MIRA INFORM REPORT

Report Date :

20.02.2014

IDENTIFICATION DETAILS

Name :	RECREA
Registered Office :	Zac Des Bellevues 22 Rue Du Gros Murger 95220 Herblay
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	October 1977
Legal Form :	Simplified Joint Stock Company
Line of Business :	Wholesale of household goods [We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employees :	10 to 19

RATING & COMMENTS

MIRA’s Rating :

B

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

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

NOTES :

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

ECGC Country Risk Classification List – 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

COMPANY SUMMARY

EUR VAT Number	FR74311209712
Activity (APE)	Wholesale (intercompany trade) of other household goods (4649Z)	Legal form	Simplified Joint Stock Company with Single Associate
Phone		RCS Registration	RCS Pontoise 1 311 209 712
Fax		Share capital	300,000 Euros
Address	RECREA ZAC DES BELLEVUES 22 RUE DU GROS MURGER 95220 HERBLAY	Incorporated Date	10/1977
Nationality	France	Status	Economically active

Trading to Date	12/31/2011	12/31/2010	12/31/2009
Turnover	2,232,572 €	2,283,701 €	2,160,225 €
Gross Operating Surplus	1,43 % Turnover	-0,62 % Turnover	0,16 % Turnover
Shareholders’ equity	567,182 €	533,976 €	571,487 €
Net result	33,206 €	-37,511 €	4,899 €
Employees	10 to 19 employees	-	-

Company details

Activity (APE)	Wholesale (intercompany trade) of other household goods (4649Z)
RCS Registration	RCS Pontoise 1 311 209 712	Share capital	300,000 Euros
Registration Court	Pontoise (78)	Legal form	Simplified Joint Stock Company with Single Associate
Court Registry Number	20 1 3B00851	EUR VAT Number	FR74311209712
Incorporation Date	10/1977	Formation Date	01/1977
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Establishment details

Activity (APE)	Wholesale (intercompany trade) of other household goods (4649Z)	Business Pages FT®
Postal Address	RECREA ZAC DES BELLEVUES 22 RUE DU GROS MURGER 95220 HERBLAY	Trading Address	22 RUE DU GROS MURGER 95220 HERBLAY
Telephone
Fax

Type	Head office	Status	Economically active
Formation Date	02/2013	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	HERBLAY	Size of urban area

Other establishments

Branches	2 branch entities in this company
Head office	> RECREA <<<  - Wholesale (intercompany trade) of other household goods (4649Z)in HERBLAY  (95220)
Secondary establishments	>  RECREA  - Wholesale (intercompany trade) of other household goods (4649Z) in PARIS 12  (75012) >  RECREA  - Wholesale (intercompany trade) of other household goods (4649Z)in COURBEVOIE  (92400)

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

Workforces

Workforce at address

10 to 19 employees

Company workforce

10 to 19 employees

DIRECTORS/MANAGEMENT

Current Directors

1

directors

Name	M. ZWERGER PAUL
Manager position	President	Date of birth	30/10/1964
Place of birth	BOLZANO(ITALIE)
Type	Individual	Name at birth

Previous Directors

View the directors history for this company
If you want to view the directors history, please click on the link view details.

Manager position	Title and name	Date of Birth/Place of Birth
President	M BONNET PATRICK	04/06/1947 - NEUILLY SUR SEINE (92)
President	BONNET PATRICK	04/06/1947 - NEUILLY SUR SEINE (92)
Manager	M PATRICK BONNET	04/06/1947 - NEUILLY
President	M PAUL ZWERGER	30/10/1964 - BOLZANO(ITALIE)

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Shareholders

No Shareholders available for this company

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

Group Structure

No group information available for the company

Linkages

No Linkages 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	31/12/2011	31/12/2010	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	30/04/2012	17/08/2011	23/12/2010
Activity Code	4649Z	4649Z	4649Z
Employees	7	7	16

