MIRA INFORM REPORT

Report Date :

05.02.2014

IDENTIFICATION DETAILS

Name :	EMA NEGOCE
Registered Office :	8 Rue Des Reservoirs, 78000 Versailles
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	July 2006
Com. Reg. No.:	RCS Versailles 0 490 995 446
Legal Form :	Limited Liability Company
Line of Business :	Subject is an international trading company specializing in the distribution of FMCG & seafood products
No. of Employees :	03 (31.12.2012)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – 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

EMA NEGOCE

SIRET

490 995 446 00039

company summary

		EUR VAT Number	FR28490995446
Activity (APE)	Subject is an international trading company specializing in the distribution of FMCG & seafood products	Legal form	Limited Liability Company
Phone	01 39 50 99 71	RCS Registration	RCS Versailles 0 490 995 446
Fax	01 41 44 70 15	Share capital	133,200 Euros
Address	EMA NEGOCE 8 RUE DES RESERVOIRS 78000 VERSAILLES	Incorporated Date	07/2006
Nationality	France	Status	Economically active

Last published preferential right	This company is not under monitoring
Collection of preferential rights for this company has been stopped by the Court

Current Directors

2

Trading to Date	12/31/2012	12/31/2011	12/31/2010
Turnover	9,720,242 €	8,580,884 €	6,035,967 €
Gross Operating Surplus	3,56 % Turnover	3,83 % Turnover	4,04 % Turnover
Shareholders’ equity	838,802 €	815,057 €	635,897 €
Net result	225,398 €	212,158 €	148,215 €
Employees	03 employees	-	-

company details

Activity (APE)	Subject is an international trading company specializing in the distribution of FMCG & seafood products
RCS Registration	RCS Versailles 0 490 995 446	Share capital	133,200 Euros
Registration Court	Versailles (78)	Legal form	Limited Liability Company
Court Registry Number	20 0 9B03749	EUR VAT Number	FR28490995446
Incorporation Date	07/2006	Formation Date	07/2006
Deregistration Date		Last account Date	31/12/2012
Nationality	France

Establishment details

Activity (APE)	Subject is an international trading company specializing in the distribution of FMCG & seafood products	Business Pages FT®	LUBRIFIANTS (FABRICATION, GROS)
Postal Address	EMA NEGOCE 8 RUE DES RESERVOIRS 78000 VERSAILLES	Trading Address	8 RUE DES RESERVOIRS 78000 VERSAILLES
Telephone	01 39 50 99 71
Fax	01 41 44 70 15

Type	Head office	Status	Economically active
Formation Date	10/2009	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department		Region	Ile-de-France
District		Area
City	VERSAILLES	Size of urban area

DIRECTORS/MANAGEMENT

Directors

Name	M. LEGRAND JEAN-DAMIEN
Manager position	Manager	Date of birth	16/02/1976
Place of birth	PARIS
Type	Individual	Name at birth

Name	M. MAUVISSEAU BERTRAND
Manager position	Co-managing partner	Date of birth	17/11/1971
Place of birth	PARIS
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Manager	M JEAN-DAMIEN LEGRAND	16/02/1976 - PARIS 12
Manager	M JEAN-DAMIEN LEGRAND	16/02/1976 - PARIS

NEGATIVE INFORMATION

Judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	14/10/2008	Monitored stopped since	14/10/2010
Status of Monitoring	Collection of preferential rights for this company has been stopped by the Court

SHARE & SHARE CAPITAL INFORMATION

Shareholders

No Shareholders available for this company

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

Group Structure

No group information available for the company

FINANCIAL INFORMATION

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	25/06/2013	03/07/2012	09/08/2011
Activity Code	4618Z	4618Z	4618Z
Employees	3	4	2

