MIRA INFORM REPORT

Report Date :

01.02.2014

IDENTIFICATION DETAILS

Name :	ROYER LICENCES
Registered Office :	Zi De L'aumaillerie, 1 Rue Zi L Aumaillerie, Bp 80238 Javene, 35302 Fougeres Cedex
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	January 1978
Com. Reg. No.:	RCS Rennes 7 313 966 301
Legal Form :	Simplified Joint Stock Company
Line of Business :	Wholesale trader of Clothing and footwear
No. of Employees :	78 (31.12.2012)

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
France	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	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 79 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 reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011, before stagnating in 2012. The unemployment rate increased from 7.4% in 2008 to 10.3% in 2012. Youth unemployment shot up to 24.2% during the third quarter of 2012 in metropolitan France. Lower-than-expected growth and high unemployment costs have strained France's public finances. The budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.5% of GDP in 2012, while France's public debt rose from 68% of GDP to 89% over the same period. Under President SARKOZY, Paris implemented some austerity measures to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt. Socialist Party candidate Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, and hiring an additional 60,000 teachers during his five-year term. The government's attempt to introduce a 75% wealth tax on income over one million euros for two years was struck down by the French Constitutional Council in December 2012 because it applied to individuals rather than households. France ratified the EU fiscal stability treaty in October 2012 and HOLLANDE's government has maintained France's commitment to meeting the budget deficit target of 3% of GDP during 2013 even amid signs that economic growth will be lower than the government's forecast of 0.8%. Despite stagnant growth and fiscal challenges, France's borrowing costs declined during the second half of 2012 to euro-era lows.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Name

ROYER LICENCES

SIRET

313 966 301 00027

Company summary

		EUR VAT Number	FR09313966301
Activity (APE)	Wholesale trader of Clothing and footwear (4642Z)	Legal form	Simplified joint stock company
Phone	09 64 21 56 59	RCS Registration	RCS Rennes 7 313 966 301
Fax		Share capital	228,715 Euros
Address	ROYER LICENCES ZI DE L'AUMAILLERIE 1 RUE ZI L AUMAILLERIE BP 80238 JAVENE 35302 FOUGERES CEDEX	Incorporated Date	09/1978
Nationality	France	Status	Economically active

Company details

Activity (APE)	Wholesale trader of Clothing and footwear (4642Z)
RCS Registration	RCS Rennes 7 313 966 301	Share capital	228,715 Euros
Registration Court	Rennes (35)	Legal form	Simplified joint stock company
Court Registry Number	19 7 8B00262	EUR VAT Number	FR09313966301
Incorporation Date	09/1978	Formation Date	01/1978
Deregistration Date		Last account Date	31/12/2012
Nationality	France

Establishment details

Activity (APE)	Wholesale trader of Clothing and footwear (4642Z)	Business Pages FT®
Postal Address	ROYER LICENCES ZI DE L'AUMAILLERIE 1 RUE ZI L AUMAILLERIE BP 80238 JAVENE 35302 FOUGERES CEDEX	Trading Address	1 RUE EUGÈNE FREYSSINET 35133 JAVENÉ
Telephone	09 64 21 56 59
Fax

Type	Head office	Status	Economically active
Formation Date	10/1986	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Ille-et-Vilaine (35)	Region	Bretagne
District	1	Area	13
City	JAVENE	Size of urban area

DIRECTORS/MANAGEMENT

Directors

Shareholder(s)

Name	GROUPE ROYER
Name of representative
Manager position	President	Date of birth
Place of birth
Type	Moral person	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Manager	M JACQUES ROYER	16/05/1948 - FOUGERES
Not associated manager	JACQUES LOUIS ARMAND ROYER	16/05/1948 - 35 FOUGERES
Not associated manager	M JACQUES LOUIS ARMAND ROYER	16/05/1948 - FOUGERES
Not associated manager	M JACQUES LOUIS ARMAND ROYER	16/05/1948 - 35 FOUGERES
Not associated manager	M JACQUES LOUIS ARMAND ROYER	16/05/1948 - 35 FOUGERES

NEGATIVE INFORMATION

No negative information found.

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	SOCIETE CIVILE FINANCIERE ROYER	388075780

Ultimate Parent

1 ultimate parent company for this company > SOCIETE CIVILE FINANCIERE ROYER  - Activités des sociétés holding (6420Z) in JAVENE  (35133)

Group Structure

Go directly to the current company

Display only where participation % > 33 %

Display all participations

Company Name	SIREN	Parts	Last account published
SOCIETE CIVILE FINANCIERE ROYER	388075780	-	-
GROUPE ROYER	309742492	77.50%	31/12/2012
EUROKA	391304854	100%	31/12/2012
IBERROYER	190324	100%	31/12/2012
SAR	388683690	100%	31/12/2012
LAHERRERE	465201499	100%	31/12/2012
MA	347664930	100%	31/12/2012
MA US	-	100%	-
CHARLES JOURDAN HOLDING AG	-	100%	-
PATRICK COX	-	Majority	-
ROYER SAS	326535143	92.51%	31/12/2012
TRANSCONTINENTAL SPORTSWEAR SYSTEM...	419173638	100%	31/12/2012
TRANSCONTINENTAL SPORTWEAR	-	100%	-
TRANSCONTINENTAL SPORTWEAR	-	100%	-
SHOE MARK	510783236	51%	31/12/2012
CHARLES JOURDAN 1921	510783343	Majority	31/12/2012
ROYER LICENCES	313966301	100%	31/12/2012
ROYER SPORT	323127035	100%	31/12/2012
ROYER RETAIL	439723859	100%	31/12/2012
COAT CONCEPT GERMANY GMBH	-	98%	-
FOOTWEAR EUROPE AND EXPORT TRADING	445262587	100%	31/12/2012
NBR	491867040	100%	31/12/2012
NBR GMBH	HRB 64198	100%	31/12/2011
NBR BELGIQUE SPRL	829918241	100%	31/12/2012
SCI RAJA	451517825	99.99%	-

Linkages

Ultimate parent company	SOCIETE CIVILE FINANCIERE ROYER
Direct parent	GROUPE ROYER - 100 %
Group – Number of companies	25
Linkages – Number of companies	3
Number of countries	3
Company Name		SIREN	Last account	Turnover
KICKERS INTERNATIONAL B.V.		33266570	31/12/2012	-
ROYER DEUTSCHLAND GMBH		HRB 7830	31/12/2011	-
NRB SOCIÉTÉ PAR ACTIONS SIMPLIFIÉE		-	-	-

Event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
18/08/2013	Bodacc C	Comptes annuels et rapports