Active account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	19 992	-9,2%	22 029	-37,0%	34 987	19 813,50	0,9%
- Intangible assets	0	0%	116	-97,7%	5 142	0	0%
- Tangible assets	2 254	-68,6%	7 175	-52,8%	15 194	4 799	-53,0%
- Financial assets	17 738	20,4%	14 738	0,6%	14 651	1 220	1353,9%
Net current assets	1 007 178	-17,2%	1 215 973	30,6%	931 116	197 024	411,2%
- Stocks	257 312	-16,7%	308 743	3,1%	299 453	38 597,50	566,7%
- Advanced payments	0	-17,2%	0	0%	0	0	0%
- Receivables	457 163	-44,8%	828 797	79,9%	460 752	59 114,50	673,4%
- Securities and cash	292 703	273,2%	78 433	-54,1%	170 911	26 265	1014,4%
- Prepaid expenses	-	-	-	-	-	96,50	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	1 027 170	-17,0%	1 238 002	28,1%	966 104	247 063	315,8%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	567 182	6,2%	533 976	-6,6%	571 487	72 578	681,5%
Share capital	300 000	0%	300 000	0%	300 000	10 000	2900%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	2 936	0	0%
Liabilities	459 989	-34,7%	704 026	79,4%	392 328	144 861	217,5%
- Financial liabilities	81 670	-32,8%	121 538	5860,7%	2 039	16 471,50	395,8%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	246 004	-41,0%	417 267	85,3%	225 194	42 342	481,0%
- Tax and social liabilities	118 535	-12,5%	135 532	-12,0%	154 098	35 221,50	236,5%
- Other debts and fixed assets liabilities	13 779	-53,6%	29 689	186,9%	10 349	5 167	166,7%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	1 027 171	-17,0%	1 238 002	28,1%	966 103	247 160	315,6%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	2 257 534	-1,6%	2 295 106	5,6%	2 172 636	368 169,50	513,2%
Net turnover	2 232 572	-2,2%	2 283 701	5,7%	2 160 225	361 348,50	517,8%
- of which net export turnover	179 882	-48,0%	346 119	42,2%	243 444	0	0%
Operating charges	2 216 091	-4,1%	2 311 902	6,4%	2 173 107	358 458	518,2%
Operating profit/loss	41 443	346,7%	-16 796	-3466,0%	-471	7 804,50	431,0%
Financial income	46 219	89,2%	24 427	-36,6%	38 529	22	209986,4%
Financial charges	44 814	1,2%	44 284	15,6%	38 306	789,50	5576,3%
Financial profit/loss	1 405	107,1%	-19 857	-9004,5%	223	-189	843,4%
Pretax net operating income	42 848	216,9%	-36 653	-14679,4%	-248	6 708,50	538,7%
Extraordinary income	0	0%	2 249	-72,2%	8 076	01	0%
Extraordinary charges	6 712	116,0%	3 107	627,6%	427	149	4404,7%
Extraordinary profit/loss	-6 712	-682,3%	-858	-111,2%	7 649	0	0%
Net result	33 206	188,5%	-37 511	-865,7%	4 899	7 058	370,5%

Display parameter
Currency	Euro	Kilo Euro

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

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2011		31/12/2010		31/12/2009
	Grand Total (I to VI)	Net	1 027 170	-17,0%	1 238 002	28,1%	966 104
	Gross	CO	1 115 321	-15,5%	1 320 527	27,5%	1 035 613
	Amortisation	1A	88 151	6,8%	82 525	18,7%	69 509

Non declared distributed capital (I)

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

Active fixed asset (II)

			31/12/2011		31/12/2010		31/12/2009
	Total Active fixed asset (II)	Net	19 992	-9,2%	22 029	-37,0%	34 987
	Gross	BJ	108 143	3,4%	104 553	0,1%	104 497
	Amortisation	BK	88 151	6,8%	82 524	18,7%	69 510

Intangilble fixed assets

			31/12/2011		31/12/2010		31/12/2009
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	0	0%	116	-97,7%	5 142
	Gross	AF	24 460	0%	24 460	0%	24 460
	Amortisation	AG	24 460	0,5%	24 344	26,0%	19 318
	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	0	0%	116	-97,7%	5 142

Tangilble fixed assets

			31/12/2011		31/12/2010		31/12/2009
	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%	33	-97,0%	1 110
	Gross	AR	4 310	0%	4 310	0%	4 310
	Amortisation	AS	4 310	0,8%	4 277	33,7%	3 200
	Other tangible fixed assets	Net	2 254	-68,4%	7 142	-49,3%	14 084
	Gross	AT	61 635	1,0%	61 045	-0,1%	61 076
	Amortisation	AU	59 381	10,2%	53 903	14,7%	46 992
	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	2 254		7 175		15 194

Financial assets

			31/12/2011		31/12/2010		31/12/2009
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	0	0%	0	0%	0
	Gross	CU	0	0%	0	0%	0
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	17 738	20,4%	14 738	0,6%	14 651
	Gross	BH	17 738	20,4%	14 738	0,6%	14 651
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		17 738		14 738		14 651

Current Assets (III)

			31/12/2011		31/12/2010		31/12/2009
	Total Assets	Net	1 007 178	-17,2%	1 215 973	30,6%	931 116
	Gross	CJ	1 007 178	-17,2%	1 215 973	30,6%	931 116
	Amortisation	CK	0	0%	0	0%	0

Stocks

			31/12/2011		31/12/2010		31/12/2009
	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%	299 453
	Gross	BR	0	0%	0	0%	299 453
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	257 312	-16,7%	308 743	0%	0
	Gross	BT	257 312	-16,7%	308 743	0%	0
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	257 312	-16,7%	308 743	3,1%	299 453