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	24 002	162,9%	9 131	-8,1%	9 940	9 319,50	157,5%
- Intangible assets	312	-85,5%	2 148	-32,3%	3 171	0	0%
- Tangible assets	2 587	30,5%	1 983	12,1%	1 769	2 019,50	28,1%
- Financial assets	21 103	322,1%	5 000	0%	5 000	104,50	20094,3%
Net current assets	2 844 889	19,1%	2 388 529	28,8%	1 853 939	118 695	2296,8%
- Stocks	93 552	-57,7%	221 152	63,7%	135 086	0	0%
- Advanced payments	0	19,1%	0	0%	0	0	0%
- Receivables	2 406 614	26,0%	1 909 549	33,6%	1 429 422	47 908,50	4923,4%
- Securities and cash	344 723	33,7%	257 828	-10,9%	289 431	25 884,50	1231,8%
- Prepaid expenses	-	-	-	-	-	20	-
Accounts of regularization	12 998	317,3%	3 115	-41,8%	5 352	0	0%
Total Assets	2 881 888	20,0%	2 400 778	28,4%	1 869 231	160 197,50	1699,0%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Shareholders' equity	838 802	2,9%	815 057	28,2%	635 897	53 028,50	1481,8%
Share capital	133 200	0%	133 200	14,2%	116 600	8 000	1565,0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	2 724	0	0%
Liabilities	2 023 829	28,1%	1 580 194	28,7%	1 227 981	80 543	2412,7%
- Financial liabilities	152 795	310,4%	37 233	-52,8%	78 943	6 119	2397,1%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	1 595 950	27,6%	1 251 182	25,0%	1 000 840	13 354	11851,1%
- Tax and social liabilities	130 071	17,9%	110 308	89,8%	58 130	24 245	436,5%
- Other debts and fixed assets liabilities	164 271	-12,2%	186 995	101,7%	92 696	3 768,50	4259,1%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	2 881 888	20,0%	2 400 777	28,4%	1 869 231	160 518	1695,4%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Sales of Goods	9 728 748	13,4%	8 581 143	42,1%	6 039 328	211 958	4489,9%
Net turnover	9 720 242	13,3%	8 580 884	42,2%	6 035 967	206 909	4597,8%
- of which net export turnover	8 937 147	16,9%	7 641 868	51,4%	5 048 545	0	0%
Operating charges	9 387 324	13,7%	8 256 944	41,5%	5 834 527	191 815	4793,9%
Operating profit/loss	341 424	5,3%	324 199	58,3%	204 801	8 020,50	4156,9%
Financial income	60 188	-16,2%	71 849	0,2%	71 695	02	3009300%
Financial charges	61 595	-31,3%	89 676	20,2%	74 633	176,50	34798,0%
Financial profit/loss	-1 407	92,1%	-17 827	-506,8%	-2 938	0	0%
Pretax net operating income	340 017	11,0%	306 372	51,8%	201 863	7 586	4382,2%
Extraordinary income	1 650	4,2%	1 584	0%	0	0	0%
Extraordinary charges	655	-82,2%	3 687	1,9%	3 619	45	1355,6%
Extraordinary profit/loss	995	147,3%	-2 103	41,9%	-3 619	0	0%
Net result	225 398	6,2%	212 158	43,1%	148 215	6 993,50	3123,0%

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	2 881 888	20,0%	2 400 778	28,4%	1 869 231
	Gross	CO	2 939 814	20,0%	2 448 861	27,9%	1 914 353
	Amortisation	1A	57 926	20,5%	48 083	6,6%	45 122

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	24 002	162,9%	9 131	-8,1%	9 940
	Gross	BJ	36 158	96,9%	18 361	13,3%	16 208
	Amortisation	BK	12 156	31,7%	9 230	47,3%	6 268

Intangilble fixed assets

			31/12/2012		31/12/2011		31/12/2010
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	312	-85,5%	2 148	-32,3%	3 171
	Gross	AF	5 505	0%	5 505	15,8%	4 755
	Amortisation	AG	5 193	54,7%	3 357	111,9%	1 584
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	0	0%	0	0%	0
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0	0%	0
	Gross	AL	0	0%	0	0%	0
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	312	-85,5%	2 148	-32,3%	3 171

Tangilble fixed assets

			31/12/2012		31/12/2011		31/12/2010
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	804	0%	0	0%	0
	Gross	AP	813	0%	0	0%	0
	Amortisation	AQ	09	0%	0	0%	0
	Plant	Net	0	0%	0	0%	0
	Gross	AR	0	0%	0	0%	0
	Amortisation	AS	0	0%	0	0%	0
	Other tangible fixed assets	Net	1 783	-10,1%	1 983	12,1%	1 769
	Gross	AT	8 737	11,2%	7 856	21,7%	6 453
	Amortisation	AU	6 954	18,4%	5 873	25,4%	4 684
	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	2 587		1 983		1 769

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	12 000	0%	0	0%	0
	Gross	CU	12 000	0%	0	0%	0
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	4 103	0%	0	0%	0
	Gross	BB	4 103	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	5 000	0%	5 000	0%	5 000
	Gross	BH	5 000	0%	5 000	0%	5 000
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		21 103		5 000		5 000

Current Assets (III)

			31/12/2012		31/12/2011		31/12/2010
	Total Assets	Net	2 844 889	19,1%	2 388 529	28,8%	1 853 939
	Gross	CJ	2 890 658	19,1%	2 427 381	28,2%	1 892 791
	Amortisation	CK	45 769	17,8%	38 852	0%	38 852

Stocks

			31/12/2012		31/12/2011		31/12/2010
	Raw materials	Net	0	0%	0	0%	0
	Gross	BL	0	0%	0	0%	0
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	0	0%	0	0%	0
	Gross	BR	0	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	93 552	-57,7%	221 152	63,7%	135 086
	Gross	BT	95 469	-56,8%	221 152	63,7%	135 086
	Amortisation	BU	1 917	0%	0	0%	0
	Sub Total Stocks	Net	93 552	-57,7%	221 152	63,7%	135 086

