-51,5%	1 517 894
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/03/2013		31/03/2012		31/03/2011
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	1 038
Gross		0	0%	0	0%	1 038

References

		31/03/2013		31/03/2012		31/03/2011
Due within one year	CP	0	0%	150 367	-20,6%	189 401
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)

		31/03/2013		31/03/2012		31/03/2011
Grand Total (I to V)	EE	8 979 246	-0,5%	9 026 690	-8,5%	9 864 072

Shareholder Equity (I)

		31/03/2013		31/03/2012		31/03/2011
Total shareholders' equity (Total I)	DL	3 754 934	-2,4%	3 845 599	5,0%	3 662 359
Equity and shareholders' equity	DA	400 000	0%	400 000	0%	400 000
Issue and merger premiums	DB	1 001 802	0%	1 001 802	0%	1 001 802
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	40 000	0%	40 000	0%	40 000
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	2 153 796	6,6%	2 020 556	19,9%	1 684 668
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	159 336	-58,4%	383 240	-28,5%	535 889
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/03/2013		31/03/2012		31/03/2011
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)

		31/03/2013		31/03/2012		31/03/2011
Total provisions for risks and charges (Total III)	DR	0	0%	0	0%	0
Risk provisions	DP	0	0%	0	0%	0
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/03/2013		31/03/2012		31/03/2011
Total Liabilities (Total IV)	EC	5 224 312	0,8%	5 181 092	-16,5%	6 201 713
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	18 506	-56,2%	42 230	-36,0%	65 972
Sundry loans and financial liabilities	DV	245 111	20,2%	203 986	14,9%	177 575
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	3 026 690	17,4%	2 578 646	-25,2%	3 446 925
Tax and social security liabilities	DY	281 918	-5,6%	298 573	-21,1%	378 547
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	1 652 087	-19,5%	2 053 156	-3,3%	2 124 195

Translation loss (V)

		31/03/2013		31/03/2012		31/03/2011
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/03/2013		31/03/2012		31/03/2011
Deferred income	EB	0	0%	4 500	-47,1%	8 500

References

		31/03/2013		31/03/2012		31/03/2011
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	5 163 177	-16,2%	6 160 345
Of which current bank facilities	EH	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/03/2013		31/03/2012		31/03/2011
Operating result (Total I-II)	GG	206 533	-64,3%	579 012	-27,0%	792 651

2 - Financial result (V - VI)

		31/03/2013		31/03/2012		31/03/2011
Financial result (Total V-VI)	GV	-13 221	-106,4%	207 681	11517,3%	-1 819

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

		31/03/2013		31/03/2012		31/03/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	193 312	-75,4%	786 693	-0,5%	790 832

4 - Extraordinary result (VII-VIII)

		31/03/2013		31/03/2012		31/03/2011
Extraordinary result (Total VII-VIII)	HI	37 659	125,4%	-148 200	-1573,9%	10 055

Profit or loss

		31/03/2013		31/03/2012		31/03/2011
Profit or loss	HN	159 336	-58,4%	383 240	-28,5%	535 889

Total Income (I+III+V+VII)

		31/03/2013		31/03/2012		31/03/2011
Total Income (I+III+V+VII)	HL	19 637 261	-24,2%	25 912 820	-3,1%	26 734 807

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

		31/03/2013		31/03/2012		31/03/2011
Total charges (Total II+IV+VI+VIII+IX+X)	HM	19 477 926	-23,7%	25 529 580	-2,6%	26 198 918

Operating income (I)

		31/03/2013		31/03/2012		31/03/2011
Total operating income (Total I)	FR	19 588 464	-23,4%	25 571 577	-4,1%	26 661 657

Operating income (details)

		31/03/2013		31/03/2012		31/03/2011
Sale of goods for resale	FC	19 505 138	-23,4%	25 469 219	-4,2%	26 584 437
France	FA	17 781 380	-24,1%	23 423 226	-7,0%	25 189 386
Export	FB	1 723 758	-15,7%	2 045 992	46,7%	1 395 050
Sale of goods produced	FF	0	0%	0	0%	0
France	FD	0	0%	0	0%	0
Export	FE	0	0%	0	0%	0
Sale of services	FI	11 661	-40,8%	19 694	42,1%	13 856
France	FG	7 155	-43,2%	12 588	38,4%	9 095
Export	FH	4 506	-36,6%	7 106	49,3%	4 761
Net turnover	FL	19 516 799	-23,4%	25 488 913	-4,2%	26 598 293
France	FJ	17 788 535	-24,1%	23 435 815	-7,0%	25 198 482
Export	FK	1 728 264	-15,8%	2 053 098	46,7%	1 399 811
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	210
Release of reserves and provisions	FP	71 611	-7,5%	77 413	31,1%	59 027
Other income	FQ	54	-99,0%	5 252	27,3%	4 127