Advance payments to suppliers

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

			31/12/2011		31/12/2010		31/12/2009
	Trade accounts receivable	Net	0	0%	539 348	80,9%	298 190
	Gross	BX	0	0%	539 348	80,9%	298 190
	Amortisation	BY	0	0%	0	0%	0
	Other debtors	Net	344 772	1004,5%	31 216	3,4%	30 190
	Gross	BZ	344 772	1004,5%	31 216	3,4%	30 190
	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	344 772	-39,6%	570 564	73,8%	328 380

Divers

			31/12/2011		31/12/2010		31/12/2009
	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	292 703	273,2%	78 433	-54,1%	170 911
	Gross	CF	292 703	273,2%	78 433	-54,1%	170 911
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	292 703	273,2%	78 433	-54,1%	170 911

Prepaid expenses

			31/12/2011		31/12/2010		31/12/2009
	Prepaid expenses	Net	112 391	-56,5%	258 233	95,1%	132 372
	Gross	CH	112 391	-56,5%	258 233	95,1%	132 372
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

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

References

		31/12/2011		31/12/2010		31/12/2009
Due within one year	CP	17 738	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to V)	EE	1 027 171	-17,0%	1 238 002	28,1%	966 103

Shareholder Equity (I)

			31/12/2011		31/12/2010		31/12/2009
	Total shareholders' equity (Total I)	DL	567 182	6,2%	533 976	-6,6%	571 487
	Equity and shareholders' equity	DA	300 000	0%	300 000	0%	300 000
	Issue and merger premiums	DB	0	0%	0	0%	0
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	30 000	0%	30 000	0%	30 000
	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	234 485	0%	234 485	0%	234 485
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	-30 509	-535,7%	7 002	233,0%	2 103
	Profit or loss for the period	DI	33 206	188,5%	-37 511	-865,7%	4 899
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

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

Provisions for risks and charges (III)

			31/12/2011		31/12/2010		31/12/2009
	Total provisions for risks and charges (Total III)	DR	0	0%	0	0%	2 936
	Risk provisions	DP	0	0%	0	0%	2 936
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2011		31/12/2010		31/12/2009
	Total Liabilities (Total IV)	EC	459 989	-34,7%	704 026	79,4%	392 328
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	81 670	-32,8%	121 538	5860,7%	2 039
	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	246 004	-41,0%	417 267	85,3%	225 194
	Tax and social security liabilities	DY	118 535	-12,5%	135 532	-12,0%	154 098
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	13 779	-53,6%	29 689	170,0%	10 997

Translation loss (V)

		31/12/2011		31/12/2010		31/12/2009
Translation loss (Total V)	ED	0	0%	0	0%	-648

Equalization accounts

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

References

		31/12/2011		31/12/2010		31/12/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	459 989	0%	0	0%	0
Of which current bank facilities	EH	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2011		31/12/2010		31/12/2009
Operating result (Total I-II)	GG	41 443	346,7%	-16 796	-3466,0%	-471

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	1 405	107,1%	-19 857	-9004,5%	223

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

		31/12/2011		31/12/2010		31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	42 848	216,9%	-36 653	-14679,4%	-248

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	-6 712	-682,3%	-858	-111,2%	7 649

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	33 206	188,5%	-37 511	-865,7%	4 899

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	2 303 753	-0,8%	2 321 782	4,6%	2 219 241

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

		31/12/2011		31/12/2010		31/12/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	2 270 547	-3,8%	2 359 293	6,5%	2 214 342

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	2 257 534	-1,6%	2 295 106	5,6%	2 172 636

Operating income (details)

			31/12/2011		31/12/2010		31/12/2009
	Sale of goods for resale	FC	2 182 071	-3,9%	2 270 624	5,4%	2 155 248
	France	FA	2 002 189	4,0%	1 924 505	0,7%	1 911 804
	Export	FB	179 882	-48,0%	346 119	42,2%	243 444
	Sale of goods produced	FF	-1 588	-856,6%	-166	-45,6%	-114
	France	FD	-1 588	-856,6%	-166	-45,6%	-114
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	52 089	293,3%	13 243	160,1%	5 091
	France	FG	52 089	293,3%	13 243	160,1%	5 091
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	2 232 572	-2,2%	2 283 701	5,7%	2 160 225
	France	FJ	2 052 690	5,9%	1 937 582	1,1%	1 916 781
	Export	FK	179 882	-48,0%	346 119	42,2%	243 444
	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	10 675	62,9%	6 552	258,2%	1 829
	Other income	FQ	14 287	194,4%	4 853	-54,1%	10 582

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	2 216 091	-4,1%	2 311 902	6,4%	2 173 107

