MIRA INFORM REPORT

Report Date :

02.06.2014

IDENTIFICATION DETAILS

Name :	SERGE FERRARI SAS
Registered Office :	Zi De La Tour Du Pin, Zone Industrielle, 38110 Saint Jean De Soudain
Country :	France
Financials (as on) :	31.12.2007
Date of Incorporation :	December, 1973
Legal Form :	Simplified joint stock company
Line of Business :	Manufacture of other technical and industrial textiles
No. of Employees :	100 to 199 employees (2007)

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
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
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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

REGISTERED NAME & COMPANY SUMMARY

SERGE FERRARI SAS

SIRET

300 821 873 00019

Company summary

		EUR VAT Number	FR38300821873
Activity (APE)	Manufacture of other technical and industrial textiles (1396Z)	Legal form	Simplified joint stock company
Phone	09 60 35 30 14	RCS Registration	RCS Vienne 7 300 821 873
Fax		Share capital	12,964,510 Euros
Address	SERGE FERRARI SAS ZI DE LA TOUR DU PIN ZONE INDUSTRIELLE 38110 SAINT JEAN DE SOUDAIN	Incorporated Date	12/1973
Nationality	France	Status	Economically active

Company details

Company details

Activity (APE)	Manufacture of other technical and industrial textiles (1396Z)
RCS Registration	RCS Vienne 7 300 821 873	Share capital	12,964,510 Euros
Registration Court	Vienne (38)	Legal form	Simplified joint stock company
Court Registry Number	19 7 3B80068	EUR VAT Number	FR38300821873
Incorporation Date	12/1973	Formation Date	01/1993
Deregistration Date		Last account Date	31/12/2007
Nationality	France

DIRECTORS/MANAGEMENT

Directors

Shareholder(s)

Name	FERRARI PARTICIPATIONS
Name of representative
Manager position	President	Date of birth
Place of birth
Type	Moral person	Name at birth

Name	M. FERRARI ROMAIN
Manager position	Managing director	Date of birth	21/12/1960
Place of birth	LYON(69)
Type	Individual	Name at birth

Name	M. FERRARI SÉBASTIEN
Manager position	Managing director	Date of birth	26/02/1959
Place of birth	LYON(69)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M SEBASTIEN FERRARI	- - -
President	SERGEFERRARI GROUP	- - -
Managing director	M ROMAIN FERRARI	- - -

NEGATIVE INFORMATION

Judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	25/02/2010
Status of Monitoring	No social security and tax office preferential right to date

SHARE & SHARE CAPITAL INFORMATION

N/a

PAYMENT INFORMATION

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

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	FERRARI PARTICIPATIONS	538192550

Ultimate Parent

1 ultimate parent company for this company >  FERRARI PARTICIPATIONS  - Activités des sièges sociaux (7010Z)  in SAINT JEAN DE SOUDAIN  (38110)

Group data

Ultimate parent company	FERRARI PARTICIPATIONS
Direct parent	SERGEFERRARI GROUP - 100 %
Group – Number of companies	15
Linkages – Number of companies	-
Number of countries	-

Company Name	SIREN	Parts	Last account published
FERRARI PARTICIPATIONS	538192550	-	-
FERRIMMO	444484208	100%	30/09/2010
IMMOBILIERE FERRARI	399130574	100%	31/12/2007
SRF	383353877	100%	-
LA ROCHE	401693593	100%	-
SERGEFERRARI GROUP	382870277	78%	31/12/2010
SERGE FERRARI SAS	300821873	100%	31/12/2007
SERGE FERRARI NORTH AMERICA, INC.	-	100%	-
FERRARI LATINO AMERICA S.A.	-	100%	-
TEXYLOOP	450222120	100%	31/12/2009
VINYLOOP FERRARA S.P.A.	-	40%	-
PRECONTRAINT FERRARI	388374829	66%	31/12/2007
FERRARI	-	100%	-
FERRARI LATINO AMERICA	-	99.90%	-
CI2M	335322525	100%	31/12/2007

FINANCIAL INFORMATION

Trading to Date	12/31/2007	12/31/2006	12/31/2005
Turnover	124,846,906 €	111,576,947 €	99,383,272 €
Gross Operating Surplus	3,98 % Turnover	4,44 % Turnover	4,63 % Turnover
Shareholders’ equity	12,165,315 €	11,681,634 €	11,029,217 €
Net result	1,619,680 €	1,788,419 €	2,137,188 €
Employees	100 to 199 employees	-	-

Trends
Profitability
Liquidity
Net worth

Accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2007	31/12/2006	31/12/2005
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	-	-	-
Activity Code	1396Z	1396Z	1396Z
Employees	127	117	106

Active account

Annual Accounts	31/12/2007		31/12/2006		31/12/2005	Sector Median 2007
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	6 092 581	17,5%	5 183 807	1,2%	5 124 623	340 609	1688,7%
- Intangible assets	707 724	3,8%	681 920	-0,2%	683 210	15 244	4542,6%
- Tangible assets	4 192 340	26,5%	3 314 723	2,9%	3 220 844	166 317	2420,7%
- Financial assets	1 192 517	0,5%	1 187 159	-2,7%	1 220 570	13 500	8733,5%
Net current assets	72 751 951	46,0%	49 827 702	11,9%	44 537 514	1 764 554	4023,0%
- Stocks	19 685 085	22,7%	16 049 328	10,6%	14 513 156	568 481	3362,8%
- Advanced payments	79 777	46,0%	114 356	2,3%	111 753	0	0%
- Receivables	49 687 500	61,6%	30 740 116	11,0%	27 682 397	847 396	5763,6%
- Securities and cash	3 299 589	12,8%	2 923 900	31,1%	2 230 208	113 757	2800,6%
- Prepaid expenses	-	-	-	-	-	284	-
Accounts of regularization	278 917	125,3%	123 823	155,7%	48 422	0	0%
Total Assets	79 123 452	43,5%	55 135 333	10,9%	49 710 560	2 104 453	3659,8%

Passive Account

Annual Accounts	31/12/2007		31/12/2006		31/12/2005	Sector Median 2007
Shareholders' equity	12 165 315	4,1%	11 681 634	5,9%	11 029 217	1 028 600	1082,7%
Share capital	3 521 600	0%	3 521 600	0%	3 521 600	215 000	1538,0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	918 917	19,0%	772 515	9,1%	708 304	257	357455,3%
Liabilities	66 035 175	54,9%	42 634 265	12,5%	37 906 952	1 008 798	6445,9%
- Financial liabilities	14 446 721	31,7%	10 967 808	-17,7%	13 323 721	180 207	7916,7%
- Advanced payments received	102 138	-85,4%	698 378	288,0%	179 990	0	0%
- Trade account payables	42 276 898	58,6%	26 654 425	27,8%	20 854 765	460 701	9076,6%
- Tax and social liabilities	2 763 207	31,6%	2 100 247	-9,0%	2 308 382	235 186	1074,9%
- Other debts and fixed assets liabilities	6 450 254	185,4%	2 260 326	73,0%	1 306 179	23 174	27734,0%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	79 123 452	43,5%	55 135 333	10,9%	49 710 560	2 104 453	3659,8%