Operating charges (II)

		31/03/2013		31/03/2012		31/03/2011
Total operating charges (Total II)	GF	19 381 931	-22,4%	24 992 565	-3,4%	25 869 006

Exploitation charges

		31/03/2013		31/03/2012		31/03/2011
Purchase of goods for resale	FS	17 709 582	-19,8%	22 094 234	-2,9%	22 760 808
Change in stocks of goods for resale	FT	-956 953	-7425,1%	13 064	-93,7%	206 568
Purchase of raw materials	FU	0	0%	16 782	-31,9%	24 643
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	1 287 846	-14,2%	1 501 114	-10,6%	1 678 908
Tax, duty and similar payments	FX	99 729	-12,0%	113 294	2,6%	110 470
Payroll	FY	747 034	7,4%	695 402	-1,3%	704 323
Social security costs	FZ	376 356	-1,9%	383 689	5,4%	363 986

Depreciation

		31/03/2013		31/03/2012		31/03/2011
Depreciation of fixed assets	GA	31 276	-8,5%	34 182	112,4%	16 092
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	82 244	-41,1%	139 698	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/03/2013		31/03/2012		31/03/2011
Other charges	GE	4 817	335,9%	1 105	-65,6%	3 208

Operating charges (III-IV)

		31/03/2013		31/03/2012		31/03/2011
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)

		31/03/2013		31/03/2012		31/03/2011
Total financial income (Total V)	GP	4 272	-98,3%	257 408	469,2%	45 226
Share financial income	GJ	1 570	-99,4%	244 699	513,4%	39 890
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	2 702	-78,7%	12 708	138,2%	5 336
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

		31/03/2013		31/03/2012		31/03/2011
Total financial charge (Total VI)	GU	17 493	-64,8%	49 727	5,7%	47 045
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	10 691	-65,5%	30 982	26,0%	24 589
Exchange losses	GS	6 802	-63,7%	18 745	-16,5%	22 456
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/03/2013		31/03/2012		31/03/2011
Total extraordinary income (Total VII)	HD	44 525	-46,9%	83 834	200,2%	27 925
Extraordinary operating income	HA	0	0%	0	0%	638
Extraordinary income from capital transactions	HB	44 525	-46,9%	83 834	207,2%	27 287
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/03/2013		31/03/2012		31/03/2011
Total extraordinary charges (Total VIII)	HH	6 866	-97,0%	232 034	1198,5%	17 870
Extraordinary operating charges	HE	0	0%	5 000	0%	0
Extraordinary charges from capital transactions	HF	6 866	-97,0%	227 034	1170,5%	17 870
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/03/2013		31/03/2012		31/03/2011
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/03/2013		31/03/2012		31/03/2011
Tax on profits (Total X)	HK	71 636	-71,9%	255 253	-3,7%	264 998

References

		31/03/2013		31/03/2012		31/03/2011
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	77 413	31,1%	59 027
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

		31/03/2013		31/03/2012		31/03/2011
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%	04
Decreasess by transfers	OK2	6 866	-97,0%	227 034	374,8%	47 818
Gross value at the end of period	OL	1 269 641	-0,1%	1 270 508	-11,5%	1 435 961

Research and development Charge (Total I)

		31/03/2013		31/03/2012		31/03/2011
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)

		31/03/2013		31/03/2012		31/03/2011
Gross value at begin of period	KD	858 083	4,9%	818 333	-0,2%	820 119
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	2 250	-94,3%	39 750	411,3%	7 775
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	0	0%	9 561
Gross value at the end of period	LW	860 333	0,3%	858 083	4,9%	818 333

Tangible fixed assets (Total III)

		31/03/2013		31/03/2012		31/03/2011
Gross value at begin of period	LN	195 393	3,2%	189 385	33,8%	141 536
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	0	0%	6 008	-91,2%	68 236
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	0	0%	0	0%	20 387
Gross value at the end of period	NH	195 393	0%	195 393	3,2%	189 384

Fiancial assets (Total IV)

