MIRA INFORM REPORT

Report Date :

31.07.2014

IDENTIFICATION DETAILS

Name :	MINITUBES SA
Registered Office :	ZAC Technisud 21 Rue Jean Vaujany 38100 Grenoble
Country :	France
Financials (as on) :	31.12.2009
Date of Incorporation :	January 1999
Com. Reg. No.:	B 421 454 059
Legal Form :	Public limited company with board of directors
Line of Business :	Manufacture of tubes, pipes, hollow profiles and related fittings, steel
No. of Employees	200 to 249

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 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 name

MINITUBES SA

company summary

		EUR VAT Number	FR72421454059
Activity (APE)	Manufacture of tubes, pipes, hollow profiles and related fittings, steel (2420Z)	Legal form	Public limited company with board of directors
Phone	04 56 58 58 58	RCS Registration	RCS Grenoble B 421 454 059
Office add	B.P.2529-21 Rue Jean Vaujany F - 38035 Grenoble Cedex 2	Share capital	1,008,000 Euros
Address	MINITUBES SA ZAC TECHNISUD 21 RUE JEAN VAUJANY 38100 GRENOBLE	Incorporated Date	01/1999
Nationality	France	Status	Economically active

Payment Information Summary - Trade Payment Data
Total number of Invoices available	8
Total number of Invoices paid within or up to 30 days after the due date	4
Total number of Invoices paid more than 30 days after the due date	4
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

No social security and tax office preferential right to date

Current Directors

4

Trading to Date	12/31/2009	12/31/2008	12/31/2007
Turnover	17,920,040 €	19,229,374 €	18,948,398 €
Gross Operating Surplus	5.84 % Turnover	14.16 % Turnover	8.95 % Turnover
Shareholders’ equity	10,063,034 €	9,892,608 €	8,620,743 €
Net result	509,664 €	1,120,238 €	799,240 €
Employees	200 to 249 employees	-	-

Trends
Profitability
Liquidity
Net worth

Company details

Activity (APE)	Manufacture of tubes, pipes, hollow profiles and related fittings, steel
RCS Registration	RCS Grenoble B 421 454 059	Share capital	1,008,000 Euros
Registration Court	Grenoble (38)	Legal form	Public limited company with board of directors
Court Registry Number	99 B 00019	EUR VAT Number	FR72421454059
Incorporation Date	01/1999	Formation Date	12/1998
Deregistration Date		Last account Date	31/12/2009
Nationality	France

Establishment details

Activity (APE)	Manufacture of tubes, pipes, hollow profiles and related fittings, steel	Business Pages FT®	TUYAUTERIE INDUSTRIELLE
Postal Address	MINITUBES SA ZAC TECHNISUD 21 RUE JEAN VAUJANY 38100 GRENOBLE	Trading Address	21 RUE JEAN VAUJANY 38100 GRENOBLE
Telephone	04 56 58 58 58
Fax

Type	Head office (one site company)	Status	Economically active
Formation Date	11/2001	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Isère (38)	Region	Rhône-Alpes
District	1	Area	98
City	GRENOBLE	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

Other establishments

Branches	1 branch entities in this company
Head office	Manufacture of tubes, pipes, hollow profiles and related fittings, steel
Secondary establishments	Manufacture of tubes, pipes, hollow profiles and related fittings, steel

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

200 to 249 employees

Company workforce

200 to 249 employees

Financial data

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2009	31/12/2008	31/12/2007
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	07/08/2010	-	-
Activity Code	2420Z	2420Z	2420Z
Employees	212	213	229

Active account

Annual Accounts	31/12/2009		31/12/2008		31/12/2007	Sector Median2009
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	3,335,444	-10.4%	3,720,727	-14.7%	4,363,535	218,475.50	1426.7%
- Intangible assets	935,472	1.0%	926,440	-4.1%	966,450	444	210591.9%
- Tangible assets	2,244,213	-16.2%	2,678,450	-18.1%	3,269,724	125,474	1688.6%
- Financial assets	155,759	34.5%	115,837	-9.0%	127,360	4,723	3197.9%
Net current assets	11,878,494	-2.2%	12,140,083	3.0%	11,783,509	747,648.50	1488.8%
- Stocks	4,614,487	-4.0%	4,806,772	-1.3%	4,871,589	209,241.50	2105.3%
- Advanced payments	0	-2.2%	0	0%	67,069	0	0%
- Receivables	2,911,843	-6.1%	3,100,582	-32.5%	4,595,374	333,251	773.8%
- Securities and cash	4,352,164	2.8%	4,232,729	88.2%	2,249,476	77,477	5517.4%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	1,507	-96.2%	39,797	1013.2%	3,575	0	0%
Total Assets	15,215,448	-4.3%	15,900,608	-1.5%	16,150,619	798,894.50	1804.6%

Passive Account

Annual Accounts	31/12/2009		31/12/2008		31/12/2007	Sector Median2009
Shareholders' equity	10,063,034	1.7%	9,892,608	14.8%	8,620,743	199,956.50	4932.6%
Share capital	1,008,000	0%	1,008,000	0%	1,008,000	76,500	1217.6%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	137,345	-43.6%	243,352	76.9%	137,528	0	0%
Liabilities	4,992,131	-13.1%	5,746,333	-22.1%	7,374,266	603,033	727.8%
- Financial liabilities	1,889,605	-15.9%	2,248,128	-15.9%	2,671,981	93,350.50	1924.2%
- Advanced payments received	84,146	116.0%	38,962	12.7%	34,575	0	0%
- Trade account payables	1,450,733	-5.4%	1,532,775	-46.7%	2,874,013	168,460	761.2%
- Tax and social liabilities	1,382,534	-24.3%	1,825,669	12.8%	1,618,049	274,767.50	403.2%
- Other debts and fixed assets liabilities	208,050	74.7%	119,114	-38.5%	193,729	13,317	1462.3%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	15,215,446	-4.3%	15,900,608	-1.5%	16,150,619	798,894.50	1804.6%