Results

Annual Accounts	31/12/2007		31/12/2006		31/12/2005	Sector Median 2007
Sales of Goods	130 598 905	13,2%	115 412 824	12,4%	102 701 100	3 197 916	3983,9%
Net turnover	124 846 906	11,9%	111 576 947	12,3%	99 383 272	2 908 069	4193,1%
- of which net export turnover	88 912 099	12,3%	79 168 259	13,8%	69 554 264	562 879	15696,0%
Operating charges	126 373 263	13,4%	111 470 025	11,8%	99 733 057	2 766 804	4467,5%
Operating profit/loss	4 225 639	7,2%	3 942 799	32,8%	2 968 043	129 885	3153,4%
Financial income	236 934	20,4%	196 830	-86,8%	1 495 120	10 483	2160,2%
Financial charges	1 936 126	33,7%	1 448 244	-2,9%	1 491 857	22 978	8326,0%
Financial profit/loss	-1 699 191	-35,8%	-1 251 414	-38463,4%	3 262	-3 762	-45067,2%
Pretax net operating income	2 526 448	-6,1%	2 691 385	-9,4%	2 971 305	112 178	2152,2%
Extraordinary income	1 950	290,0%	500	-97,9%	24 171	19 635	-90,1%
Extraordinary charges	22 125	-59,6%	54 821	97,3%	27 789	12 624	75,3%
Extraordinary profit/loss	-20 175	62,9%	-54 321	-1401,4%	-3 618	0	0%
Net result	1 619 680	-9,4%	1 788 419	-16,3%	2 137 188	105 152	1440,3%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2007	31/12/2006	31/12/2005
Months	12	12	12

Accounts - Active

Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2007		31/12/2006		31/12/2005
	Grand Total (I to VI)	Net	79 123 452	43,5%	55 135 333	10,9%	49 710 560
	Gross	CO	87 454 322	39,3%	62 792 014	11,2%	56 447 827
	Amortisation	1A	8 330 866	8,8%	7 656 682	13,6%	6 737 267

Non declared distributed capital (I)

		31/12/2007		31/12/2006		31/12/2005
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	-	-	-	-	-

Active fixed asset (II)

			31/12/2007		31/12/2006		31/12/2005
	Total Active fixed asset (II)	Net	6 092 581	17,5%	5 183 807	1,2%	5 124 623
	Gross	BJ	12 980 345	14,3%	11 358 390	8,0%	10 517 937
	Amortisation	BK	6 887 760	11,6%	6 174 585	14,5%	5 393 314

Intangilble fixed assets

			31/12/2007		31/12/2006		31/12/2005
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	0	0%	0	0%	0
	Gross	AF	12 958	0%	12 958	0%	12 958
	Amortisation	AG	12 958	0%	12 958	0%	12 958
	Goodwill	Net	667 979	0%	667 979	0,0%	667 980
	Gross	AH	667 979	0%	667 979	0,0%	667 980
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	39 745	185,1%	13 941	-8,5%	15 230
	Gross	AJ	452 937	26,2%	358 782	8,4%	330 987
	Amortisation	AK	413 192	19,8%	344 841	9,2%	315 757
	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	707 724	3,8%	681 920	-0,2%	683 210

Tangilble fixed assets

			31/12/2007		31/12/2006		31/12/2005
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	1 881 201	-5,2%	1 984 908	-17,6%	2 409 914
	Gross	AP	6 289 688	6,0%	5 934 553	1,7%	5 836 959
	Amortisation	AQ	4 408 487	11,6%	3 949 645	15,2%	3 427 045
	Plant	Net	614 827	69,0%	363 804	58,8%	229 093
	Gross	AR	1 776 736	29,1%	1 376 467	23,9%	1 110 914
	Amortisation	AS	1 161 909	14,7%	1 012 663	14,8%	881 821
	Other tangible fixed assets	Net	216 415	-20,6%	272 505	29,3%	210 774
	Gross	AT	1 101 629	-2,2%	1 126 986	16,6%	966 507
	Amortisation	AU	885 214	3,6%	854 481	13,1%	755 733
	Fixed assets in construction	Net	1 479 897	113,4%	693 506	86,9%	371 063
	Gross	AV	1 479 897	113,4%	693 506	86,9%	371 063
	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	4 192 340		3 314 723		3 220 844

Financial assets

			31/12/2007		31/12/2006		31/12/2005
	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	985 807	1,7%	969 159	0,0%	969 160
	Gross	CU	991 807	2,3%	969 159	0,0%	969 160
	Amortisation	CV	6 000	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	32 741	-37,2%	52 131	-79,0%	248 066
	Gross	BF	32 741	0%	52 131	0%	248 066
	Amortisation	BG	0		0		0
	Other financial assets	Net	173 969	4,9%	165 869	4860,2%	3 344
	Gross	BH	173 969	4,9%	165 869	4860,2%	3 344
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		1 192 517		1 187 159		1 220 570

Current Assets (III)

			31/12/2007		31/12/2006		31/12/2005
	Total Assets	Net	72 751 951	46,0%	49 827 702	11,9%	44 537 514
	Gross	CJ	74 195 057	44,6%	51 309 797	11,8%	45 881 467
	Amortisation	CK	1 443 106	-2,6%	1 482 094	10,3%	1 343 953

Stocks

			31/12/2007		31/12/2006		31/12/2005
	Raw materials	Net	935 395	5,0%	891 208	12,4%	793 105
	Gross	BL	935 395	5,0%	891 208	12,4%	793 105
	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	18 433 504	23,9%	14 879 865	10,7%	13 445 268
	Gross	BR	19 442 131	20,7%	16 105 031	11,3%	14 470 707
	Amortisation	BS	1 008 627	-17,7%	1 225 166	19,5%	1 025 439
	Goods for resale	Net	316 186	13,6%	278 255	1,3%	274 783
	Gross	BT	316 186	13,6%	278 255	1,3%	274 783
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	19 685 085	22,7%	16 049 328	10,6%	14 513 156

Advance payments to suppliers

			31/12/2007		31/12/2006		31/12/2005
	Advance payments to suppliers	Net	79 777	-30,2%	114 356	2,3%	111 753
	Gross	BV	79 777	-30,2%	114 356	2,3%	111 753
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2007		31/12/2006		31/12/2005
	Trade accounts receivable	Net	29 464 324	3,1%	28 592 243	9,3%	26 163 019
	Gross	BX	29 898 803	3,7%	28 829 836	8,9%	26 462 198
	Amortisation	BY	434 479	82,9%	237 593	-20,6%	299 179
	Other debtors	Net	19 483 985	1153,9%	1 553 833	31,6%	1 180 529
	Gross	BZ	19 483 985	1153,9%	1 553 833	31,6%	1 180 529
	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	48 948 309	62,4%	30 146 076	10,2%	27 343 548

Divers

			31/12/2007		31/12/2006		31/12/2005
	Investment securities	Net	45 438	68,3%	26 991	0%	26 991
	Gross	CD	45 438	-1,9%	46 326	0%	46 326
	Amortisation	CE	0	0%	19 335	0%	19 335
	Cash and cash equivalents	Net	3 254 151	12,3%	2 896 909	31,5%	2 203 217
	Gross	CF	3 254 151	12,3%	2 896 909	31,5%	2 203 217
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	3 299 589	12,8%	2 923 900	31,1%	2 230 208