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	1 096 922	-5,9%	1 166 148	12,8%	1 033 499
Change in stocks of goods for resale	FT	51 431	653,6%	-9 290	31,0%	-13 457
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	670 921	-2,5%	688 196	6,0%	649 103
Tax, duty and similar payments	FX	34 193	83,0%	18 680	-32,9%	27 844
Payroll	FY	265 886	-19,8%	331 439	-4,7%	347 658
Social security costs	FZ	81 310	-20,8%	102 665	-8,5%	112 209

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	5 626	-59,5%	13 905	-0,3%	13 951
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	9 802	6064,8%	159	-93,1%	2 300

Operating charges (III-IV)

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

Financial income (V)

			31/12/2011		31/12/2010		31/12/2009
	Total financial income (Total V)	GP	46 219	89,2%	24 427	-36,6%	38 529
	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	18 466	0%	0	0%	0
	Released provisions and transferred charges	GM	0	0%	2 936	0%	0
	Exchange gains	GN	27 753	29,1%	21 491	-44,2%	38 529
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2011		31/12/2010		31/12/2009
	Total financial charge (Total VI)	GU	44 814	1,2%	44 284	15,6%	38 306
	Financial reserves and provisions	GQ	0	0%	0	0%	2 936
	Interest and similar charges	GR	20 586	75,0%	11 762	-24,1%	15 505
	Exchange losses	GS	24 228	-25,5%	32 522	63,7%	19 865
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary income (Total VII)	HD	0	0%	2 249	-72,2%	8 076
	Extraordinary operating income	HA	0	0%	2 249	-72,2%	8 076
	Extraordinary income from capital transactions	HB	0	0%	0	0%	0
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2011		31/12/2010		31/12/2009
	Total extraordinary charges (Total VIII)	HH	6 712	116,0%	3 107	627,6%	427
	Extraordinary operating charges	HE	6 712	116,0%	3 107	627,6%	427
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2011		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	2 931	0%	0	0%	2 502

References

		31/12/2011		31/12/2010		31/12/2009
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	10 675	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	13 521	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	20 415	2193,8%	890	-77,0%	3 866
	Gross value at the end of period	OL	108 143	3,4%	104 553	0,1%	104 496

Research and development Charge (Total I)

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

Other budget item from Intangible fixed assets (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	KD	24 460	0%	24 460	0%	24 460
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	5 575	0%	0	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	5 575	0%	0	0%	0
	Gross value at the end of period	LW	24 460	0%	24 460	0%	24 460

Tangible fixed assets (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LN	65 355	0,0%	65 386	-5,6%	69 252
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	15 429	1696,2%	859	0%	0
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	14 839	1567,3%	890	-77,0%	3 866
	Gross value at the end of period	NH	65 945	0,9%	65 355	0,0%	65 386

Fiancial assets (Total IV)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LQ	14 738	0,6%	14 651	0%	14 651
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	3 000	3309,1%	88	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	17 738	20,4%	14 738	0,6%	14 651

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

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

Research and development charge (Total I)

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

Other intangible assets (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	PE	24 344	26,0%	19 318	35,6%	14 242
Increases		PF	231	-95,4%	5 026	-1,0%	5 076
Decreasess		PG	115	0%	0	0%	0
	Decreasess by budget item transfer	PH	24 460	0,5%	24 344	26,0%	19 318

Total fixed assets amotisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	58 180	15,9%	50 192	11,1%	45 182
Increases		QV	55 205	521,7%	8 879	8,9%	8 152
Decreases		QW	49 695	5483,7%	890	-71,7%	3 142
	Decreasess by budget item transfer	QX	63 690	9,5%	58 181	15,9%	50 192

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

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

Premium refund of obligations

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

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

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7C	0	0%	2 936	0%	0
Increases		UB	0	0%	0	0%	2 936
Decreases		UC	0	0%	2 936	0%	0
	Value at the end of period	UD	0	0%	0	0%	2 936

Includes Total allocations

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

Includes Total Withdrawal

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

Total regulated provisions (Total I)

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

Total risk and charge provisions (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	5Z	0	0%	2 936	0%	0
Increases		TV	0	0%	0	0%	2 936
Decreases		TW	0	0%	2 936	0%	0
	Value at the end of period	TX	0	0%	0	0%	2 936

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7B	0	0%	0	0%	0
Increases		TY	0	0%	0	0%	0
Decreases		TZ	0	0%	0	0%	0
	Value at the end of period	UA	0	0%	0	0%	0

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	474 901	-43,7%	843 536	77,4%	475 403
1 year at most	VU	474 901	-42,7%	828 798	79,9%	460 752
More than one year	VV	0	0%	14 738	0,6%	14 651