Results

Annual Accounts	31/12/2009		31/12/2008		31/12/2007	Sector Median2009
Sales of Goods	18,623,455	-3.7%	19,339,796	-5.9%	20,556,668	1,501,409.50	1140.4%
Net turnover	17,920,040	-6.8%	19,229,374	1.5%	18,948,398	1,495,864.50	1098.0%
- of which net export turnover	13,381,309	-1.3%	13,551,305	-2.3%	13,866,590	201	6657267.7%
Operating charges	17,992,151	2.2%	17,610,217	-9.7%	19,508,236	1,392,504	1192.1%
Operating profit/loss	631,304	-63.5%	1,729,579	65.0%	1,048,433	20,697	2950.2%
Financial income	515,185	15.4%	446,306	118.6%	204,198	964.50	53314.7%
Financial charges	531,075	89.4%	280,457	-15.2%	330,607	6,998	7489.0%
Financial profit/loss	-15,890	-109.6%	165,849	231.2%	-126,410	-1,775	-795.2%
Pretax net operating income	615,414	-67.5%	1,895,428	105.6%	922,023	20,342.50	2925.3%
Extraordinary income	68,327	298.0%	17,167	-72.9%	63,329	2,350	2807.5%
Extraordinary charges	93,297	-51.6%	192,627	37.7%	139,850	2,332.50	3899.9%
Extraordinary profit/loss	-24,970	85.8%	-175,460	-129.3%	-76,521	-26	-95938.5%
Net result	509,664	-54.5%	1,120,238	40.2%	799,240	18,992.50	2583.5%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2009	31/12/2008	31/12/2007
Months	12	12	12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2009		31/12/2008		31/12/2007
	Grand Total (I to VI)	Net	15,215,448	-4.3%	15,900,608	-1.5%	16,150,619
	Gross	CO	24,211,193	-0.3%	24,293,964	2.6%	23,670,230
	Amortisation	1A	8,995,745	7.2%	8,393,356	11.6%	7,519,611

Non declared distributed capital (I)

		31/12/2009		31/12/2008		31/12/2007
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	-	-	-	-

Active fixed asset (II)

			31/12/2009		31/12/2008		31/12/2007
	Total Active fixed asset (II)	Net	3,335,444	-10.4%	3,720,727	-14.7%	4,363,535
	Gross	BJ	12,128,993	2.9%	11,790,896	-0.3%	11,822,471
	Amortisation	BK	8,793,549	9.0%	8,070,169	8.2%	7,458,936

Intangilble fixed assets

			31/12/2009		31/12/2008		31/12/2007
	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	20,778	76.9%	11,746	-77.3%	51,756
	Gross	AF	350,914	7.8%	325,474	0.6%	323,521
	Amortisation	AG	330,136	5.2%	313,728	15.4%	271,765
	Goodwill	Net	914,694	0%	914,694	0%	914,694
	Gross	AH	914,694	0%	914,694	0%	914,694
	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	935,472	1.0%	926,440	-4.1%	966,450

Tangilble fixed assets

			31/12/2009		31/12/2008		31/12/2007
	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	1,029,673	-8.5%	1,125,557	-8.8%	1,233,899
	Gross	AR	5,447,382	2.1%	5,335,460	-0.5%	5,362,175
	Amortisation	AS	4,417,709	4.9%	4,209,903	2.0%	4,128,276
	Other tangible fixed assets	Net	1,179,390	-24.1%	1,552,893	-23.3%	2,024,302
	Gross	AT	5,225,094	2.5%	5,099,431	0.3%	5,083,197
	Amortisation	AU	4,045,704	14.1%	3,546,538	15.9%	3,058,895
	Fixed assets in construction	Net	35,150	0%	0	0%	11,523
	Gross	AV	35,150	0%	0	0%	11,523
	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	2,244,213		2,678,450		3,269,724

Financial assets

			31/12/2009		31/12/2008		31/12/2007
	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	1,500	0%	1,500	0%	1,500
	Gross	BD	1,500	0%	1,500	0%	1,500
	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	154,259	34.9%	114,337	-9.2%	125,860
	Gross	BH	154,259	34.9%	114,337	-9.2%	125,860
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		155,759		115,837		127,360

Current Assets (III)

			31/12/2009		31/12/2008		31/12/2007
	Total Assets	Net	11,878,494	-2.2%	12,140,083	3.0%	11,783,509
	Gross	CJ	12,080,690	-3.1%	12,463,271	5.2%	11,844,184
	Amortisation	CK	202,196	-37.4%	323,187	432.7%	60,675

Stocks

			31/12/2009		31/12/2008		31/12/2007
	Raw materials	Net	1,708,083	-16.1%	2,036,035	7.5%	1,894,804
	Gross	BL	1,708,083	-16.1%	2,036,035	7.5%	1,894,804
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	1,361,265	16.4%	1,169,208	34.7%	868,056
	Gross	BN	1,361,265	16.4%	1,169,208	34.7%	868,056
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	1,529,568	-3.9%	1,592,061	-23.8%	2,090,628
	Gross	BR	1,529,568	-3.9%	1,592,061	-23.8%	2,090,628
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	15,571	64.5%	9,468	-47.7%	18,101
	Gross	BT	15,571	64.5%	9,468	-47.7%	18,101
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	4,614,487	-4.0%	4,806,772	-1.3%	4,871,589