Prepaid expenses

			31/12/2007		31/12/2006		31/12/2005
	Prepaid expenses	Net	739 191	24,4%	594 040	75,3%	338 849
	Gross	CH	739 191	24,4%	594 040	75,3%	338 849
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2007		31/12/2006		31/12/2005
Multi-period charges	CW3	0	0%	0	0%	0
Gross		-	-	-	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		-	-	-	-	-
Currency differential gain	CN3	278 917	125,3%	123 823	155,7%	48 422
Gross		-	-	-	-	-

References

		31/12/2007		31/12/2006		31/12/2005
Due within one year	CP	20 105	0%	20 105	-14,7%	23 560
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)

		31/12/2007		31/12/2006		31/12/2005
Grand Total (I to V)	EE	79 123 452	43,5%	55 135 333	10,9%	49 710 560

Shareholder Equity (I)

			31/12/2007		31/12/2006		31/12/2005
	Total shareholders' equity (Total I)	DL	12 165 315	4,1%	11 681 634	5,9%	11 029 217
	Equity and shareholders' equity	DA	3 521 600	0%	3 521 600	0%	3 521 600
	Issue and merger premiums	DB	0	0%	0	0%	0
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	352 160	0%	352 160	0%	352 160
	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	6 671 875	10,8%	6 019 457	20,0%	5 018 269
	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	1 619 680	-9,4%	1 788 417	-16,3%	2 137 188
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/12/2007		31/12/2006		31/12/2005
	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)

			31/12/2007		31/12/2006		31/12/2005
	Total provisions for risks and charges (Total III)	DR	918 917	19,0%	772 515	9,1%	708 304
	Risk provisions	DP	918 917	19,0%	772 515	9,1%	708 304
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2007		31/12/2006		31/12/2005
	Total Liabilities (Total IV)	EC	66 035 175	54,9%	42 634 265	12,5%	37 906 952
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	14 265 618	33,8%	10 660 705	-17,6%	12 932 618
	Sundry loans and financial liabilities	DV	181 103	-41,0%	307 103	-21,5%	391 103
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	102 138	-85,4%	698 378	288,0%	179 990
	Trade accounts payables	DX	42 276 898	58,6%	26 654 425	27,8%	20 854 765
	Tax and social security liabilities	DY	2 763 207	31,6%	2 100 247	-9,0%	2 308 382
	Fixed asset liabilities	DZ	8 642	80,6%	4 784	-9,1%	5 262
	Other debts	EA	6 437 569	191,5%	2 208 623	78,9%	1 234 831

Translation loss (V)

		31/12/2007		31/12/2006		31/12/2005
Translation loss (Total V)	ED	4 043	-91,4%	46 919	-29,0%	66 086

Equalization accounts

		31/12/2007		31/12/2006		31/12/2005
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2007		31/12/2006		31/12/2005
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	60 143 466	65,4%	36 367 634	18,4%	30 717 150
Of which current bank facilities	EH	5 105 411	146,4%	2 072 398	-31,1%	3 006 233

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)

		31/12/2007		31/12/2006		31/12/2005
Operating result (Total I-II)	GG	4 225 639	7,2%	3 942 799	32,8%	2 968 043

2 - Financial result (V - VI)

		31/12/2007		31/12/2006		31/12/2005
Financial result (Total V-VI)	GV	-1 699 191	-35,8%	-1 251 414	-38463,4%	3 262

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

		31/12/2007		31/12/2006		31/12/2005
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	2 526 448	-6,1%	2 691 385	-9,4%	2 971 305

4 - Extraordinary result (VII-VIII)

		31/12/2007		31/12/2006		31/12/2005
Extraordinary result (Total VII-VIII)	HI	-20 175	62,9%	-54 321	-1401,4%	-3 618

Profit or loss

		31/12/2007		31/12/2006		31/12/2005
Profit or loss	HN	1 619 680	-9,4%	1 788 419	-16,3%	2 137 188

Total Income (I+III+V+VII)

		31/12/2007		31/12/2006		31/12/2005
Total Income (I+III+V+VII)	HL	130 837 789	13,2%	115 610 155	10,9%	104 220 390

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

		31/12/2007		31/12/2006		31/12/2005
Total charges (Total II+IV+VI+VIII+IX+X)	HM	129 218 107	13,5%	113 821 736	11,5%	102 083 203

Operating income (I)

		31/12/2007		31/12/2006		31/12/2005
Total operating income (Total I)	FR	130 598 905	13,2%	115 412 824	12,4%	102 701 100

Operating income (details)

			31/12/2007		31/12/2006		31/12/2005
	Sale of goods for resale	FC	258 589	16,5%	221 949	46,9%	151 139
	France	FA	96 792	-29,4%	137 093	75,1%	78 300
	Export	FB	161 796	90,7%	84 855	16,5%	72 839
	Sale of goods produced	FF	123 641 237	11,9%	110 467 221	12,1%	98 537 304
	France	FD	35 222 425	11,2%	31 665 523	8,4%	29 210 837
	Export	FE	88 418 811	12,2%	78 801 697	13,7%	69 326 467
	Sale of services	FI	947 079	6,7%	887 777	27,8%	694 829
	France	FG	615 587	1,6%	606 071	12,3%	539 872
	Export	FH	331 492	17,7%	281 705	81,8%	154 957
	Net turnover	FL	124 846 906	11,9%	111 576 947	12,3%	99 383 272
	France	FJ	35 934 804	10,9%	32 408 688	8,6%	29 829 009
	Export	FK	88 912 099	12,3%	79 168 259	13,8%	69 554 264
	Stocked production	FM	3 337 100	104,2%	1 634 324	8,7%	1 503 347
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	16 183	75,2%	9 235	-67,5%	28 409
	Release of reserves and provisions	FP	2 201 093	5,6%	2 085 003	17,7%	1 770 818
	Other income	FQ	197 623	84,2%	107 314	603,5%	15 254

Operating charges (II)

		31/12/2007		31/12/2006		31/12/2005
Total operating charges (Total II)	GF	126 373 263	13,4%	111 470 025	11,8%	99 733 057

Exploitation charges

		31/12/2007		31/12/2006		31/12/2005
Purchase of goods for resale	FS	896 466	-9,2%	987 703	-15,4%	1 167 312
Change in stocks of goods for resale	FT	-37 931	-992,5%	-3 472	-164,8%	5 359
Purchase of raw materials	FU	91 020 107	16,0%	78 463 013	14,3%	68 637 270
Change in stocks of raw materials	FV	-44 187	55,0%	-98 103	-125,6%	-43 489
Other external purchases and charges	FW	20 321 809	8,7%	18 689 427	7,2%	17 431 735
Tax, duty and similar payments	FX	866 634	4,5%	829 527	3,6%	800 692
Payroll	FY	7 227 534	10,9%	6 518 007	10,7%	5 888 809
Social security costs	FZ	2 975 538	3,3%	2 880 295	18,6%	2 428 207

Depreciation

		31/12/2007		31/12/2006		31/12/2005
Depreciation of fixed assets	GA	809 771	3,6%	781 274	-6,2%	833 141
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	1 443 106	-1,3%	1 462 759	10,4%	1 324 618
Provisions for risks and charges	GD	640 000	-1,3%	648 691	-1,7%	659 882

Other charges

		31/12/2007		31/12/2006		31/12/2005
Other charges	GE	254 416	-18,2%	310 900	-48,1%	599 521

Operating charges (III-IV)

		31/12/2007		31/12/2006		31/12/2005
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)

