MIRA INFORM REPORT

Report Date :

10.07.2014

IDENTIFICATION DETAILS

Name :	PANEMEX
Registered Office :	Route De Limerzel, Ld Moulin Mocsouris 56220 Caden
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	February 1985
Com. Reg. No.:	RCS Vannes 8 332 483 833
Legal Form :	Simplified Joint Stock Company
Line of Business :	· Engaged in Milling, Custom Work Cereals Engaged in Selling Flour and Feed Engaged in Designing, Manufacturing and marketing of Ancillary Bread, Yeast, Mixes, Flakes and Cereal Grains.
No of Employees :	31 (31.12.2011)

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
France	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

France ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 82 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that mitigate economic inequality. France's real GDP stagnated in 2012 and 2013. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.2% in 2013. Youth unemployment in metropolitan France decreased from a high of 25.4% in the fourth quarter of 2012 to 22.8% in the fourth quarter of 2013. Lower-than-expected growth and high spending have strained France's public finances. The budget deficit rose sharply from 3.3% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.1% of GDP in 2013, while France's public debt rose from 68% of GDP to nearly 94% over the same period. In accordance with its EU obligations, France is targeting a deficit of 3.6% of GDP in 2014 and 2.8% in 2015. The administration of President Francois HOLLANDE has implemented greater state support for employment, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, including a temporary 75% tax on wages over one million euros, and hiring an additional 60,000 teachers during his five-year term. In January 2014 HOLLANDE proposed a “Responsibility Pact” aimed primarily at lowering labor costs in return for businesses’ commitment to create jobs. Despite stagnant growth and fiscal challenges, France's borrowing costs have declined in recent years because investors remain attracted to the liquidity of France’s bonds.

Source : CIA

company summary

Name	PANEMEX	SIRET	332 483 833 00015
		EUR VAT Number	FR26332483833
Activity (APE)	· Engaged in Milling, Custom Work Cereals Engaged in Selling Flour and Feed Engaged in Designing, Manufacturing and marketing of Ancillary Bread, Yeast, Mixes, Flakes and Cereal Grains.	Legal form	Simplified joint stock company
Phone	02 97 66 16 18	RCS Registration	RCS Vannes 8 332 483 833
Fax	02 97 66 12 88	Share capital	309,883 Euros
Address	PANEMEX ROUTE DE LIMERZEL LD MOULIN MOCSOURIS 56220 CADEN	Incorporated Date	05/1985
Nationality	France	Status	Economically active

This company is not under monitoring

Current Directors

1

Trading to Date	12/31/2012	12/31/2011	12/31/2009
Turnover	10,519,754 €	9,701,774 €	7,085,931 €
Gross Operating Surplus	4.10 % Turnover	1.76 % Turnover	4.51 % Turnover
Shareholders’ equity	1,389,001 €	1,185,113 €	1,163,404 €
Net result	203,889 €	57,843 €	178,900 €
Employees	31 (31.12.2011)	-	-

Trends
Profitability
Liquidity
Net worth

Company details

Activity (APE)	· Engaged in Milling, Custom Work Cereals Engaged in Selling Flour and Feed Engaged in Designing, Manufacturing and marketing of Ancillary Bread, Yeast, Mixes, Flakes and Cereal Grains.
RCS Registration	RCS Vannes 8 332 483 833	Share capital	309,883 Euros
Registration Court	Vannes (56)	Legal form	Simplified joint stock company
Court Registry Number	19 8 5B00072	EUR VAT Number	FR26332483833
Incorporation Date	05/1985	Formation Date	02/1985
Deregistration Date		Last account Date	31/12/2012
Nationality	France

Establishment details

Postal Address	PANEMEX ROUTE DE LIMERZEL LD MOULIN MOCSOURIS 56220 CADEN	Business Pages FT®	FOURNITURES POUR BOULANGERIES ET PATISSERIES
Telephone	02 97 66 16 18	Trading Address	LIEU DIT MOULIN MOCSOURIS 56220 CADEN
Fax	02 97 66 12 88
Activity (APE)	· Engaged in Milling, Custom Work Cereals Engaged in Selling Flour and Feed Engaged in Designing, Manufacturing and marketing of Ancillary Bread, Yeast, Mixes, Flakes and Cereal Grains.

Type	Head office (one site company)	Status	Economically active
Formation Date	02/1985	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Morbihan (56)	Region	Bretagne
District	3	Area	32
City	CADEN	Size of urban area	Establishment in a rural municipality

Other establishments

Branches	1 branch entities in this company
Head office	> PANEMEX <<< - Meunerie (1061A) in CADEN (56220)
Secondary establishments

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

Workforces

Workforce at address

31 (31.12.2011)

Company workforce

31 (31.12.2011)

Top of Form

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2012	31/12/2011	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	18/10/2013	10/11/2012	06/10/2010
Activity Code	1061A	1061A	1061A
Employees	0	31	0