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	2 326 900	26,6%	1 837 657	34,7%	1 364 390
	Gross	BX	2 370 752	26,3%	1 876 509	33,7%	1 403 242
	Amortisation	BY	43 852	12,9%	38 852	0%	38 852
	Other debtors	Net	40 599	-39,1%	66 691	2,8%	64 905
	Gross	BZ	40 599	-39,1%	66 691	2,8%	64 905
	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	2 367 499	24,3%	1 904 348	33,2%	1 429 295

Divers

			31/12/2012		31/12/2011		31/12/2010
	Investment securities	Net	78 778	0%	78 778	0%	78 778
	Gross	CD	78 778	0%	78 778	0%	78 778
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	265 945	48,5%	179 050	-15,0%	210 653
	Gross	CF	265 945	48,5%	179 050	-15,0%	210 653
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	344 723	33,7%	257 828	-10,9%	289 431

Prepaid expenses

			31/12/2012		31/12/2011		31/12/2010
	Prepaid expenses	Net	39 115	652,1%	5 201	3995,3%	127
	Gross	CH	39 115	652,1%	5 201	3995,3%	127
	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	12 998	317,3%	3 115	-41,8%	5 352
Gross		12 998	317,3%	3 115	-41,8%	5 352

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	2 881 888	20,0%	2 400 777	28,4%	1 869 231

Shareholder Equity (I)

			31/12/2012		31/12/2011		31/12/2010
	Total shareholders' equity (Total I)	DL	838 802	2,9%	815 057	28,2%	635 897
	Equity and shareholders' equity	DA	133 200	0%	133 200	14,2%	116 600
	Issue and merger premiums	DB	23 400	0%	23 400	0%	23 400
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	11 660	0%	11 660	0%	11 660
	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	444 837	2,8%	432 678	30,0%	332 852
	Profit or loss for the period	DI	225 393	6,2%	212 158	43,1%	148 215
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	312	-84,1%	1 961	-38,1%	3 170

Other capital resources (II)

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

Provisions for risks and charges (III)

			31/12/2012		31/12/2011		31/12/2010
	Total provisions for risks and charges (Total III)	DR	0	0%	0	0%	2 724
	Risk provisions	DP	0	0%	0	0%	2 724
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2012		31/12/2011		31/12/2010
	Total Liabilities (Total IV)	EC	2 023 829	28,1%	1 580 194	28,7%	1 227 981
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	152 795	310,4%	37 233	-52,8%	78 943
	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	1 595 950	27,6%	1 251 182	25,0%	1 000 840
	Tax and social security liabilities	DY	130 071	17,9%	110 308	89,8%	58 130
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	145 013	-20,1%	181 471	101,5%	90 067

Translation loss (V)

		31/12/2012		31/12/2011		31/12/2010
Translation loss (Total V)	ED	19 258	248,6%	5 524	110,1%	2 629

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%	1 227 981
Of which current bank facilities	EH	0	0%	0	0%	78 651

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2012		31/12/2011		31/12/2010
Operating result (Total I-II)	GG	341 424	5,3%	324 199	58,3%	204 801

2 - Financial result (V - VI)

		31/12/2012		31/12/2011		31/12/2010
Financial result (Total V-VI)	GV	-1 407	92,1%	-17 827	-506,8%	-2 938

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	340 017	11,0%	306 372	51,8%	201 863

4 - Extraordinary result (VII-VIII)

		31/12/2012		31/12/2011		31/12/2010
Extraordinary result (Total VII-VIII)	HI	995	147,3%	-2 103	41,9%	-3 619

Profit or loss

		31/12/2012		31/12/2011		31/12/2010
Profit or loss	HN	225 398	6,2%	212 158	43,1%	148 215

Total Income (I+III+V+VII)

		31/12/2012		31/12/2011		31/12/2010
Total Income (I+III+V+VII)	HL	9 790 586	13,1%	8 654 576	41,6%	6 111 023

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	9 565 192	13,3%	8 442 416	41,6%	5 962 805

Operating income (I)

		31/12/2012		31/12/2011		31/12/2010
Total operating income (Total I)	FR	9 728 748	13,4%	8 581 143	42,1%	6 039 328

Operating income (details)

			31/12/2012		31/12/2011		31/12/2010
	Sale of goods for resale	FC	9 706 259	13,2%	8 576 084	42,2%	6 029 475
	France	FA	778 295	-16,7%	934 216	-4,8%	980 930
	Export	FB	8 927 964	16,8%	7 641 868	51,4%	5 048 545
	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	13 983	191,3%	4 800	-26,1%	6 492
	France	FG	4 800	0%	4 800	-26,1%	6 492
	Export	FH	9 183	0%	0	0%	0
	Net turnover	FL	9 720 242	13,3%	8 580 884	42,2%	6 035 967
	France	FJ	783 095	-16,6%	939 016	-4,9%	987 422
	Export	FK	8 937 147	16,9%	7 641 868	51,4%	5 048 545
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	6 847	4464,7%	150	-95,3%	3 163
	Other income	FQ	1 659	1422,0%	109	-44,9%	198