			31/12/2007		31/12/2006		31/12/2005
	Total financial income (Total V)	GP	236 934	20,4%	196 830	-86,8%	1 495 120
	Share financial income	GJ	0	0%	0	0%	269 040
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	19 978	-70,0%	66 682	-60,8%	170 247
	Released provisions and transferred charges	GM	143 158	195,6%	48 424	-81,3%	258 504
	Exchange gains	GN	73 798	-9,7%	81 723	-89,8%	797 329
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2007		31/12/2006		31/12/2005
	Total financial charge (Total VI)	GU	1 936 126	33,7%	1 448 244	-2,9%	1 491 857
	Financial reserves and provisions	GQ	284 917	130,1%	123 823	155,7%	48 422
	Interest and similar charges	GR	1 313 722	40,6%	934 166	-11,4%	1 054 672
	Exchange losses	GS	337 486	-13,5%	390 255	0,4%	388 763
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2007		31/12/2006		31/12/2005
	Total extraordinary income (Total VII)	HD	1 950	290,0%	500	-97,9%	24 171
	Extraordinary operating income	HA	0	0%	0	0%	14 971
	Extraordinary income from capital transactions	HB	1 950	290,0%	500	-94,6%	9 200
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2007		31/12/2006		31/12/2005
	Total extraordinary charges (Total VIII)	HH	22 125	-59,6%	54 821	97,3%	27 789
	Extraordinary operating charges	HE	360	-99,3%	54 821	97,3%	27 789
	Extraordinary charges from capital transactions	HF	21 765	0%	0	0%	0
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2007		31/12/2006		31/12/2005
Employee profit sharing (Total IX)	HJ	343 580	100,3%	171 517	37,2%	125 001

Tax on profits (X)

		31/12/2007		31/12/2006		31/12/2005
Tax on profits (Total X)	HK	543 013	-19,8%	677 129	-4,0%	705 498

References

		31/12/2007		31/12/2006		31/12/2005
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	89 642	0%	0	0%	86 414
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	85 281	0%	0	0%	93 666

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)

			31/12/2007		31/12/2006		31/12/2005
	Gross value at begin of period	OG	11 358 396	8,0%	10 517 937	9,5%	9 608 857
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	1 763 605	68,6%	1 046 259	-3,0%	1 078 384
	Decreasess by budget item transfer	OK1	17 238	458,6%	3 086	-96,5%	88 673
	Decreasess by transfers	OK2	124 417	-38,6%	202 714	151,4%	80 631
	Gross value at the end of period	OL	12 980 345	14,3%	11 358 392	8,0%	10 517 937

Research and development Charge (Total I)

			31/12/2007		31/12/2006		31/12/2005
	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)

			31/12/2007		31/12/2006		31/12/2005
	Gross value at begin of period	KD	1 039 721	2,7%	1 011 925	3,2%	980 128
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	106 888	284,5%	27 796	-23,8%	36 492
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	12 733	0%	0	0%	4 695
	Gross value at the end of period	LW	1 133 876	9,1%	1 039 721	2,7%	1 011 925

Tangible fixed assets (Total III)

			31/12/2007		31/12/2006		31/12/2005
	Gross value at begin of period	LN	9 131 514	10,2%	8 285 443	11,8%	7 414 224
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	1 625 970	90,3%	854 437	-15,9%	1 015 842
	Decreasess by budget item transfer	NG1	17 238	458,6%	3 086	-96,5%	88 673
	Decreasess by transfers	NG2	92 294	1648,0%	5 280	-90,6%	55 950
	Gross value at the end of period	NH	10 647 952	16,6%	9 131 512	10,2%	8 285 443

Financial assets (Total IV)

			31/12/2007		31/12/2006		31/12/2005
	Gross value at begin of period	LQ	1 187 161	-2,7%	1 220 569	0,5%	1 214 506
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	30 747	-81,3%	164 026	529,7%	26 050
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	19 390	-90,2%	197 434	887,9%	19 986
	Gross value at the end of period	NK	1 198 517	1,0%	1 187 159	-2,7%	1 220 569

Reserve for depreciation

Situation and movement of reserve for depreciation

Grand total (I-II-III)

			31/12/2007		31/12/2006		31/12/2005
	Reserve for depreciation value at begin of period	0N	6 174 588	14,5%	5 393 314	16,7%	4 620 818
Increases		0P	809 772	3,6%	781 274	-6,2%	833 141
Decreasess		0Q	102 597	0%	0	0%	60 645
	Reserve for depreciation value at the end of period	0R	6 881 763	11,5%	6 174 588	14,5%	5 393 314

Research and development charge (Total I)

			31/12/2007		31/12/2006		31/12/2005
	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)

			31/12/2007		31/12/2006		31/12/2005
	Reserve for depreciation value at begin of period	PE	357 800	8,8%	328 716	11,8%	294 106
Increases		PF	81 084	178,8%	29 084	-26,0%	39 305
Decreasess		PG	12 733	0%	0	0%	4 695
	Decreasess by budget item transfer	PH	426 151	19,1%	357 800	8,8%	328 716

Total fixed assets amotisation (Total III)

			31/12/2007		31/12/2006		31/12/2005
	Reserve for depreciation value at begin of period	QU	5 816 788	14,9%	5 064 598	17,1%	4 326 712
Increases		QV	728 688	-3,1%	752 190	-5,2%	793 836
Decreases		QW	89 864	0%	0	0%	55 950
	Decreasess by budget item transfer	QX	6 455 612	11,0%	5 816 788	14,9%	5 064 598

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2007		31/12/2006		31/12/2005
	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

			31/12/2007		31/12/2006		31/12/2005
	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)

			31/12/2007		31/12/2006		31/12/2005
	Value at begining of period	7C	2 254 610	9,9%	2 052 258	4,6%	1 962 243
Increases		UB	2 368 023	5,9%	2 235 275	10,0%	2 032 923
Decreases		UC	2 254 610	10,9%	2 032 923	4,6%	1 942 908
	Value at the end of period	UD	2 368 023	5,0%	2 254 610	9,9%	2 052 258

Includes Total allocations

Operating	UE	2 083 106	-1,3%	2 111 452	6,4%	1 984 500
Financial	UG	284 917	130,1%	123 823	155,7%	48 422
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	2 111 452	6,4%	1 984 500	17,8%	1 684 404
Financial	UH	143 158	195,6%	48 422	-81,3%	258 504
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2007		31/12/2006		31/12/2005
	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)

			31/12/2007		31/12/2006		31/12/2005
	Value at begining of period	5Z	772 515	9,1%	708 304	-25,4%	948 861
Increases		TV	918 917	19,0%	772 515	9,1%	708 304
Decreases		TW	772 515	9,1%	708 304	-25,4%	948 861
	Value at the end of period	TX	918 917	19,0%	772 515	9,1%	708 304

Total Provision for depreciation (Total III)

			31/12/2007		31/12/2006		31/12/2005
	Value at begining of period	7B	1 482 095	10,3%	1 343 953	32,6%	1 013 382
Increases		TY	1 449 106	-0,9%	1 462 760	10,4%	1 324 618
Decreases		TZ	1 482 095	11,9%	1 324 618	33,3%	994 046
	Value at the end of period	UA	1 449 106	-2,2%	1 482 095	10,3%	1 343 953