		31/03/2013		31/03/2012		31/03/2011
Gross value at begin of period	LQ	217 033	-49,3%	428 245	-4,0%	446 115
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	3 749	-76,3%	15 822	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	05
Decreasess by transfers	NJ2	6 866	-97,0%	227 034	1170,5%	17 870
Gross value at the end of period	NK	213 916	-1,4%	217 033	-49,3%	428 245

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

			31/03/2013		31/03/2012		31/03/2011
	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)

			31/03/2013		31/03/2012		31/03/2011
	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)

			31/03/2013		31/03/2012		31/03/2011
	Reserve for depreciation value at begin of period	PE	25 087	39,0%	18 042	-31,5%	26 343
Increases		PF	3 988	-43,4%	7 045	459,1%	1 260
Decreasess		PG	0	0%	0	0%	9 561
	Decreasess by budget item transfer	PH	29 075	15,9%	25 087	39,0%	18 042

Total fixed assets amotisation (Total III)

			31/03/2013		31/03/2012		31/03/2011
	Reserve for depreciation value at begin of period	QU	104 128	35,2%	76 991	-6,7%	82 546
Increases		QV	27 287	0,6%	27 136	83,0%	14 832
Decreases		QW	0	0%	0	0%	20 387
	Decreasess by budget item transfer	QX	131 415	26,2%	104 128	35,2%	76 991

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/03/2013		31/03/2012		31/03/2011
	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

			31/03/2013		31/03/2012		31/03/2011
	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)

			31/03/2013		31/03/2012		31/03/2011
	Value at begining of period	7C	149 698	1397,0%	10 000	0%	10 000
Increases		UB	82 244	-41,1%	139 698	0%	0
Decreases		UC	2 227	0%	0	0%	0
	Value at the end of period	UD	229 715	53,5%	149 698	1397,0%	10 000

Includes Total allocations

Operating	UE	82 244	-41,1%	139 698	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	2 227	0%	0	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/03/2013		31/03/2012		31/03/2011
	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)

			31/03/2013		31/03/2012		31/03/2011
	Value at begining of period	5Z	0	0%	0	0%	0
Increases		TV	0	0%	0	0%	0
Decreases		TW	0	0%	0	0%	0
	Value at the end of period	TX	0	0%	0	0%	0

Total Provision for depreciation (Total III)

			31/03/2013		31/03/2012		31/03/2011
	Value at begining of period	7B	149 698	1397,0%	10 000	0%	10 000
Increases		TY	82 244	-41,1%	139 698	0%	0
Decreases		TZ	2 227	0%	0	0%	0
	Value at the end of period	UA	229 715	53,5%	149 698	1397,0%	10 000

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

		31/03/2013		31/03/2012		31/03/2011
Gross value	VT	4 528 954	-17,3%	5 477 117	-6,7%	5 868 813
1 year at most	VU	4 528 954	-17,3%	5 477 117	-6,7%	5 868 813
More than one year	VV	0	0%	0	0%	0

State of loans

		31/03/2013		31/03/2012		31/03/2011
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	144 935	-3,6%	150 367	-20,6%	189 401
Other financial assets (1 year at most)	UV	144 935	-3,6%	150 367	-20,6%	189 401

Receivables statement of assets

		31/03/2013		31/03/2012		31/03/2011
Customers doubtful or disputed	VA	137 471	0%	0	0%	0
Other claims customer	UX	2 906 122	-32,3%	4 293 530	14,2%	3 760 901
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	11	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	183 617	1784,0%	9 746	528,8%	1 550
Value added tax	VB	74 132	221,3%	23 074	-19,8%	28 754
Other taxes and payments assimilated	VN	34 473	0%	0	0%	0
State and other public - Miscellaneous	VP	2 180	0%	0	0%	0
Group and Associates	VC	190 186	11,0%	171 279	-36,9%	271 613
Accounts receivable (including claims relating to the operation of pension titles)	VR	31 500	-66,1%	92 990	-5,8%	98 700

Prepaid

		31/03/2013		31/03/2012		31/03/2011
Prepaid	VS	824 328	12,0%	736 132	-51,5%	1 517 894