Operating charges (II)

		31/12/2012		31/12/2011		31/12/2010
Total operating charges (Total II)	GF	9 387 324	13,7%	8 256 944	41,5%	5 834 527

Exploitation charges

		31/12/2012		31/12/2011		31/12/2010
Purchase of goods for resale	FS	8 639 084	10,8%	7 798 172	43,2%	5 447 517
Change in stocks of goods for resale	FT	125 684	246,0%	-86 066	-25,4%	-68 660
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	261 463	5,9%	246 951	20,9%	204 276
Tax, duty and similar payments	FX	14 072	66,8%	8 435	33,5%	6 317
Payroll	FY	291 451	27,1%	229 226	37,3%	167 007
Social security costs	FZ	42 630	-23,1%	55 467	55,4%	35 703

Depreciation

		31/12/2012		31/12/2011		31/12/2010
Depreciation of fixed assets	GA	2 926	-1,2%	2 961	-0,4%	2 973
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	6 917	0%	0	0%	38 852
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2012		31/12/2011		31/12/2010
Other charges	GE	3 097	72,2%	1 798	231,7%	542

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	60 188	-16,2%	71 849	0,2%	71 695
	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	2 280	0%	0	0%	0
	Released provisions and transferred charges	GM	0	0%	2 724	0%	0
	Exchange gains	GN	57 908	-16,2%	69 125	-3,5%	71 617
	Net income from disposal of investment securities	GO	0	0%	0	0%	78

Financial Charge (VI)

			31/12/2012		31/12/2011		31/12/2010
	Total financial charge (Total VI)	GU	61 595	-31,3%	89 676	20,2%	74 633
	Financial reserves and provisions	GQ	0	0%	0	0%	2 724
	Interest and similar charges	GR	10 739	-26,1%	14 523	109,2%	6 942
	Exchange losses	GS	50 856	-32,3%	75 153	15,7%	64 967
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary income (Total VII)	HD	1 650	4,2%	1 584	0%	0
	Extraordinary operating income	HA	0	0%	0	0%	0
	Extraordinary income from capital transactions	HB	0	0%	0	0%	0
	Released provisions and transferred charges	HC	1 650	4,2%	1 584	0%	0

Extraordinary charges (VIII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary charges (Total VIII)	HH	655	-82,2%	3 687	1,9%	3 619
	Extraordinary operating charges	HE	655	-80,2%	3 311	637,4%	449
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
	Extraordinary reserves and provisions	HG	0	0%	376	-88,1%	3 170

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	115 618	25,5%	92 109	84,1%	50 026

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
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	0	0%	0	0%	0
	Gross value at the end of period	OL	36 158	96,9%	18 361	13,3%	16 208

Research and development Charge (Total I)

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

Other budget item from Intangible fixed assets (Total II)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	KD	5 505	15,8%	4 755	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	750	-84,2%	4 755
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	5 505	0%	5 505	15,8%	4 755

Tangible fixed assets (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LN	7 856	21,7%	6 453	17,8%	5 476
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	1 694	20,7%	1 403	43,6%	977
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	0	0%	0
	Gross value at the end of period	NH	9 550	21,6%	7 856	21,7%	6 453

Fiancial assets (Total IV)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LQ	5 000	0%	5 000	0%	5 000
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	16 103	0%	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	0
	Gross value at the end of period	NK	21 103	322,1%	5 000	0%	5 000

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	3 358	111,9%	1 585	0%	0
Increases		PF	1 835	3,5%	1 773	11,9%	1 585
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	5 193	54,6%	3 358	111,9%	1 585

Total fixed assets amotisation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	QU	5 873	25,4%	4 684	42,1%	3 296
Increases		QV	1 090	-8,3%	1 189	-14,3%	1 388
Decreases		QW	0	0%	0	0%	0
	Decreasess by budget item transfer	QX	6 963	18,6%	5 873	25,4%	4 684

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

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

Premium refund of obligations

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

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

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	7C	40 814	-8,8%	44 746	0%	0
Increases		UB	6 917	1739,6%	376	-99,2%	44 746
Decreases		UC	1 650	-61,7%	4 309	0%	0
	Value at the end of period	UD	46 081	12,9%	40 813	-8,8%	44 746

Includes Total allocations

Operating	UE	6 917	0%	0	0%	38 852
Financial	UG	0	0%	0	0%	2 724
Exceptional	UJ	0	0%	376	-88,1%	3 170

Includes Total Withdrawal

Operating	UF	0	0%	0	0%	0
Financial	UH	0	0%	2 724	0%	0
Exceptional	UK	1 650	4,2%	1 584	0%	0