State deadlines claims and debts at the end of period

State claims

		31/12/2007		31/12/2006		31/12/2005
Gross value	VT	50 328 691	61,3%	31 195 712	10,5%	28 232 986
1 year at most	VU	50 138 351	61,8%	30 995 432	10,7%	28 005 136
More than one year	VV	190 340	-5,0%	200 280	-12,1%	227 850

State of loans

		31/12/2007		31/12/2006		31/12/2005
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	32 741	-37,2%	52 132	-79,0%	248 066
Loans (1 year at most)	UR	16 371	-7,6%	17 721	-12,3%	20 216
Other financial assets (gross)	UT	173 969	4,9%	165 870	4860,2%	3 344
Other financial assets (1 year at most)	UV	0	0%	0	0%	3 344

Receivables statement of assets

		31/12/2007		31/12/2006		31/12/2005
Customers doubtful or disputed	VA	0	0%	28 829 837	0%	0
Other claims customer	UX	29 898 804	0%	0	0%	26 462 198
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	11 890	465,1%	2 104	12,4%	1 872
Social Security and other social organizations	UZ	48	0%	0	0%	24
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	1 353 225	23,6%	1 094 663	19,8%	913 497
Other taxes and payments assimilated	VN	10 692	-9,8%	11 859	-79,0%	56 499
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	18 017 032	5065,5%	348 796	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	91 098	-5,5%	96 411	-53,8%	208 637

Prepaid

		31/12/2007		31/12/2006		31/12/2005
Prepaid	VS	739 192	24,4%	594 041	75,3%	338 849

State Debt

			31/12/2007		31/12/2006		31/12/2005
	Total debt (gross)	VY	65 933 038	57,2%	41 935 884	11,2%	37 726 962
1 year at most		VZ2	60 143 467	65,4%	36 367 635	18,4%	30 717 150
More than 1 year and 5 years at most		VZ3	5 789 572	4,0%	5 568 251	-20,6%	7 009 812
More than 5 years		VZ4	-01	0%	0	0%	0

Details

			31/12/2007		31/12/2006		31/12/2005
	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	5 182 124	150,1%	2 072 399	-31,1%	3 006 233
1 year at most		VG2	5 182 124	150,1%	2 072 399	-31,1%	3 006 233
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	9 083 494	5,8%	8 588 303	-13,5%	9 926 385
1 year at most		VH2	3 293 922	2,9%	3 201 156	285,4%	830 614
More than 1 year and 5 years at most		VH3	5 789 572	7,5%	5 387 148	-19,6%	6 702 709
	Loans and various financial liabilities (gross)	8A1	181 103	-41,0%	307 103	-21,5%	391 103
1 year at most		8A2	181 103	43,7%	126 000	50,0%	84 000
More than 1 year and 5 years at most		8A3	0	0%	181 103	-41,0%	307 103
	Suppliers and associated accounts (gross)	8B1	42 276 899	58,6%	26 654 425	27,8%	20 854 765
1 year at most		8B2	42 276 899	58,6%	26 654 425	27,8%	20 854 765
More than 1 year and 5 years at most		8B3	0	0%	0	0%	0
	Personnel and associated accounts (gross)	8C1	1 301 365	56,8%	829 846	2670,4%	29 954
1 year at most		8C2	1 301 365	56,8%	829 846	-0,1%	830 614
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	1 043 603	21,6%	858 354	8,7%	789 795
1 year at most		8D2	1 043 603	21,6%	858 354	8,7%	789 795
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	9 552	-44,7%	17 267	55,4%	11 114
1 year at most		VW2	9 552	-44,7%	17 267	55,4%	11 114
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	408 687	3,5%	394 780	-41,7%	676 860
1 year at most		VQ2	408 688	3,5%	394 781	-41,7%	676 860
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	8 642	80,6%	4 784	-9,1%	5 262
1 year at most		8J2	8 642	80,6%	4 784	-9,1%	5 262
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	5 313 990	653,0%	705 673	1792,7%	37 284
1 year at most		VI2	5 313 990	653,0%	705 673	1792,7%	37 284
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	1 123 579	-25,2%	1 502 950	25,5%	1 197 547
1 year at most		8K2	1 123 579	-25,2%	1 502 950	25,5%	1 197 547
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

		31/12/2007		31/12/2006		31/12/2005
Loans made during the period	VJ	4 000 000	100%	2 000 000	-50,0%	4 000 000
Debt repaid during the period	VK	3 648 836	6,4%	3 428 330	16,8%	2 936 275

Table allocation results and other information
Dividends distributed

		31/12/2007		31/12/2006		31/12/2005
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2007		31/12/2006		31/12/2005
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	513 924	0%	0	0%	0

Other charges Externes

		31/12/2007		31/12/2006		31/12/2005
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

		31/12/2007		31/12/2006		31/12/2005
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

		31/12/2007		31/12/2006		31/12/2005
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

		31/12/2007		31/12/2006		31/12/2005
Average number of employees	YP	127	8,5%	117	10,4%	106

Groups and Shareholders

		31/12/2007		31/12/2006		31/12/2005
Groups and Shareholders	ZR	-	-	-	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2007		31/12/2006		31/12/2005	Sector Median 2007
Fixed Asset Financing		2,26	-6,6%	2,42	-7,3%	2,61	1,61	40,4%
Global Debt		190 days	37,7%	138 days	0,7%	137 days	112 days	69,6%
Working Capital Fund overall net		47 days	-9,6%	52 days	-14,8%	61 days	83 days	-43,4%
Financial independence		85,28%	-22,2%	109,58%	28,5%	85,28%	549,08%	-84,5%
More ratios
Solvability		15,38%	-27,4%	21,19%	-4,5%	22,19%	45,96%	-66,5%
Capacity debt futures		143,53%	-35,2%	221,51%	-22,9%	287,46%	1442,35%	-90,0%
Coverage of current assets by net working capital overall		22,22%	-30,2%	31,85%	-14,2%	37,14%	47,10%	-52,8%
General Liquidity		0,83	-2,4%	0,85	-6,6%	0,91	0,89	-6,7%
Restricted Liquidity		0,89	-4,3%	0,93	-5,1%	0,98	1,09	-18,3%

Management or rotation

		31/12/2007		31/12/2006		31/12/2005	Sector Median 2007
Need background in operating working capital		49 days	4,3%	47 days	-25,4%	63 days	65 days	-24,6%
Treasury		-5 days	-266,7%	3 days	200%	-3 days	10 days	-150,0%
Inventory turnover of goods		133 days	30,4%	102 days	21,4%	84 days	24 days	454,2%
Average length of credit granted to customers		88 days	-5,4%	93 days	-3,1%	96 days	80 days	10,0%
Average length of credit obtained suppliers		136 days	38,8%	98 days	14,0%	86 days	73 days	86,3%
More ratios
Inventory turnover of raw materials in industrial enterprises		4 days	0%	4 days	0%	4 days	69 days	-94,2%
Inventory turnover of intermediate and finished products in the industrial enterprise		1173 days	-4,0%	1222 days	1,9%	1199 days	302 days	288,4%
Rotation tangible assets		1172,50%	-4,0%	1221,89%	1,9%	1199,49%	332,31%	252,8%

