MIRA INFORM REPORT

Report Date :

19.02.2014

IDENTIFICATION DETAILS

Name :	SEABLUE
Registered Office :	8 Rue Des Fabres, 13001 Marseille 1
Country :	France
Financials (as on) :	31.05.2013
Date of Incorporation :	June, 2000
Legal Form :	Simplified joint stock company
Line of Business :	Subject is engaged in the Wholesale (intercompany trade) of frozen products
No. of Employees :	18

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 4.8% of GDP in 2012, while France's public debt rose from 68% of GDP to 90% 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

SEABLUE

SIRET

432 083 558 00028

Personal comment

company summary

		EUR VAT Number	FR13432083558
Activity (APE)	Wholesale (intercompany trade) of frozen products (4639A)	Legal form	Simplified joint stock company
Phone		RCS Registration	RCS Marseille 0 432 083 558
Fax
Address	SEABLUE 8 RUE DES FABRES 13001 MARSEILLE 1	Incorporated Date	07/2000
Nationality	France	Status	Economically active

DIRECTORS/MANAGEMENT

Directors

Name	M. FLAJOLLET THOMAS BERNARD YVES
Manager position	President	Date of birth	01/11/1966
Place of birth	ROUBAIX
Type	Individual	Name at birth

Manager position	Title and name	Date of Birth/Place of Birth
President	M THOMAS BERNARD YVES FLAJOLLET	01/11/1966 - ROUBAIX
President	M THOMAS FLAJOLLET	01/11/1966 - ROUBAIX

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

300,000 Euros

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

No group information available for the company

Linkages

No Linkages information available for the company

FINANCIAL INFORMATION

Trading to Date	05/31/2013	05/31/2012	05/31/2011
Turnover	31,000,533 €	32,481,367 €	28,651,335 €
Gross Operating Surplus	3,57 % Turnover	3,96 % Turnover	5,15 % Turnover
Shareholders’ equity	3,439,075 €	3,110,258 €	3,514,268 €
Net result	644,817 €	615,991 €	797,123 €

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/05/2013	31/05/2012	31/05/2011
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	13/01/2014	08/02/2013	10/07/2012
Activity Code	4639A	4639A	4639A
Employees	18	0	14

Active account

Annual Accounts	31/05/2013		31/05/2012		31/05/2011	Sector Median 2013
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	382 912	-2,6%	393 259	5,5%	372 796	45 849	735,2%
- Intangible assets	346 146	-0,3%	347 326	0,4%	345 946	200	172973,0%
- Tangible assets	22 397	-31,7%	32 772	109,9%	15 615	32 375	-30,8%
- Financial assets	14 369	9,2%	13 161	17,1%	11 235	9 151	57,0%
Net current assets	11 876 162	2,0%	11 648 092	12,7%	10 338 798	1 066 345	1013,7%
- Stocks	5 019 387	-20,3%	6 295 096	16,8%	5 390 002	261 780	1817,4%
- Advanced payments	283 167	2,0%	261 607	20,9%	216 302	0	0%
- Receivables	4 809 581	-3,4%	4 979 153	11,2%	4 476 825	735 420	554,0%
- Securities and cash	1 764 027	1471,7%	112 236	-56,1%	255 669	142 749	1135,8%
- Prepaid expenses	-	-	-	-	-	252	-
Accounts of regularization	100 000	66,7%	60 000	-41,2%	102 000	0	0%
Total Assets	12 359 074	2,1%	12 101 351	11,9%	10 813 594	1 049 884	1077,2%

Passive Account

Annual Accounts	31/05/2013		31/05/2012		31/05/2011	Sector Median 2013
Shareholders' equity	3 439 075	10,6%	3 110 258	-11,5%	3 514 268	376 441	813,6%
Share capital	300 000	435,7%	56 000	-30,0%	80 000	50 000	500%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	125 000	7,1%	116 700	-18,4%	143 000	0	0%
Liabilities	8 794 999	-0,9%	8 874 393	24,0%	7 154 392	917 371	858,7%
- Financial liabilities	5 740 305	5,2%	5 454 356	72,0%	3 171 995	200 000	2770,2%
- Advanced payments received	2 356	-46,2%	4 378	0%	0	0	0%
- Trade account payables	2 453 715	-16,4%	2 935 230	-13,5%	3 392 557	525 730	366,7%
- Tax and social liabilities	504 712	27,9%	394 535	-30,0%	563 896	91 865,50	449,4%
- Other debts and fixed assets liabilities	93 911	9,3%	85 894	208,1%	27 878	14 540	545,9%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	12 359 074	2,1%	12 101 350	11,9%	10 813 594	1 082 943	1041,2%

Results

Annual Accounts	31/05/2013		31/05/2012		31/05/2011	Sector Median 2013
Sales of Goods	31 297 097	-4,3%	32 695 520	13,2%	28 887 095	3 739 592	736,9%
Net turnover	31 000 533	-4,6%	32 481 367	13,4%	28 651 335	3 738 974	729,1%
- of which net export turnover	10 252 647	366,3%	2 198 778	382,3%	455 906	8 694	117827,8%
Operating charges	30 384 103	-2,8%	31 274 528	13,9%	27 451 856	3 821 246	695,1%
Operating profit/loss	912 994	-35,7%	1 420 992	-1,0%	1 435 239	53 833	1596,0%
Financial income	704 370	139,4%	294 167	-2,6%	301 941	363	193941,3%
Financial charges	616 118	-23,2%	802 687	50,6%	533 051	6 457	9441,9%
Financial profit/loss	88 252	117,4%	-508 520	-120,0%	-231 110	-2 272	3984,3%
Pretax net operating income	1 001 246	9,7%	912 472	-24,2%	1 204 129	46 986	2030,9%
Extraordinary income	7 742	-91,2%	87 621	0%	0	5 682	36,3%
Extraordinary charges	43 134	-42,1%	74 520	1142,0%	6 000	2 599	1559,6%
Extraordinary profit/loss	-35 392	-370,1%	13 101	318,4%	-6 000	-135	-26116,3%
Net result	644 817	4,7%	615 991	-22,7%	797 123	41 127	1467,9%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/05/2013	31/05/2012	31/05/2011
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