State Debt

			31/03/2013		31/03/2012		31/03/2011
	Total debt (gross)	VY	5 224 312	0,8%	5 181 092	-16,5%	6 201 713
1 year at most		VZ2	5 224 312	1,2%	5 163 177	-16,2%	6 160 345
More than 1 year and 5 years at most		VZ3	0	0%	17 915	-56,7%	41 368
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/03/2013		31/03/2012		31/03/2011
	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	590	-31,6%	863	-47,3%	1 638
1 year at most		VG2	590	-31,6%	863	-47,3%	1 638
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	17 915	-56,7%	41 368	-35,7%	64 333
1 year at most		VH2	17 915	-23,6%	23 453	2,1%	22 965
More than 1 year and 5 years at most		VH3	0	0%	17 915	-56,7%	41 368
	Loans and various financial liabilities (gross)	8A1	06	-57,1%	14	-36,4%	22
1 year at most		8A2	06	-57,1%	14	-36,4%	22
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	3 026 690	17,4%	2 578 646	-25,2%	3 446 925
1 year at most		8B2	3 026 690	17,4%	2 578 646	-25,2%	3 446 925
More than 1 year and 5 years at most		8B3	3 026 690	17,4%	2 578 646	-25,2%	3 446 925
	Personnel and associated accounts (gross)	8C1	86 745	-24,4%	114 705	-7,0%	123 324
1 year at most		8C2	86 745	-24,4%	114 705	-7,0%	123 324
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	116 889	6,6%	109 694	-22,2%	140 984
1 year at most		8D2	116 889	6,6%	109 694	-22,2%	140 984
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	26 203	168,0%	9 778	-79,3%	47 295
1 year at most		VW2	26 203	168,0%	9 778	-79,3%	47 295
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	52 082	-19,1%	64 396	-3,8%	66 944
1 year at most		VQ2	52 082	-19,1%	64 396	-3,8%	66 944
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	245 105	20,2%	203 972	14,9%	177 553
1 year at most		VI2	245 105	20,2%	203 972	14,9%	177 553
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	1 652 087	-19,5%	2 053 156	-3,3%	2 124 195
1 year at most		8K2	1 652 087	-19,5%	2 053 156	-3,3%	2 124 195
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%	4 500	-47,1%	8 500
1 year at most		8L2	0	0%	4 500	-47,1%	8 500
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/03/2013		31/03/2012		31/03/2011
Loans made during the period	VJ	0	0%	0	0%	70 000
Debt repaid during the period	VK	23 453	2,1%	22 966	305,3%	5 667

Table allocation results and other information
Dividends distributed

		31/03/2013		31/03/2012		31/03/2011
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/03/2013		31/03/2012		31/03/2011
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

		31/03/2013		31/03/2012		31/03/2011
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

		31/03/2013		31/03/2012		31/03/2011
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

		31/03/2013		31/03/2012		31/03/2011
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

		31/03/2013		31/03/2012		31/03/2011
Average number of employees	YP	0	0%	0	0%	0

Groups and Shareholders

		31/03/2013		31/03/2012		31/03/2011
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

		31/03/2013		31/03/2012		31/03/2011	Sector Median 2013
Fixed Asset Financing		3,30	-0,9%	3,33	19,4%	2,79	3,46	-4,6%
Global Debt		96 days	31,5%	73 days	-13,1%	84 days	74 days	29,7%
Working Capital Fund overall net		54 days	28,6%	42 days	20,0%	35 days	41 days	31,7%
Financial independence		20290,36%	122,8%	9106,32%	64,0%	5551,38%	644,89%	3046,3%
More ratios
Solvability		41,82%	-1,8%	42,60%	14,7%	37,13%	30,84%	35,6%
Capacity debt futures		20291,46%	28,3%	15815,10%	6,2%	14885,82%	1836,43%	1004,9%
Coverage of current assets by net working capital overall		40,13%	-1,1%	40,56%	10,5%	36,71%	38,22%	5,0%
General Liquidity		0,87	-17,9%	1,06	11,6%	0,95	0,83	4,8%
Restricted Liquidity		1,04	-14,8%	1,22	9,9%	1,11	1,07	-2,8%

Management or rotation

		31/03/2013		31/03/2012		31/03/2011	Sector Median 2013
Need background in operating working capital		22 days	10,0%	20 days	1900%	1 days	23 days	-4,3%
Treasury		16 days	33,3%	12 days	-7,7%	13 days	8 days	100%
Inventory turnover of goods		61 days	96,8%	31 days	3,3%	30 days	40 days	52,5%
Average length of credit granted to customers		56 days	-8,2%	61 days	19,6%	51 days	44 days	27,3%
Average length of credit obtained suppliers		60 days	53,8%	39 days	-22,0%	50 days	52,50 days	14,3%
More ratios
Inventory turnover of raw materials in industrial enterprises		0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	2422 days	-
Rotation tangible assets		9988,48%	-23,4%	13044,95%	-7,1%	14044,64%	5999,71%	66,5%