FINANCIAL INFORMATION

Trends

Profitability

Liquidity

Net worth

Accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2012	31/12/2011	31/12/2010
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	31/07/2013	15/10/2012	05/07/2011
Activity Code	4642Z	4642Z	4642Z
Employees	78	71	41

Active account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	206 455	-20,8%	260 574	6,1%	245 498	44 011	369,1%
- Intangible assets	26 718	-0,5%	26 841	710,4%	3 312	6 439	314,9%
- Tangible assets	178 737	-23,2%	232 608	-3,9%	242 136	5 811	2975,8%
- Financial assets	1 000	-11,1%	1 125	2150,0%	50	5 860	-82,9%
Net current assets	7 110 708	-30,9%	10 286 712	136,6%	4 348 201	213 873	3224,7%
- Stocks	4 257 481	-4,9%	4 478 188	300,0%	1 119 626	54 772	7673,1%
- Advanced payments	0	-30,9%	0	0%	0	0	0%
- Receivables	2 796 404	-44,2%	5 007 831	55,5%	3 221 286	62 213	4394,9%
- Securities and cash	56 823	-92,9%	800 693	10884,9%	7 289	33 321	70,5%
- Prepaid expenses	-	-	-	-	-	93,50	-
Accounts of regularization	281	-98,0%	14 346	0%	0	0	0%
Total Assets	7 317 443	-30,7%	10 561 633	129,9%	4 593 698	302 833	2316,3%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Shareholders' equity	-11 872 698	-92,0%	-6 185 151	-393,2%	-1 254 066	65 120	-18332,0%
Share capital	228 715	0%	228 715	0,0%	228 689	9 147	2400,4%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	202 141	13,5%	178 158	586,9%	25 935	0	0%
Liabilities	18 981 884	14,6%	16 568 625	184,6%	5 821 830	199 084	9434,6%
- Financial liabilities	1 623	183,7%	572	-54,1%	1 246	17 991	-91,0%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	2 916 350	-44,6%	5 268 858	146,9%	2 133 953	66 712	4271,6%
- Tax and social liabilities	798 104	-14,3%	931 488	83,8%	506 894	44 841	1679,9%
- Other debts and fixed assets liabilities	15 271 923	47,3%	10 367 707	226,1%	3 179 737	10 339	147611,8%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	7 317 442	-30,7%	10 561 632	129,9%	4 593 698	302 833	2316,3%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Sales of Goods	17 170 441	12,4%	15 279 700	224,4%	4 709 448	448 002	3732,7%
Net turnover	16 278 020	24,2%	13 108 098	249,9%	3 746 568	435 955	3633,9%
- Of which net export turnover	4 132 027	24,3%	3 324 469	343,6%	749 385	460	898166,7%
Operating charges	22 343 323	12,6%	19 842 002	145,3%	8 089 185	442 126	4953,6%
Operating profit/loss	-5 172 882	-13,4%	-4 562 302	-35,0%	-3 379 737	7 482	-69237,7%
Financial income	48 439	17,6%	41 178	2205,6%	1 786	01	4843800%
Financial charges	498 843	78,6%	279 327	3990,9%	6 828	714	69766,0%
Financial profit/loss	-450 404	-89,1%	-238 149	-4623,3%	-5 042	-96	-469070,8%
Pre-tax net operating income	-5 623 286	-17,1%	-4 800 451	-41,8%	-3 384 779	6 227	-90404,9%
Extraordinary income	28 797	37,3%	20 967	-99,2%	2 589 571	0	0%
Extraordinary charges	92 820	304,9%	22 926	-24,5%	30 380	222	41710,8%
Extraordinary profit/loss	-64 023	-3168,1%	-1 959	-100,1%	2 559 191	0	0%
Net result	-5 687 308	-15,4%	-4 929 584	-688,0%	-625 586	6 208	-91712,6%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2012	31/12/2011	31/12/2010
Months	12	12	12

Accounts - Active
Current Assets | Equalization accounts | Reference
Grand Total - Passive Accounts (I to IV)

31/12/2012		31/12/2011		31/12/2010
	Grand Total (I to VI)	Net	7 317 443	-30,7%	10 561 633	129,9%	4 593 698
	Gross	CO	8 802 068	-29,0%	12 397 292	93,9%	6 393 652
	Amortisation	1A	1 484 625	-19,1%	1 835 659	2,0%	1 799 954

Non declared distributed capital (I)

		31/12/2012		31/12/2011		31/12/2010
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/12/2012		31/12/2011		31/12/2010
	Total Active fixed asset (II)	Net	206 455	-20,8%	260 574	6,1%	245 498
	Gross	BJ	675 146	-4,2%	704 521	27,2%	553 743
	Amortisation	BK	468 691	5,6%	443 947	44,0%	308 245

Intangible fixed assets

			31/12/2012		31/12/2011		31/12/2010
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	1 718	-6,7%	1 841	-44,4%	3 312
	Gross	AF	4 107	-86,0%	29 357	3,5%	28 357
	Amortisation	AG	2 389	-91,3%	27 516	9,9%	25 045
	Goodwill	Net	25 000	0%	25 000	0%	0
	Gross	AH	25 000	0%	25 000	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	0	0%	0	0%	0
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and down payments	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	26 718	-0,5%	26 841	710,4%	3 312

Tangible fixed assets

			31/12/2012		31/12/2011		31/12/2010
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	66 901	-32,8%	99 560	-18,2%	121 783
	Gross	AP	163 167	-8,7%	178 735	0%	178 735
	Amortisation	AQ	96 266	21,6%	79 175	39,0%	56 952
	Plant	Net	31 633	-29,3%	44 759	-8,3%	48 798
	Gross	AR	205 459	5,7%	194 358	65,3%	117 557
	Amortisation	AS	173 826	16,2%	149 599	117,6%	68 759
	Other tangible fixed assets	Net	70 563	-20,1%	88 289	23,4%	71 555
	Gross	AT	266 773	-3,3%	275 946	20,5%	229 044
	Amortisation	AU	196 210	4,6%	187 657	19,2%	157 489
	Fixed assets in construction	Net	9 640	0%	0	0%	0
	Gross	AV	9 640	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	178 737		232 608		242 136

Financial assets

			31/12/2012		31/12/2011		31/12/2010
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	0	0%	0	0%	0
	Gross	CU	0	0%	0	0%	0
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	1 000	-11,1%	1 125	2150,0%	50
	Gross	BH	1 000	-11,1%	1 125	2150,0%	50
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		1 000		1 125		50

Current Assets (III)

			31/12/2012		31/12/2011		31/12/2010
	Total Assets	Net	7 110 708	-30,9%	10 286 712	136,6%	4 348 201
	Gross	CJ	8 126 642	-30,4%	11 678 424	100,0%	5 839 910
	Amortisation	CK	1 015 934	-27,0%	1 391 712	-6,7%	1 491 709