		31/05/2013		31/05/2012		31/05/2011
Grand Total (I to VI)	Net	12 359 074	2,1%	12 101 351	11,9%	10 813 594
Gross	CO	12 848 926	3,8%	12 383 940	11,1%	11 151 218
Amortisation	1A	489 852	73,3%	282 589	-16,3%	337 624

Non declared distributed capital (I)

		31/05/2013		31/05/2012		31/05/2011
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		31/05/2013		31/05/2012		31/05/2011
Total Active fixed asset (II)	Net	382 912	-2,6%	393 259	5,5%	372 796
Gross	BJ	480 349	1,2%	474 641	4,6%	453 572
Amortisation	BK	97 437	19,7%	81 382	0,8%	80 776

Intangible fixed assets

			31/05/2013		31/05/2012		31/05/2011
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	1 146	-50,7%	2 326	145,9%	946
	Gross	AF	26 957	0,7%	26 757	25,5%	21 317
	Amortisation	AG	25 811	5,6%	24 431	19,9%	20 371
	Goodwill	Net	345 000	0%	345 000	0%	345 000
	Gross	AH	345 000	0%	345 000	0%	345 000
	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	346 146	-0,3%	347 326	0,4%	345 946

Tangible fixed assets

		31/05/2013		31/05/2012		31/05/2011
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	0	0%	0	0%	0
Gross	AP	0	0%	0	0%	0
Amortisation	AQ	0	0%	0	0%	0
Plant	Net	0	0%	0	0%	0
Gross	AR	0	0%	0	0%	0
Amortisation	AS	0	0%	0	0%	0
Other tangible fixed assets	Net	22 397	-31,7%	32 772	109,9%	15 615
Gross	AT	94 023	4,8%	89 723	18,0%	76 020
Amortisation	AU	71 626	25,8%	56 951	-5,7%	60 405
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	22 397		32 772		15 615

Financial assets

		31/05/2013		31/05/2012		31/05/2011
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	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	320	0%	320	0%	320
Gross	BD	320	0%	320	0%	320
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	14 049	9,4%	12 841	17,6%	10 915
Gross	BH	14 049	9,4%	12 841	17,6%	10 915
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		14 369		13 161		11 235

Current Assets (III)

		31/05/2013		31/05/2012		31/05/2011
Total Assets	Net	11 876 162	2,0%	11 648 092	12,7%	10 338 798
Gross	CJ	12 268 577	3,5%	11 849 299	11,8%	10 595 646
Amortisation	CK	392 415	95,0%	201 207	-21,7%	256 848

Stocks

		31/05/2013		31/05/2012		31/05/2011
Raw materials	Net	0	0%	0	0%	0
Gross	BL	0	0%	0	0%	0
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	0	0%	0	0%	0
Gross	BN	0	0%	0	0%	0
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	5 019 387	-20,3%	6 295 096	16,8%	5 390 002
Gross	BT	5 266 273	-18,2%	6 437 039	15,8%	5 557 305
Amortisation	BU	246 886	73,9%	141 943	-15,2%	167 303
Sub Total Stocks	Net	5 019 387	-20,3%	6 295 096	16,8%	5 390 002

Advance payments to suppliers

		31/05/2013		31/05/2012		31/05/2011
Advance payments to suppliers	Net	283 167	8,2%	261 607	20,9%	216 302
Gross	BV	283 167	8,2%	261 607	20,9%	216 302
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/05/2013		31/05/2012		31/05/2011
Trade accounts receivable	Net	4 600 733	-1,2%	4 654 590	14,2%	4 074 285
Gross	BX	4 746 262	0,7%	4 713 854	13,2%	4 163 830
Amortisation	BY	145 529	145,6%	59 264	-33,8%	89 545
Other debtors	Net	203 583	-34,4%	310 319	-21,7%	396 391
Gross	BZ	203 583	-34,4%	310 319	-21,7%	396 391
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	4 804 316	-3,2%	4 964 909	11,1%	4 470 676

Divers

		31/05/2013		31/05/2012		31/05/2011
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	1 764 027	1471,7%	112 236	-56,1%	255 669
Gross	CF	1 764 027	1471,7%	112 236	-56,1%	255 669
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	1 764 027	1471,7%	112 236	-56,1%	255 669

Prepaid expenses

		31/05/2013		31/05/2012		31/05/2011
Prepaid expenses	Net	5 265	-63,0%	14 244	131,6%	6 149
Gross	CH	5 265	-63,0%	14 244	131,6%	6 149
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/05/2013		31/05/2012		31/05/2011
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	100 000	66,7%	60 000	-41,2%	102 000
Gross		100 000	66,7%	60 000	-41,2%	102 000

References

		31/05/2013		31/05/2012		31/05/2011
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	279 602	306,9%	68 716	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)

		31/05/2013		31/05/2012		31/05/2011
Grand Total (I to V)	EE	12 359 074	2,1%	12 101 350	11,9%	10 813 594

Shareholder Equity (I)

		31/05/2013		31/05/2012		31/05/2011
Total shareholders' equity (Total I)	DL	3 439 075	10,6%	3 110 258	-11,5%	3 514 268
Equity and shareholders' equity	DA	300 000	435,7%	56 000	-30,0%	80 000
Issue and merger premiums	DB	69 000	0%	0	0%	0
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	61 000	103,3%	30 000	275,0%	8 000
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	0	0%	0	0%	0
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	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	2 364 258	-1,8%	2 408 267	-8,4%	2 629 145
Profit or loss for the period	DI	644 817	4,7%	615 991	-22,7%	797 123
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/05/2013		31/05/2012		31/05/2011
Total other capital resources (Total II)	DO	0	0%	0	0%	0
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

		31/05/2013		31/05/2012		31/05/2011
Total provisions for risks and charges (Total III)	DR	125 000	7,1%	116 700	-18,4%	143 000
Risk provisions	DP	125 000	7,1%	116 700	-18,4%	143 000
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/05/2013		31/05/2012		31/05/2011
Total Liabilities (Total IV)	EC	8 794 999	-0,9%	8 874 393	24,0%	7 154 392
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	4 582 400	-5,3%	4 839 418	60,1%	3 023 273
Sundry loans and financial liabilities	DV	1 157 905	88,3%	614 938	313,5%	148 722
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	2 356	-46,2%	4 378	0%	0
Trade accounts payables	DX	2 453 715	-16,4%	2 935 230	-13,5%	3 392 557
Tax and social security liabilities	DY	504 712	27,9%	394 535	-30,0%	563 896
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	93 911	9,3%	85 894	231,1%	25 944