State of loans

		31/12/2011		31/12/2010		31/12/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	17 738	20,4%	14 738	0,6%	14 651
Other financial assets (1 year at most)	UV	17 738	0%	0	0%	0

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	0%	539 348	80,9%	298 190
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	259	-84,0%	1 615	-77,8%	7 280
Social Security and other social organizations	UZ	1 916	-63,6%	5 262	0%	0
Income taxes	VM	0	0%	2 502	43,1%	1 749
Value added tax	VB	8 000	-47,8%	15 320	-27,6%	21 161
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	334 597	5033,4%	6 518	0%	0

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	112 391	-56,5%	258 233	95,1%	132 372

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	459 989	-34,7%	704 026	79,4%	392 328
1 year at most		VZ2	459 989	-34,7%	704 026	79,4%	392 328
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

			31/12/2011		31/12/2010		31/12/2009
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	81 670	0%	0	0%	0
1 year at most		VG2	81 670	0%	0	0%	0
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%	121 538	5860,7%	2 039
1 year at most		VH2	0	0%	121 538	5860,7%	2 039
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	246 004	-41,0%	417 267	85,3%	225 194
1 year at most		8B2	246 004	-41,0%	417 267	85,3%	225 194
More than 1 year and 5 years at most		8B3	246 004	-41,0%	417 267	85,3%	225 194
	Personnel and associated accounts (gross)	8C1	28 922	-18,1%	35 316	-4,9%	37 118
1 year at most		8C2	28 922	-18,1%	35 316	-4,9%	37 118
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	42 506	-4,2%	44 372	-27,0%	60 784
1 year at most		8D2	42 506	-4,2%	44 372	-27,0%	60 784
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	2 931	0%	0	0%	0
1 year at most		8E2	2 931	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	8 808	-83,1%	52 190	8,2%	48 239
1 year at most		VW2	8 808	-83,1%	52 190	8,2%	48 239
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	35 369	868,0%	3 654	-54,1%	7 956
1 year at most		VQ2	35 369	868,0%	3 654	-54,1%	7 956
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	13 779	-53,6%	29 689	170,0%	10 997
1 year at most		8K2	13 779	-53,6%	29 689	170,0%	10 997
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

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

Table allocation results and other information
Dividends distributed

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

Commitments

		31/12/2011		31/12/2010		31/12/2009
Commitments leasing furniture	YQ	0	0%	0	0%	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

		31/12/2011		31/12/2010		31/12/2009
Subcontracting	YT	7 250	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	82 296	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	79 774	0%	0	0%	0
Fees, commissions and brokerage	YV	83 775	0%	0	0%	0
Other accounts	ST	417 826	0%	0	0%	0
Total Other purchases and external	ZJ	670 921	0%	0	0%	0

Taxes and Fees

		31/12/2011		31/12/2010		31/12/2009
Business tax	YW	3 954	0%	0	0%	0
Other taxes and payments assimilated	9Z	30 239	0%	0	0%	0
Total taxes and fees	YX	34 193	0%	0	0%	0

VAT

		31/12/2011		31/12/2010		31/12/2009
Amount VAT collected	YY	474 171	0%	0	0%	0
Total VAT on goods and services	YZ	328 125	0%	0	0%	0

Average number of employees

		31/12/2011		31/12/2010		31/12/2009
Average number of employees	YP	07	0%	07	-56,2%	16

Groups and Shareholders

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

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Fixed Asset Financing		6,82	-3,4%	7,06	14,2%	6,18	2,59	163,3%
Global Debt		74 days	-33,3%	111 days	70,8%	65 days	126 days	-41,3%
Working Capital Fund overall net		101 days	1,0%	100 days	11,1%	90 days	70 days	44,3%
Financial independence		694,48%	58,1%	439,35%	-98,4%	28027,81%	387,95%	79,0%
More ratios
Solvability		55,22%	28,0%	43,13%	-27,1%	59,15%	34,27%	61,1%
Capacity debt futures		694,48%	58,1%	439,35%	-98,4%	28027,81%	947,12%	-26,7%
Coverage of current assets by net working capital overall		70,28%	6,3%	66,14%	-2,4%	67,79%	43,07%	63,2%
General Liquidity		1,03	-12,7%	1,18	0,9%	1,17	0,57	80,7%
Restricted Liquidity		1,67	29,5%	1,29	-19,9%	1,61	0,97	72,2%

Management or rotation

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital		36 days	-23,4%	47 days	17,5%	40 days	28 days	28,6%
Treasury		47 days	291,7%	12 days	-57,1%	28 days	10 days	370,0%
Inventory turnover of goods		81 days	-15,6%	96 days	0%	0 days	96 days	-15,6%
Average length of credit granted to customers		0 days	0%	85 days	70,0%	50 days	42 days	0%
Average length of credit obtained suppliers		41 days	-49,4%	81 days	65,3%	49 days	55 days	-25,5%
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		3386 days	-3,1%	3494 days	5,8%	3304 days	1214,50 days	178,8%
Rotation tangible assets		3385,51%	-3,1%	3494,30%	5,8%	3303,80%	1373,65%	146,5%