Advance payments to suppliers

			31/12/2009		31/12/2008		31/12/2007
	Advance payments to suppliers	Net	0	0%	0	0%	67,069
	Gross	BV	0	0%	0	0%	67,069
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2009		31/12/2008		31/12/2007
	Trade accounts receivable	Net	2,099,041	-8.7%	2,300,247	-11.2%	2,590,176
	Gross	BX	2,301,237	-12.3%	2,623,435	-1.0%	2,650,851
	Amortisation	BY	202,196	-37.4%	323,188	432.7%	60,675
	Other debtors	Net	713,818	-0.5%	717,205	-63.3%	1,953,835
	Gross	BZ	713,818	-0.5%	717,205	-63.3%	1,953,835
	Amortisation	CA	0	0%	0	0%	0
	Capital subscribed and called up	Net	0	0%	0	0%	0
	Gross	CB	0	0%	0	0%	0
	Amortisation	CC	0	0%	0	0%	0
	Sub Total Debtors	Net	2,812,859	-6.8%	3,017,452	-33.6%	4,544,011

Divers

			31/12/2009		31/12/2008		31/12/2007
	Investment securities	Net	1,577,737	-15.4%	1,863,941	88.8%	987,358
	Gross	CD	1,577,737	-15.4%	1,863,941	88.8%	987,358
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	2,774,427	17.1%	2,368,788	87.7%	1,262,118
	Gross	CF	2,774,427	17.1%	2,368,788	87.7%	1,262,118
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	4,352,164	2.8%	4,232,729	88.2%	2,249,476

Prepaid expenses

			31/12/2009		31/12/2008		31/12/2007
	Prepaid expenses	Net	98,984	19.1%	83,130	61.8%	51,363
	Gross	CH	98,984	19.1%	83,130	61.8%	51,363
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2009		31/12/2008		31/12/2007
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	-	-	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	-	-	-	-
Currency differential gain	CN3	1,507	-96.2%	39,797	1013.2%	3,575
Gross		1,507	-	-	-	-

References

		31/12/2009		31/12/2008		31/12/2007
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2009		31/12/2008		31/12/2007
Grand Total (I to V)	EE	15,215,446	-4.3%	15,900,608	-1.5%	16,150,619

Shareholder Equity (I)

			31/12/2009		31/12/2008		31/12/2007
	Total shareholders' equity (Total I)	DL	10,063,034	1.7%	9,892,608	14.8%	8,620,743
	Equity and shareholders' equity	DA	1,008,000	0%	1,008,000	0%	1,008,000
	Issue and merger premiums	DB	376,232	0%	376,232	0%	376,232
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	100,800	0%	100,800	0%	100,800
	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	7,475,959	10.5%	6,763,721	13.4%	5,964,481
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	0	0%	0	0%	0
	Profit or loss for the period	DI	509,664	-54.5%	1,120,238	40.2%	799,240
	Investment grants	DJ	37,734	-28.6%	52,826	-22.2%	67,918
	Special tax-allowable reserves	DK	554,645	17.8%	470,792	54.8%	304,073

Other capital resources (II)

			31/12/2009		31/12/2008		31/12/2007
	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)

			31/12/2009		31/12/2008		31/12/2007
	Total provisions for risks and charges (Total III)	DR	137,345	-43.6%	243,352	76.9%	137,528
	Risk provisions	DP	137,345	-43.6%	243,352	76.9%	137,528
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2009		31/12/2008		31/12/2007
	Total Liabilities (Total IV)	EC	4,992,131	-13.1%	5,746,333	-22.1%	7,374,266
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	1,449,276	-23.8%	1,900,814	47.3%	1,290,598
	Sundry loans and financial liabilities	DV	440,329	26.8%	347,314	-74.9%	1,381,383
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	84,146	116.0%	38,962	12.7%	34,575
	Trade accounts payables	DX	1,450,733	-5.4%	1,532,775	-46.7%	2,874,013
	Tax and social security liabilities	DY	1,382,534	-24.3%	1,825,669	12.8%	1,618,049
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	185,113	83.6%	100,800	-42.6%	175,648

Translation loss (V)

		31/12/2009		31/12/2008		31/12/2007
Translation loss (Total V)	ED	22,937	25.2%	18,314	1.3%	18,081

Equalization accounts

		31/12/2009		31/12/2008		31/12/2007
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2009		31/12/2008		31/12/2007
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	4,993,637	-13.1%	5,748,097	-21.5%	7,321,344
Of which current bank facilities	EH	4,517	44.5%	3,127	-97.1%	108,206

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)

		31/12/2009		31/12/2008		31/12/2007
Operating result (Total I-II)	GG	631,304	-63.5%	1,729,579	65.0%	1,048,433

2 -Financial result(V - VI)

		31/12/2009		31/12/2008		31/12/2007
Financial result (Total V-VI)	GV	-15,890	-109.6%	165,849	231.2%	-126,410

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

		31/12/2009		31/12/2008		31/12/2007
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	615,414	-67.5%	1,895,428	105.6%	922,023

4 -Extraordinary result(VII-VIII)

		31/12/2009		31/12/2008		31/12/2007
Extraordinary result (Total VII-VIII)	HI	-24,970	85.8%	-175,460	-129.3%	-76,521

Profit or loss

		31/12/2009		31/12/2008		31/12/2007
Profit or loss	HN	509,664	-54.5%	1,120,238	40.2%	799,240

Total Income (I+III+V+VII)