Active account

Annual Accounts	31/12/2012		31/12/2011		31/12/2009	Sector Median2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	697,123	-7.2%	751,376	47.7%	508,791	319,333	118.3%
- Intangible assets	235,300	-0.4%	236,218	-3.4%	244,472	82,316	185.8%
- Tangible assets	415,412	-11.4%	468,880	85.2%	253,165	131,597	215.7%
- Financial assets	46,411	0.3%	46,278	315.0%	11,150	16,316	184.5%
Net current assets	2,882,380	2.6%	2,808,568	27.0%	2,211,829	628,048	358.9%
- Stocks	931,852	-11.5%	1,053,026	39.5%	755,126	111,028	739.3%
- Advanced payments	0	2.6%	0	0%	3,120	0	0%
- Receivables	1,847,603	6.1%	1,741,121	24.4%	1,399,813	306,865	502.1%
- Securities and cash	102,925	613.7%	14,421	-73.2%	53,768	84,290	22.1%
- Prepaid expenses	-	-	-	-	-	861	-
Accounts of regularization	0	0%	5,240	-4.5%	5,486	0	0%
Total Assets	3,579,504	0.4%	3,565,181	30.8%	2,726,106	1,000,343	257.8%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2009	Sector Median2012
Shareholders' equity	1,389,001	17.2%	1,185,113	1.9%	1,163,404	366,402	279.1%
Share capital	309,883	0%	309,883	2.2%	303,194	76,225	306.5%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	5,240	-4.5%	5,486	0	0%
Liabilities	2,187,319	-7.9%	2,374,828	52.5%	1,557,211	437,917	399.5%
- Financial liabilities	464,401	-41.5%	793,628	158.2%	307,344	188,807	146.0%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	1,170,438	-2.0%	1,194,765	30.6%	914,975	137,693	750.0%
- Tax and social liabilities	510,098	37.4%	371,303	10.9%	334,892	69,737.50	631.5%
- Other debts and fixed assets liabilities	45,566	201.1%	15,132	0%	0	3,764	1110.6%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	3,579,504	0.4%	3,565,181	30.8%	2,726,105	1,000,343	257.8%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2009	Sector Median2012
Sales of Goods	10,530,046	8.3%	9,727,189	35.9%	7,155,161	1,461,193	620.6%
Net turnover	10,519,754	8.4%	9,701,774	36.9%	7,085,931	1,382,627	660.9%
- of which net export turnover	0	0%	0	0%	0	0	0%
Operating charges	10,173,793	5.7%	9,629,282	39.5%	6,900,889	1,435,893	608.5%
Operating profit/loss	356,253	263.9%	97,907	-61.5%	254,272	13,418	2555.0%
Financial income	21,303	35.9%	15,674	-52.6%	33,072	2,845	648.8%
Financial charges	38,156	-17.8%	46,441	80.0%	25,807	8,725	337.3%
Financial profit/loss	-16,853	45.2%	-30,767	-523.5%	7,265	-3,238	-420.5%
Pretax net operating income	339,400	405.5%	67,140	-74.3%	261,537	8,755	3776.6%
Extraordinary income	15,061	-66.5%	45,016	432.8%	8,449	4,500	234.7%
Extraordinary charges	41,737	104.1%	20,447	324.8%	4,813	2,027	1959.1%
Extraordinary profit/loss	-26,676	-208.6%	24,569	575.7%	3,636	0	0%
Net result	203,889	252.5%	57,843	-67.7%	178,900	10,887	1772.8%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2012	31/12/2011	31/12/2009
Months	12	12	12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2012		31/12/2011		31/12/2009
	Grand Total (I to VI)	Net	3,579,504	0.4%	3,565,181	30.8%	2,726,106
	Gross	CO	4,539,811	2.4%	4,435,474	28.2%	3,458,661
	Amortisation	1A	960,307	10.3%	870,293	18.8%	732,555

Non declared distributed capital (I)

		31/12/2012		31/12/2011		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)

			31/12/2012		31/12/2011		31/12/2009
	Total Active fixed asset (II)	Net	697,123	-7.2%	751,376	47.7%	508,791
	Gross	BJ	1,657,430	2.2%	1,621,668	30.6%	1,241,344
	Amortisation	BK	960,307	10.3%	870,292	18.8%	732,553

Intangible fixed assets

			31/12/2012		31/12/2011		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	4,351	-17.4%	5,269	-13.5%	6,090
	Gross	AF	46,459	-2.7%	47,767	9.7%	43,560
	Amortisation	AG	42,108	-0.9%	42,498	13.4%	37,470
	Goodwill	Net	230,949	0%	230,949	-3.1%	238,382
	Gross	AH	230,949	0%	230,949	-3.1%	238,382
	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	235,300	-0.4%	236,218	-3.4%	244,472

Tangible fixed assets

			31/12/2012		31/12/2011		31/12/2009
	Lands	Net	3,761	-11.6%	4,253	-18.8%	5,237
	Gross	AN	14,400	0%	14,400	0.0%	14,399
	Amortisation	AO	10,639	4.8%	10,147	10.8%	9,162
	Buildings	Net	163,470	-11.6%	184,847	77.4%	104,174
	Gross	AP	379,217	0%	379,217	46.7%	258,512
	Amortisation	AQ	215,747	11.0%	194,370	25.9%	154,338
	Plant	Net	222,747	-7.6%	240,968	104.5%	117,835
	Gross	AR	755,769	7.2%	704,714	45.5%	484,293
	Amortisation	AS	533,022	14.9%	463,746	26.5%	366,458
	Other tangible fixed assets	Net	25,434	-1.8%	25,912	0.0%	25,919
	Gross	AT	184,225	-0.7%	185,443	-2.9%	191,044
	Amortisation	AU	158,791	-0.5%	159,531	-3.4%	165,125
	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%	12,900	0%	0
	Gross	AX	0	0%	12,900	0%	0
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	415,412		468,880		253,165

Financial assets

			31/12/2012		31/12/2011		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	842	0%	842	0.1%	841
	Gross	CU	842	0%	842	0.1%	841
	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%	171
	Gross	BF	0	0%	0	0%	171
	Amortisation	BG	0		0		0
	Other financial assets	Net	45,569	0.3%	45,436	348.2%	10,138
	Gross	BH	45,569	0.3%	45,436	348.2%	10,138
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		46,411		46,278		11,150

Current Assets (III)

			31/12/2012		31/12/2011		31/12/2009
	Total Assets	Net	2,882,380	2.6%	2,808,568	27.0%	2,211,829
	Gross	CJ	2,882,380	2.6%	2,808,568	27.0%	2,211,829
	Amortisation	CK	0	0%	0	0%	0

Stocks

			31/12/2012		31/12/2011		31/12/2009
	Raw materials	Net	792,147	147.5%	320,057	116.8%	147,597
	Gross	BL	792,147	147.5%	320,057	116.8%	147,597
	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	57,543	-35.7%	89,512	-14.2%	104,367
	Gross	BR	57,543	-35.7%	89,512	-14.2%	104,367
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	82,162	-87.2%	643,457	27.9%	503,162
	Gross	BT	82,162	-87.2%	643,457	27.9%	503,162
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	931,852	-11.5%	1,053,026	39.5%	755,126