Profitability of the business

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading		46,30%	-5,1%	48,77%	-7,2%	52,55	32,24%	43,6%
Profitability of the business		1,43	330,6%	-0,62	-487,5%	0,16	3,22%	-55,6%
Net profit		1,49%	190,9%	-1,64%	-813,0%	0,23%	1,84%	-19,0%
More ratios
Growth rate of turnover (excluding VAT)		-2,24%	-139,2%	5,72%	141,8%	-13,70%	0,72%	-411,1%
Rates integration		18,51%	-3,6%	19,21%	-15,5%	22,73%	21,14%	-12,4%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		84,01%	-15,1%	98,96%	5,7%	93,64%	68,66%	22,4%
Weight interests		2,01	3,6%	1,94%	9,6%	1,77%	0,25%	704,0%

Return on capital

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability		1,74%	268,9%	-1,03%	-202,0%	1,01%	2,66%	-34,6%
Rates of economic profitability		5%	350,0%	-2%	-300%	1%	11%	-54,5%
Financial profitability		567182%	6,2%	533976%	-6,6%	571487%	46168%	1128,5%
Return on investment		12,02%	1067,0%	1,03%	-86,3%	7,53%	9,25%	29,9%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Turnover	2 232 572	-2,2%	2 283 701	5,7%	2 160 225	361 348 €	517,8%

Sales of goods	2 182 071	-3,9%	2 270 624	5,4%	2 155 248
- Purchase of goods	1 096 922	-5,9%	1 166 148	12,8%	1 033 499
+/- Stock of goods variation	51 431	653,6%	-9 290	31,0%	-13 457
Trading margin	1 033 718 €	-7,2%	1 113 766 €	-1,9%	1 135 206 €	97 169 €	963,8%
	46,30 % CA	-5,1%	48,77 % CA	-7,2%	52,55 % CA	33,33 % CA	38,9%

Sale of goods produced	50 501	286,2%	13 077	162,7%	4 977
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	50 501 €	286,2%	13 077 €	162,7%	4 977 €	8 196,50 €	516,1%
	2,26 % CA	296,5%	0,57 % CA	147,8%	0,23 % CA	2,67 % CA	-15,4%

Trading margin	1 033 718	-7,2%	1 113 766	-1,9%	1 135 206	97 169	963,8%
+ Period Production	50 501	286,2%	13 077	162,7%	4 977	8 196,50	516,1%
- 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	670 921	-2,5%	688 196	6,0%	649 103
Added value	413 298 €	-5,8%	438 647 €	-10,7%	491 080 €	82 388,50 €	401,6%
	18,51 % CA	-3,6%	19,21 % CA	-15,5%	22,73 % CA	21,14 % CA	-12,4%

Added value	413 298 €	-5,8%	438 647 €	-10,7%	491 080 €	82 388,50 €	401,6%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	34 193	83,0%	18 680	-32,9%	27 844
- Personal charges	347 196	-20,0%	434 104	-5,6%	459 867
Gross operating surplus	31 909 €	325,7%	-14 137 €	-519,6%	3 369 €	10 748 €	196,9%
	1,43 % CA	330,6%	-0,62 % CA	-487,5%	0,16 % CA	3,22 % CA	-55,6%

Gross operating surplus	31 909 €	325,7%	-14 137 €	-519,6%	3 369 €	10 748 €	196,9%
+ Release of reserves and provisions	10 675	62,9%	6 552	258,2%	1 829
+ Other operating income	14 287	194,4%	4 853	-54,1%	10 582
- Depreciation/Amortisation	5 626	-59,5%	13 905	-0,3%	13 951
- Other charges	9 802	6064,8%	159	-93,1%	2 300
Operating result	41 443 €	346,7%	-16 796 €	-3466,0%	-471 €	7 804,50 €	431,0%
	1,86 % CA	351,4%	-0,74 % CA	-3600%	-0,02 % CA	2,37 % CA	-21,5%

Operating result	41 443 €	346,7%	-16 796 €	-3466,0%	-471 €	7 804,50 €	431,0%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	46 219	89,2%	24 427	-36,6%	38 529
- Financial charges	44 814	1,2%	44 284	15,6%	38 306
Pre-tax result	42 848 €	216,9%	-36 653 €	-14679,4%	-248 €	6 633,50 €	545,9%
	1,92 % CA	220,0%	-1,60 % CA	-15900%	-0,01 % CA	2,03 % CA	-5,4%