		31/12/2009		31/12/2008		31/12/2007
Total Income (I+III+V+VII)	HL	19,206,967	-3.0%	19,803,269	-4.9%	20,824,195

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

		31/12/2009		31/12/2008		31/12/2007
Total charges (Total II+IV+VI+VIII+IX+X)	HM	18,697,303	0.1%	18,683,031	-6.7%	20,024,955

Operating income(I)

		31/12/2009		31/12/2008		31/12/2007
Total operating income (Total I)	FR	18,623,455	-3.7%	19,339,796	-5.9%	20,556,668

Operating income (details)

			31/12/2009		31/12/2008		31/12/2007
	Sale of goods for resale	FC	114,673	-43.0%	201,219	37.8%	146,003
	France	FA	31,932	-70.8%	109,247	46.8%	74,401
	Export	FB	82,741	-10.0%	91,972	28.4%	71,602
	Sale of goods produced	FF	17,726,715	-6.6%	18,982,801	1.1%	18,771,296
	France	FD	4,489,156	-19.3%	5,565,772	11.5%	4,990,837
	Export	FE	13,237,559	-1.3%	13,417,029	-2.6%	13,780,459
	Sale of services	FI	78,652	73.4%	45,354	45.8%	31,099
	France	FG	17,643	478.5%	3,050	-81.6%	16,570
	Export	FH	61,009	44.2%	42,304	191.1%	14,530
	Net turnover	FL	17,920,040	-6.8%	19,229,374	1.5%	18,948,398
	France	FJ	4,538,731	-20.1%	5,678,069	11.7%	5,081,808
	Export	FK	13,381,309	-1.3%	13,551,305	-2.3%	13,866,590
	Stocked production	FM	129,564	165.6%	-197,415	-117.4%	1,136,930
	Self-constructed assets	FN	35,150	0%	0	0%	11,523
	Operating grants	FO	24,249	372.7%	5,130	-81.8%	28,130
	Release of reserves and provisions	FP	503,741	89.3%	266,122	-12.3%	303,364
	Other income	FQ	10,711	-70.7%	36,586	-71.5%	128,322

Operating charges(II)

		31/12/2009		31/12/2008		31/12/2007
Total operating charges (Total II)	GF	17,992,151	2.2%	17,610,217	-9.7%	19,508,236

Exploitation charges

		31/12/2009		31/12/2008		31/12/2007
Purchase of goods for resale	FS	65,174	-11.8%	73,933	-19.9%	92,341
Change in stocks of goods for resale	FT	-6,103	-170.7%	8,633	130.9%	3,739
Purchase of raw materials	FU	1,596,395	-25.9%	2,153,434	-31.4%	3,137,299
Change in stocks of raw materials	FV	345,958	345.0%	-141,231	74.2%	-546,467
Other external purchases and charges	FW	6,447,105	10.7%	5,823,767	-16.5%	6,971,923
Tax, duty and similar payments	FX	784,350	1.8%	770,416	-0.3%	772,412
Payroll	FY	5,563,577	2.8%	5,413,322	-5.2%	5,711,432
Social security costs	FZ	2,266,518	2.4%	2,212,408	-3.3%	2,287,161

Depreciation

		31/12/2009		31/12/2008		31/12/2007
Depreciation of fixed assets	GA	763,331	-6.4%	815,739	1.1%	806,814
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	25,008	-90.6%	265,781	15442.7%	1,710
Provisions for risks and charges	GD	135,838	-33.3%	203,555	52.0%	133,953

Other charges

		31/12/2009		31/12/2008		31/12/2007
Other charges	GE	5,000	-52.2%	10,459	-92.3%	135,919

Operating charges (III-IV)

		31/12/2009		31/12/2008		31/12/2007
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)

			31/12/2009		31/12/2008		31/12/2007
	Total financial income (Total V)	GP	515,185	15.4%	446,306	118.6%	204,198
	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	28,147	-82.6%	162,011	155.9%	63,316
	Released provisions and transferred charges	GM	39,797	1013.2%	3,575	-34.0%	5,417
	Exchange gains	GN	447,241	59.3%	280,720	107.2%	135,465
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2009		31/12/2008		31/12/2007
	Total financial charge (Total VI)	GU	531,075	89.4%	280,457	-15.2%	330,607
	Financial reserves and provisions	GQ	1,507	-96.2%	39,797	1013.2%	3,575
	Interest and similar charges	GR	120,034	-5.1%	126,481	7.8%	117,334
	Exchange losses	GS	409,534	258.7%	114,179	-45.6%	209,698
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income(VII)

			31/12/2009		31/12/2008		31/12/2007
	Total extraordinary income (Total VII)	HD	68,327	298.0%	17,167	-72.9%	63,329
	Extraordinary operating income	HA	53,235	2465.5%	2,075	0%	0
	Extraordinary income from capital transactions	HB	15,092	0%	15,092	0%	15,092
	Released provisions and transferred charges	HC	0	0%	0	0%	48,237

Extraordinary charges(VIII)

			31/12/2009		31/12/2008		31/12/2007
	Total extraordinary charges (Total VIII)	HH	93,297	-51.6%	192,627	37.7%	139,850
	Extraordinary operating charges	HE	0	0%	17,802	0%	0
	Extraordinary charges from capital transactions	HF	9,444	16.5%	8,105	1309.6%	575
	Extraordinary reserves and provisions	HG	83,853	-49.7%	166,719	19.7%	139,274

Employee profit sharing(IX)

		31/12/2009		31/12/2008		31/12/2007
Employee profit sharing (Total IX)	HJ	0	0%	133,631	13.0%	118,293

Tax on profits(X)