Profitability of the business

		31/12/2007		31/12/2006		31/12/2005	Sector Median 2007
Margin trading		-0,48%	29,4%	-0,68%	34,0%	-1,03	0%	0%
Profitability of the business		3,98	-10,4%	4,44	-4,1%	4,63	6,28%	-36,6%
Net profit		1,30%	-18,8%	1,60%	-25,6%	2,15%	2,84%	-54,2%
More ratios
Growth rate of turnover (excluding VAT)		11,89%	-3,1%	12,27%	17,6%	10,43%	0,27%	4303,7%
Rates integration		12,84%	-5,6%	13,60%	-1,2%	13,77%	36,42%	-64,7%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		63,66%	2,8%	61,94%	1,9%	60,76%	74,16%	-14,2%
Weight interests		1,55	19,2%	1,30%	-13,3%	1,50%	0,70%	121,4%

Return on capital

		31/12/2007		31/12/2006		31/12/2005	Sector Median 2007
Cash flow from the overall profitability		0,38%	-35,6%	0,59%	-44,9%	1,07%	5,12%	-92,6%
Rates of economic profitability		19%	-13,6%	22%	15,8%	19%	15%	26,7%
Financial profitability		12165315%	4,1%	11681634%	5,9%	11029217%	1028600%	1082,7%
Return on investment		13,36%	-6,5%	14,29%	-4,1%	14,90%	10,10%	32,3%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2007		31/12/2006		31/12/2005	Sector Median 2007
Turnover	124 846 906	11,9%	111 576 947	12,3%	99 383 272	2 908 069 €	4193,1%

Sales of goods	258 589	16,5%	221 949	46,9%	151 139
- Purchase of goods	896 466	-9,2%	987 703	-15,4%	1 167 312
+/- Stock of goods variation	-37 931	-992,5%	-3 472	-164,8%	5 359
Trading margin	-599 946 €	21,3%	-762 282 €	25,4%	-1 021 532 €	0 €	0%
	-0,48 % CA	29,4%	-0,68 % CA	34,0%	-1,03 % CA	0 % CA	0%

Sale of goods produced	124 588 316	11,9%	111 354 998	12,2%	99 232 133
+/- Stocked production	3 337 100	104,2%	1 634 324	8,7%	1 503 347
+ Self-constructed assets	0	0%	0	0%	0
Period production	127 925 416 €	13,2%	112 989 322 €	12,2%	100 735 480 €	2 360 143 €	5320,2%
	102,47 % CA	1,2%	101,27 % CA	-0,1%	101,36 % CA	99,33 % CA	3,2%

Trading margin	-599 946	21,3%	-762 282	25,4%	-1 021 532	0	0%
+ Period Production	127 925 416	13,2%	112 989 322	12,2%	100 735 480	2 360 143	5320,2%
- Purchase of raw materials	91 020 107	16,0%	78 463 013	14,3%	68 637 270
+/- Change in stocks of raw materiels	-44 187	55,0%	-98 103	-125,6%	-43 489
- Other external purchases and charges	20 321 809	8,7%	18 689 427	7,2%	17 431 735
Added value	16 027 741 €	5,6%	15 172 703 €	10,8%	13 688 432 €	1 153 536 €	1289,4%
	12,84 % CA	-5,6%	13,60 % CA	-1,2%	13,77 % CA	36,35 % CA	-64,7%

Added value	16 027 741 €	5,6%	15 172 703 €	10,8%	13 688 432 €	1 153 536 €	1289,4%
+ Operating grants	16 183	75,2%	9 235	-67,5%	28 409
- Tax, duty and similar payments	866 634	4,5%	829 527	3,6%	800 692
- Personal charges	10 203 072	8,6%	9 398 302	13,0%	8 317 016
Gross operating surplus	4 974 218 €	0,4%	4 954 109 €	7,7%	4 599 133 €	133 592 €	3623,4%
	3,98 % CA	-10,4%	4,44 % CA	-4,1%	4,63 % CA	6,26 % CA	-36,4%

Gross operating surplus	4 974 218 €	0,4%	4 954 109 €	7,7%	4 599 133 €	133 592 €	3623,4%
+ Release of reserves and provisions	2 201 093	5,6%	2 085 003	17,7%	1 770 818
+ Other operating income	197 623	84,2%	107 314	603,5%	15 254
- Depreciation/Amortisation	2 892 877	0,0%	2 892 724	2,7%	2 817 641
- Other charges	254 416	-18,2%	310 900	-48,1%	599 521
Operating result	4 225 641 €	7,2%	3 942 802 €	32,8%	2 968 043 €	112 080 €	3670,2%
	3,38 % CA	-4,2%	3,53 % CA	18,1%	2,99 % CA	4,15 % CA	-18,6%

Operating result	4 225 641 €	7,2%	3 942 802 €	32,8%	2 968 043 €	112 080 €	3670,2%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	236 934	20,4%	196 830	-86,8%	1 495 120
- Financial charges	1 936 126	33,7%	1 448 244	-2,9%	1 491 857
Pre-tax result	2 526 449 €	-6,1%	2 691 388 €	-9,4%	2 971 306 €	101 303 €	2394,0%
	2,02 % CA	-16,2%	2,41 % CA	-19,4%	2,99 % CA	3,47 % CA	-41,8%

Extraordinary income	1 950	290,0%	500	-97,9%	24 171	19 635	-90,1%
- Extraordinary charges	22 125	-59,6%	54 821	97,3%	27 789
Extraordinary result	-20 175 €	62,9%	-54 321 €	-1401,4%	-3 618 €	0 €	0%
	-0,02 % CA	60,0%	-0,05 % CA	0%	0 % CA	0 % CA	0%

Pre-tax result	2 526 449 €	-6,1%	2 691 388 €	-9,4%	2 971 306 €	101 303 €	2394,0%
Extraordinary result	-20 175 €	62,9%	-54 321 €	-1401,4%	-3 618 €	0 €	0%
- Employee profit sharing	343 580	100,3%	171 517	37,2%	125 001
- Tax on profits	543 013	-19,8%	677 129	-4,0%	705 498
Net result	1 619 681 €	-9,4%	1 788 421 €	-16,3%	2 137 189 €	99 116 €	1534,1%
	1,30 % CA	-18,8%	1,60 % CA	-25,6%	2,15 % CA	2,84 % CA	-54,2%

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Establishment details

Activity (APE)	Manufacture of other technical and industrial textiles (1396Z)	Business Pages FT®
Postal Address	SERGE FERRARI SAS ZI DE LA TOUR DU PIN ZONE INDUSTRIELLE 38110 SAINT JEAN DE SOUDAIN	Trading Address	ZONE INDUSTRIELLE 38110 SAINT JEAN DE SOUDAIN
Telephone	09 60 35 30 14
Fax

Type	Head office	Status	Economically active
Formation Date	01/1993	Reason for formation	Formation
Closure Date		Reason for closure	Other
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Isère (38)	Region	Rhône-Alpes
District	2	Area	33
City	SAINT JEAN DE SOUDAIN	Size of urban area

Other establishments

Branches	2 branch entities in this company
Head office	> SERGE FERRARI SAS <<<  - Fabrication d'autres textiles techniques et industriels (1396Z)  in SAINT JEAN DE SOUDAIN  (38110)
Secondary establishments	>  SERGE FERRARI SAS  - Fabrication d'autres textiles techniques et industriels (1396Z)  in ROCHETOIRIN  (38110) >  TISSAGE ET ENDUCTION SERGE FERRARI  - Fabrication d'autres textiles techniques et industriels (1396Z)  in ROCHETOIRIN  (38110)