Stocks

			31/12/2012		31/12/2011		31/12/2010
	Raw materials	Net	1 000 636	-11,2%	1 127 043	510,1%	184 723
	Gross	BL	1 156 271	-0,4%	1 160 517	431,9%	218 197
	Amortisation	BM	155 635	364,9%	33 474	0%	33 474
	Work in progress (goods)	Net	0	0%	349 557	0%	0
	Gross	BN	0	0%	349 557	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	1 487 020	-10,1%	1 653 360	76,8%	934 903
	Gross	BR	1 626 802	-3,1%	1 678 315	52,3%	1 101 723
	Amortisation	BS	139 782	460,1%	24 955	-85,0%	166 820
	Goods for resale	Net	1 769 825	31,3%	1 348 228	0%	0
	Gross	BT	1 877 925	27,2%	1 476 594	0%	0
	Amortisation	BU	108 100	-15,8%	128 366	0%	0
	Sub Total Stocks	Net	4 257 481	-4,9%	4 478 188	300,0%	1 119 626

Advance payments to suppliers

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

Debtors

			31/12/2012		31/12/2011		31/12/2010
	Trade accounts receivable	Net	2 031 391	-29,7%	2 889 290	58,0%	1 828 196
	Gross	BX	2 588 332	-35,9%	4 040 810	29,5%	3 119 611
	Amortisation	BY	556 941	-51,6%	1 151 520	-10,8%	1 291 415
	Other debtors	Net	631 734	-68,6%	2 012 650	53,3%	1 312 748
	Gross	BZ	687 210	-66,7%	2 066 047	57,4%	1 312 748
	Amortisation	CA	55 476	3,9%	53 397	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	2 663 125	-45,7%	4 901 940	56,1%	3 140 944

Divers

			31/12/2012		31/12/2011		31/12/2010
	Investment securities	Net	0	0%	0	0%	0
	Gross	CD	0	0%	0	0%	0
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	56 823	-92,9%	800 693	10884,9%	7 289
	Gross	CF	56 823	-92,9%	800 693	10884,9%	7 289
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	56 823	-92,9%	800 693	10884,9%	7 289

Prepaid expenses

			31/12/2012		31/12/2011		31/12/2010
	Prepaid expenses	Net	133 279	25,9%	105 891	31,8%	80 342
	Gross	CH	133 279	25,9%	105 891	31,8%	80 342
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2012		31/12/2011		31/12/2010
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	281	-98,0%	14 346	0%	0
Gross		281	-98,0%	14 346	0%	0

References

		31/12/2012		31/12/2011		31/12/2010
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Accounts - Passive
Other capital resources | Provisions for risks and charges | Liabilities | Translation loss | Equalization accounts | References

Grand Total - Passive Accounts (I to IV)

		31/12/2012		31/12/2011		31/12/2010
Grand Total (I to V)	EE	7 317 442	-30,7%	10 561 632	129,9%	4 593 698

Shareholder Equity (I)

			31/12/2012		31/12/2011		31/12/2010
	Total shareholders' equity (Total I)	DL	-11 872 698	-92,0%	-6 185 151	-393,2%	-1 254 066
	Equity and shareholders' equity	DA	228 715	0%	228 715	0,0%	228 689
	Issue and merger premiums	DB	3 260	0%	3 260	42,5%	2 287
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	47	0%	47	0%	47
	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	0	0%	0	0%	0
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	-6 418 015	-331,2%	-1 488 431	-72,5%	-862 844
	Profit or loss for the period	DI	-5 687 308	-15,4%	-4 929 584	-688,0%	-625 586
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	603	-28,4%	842	-74,8%	3 341

Other capital resources (II)

			31/12/2012		31/12/2011		31/12/2010
	Total other capital resources (Total II)	DO	0	0%	0	0%	0
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

			31/12/2012		31/12/2011		31/12/2010
	Total provisions for risks and charges (Total III)	DR	202 141	13,5%	178 158	586,9%	25 935
	Risk provisions	DP	281	-99,4%	48 271	0%	0
	Reserves for charges	DQ	201 860	55,4%	129 887	400,8%	25 935

Liabilities (IV)

			31/12/2012		31/12/2011		31/12/2010
	Total Liabilities (Total IV)	EC	18 981 884	14,6%	16 568 625	184,6%	5 821 830
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	1 623	183,7%	572	-54,1%	1 246
	Sundry loans and financial liabilities	DV	0	0%	0	0%	0
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	0
	Trade accounts payables	DX	2 916 350	-44,6%	5 268 858	146,9%	2 133 953
	Tax and social security liabilities	DY	798 104	-14,3%	931 488	83,8%	506 894
	Fixed asset liabilities	DZ	13 136	0%	0	0%	0
	Other debts	EA	15 252 671	47,1%	10 367 707	226,1%	3 179 737

Translation loss (V)

		31/12/2012		31/12/2011		31/12/2010
Translation loss (Total V)	ED	6 116	0%	0	0%	0

Equalization accounts

		31/12/2012		31/12/2011		31/12/2010
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2012		31/12/2011		31/12/2010
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	0	0%	0
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

- Operating result (I-II)

		31/12/2012		31/12/2011		31/12/2010
Operating result (Total I-II)	GG	-5 172 882	-13,4%	-4 562 302	-35,0%	-3 379 737

2 - Financial result (V - VI)

		31/12/2012		31/12/2011		31/12/2010
Financial result (Total V-VI)	GV	-450 404	-89,1%	-238 149	-4623,3%	-5 042

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

		31/12/2012		31/12/2011		31/12/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-5 623 286	-17,1%	-4 800 451	-41,8%	-3 384 779

4 - Extraordinary result (VII-VIII)

		31/12/2012		31/12/2011		31/12/2010
Extraordinary result (Total VII-VIII)	HI	-64 023	-3168,1%	-1 959	-100,1%	2 559 191

Profit or loss

		31/12/2012		31/12/2011		31/12/2010
Profit or loss	HN	-5 687 308	-15,4%	-4 929 584	-688,0%	-625 586

Total Income (I+III+V+VII)

		31/12/2012		31/12/2011		31/12/2010
Total Income (I+III+V+VII)	HL	17 247 677	12,4%	15 341 845	110,1%	7 300 805

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

		31/12/2012		31/12/2011		31/12/2010
Total charges (Total II+IV+VI+VIII+IX+X)	HM	22 934 986	13,1%	20 271 430	155,7%	7 926 393

Operating income (I)

		31/12/2012		31/12/2011		31/12/2010
Total operating income (Total I)	FR	17 170 441	12,4%	15 279 700	224,4%	4 709 448

Operating income (details)