		31/12/2009		31/12/2008		31/12/2007
Tax on profits (Total X)	HK	80,780	-82.7%	466,099	747.1%	-72,031

References

		31/12/2009		31/12/2008		31/12/2007
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	24,837	2.2%	24,298	0%	24,298
Of which transferred charges	A1	154,186	19.6%	128,900	12.0%	115,044
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	5,000	0%	5,000	0%	5,000

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)

			31/12/2009		31/12/2008		31/12/2007
	Gross value at begin of period	OG	0	0%	11,822,470	6.5%	11,097,848
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	199,845	-80.1%	1,003,763
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	0	0%	231,418	-17.1%	279,141
	Gross value at the end of period	OL	0	0%	11,790,896	-0.3%	11,822,471

Research and development Charge (Total I)

			31/12/2009		31/12/2008		31/12/2007
	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)

			31/12/2009		31/12/2008		31/12/2007
	Gross value at begin of period	KD	0	0%	1,238,215	5.7%	1,171,378
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	18,067	-81.0%	95,338
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	16,114	-43.5%	28,501
	Gross value at the end of period	LW	0	0%	1,240,168	0.2%	1,238,215

Tangible fixed assets (Total III)

			31/12/2009		31/12/2008		31/12/2007
	Gross value at begin of period	LN	0	0%	10,456,895	6.7%	9,799,110
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	0	0%	181,778	-80.0%	908,425
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	203,781	-18.7%	250,640
	Gross value at the end of period	NH	0	0%	10,434,892	-0.2%	10,456,895

Fiancial assets (Total IV)

			31/12/2009		31/12/2008		31/12/2007
	Gross value at begin of period	LQ	0	0%	127,360	0%	127,360
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	11,523	0%	0
	Gross value at the end of period	NK	0	0%	115,837	-9.0%	127,360

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

			31/12/2009		31/12/2008		31/12/2007
	Reserve for depreciation value at begin of period	0N	0	0%	7,458,936	9.9%	6,784,110
Increases		0P	0	0%	815,164	1.0%	806,814
Decreasess		0Q	0	0%	203,931	54.5%	131,987
	Reserve for depreciation value at the end of period	0R	0	0%	8,070,169	8.2%	7,458,937

Research and development charge (Total I)

			31/12/2009		31/12/2008		31/12/2007
	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)

			31/12/2009		31/12/2008		31/12/2007
	Reserve for depreciation value at begin of period	PE	0	0%	271,765	18.6%	229,118
Increases		PF	0	0%	58,076	-18.4%	71,149
Decreasess		PG	0	0%	16,114	-43.5%	28,501
	Decreasess by budget item transfer	PH	0	0%	313,727	15.4%	271,765

Total fixed assets amotisation(Total III)

			31/12/2009		31/12/2008		31/12/2007
	Reserve for depreciation value at begin of period	QU	0	0%	7,187,171	9.6%	6,554,992
Increases		QV	0	0%	757,088	2.9%	735,665
Decreases		QW	0	0%	187,817	81.5%	103,486
	Decreasess by budget item transfer	QX	0	0%	7,756,442	7.9%	7,187,171

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2009		31/12/2008		31/12/2007
	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

			31/12/2009		31/12/2008		31/12/2007
	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)

			31/12/2009		31/12/2008		31/12/2007
	Value at begining of period	7C	1,037,331	106.5%	502,276	7.8%	465,737
Increases		UB	423,394	-59.2%	1,037,331	272.5%	278,512
Decreases		UC	566,539	12.8%	502,276	107.6%	241,975
	Value at the end of period	UD	894,186	-13.8%	1,037,331	106.5%	502,275

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)

			31/12/2009		31/12/2008		31/12/2007
	Value at begining of period	3Z	470,792	54.8%	304,073	42.7%	213,035
Increases		TS	83,853	-82.2%	470,792	238.0%	139,274
Decreases		TT	0	0%	304,073	530.4%	48,237
	Value at the end of period	TU	554,645	17.8%	470,792	54.8%	304,073

Total risk and charge provisions (Total II)

			31/12/2009		31/12/2008		31/12/2007
	Value at begining of period	5Z	243,352	76.9%	137,528	-24.0%	180,868
Increases		TV	137,345	-43.6%	243,352	76.9%	137,528
Decreases		TW	243,352	76.9%	137,528	-24.0%	180,868
	Value at the end of period	TX	137,345	-43.6%	243,352	76.9%	137,528

Total Provision for depreciation (Total III)

			31/12/2009		31/12/2008		31/12/2007
	Value at begining of period	7B	323,187	432.7%	60,675	-15.5%	71,834
Increases		TY	202,196	-37.4%	323,187	18799.8%	1,710
Decreases		TZ	323,187	432.7%	60,675	371.4%	12,870
	Value at the end of period	UA	202,196	-37.4%	323,187	432.7%	60,674

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

		31/12/2009		31/12/2008		31/12/2007
Gross value	VT	3,269,805	-7.6%	3,539,870	-26.0%	4,781,910
1 year at most	VU	3,115,546	-9.0%	3,425,533	-26.4%	4,656,050
More than one year	VV	154,259	34.9%	114,337	-9.2%	125,860

State of loans

		31/12/2009		31/12/2008		31/12/2007
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	154,259	34.9%	114,337	-9.2%	125,860
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2009		31/12/2008		31/12/2007
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	0%	0	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	3,115,546	0%	0	0%	0