Profitability of the business

		31/03/2013		31/03/2012		31/03/2011	Sector Median 2013
Margin trading		14,10%	6,9%	13,19%	-3,0%	13,60	19,68%	-28,4%
Profitability of the business		1,30	-50,6%	2,63	-6,7%	2,82	2,58%	-49,6%
Net profit		0,82%	-45,3%	1,50%	-25,4%	2,01%	1,53%	-46,4%
More ratios
Growth rate of turnover (excluding VAT)		-23,43%	-461,9%	-4,17%	-131,6%	13,20%	0,24%	-9862,5%
Rates integration		7,56%	3,4%	7,31%	0,8%	7,25%	11,17%	-32,3%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		76,09%	31,4%	57,90%	4,5%	55,43%	59,11%	28,7%
Weight interests		0,09	-55,0%	0,20%	11,1%	0,18%	0,12%	-25,0%

Return on capital

		31/03/2013		31/03/2012		31/03/2011	Sector Median 2013
Cash flow from the overall profitability		0,77%	-65,0%	2,20%	7,8%	2,04%	1,75%	-56,0%
Rates of economic profitability		6%	-62,5%	16%	-15,8%	19%	15%	-60,0%
Financial profitability		3754934%	-2,4%	3845599%	5,0%	3662359%	725826%	417,3%
Return on investment		4,40%	-58,4%	10,58%	-29,1%	14,92%	11,34%	-61,2%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/03/2013		31/03/2012		31/03/2011	Sector Median 2013
Turnover	19 516 799	-23,4%	25 488 913	-4,2%	26 598 293	7 554 712 €	158,3%

Sales of goods	19 505 138	-23,4%	25 469 219	-4,2%	26 584 437
- Purchase of goods	17 709 582	-19,8%	22 094 234	-2,9%	22 760 808
+/- Stock of goods variation	-956 953	-7425,1%	13 064	-93,7%	206 568
Trading margin	2 752 509 €	-18,1%	3 361 921 €	-7,1%	3 617 061 €	1 608 001,50 €	71,2%
	14,10 % CA	6,9%	13,19 % CA	-3,0%	13,60 % CA	20,34 % CA	-30,7%

Sale of goods produced	11 661	-40,8%	19 694	42,1%	13 856
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	11 661 €	-40,8%	19 694 €	42,1%	13 856 €	41 467 €	-71,9%
	0,06 % CA	-25,0%	0,08 % CA	60,0%	0,05 % CA	0,44 % CA	-86,4%

Trading margin	2 752 509	-18,1%	3 361 921	-7,1%	3 617 061	1 608 001,50	71,2%
+ Period Production	11 661	-40,8%	19 694	42,1%	13 856	41 467	-71,9%
- Purchase of raw materials	0	0%	16 782	-31,9%	24 643
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	1 287 846	-14,2%	1 501 114	-10,6%	1 678 908
Added value	1 476 324 €	-20,8%	1 863 719 €	-3,3%	1 927 366 €	784 277 €	88,2%
	7,56 % CA	3,4%	7,31 % CA	0,8%	7,25 % CA	11,17 % CA	-32,3%

Added value	1 476 324 €	-20,8%	1 863 719 €	-3,3%	1 927 366 €	784 277 €	88,2%
+ Operating grants	0	0%	0	0%	210
- Tax, duty and similar payments	99 729	-12,0%	113 294	2,6%	110 470
- Personal charges	1 123 390	4,1%	1 079 091	1,0%	1 068 309
Gross operating surplus	253 205 €	-62,3%	671 334 €	-10,3%	748 797 €	252 052 €	0,5%
	1,30 % CA	-50,6%	2,63 % CA	-6,7%	2,82 % CA	2,58 % CA	-49,6%

Gross operating surplus	253 205 €	-62,3%	671 334 €	-10,3%	748 797 €	252 052 €	0,5%
+ Release of reserves and provisions	71 611	-7,5%	77 413	31,1%	59 027
+ Other operating income	54	-99,0%	5 252	27,3%	4 127
- Depreciation/Amortisation	113 520	-34,7%	173 880	980,5%	16 092
- Other charges	4 817	335,9%	1 105	-65,6%	3 208
Operating result	206 533 €	-64,3%	579 014 €	-27,0%	792 651 €	196 641 €	5,0%
	1,06 % CA	-53,3%	2,27 % CA	-23,8%	2,98 % CA	2,18 % CA	-51,4%