Translation loss (V)

		31/05/2013		31/05/2012		31/05/2011
Translation loss (Total V)	ED	0	0%	0	0%	1 934

Equalization accounts

		31/05/2013		31/05/2012		31/05/2011
Deferred income	EB	0	0%	0	0%	0

References

		31/05/2013		31/05/2012		31/05/2011
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	7 484 791	6,7%	7 013 499
Of which current bank facilities	EH	0	0%	3 776 427	30,4%	2 896 924

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)

		31/05/2013		31/05/2012		31/05/2011
Operating result (Total I-II)	GG	912 994	-35,7%	1 420 992	-1,0%	1 435 239

2 - Financial result (V - VI)

		31/05/2013		31/05/2012		31/05/2011
Financial result (Total V-VI)	GV	88 252	117,4%	-508 520	-120,0%	-231 110

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

		31/05/2013		31/05/2012		31/05/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	1 001 246	9,7%	912 472	-24,2%	1 204 129

4 - Extraordinary result (VII-VIII)

		31/05/2013		31/05/2012		31/05/2011
Extraordinary result (Total VII-VIII)	HI	-35 392	-370,1%	13 101	318,4%	-6 000

Profit or loss

		31/05/2013		31/05/2012		31/05/2011
Profit or loss	HN	644 817	4,7%	615 991	-22,7%	797 123

Total Income (I+III+V+VII)

		31/05/2013		31/05/2012		31/05/2011
Total Income (I+III+V+VII)	HL	32 009 209	-3,2%	33 077 308	13,3%	29 189 036

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

		31/05/2013		31/05/2012		31/05/2011
Total charges (Total II+IV+VI+VIII+IX+X)	HM	31 364 394	-3,4%	32 461 316	14,3%	28 391 914

Operating income (I)

		31/05/2013		31/05/2012		31/05/2011
Total operating income (Total I)	FR	31 297 097	-4,3%	32 695 520	13,2%	28 887 095

Operating income (details)

		31/05/2013		31/05/2012		31/05/2011
Sale of goods for resale	FC	30 945 005	-4,5%	32 404 855	13,4%	28 567 167
France	FA	20 704 216	-31,6%	30 249 298	7,6%	28 111 261
Export	FB	10 240 789	375,1%	2 155 557	372,8%	455 906
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	55 528	-27,4%	76 512	-9,1%	84 168
France	FG	43 670	31,2%	33 291	-60,4%	84 168
Export	FH	11 858	-72,6%	43 221	0%	0
Net turnover	FL	31 000 533	-4,6%	32 481 367	13,4%	28 651 335
France	FJ	20 747 886	-31,5%	30 282 589	7,4%	28 195 429
Export	FK	10 252 647	366,3%	2 198 778	382,3%	455 906
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	288 735	41,9%	203 470	-12,6%	232 738
Other income	FQ	7 829	-26,7%	10 683	253,5%	3 022

Operating charges (II)

		31/05/2013		31/05/2012		31/05/2011
Total operating charges (Total II)	GF	30 384 103	-2,8%	31 274 528	13,9%	27 451 856

Exploitation charges

		31/05/2013		31/05/2012		31/05/2011
Purchase of goods for resale	FS	25 397 725	-10,8%	28 474 062	15,5%	24 645 517
Change in stocks of goods for resale	FT	1 170 767	233,1%	-879 734	-35,7%	-648 520
Purchase of raw materials	FU	852	18,3%	720	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	1 965 642	-14,9%	2 309 181	11,6%	2 069 716
Tax, duty and similar payments	FX	127 751	-3,3%	132 144	7,2%	123 232
Payroll	FY	821 742	5,0%	782 783	16,3%	672 897
Social security costs	FZ	409 275	8,5%	377 123	20,5%	312 995

Depreciation

		31/05/2013		31/05/2012		31/05/2011
Depreciation of fixed assets	GA	16 055	-7,3%	17 316	76,9%	9 789
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	389 208	3110,8%	12 122	-94,3%	212 761
Provisions for risks and charges	GD	25 000	0%	0	0%	41 000

Other charges

		31/05/2013		31/05/2012		31/05/2011
Other charges	GE	60 086	23,1%	48 811	291,5%	12 469

Operating charges (III-IV)

		31/05/2013		31/05/2012		31/05/2011
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		31/05/2013		31/05/2012		31/05/2011
Total financial income (Total V)	GP	704 370	139,4%	294 167	-2,6%	301 941
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	04	-99,5%	750	7400%	10
Released provisions and transferred charges	GM	60 000	-41,2%	102 000	0%	0
Exchange gains	GN	644 366	236,6%	191 417	-36,6%	301 931
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

		31/05/2013		31/05/2012		31/05/2011
Total financial charge (Total VI)	GU	616 118	-23,2%	802 687	50,6%	533 051
Financial reserves and provisions	GQ	100 000	66,7%	60 000	-41,2%	102 000
Interest and similar charges	GR	300 567	0,9%	297 871	63,5%	182 210
Exchange losses	GS	215 551	-51,5%	444 816	78,8%	248 841
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/05/2013		31/05/2012		31/05/2011
Total extraordinary income (Total VII)	HD	7 742	-91,2%	87 621	0%	0
Extraordinary operating income	HA	7 742	-91,0%	86 200	0%	0
Extraordinary income from capital transactions	HB	0	0%	1 421	0%	0
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/05/2013		31/05/2012		31/05/2011
Total extraordinary charges (Total VIII)	HH	43 134	-42,1%	74 520	1142,0%	6 000
Extraordinary operating charges	HE	43 134	142,1%	17 820	197,0%	6 000
Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
Extraordinary reserves and provisions	HG	0	0%	56 700	0%	0

Employee profit sharing (IX)

		31/05/2013		31/05/2012		31/05/2011
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/05/2013		31/05/2012		31/05/2011
Tax on profits (Total X)	HK	321 039	3,7%	309 581	-22,8%	401 007