Extraordinary income	0	0%	2 249	-72,2%	8 076	01	0%
- Extraordinary charges	6 712	116,0%	3 107	627,6%	427
Extraordinary result	-6 712 €	-682,3%	-858 €	-111,2%	7 649 €	0 €	0%
	-0,30 % CA	-650,0%	-0,04 % CA	-111,4%	0 % CA	0 % CA	0%

Pre-tax result	42 848 €	216,9%	-36 653 €	-14679,4%	-248 €	6 633,50 €	545,9%
Extraordinary result	-6 712 €	-682,3%	-858 €	-111,2%	7 649 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	2 931	0%	0	0%	2 502
Net result	33 205 €	188,5%	-37 511 €	-865,7%	4 899 €	6 941,50 €	378,4%
	1,49 % CA	190,9%	-1,64 % CA	-813,0%	0,23 % CA	1,83 % CA	-18,6%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

This company is not under monitoring

Trends

Profitability

Liquidity

Net worth

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.

	Adverse payment data event within the last 3 months
	The liquidity acid test is less than 65%
	The tangible fixed assets are 2,254 €
	The debtor days are 74.74
	The sales to current assets ratio is 2,22
	The company is 37 years old
	Industry code with low risk rating
	The return on total assets employed is positive
	The ratio total assets to total liabilities is 2,23
	The shareholder's equity is more than 250,000€
	The pre-tax profit is more than 25,000€

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

Preferential rights details and history

Status of collection

This company is not under monitoring

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

Preferential rights details and history

Status of collection

This company is not under monitoring

event history

Status history

Date	Description
11/02/2013	Economically active

Recent publications in Gazettes

Publication date	Gazette Name	Description
10/03/2013	Bodacc A	Immatriculation
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 1488 - 311 209 712 RCS Pontoise. RECREA. Forme : Société par actions simplifiée à associé unique. Administration : Président : ZWERGER Paul. Capital : 300000 EUR. Adresse : 22 rue du Gros Noyer, Zac des Bellevues, 95220 Herblay. Date de commencement de l’activité : 01/01/0001. Descriptif : Immatriculation d'une personne morale suite au transfert du si¿ge hors ressort. Commentaires : Immatriculation d'une personne morale suite à transfert de son siège social.
26/02/2013	JAL	Head Office Transfer
Affiches parisiennes (Les) Date de décision : 11/02/2013 Transfert du siège social de la société 311209712 -  RECREA Adresse du nouveau siège : 22 RUE DU GROS MURGER, 95220 HERBLAY Ancienne localisation : 39 RUE MOULIN DES BRUYERES, 92400 COURBEVOIE Date d'effet : 11/02/2013
31/05/2012	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 1736 - 311 209 712 RCS Nanterre. RECREA. Forme : Société par actions simplifiée à associé unique. Administration : Président : ZWERGER Paul en fonction le 22 Mai 2012. Activité : . Commentaires : Modification de représentant.
15/05/2012	JAL	Appointment of the social representative
Affiches parisiennes (Les) Date de décision : 14/05/2012 Société faisant l'objet d'une nomination : 311209712 - RECREA, COTE BLEU, 39 RUE MOULIN DES BRUYERES, 92400 COURBEVOIE Nominé : Monsieur Paul ZWERGER, 08812 SANT PÈRE DE RIBES En la fonction de : Président
15/05/2012	JAL	Resignation / Revocation of the social representative
Affiches parisiennes (Les) Date de décision : 14/05/2012 La société 311209712 - RECREA, COTE BLEU, 39 RUE MOULIN DES BRUYERES, 92400 COURBEVOIE Fait l'objet du départ de Monsieur Patrick BONNET
07/05/2012	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 13672 - 311209712 RCS. RECREA. Forme : Société par actions simplifiée. Adresse : 39 rue du Moulin des Bruyères 92400 Courbevoie. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
03/03/2011	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 1348 - 311 209 712 RCS Nanterre. RECREA. Forme : Société par actions simplifiée. Administration : Président : BONNET PATRICK modification le 23 Février 2011. Activité : . Commentaires : Modification de représentant. Modification de la forme juridique.
12/02/2011	JAL	Appointment of the social representative
Affiches parisiennes (Les) Société faisant l'objet d'une nomination : 311209712 - RECREA, 39 RUE MOULIN DES BRUYERES, 92400 COURBEVOIE Nominé : Monsieur Patrick BONNET, 1 Boulevard de la Saussaye, 92200 NEUILLY SUR SEINE En la fonction de : Président Date d'effet : 15/01/2011
13/12/2010	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 11876 - 311209712 RCS. RECREA. Forme : Société à responsabilité limitée. Adresse : 39 rue du Moulin des Bruyères 92400 Courbevoie. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
26/11/2009	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 6770 - 311209712 RCS. RECREA. Forme : Société à responsabilité limitée. Adresse : 39 rue du Moulin des Bruyères 92400 Courbevoie. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
31/10/2008	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 8579 - 311209712 RCS. RECREA. Forme : Société à responsabilité limitée. Adresse : 39 rue du Moulin des 92400 Courbevoie. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
06/12/2007	Bodacc C	Avis de dépôt des comptes
8758 - 311 209 712. RCS Nanterre RECREA. Forme: Société à responsabilité limitée. Adresse du siège social: 39 rue du Moulin des Bruyères , 92400 Courbevoie. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
06/12/2007	Bodacc C	Avis de dépôt des comptes
8760 - 311 209 712. RCS Nanterre RECREA. Forme: Société à responsabilité limitée. Adresse du siège social: 39 rue du Moulin des Bruyères , 92400 Courbevoie. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
06/12/2007	Bodacc C	Avis de dépôt des comptes
8759 - 311 209 712. RCS Nanterre RECREA. Forme: Société à responsabilité limitée. Adresse du siège social: 39 rue du Moulin des Bruyères , 92400 Courbevoie. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
17/06/2005	Bodacc B	Modifications et mutations diverses
2902 - RCS Nanterre B 311 209 712. RC 95-B 4595. RECREA. Forme : S.A.R.L. Capital : 300 000 euros. Commentaires : modification survenue sur le capital (augmentation).
25/05/2005	Bodacc C	Avis de dépôt des comptes
2504 - RCS Nanterre B 311 209 712. RC 95-B 4595. RECREA. Forme: S.A.R.L.. Adresse du siège social: 39, rue du Moulin des,Bruyères, 92400 Courbevoie. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2003.
05/11/1995	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 311 209 712 RC 95-B 4595 RECREA. Forme : S.A.R.L. Capital : 150 000 F. Activité : import-export de tous objets, de mobiliers, de jeux et d' articles de décoration. Adresse du siège social : 39 rue du Moulin-des-Bruyères 92400 Courbevoie. Administration : gérant BONNET (Patrick). Commentaires : cette société transfère son siège du 11 rue de Cambrai, 75019 Paris. Ancien RC : 77- B 7363. Date d'effet : 1er aout 1995.