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

50 to 99 employees

Company workforce

100 to 199 employees

Event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
10/07/2013	Bodacc B	Modification et mutation diverse
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE VIENNE 1763 - 300 821 873 RCS Vienne. SERGE FERRARI SAS. Forme : Société par Actions Simplifiée. Sigle : T.E.S.F. Administration : SA à conseil d'administration MAZARS devient commissaire aux comptes titulaire. BIETRIX Olivier nom d'usage : BIETRIX devient commissaire aux comptes suppléant. Activité : . Commentaires : Modification de l'administration.
27/12/2012	Bodacc B	Modification et mutation diverse
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE VIENNE 1730 - 300 821 873 RCS Vienne. SERGE FERRARI SAS. Forme : Société par Actions Simplifiée. Sigle : T.E.S.F. Capital : 12964510 EUR. Activité : . Commentaires : Modification du capital.
07/12/2012	JAL	Modification of the share capital
Essor (L')/Edition de l'Isère Date de décision : 29/10/2012 La société : 300821873 - SERGE FERRARI SAS, ZONE INDUSTRIELLE, ZI DE LA TOUR DU PIN, 38110 SAINT JEAN DE SOUDAIN a subi une augmentation de son capital social désormais de 12 964 510 € Date d'effet : 29/10/2012
25/01/2012	Bodacc B	Modification et mutation diverse
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE VIENNE 1431 - 300 821 873 RCS Vienne. SERGE FERRARI SAS. Forme : Société par Actions Simplifiée. Sigle : T.E.S.F. Administration : FERRARI Sébastien nom d'usage : FERRARI devient directeur général. Sté par actions simplifiée SergeFerrari Group n'est plus président. Sté par actions simplifiée FERRARI PARTICIPATIONS devient président. Activité : . Commentaires : Modification de l'administration.
11/01/2012	Bodacc B	Modification et mutation diverse
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE VIENNE 1709 - 300 821 873 RCS Vienne. SERGE FERRARI SAS. Forme : Société par Actions Simplifiée. Sigle : T.E.S.F. Administration : FERRARI Sébastien nom d'usage : FERRARI n'est plus président. Sté par actions simplifiée SergeFerrari Group devient président. Activité : . Commentaires : Modification de l'administration.
06/01/2012	JAL	Appointment of the social representative
Essor (L')/Edition de l'Isère Société faisant l'objet d'une nomination : 300821873 - SERGE FERRARI SAS, ZONE INDUSTRIELLE, ZI DE LA TOUR DU PIN, 38110 SAINT JEAN DE SOUDAIN Nominé : En la fonction de : Président Nominé : Monsieur Romain FERRARI, 38110 LA TOUR DU PIN En la fonction de : Directeur général Nominé : Monsieur Sébastien FERRARI, 38110 LA TOUR DU PIN En la fonction de : Directeur général Date d'effet : 01/01/2012
06/01/2012	JAL	Resignation / Revocation of the social representative
Essor (L')/Edition de l'Isère Date de décision : 19/12/2011 La société 300821873 - SERGE FERRARI SAS, ZONE INDUSTRIELLE, ZI DE LA TOUR DU PIN, 38110 SAINT JEAN DE SOUDAIN Fait l'objet du départ de Non renseignée SergeFerrari Group Date d'effet : 01/01/2012
16/12/2011	JAL	Appointment of the social representative
Essor (L')/Edition de l'Isère Société faisant l'objet d'une nomination : 300821873 - SERGE FERRARI SAS, ZONE INDUSTRIELLE, ZI DE LA TOUR DU PIN, 38110 SAINT JEAN DE SOUDAIN Nominé : En la fonction de : Président Date d'effet : 30/06/2011
16/12/2011	JAL	Resignation / Revocation of the social representative
Essor (L')/Edition de l'Isère Date de décision : 30/06/2011 La société 300821873 - SERGE FERRARI SAS, ZONE INDUSTRIELLE, ZI DE LA TOUR DU PIN, 38110 SAINT JEAN DE SOUDAIN Fait l'objet du départ de Monsieur Sébastien FERRARI Date d'effet : 30/06/2011
19/06/2011	Bodacc B	Modification et mutation diverse
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE VIENNE 527 - 300 821 873 RCS Vienne. SERGE FERRARI SAS. Forme : Société par Actions Simplifiée. Sigle : T.E.S.F. Activité : . Commentaires : Modification de la dénomination.
29/10/2009	Bodacc B	Modification et mutation diverse
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE VIENNE 1114 - 300 821 873 RCS Vienne. TISSAGE ET ENDUCTION SERGE FERRARI SA. Forme : Société par Actions Simplifiée. Sigle : T.E.S.F. Administration : NOVENT Alain nom d'usage : NOVENT Alain n'est plus commissaire aux comptes titulaire. MICHAUX Jean Paul nom d'usage : MICHAUX Jean n'est plus commissaire aux comptes suppléant. Commentaires : Modification de l'administration.
03/11/2007	Bodacc C	Avis de dépôt des comptes
353 - Bourgoin-Jallieu B 300 821 873. RC 73-B 68. TISSAGE ET ENDUCTION SERGE FERRARI S.A.. Forme: S.A.S. Adresse du siège social: Z.I. de La Tour-du-Pin,38110 Saint-Jean-de-Soudain. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
01/08/2006	Bodacc C	Avis de dépôt des comptes
920 - RCS Bourgoin-Jallieu B 300 821 873. RC 73-B 68. TISSAGE ET ENDUCTION SERGE FERRARI S.A.. Forme: S.A.S. Adresse du siège social: Z.I. de La Tour-du-Pin,38110 Saint-Jean-de-Soudain. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
29/07/2005	Bodacc C	Avis de dépôt des comptes
556 - RCS Bourgoin-Jallieu B 300 821 873. RC 73-B 68. TISSAGE ET ENDUCTION SERGE FERRARI S.A.. Forme: S.A.S. Adresse du siège social: Z.I. de La Tour-du-Pin,38110 Saint-Jean-de-Soudain. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
11/12/2003	Bodacc B	Modifications et mutations diverses
RCS Bourgoin-Jallieu 300821873 RC 73-B 68 TISSAGE ET ENDUCTION SERGE FERRARI S. A. Sigle : TESF. Forme : S.A.S. Capital : 3 521 600 euros. Adresse du siège social : Z.I. de la Tour du Pin, 38110 Saint- Jean-de-Soudain. Commentaires : apport à titre de fusion par la STE LOGISTIQUE FERRARI S.A.S. Modification survenue sur le capital en rémunération de cet apport (augmentation). Date d'effet : 30 juin 2003.
25/09/2002	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Bourgoin-Jallieu 300821873 RC 73-B 68 TISSAGE ET ENDUCTION SERGE FERRARI S.A. Sigle : TESF. Forme : S.A. Capital : 2 000 000 d'euros. Adresse : Z.I. de la Tour du Pin, 38110 Saint-Jean-de-Soudain. Administration : nomination d'un président : FERRARI (Sébastien), ancien P.-D.G et administrateur. Nomiantion d' un directeur général : FERRARI (Romain), ancien directeur général et administrateur. Anciens administrateurs FERRARI (Serge) et FERRARI (Mireille) Nouvelle situation du siège social. Capital : S.A.S. Date d'effet : 30 mai 2002.
03/07/2001	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Bourgoin-Jallieu B 300821873 RC 73-B 68 TISSAGE ET ENDUCTION SERGE FERRARI S.A. Sigle : T.E.S.F. Forme : S.A. Capital : 5 000 000 de F. Adresse : Z.I. de la Tour du Pin, 38110 Saint-Jean-de-Soudain Nouvelle situation du siège social. Capital : 2 000 000 d'euros. Date d'effet : 25 avril 2001.
20/05/1999	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Bourgoin-Jallieu B 300 821 873 RC 73-B 68 TISSAGE ET ENDUCTION SERGE FERRARI S. A. Forme : S.A. Capital : 5 000 000 de F ( fixe). Adresse : zone industrielle de la Tour-du-Pin, 38110 Saint-Jean-de- Soudain Nouvelle situation du siège social. Sigle : T.E.S.F. Administration : ancien administrateur : Mme ARENE, née VERRIEN (Geneviève), décédée ancien commissaire aux comptes titulaire : CABINET GREPT ET ASSOCIES nouveau commissaire aux comptes titulaire : NOVENT (Alain) nouveau co-commissaire aux comptes titulaire : Mme CHABERT ( Martine) nouveau co-commissaire aux comptes suppléant : CABINET COGEM AUDIT. Date d'effet : 25 février 1999.
25/07/1997	Bodacc B	Modifications et mutations diverses
RCS Bourgoin-Jallieu B 300 821 873 RC 73-B 68 TISSAGE ET ENDUCTION SERGE FERRARI S.A. Forme : S.A. Capital : 5 000 000 de F (fixe). Adresse du siège social : zone industrielle de La Tour-du-Pin, 38110 Saint-Jean-de-Soudain. Administration : nouvel administrateur : VERRIEN, épouse ARENE (Geneviève). Date d'effet : 18 avril 1997.
15/06/1996	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Bourgoin-Jallieu B 300821873 RC 73-b 68 Tissage et enduction Serge Ferrari S.A. Forme : S.A. Capital : 1 000 000 de F ( fixe). Adresse : zone industrielle de La Tour-du-Pin, 38110 Saint-Jean-de- Soudain Nouvelle situation du siège social. Capital : 5 000 000 de F. Date d'effet : 16avril1996.