Prepaid

		31/12/2009		31/12/2008		31/12/2007
Prepaid	VS	0	0%	83,130	61.8%	51,363

State Debt

			31/12/2009		31/12/2008		31/12/2007
	Total debt (gross)	VY	4,909,491	-14.0%	5,709,135	-22.2%	7,339,691
1 year at most		VZ2	3,936,838	-0.4%	3,952,104	-29.2%	5,578,491
More than 1 year and 5 years at most		VZ3	972,653	-44.6%	1,757,031	15.9%	1,515,977
More than 5 years		VZ4	0	0%	0	0%	245,224

Details

			31/12/2009		31/12/2008		31/12/2007
	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	1,449,276	0%	0	0%	0
1 year at most		VG2	476,623	0%	0	0%	0
More than 1 year and 5 years at most		VG3	972,653	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	1,900,814	47.3%	1,290,598
1 year at most		VH2	0	0%	456,055	-20.1%	570,788
More than 1 year and 5 years at most		VH3	0	0%	1,444,759	100.7%	719,811
	Loans and various financial liabilities (gross)	8A1	440,329	26.8%	347,314	-74.9%	1,381,383
1 year at most		8A2	440,329	1156.6%	35,042	-89.7%	339,993
More than 1 year and 5 years at most		8A3	0	0%	312,272	-60.8%	796,166
	Suppliers and associated accounts (gross)	8B1	1,450,733	-5.4%	1,532,775	-46.7%	2,874,013
1 year at most		8B2	1,450,733	-5.4%	1,532,775	-46.7%	2,874,013
More than 1 year and 5 years at most		8B3	1,450,733	0%	0	0%	0
	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	1,382,534	-24.3%	1,825,669	12.8%	1,618,049
1 year at most		8D2	1,382,534	-24.3%	1,825,669	12.8%	1,618,049
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	186,619	82.0%	102,563	-41.6%	175,648
1 year at most		8K2	186,619	82.0%	102,563	-41.6%	175,648
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

		31/12/2009		31/12/2008		31/12/2007
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

		31/12/2009		31/12/2008		31/12/2007
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2009		31/12/2008		31/12/2007
Commitments leasing furniture	YQ	0	0%	13,726	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

		31/12/2009		31/12/2008		31/12/2007
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

		31/12/2009		31/12/2008		31/12/2007
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

		31/12/2009		31/12/2008		31/12/2007
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

		31/12/2009		31/12/2008		31/12/2007
Average number of employees	YP	212	-0.5%	213	-7.0%	229

Groups and Shareholders

		31/12/2009		31/12/2008		31/12/2007
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

		31/12/2009		31/12/2008		31/12/2007	Sector Median2009
Fixed Asset Financing		1.72	-0.6%	1.73	8.8%	1.59	1.70	1.2%
Global Debt		100days	-7.4%	108days	-22.9%	140days	131days	-23.7%
Working Capital Fund overall net		176days	8.6%	162days	22.7%	132days	87days	102.3%
Financial independence		694.35%	33.4%	520.44%	-22.1%	667.97%	447.37%	55.2%
More ratios
Solvability		66.14%	6.3%	62.22%	16.6%	53.38%	39.70%	66.6%
Capacity debt futures		415.50%	-80.8%	2169.17%	43.6%	1510.32%	1264.37%	-67.1%
Coverage of current assets by net working capital overall		64.53%	6.1%	60.80%	11.7%	54.45%	48.37%	33.4%
General Liquidity		0.79	-9.2%	0.87	4.8%	0.83	0.71	11.3%
Restricted Liquidity		1.90	-2.1%	1.94	56.5%	1.24	1.29	47.3%

Management or rotation

		31/12/2009		31/12/2008		31/12/2007	Sector Median2009
Need background in operating working capital		87days	7.4%	81days	-11.0%	91days	50days	74.0%
Treasury		87days	10.1%	79days	92.7%	41days	14days	521.4%
Inventory turnover of goods		95days	131.7%	41days	-39.7%	68days	13days	630.8%
Average length of credit granted to customers		46days	-6.1%	49days	-2.0%	50days	63days	-27.0%
Average length of credit obtained suppliers		62days	-11.4%	70days	-34.6%	107days	62days	0%
More ratios
Inventory turnover of raw materials in industrial enterprises		366days	12.3%	326days	53.1%	213days	82days	346.3%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	184days	1.7%	181days	198days	-
Rotation tangible assets		%	-	184.28%	1.7%	181.20%	398.87%	-

Profitability of the business

		31/12/2009		31/12/2008		31/12/2007	Sector Median2009
Margin trading		0.31%	-50.0%	0.62%	138.5%	0.26	0%	0%
Profitability of the business		5.84	-58.8%	14.16	58.2%	8.95	6.42%	-9.0%
Net profit		2.84%	-51.3%	5.83%	38.2%	4.22%	2.84%	0%
More ratios
Growth rate of turnover (excluding VAT)		-6.81%	-560.1%	1.48%	119.4%	-7.62%	-17.74%	61.6%
Rates integration		53.77%	-7.0%	57.79%	4.9%	55.09%	39.07%	37.6%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		81.26%	18.4%	68.62%	-10.5%	76.63%	74.43%	9.2%
Weight interests		2.96	102.7%	1.46%	-16.1%	1.74%	0.56%	428.6%

Return on capital

		31/12/2009		31/12/2008		31/12/2007	Sector Median2009
Cash flow from the overall profitability		7.55%	-32.0%	11.11%	21.4%	9.15%	5.46%	38.3%
Rates of economic profitability		9%	-59.1%	22%	46.7%	15%	18%	-50.0%
Financial profitability		10063034%	1.7%	9892608%	14.8%	8620743%	199956.50%	4932.6%
Return on investment		8.71%	-24.5%	11.54%	15.3%	10.01%	10.34%	-15.8%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2009		31/12/2008		31/12/2007	Sector Median2009
Turnover	17,920,040	-6.8%	19,229,374	1.5%	18,948,398	1,495,864 €	1098.0%