Advance payments to suppliers

			31/12/2012		31/12/2011		31/12/2009
	Advance payments to suppliers	Net	0	0%	0	0%	3,120
	Gross	BV	0	0%	0	0%	3,120
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2012		31/12/2011		31/12/2009
	Trade accounts receivable	Net	1,557,119	6.3%	1,464,775	31.6%	1,112,795
	Gross	BX	1,557,119	6.3%	1,464,775	31.6%	1,112,795
	Amortisation	BY	0	0%	0	0%	0
	Other debtors	Net	40,152	-52.2%	84,021	-23.2%	109,398
	Gross	BZ	40,152	-52.2%	84,021	-23.2%	109,398
	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	1,597,271	3.1%	1,548,796	26.7%	1,222,193

Divers

			31/12/2012		31/12/2011		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	102,925	613.7%	14,421	-73.2%	53,768
	Gross	CF	102,925	613.7%	14,421	-73.2%	53,768
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	102,925	613.7%	14,421	-73.2%	53,768

Prepaid expenses

			31/12/2012		31/12/2011		31/12/2009
	Prepaid expenses	Net	250,332	30.2%	192,325	8.3%	177,620
	Gross	CH	250,332	30.2%	192,325	8.3%	177,620
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2012		31/12/2011		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%	5,240	-4.5%	5,486
Gross		0	0%	5,240	-4.5%	5,486

References

		31/12/2012		31/12/2011		31/12/2009
Due within one year	CP	0	0%	0	0%	171
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2012		31/12/2011		31/12/2009
Grand Total (I to V)	EE	3,579,504	0.4%	3,565,181	30.8%	2,726,105

Shareholder Equity (I)

			31/12/2012		31/12/2011		31/12/2009
	Total shareholders' equity (Total I)	DL	1,389,001	17.2%	1,185,113	1.9%	1,163,404
	Equity and shareholders' equity	DA	309,883	0%	309,883	2.2%	303,194
	Issue and merger premiums	DB	176,662	0%	176,662	13.7%	155,351
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	30,988	1.9%	30,412	3.1%	29,500
	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%	610,313	24.4%	490,467
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	667,579	0%	0	0%	0
	Profit or loss for the period	DI	203,889	252.5%	57,843	-67.7%	178,900
	Investment grants	DJ	0	0%	0	0%	5,992
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/12/2012		31/12/2011		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)

			31/12/2012		31/12/2011		31/12/2009
	Total provisions for risks and charges (Total III)	DR	0	0%	5,240	-4.5%	5,486
	Risk provisions	DP	0	0%	5,240	-4.5%	5,486
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2012		31/12/2011		31/12/2009
	Total Liabilities (Total IV)	EC	2,187,319	-7.9%	2,374,828	52.5%	1,557,211
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	449,775	-42.3%	779,002	166.2%	292,690
	Sundry loans and financial liabilities	DV	14,626	0%	14,626	-0.2%	14,654
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	0
	Trade accounts payables	DX	1,170,438	-2.0%	1,194,765	30.6%	914,975
	Tax and social security liabilities	DY	510,098	37.4%	371,303	10.9%	334,892
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	42,382	180.1%	15,132	0%	0

Translation loss (V)

		31/12/2012		31/12/2011		31/12/2009
Translation loss (Total V)	ED	3,184	0%	0	0%	0

Equalization accounts

		31/12/2012		31/12/2011		31/12/2009
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2012		31/12/2011		31/12/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	2,009,788	41.9%	1,416,009
Of which current bank facilities	EH	0	0%	284,650	223.4%	88,022

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result(I-II)

		31/12/2012		31/12/2011		31/12/2009
Operating result (Total I-II)	GG	356,253	263.9%	97,907	-61.5%	254,272

2 -Financial result(V - VI)

		31/12/2012		31/12/2011		31/12/2009
Financial result (Total V-VI)	GV	-16,853	45.2%	-30,767	-523.5%	7,265

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

		31/12/2012		31/12/2011		31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	339,400	405.5%	67,140	-74.3%	261,537

4 -Extraordinary result(VII-VIII)

		31/12/2012		31/12/2011		31/12/2009
Extraordinary result (Total VII-VIII)	HI	-26,676	-208.6%	24,569	575.7%	3,636

Profit or loss

		31/12/2012		31/12/2011		31/12/2009
Profit or loss	HN	203,889	252.5%	57,843	-67.7%	178,900

Total Income (I+III+V+VII)

		31/12/2012		31/12/2011		31/12/2009
Total Income (I+III+V+VII)	HL	10,566,410	8.0%	9,787,878	36.0%	7,196,682

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

		31/12/2012		31/12/2011		31/12/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	10,362,519	6.5%	9,730,036	38.6%	7,017,778

Operating income(I)

		31/12/2012		31/12/2011		31/12/2009
Total operating income (Total I)	FR	10,530,046	8.3%	9,727,189	35.9%	7,155,161

Operating income (details)

			31/12/2012		31/12/2011		31/12/2009
	Sale of goods for resale	FC	6,876,507	7.3%	6,411,486	29.1%	4,966,010
	France	FA	6,876,507	7.3%	6,411,486	29.1%	4,966,010
	Export	FB	0	0%	0	0%	0
	Sale of goods produced	FF	3,535,139	10.6%	3,195,575	55.0%	2,061,774
	France	FD	3,535,139	10.6%	3,195,575	55.0%	2,061,774
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	108,108	14.1%	94,713	62.9%	58,147
	France	FG	108,108	14.1%	94,713	62.9%	58,147
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	10,519,754	8.4%	9,701,774	36.9%	7,085,931
	France	FJ	10,519,754	8.4%	9,701,774	36.9%	7,085,931
	Export	FK	0	0%	0	0%	0
	Stocked production	FM	-31,968	-141.1%	-13,261	-128.3%	46,873
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	12,385	37.6%	9,000	462.5%	1,600
	Release of reserves and provisions	FP	29,869	0.7%	29,674	43.0%	20,756
	Other income	FQ	06	0%	0	0%	01

Operating charges(II)

		31/12/2012		31/12/2011		31/12/2009
Total operating charges (Total II)	GF	10,173,793	5.7%	9,629,282	39.5%	6,900,889