			31/12/2012		31/12/2011		31/12/2010
	Sale of goods for resale	FC	6 484 639	-12,7%	7 430 940	285,9%	1 925 380
	France	FA	4 237 181	-15,8%	5 031 646	290,8%	1 287 400
	Export	FB	2 247 458	-6,3%	2 399 294	276,1%	637 980
	Sale of goods produced	FF	9 436 885	70,9%	5 521 360	322,4%	1 307 042
	France	FD	7 589 000	64,7%	4 608 301	285,4%	1 195 706
	Export	FE	1 847 885	102,4%	913 059	720,1%	111 336
	Sale of services	FI	356 496	128,8%	155 798	-69,7%	514 146
	France	FG	319 812	122,6%	143 682	-72,1%	514 077
	Export	FH	36 684	202,8%	12 116	17459,4%	69
	Net turnover	FL	16 278 020	24,2%	13 108 098	249,9%	3 746 568
	France	FJ	12 145 993	24,1%	9 783 629	226,4%	2 997 183
	Export	FK	4 132 027	24,3%	3 324 469	343,6%	749 385
	Stocked production	FM	-401 070	-143,3%	926 149	87,3%	494 481
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	1 112 020	16,6%	953 469	559,9%	144 493
	Other income	FQ	181 471	-37,8%	291 984	-9,9%	323 906

Operating charges (II)

		31/12/2012		31/12/2011		31/12/2010
Total operating charges (Total II)	GF	22 343 323	12,6%	19 842 002	145,3%	8 089 185

Exploitation charges

		31/12/2012		31/12/2011		31/12/2010
Purchase of goods for resale	FS	5 466 816	15,6%	4 727 877	239,5%	1 392 490
Change in stocks of goods for resale	FT	-401 330	-461,4%	111 036	0%	0
Purchase of raw materials	FU	3 195 516	-0,5%	3 210 302	218,6%	1 007 780
Change in stocks of raw materials	FV	4 246	100,5%	-925 852	-1164,9%	-73 193
Other external purchases and charges	FW	7 243 528	10,9%	6 533 551	193,9%	2 222 675
Tax, duty and similar payments	FX	170 594	27,4%	133 953	63,2%	82 081
Payroll	FY	3 038 187	10,1%	2 760 054	65,2%	1 671 142
Social security costs	FZ	1 169 961	10,4%	1 059 815	62,6%	651 903

Depreciation

		31/12/2012		31/12/2011		31/12/2010
Depreciation of fixed assets	GA	93 267	-5,1%	98 286	16,8%	84 145
Amortisation of fixed assets	GB	583 285	0%	0	0%	0
Depreciation/amortisation of current assets	GC	71 973	-80,5%	368 999	17,4%	314 199
Provisions for risks and charges	GD	0	0%	106 952	5298,9%	1 981

Other charges

		31/12/2012		31/12/2011		31/12/2010
Other charges	GE	1 707 280	3,0%	1 657 029	125,8%	733 982

Operating charges (III-IV)

		31/12/2012		31/12/2011		31/12/2010
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

			31/12/2012		31/12/2011		31/12/2010
	Total financial income (Total V)	GP	48 439	17,6%	41 178	2205,6%	1 786
	Share financial income	GJ	0	0%	0	0%	0
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	34 093	-17,2%	41 170	2205,2%	1 786
	Released provisions and transferred charges	GM	14 346	0%	0	0%	0
	Exchange gains	GN	0	0%	08	0%	0
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2012		31/12/2011		31/12/2010
	Total financial charge (Total VI)	GU	498 843	78,6%	279 327	3990,9%	6 828
	Financial reserves and provisions	GQ	281	-98,0%	14 346	0%	0
	Interest and similar charges	GR	498 562	87,9%	265 354	4295,5%	6 037
	Exchange losses	GS	0	0%	-373	-147,2%	791
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary income (Total VII)	HD	28 797	37,3%	20 967	-99,2%	2 589 571
	Extraordinary operating income	HA	21 746	156,8%	8 468	-89,5%	80 837
	Extraordinary income from capital transactions	HB	6 500	-35,0%	10 000	-99,6%	2 500 000
	Released provisions and transferred charges	HC	551	-78,0%	2 499	-71,4%	8 734

Extraordinary charges (VIII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary charges (Total VIII)	HH	92 820	304,9%	22 926	-24,5%	30 380
	Extraordinary operating charges	HE	18 809	37,8%	13 650	-55,1%	30 380
	Extraordinary charges from capital transactions	HF	73 698	694,5%	9 276	0%	0
	Extraordinary reserves and provisions	HG	313	0%	0	0%	0

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2012		31/12/2011		31/12/2010
Tax on profits (Total X)	HK	0	0%	127 175	163,6%	-200 000

References

		31/12/2012		31/12/2011		31/12/2010
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	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)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increases due to revaluation	OH	0	0%	0	0%	0
	Decreases, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreases by budget item transfer	OK1	0	0%	0	0%	0
	Decreases by transfers	OK2	0	0%	67 417	0%	0
	Gross value at the end of period	OL	0	0%	704 520	27,2%	553 743

Research and development Charge (Total I)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	CZ	0	0%	0	0%	0
	Increases due to revaluation	KB	0	0%	0	0%	0
	Increases, acquisitions, creations, contributions	KC	0	0%	0	0%	0
	Decreases by budget item transfer	C01	0	0%	0	0%	0
	Decreases by transfers	C02	0	0%	0	0%	0
	Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	KD	0	0%	53 357	88,2%	28 357
	Increases due to revaluation	KE	0	0%	0	0%	0
	Increases, acquisitions, creations, contributions	KF	0	0%	1 000	0%	0
	Decreases by budget item transfer	LV1	0	0%	0	0%	0
	Decreases by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	0	0%	54 357	91,7%	28 357

Tangible fixed assets (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LN	0	0%	645 933	43,8%	449 118
	Increases due to revaluation	LO	0	0%	0	0%	0
	Increases, acquisitions, creations, contributions	LP	0	0%	54 469	-28,5%	76 218
	Decreases by budget item transfer	NG1	0	0%	0	0%	0
	Decreases by transfers	NG2	0	0%	51 365	0%	0
	Gross value at the end of period	NH	0	0%	649 037	23,5%	525 336

Financial assets (Total IV)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LQ	0	0%	16 100	0%	0
	Increases due to revaluation	LR	0	0%	0	0%	0
	Increases, acquisitions, creations, contributions	LS	0	0%	1 075	2050,0%	50
	Decreases by budget item transfer	NJ1	0	0%	0	0%	0
	Decreases by transfers	NJ2	0	0%	16 050	0%	0
	Gross value at the end of period	NK	0	0%	1 125	2150,0%	50

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

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	PE	0	0%	25 045	41,7%	17 674
Increases		PF	0	0%	2 470	-66,5%	7 371
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	0	0%	27 515	9,9%	25 045