Sales of goods	114,673	-43.0%	201,219	37.8%	146,003
- Purchase of goods	65,174	-11.8%	73,933	-19.9%	92,341
+/- Stock of goods variation	-6,103	-170.7%	8,633	130.9%	3,739
Trading margin	55,602 €	-53.1%	118,653 €	137.7%	49,923 €	0 €	0%
	0.31 % CA	-50.0%	0.62 % CA	138.5%	0.26 % CA	0 % CA	0%

Sale of goods produced	17,805,367	-6.4%	19,028,155	1.2%	18,802,395
+/- Stocked production	129,564	165.6%	-197,415	-117.4%	1,136,930
+ Self-constructed assets	35,150	0%	0	0%	11,523
Period production	17,970,081 €	-4.6%	18,830,740 €	-5.6%	19,950,848 €	1,187,300.50 €	1413.5%
	100.28 % CA	2.4%	97.93 % CA	-7.0%	105.29 % CA	99.81 % CA	0.5%

Trading margin	55,602	-53.1%	118,653	137.7%	49,923	0	0%
+ Period Production	17,970,081	-4.6%	18,830,740	-5.6%	19,950,848	1,187,300.50	1413.5%
- Purchase of raw materials	1,596,395	-25.9%	2,153,434	-31.4%	3,137,299
+/- Change in stocks of raw materiels	345,958	345.0%	-141,231	74.2%	-546,467
- Other external purchases and charges	6,447,105	10.7%	5,823,767	-16.5%	6,971,923
Added value	9,636,225 €	-13.3%	11,113,423 €	6.5%	10,438,016 €	516,382.50 €	1766.1%
	53.77 % CA	-7.0%	57.79 % CA	4.9%	55.09 % CA	39.07 % CA	37.6%

Added value	9,636,225 €	-13.3%	11,113,423 €	6.5%	10,438,016 €	516,382.50 €	1766.1%
+ Operating grants	24,249	372.7%	5,130	-81.8%	28,130
- Tax, duty and similar payments	784,350	1.8%	770,416	-0.3%	772,412
- Personal charges	7,830,095	2.7%	7,625,730	-4.7%	7,998,593
Gross operating surplus	1,046,029 €	-61.6%	2,722,407 €	60.6%	1,695,141 €	37,858 €	2663.0%
	5.84 % CA	-58.8%	14.16 % CA	58.2%	8.95 % CA	5.88 % CA	-0.7%

Gross operating surplus	1,046,029 €	-61.6%	2,722,407 €	60.6%	1,695,141 €	37,858 €	2663.0%
+ Release of reserves and provisions	503,741	89.3%	266,122	-12.3%	303,364
+ Other operating income	10,711	-70.7%	36,586	-71.5%	128,322
- Depreciation/Amortisation	924,177	-28.1%	1,285,075	36.4%	942,477
- Other charges	5,000	-52.2%	10,459	-92.3%	135,919
Operating result	631,304 €	-63.5%	1,729,581 €	65.0%	1,048,431 €	20,697 €	2950.2%
	3.52 % CA	-60.8%	8.99 % CA	62.6%	5.53 % CA	4.17 % CA	-15.6%

Operating result	631,304 €	-63.5%	1,729,581 €	65.0%	1,048,431 €	20,697 €	2950.2%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	515,185	15.4%	446,306	118.6%	204,198
- Financial charges	531,075	89.4%	280,457	-15.2%	330,607
Pre-tax result	615,414 €	-67.5%	1,895,430 €	105.6%	922,022 €	20,342.50 €	2925.3%
	3.43 % CA	-65.2%	9.86 % CA	102.5%	4.87 % CA	3.43 % CA	0%

Extraordinary income	68,327	298.0%	17,167	-72.9%	63,329	2,350	2807.5%
- Extraordinary charges	93,297	-51.6%	192,627	37.7%	139,850
Extraordinary result	-24,970 €	85.8%	-175,460 €	-129.3%	-76,521 €	-26 €	-95938.5%
	-0.14 % CA	84.6%	-0.91 % CA	-127.5%	0 % CA	-00.01 % CA	-1300%

Pre-tax result	615,414 €	-67.5%	1,895,430 €	105.6%	922,022 €	20,342.50 €	2925.3%
Extraordinary result	-24,970 €	85.8%	-175,460 €	-129.3%	-76,521 €	-26 €	-95938.5%
- Employee profit sharing	0	0%	133,631	13.0%	118,293
- Tax on profits	80,780	-82.7%	466,099	747.1%	-72,031
Net result	509,664 €	-54.5%	1,120,240 €	40.2%	799,239 €	18,993 €	2583.4%
	2.84 % CA	-51.3%	5.83 % CA	38.2%	4.22 % CA	2.84 % CA	0%

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	13/06/2008
Status of Monitoring	No social security and tax office preferential right to date