Exploitation charges

		31/12/2012		31/12/2011		31/12/2009
Purchase of goods for resale	FS	901,550	-84.3%	5,760,248	42.3%	4,047,480
Change in stocks of goods for resale	FT	561,295	156.4%	218,932	-7.0%	235,290
Purchase of raw materials	FU	6,440,038	485.0%	1,100,888	57.6%	698,577
Change in stocks of raw materials	FV	-472,091	-2661.9%	-17,093	-130.7%	55,713
Other external purchases and charges	FW	1,175,518	-2.3%	1,203,302	56.3%	769,778
Tax, duty and similar payments	FX	106,915	24.7%	85,747	36.0%	63,041
Payroll	FY	980,861	16.2%	844,395	23.2%	685,528
Social security costs	FZ	374,895	13.6%	329,869	27.2%	259,268

Depreciation

		31/12/2012		31/12/2011		31/12/2009
Depreciation of fixed assets	GA	104,760	1.7%	102,981	20.2%	85,644
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

		31/12/2012		31/12/2011		31/12/2009
Other charges	GE	52	372.7%	11	-98.1%	570

Operating charges (III-IV)

		31/12/2012		31/12/2011		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)

			31/12/2012		31/12/2011		31/12/2009
	Total financial income (Total V)	GP	21,303	35.9%	15,674	-52.6%	33,072
	Share financial income	GJ	0	0%	0	0%	0
	Other investment income & capitalised receivables	GK	02	-33.3%	03	-80.0%	15
	Other interest and similar income	GL	69	3.0%	67	4.7%	64
	Released provisions and transferred charges	GM	5,240	281.6%	1,373	0%	0
	Exchange gains	GN	15,992	12.4%	14,231	-56.9%	32,993
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2012		31/12/2011		31/12/2009
	Total financial charge (Total VI)	GU	38,156	-17.8%	46,441	80.0%	25,807
	Financial reserves and provisions	GQ	0	0%	5,240	-4.5%	5,486
	Interest and similar charges	GR	22,050	-25.5%	29,580	59.2%	18,585
	Exchange losses	GS	16,106	38.6%	11,621	569.4%	1,736
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income(VII)

			31/12/2012		31/12/2011		31/12/2009
	Total extraordinary income (Total VII)	HD	15,061	-66.5%	45,016	432.8%	8,449
	Extraordinary operating income	HA	66	-99.6%	18,436	583.3%	2,698
	Extraordinary income from capital transactions	HB	14,995	-43.6%	26,580	362.2%	5,751
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges(VIII)

			31/12/2012		31/12/2011		31/12/2009
	Total extraordinary charges (Total VIII)	HH	41,737	104.1%	20,447	324.8%	4,813
	Extraordinary operating charges	HE	10,565	2770.9%	368	-92.4%	4,813
	Extraordinary charges from capital transactions	HF	31,172	55.2%	20,079	0%	0
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing(IX)

		31/12/2012		31/12/2011		31/12/2009
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits(X)

		31/12/2012		31/12/2011		31/12/2009
Tax on profits (Total X)	HK	108,833	221.4%	33,866	-60.7%	86,269

References

		31/12/2012		31/12/2011		31/12/2009
Of which equipment leases	HP	0	0%	0	0%	2,675
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	20,756
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%	552

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/12/2012		31/12/2011		31/12/2009
	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	43,031	12.2%	38,347	0%	0
	Gross value at the end of period	OL	1,657,429	2.2%	1,621,667	0%	0

Research and development Charge (Total I)

			31/12/2012		31/12/2011		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)

			31/12/2012		31/12/2011		31/12/2009
	Gross value at begin of period	KD	278,717	-1.4%	282,718	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	3,698	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	1,308	-83.0%	7,700	0%	0
	Gross value at the end of period	LW	277,409	-0.5%	278,716	0%	0

Tangible fixed assets (Total III)

			31/12/2012		31/12/2011		31/12/2009
	Gross value at begin of period	LN	1,296,674	9.9%	1,180,243	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	78,660	-46.4%	146,649	0%	0
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	41,723	38.1%	30,218	0%	0
	Gross value at the end of period	NH	1,333,611	2.8%	1,296,674	0%	0

Financial assets (Total IV)

			31/12/2012		31/12/2011		31/12/2009
	Gross value at begin of period	LQ	46,278	312.6%	11,216	0%	0
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	133	-99.6%	35,491	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	429	0%	0
	Gross value at the end of period	NK	46,411	0.3%	46,278	0%	0

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

			31/12/2012		31/12/2011		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)

			31/12/2012		31/12/2011		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)

			31/12/2012		31/12/2011		31/12/2009
	Reserve for depreciation value at begin of period	PE	42,498	6.3%	39,969	0%	0
Increases		PF	918	-67.2%	2,796	0%	0
Decreasess		PG	1,308	389.9%	267	0%	0
	Decreasess by budget item transfer	PH	42,108	-0.9%	42,498	0%	0

Total fixed assets amotisation(Total III)

			31/12/2012		31/12/2011		31/12/2009
	Reserve for depreciation value at begin of period	QU	827,795	11.1%	745,183	0%	0
Increases		QV	103,843	3.7%	100,184	0%	0
Decreases		QW	13,439	-23.5%	17,572	0%	0
	Decreasess by budget item transfer	QX	918,199	10.9%	827,795	0%	0

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2012		31/12/2011		31/12/2009
	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

			31/12/2012		31/12/2011		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)

			31/12/2012		31/12/2011		31/12/2009
	Value at begining of period	7C	5,240	281.6%	1,373	0%	0
Increases		UB	0	0%	5,240	-4.5%	5,486
Decreases		UC	5,239	281.6%	1,373	0%	0
	Value at the end of period	UD	01	-100.0%	5,240	-4.5%	5,486

Includes Total allocations

Operating	UE	0	0%	0	0%	0
Financial	UG	0	0%	5,240	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	0	0%	0
Financial	UH	5,239	281.6%	1,373	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2012		31/12/2011		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)

			31/12/2012		31/12/2011		31/12/2009
	Value at begining of period	5Z	5,240	281.6%	1,373	0%	0
Increases		TV	0	0%	5,240	-4.5%	5,486
Decreases		TW	5,239	281.6%	1,373	0%	0
	Value at the end of period	TX	01	-100.0%	5,240	-4.5%	5,486

Total Provision for depreciation (Total III)