Total regulated provisions (Total I)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	3Z	1 962	-38,1%	3 170	0%	0
Increases		TS	0	0%	376	-88,1%	3 170
Decreases		TT	1 650	4,2%	1 584	0%	0
	Value at the end of period	TU	312	-84,1%	1 962	-38,1%	3 170

Total risk and charge provisions (Total II)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	5Z	0	0%	2 724	0%	0
Increases		TV	0	0%	0	0%	2 724
Decreases		TW	0	0%	2 724	0%	0
	Value at the end of period	TX	0	0%	0	0%	2 724

Total Provision for depreciation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	7B	38 852	0%	38 852	0%	0
Increases		TY	6 917	0%	0	0%	38 852
Decreases		TZ	0	0%	0	0%	0
	Value at the end of period	UA	45 769	17,8%	38 852	0%	38 852

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

		31/12/2012		31/12/2011		31/12/2010
Gross value	VT	2 459 568	25,9%	1 953 402	32,6%	1 473 274
1 year at most	VU	2 454 568	26,0%	1 948 402	32,7%	1 468 274
More than one year	VV	5 000	0%	5 000	0%	5 000

State of loans

		31/12/2012		31/12/2011		31/12/2010
Claims related to holdings (gross)	UL	4 103	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	4 103	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	5 000	0%	5 000	0%	5 000
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2012		31/12/2011		31/12/2010
Customers doubtful or disputed	VA	51 060	31,4%	38 852	0%	38 852
Other claims customer	UX	2 319 691	26,2%	1 837 657	34,7%	1 364 390
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	36 337
Value added tax	VB	9 283	-52,5%	19 557	52,0%	12 870
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	31 316	-33,6%	47 134	200,3%	15 696

Prepaid

		31/12/2012		31/12/2011		31/12/2010
Prepaid	VS	39 115	652,1%	5 201	3995,3%	127

State Debt

			31/12/2012		31/12/2011		31/12/2010
	Total debt (gross)	VY	2 023 828	28,1%	1 580 194	28,7%	1 227 980
1 year at most		VZ2	2 023 828	28,1%	1 580 194	28,7%	1 227 980
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2012		31/12/2011		31/12/2010
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	152 795	310,4%	37 233	-52,8%	78 942
1 year at most		VG2	152 795	310,4%	37 233	-52,8%	78 942
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	1 595 950	27,6%	1 251 182	25,0%	1 000 839
1 year at most		8B2	1 595 950	27,6%	1 251 182	25,0%	1 000 839
More than 1 year and 5 years at most		8B3	1 595 950	27,6%	1 251 182	25,0%	1 000 839
	Personnel and associated accounts (gross)	8C1	44 442	4,5%	42 516	31,5%	32 327
1 year at most		8C2	44 442	4,5%	42 516	31,5%	32 327
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	55 068	70,6%	32 281	26,1%	25 601
1 year at most		8D2	55 068	70,6%	32 281	26,1%	25 601
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	14 961	-57,9%	35 510	0%	0
1 year at most		8E2	14 961	-57,9%	35 510	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	99	0%	0	0%	201
1 year at most		VW2	99	0%	0	0%	201
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	11 887	0%	0	0%	0
1 year at most		VQ2	11 887	0%	0	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	3 613	0%	0	0%	0
1 year at most		VI2	3 613	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	145 013	-20,1%	181 471	101,5%	90 067
1 year at most		8K2	145 013	-20,1%	181 471	101,5%	90 067
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 unmatured	YS	0	0%	0	0%	0

Other charges Externes

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

Taxes and Fees

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

VAT

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

Average number of employees

		31/12/2012		31/12/2011		31/12/2010
Average number of employees	YP	03	-25,0%	04	100%	02

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		27,76	-40,8%	46,92	17,9%	39,81	2,82	884,4%
Global Debt		75 days	13,6%	66 days	-9,6%	73 days	119 days	-37,0%
Working Capital Fund overall net		36 days	2,9%	35 days	-7,9%	38 days	72 days	-50,0%
Financial independence		548,97%	-74,9%	2189,07%	171,8%	805,51%	514,99%	6,6%
More ratios
Solvability		29,11%	-14,3%	33,95%	-0,2%	34,02%	37,76%	-22,9%
Capacity debt futures		548,97%	-74,9%	2189,07%	171,8%	805,52%	1788,95%	-69,3%
Coverage of current assets by net working capital overall		33,02%	-2,0%	33,71%	5,7%	31,90%	44,71%	-26,1%
General Liquidity		1,21	-1,6%	1,23	2,5%	1,20	0,81	49,4%
Restricted Liquidity		1,38	-1,4%	1,40	-2,1%	1,43	1,31	5,3%