Operating result	206 533 €	-64,3%	579 014 €	-27,0%	792 651 €	196 641 €	5,0%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	4 272	-98,3%	257 408	469,2%	45 226
- Financial charges	17 493	-64,8%	49 727	5,7%	47 045
Pre-tax result	193 312 €	-75,4%	786 695 €	-0,5%	790 832 €	157 769 €	22,5%
	0,99 % CA	-68,0%	3,09 % CA	4,0%	2,97 % CA	2,08 % CA	-52,4%

Extraordinary income	44 525	-46,9%	83 834	200,2%	27 925	3 017,50	1375,6%
- Extraordinary charges	6 866	-97,0%	232 034	1198,5%	17 870
Extraordinary result	37 659 €	125,4%	-148 200 €	-1573,9%	10 055 €	-22,50 €	167473,3%
	0,19 % CA	132,8%	-0,58 % CA	-1550,0%	0 % CA	0 % CA	0%

Pre-tax result	193 312 €	-75,4%	786 695 €	-0,5%	790 832 €	157 769 €	22,5%
Extraordinary result	37 659 €	125,4%	-148 200 €	-1573,9%	10 055 €	-22,50 €	167473,3%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	71 636	-71,9%	255 253	-3,7%	264 998
Net result	159 335 €	-58,4%	383 242 €	-28,5%	535 889 €	98 131,50 €	62,4%
	0,82 % CA	-45,3%	1,50 % CA	-25,4%	2,01 % CA	1,53 % CA	-46,4%

Commentary

The comments are ordered according to the class of risk. Companies are compared with regard to other companies of the same type. Thus a positive comment for one category can be negative for another or can change depending on its value. This is a purely statistical decision.
	The shareholder's equity is 3,754,934 €
	The creditor days are 56.60
	Low risk workforce size
	Industry code with low risk rating
	Department code with low risk rating
	The company has 2 director(s)
	The risk provisions are 0 €
	The total assets are 8,979,246 €
	The liabilities are 5,224,312 €
	The net current assets are 7,880,095 €
	The net turnover is 19,516,799 €
	The pre-tax profit is 230,972 €
	The sales to current assets ratio is 2,48
	The ratio total assets to total liabilities is 1,72
	The return on total assets employed is 2,57
	The stock to turnover ratio is 14.11
	The decrease of tangible fixed assets over the last two accounting periods is 30 %