			31/12/2012		31/12/2011		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

		31/12/2012		31/12/2011		31/12/2009
Gross value	VT	1,893,172	6.0%	1,786,555	26.7%	1,410,124
1 year at most	VU	1,847,603	6.1%	1,741,119	24.4%	1,399,986
More than one year	VV	45,569	0.3%	45,436	348.2%	10,138

State of loans

		31/12/2012		31/12/2011		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	45,569	0.3%	45,436	340.7%	10,310
Other financial assets (1 year at most)	UV	0	0%	0	0%	172

Receivables statement of assets

		31/12/2012		31/12/2011		31/12/2009
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	1,557,119	6.3%	1,464,775	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	0	0%	0
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	40,152	-52.2%	84,021	-94.0%	1,399,814

Prepaid

		31/12/2012		31/12/2011		31/12/2009
Prepaid	VS	250,332	30.2%	192,325	0%	0

State Debt

			31/12/2012		31/12/2011		31/12/2009
	Total debt (gross)	VY	2,187,319	-7.9%	2,374,828	52.5%	1,557,213
1 year at most		VZ2	1,933,643	-3.8%	2,009,788	41.9%	1,416,009
More than 1 year and 5 years at most		VZ3	253,676	-30.5%	365,040	231.3%	110,192
More than 5 years		VZ4	0	0%	0	0%	31,012

Details

			31/12/2012		31/12/2011		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	68,862	-75.8%	284,650	-2.7%	292,690
1 year at most		VG2	68,862	-75.8%	284,650	87.9%	151,486
More than 1 year and 5 years at most		VG3	0	0%	0	0%	110,192
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	380,913	-22.9%	494,352	0%	0
1 year at most		VH2	127,237	-1.6%	129,312	0%	0
More than 1 year and 5 years at most		VH3	253,676	-30.5%	365,040	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	14,654
1 year at most		8A2	0	0%	0	0%	14,654
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	1,170,438	-2.0%	1,194,765	30.6%	914,975
1 year at most		8B2	1,170,438	-2.0%	1,194,765	30.6%	914,975
More than 1 year and 5 years at most		8B3	1,170,438	-2.0%	1,194,765	30.6%	914,975
	Personnel and associated accounts (gross)	8C1	0	0%	0	0%	0
1 year at most		8C2	0	0%	0	0%	0
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	510,098	37.4%	371,303	10.9%	334,892
1 year at most		8D2	510,098	37.4%	371,303	10.9%	334,892
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	0	0%	0
1 year at most		VW2	0	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	0	0%	0	0%	0
1 year at most		VQ2	0	0%	0	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	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	57,008	91.6%	29,757	0%	0
1 year at most		8K2	57,008	91.6%	29,757	0%	0
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2012		31/12/2011		31/12/2009
Loans made during the period	VJ	15,766	-88.3%	134,234	0%	0
Debt repaid during the period	VK	0	0%	125,479	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2012		31/12/2011		31/12/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2012		31/12/2011		31/12/2009
Commitments leasing furniture	YQ	0	0%	0	0%	678
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2012		31/12/2011		31/12/2009
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2012		31/12/2011		31/12/2009
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2012		31/12/2011		31/12/2009
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2012		31/12/2011		31/12/2009
Average number of employees	YP	0	0%	31	0%	0

Groups and Shareholders

		31/12/2012		31/12/2011		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

		31/12/2012		31/12/2011		31/12/2009	Sector Median2012
Fixed Asset Financing		1.70	7.6%	1.58	-7.6%	1.71	1.31	29.8%
Global Debt		75days	-14.8%	88days	11.4%	79days	123days	-39.0%
Working Capital Fund overall net		40days	14.3%	35days	-22.2%	45days	69days	-42.0%
Financial independence		308.82%	103.0%	152.13%	-61.7%	397.49%	223.65%	38.1%
More ratios
Solvability		38.80%	16.7%	33.24%	-22.1%	42.68%	45.82%	-15.3%
Capacity debt futures		708.32%	147.4%	286.29%	-8.5%	312.85%	568.93%	24.5%
Coverage of current assets by net working capital overall		43.93%	21.3%	36.23%	-16.2%	43.23%	46.94%	-6.4%
General Liquidity		0.96	10.3%	0.87	-12.1%	0.99	0.79	21.5%
Restricted Liquidity		1.01	16.1%	0.87	-15.5%	1.03	1.14	-11.4%

Management or rotation

		31/12/2012		31/12/2011		31/12/2009	Sector Median2012
Need background in operating working capital		28days	-26.3%	38days	2.7%	37days	38days	-26.3%
Treasury		4days	140.0%	-10days	-400%	-2days	11days	-63.6%
Inventory turnover of goods		20days	-48.7%	39days	-7.1%	42days	28days	-28.6%
Average length of credit granted to customers		53days	-1.9%	54days	-5.3%	57days	63days	-15.9%
Average length of credit obtained suppliers		49days	-5.8%	52days	-8.8%	57days	43days	14.0%
More ratios
Inventory turnover of raw materials in industrial enterprises		44days	-58.1%	105days	38.2%	76days	28days	57.1%
Inventory turnover of intermediate and finished products in the industrial enterprise		789days	5.5%	748days	-	days	224days	252.2%
Rotation tangible assets		788.82%	5.4%	748.20%	-	%	221.60%	256.0%

Profitability of the business

		31/12/2012		31/12/2011		31/12/2009	Sector Median2012
Margin trading		51.46%	1053.8%	4.46%	-53.7%	9.64	1.05%	4801.0%
Profitability of the business		4.10	133.0%	1.76	-61.0%	4.51	4.01%	2.2%
Net profit		1.94%	223.3%	0.60%	-76.2%	2.52%	0.71%	173.2%
More ratios
Growth rate of turnover (excluding VAT)		8.43%	-77.2%	36.92%	802.7%	4.09%	3.01%	180.1%
Rates integration		17.89%	22.0%	14.66%	-21.6%	18.71%	22.89%	-21.8%
Rate leasing furniture		0%	0%	0%	0%	0.04%	0%	0%
Work Factor		72.06%	-12.7%	82.56%	15.9%	71.25%	67.05%	7.5%
Weight interests		0.36	-25.0%	0.48%	33.3%	0.36%	0.67%	-46.3%