Management or rotation

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Need background in operating working capital		22 days	-8,3%	24 days	-4,0%	25 days	11 days	100%
Treasury		13 days	18,2%	11 days	-15,4%	13 days	13 days	0%
Inventory turnover of goods		4 days	-60,0%	10 days	11,1%	9 days	24 days	-83,3%
Average length of credit granted to customers		88 days	11,4%	79 days	-6,0%	84 days	58,50 days	50,4%
Average length of credit obtained suppliers		64 days	12,3%	57 days	-12,3%	65 days	48 days	33,3%
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	1784 days	-
Rotation tangible assets		101782,64%	-6,8%	109227,14%	16,8%	93537,38%	1598,31%	6268,1%

Profitability of the business

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Margin trading		9,69%	-3,8%	10,07%	-6,6%	10,78	0,54%	1694,4%
Profitability of the business		3,56	-7,0%	3,83	-5,2%	4,04	4,82%	-26,1%
Net profit		2,32%	-6,1%	2,47%	0,4%	2,46%	3,19%	-27,3%
More ratios
Growth rate of turnover (excluding VAT)		13,28%	-68,5%	42,16%	397,3%	-14,18%	0%	0%
Rates integration		7,14%	-1,5%	7,25%	-3,3%	7,50%	31,36%	-77,2%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		48,14%	5,2%	45,78%	2,3%	44,76%	65,55%	-26,6%
Weight interests		0,63	-40,0%	1,05%	-15,3%	1,24%	0,08%	687,5%

Return on capital

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Cash flow from the overall profitability		2,33%	-5,3%	2,46%	-5,4%	2,60%	4,62%	-49,6%
Rates of economic profitability		35%	-10,3%	39%	14,7%	34%	16,81%	108,2%
Financial profitability		838802%	2,9%	815057%	28,2%	635897%	21803%	3747,2%
Return on investment		28,94%	-18,3%	35,41%	13,6%	31,17%	13,28%	117,9%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Turnover	9 720 242	13,3%	8 580 884	42,2%	6 035 967	206 721 €	4602,1%

Sales of goods	9 706 259	13,2%	8 576 084	42,2%	6 029 475
- Purchase of goods	8 639 084	10,8%	7 798 172	43,2%	5 447 517
+/- Stock of goods variation	125 684	246,0%	-86 066	-25,4%	-68 660
Trading margin	941 491 €	9,0%	863 978 €	32,8%	650 618 €	177 €	531815,8%
	9,69 % CA	-3,8%	10,07 % CA	-6,6%	10,78 % CA	3,23 % CA	200%

Sale of goods produced	13 983	191,3%	4 800	-26,1%	6 492
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	13 983 €	191,3%	4 800 €	-26,1%	6 492 €	66 329,50 €	-78,9%
	0,14 % CA	133,3%	0,06 % CA	-45,5%	0,11 % CA	95,35 % CA	-99,9%

Trading margin	941 491	9,0%	863 978	32,8%	650 618	177	531815,8%
+ Period Production	13 983	191,3%	4 800	-26,1%	6 492	66 329,50	-78,9%
- Purchase of raw materials	0	0%	0	0%	0
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	261 463	5,9%	246 951	20,9%	204 276
Added value	694 011 €	11,6%	621 827 €	37,3%	452 834 €	69 118 €	904,1%
	7,14 % CA	-1,5%	7,25 % CA	-3,3%	7,50 % CA	31,36 % CA	-77,2%

Added value	694 011 €	11,6%	621 827 €	37,3%	452 834 €	69 118 €	904,1%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	14 072	66,8%	8 435	33,5%	6 317
- Personal charges	334 081	17,3%	284 693	40,4%	202 710
Gross operating surplus	345 858 €	5,2%	328 699 €	34,8%	243 807 €	10 858,50 €	3085,1%
	3,56 % CA	-7,0%	3,83 % CA	-5,2%	4,04 % CA	4,82 % CA	-26,1%

Gross operating surplus	345 858 €	5,2%	328 699 €	34,8%	243 807 €	10 858,50 €	3085,1%
+ Release of reserves and provisions	6 847	4464,7%	150	-95,3%	3 163
+ Other operating income	1 659	1422,0%	109	-44,9%	198
- Depreciation/Amortisation	9 843	232,4%	2 961	-92,9%	41 825
- Other charges	3 097	72,2%	1 798	231,7%	542
Operating result	341 424 €	5,3%	324 199 €	58,3%	204 801 €	8 020,50 €	4156,9%
	3,51 % CA	-7,1%	3,78 % CA	11,5%	3,39 % CA	3,70 % CA	-5,1%

Operating result	341 424 €	5,3%	324 199 €	58,3%	204 801 €	8 020,50 €	4156,9%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	60 188	-16,2%	71 849	0,2%	71 695
- Financial charges	61 595	-31,3%	89 676	20,2%	74 633
Pre-tax result	340 017 €	11,0%	306 372 €	51,8%	201 863 €	7 571 €	4391,0%
	3,50 % CA	-2,0%	3,57 % CA	6,9%	3,34 % CA	3,71 % CA	-5,7%