Company events history

Date	Description
02/08/2013	New subsidiarie(s) detected
02/08/2013	New ultimate parent
02/08/2013	New parent detected
10/07/2013	Bodacc B: Various editing or changing
21/06/2013	Minutes of general meeting of shareholders
27/12/2012	Bodacc B: Various editing or changing
13/12/2012	Minutes of general meeting of shareholders
13/12/2012	Updated articles of association
13/12/2012	Audit or Management Report
13/12/2012	Amendment
29/10/2012	Legal Gazette: Modification of the share capital
25/01/2012	Bodacc B: Various editing or changing
11/01/2012	Bodacc B: Various editing or changing
10/01/2012	Amendment
10/01/2012	Updated articles of association
06/01/2012	Legal Gazette: Resignation / Revocation of the social representative
19/12/2011	Legal Gazette: Appointment of the social representative
19/12/2011	Minutes of general meeting of shareholders
16/12/2011	Legal Gazette: Resignation / Revocation of the social representative
30/06/2011	Legal Gazette: Appointment of the social representative
19/06/2011	Bodacc B: Various editing or changing
24/05/2011	Updated articles of association
24/05/2011	Minutes of general meeting of shareholders
27/04/2011	Update of Company Name
27/04/2011	Modification to Company Identifier
25/02/2010	Collection of preferential rights activated for this company
29/10/2009	Bodacc B: Various editing or changing
12/10/2009	PV d'Assemblée
12/10/2009	Minutes of general meeting of shareholders
18/06/2008	Payment incident closed
29/04/2008	Payment incident detected
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
04/11/2003	Statuts mis à jour
04/11/2003	PV d'Assemblée
04/11/2003	Déclaration de conformité
04/11/2003	Acte sous seing privé
18/06/2003	Rapport des Commissaires ou du Gérant
18/06/2003	Acte sous seing privé
12/05/2003	Acte sous seing privé
12/05/2003	Projet de Fusion
12/05/2003	Acte modificatif
27/08/2002	Changement de Forme Juridique sans changement de catégorie
27/08/2002	Acte modificatif
27/08/2002	Rapport des Commissaires ou du Gérant
27/08/2002	Nomination/démission des organes de gestion
27/08/2002	Statuts mis à jour
27/08/2002	Acte sous seing privé
27/08/2002	PV d'Assemblée
13/06/2001	Statuts mis à jour
13/06/2001	Acte sous seing privé
13/06/2001	Augmentation de Capital
13/06/2001	Conversion du Capital Social en Euros
13/06/2001	PV d'Assemblée
02/07/1999	Acte sous seing privé
02/07/1999	Acte modificatif
28/04/1999	Changement de Commissaire aux Comptes
28/04/1999	PV d'Assemblée
28/04/1999	Acte sous seing privé
28/04/1999	Acte modificatif
28/04/1999	Nomination/démission des organes de gestion
28/04/1999	PV du Conseil d'Administration
09/06/1997	PV d'Assemblée
09/06/1997	Modification du Conseil d'Administration
09/06/1997	Nomination/démission des organes de gestion
09/06/1997	Acte sous seing privé
28/05/1996	Statuts mis à jour
28/05/1996	PV d'Assemblée
01/01/1996	Statuts mis à jour
01/01/1996	PV d'Assemblée
01/01/1996	Augmentation de Capital
06/07/1994	PV d'Assemblée
01/02/1994	PV du Conseil d'Administration
01/02/1994	Acte modificatif
01/01/1994	Modification du Conseil d'Administration
01/01/1994	PV du Conseil d'Administration
01/01/1994	PV d'Assemblée
13/09/1993	Acte modificatif
13/09/1993	PV d'Assemblée
14/06/1993	Rapport des Commissaires ou du Gérant
05/05/1993	Acte modificatif
01/01/1993	Acte modificatif
01/01/1993	PV d'Assemblée
27/10/1992	Acte modificatif
17/09/1992	Acte modificatif
17/09/1992	PV d'Assemblée
01/01/1992	PV d'Assemblée

Establishment events history

Date	Description
12/01/2013	Update of phone numbers
28/06/2011	Update of phone numbers
27/04/2011	Modification of Head office Identification
27/04/2011	Update of Establishment Address
26/02/2010	Update of phone numbers
22/02/2008	Update of phone numbers
15/01/2008	Update of phone numbers

NOTES & COMMENTS

Commentary

The comments are ordered according to the class of risk. Companies are compared with regard to other companies of the same type. Thus a positive comment for one category can be negative for another or can change depending on its value. This is a purely statistical decision.

	The increase in the gearing percentage over the last two accounting periods is 26 %
	The stock to turnover ratio is 15.77
	The creditor days are 123.60
	The sales to current assets ratio is 1,72
	High risk workforce size
	The return on total assets employed is 2,73
	The ratio total assets to total liabilities is 1,18
	The company has 3 directors
	The total assets are 79,123,452 €
	The risk provisions are 918,917 €
	The pre-tax profit is 2,162,693 €
	The net turnover is 124,846,906 €
	The net current assets are 72,751,951 €
	The liabilities are 66,035,175 €
	The increase of tangible fixed assets over the last two accounting periods is 26 %
	The shareholder's equity is 12,165,315 €

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.34

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	NNA

RATING EXPLANATIONS

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

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

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

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

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