Return on capital

		31/12/2012		31/12/2011		31/12/2009	Sector Median2012
Cash flow from the overall profitability		3.04%	86.5%	1.63%	-56.3%	3.73%	3.04%	0%
Rates of economic profitability		23%	155.6%	9%	-59.1%	22%	8%	187.5%
Financial profitability		1389001%	17.2%	1185113%	1.9%	1163404%	354265%	292.1%
Return on investment		13.06%	147.8%	5.27%	-62.1%	13.92%	3.93%	232.3%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2012		31/12/2011		31/12/2009	Sector Median2012
Turnover	10,519,754	8.4%	9,701,774	36.9%	7,085,931	1,382,627 €	660.9%

Sales of goods	6,876,507	7.3%	6,411,486	29.1%	4,966,010
- Purchase of goods	901,550	-84.3%	5,760,248	42.3%	4,047,480
+/- Stock of goods variation	561,295	156.4%	218,932	-7.0%	235,290
Trading margin	5,413,662 €	1152.3%	432,306 €	-36.7%	683,240 €	13,411 €	40267.3%
	51.46 % CA	1053.8%	4.46 % CA	-53.7%	9.64 % CA	1.18 % CA	4261.0%

Sale of goods produced	3,643,247	10.7%	3,290,288	55.2%	2,119,921
+/- Stocked production	-31,968	-141.1%	-13,261	-128.3%	46,873
+ Self-constructed assets	0	0%	0	0%	0
Period production	3,611,279 €	10.2%	3,277,027 €	51.2%	2,166,794 €	1,008,785 €	258.0%
	34.33 % CA	1.6%	33.78 % CA	10.5%	30.58 % CA	95.52 % CA	-64.1%

Trading margin	5,413,662	1152.3%	432,306	-36.7%	683,240	13,411	40267.3%
+ Period Production	3,611,279	10.2%	3,277,027	51.2%	2,166,794	1,008,785	258.0%
- Purchase of raw materials	6,440,038	485.0%	1,100,888	57.6%	698,577
+/- Change in stocks of raw materiels	-472,091	-2661.9%	-17,093	-130.7%	55,713
- Other external purchases and charges	1,175,518	-2.3%	1,203,302	56.3%	769,778
Added value	1,881,476 €	32.3%	1,422,236 €	7.3%	1,325,966 €	315,341 €	496.6%
	17.89 % CA	22.0%	14.66 % CA	-21.6%	18.71 % CA	22.89 % CA	-21.8%

Added value	1,881,476 €	32.3%	1,422,236 €	7.3%	1,325,966 €	315,341 €	496.6%
+ Operating grants	12,385	37.6%	9,000	462.5%	1,600
- Tax, duty and similar payments	106,915	24.7%	85,747	36.0%	63,041
- Personal charges	1,355,756	15.5%	1,174,264	24.3%	944,796
Gross operating surplus	431,190 €	151.8%	171,225 €	-46.4%	319,729 €	41,436 €	940.6%
	4.10 % CA	133.0%	1.76 % CA	-61.0%	4.51 % CA	4.01 % CA	2.2%

Gross operating surplus	431,190 €	151.8%	171,225 €	-46.4%	319,729 €	41,436 €	940.6%
+ Release of reserves and provisions	29,869	0.7%	29,674	43.0%	20,756
+ Other operating income	06	0%	0	0%	01
- Depreciation/Amortisation	104,760	1.7%	102,981	20.2%	85,644
- Other charges	52	372.7%	11	-98.1%	570
Operating result	356,253 €	263.9%	97,907 €	-61.5%	254,272 €	13,418 €	2555.0%
	3.39 % CA	235.6%	1.01 % CA	-71.9%	3.59 % CA	1.25 % CA	171.2%

Operating result	356,253 €	263.9%	97,907 €	-61.5%	254,272 €	13,418 €	2555.0%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	21,303	35.9%	15,674	-52.6%	33,072
- Financial charges	38,156	-17.8%	46,441	80.0%	25,807
Pre-tax result	339,400 €	405.5%	67,140 €	-74.3%	261,537 €	8,755 €	3776.6%
	3.23 % CA	368.1%	0.69 % CA	-81.3%	3.69 % CA	0.75 % CA	330.7%

Extraordinary income	15,061	-66.5%	45,016	432.8%	8,449	4,500	234.7%
- Extraordinary charges	41,737	104.1%	20,447	324.8%	4,813
Extraordinary result	-26,676 €	-208.6%	24,569 €	575.7%	3,636 €	0 €	0%
	-0.25 % CA	-200%	0.25 % CA	400%	0 % CA	0.02 % CA	-1350.0%

Pre-tax result	339,400 €	405.5%	67,140 €	-74.3%	261,537 €	8,755 €	3776.6%
Extraordinary result	-26,676 €	-208.6%	24,569 €	575.7%	3,636 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	108,833	221.4%	33,866	-60.7%	86,269
Net result	203,891 €	252.5%	57,843 €	-67.7%	178,904 €	10,733 €	1799.7%
	1.94 % CA	223.3%	0.60 % CA	-76.2%	2.52 % CA	0.71 % CA	173.2%