Extraordinary income	1 650	4,2%	1 584	0%	0	0	0%
- Extraordinary charges	655	-82,2%	3 687	1,9%	3 619
Extraordinary result	995 €	147,3%	-2 103 €	41,9%	-3 619 €	0 €	0%
	0,01 % CA	150,0%	-0,02 % CA	66,7%	0 % CA	0 % CA	0%

Pre-tax result	340 017 €	11,0%	306 372 €	51,8%	201 863 €	7 571 €	4391,0%
Extraordinary result	995 €	147,3%	-2 103 €	41,9%	-3 619 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	115 618	25,5%	92 109	84,1%	50 026
Net result	225 394 €	6,2%	212 160 €	43,1%	148 218 €	6 993 €	3123,1%
	2,32 % CA	-6,1%	2,47 % CA	0,4%	2,46 % CA	3,19 % CA	-27,3%

ADDITIONAL INFORMATION

Other establishments

Branches	1 branch entities in this company
Head office	> EMA NEGOCE <<<  - Intermédiaires spécialisés dans le commerce d'autres produits spécifiques (4618Z)  in VERSAILLES  (78000)
Secondary establishments	>  EMA NEGOCE  - Intermédiaires spécialisés dans le commerce d'autres produits spécifiques (4618Z)  in SAINT CLOUD  (92210) >  EMA NEGOCE  - Intermédiaires spécialisés dans le commerce d'autres produits spécifiques (4618Z)  in SURESNES  (92150)

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

03 employees

Company workforce

03 employees

Linkages

No Linkages information available for the company

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
22/07/2013	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 11409 - 490995446 RCS. EMA NEGOCE. Forme : Société à responsabilité limitée. Adresse : 8 rue des Réservoirs 78000 Versailles. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
09/07/2012	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 10965 - 490995446 RCS. EMA NEGOCE. Forme : Société à responsabilité limitée. Adresse : 8 rue des Réservoirs 78000 Versailles. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
17/02/2012	Bodacc B	Modification et mutation diverse
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 1656 - 490 995 446 RCS Versailles. EMA NEGOCE. Forme : Société à responsabilité limitée. Administration : Gérant : LEGRAND Jean-Damien en fonction le 05 Novembre 2009 Commissaire aux comptes suppléant : CHAVANE Laurent en fonction le 05 Novembre 2009 Commissaire aux comptes titulaire : SOCIETE PARISIENNE DE CONSEIL ET DE COMPTABILITE en fonction le 05 Novembre 2009 Co-gérant : MAUVISSEAU Bertrand en fonction le 09 Février 2012. Activité : . Commentaires : Modification de représentant.
14/02/2012	JAL	Appointment of the social representative
Semaine de l Ile-de-France (La) Date de décision : 02/01/2012 Société faisant l'objet d'une nomination : 490995446 - EMA NEGOCE, 8 RUE DES RESERVOIRS, 78000 VERSAILLES Nominé : Monsieur Bertrand MAUVISSEAU, 78540 VERNOUILLET En la fonction de : Co-Gérant
21/10/2011	Bodacc B	Modification et mutation diverse
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 1208 - 490 995 446 RCS Versailles. EMA NEGOCE. Forme : Société à responsabilité limitée. Capital : 133200 EUR. Activité : . Commentaires : Modification du capital.
18/10/2011	JAL	Modification of the share capital
Semaine de l'Ile-de-France (La) Date de décision : 21/09/2011 La société : 490995446 - EMA NEGOCE, 8 RUE DES RESERVOIRS, 78000 VERSAILLES a subi une augmentation de son capital social désormais de 133 200 € Date d'effet : 21/09/2011
26/07/2010	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 6516 - 490995446 RCS. EMA NEGOCE. Forme : Société à responsabilité limitée. Adresse : 8 rue des Réservoirs 78000 Versailles. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
17/11/2009	Bodacc A	Immatriculation
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 855 - 490 995 446 RCS Versailles. EMA NEGOCE. Forme : Société à responsabilité limitée. Administration : Gérant : LEGRAND Jean-Damien Commissaire aux comptes suppléant : CHAVANE Laurent Commissaire aux comptes titulaire : SOCIETE PARISIENNE DE CONSEIL ET DE COMPTABILITE. Capital : 116600 EUR. Adresse : 8 rue des Réservoirs, 78000 Versailles. Date de commencement de l’activité : 01/01/0001. Descriptif : Immatriculation d'une personne morale suite au transfert du sige hors ressort. Modification du capital. Modification de reprsentant. Commentaires : Immatriculation d'une personne morale suite à transfert de son siège social.
07/10/2009	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 9680 - 490995446 RCS. EMA NEGOCE. Forme : Société à responsabilité limitée. Adresse : 152 rue des Tennerolles 92210 Saint-Cloud. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
04/07/2008	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 2072 - 490 995 446 RCS Nanterre. EMA NEGOCE. Forme : Société à responsabilité limitée. Capital : 100000 EUR. Commentaires : Modification du capital.
29/05/2008	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 9834 - 490995446 RCS. EMA NEGOCE. Forme : Société à responsabilité limitée. Adresse : 152 rue des Tennerolles 92210 Saint-Cloud. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
12/06/2007	Bodacc B	Modifications et mutations diverses
2702 - RCS Nanterre B 490 995 446. RC 06-B 4159. EMA NEGOCE. Forme : S.A.R.L. Capital : 36 000 euros. Commentaires : modification survenue sur le capital (augmentation).
24/05/2007	Bodacc C	Avis de dépôt des comptes
7671 - RCS Nanterre B 490 995 446. RC 06-B 4159. EMA NEGOCE. Forme: S.A.R.L.. Adresse du siège social: 152, rue des Tennerolles,92210 Saint-Cloud. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
26/07/2006	Bodacc A	Création d'établissement
1908 - RCS Nanterre B 490 995 446. RC 06-B 4159. EMA NEGOCE. Forme : S.A.R.L. Capital : 15 000 euros. Adresse du siège social : 152 rue des Tennerolles, 92210 Saint-Cloud. Administration : gérant : LEGRAND (Jean-Damien). Etablissement principal - Activité : négoce international. Adresse : 152 rue des Tennerolles, 92210 Saint-Cloud. Cette société se constitue . Date de début d'activité : 10 juillet 2006.