References

		31/05/2013		31/05/2012		31/05/2011
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	94 707	121,3%	42 796
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)

		31/05/2013		31/05/2012		31/05/2011
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%	16 709	0%	0
Gross value at the end of period	OL	480 348	1,2%	474 640	4,6%	453 572

Research and development Charge (Total I)

		31/05/2013		31/05/2012		31/05/2011
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)

		31/05/2013		31/05/2012		31/05/2011
Gross value at begin of period	KD	371 757	1,5%	366 317	0%	366 317
Increases due to revaluation	KE	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KF	200	-97,3%	7 396	0%	0
Decreases by budget item transfer	LV1	0	0%	0	0%	0
Decreases by transfers	LV2	0	0%	1 956	0%	0
Gross value at the end of period	LW	371 957	0,1%	371 757	1,5%	366 317

Tangible fixed assets (Total III)

		31/05/2013		31/05/2012		31/05/2011
Gross value at begin of period	LN	89 723	18,0%	76 020	8,9%	69 776
Increases due to revaluation	LO	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LP	4 300	-84,9%	28 455	355,7%	6 244
Decreases by budget item transfer	NG1	0	0%	0	0%	0
Decreases by transfers	NG2	0	0%	14 753	0%	0
Gross value at the end of period	NH	94 023	4,8%	89 722	18,0%	76 020

Financial assets (Total IV)

		31/05/2013		31/05/2012		31/05/2011
Gross value at begin of period	LQ	13 161	17,1%	11 235	0%	11 235
Increases due to revaluation	LR	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LS	1 208	-37,3%	1 926	0%	0
Decreases by budget item transfer	NJ1	0	0%	0	0%	0
Decreases by transfers	NJ2	0	0%	0	0%	0
Gross value at the end of period	NK	14 369	9,2%	13 161	17,1%	11 235

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

			31/05/2013		31/05/2012		31/05/2011
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreases		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)

			31/05/2013		31/05/2012		31/05/2011
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreases		PC	0	0%	0	0%	0
	Decreases by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/05/2013		31/05/2012		31/05/2011
	Reserve for depreciation value at begin of period	PE	24 431	19,9%	20 371	0,2%	20 334
Increases		PF	1 380	-77,1%	6 016	16159,5%	37
Decreases		PG	0	0%	1 956	0%	0
	Decreases by budget item transfer	PH	25 811	5,6%	24 431	19,9%	20 371

Total fixed assets amortisation (Total III)

			31/05/2013		31/05/2012		31/05/2011
	Reserve for depreciation value at begin of period	QU	56 951	-5,7%	60 406	19,3%	50 653
Increases		QV	14 675	29,9%	11 299	15,9%	9 753
Decreases		QW	0	0%	14 753	0%	0
	Decreases by budget item transfer	QX	71 626	25,8%	56 952	-5,7%	60 406

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/05/2013		31/05/2012		31/05/2011
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreases by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/05/2013		31/05/2012		31/05/2011
	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)

			31/05/2013		31/05/2012		31/05/2011
	Value at beginning of period	7C	317 907	-20,5%	399 848	70,9%	234 029
Increases		UB	514 208	299,2%	128 822	-63,8%	355 761
Decreases		UC	314 700	49,3%	210 764	11,0%	189 941
	Value at the end of period	UD	517 415	62,8%	317 906	-20,5%	399 849

Includes Total allocations

Operating	UE	414 208	3317,0%	12 122	-95,2%	253 761
Financial	UG	100 000	66,7%	60 000	-41,2%	102 000
Exceptional	UJ	0	0%	56 700	0%	0

Includes Total Withdrawal

Operating	UF	254 700	134,2%	108 764	-42,7%	189 941
Financial	UH	60 000	-41,2%	102 000	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/05/2013		31/05/2012		31/05/2011
	Value at beginning of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/05/2013		31/05/2012		31/05/2011
	Value at beginning of period	5Z	116 700	-18,4%	143 000	0%	0
Increases		TV	125 000	7,1%	116 700	-18,4%	143 000
Decreases		TW	116 700	-18,4%	143 000	0%	0
	Value at the end of period	TX	125 000	7,1%	116 700	-18,4%	143 000

Total Provision for depreciation (Total III)

			31/05/2013		31/05/2012		31/05/2011
	Value at beginning of period	7B	201 207	-21,7%	256 849	9,8%	234 029
Increases		TY	389 208	3110,8%	12 122	-94,3%	212 761
Decreases		TZ	198 000	192,2%	67 764	-64,3%	189 941
	Value at the end of period	UA	392 415	95,0%	201 207	-21,7%	256 849

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

		31/05/2013		31/05/2012		31/05/2011
Gross value	VT	4 969 159	-1,6%	5 051 258	10,4%	4 577 285
1 year at most	VU	4 675 508	-5,9%	4 969 701	11,7%	4 449 190
More than one year	VV	293 651	260,1%	81 557	-36,3%	128 095

State of loans

		31/05/2013		31/05/2012		31/05/2011
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	14 049	9,4%	12 841	17,6%	10 915
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/05/2013		31/05/2012		31/05/2011
Customers doubtful or disputed	VA	279 602	306,9%	68 716	-41,4%	117 180
Other claims customer	UX	4 466 660	-3,8%	4 645 137	14,8%	4 046 650
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	2 250	125,0%	1 000	-77,5%	4 440
Social Security and other social organizations	UZ	0	0%	0	0%	1 650
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	84 224	-49,7%	167 577	-4,3%	175 101
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	84 000	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	33 110	-76,6%	141 742	-34,1%	215 201