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Status of collection

This company is not under monitoring

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
30/10/2013	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE VANNES 6597 - 332483833 RCS. PANEMEX. Forme : Société par actions simplifiée. Adresse : Moulin de Mocsouris 56220 Caden. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
08/10/2012	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE VANNES 7495 - 332483833 RCS. PANEMEX. Forme : Société par actions simplifiée. Adresse : Moulin de Mocsouris 56220 Caden. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
15/02/2011	Bodacc B	Modification et mutation diverse
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE VANNES 1598 - 332 483 833 RCS Vannes. PANEMEX. Forme : Société par actions simplifiée. Capital : 309883 EUR. Activité : . Commentaires : Modification survenue sur le capital.
26/01/2011	JAL	Modification of the share capital
Infos (Les) Date de décision : 24/12/2010 La société : 332483833 - PANEMEX, LD MOULIN MOCSOURIS, ROUTE DE LIMERZEL, 56220 CADEN a subi une augmentation de son capital social désormais de 309 883 € Date d'effet : 24/12/2010
12/10/2010	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE VANNES 6402 - 332483833 RCS. PANEMEX. Forme : Société par actions simplifiée. Adresse : Moulin de Mocsouris 56220 Caden. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
12/02/2010	Bodacc B	Modification et mutation diverse
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE VANNES 1167 - 332 483 833 RCS Vannes. PANEMEX. Forme : Société par actions simplifiée. Capital : 303194 EUR. Commentaires : Modification survenue sur le capital.
20/01/2010	JAL	Modification of the share capital
LES INFOS DU PAYS DE REDON Date de décision : 29/12/2009 La société : 332483833 - PANEMEX, LD MOULIN MOCSOURIS, ROUTE DE LIMERZEL, 56220 CADEN a subi une augmentation de son capital social désormais de 303 194 €
03/12/2009	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE VANNES 5923 - 332483833 RCS. PANEMEX. Forme : Société par actions simplifiée. Adresse : Moulin de Mocsouris 56220 Caden. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
17/02/2009	Bodacc B	Modification et mutation diverse
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE VANNES 1131 - 332 483 833 RCS Vannes. PANEMEX. Forme : Société par actions simplifiée. Capital : 295000 EUR. Commentaires : Modification survenue sur le capital.
19/12/2008	Bodacc C	Comptes annuels et rapports
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE VANNES 6138 - 332483833 RCS. PANEMEX. Forme : Société par actions simplifiée. Adresse : Moulin de Mocsouris, 56220 Caden. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
02/09/2008	Bodacc B	Modification et mutation diverse
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE VANNES 214 - 332 483 833 RCS Vannes. PANEMEX. Forme : Société par actions simplifiée. Administration : Président : ROUSSEL MARC JOSEPH MARIECommissaire aux comptes titulaire : SAS DUMOUCEL ET ASSOCIES (SAS). Commissaire aux comptes suppléant : MALLET DENIS. Commentaires : Modification survenue sur l'administration.
01/02/2008	Bodacc B	Modification et mutation diverse
56 - MORBIHAN GREFFE DU TRIBUNAL DE COMMERCE DE VANNES 2152 - 332 483 833 RCS Vannes. PANEMEX. Forme : Société par actions simplifiée. Capital : 275000 EUR. Commentaires : Modification survenue sur le capital.
20/12/2007	Bodacc C	Avis de dépôt des comptes
6723 - 332 483 833. RCS Vannes PANEMEX. Forme: Société par actions simplifiée. Adresse du siège social: Moulin de Mocsouris, 56220 Caden. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
24/11/2006	Bodacc C	Avis de dépôt des comptes
5922 - RCS Vannes B 332 483 833. RC 85-B 72. PANEMEX. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: Moulin de Mocsouris,56220 Caden. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
19/11/2005	Bodacc C	Avis de dépôt des comptes
3727 - RCS Vannes B 332 483 833. RC 85-B 72. PANEMEX. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: Moulin de Mocsouris,56220 Caden. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
13/04/2005	Bodacc B	Modifications et mutations diverses
674 - RCS Vannes B 332 483 833. RC 85-B 72. PANEMEX. Forme : S.A. Capital : 227 911,26 euros. Adresse du siège social : Moulin de Mocsouris,, 56220 Commentaires : modification survenue sur le capital (conversion en euros) et l'administration. Administration : président du conseil d'administration : ROUSSEL (Marc, Joseph, Marie) (Nom d'usage : ROUSSEL). Administrateurs : PAJOLEC (Anne, Marie, Thérèse, Marguerite) (Nom d'usage : GUIQUERRO) GUIQUERRO (Jean-Marie, Eugène) (Nom d'usage : GUIQUERRO). Commissaire aux comptes titulaire : KERAMBELLEC (Youenn) (Nom d'usage : KERAMBELLEC). Commissaire aux comptes suppléant : MALLET (Denis) (Nom d'usage : MALLET). Date d'effet : 25 juin 2004.
13/04/2005	Bodacc B	Modifications et mutations diverses
675 - RCS Vannes B 332 483 833. RC 85-B 72. PANEMEX. Forme : S.A.S. Capital : 250 000 euros. Adresse du siège social : Moulin de Mocsouris,, 56220 Commentaires : modification survenue sur la forme juridique, le capital (augmentation) et l'administration. Administration : président : ROUSSEL (Marc, Joseph, Marie) (Nom d'usage : ROUSSEL). Commissaire aux comptes titulaire : KERAMBELLEC (Youenn) (Nom d'usage : KERAMBELLEC). Commissaire aux comptes suppléant : MALLET (Denis) (Nom d'usage : MALLET). Date d'effet : 22 décembre 2004.
11/02/2005	Bodacc C	Avis de dépôt des comptes
3680 - RCS Vannes B 332 483 833. RC 85-B 72. PANEMEX. Forme: S.A. Adresse du siège social: Moulin de Mocsouris,56220 Caden. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2003.
08/11/2000	Bodacc B	Modifications et mutations diverses
RCS Vannes B 332483833 RC 85-B 72 PANEMEX. Forme : S.A. Capital : 1 495 000 F. Activité : meunerie, minoterie, travail à façon de céréales, vente de farine et d' aliments du bétail conception, fabrication et commercialisation d' auxiliaires de panification, de levures, de mixes, de flocons et de graines de céréales. Adresse du siège social : Moulin de Mocsouris, Caden, 56220 Malansac. Commentaires : modification survenue sur la dénomination, le capital (augmentation) et l'activité. Date d'effet : 22 septembre 2000.
27/05/1997	Bodacc B	Modifications et mutations diverses
RCS Vannes B 332483833 RC 85-B 72 MINOTERIE GUIQUERRO-ROUSSEL. Forme : S.A. Capital : 1 000 000 F (fixe). Adresse du siège social : moulin de Mocsouris, Caden, 56220 Malansac. Administration : ancien commissaire aux comptes titulaire : LACOMBE (Jean-Louis) nouveau commissaire aux comptes titulaire : BRION (Gilles) ancien commissaire aux comptes suppléant : DELANNOY (Gaston) nouveau commissaire aux comptes suppléant : MALLET (Denis). Date d'effet : 28 décembre 1996.
13/05/1997	Bodacc B	Modifications et mutations diverses
RCS Vannes B 332 483 833 RC 85-B 72 MINOTERIE GUIQUERRO-ROUSSEL. Forme : S.A. Capital : 1 000 000 de F (fixe). Adresse du siège social : Moulin de Mocsouris, Caden 56220 Malansac. Administration : ancien directeur général : Mme GUIQUERRO (Anne). Date d'effet : 31 décembre 1996.