COMPANY EVENTS HISTORY

Date	Description
06/02/2014	Modification to Establishment Address or Identifier
04/01/2014	Update Rating
04/01/2014	Update Limit
20/12/2013	Payment incident detected
14/10/2013	Update Rating
14/10/2013	Update Limit
10/03/2013	Bodacc A : Registration
01/03/2013	Other modification of Establishment
01/03/2013	Registered office transferred inside jurisdiction of the Commercial Court
01/03/2013	Updated articles of association
01/03/2013	Minutes of general meeting of shareholders
26/02/2013	Legal Gazette: Head Office Transfer
11/02/2013	Update of Company Head Office Identifier
11/02/2013	Transfer of Establishment
31/05/2012	Bodacc B: Various editing or changing
22/05/2012	New chairman (CEO, CoB)
22/05/2012	Minutes of general meeting of shareholders
15/05/2012	Legal Gazette: Resignation / Revocation of the social representative
14/05/2012	Legal Gazette: Appointment of the social representative
07/05/2012	Bodacc C : Deposit accounts notice
01/05/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
19/08/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
03/03/2011	Bodacc B: Various editing or changing
23/02/2011	Amendment
23/02/2011	Audit or Management Report
23/02/2011	Updated articles of association
23/02/2011	New legal form – new category
23/02/2011	Minutes of general meeting of shareholders
15/01/2011	Legal Gazette: Appointment of the social representative
31/12/2010	New accounts available
13/12/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
26/11/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
31/10/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
27/05/2005	Augmentation de Capital
27/05/2005	Capital increase
27/05/2005	Private document
27/05/2005	PV d'Assemblée
27/05/2005	Minutes of general meeting of shareholders
27/05/2005	Statuts mis à jour
27/05/2005	Updated articles of association
31/12/2004	New accounts available
31/12/2003	New accounts available
30/10/1996	Acte modificatif
30/10/1996	Expédition acte notarié
30/10/1996	Donation/Partage
18/10/1995	Statuts mis à jour
18/10/1995	Changement de dénomination sociale
18/10/1995	PV d'Assemblée
18/10/1995	Immatriculation suite à transfert
18/10/1995	Statuts

Establishment events history

Date	Description
06/02/2014	Update of Establishment Address
06/02/2014	Modification of Head office Identification
04/01/2014	Update Limit
04/01/2014	Update Rating
01/11/2013	Update Rating
01/03/2013	Modification of Head office
11/02/2013	Formation of Head office (after transfer)

NOTES & COMMENTS

Na

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 :

NIS

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.