Prepaid

		31/05/2013		31/05/2012		31/05/2011
Prepaid	VS	5 265	-63,0%	14 244	131,6%	6 149

State Debt

			31/05/2013		31/05/2012		31/05/2011
	Total debt (gross)	VY	8 792 643	-0,9%	8 870 013	24,0%	7 154 391
1 year at most		VZ2	7 127 343	-4,7%	7 480 413	6,7%	7 013 499
More than 1 year and 5 years at most		VZ3	1 665 300	19,8%	1 389 600	886,3%	140 892
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/05/2013		31/05/2012		31/05/2011
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	3 792 800	-21,0%	4 798 526	65,3%	2 903 627
1 year at most		VG2	3 792 800	-5,4%	4 008 926	38,1%	2 903 627
More than 1 year and 5 years at most		VG3	0	0%	789 600	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	789 600	1831,0%	40 891	-65,8%	119 646
1 year at most		VH2	224 300	448,5%	40 891	-48,1%	78 754
More than 1 year and 5 years at most		VH3	565 300	0%	0	0%	40 892
	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	2 453 715	-16,4%	2 935 230	-13,5%	3 392 557
1 year at most		8B2	2 453 715	-16,4%	2 935 230	-13,5%	3 392 557
More than 1 year and 5 years at most		8B3	2 453 715	-16,4%	2 935 230	-13,5%	3 392 557
	Personnel and associated accounts (gross)	8C1	169 011	8,3%	156 056	28,2%	121 741
1 year at most		8C2	169 011	8,3%	156 056	28,2%	121 741
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	168 080	8,0%	155 571	21,2%	128 405
1 year at most		8D2	168 080	8,0%	155 571	21,2%	128 405
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	88 854	911,4%	8 785	-96,5%	252 798
1 year at most		8E2	88 854	911,4%	8 785	-96,5%	252 798
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	18 449	0%	0	0%	0
1 year at most		VW2	18 449	0%	0	0%	0
More than 1 year and 5 years at most		VW3	0	0%	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most		VX2	0	0%	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0	0%	0
	Other taxes and assimilated (gross)	VQ1	60 318	-18,6%	74 123	21,6%	60 952
1 year at most		VQ2	60 318	-18,6%	74 123	21,6%	60 952
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	1 157 905	88,3%	614 938	313,5%	148 722
1 year at most		VI2	57 905	287,6%	14 938	-69,3%	48 722
More than 1 year and 5 years at most		VI3	1 100 000	83,3%	600 000	500%	100 000
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	93 911	9,3%	85 894	231,1%	25 944
1 year at most		8K2	93 911	9,3%	85 894	231,1%	25 944
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

		31/05/2013		31/05/2012		31/05/2011
Loans made during the period	VJ	0	0%	934 116	0%	0
Debt repaid during the period	VK	264 162	235,4%	78 754	5,4%	74 735

Table allocation results and other information
Dividends distributed

		31/05/2013		31/05/2012		31/05/2011
Dividends	ZE	0	0%	400 000	0%	0

Commitments

		31/05/2013		31/05/2012		31/05/2011
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	1 730 340	-30,7%	2 496 777	39,1%	1 794 438

Other charges Externes

		31/05/2013		31/05/2012		31/05/2011
Subcontracting	YT	1 052 962	-10,0%	1 170 155	14,9%	1 018 381
Rentals, rental charges and condominiums	XQ	68 603	9,8%	62 482	-5,8%	66 312
Staff outside the company	YU	20 517	0%	0	0%	15 186
Remuneration intermediaries and fees (excluding fees)	SS	257 802	-47,7%	493 319	9,5%	450 395
Fees, commissions and brokerage	YV	87 562	5,2%	83 269	4,6%	79 607
Other accounts	ST	478 197	-4,4%	499 957	13,7%	439 836
Total Other purchases and external	ZJ	1 965 643	1387,5%	2 309 182	11,6%	2 069 717

Taxes and Fees

		31/05/2013		31/05/2012		31/05/2011
Business tax	YW	45 510	-11,3%	51 334	3,9%	49 399
Other taxes and payments assimilated	9Z	82 241	1,8%	80 810	9,4%	73 833
Total taxes and fees	YX	127 751	-3,3%	132 144	7,2%	123 232

VAT

		31/05/2013		31/05/2012		31/05/2011
Amount VAT collected	YY	01	-100,0%	1 202 285	4,9%	1 145 595
Total VAT on goods and services	YZ	0	0%	1 629 946	9,0%	1 495 374

Average number of employees

		31/05/2013		31/05/2012		31/05/2011
Average number of employees	YP	18	0%	0	0%	14

Groups and Shareholders

		31/05/2013		31/05/2012		31/05/2011
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

	31/05/2013		31/05/2012		31/05/2011	Sector Median 2013
Fixed Asset Financing	19,57	86,2%	10,51	18,8%	8,85	2,75	611,6%
Global Debt	102 days	4,1%	98 days	8,9%	90 days	69 days	47,8%
Working Capital Fund overall net	104 days	108,0%	50 days	11,1%	45 days	49 days	112,2%
Financial independence	75,05%	16,8%	64,27%	-44,7%	116,24%	395,69%	-81,0%
More ratios
Solvability	27,83%	8,3%	25,70%	-20,9%	32,50%	31,72%	-12,3%
Capacity debt futures	85,61%	55,0%	55,25%	-53,1%	117,83%	788,62%	-89,1%
Coverage of current assets by net working capital overall	72,75%	90,8%	38,12%	13,4%	33,61%	38,31%	89,9%
General Liquidity	0,66	0%	0,66	4,8%	0,63	0,84	-21,4%
Restricted Liquidity	0,90	32,4%	0,68	1,5%	0,67	1,10	-18,2%

Management or rotation

	31/05/2013		31/05/2012		31/05/2011	Sector Median 2013
Need background in operating working capital	82 days	-8,9%	90 days	16,9%	77 days	16,50 days	397,0%
Treasury	20 days	148,8%	-41 days	-24,2%	-33 days	10,50 days	90,5%
Inventory turnover of goods	71 days	-15,5%	84 days	1,2%	83 days	37,50 days	89,3%
Average length of credit granted to customers	75 days	-2,6%	77 days	6,9%	72 days	43,50 days	72,4%
Average length of credit obtained suppliers	31 days	-8,8%	34 days	-22,7%	44 days	47 days	-34,0%
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	4946 days	-
Rotation tangible assets	32971,22%	-8,9%	36202,23%	-3,9%	37689,21%	8940,03%	268,8%