Company events history

Date	Description
30/10/2013	Bodacc C : Deposit accounts notice
19/10/2013	Update Limit
19/10/2013	Update Rating
19/10/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
15/10/2013	Update Limit
15/10/2013	Update Rating
31/12/2012	New accounts available
13/11/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
08/10/2012	Bodacc C : Deposit accounts notice
31/12/2011	New accounts available
15/02/2011	Bodacc B: Various editing or changing
31/01/2011	Minutes of general meeting of shareholders
31/01/2011	Capital increase
31/01/2011	Updated articles of association
31/12/2010	Other modification of Establishment
24/12/2010	Legal Gazette: Modification of the share capital
12/10/2010	Bodacc C : Deposit accounts notice
12/02/2010	Bodacc B: Various editing or changing
26/01/2010	Minutes of general meeting of shareholders
26/01/2010	Capital increase
26/01/2010	Updated articles of association
31/12/2009	New accounts available
29/12/2009	Other modification of Establishment
29/12/2009	Update of Company Workforce
29/12/2009	Legal Gazette: Modification of the share capital
03/12/2009	Bodacc C : Deposit accounts notice
17/02/2009	Bodacc B: Various editing or changing
17/02/2009	New Bodacc B ads detected
30/01/2009	Updated articles of association
30/01/2009	Minutes of general meeting of shareholders
30/01/2009	Fund deposit certificate
30/01/2009	Private document
30/01/2009	Capital increase
30/01/2009	Audit or Management Report
31/12/2008	New accounts available
30/12/2008	Other modification of Establishment
19/12/2008	Bodacc C : Deposit accounts notice
02/09/2008	New Bodacc B ads detected
02/09/2008	Bodacc B: Various editing or changing
19/08/2008	Minutes of general meeting of shareholders
19/08/2008	Private document
19/08/2008	Appointment/resignation of company officers
01/02/2008	New Bodacc B ads detected
01/02/2008	Bodacc B: Various editing or changing
01/02/2008	Audit or Management Report
01/02/2008	Rapport des Commissaires ou du Gérant
01/02/2008	Updated articles of association
01/02/2008	Statuts mis à jour
01/02/2008	Minutes of general meeting of shareholders
01/02/2008	Private document
01/02/2008	Acte sous seing privé
01/02/2008	Augmentation de Capital
01/02/2008	Capital increase
31/12/2007	New accounts available
27/12/2007	Other modification of Establishment
31/12/2006	New accounts available
31/12/2005	New accounts available
21/02/2005	Changement de Forme Juridique sans changement de catégorie
21/02/2005	New legal form – no new category
21/02/2005	New legal form – no new category
21/02/2005	Augmentation de Capital
21/02/2005	Capital increase
21/02/2005	Capital increase
21/02/2005	Conversion du Capital Social en Euros
21/02/2005	Acte sous seing privé
21/02/2005	Private document
21/02/2005	Private document
21/02/2005	Appointment/resignation of company officers
21/02/2005	Nomination/démission des organes de gestion
21/02/2005	Appointment/resignation of company officers
21/02/2005	Minutes of general meeting of shareholders
21/02/2005	PV d'Assemblée
21/02/2005	Minutes of general meeting of shareholders
21/02/2005	Statuts mis à jour
21/02/2005	Updated articles of association
21/02/2005	Updated articles of association
21/02/2005	Changement de Commissaire aux Comptes
21/02/2005	New auditor
21/02/2005	New auditor
21/02/2005	Audit or Management Report
21/02/2005	Rapport des Commissaires ou du Gérant
21/02/2005	Audit or Management Report
21/02/2005	Acte modificatif
31/12/2004	New accounts available
31/12/2003	New accounts available
13/10/2000	Changement de dénomination sociale
13/10/2000	Modification de l'objet social
13/10/2000	Augmentation de Capital
13/10/2000	Acte modificatif
13/10/2000	Rapport des Commissaires ou du Gérant
13/10/2000	Prise ou reprise d'activité
13/10/2000	Statuts mis à jour
13/10/2000	PV d'Assemblée
13/10/2000	Déclaration de conformité
13/10/2000	Acte sous seing privé
14/09/2000	Acte sous seing privé
14/09/2000	Rapport des Commissaires ou du Gérant
14/09/2000	Acte modificatif
11/08/2000	Projet de Fusion
11/08/2000	Acte modificatif
11/08/2000	Acte sous seing privé
22/05/2000	Acte modificatif
22/05/2000	Nomination/démission des organes de gestion
22/05/2000	Requête et Ordonnance
15/02/2000	PV d'Assemblée
15/02/2000	Statuts mis à jour
15/02/2000	Changement de date de clôture
15/02/2000	Acte sous seing privé
23/04/1997	Nomination/démission des organes de gestion
23/04/1997	Acte sous seing privé
23/04/1997	Changement de Commissaire aux Comptes
23/04/1997	PV d'Assemblée
09/04/1997	Nomination/démission des organes de gestion
09/04/1997	PV du Conseil d'Administration
09/04/1997	Acte sous seing privé
09/04/1997	Modification du Conseil d'Administration
05/03/1992	PV du Conseil d'Administration
05/03/1992	Modification du Conseil d'Administration
05/03/1992	Nomination/démission des organes de gestion
05/03/1992	PV d'Assemblée
05/03/1992	Changement de Président (PDG, PCA)
05/03/1992	Acte modificatif

directors

Name	M. ROUSSEL MARC JOSEPH MARIE
Manager position	President	Date of birth	18/06/1952
Place of birth	VANNES (56)
Type	Individual	Name at birth

Previous Directors

No data about previous directors is available for this company

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.73
UK Pound	1	Rs.102.36
Euro	1	Rs.81.38

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MNL

RATING EXPLANATIONS

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

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

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

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

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

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