Total fixed assets amotisation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	QU	0	0%	362 706	75,7%	206 427
Increases		QV	0	0%	95 812	24,8%	76 773
Decreases		QW	0	0%	42 090	0%	0
	Decreasess by budget item transfer	QX	0	0%	416 428	47,0%	283 200

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreases by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/12/2012		31/12/2011		31/12/2010
	Net value at beginning of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

Provisions included in balance sheet
Grand Total (I-II-III)

			31/12/2012		31/12/2011		31/12/2010
	Value at beginning of period	7C	0	0%	266 233	-80,2%	1 345 609
Increases		UB	0	0%	121 298	-61,6%	316 179
Decreases		UC	0	0%	209 372	48,7%	140 804
	Value at the end of period	UD	0	0%	178 159	-88,3%	1 520 985

Includes Total allocations

Operating	UE	0	0%	0	0%	316 179
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	0	0%	132 070
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	8 734

Total regulated provisions (Total I)

			31/12/2012		31/12/2011		31/12/2010
	Value at beginning of period	3Z	0	0%	0	0%	12 075
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	8 734
	Value at the end of period	TU	0	0%	0	0%	3 341

Total risk and charge provisions (Total II)

			31/12/2012		31/12/2011		31/12/2010
	Value at beginning of period	5Z	0	0%	266 233	892,6%	26 821
Increases		TV	0	0%	121 298	6023,1%	1 981
Decreases		TW	0	0%	209 372	7202,8%	2 867
	Value at the end of period	TX	0	0%	178 159	586,9%	25 935

Total Provision for depreciation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Value at beginning of period	7B	0	0%	0	0%	1 306 713
Increases		TY	0	0%	0	0%	314 199
Decreases		TZ	0	0%	0	0%	129 203
	Value at the end of period	UA	0	0%	0	0%	1 491 709

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

		31/12/2012		31/12/2011		31/12/2010
Gross value	VT	0	0%	6 213 873	37,7%	4 512 751
1 year at most	VU	0	0%	6 213 873	37,7%	4 512 751
More than one year	VV	0	0%	0	0%	0

State of loans

		31/12/2012		31/12/2011		31/12/2010
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	0	0%	1 125	2150,0%	50
Other financial assets (1 year at most)	UV	0	0%	1 125	2150,0%	50

Receivables statement of assets

		31/12/2012		31/12/2011		31/12/2010
Custo mers doubtful or disputed	VA	0	0%	1 420 076	-11,3%	1 600 604
Other claims customer	UX	0	0%	2 620 733	72,5%	1 519 007
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%	40 899	-9,9%	45 417
Social Security and other social organizations	UZ	0	0%	0	0%	5 498
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	704 879	241,6%	206 365
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	65 398	204,4%	21 482
Group and Associates	VC	0	0%	133 788	-33,1%	200 000
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	1 121 082	34,4%	833 986

Prepaid

		31/12/2012		31/12/2011		31/12/2010
Prepaid	VS	0	0%	105 891	31,8%	80 342

State Debt

				31/12/2012				31/12/2011		31/12/2010
Total debt (gross)		VY		0		0%		16 568 625	184,6%	5 821 830
VZ2	0	0%	16 568 625		184,6%		5 821 830
VZ3	0	0%	0		0%		0
VZ4	0	0%	0		0%		0

Details

			31/12/2012		31/12/2011		31/12/2010
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	0	0%	1 246
1 year at most		VG2	0	0%	0	0%	1 246
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	571	0%	0
1 year at most		8A2	0	0%	571	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	0	0%	5 268 857	146,9%	2 133 953
1 year at most		8B2	0	0%	5 268 857	146,9%	2 133 953
More than 1 year and 5 years at most		8B3	0	0%	5 268 857	146,9%	2 133 953
	Personnel and associated accounts (gross)	8C1	0	0%	342 432	73,8%	197 023
1 year at most		8C2	0	0%	342 432	73,8%	197 023
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%	416 456	103,6%	204 566
1 year at most		8D2	0	0%	416 456	103,6%	204 566
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%	64 356	13,9%	56 507
1 year at most		VW2	0	0%	64 356	13,9%	56 507
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%	108 243	121,8%	48 798
1 year at most		VQ2	0	0%	108 243	121,8%	48 798
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%	9 964 785	296,1%	2 515 640
1 year at most		VI2	0	0%	9 964 785	296,1%	2 515 640
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%	402 921	-39,3%	664 097
1 year at most		8K2	0	0%	402 921	-39,3%	664 097
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2012		31/12/2011		31/12/2010
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

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

Commitments

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

Other charges Externs

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

Taxes and Fees

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

VAT

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

Average number of employees

		31/12/2012		31/12/2011		31/12/2010
Average number of employees	YP	78	9,9%	71	73,2%	41

Groups and Shareholders

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

Display parameter
Comparison mode	Average	Median

Ratios

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

Structure and Liquidity

31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Fixed Asset Financing		-16,59	-110,0%	-7,90	-375,9%	-1,66	1,94	-955,2%
Global Debt		420 days	-7,7%	455 days	-18,6%	559 days	144 days	191,7%
Working Capital Fund overall net		-263 days	-52,9%	-172 days	-22,0%	-141 days	49 days	-636,7%
Financial independence		-731527,91%	32,3%	-1081320,10%	-974,4%	-100647,35%	311,91%	-234631,7%
More ratios
Solvability		-162,25%	-177,1%	-58,56%	-114,5%	-27,30%	26,18%	-719,7%
Capacity debt futures		%	-	%	-	-100647,35%	991,78%	-
Coverage of current assets by net working capital overall		-148,57%	-174,4%	-54,15%	-111,9%	-25,56%	32,83%	-552,5%
General Liquidity			-	0,38	-51,3%	0,78	0,39	-
Restricted Liquidity			-	0,42	-46,2%	0,78	0,72	-

Management or rotation

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Need background in operating working capital		-267 days	-35,5%	-197 days	-31,3%	-150 days	11 days	-2527,3%
Treasury		1 days	-95,5%	22 days	2100%	1 days	7 days	-85,7%
Inventory turnover of goods		133 days	20,9%	110 days	0%	0 days	97 days	37,1%
Average length of credit granted to customers		57 days	-48,6%	111 days	-63,0%	300 days	31 days	83,9%
Average length of credit obtained suppliers		68 days	-51,1%	139 days	-17,8%	169 days	60 days	13,3%
More ratios
Inventory turnover of raw materials in industrial enterprises		76 days	2,7%	74 days	54,2%	48 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	2020 days	183,3%	713 days	1648 days	-
Rotation tangible assets		%	-	2019,62%	183,2%	713,18%	1956,18%	-