Profitability of the business

	31/05/2013		31/05/2012		31/05/2011	Sector Median 2013
Margin trading	14,12%	-4,7%	14,81%	-7,1%	15,95	17,57%	-19,6%
Profitability of the business	3,57	-9,8%	3,96	-23,1%	5,15	1,67%	113,8%
Net profit	2,08%	9,5%	1,90%	-31,7%	2,78%	1,10%	89,1%
More ratios
Growth rate of turnover (excluding VAT)	-4,56%	-134,1%	13,37%	-48,3%	25,85%	1,50%	-404,0%
Rates integration	7,95%	0,3%	7,93%	-12,1%	9,02%	7,92%	0,4%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	49,93%	10,9%	45,01%	18,0%	38,14%	69,68%	-28,3%
Weight interests	1,99	-19,4%	2,47%	32,8%	1,86%	0,13%	1430,8%

Return on capital

	31/05/2013		31/05/2012		31/05/2011	Sector Median 2013
Cash flow from the overall profitability	1,44%	-13,3%	1,66%	-33,9%	2,51%	1,38%	4,3%
Rates of economic profitability	12%	-20,0%	15%	-31,8%	22%	8%	50,0%
Financial profitability	3439075%	10,6%	3110258%	-11,5%	3514268%	376441%	813,6%
Return on investment	13,74%	-17,0%	16,56%	-16,7%	19,89%	7,09%	93,8%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/05/2013		31/05/2012		31/05/2011	Sector Median 2013
Turnover	31 000 533	-4,6%	32 481 367	13,4%	28 651 335	3 738 974 €	729,1%

Sales of goods	30 945 005	-4,5%	32 404 855	13,4%	28 567 167
- Purchase of goods	25 397 725	-10,8%	28 474 062	15,5%	24 645 517
+/- Stock of goods variation	1 170 767	233,1%	-879 734	-35,7%	-648 520
Trading margin	4 376 513 €	-9,0%	4 810 527 €	5,3%	4 570 170 €	634 707 €	589,5%
	14,12 % CA	-4,7%	14,81 % CA	-7,1%	15,95 % CA	17,57 % CA	-19,6%

Sale of goods produced	55 528	-27,4%	76 512	-9,1%	84 168
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	55 528 €	-27,4%	76 512 €	-9,1%	84 168 €	10 054 €	452,3%
	0,18 % CA	-25,0%	0,24 % CA	-17,2%	0,29 % CA	0,21 % CA	-14,3%

Trading margin	4 376 513	-9,0%	4 810 527	5,3%	4 570 170	634 707	589,5%
+ Period Production	55 528	-27,4%	76 512	-9,1%	84 168	10 054	452,3%
- Purchase of raw materials	852	18,3%	720	0%	0
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	1 965 642	-14,9%	2 309 181	11,6%	2 069 716
Added value	2 465 547 €	-4,3%	2 577 138 €	-0,3%	2 584 622 €	418 899 €	488,6%
	7,95 % CA	0,3%	7,93 % CA	-12,1%	9,02 % CA	7,92 % CA	0,4%

Added value	2 465 547 €	-4,3%	2 577 138 €	-0,3%	2 584 622 €	418 899 €	488,6%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	127 751	-3,3%	132 144	7,2%	123 232
- Personal charges	1 231 017	6,1%	1 159 906	17,7%	985 892
Gross operating surplus	1 106 779 €	-13,9%	1 285 088 €	-12,9%	1 475 498 €	90 134 €	1127,9%
	3,57 % CA	-9,8%	3,96 % CA	-23,1%	5,15 % CA	1,67 % CA	113,8%

Gross operating surplus	1 106 779 €	-13,9%	1 285 088 €	-12,9%	1 475 498 €	90 134 €	1127,9%
+ Release of reserves and provisions	288 735	41,9%	203 470	-12,6%	232 738
+ Other operating income	7 829	-26,7%	10 683	253,5%	3 022
- Depreciation/Amortisation	430 263	1361,6%	29 438	-88,8%	263 550
- Other charges	60 086	23,1%	48 811	291,5%	12 469
Operating result	912 994 €	-35,7%	1 420 992 €	-1,0%	1 435 239 €	53 833 €	1596,0%
	2,95 % CA	-32,5%	4,37 % CA	-12,8%	5,01 % CA	1,25 % CA	136,0%

Operating result	912 994 €	-35,7%	1 420 992 €	-1,0%	1 435 239 €	53 833 €	1596,0%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	704 370	139,4%	294 167	-2,6%	301 941
- Financial charges	616 118	-23,2%	802 687	50,6%	533 051
Pre-tax result	1 001 246 €	9,7%	912 472 €	-24,2%	1 204 129 €	46 986 €	2030,9%
	3,23 % CA	14,9%	2,81 % CA	-33,1%	4,20 % CA	01 % CA	223,0%

Extraordinary income	7 742	-91,2%	87 621	0%	0	5 682	36,3%
- Extraordinary charges	43 134	-42,1%	74 520	1142,0%	6 000
Extraordinary result	-35 392 €	-370,1%	13 101 €	318,4%	-6 000 €	-135 €	-26116,3%
	-0,11 % CA	-375,0%	0,04 % CA	300%	0 % CA	0 % CA	0%

Pre-tax result	1 001 246 €	9,7%	912 472 €	-24,2%	1 204 129 €	46 986 €	2030,9%
Extraordinary result	-35 392 €	-370,1%	13 101 €	318,4%	-6 000 €	-135 €	-26116,3%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	321 039	3,7%	309 581	-22,8%	401 007
Net result	644 815 €	4,7%	615 992 €	-22,7%	797 122 €	41 126 €	1467,9%
	2,08 % CA	9,5%	1,90 % CA	-31,7%	2,78 % CA	1,10 % CA	89,1%

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Company details

Activity (APE)	Wholesale (intercompany trade) of frozen products (4639A)
RCS Registration	RCS Marseille 0 432 083 558	Share capital	300,000 Euros
Registration Court	Marseille (13)	Legal form	Simplified joint stock company
Court Registry Number	20 0 0B01512	EUR VAT Number	FR13432083558
Incorporation Date	07/2000	Formation Date	06/2000
Deregistration Date		Last account Date	31/05/2013
Nationality	France

Establishment details

Activity (APE)	Wholesale (intercompany trade) of frozen products (4639A)	Business Pages FT®
Postal Address	SEABLUE 8 RUE DES FABRES 13001 MARSEILLE 1	Trading Address	8 RUE DES FABRES 13001 MARSEILLE 1
Telephone
Fax

Type	Head office	Status	Economically active
Formation Date	07/2005	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Bouches-du-Rhône (13)	Region	Côte d'Azur
District	3	Area	99
City	MARSEILLE 1	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

Other establishments

Branches	4 branch entities in this company
Head office	> SEABLUE <<<  - Commerce de gros (commerce interentreprises) de produits surgelés (4639A) in MARSEILLE 1  (13001)
Secondary establishments	>  SEABLUE  - Commerce de gros (commerce interentreprises) de produits surgelés (4639A) in LES SORINIERES  (44840) >  SEABLUE  - Commerce de gros (commerce interentreprises) de produits surgelés (4639A) in BAIE MAHAULT  (97122) >  SEABLUE  - Commerce de gros (commerce interentreprises) de produits surgelés (4639A) in MARSEILLE 1  (13001) >  SEABLUE  - Commerce de gros (commerce interentreprises) de produits surgelés (4639A) in SAINT GILLES CROIX DE VIE  (85800) > ...