Group data

Group Structure

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
02/11/2010	Bodacc C	Comptes annuels et rapports
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 4850 - 421454059 RCS. MINITUBES SA. Forme : Société Anonyme à Conseil d'Administration. Adresse : 21 rue Jean Vaujany 38100 Grenoble. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
07/11/2009	Bodacc C	Comptes annuels et rapports
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 3039 - 421454059 RCS. MINITUBES SA. Forme : Société Anonyme à Conseil d'Administration. Adresse : 21 rue Jean Vaujany 38100 Grenoble. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
08/11/2008	Bodacc C	Comptes annuels et rapports
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 4550 - 421454059 RCS. MINITUBES SA. Forme : Société Anonyme à Conseil d'Administration. Adresse : 21 rue Jean Vaujany 38100 Grenoble. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
12/08/2008	Bodacc C	Comptes annuels et rapports
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 3698 - 421454059 RCS. MINITUBES SA. Forme : société anonyme à conseil d'administration. Adresse : 21 rue Jean Vaujany 38100 Grenoble. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
24/10/2006	Bodacc C	Avis de dépôt des comptes
5100 - RCS Grenoble B 421 454 059. RC 99-B 19. MINITUBES SA. Forme: S.A. Adresse du siège social: 21, Rue Jean Vaujany - Z.A.C. T,38100 Grenoble. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
30/11/2005	Bodacc C	Avis de dépôt des comptes
2458 - RCS Grenoble B 421 454 059. RC 99-B 19. MINITUBES SA. Forme: S.A. Adresse du siège social: 21, Rue Jean Vaujany - Z.A.C. T,38100 Grenoble. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
15/10/2004	Bodacc B	Modifications et mutations diverses
RCS Grenoble 421454059 RC 99-B 00019 MINITUBES S.A. Forme : S.A. à conseil d' administration. Adresse du siège social : Z.A.C. Technisud, 21 rue Jean-Vaujany, 38100 Grenoble. Administration : ancien commissaire aux comptes suppléant : CABINET COTTIN. Nouveau commissaire aux comptes suppléant : BOIS-FAVRE (Patrick).
05/02/2002	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Grenoble 421454059 RC 99-B 00019 MINITUBES S.A. Forme : S.A. à conseil d' administration. Capital : 1 008 000 euros. Adresse : 7 avenue du Grand-Chatelet, 38100 Grenoble Nouvelle situation du siège social. Adresse : Z.A.C. Technisud, 21 rue Jean-Vaujany, 38100 Grenoble Etablissement principal: Adresse : 7 avenue du Grand-Chatelet, 38100 Grenoble ETABLISSEMENT PRINCIPAL nouvelle situation. Adresse : Z.A.C. Technisud, 21 rue Jean-Vaujany, 38100 Grenoble. Commentaires : modification survenue sur le capital. Date d'effet : 26 novembre 2001.
09/02/1999	Bodacc A	Création d'établissement
RCS Grenoble B 421 454 059 A dater du: 12 janvier 1999 RC 99-B 0019 MINITUBES S.A. Forme : S.A. Capital : 3 918 600 F. Adresse du siège social : 7 avenue du Grand-Chatelet 38100 Grenoble. Administration : président du conseil d' administration : PONCIN (Philippe). Administrateurs : PORTE (Louis) Mme PONCIN, née SZMUKLER (Huguette) S.A. MITECH, représentée par PONCIN ( Philippe). Commissaire aux comptes titulaire : CABINET MEUNIER. Commissaire aux comptes suppléant : CABINET COTTIN Etablissement principal: Activité : fabrication de tubes, de pièces pour l'électronique, le médical et l'industrie ainsi que la vente et la représentation de tous articles de meme catégorie achat, vente de tous accessoires s'y rapportant. Adresse : 7 avenue du Grand-Chatelet 38100 Grenoble Etablissement principal acquis par apport au montant évalué à 3 918 000 F Date de début d'activité: 21 décembre 1998. Précédent propriétaire : ETABLISSEMENTS MINITUBES. RCS Grenoble B 058 504 093 RC 58-B 0409 Publication légale: L'Essor de l'Isère du 15 janvier 1999 déclaration de créances: au tribunal de commerce de Grenoble.

Company events history

Date	Description
02/11/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
07/11/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
08/11/2008	Bodacc C : Deposit accounts notice
12/08/2008	Bodacc C : Deposit accounts notice
13/06/2008	Collection of preferential rights activated for this company
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
20/09/2004	Minutes of general meeting of shareholders
20/09/2004	Appointment/resignation of company officers
20/09/2004	New auditor
20/09/2004	Private document
31/12/2003	New accounts available
15/01/2002	Statuts mis à jour
15/01/2002	PV d'Assemblée
15/01/2002	Acte sous seing privé
15/01/2002	Transfert du Siège dans le ressort du Tribunal de Commerce
15/01/2002	Conversion du Capital Social en Euros
15/01/2002	Augmentation de Capital
12/01/1999	Rapport des Commissaires ou du Gérant
12/01/1999	Statuts
12/01/1999	PV du Conseil d'Administration
12/01/1999	Nomination/démission des organes de gestion
12/01/1999	Certificat de dépôt des fonds
12/01/1999	Acte sous seing privé
12/01/1999	Formation de Société
12/01/1999	Acte modificatif

directors

Shareholder(s)

Name	SA MITECH
Name of representative	M PONCIN PHILIPPE
Manager position	Administrator	Date of birth
Place of birth
Type	Moral person	Name at birth

Name	M. PONCIN PHILIPPE
Manager position	Chairman of the Board	Date of birth	26/12/1953
Place of birth	GRENOBLE
Type	Individual	Name at birth

Name	M. PORTE LOUIS
Manager position	Administrator	Date of birth	28/12/1950
Place of birth	LYON
Type	Individual	Name at birth

Name	MME. PONCIN HUGUETTE
Manager position	Administrator	Date of birth	03/06/1928
Place of birth	LA TRONCHE
Type	Individual	Name at birth

Previous Directors

No data about previous directors is available for this company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.10
UK Pound	1	Rs.102.04
Euro	1	Rs.80.74

INFORMATION DETAILS

Analysis Done by :	SUB
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.