Profitability of the business

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Margin trading		8,72%	-55,9%	19,77%	39,0%	14,22	32,81%	-73,4%
Profitability of the business		-24,64	9,7%	-27,28	62,3%	-72,44	2,52%	-1077,8%
Net profit		-34,94%	7,1%	-37,61%	-125,2%	-16,70%	1,40%	-2595,7%
More ratios
Growth rate of turnover (excluding VAT)		24,18%	-90,3%	249,87%	1159,2%	-23,59%	-0,82%	3048,8%
Rates integration		2,26%	-21,5%	2,88%	135,0%	-8,24%	18,44%	-87,7%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		1142,98%	12,9%	1012,33%	234,5%	-752,52%	70,70%	1516,7%
Weight interests		3,06	43,7%	2,13%	1083,3%	0,18%	0,21%	1357,1%

Return on capital

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Cash flow from the overall profitability		-30,37%	17,4%	-36,75%	56,7%	-84,94%	1,99%	-1626,1%
Rates of economic profitability		34%	-41,4%	58%	-73,3%	217%	12%	183,3%
Financial profitability		-11872698%	-92,0%	-6185151%	-393,2%	-1254066%	31013%	-38383,0%
Return on investment		43,71%	-41,9%	75,19%	52,2%	49,39%	9,95%	339,3%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Turnover	16 278 020	24,2%	13 108 098	249,9%	3 746 568	435 955 €	3633,9%

Sales of goods	6 484 639	-12,7%	7 430 940	285,9%	1 925 380
- Purchase of goods	5 466 816	15,6%	4 727 877	239,5%	1 392 490
+/- Stock of goods variation	-401 330	-461,4%	111 036	0%	0
Trading margin	1 419 153 €	-45,2%	2 592 027 €	386,4%	532 890 €	122 510 €	1058,4%
	8,72 % CA	-55,9%	19,77 % CA	39,0%	14,22 % CA	33,66 % CA	-74,1%

Sale of goods produced	9 793 381	72,5%	5 677 158	211,7%	1 821 188
+/- Stocked production	-401 070	-143,3%	926 149	87,3%	494 481
+ Self-constructed assets	0	0%	0	0%	0
Period production	9 392 311 €	42,2%	6 603 307 €	185,2%	2 315 669 €	2 635 €	356344,4%
	57,70 % CA	14,5%	50,38 % CA	-18,5%	61,81 % CA	1,21 % CA	4668,6%

Trading margin	1 419 153	-45,2%	2 592 027	386,4%	532 890	122 510	1058,4%
+ Period Production	9 392 311	42,2%	6 603 307	185,2%	2 315 669	2 635	356344,4%
- Purchase of raw materials	3 195 516	-0,5%	3 210 302	218,6%	1 007 780
+/- Change in stocks of raw materials	4 246	100,5%	-925 852	-1164,9%	-73 193
- Other external purchases and charges	7 243 528	10,9%	6 533 551	193,9%	2 222 675
Added value	368 174 €	-2,4%	377 333 €	222,2%	-308 703 €	86 125 €	327,5%
	2,26 % CA	-21,5%	2,88 % CA	135,0%	-8,24 % CA	18,44 % CA	-87,7%

Added value	368 174 €	-2,4%	377 333 €	222,2%	-308 703 €	86 125 €	327,5%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	170 594	27,4%	133 953	63,2%	82 081
- Personal charges	4 208 148	10,2%	3 819 869	64,4%	2 323 045
Gross operating surplus	-4 010 568 €	-12,1%	-3 576 489 €	-31,8%	-2 713 829 €	9 798 €	-41032,5%
	-24,64 % CA	9,7%	-27,28 % CA	62,3%	-72,44 % CA	2,52 % CA	-1077,8%

Gross operating surplus	-4 010 568 €	-12,1%	-3 576 489 €	-31,8%	-2 713 829 €	9 798 €	-41032,5%
+ Release of reserves and provisions	1 112 020	16,6%	953 469	559,9%	144 493
+ Other operating income	181 471	-37,8%	291 984	-9,9%	323 906
- Depreciation/Amortisation	748 525	30,4%	574 237	43,4%	400 325
- Other charges	1 707 280	3,0%	1 657 029	125,8%	733 982
Operating result	-5 172 882 €	-13,4%	-4 562 302 €	-35,0%	-3 379 737 €	7 482 €	-69237,7%
	-31,78 % CA	8,7%	-34,81 % CA	61,4%	-90,21 % CA	1,90 % CA	-1772,6%

Operating result	-5 172 882 €	-13,4%	-4 562 302 €	-35,0%	-3 379 737 €	7 482 €	-69237,7%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	48 439	17,6%	41 178	2205,6%	1 786
- Financial charges	498 843	78,6%	279 327	3990,9%	6 828
Pre-tax result	-5 623 286 €	-17,1%	-4 800 451 €	-41,8%	-3 384 779 €	6 227 €	-90404,9%
	-34,55 % CA	5,7%	-36,62 % CA	59,5%	-90,34 % CA	1,53 % CA	-2358,2%

Extraordinary income	28 797	37,3%	20 967	-99,2%	2 589 571	0	0%
- Extraordinary charges	92 820	304,9%	22 926	-24,5%	30 380
Extraordinary result	-64 023 €	-3168,1%	-1 959 €	-100,1%	2 559 191 €	0 €	0%
	-0,39 % CA	-3800%	-0,01 % CA	-100,0%	68 % CA	0 % CA	0%

Pre-tax result	-5 623 286 €	-17,1%	-4 800 451 €	-41,8%	-3 384 779 €	6 227 €	-90404,9%
Extraordinary result	-64 023 €	-3168,1%	-1 959 €	-100,1%	2 559 191 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	0	0%	127 175	163,6%	-200 000
Net result	-5 687 309 €	-15,4%	-4 929 585 €	-688,0%	-625 588 €	6 200 €	-91830,8%
	-34,94 % CA	7,1%	-37,61 % CA	-125,2%	-16,70 % CA	1,40 % CA	-2595,7%

ADDITIONAL INFORMATION

Other establishments

Branches	7 branch entities in this company
Head office	> ROYER LICENCES <<<  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in JAVENE  (35133)
Secondary establishments	>  ROYER LICENCES  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in CHOLET  (49300) >  ROYER LICENCES  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in BOURG DE PEAGE  (26300) >  ROYER LICENCES  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in BOURG DE PEAGE  (26300) >  ROYER LICENCES  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in LA SELLE EN LUITRE  (35133) > ...