Company events history

Date	Description
18/10/2013	Update Limit
18/10/2013	Update Rating
22/07/2013	Bodacc C : Deposit accounts notice
15/07/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
26/06/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2012	New accounts available
09/07/2012	Bodacc C : Deposit accounts notice
05/07/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
17/02/2012	Bodacc B: Various editing or changing
09/02/2012	Minutes of general meeting of shareholders
09/02/2012	Appointment/resignation of company officers
02/01/2012	Legal Gazette: Appointment of the social representative
31/12/2011	New accounts available
21/10/2011	Bodacc B: Various editing or changing
13/10/2011	Capital increase
13/10/2011	Updated articles of association
13/10/2011	Minutes of general meeting of shareholders
21/09/2011	Legal Gazette: Modification of the share capital
21/09/2011	Other modification of Establishment
11/08/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
26/07/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
17/11/2009	Bodacc A : Registration
05/11/2009	Registration after transfer
05/11/2009	Other modification of Establishment
05/11/2009	Capital increase
05/11/2009	Registered office transferred outside jurisdiction of the Commercial Court
05/11/2009	Updated articles of association
05/11/2009	Minutes of general meeting of shareholders
07/10/2009	Bodacc C : Deposit accounts notice
01/10/2009	Transfer of Establishment
01/10/2009	Update of Company Head Office Identifier
31/12/2008	New accounts available
14/10/2008	Collection of preferential rights activated for this company
04/07/2008	Bodacc B: Various editing or changing
04/07/2008	New Bodacc B ads detected
25/06/2008	Minutes of general meeting of shareholders
25/06/2008	PV d'Assemblée
25/06/2008	Fund deposit certificate
25/06/2008	Updated articles of association
25/06/2008	Augmentation de Capital
25/06/2008	Capital increase
25/06/2008	Private document
25/06/2008	Statuts mis à jour
29/05/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
10/05/2007	Private document
10/05/2007	Capital increase
10/05/2007	Minutes of general meeting of shareholders
10/05/2007	Fund deposit certificate
10/05/2007	Augmentation de Capital
10/05/2007	PV d'Assemblée
10/05/2007	Certificat de dépôt des fonds
10/05/2007	Updated articles of association
10/05/2007	Statuts mis à jour
31/12/2006	New accounts available
11/07/2006	Articles of association
11/07/2006	Statuts
11/07/2006	Private document
11/07/2006	Formation de Société
11/07/2006	Company formation

Establishment events history

Date	Description
15/07/2013	Update Rating
26/06/2013	Update Limit
05/07/2012	Update Limit
12/02/2012	Update Rating
12/02/2012	Update Limit
30/01/2012	Update Rating
13/07/2010	Update Limit
04/01/2010	Update Limit
29/12/2009	Update Rating
21/12/2009	Update of phone numbers
14/12/2009	Update Limit
14/12/2009	Update Rating
05/11/2009	Modification of Head office
01/10/2009	Formation of Head office (after transfer)

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 pre-tax profit is more than 25,000€

The shareholder's equity is more than 250,000€

The return on total assets employed is positive

Industry code with low risk rating

The sales to current assets ratio is 3,42

The ratio total assets to total liabilities is 1,42

The debtor days are 90.37

The company is 7 years old

The tangible fixed assets are 2,587 €

The liquidity acid test is less than 65%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.68
UK Pound	1	Rs.101.98
Euro	1	Rs.84.78

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.