Regionality	Legal unit with multiple establishments in many areas having at least 80% of workforce in same area
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

10 to 19 employees

Company workforce

10 to 19 employees

Preferential rights details and history

Summary of preferential rights

Company monitored since	31/03/2009
Status of Monitoring	No social security and tax office preferential right to date

Status history

Date	Description
01/02/2012	Economically active

Recent publications in Gazettes

Publication date	Gazette Name	Description
25/01/2014	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1057 - 432083558 RCS. SEABLUE. Forme : Société par actions simplifiée. Adresse : 8 rue des Fabres 13001 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/05/2013.
26/07/2013	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 233 - 432 083 558 RCS Marseille. SEABLUE. Forme : Société par actions simplifiée. Capital : 300000 EUR. Activité : . Commentaires : Modification du capital.
17/07/2013	JAL	Modification of the share capital
Régional (Le) Date de décision : 24/05/2013 La société : 432083558 - SEABLUE, 8 RUE DES FABRES, 13001 MARSEILLE 1 a subi une augmentation de son capital social désormais de 300 000 € Date d'effet : 24/05/2013
03/01/2013	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 858 - 432083558 RCS. SEABLUE. Forme : Société par actions simplifiée. Adresse : 8 rue des Fabres 13001 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/05/2012.
05/08/2012	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 80 - 432 083 558 RCS Marseille. SEABLUE. Forme : Société par actions simplifiée. Capital : 285000 EUR. Activité : . Commentaires : Modification du capital.
01/08/2012	JAL	Modification of the share capital
Régional (Le) Date de décision : 19/07/2012 La société : 432083558 - SEABLUE, 8 RUE DES FABRES, 13001 MARSEILLE 1 a subi une augmentation de son capital social désormais de 285 000 € Date d'effet : 19/07/2012
26/07/2012	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1307 - 432083558 RCS. SEABLUE. Forme : Société par actions simplifiée. Adresse : 8 rue des Fabres 13001 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/05/2011.
25/09/2011	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 251 - 432 083 558 RCS Marseille. SEABLUE. Forme : Société par actions simplifiée. Capital : 56000 EUR. Activité : . Commentaires : Modification du capital.
07/09/2011	JAL	Modification of the share capital
Régional (Le) Date de décision : 15/04/2011 La société : 432083558 - SEABLUE, 8 RUE DES FABRES, 13001 MARSEILLE 1 a subi une diminution de son capital social désormais de 56 000 € Date d'effet : 15/04/2011
28/12/2010	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1946 - 432083558 RCS. SEABLUE. Forme : Société par actions simplifiée. Adresse : 8 rue des Fabres 13001 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/05/2010.
18/11/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1404 - 432083558 RCS. SEABLUE. Forme : Société par actions simplifiée. Adresse : 8 rue des Fabres 13001 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/05/2009.
07/04/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1648 - 432083558 RCS. SEABLUE. Forme : Société par actions simplifiée. Adresse : 8 rue des Fabres 13001 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/05/2008.
22/03/2009	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 160 - 432 083 558 RCS Marseille. SEABLUE. Forme : Société par actions simplifiée. Administration : Président : FLAJOLLET Thomas Bernard Yves modification le 07 Janvier 2003. Commissaire aux comptes titulaire : MENESTRIER Isabelle en fonction le 13 Mars 2009. Commissaire aux comptes suppléant : TRANCHAND Jean-Patrick en fonction le 13 Mars 2009. Commentaires : Modification de représentant.
07/03/2008	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1571 - 432083558 RCS. SEABLUE. Forme : Société par actions simplifiée. Adresse : 8 rue des Fabres 13001 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/05/2007.
19/01/2007	Bodacc C	Avis de dépôt des comptes
736 - RCS Marseille B 432 083 558. RC 00-B 1512. SEABLUE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 8, rue des Fabres,13001 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 mai 2006.
16/02/2006	Bodacc C	Avis de dépôt des comptes
958 - RCS Marseille B 432 083 558. RC 00-B 1512. SEABLUE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 8, rue des Fabres,13001 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 mai 2005.
09/11/2005	Bodacc B	Modifications et mutations diverses
243 - RCS Marseille B 432 083 558. RC 00-B 1512. SEABLUE. Forme : S.A.S. Adresse du siège social : 8 rue des Fabres,, 13001 Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l'établissement principal. Etablissement principal - Adresse : 8 rue des Fabres, 13001
19/01/2003	Bodacc B	Modifications et mutations diverses
RCS Marseille B 432083558 RC 00-B 1512 SEABLUE. Forme : S.A.S. Capital : 80 000 euros. Commentaires : modification survenue sur la forme juridique, le capital (augmentation) et l' administration. Administration : modification du président : FLAJOLLET ( Thomas, Bernard, Yves).
31/12/2002	Bodacc B	Modifications et mutations diverses
RCS Marseille B 432083558 RC 00-B 1512 SEABLUE. Forme : S.A.R.L. Commentaires : modification survenue sur l' administration. Administration : nomination d'un commissaire aux comptes suppléant : VIGORITO (Marc). Nomination d'un commissaire aux comptes titulaire : BOYER (Andrée).
17/12/2000	Bodacc B	Modifications et mutations diverses
RCS Marseille B 432083558 RC 00-B 1512 SEABLUE. Forme : S.A.R.L. Commentaires : modification survenue sur l' administration. Administration : gérant partant : MONNIER (Jean, Bernard, Gérard). Nomination du gérant : FLAJOLLET (Thomas, Bernard, Yves).
23/07/2000	Bodacc A	Création d'établissement
RCS Marseille B 432083558 RC 00-B 1512 SEABLUE. Forme : S.A.R.L. Capital : 100 000 F. Activité : import-export de tous produits alimentaires, frais surgelés ou en conserve, toutes opérations de transformation commerciale desdits produits, sans stockage. Adresse du siège social : 17 rue Venture, 13001 Marseille. Administration : gérant : MONNIER (Jean, Bernard, Gérard) Cette société se constitue Date de début d' activité: 8 juin 2000.