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

Group Structure

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
20/11/2013	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 4365 - 402810717 RCS. ARGIS-GALAC'SEA. Forme : Société par actions simplifiée. Adresse : 15 rue Florian Laporte 56100 Lorient. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2013.
24/10/2012	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 4952 - 402810717 RCS. ARGIS-GALAC'SEA. Forme : Société par actions simplifiée. Adresse : 15 rue Florian Laporte 56100 Lorient. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2012.
24/10/2011	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 3619 - 402810717 RCS. ARGIS-GALAC'SEA. Forme : Société par actions simplifiée. Adresse : 15 rue Florian Laporte 56100 Lorient. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2011.
12/10/2010	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 6233 - 402810717 RCS. ARGIS-GALAC'SEA. Forme : Société par actions simplifiée. Adresse : 15 rue Florian Laporte 56100 Lorient. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2010.
12/11/2009	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 5025 - 402810717 RCS. ARGIS-GALAC'SEA. Forme : Société par actions simplifiée. Adresse : 15 rue Florian Laporte 56100 Lorient. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2009.
07/11/2008	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 4390 - 402810717 RCS. ARGIS-GALAC'SEA. Forme : Société par actions simplifiée. Adresse : 15 rue Florian Laporte 56100 Lorient. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2008.
16/03/2008	Bodacc B	Modification et mutation diverse
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE LORIENT 3225 - 402 810 717 RCS Lorient. ARGIS-GALAC'SEA. Forme : Société par actions simplifiée. Administration : Président : PRIVE Régis. Directeur général délégué : LEMEUNIER Hervé Marcel. Commissaire aux comptes titulaire : CABINET GUILLAUME LALLICAN ET ASSOCIES (SARL). Commissaire aux comptes suppléant : CABINET PICAVET LE DAIN (SARL). Capital : 400000 EUR. Commentaires : Modification survenue sur l'administration, la forme juridique, le capital.
20/12/2007	Bodacc C	Avis de dépôt des comptes
6383 - 402 810 717. RCS Lorient ARGIS-GALAC'SEA. Forme: Société à responsabilité limitée. Adresse du siège social: 15 rue Florian Laporte 56100 Lorient. Comptes annuels et rapports de l'exercice clos le: 31 mars 2007.
24/11/2006	Bodacc C	Avis de dépôt des comptes
5653 - RCS Lorient B 402 810 717. RC 95-B 504. ARGIS GALAC'SEA. Forme: S.A.R.L.. Adresse du siège social: 15, rue Florian Laporte,56100 Lorient. Comptes annuels et rapports de l'exercice clos le: 31 mars 2005.
24/11/2006	Bodacc C	Avis de dépôt des comptes
5654 - RCS Lorient B 402 810 717. RC 95-B 504. ARGIS GALAC'SEA. Forme: S.A.R.L.. Adresse du siège social: 15, rue Florian Laporte,56100 Lorient. Comptes annuels et rapports de l'exercice clos le: 31 mars 2006.
17/11/2006	Bodacc B	Modifications et mutations diverses
0866 - RCS Lorient B 402 810 717. RC 95-B 504. ARGIS-GALAC'SEA. Forme : S.A.R.L. Adresse du siège social : 15 rue Florian-Laporte,, 56100 Commentaires : modification survenue sur l'administration. Administration : gérant : PRIVE (Régis) (Nom d'usage : PRIVE). Commissaire aux comptes titulaire : CABINET GUILLAUME LALLICAN ET ASSOCIES. Commissaire aux comptes suppléant : CABINET PICAVET LE DAIN. Date d'effet : 26 septembre 2006.
11/10/2005	Bodacc B	Modifications et mutations diverses
769 - RCS Lorient B 402 810 717. RC 95-B 504. ARGIS-GALAC'SEA. Forme : S.A.R.L. Capital : 160 000 euros. Adresse du siège social : 15 rue Florian-Laporte,, 56100 Commentaires : modification survenue sur la dénomination et le capital (augmentation). Fusion-absorption de la STE GALAC'SEA, RCS B 452 743 206, RC 04-B 209, à compter du 1er avril 2005. Date d'effet : 16 août 2005.
12/06/2005	Bodacc C	Avis de dépôt des comptes
3052 - RCS Lorient B 402 810 717. RC 95-B 504. ARGIS. Forme: S.A.R.L.. Adresse du siège social: 15, rue Florian Laporte,56100 Lorient. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
13/06/2001	Bodacc B	Modifications et mutations diverses
RCS Lorient B 402810717 RC 95-B 504 ARGIS. Forme : S.A.R.L. Capital : 100 000 euros. Adresse du siège social : 15 rue Florian-Laporte, 56100 Lorient. Commentaires : modification survenue sur le capital (augmentation et conversion en euros). Date d'effet : 12 avril 2001.
07/06/2000	Bodacc B	Modifications et mutations diverses
RCS Lorient B 402810717 RC 95-B 504 ARGIS. Forme : S.A.R.L. Capital : 650 000 F. Adresse du siège social : 15 rue Florian- Laporte, 56100 Lorient. Commentaires : modification survenue sur le capital ( augmentation). Date d'effet : 21 mars 2000.
20/06/1999	Bodacc B	Modifications et mutations diverses
RCS Lorient B 402810717 RC 95-B 504 ARGIS. Forme : S.A.R.L. Capital : 450 000 F. Adresse du siège social : 15 rue Florian- Laporte, 56100 Lorient. Commentaires : modification survenue sur le capital ( augmentation). Date d'effet : 25 mars 1999.
10/06/1998	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Lorient B 402 810 717 RC 95-B 504 ARGIS. Forme : S.A.R.L. Capital : 50 000 F. Adresse : 15 rue Florian-Laporte 56100 Lorient Nouvelle situation du siège social. Capital : 250 000 F. Date d'effet : 27 mars 1998.
06/12/1995	Bodacc A	Création d'établissement
RCS Lorient B 402 810 717 A dater du: 14 novembre 1995 RC 95-B 504 ARGIS. Forme : S.A.R.L. Capital : 50 000 F. Adresse du siège social : 15 rue Florian- Laporte 56100 Lorient. Administration : gérant : PRIVE (Régis) Cette société se constitue Etablissement principal: Adresse : 15 rue Florian-Laporte 56100 Lorient. Activité : négoce et représentation de tous produits alimentaires Date de début d'activité: 1er novembre 1995.