Regionality	Legal unit with multiple establishments in many areas but no one grouping more than 50% of workforce
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 50 to 80% of workforce

Workforces

Workforce at address

78 employees

Company workforce

78 employees

Summary of preferential rights

Company monitored since	10/12/2010
Status of Monitoring	No social security and tax office preferential right to date

Group data

Ultimate parent company	SOCIETE CIVILE FINANCIERE ROYER
Direct parent	GROUPE ROYER - 100 %
Group – Number of companies	25
Linkages – Number of companies	3
Number of countries	3

35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 3570 - 313966301 RCS. ROYER LICENCES. Forme : Société par actions simplifiée. Adresse : 1 rue Eugène Freyssinet Zone Industrielle de l'Aumaillerie 35133 Javené. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
30/07/2012	Bodacc C	Comptes annuels et rapports
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 2440 - 313966301 RCS. ROYER LICENCES. Forme : Société par actions simplifiée. Adresse : 1 rue Eugène Freyssinet Zone Industrielle de l'Aumaillerie 35133 Javené. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
04/05/2012	Bodacc B	Modification et mutation diverse
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 376 - 313 966 301 RCS Rennes. ROYER LICENCES. Forme : Société par actions simplifiée. Administration: Commissaire aux comptes titulaire : KPMG SA Commissaire aux comptes suppléant : OLLEVIER Alain Président : GROUPE ROYER en fonction le 25 Avril 2012. Activité : . Commentaires : Modification de la forme juridique. Modification de représentant.
25/04/2012	JAL	Appointment of the social representative
Infos (Les) Date de décision : 27/03/2012 Société faisant l'objet d'une nomination : 313966301 - ROYER LICENCES, 1 RUE ZI L AUMAILLERIE, ZI DE L'AUMAILLERIE, BP 80238 JAVENE, 35133 JAVENE Nominé : 309742492 - GROUPE ROYER, 1 RUE EUGENE FREYSSINET, ZI DE L'AUMAILLERIE, BP 80238 JAVENE, 35133 JAVENE En la fonction de : Président
25/04/2012	JAL	Resignation / Revocation of the social representative
Infos (Les) Date de décision : 27/03/2012 La société 313966301 - ROYER LICENCES, 1 RUE ZI L AUMAILLERIE, ZI DE L'AUMAILLERIE, BP 80238 JAVENE, 35133 JAVENE Fait l'objet du départ de Monsieur Jacques ROYER
22/07/2011	Bodacc B	Modification et mutation diverse
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 291 - 313 966 301 RCS Rennes. ROYER LICENCES. Forme : S.A.R.L. à associé unique. Administration : Gérant non associé : ROYER Jacques Louis Armand Commissaire aux comptes titulaire : KPMG SA Commissaire aux comptes suppléant : OLLEVIER Alain. Capital : 228715.45 EUR. Activité : Détail de chaussures chaussons bottes et plus généralement de tous articles chaus sants (achat, prise en dépôt, importation, exporta tion et vente en gros et demi-gros et) (début : 01.01.1993). Adresse de l’établissement principal : 1 rue Eugène Freyssinet, Z.I. de l'Aumaillerie, 35133 Javené. Adresse du siège social : 1 rue Eugène Freyssinet, Z.I. de l'Aumaillerie, 35133 Javené. Commentaires : Augmentation de capital. Date de commencement de l’activité : 05/07/1978. Date d’effet : 30/06/2011.
27/05/2011	JAL	Proposed merger
Journal de Vitré (Le) Date de décision : 13/05/2011 Absorbant : 313966301 - ROYER LICENCES, 1 RUE ZI L AUMAILLERIE, ZI DE L'AUMAILLERIE, BP 80238 JAVENE, 35133 JAVENE Absorbé : 383914066 - CD SHOES INTERNATIONAL, ZI DE L'AUMAILLERIE, BP 80238 JAVENE, 35133 JAVENE
17/09/2010	Bodacc C	Comptes annuels et rapports
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 4759 - 313966301 RCS. ROYER LICENCES. Forme : S.A.R.L. à associé unique. Adresse : 1 rue Eugène Freyssinet Z.I. de l'Aumaillerie 35133 Javené. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
26/05/2010	Bodacc C	Comptes annuels et rapports
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 2713 - 313966301 RCS. ROYER LICENCES. Forme : S.A.R.L. à associé unique. Adresse : 1 rue Eugène Freyssinet Z.I. de l'Aumaillerie 35133 Javené. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
31/08/2009	Bodacc C	Comptes annuels et rapports
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 1358 - 313966301 RCS. ROYER LICENCES. Forme : Société à responsabilité limitée unipersonnelle. Adresse : 1 rue Eugène Freyssinet Z.I. de l'Aumaillerie 35133 Javené. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
18/05/2008	Bodacc B	Modification et mutation diverse
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 595 - 313 966 301 RCS Rennes. ROYER LICENCES. Forme : S.A.R.L. à associé unique. Administration : Gérant non associé : ROYER Jacques Louis ArmandCommissaire aux comptes titulaire : KPMG SA. Commissaire aux comptes suppléant : OLLEVIER Alain. Capital: 228688.77 EUR. Activité : Détail de chaussures chaussons bottes et plus généralement de tous articles chaus sants (achat, prise en dépôt, importation, exporta tion et vente en gros et demi-gros et) (début : 01.01.1993). Adresse de l’établissement principal: 1 rue Eugène Freyssinet, Z.I. de l'Aumaillerie, 35133 Javené. Adresse du siège social : 1 rue Eugène Freyssinet, Z.I. de l'Aumaillerie, 35133 Javené. Commentaires : Changement commissaire aux comptes. Date de commencement de l’activité : 05/07/1978. Date d’effet : 30/06/2006.
27/03/2008	Bodacc C	Comptes annuels et rapports
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE RENNES 3895 - 313966301 RCS. ROYER LICENCES. Forme : Société à responsabilité limitée unipersonnelle. Adresse : 1 rue Eugène Freyssinet Z.I. de l'Aumaillerie 35133 Javené. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
05/10/2006	Bodacc C	Avis de dépôt des comptes
876 - RCS Rennes B 313 966 301. RC 78-B 262. ROYER LICENCES. Forme: S.A.R.L. . Adresse du siège social: Z.I. de l'Aumaillerie 1, rue Eugène Freyssinet,35133 Javene. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
14/09/2005	Bodacc C	Avis de dépôt des comptes
1426 - RCS Rennes B 313 966 301. RC 78-B 262. ROYER LICENCES. Forme: S.A.R.L. . Adresse du siège social: Z.I. de l'Aumaillerie 1, rue Eugène Freyssinet,35133 Javene. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
05/09/1996	Bodacc B	Modifications et mutations diverses
27/01/1995	Bodacc B	Modifications et mutations diverses
RCS o. RCS Rennes B 313 966 301 RC RC 78- B 262 ROYER LICENCES. Forme : S.A.R.L. Capital : 1 500 100 F. Adresse du siège social : Z.I. de l'Aumaillerie Javène 35133 Fougères. Commentaires : ancien capital : 476 000 F Etablissement principal: Activité : achat, prise en dépot, importation, exportation et vente en gros, demi-gros et au détail de chaussures, chaussons, bottes et plus généralement de tous articles chaussants. Adresse : Z.I. de l' Aumaillerie Javène 35133 Fougères Date de début d'activité: 5 juillet 1978. Date d'effet : 9 décembre 1994.