Company events history

Date	Description
25/01/2014	Bodacc C : Deposit accounts notice
20/01/2014	Update Limit
20/01/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
26/07/2013	Bodacc B: Various editing or changing
16/07/2013	Updated articles of association
16/07/2013	Minutes of general meeting of shareholders
16/07/2013	Capital increase
31/05/2013	New accounts available
24/05/2013	Legal Gazette: Modification of the share capital
24/05/2013	Other modification of Establishment
18/02/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
12/02/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
03/01/2013	Bodacc C : Deposit accounts notice
05/08/2012	Bodacc B: Various editing or changing
26/07/2012	Updated articles of association
26/07/2012	Capital increase
26/07/2012	Bodacc C : Deposit accounts notice
26/07/2012	Minutes of general meeting of shareholders
19/07/2012	Legal Gazette: Modification of the share capital
19/07/2012	Other modification of Establishment
12/07/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/05/2012	New accounts available
01/02/2012	Transfer of Establishment
25/09/2011	Bodacc B: Various editing or changing
07/09/2011	Amendment
07/09/2011	Updated articles of association
07/09/2011	Capital reduction
15/07/2011	Minutes of general meeting of shareholders
15/07/2011	Capital reduction
31/05/2011	New accounts available
15/04/2011	Update of Company Workforce
15/04/2011	Other modification of Establishment
15/04/2011	Legal Gazette: Modification of the share capital
28/12/2010	Bodacc C : Deposit accounts notice
31/05/2010	New accounts available
18/11/2009	Bodacc C : Deposit accounts notice
31/05/2009	New accounts available
07/04/2009	Bodacc C : Deposit accounts notice
31/03/2009	Collection of preferential rights activated for this company
22/03/2009	Bodacc B: Various editing or changing
13/03/2009	New auditor
13/03/2009	PV d'Assemblée
13/03/2009	Appointment/resignation of company officers
13/03/2009	Private document
13/03/2009	Minutes of general meeting of shareholders
13/03/2009	Changement de Commissaire aux Comptes
31/05/2008	New accounts available
07/03/2008	Bodacc C : Deposit accounts notice
01/01/2008	Update of Company Activity
01/01/2008	Formation of Establishment
01/01/2008	Modification of Company Activity
31/05/2007	New accounts available
31/05/2006	New accounts available
14/10/2005	Registered office transferred inside jurisdiction of the Commercial Court
14/10/2005	Transfert du Siège dans le ressort du Tribunal de Commerce
14/10/2005	Acte sous seing privé
14/10/2005	Private document
14/10/2005	Statuts mis à jour
14/10/2005	Updated articles of association
14/10/2005	Acte modificatif
31/05/2005	New accounts available
31/05/2004	New accounts available
31/05/2003	New accounts available
07/01/2003	Augmentation de Capital
07/01/2003	Acte sous seing privé
07/01/2003	PV d'Assemblée
07/01/2003	Statuts mis à jour
07/01/2003	Changement de Forme Juridique sans changement de catégorie
07/01/2003	Nomination/démission des organes de gestion
31/12/2002	Changement de Forme Juridique avec changement de catégorie
31/12/2002	PV d'Assemblée
18/12/2002	Changement de Commissaire aux Comptes
18/12/2002	Acte sous seing privé
18/12/2002	Nomination/démission des organes de gestion
18/12/2002	PV d'Assemblée
17/12/2002	PV d'Assemblée
17/12/2002	Changement de Commissaire aux Comptes
11/10/2002	Changement de Forme Juridique avec changement de catégorie
11/10/2002	Acte sous seing privé
11/10/2002	Rapport des Commissaires ou du Gérant
05/11/2001	Cession de parts
05/11/2001	Acte sous seing privé
05/11/2001	Statuts mis à jour
11/09/2001	Statuts mis à jour
11/09/2001	Cession de parts
11/09/2001	Acte sous seing privé
01/12/2000	Statuts mis à jour
01/12/2000	Changement de Gérant
01/12/2000	PV d'Assemblée
01/12/2000	Acte sous seing privé
01/12/2000	Nomination/démission des organes de gestion
01/12/2000	Rapport des Commissaires ou du Gérant
06/07/2000	Statuts
06/07/2000	PV d'Assemblée
06/07/2000	Certificat de dépôt des fonds
06/07/2000	Acte sous seing privé
06/07/2000	Formation de Société
06/07/2000	Nomination/démission des organes de gestion

Establishment events history

Date	Description
19/07/2012	Modification of Head office
18/05/2012	Update of phone numbers
01/02/2012	Modification of Head office (after transfer)
15/04/2011	Update of Establishment Workforce
15/04/2011	Modification of Head office
01/01/2008	Update of Establishment Activity
01/01/2008	Modification of Head office
01/01/2008	Modification of Head office Activity

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 creditor days are 28.89

Low risk workforce size

The risk provisions are 125,000 €

The company has 1 director(s)

The total assets are 12,359,074 €

The liabilities are 8,794,999 €

The net current assets are 11,876,162 €

The net turnover is 31,000,533 €

The pre-tax profit is 965,856 €

The shareholder's equity is 3,439,075 €

The sales to current assets ratio is 2,61

The ratio total assets to total liabilities is 1,39

The return on total assets employed is 7,81

The stock to turnover ratio is 16.19

The decrease of tangible fixed assets over the last two accounting periods is 32 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.12
UK Pound	1	Rs.103.93
Euro	1	Rs.85.17

INFORMATION DETAILS

Report Prepared by :

NNA

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%)

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