Company events history

Date	Description
20/11/2013	Bodacc C : Deposit accounts notice
13/11/2013	Update Limit
13/11/2013	Update Rating
13/11/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
15/10/2013	Update Limit
15/10/2013	Update Rating
31/03/2013	New accounts available
29/11/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
24/10/2012	Bodacc C : Deposit accounts notice
31/03/2012	New accounts available
24/10/2011	Bodacc C : Deposit accounts notice
11/10/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/03/2011	New accounts available
12/10/2010	Bodacc C : Deposit accounts notice
31/03/2010	New accounts available
31/12/2009	Modification of Company Activity
31/12/2009	Update of Company Activity
12/11/2009	Bodacc C : Deposit accounts notice
31/03/2009	New accounts available
07/11/2008	Bodacc C : Deposit accounts notice
31/03/2008	New accounts available
16/03/2008	Bodacc B: Various editing or changing
16/03/2008	New Bodacc B ads detected
12/03/2008	New legal form – no new category
12/03/2008	Updated articles of association
12/03/2008	Minutes of general meeting of shareholders
12/03/2008	Appointment/resignation of company officers
12/03/2008	Private document
12/03/2008	Sale of shares
12/03/2008	Capital increase
14/02/2008	Update of Company Legal Form
14/02/2008	Other modification of Establishment (error correction)
05/02/2008	Audit or Management Report
05/02/2008	Private document
31/03/2007	New accounts available
30/10/2006	Private document
30/10/2006	Appointment/resignation of company officers
30/10/2006	Minutes of general meeting of shareholders
30/10/2006	New auditor
31/03/2006	New accounts available
19/09/2005	Acte sous seing privé
19/09/2005	Acte modificatif
19/09/2005	Rapport des Commissaires ou du Gérant
19/09/2005	Audit or Management Report
19/09/2005	Updated articles of association
19/09/2005	Statuts mis à jour
19/09/2005	PV d'Assemblée
19/09/2005	Minutes of general meeting of shareholders
19/09/2005	Private document
19/09/2005	New company name
19/09/2005	Changement de dénomination sociale
19/09/2005	Augmentation de Capital
19/09/2005	Merger
19/09/2005	Fusion
11/07/2005	Planned merger
11/07/2005	Acte sous seing privé
11/07/2005	Private document
11/07/2005	Projet de Fusion
11/07/2005	Acte modificatif
22/04/2005	Minutes of general meeting of shareholders
22/04/2005	Statuts mis à jour
22/04/2005	PV d'Assemblée
22/04/2005	Updated articles of association
22/04/2005	New closing date
22/04/2005	Acte sous seing privé
22/04/2005	Private document
22/04/2005	Changement de date de clôture
31/03/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
23/05/2001	Augmentation de Capital
23/05/2001	Conversion du Capital Social en Euros
23/05/2001	Acte modificatif
23/05/2001	PV d'Assemblée
23/05/2001	Statuts mis à jour
23/05/2001	Acte sous seing privé
17/05/2000	Augmentation de Capital
17/05/2000	Acte sous seing privé
17/05/2000	Acte modificatif
17/05/2000	Statuts mis à jour
17/05/2000	PV d'Assemblée
31/05/1999	Acte sous seing privé
31/05/1999	Statuts mis à jour
31/05/1999	Augmentation de Capital
31/05/1999	PV d'Assemblée
31/05/1999	Acte modificatif
20/04/1998	Acte modificatif
20/04/1998	Statuts mis à jour
20/04/1998	Acte sous seing privé
20/04/1998	Augmentation de Capital
20/04/1998	PV d'Assemblée
23/09/1997	Cession de parts
23/09/1997	Acte sous seing privé
23/09/1997	PV d'Assemblée
23/09/1997	Statuts mis à jour
23/09/1997	Acte modificatif
10/11/1995	Formation de Société
10/11/1995	Acte modificatif
10/11/1995	Statuts
10/11/1995	Acte sous seing privé

Establishment events history

directors

Name	M. PRIVE RÉGIS
Manager position	President	Date of birth
Place of birth	POISSY (78)
Type	Individual	Name at birth

Name	M. LEMEUNIER HERVÉ MARCEL
Manager position	Delegated managing director	Date of birth
Place of birth	LE MANS (72)
Type	Individual	Name at birth

Previous Directors

No data about previous directors is available for this company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.46
UK Pound	1	Rs.100.14
Euro	1	Rs.79.65

INFORMATION DETAILS

Report Prepared by :

PDT

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.