Company events history

Date	Description
03/01/2014	New ultimate parent
03/01/2014	New parent detected
14/10/2013	Update Rating
18/08/2013	Bodacc C : Deposit accounts notice
05/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
01/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2012	New accounts available
17/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
30/07/2012	Bodacc C : Deposit accounts notice
04/05/2012	Bodacc B: Various editing or changing
25/04/2012	New legal form – new category
25/04/2012	New chairman (CEO, CoB)
25/04/2012	Legal Gazette: Resignation / Revocation of the social representative
25/04/2012	Minutes of general meeting of shareholders
25/04/2012	Updated articles of association
27/03/2012	Update of Company Legal Form
27/03/2012	Modification to Company Identifier
27/03/2012	Update of Company Workforce
27/03/2012	Legal Gazette: Appointment of the social representative
19/03/2012	Audit or Management Report
31/12/2011	New accounts available
22/07/2011	Bodacc B: Various editing or changing
12/07/2011	Amendment
12/07/2011	Updated articles of association
12/07/2011	Declaration of conformity
12/07/2011	Capital increase
06/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
14/06/2011	Audit or Management Report
14/06/2011	Amendment
14/06/2011	Merger
01/06/2011	Formation of Establishment
20/05/2011	Legal Gazette: Proposed merger
19/05/2011	Planned merger
01/05/2011	Formation of Establishment
28/02/2011	Application and court order
28/02/2011	Amendment
31/12/2010	New accounts available
10/12/2010	Collection of preferential rights activated for this company
17/09/2010	Bodacc C : Deposit accounts notice
13/09/2010	Formation of Establishment
13/09/2010	Update of Company Workforce
26/05/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
31/08/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
18/05/2008	New Bodacc B ads detected
18/05/2008	Bodacc B: Various editing or changing
02/05/2008	Minutes of general meeting of shareholders
02/05/2008	Private document
02/05/2008	New auditor
02/05/2008	Appointment/resignation of company officers
02/05/2008	PV d'Assemblée
02/05/2008	Changement de Commissaire aux Comptes
27/03/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
04/05/2007	Updated articles of association
04/05/2007	Cession de parts
04/05/2007	Acte sous seing privé
04/05/2007	Private document
04/05/2007	Statuts mis à jour
04/05/2007	Sale of shares
19/03/2007	Formation of Establishment
07/03/2007	Modification to Establishment Address or Identifier
07/03/2007	Update of Company Legal Form
17/01/2007	Statuts mis à jour
17/01/2007	Updated articles of association
17/01/2007	Acte modificatif
17/01/2007	Cession de parts
17/01/2007	Expédition acte notarié
17/01/2007	Office copy
17/01/2007	Donation/partition
31/12/2006	New accounts available
31/12/2005	New accounts available
20/07/2005	Statuts mis à jour
20/07/2005	PV d'Assemblée
20/07/2005	Acte sous seing privé
20/07/2005	Private document
20/07/2005	Updated articles of association
20/07/2005	Minutes of general meeting of shareholders
31/12/2004	New accounts available
31/12/2003	New accounts available
21/08/1996	Changement de Commissaire aux Comptes
21/08/1996	PV d'Assemblée
21/08/1996	Nomination/démission des organes de gestion
21/08/1996	Acte modificatif
10/01/1995	PV d'Assemblée
10/01/1995	Acte modificatif
10/01/1995	Augmentation de Capital
10/01/1995	Statuts mis à jour
10/01/1995	Expédition acte notarié
21/12/1993	Réduction de Capital
21/12/1993	Augmentation de Capital
21/12/1993	Acte modificatif
21/12/1993	Statuts mis à jour
21/12/1993	PV d'Assemblée
21/12/1993	Déclaration de conformité
21/12/1993	Expédition acte notarié
20/07/1993	Déclaration de conformité
20/07/1993	Acte sous seing privé
20/07/1993	Nomination/démission des organes de gestion
20/07/1993	Changement de Gérant
20/07/1993	PV d'Assemblée
20/07/1993	Acte modificatif
20/07/1993	Modification de l'objet social
20/07/1993	Changement de dénomination sociale
20/07/1993	Changement de date de clôture
20/07/1993	Statuts mis à jour
20/07/1993	Augmentation de Capital
20/07/1993	Transfert du Siège dans le ressort du Tribunal de Commerce
20/07/1993	Expédition acte notarié
30/06/1993	Requête et Ordonnance
30/06/1993	Acte modificatif
24/06/1993	Statuts mis à jour
24/06/1993	Acte modificatif
24/06/1993	Cession de parts
24/06/1993	Expédition acte notarié
24/06/1993	Déclaration de conformité

Establishment events history

Date	Description
05/05/2012	Update Rating
28/04/2012	Update Rating
27/03/2012	Update of Establishment Workforce
27/03/2012	Modification of Head office
28/06/2011	Update of phone numbers
01/06/2011	Modification of Head office
01/05/2011	Modification of Head office
13/09/2010	Modification of Head office
14/05/2010	Update Rating
26/02/2010	Update of phone numbers
30/12/2009	Update Rating
27/07/2009	Update Rating
27/09/2008	Update Rating
17/03/2008	Update Rating
13/01/2008	Update Limit
26/06/2007	Update Rating
13/06/2007	Update of phone numbers
19/03/2007	Modification of Head office Identification
19/03/2007	Update of Establishment Address
07/03/2007	Update of Establishment Address
07/03/2007	Modification of Head office Identification

NOTES & COMMENTS

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 increase in the gearing percentage over the last two accounting periods is 41 %

The decrease of tangible fixed assets over the last two accounting periods is 23 %

The return on total assets employed is -77.72

The stock to turnover ratio is 26.15

The ratio total assets to total liabilities is 0,38

The shareholder's equity is -11,872,698 €

The pre-tax profit is -5,687,308 €

The creditor days are 65.39

The sales to current assets ratio is 2,29

The net turnover is 16,278,020 €

The net current assets are 7,110,708 €

The total assets are 7,317,443 €

The risk provisions are 202,141 €

The company has 1 director(s)

Department code with low risk rating

Industry code with low risk rating

Low risk workforce size

The liabilities are 18,981,884 €

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.48
UK Pound	1	Rs.102.95
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

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

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

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

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.