MIRA INFORM REPORT

Report Date :

02.06.2014

IDENTIFICATION DETAILS

Name :	VAR SA
Registered Office :	Espace Eiffel, Av Gustave Eiffel, 28630 Gellainville
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	January 1962
Com. Reg. No.:	RCS Chartres 0 622 037 505
Legal Form :	Public limited company with board of directors
Line of Business :	Engaged in purchasing, manufacturing, sale, direct or commission of all tools, products, organs, parts and accessories of cycles, motorcycles and of all vehicles sporting and leisure in general
No of Employees :	07 (31.12.2011)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

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

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

France ECONOMIC OVERVIEW

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

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Name

VAR SA

SIRET

622 037 505 00048

company summary

		EUR VAT Number	FR46622037505
Activity (APE)	Engaged in purchasing, manufacturing, sale, direct or commission of all tools, products, organs, parts and accessories of cycles, motorcycles and of all vehicles sporting and leisure in general	Legal form	Public limited company with board of directors
Phone	02 37 33 37 10	RCS Registration	RCS Chartres 0 622 037 505
Fax
Address	VAR SA ESPACE EIFFEL AV GUSTAVE EIFFEL 28630 GELLAINVILLE	Incorporated Date	07/1962
Nationality	France	Status	Economically active

DIRECTORS/MANAGEMENT

Directors

Name	JOURDREN YANNICK
Manager position	President	Date of birth	14/07/1965
Place of birth	ANTONY (92)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M YANNICK JOURDREN	14/07/1965 - ANTONY

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital		120,000 Euros
	Shareholders
	No Shareholders available for this company

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

No group information available for the company

Linkages

No Linkages information available for the company

FINANCIAL INFORMATION

Trading to Date	12/31/2011	12/31/2010	12/31/2009
Turnover	1,982,275 €	2,050,815 €	1,813,702 €
Gross Operating Surplus	24,07 % Turnover	25,06 % Turnover	25,69 % Turnover
Shareholders’ equity	2,791,973 €	2,657,421 €	2,457,267 €
Net result	329,552 €	387,654 €	369,732 €

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2011	31/12/2010	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	24/01/2013	16/02/2012	19/10/2010
Activity Code	2573B	2573B	2573B
Employees	7	7	7

Active account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	60 608	-1,7%	61 670	8,0%	57 109	93 952	-35,5%
- Intangible assets	10 671	-42,2%	18 463	54,1%	11 981	5 983	78,4%
- Tangible assets	40 064	19,6%	33 496	-5,8%	35 540	53 123	-24,6%
- Financial assets	9 873	1,7%	9 711	1,3%	9 588	2 295	330,2%
Net current assets	2 975 997	0,9%	2 949 435	8,3%	2 723 650	393 513	656,3%
- Stocks	515 006	-4,3%	538 196	11,8%	481 527	51 207	905,7%
- Advanced payments	26 990	0,9%	1 936	-92,2%	24 737	0	0%
- Receivables	452 338	28,6%	351 634	18,3%	297 260	176 985	155,6%
- Securities and cash	1 981 663	-3,7%	2 057 669	7,2%	1 920 126	61 590	3117,5%
- Prepaid expenses	-	-	-	-	-	540	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	3 036 605	0,8%	3 011 104	8,3%	2 780 759	507 839	497,9%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	2 791 973	5,1%	2 657 421	8,1%	2 457 267	232 727	1099,7%
Share capital	120 000	0%	120 000	5,0%	114 337	50 000	140,0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	244 451	-30,8%	353 209	9,2%	323 492	254 478	-3,9%
- Financial liabilities	0	0%	0	0%	0	57 788	0%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	100 041	-49,5%	198 211	68,0%	117 963	71 277	40,4%
- Tax and social liabilities	140 304	-7,3%	151 275	-24,5%	200 387	93 742	49,7%
- Other debts and fixed assets liabilities	4 287	2,1%	4 197	-18,4%	5 142	3 521	21,8%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	3 036 605	0,8%	3 011 104	8,3%	2 780 758	507 839	497,9%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	2 102 631	-3,1%	2 169 531	12,9%	1 921 803	741 492	183,6%
Net turnover	1 982 275	-3,3%	2 050 815	13,1%	1 813 702	722 032	174,5%
- of which net export turnover	884 719	1,2%	874 152	33,7%	653 790	70	1263784,3%
Operating charges	1 658 436	-0,3%	1 663 342	11,9%	1 485 851	692 484	139,5%
Operating profit/loss	444 195	-12,2%	506 189	16,1%	435 952	30 220	1369,9%
Financial income	129 134	-4,4%	135 144	-25,4%	181 160	291	44275,9%
Financial charges	83 383	28,6%	64 825	-0,6%	65 197	3 236	2476,7%
Financial profit/loss	45 751	-34,9%	70 319	-39,4%	115 963	-1 785	2663,1%
Pretax net operating income	489 946	-15,0%	576 508	4,5%	551 915	26 007	1783,9%
Extraordinary income	529	-84,6%	3 433	0%	0	1 225	-56,8%
Extraordinary charges	739	-76,9%	3 194	-64,5%	8 991	758	-2,5%
Extraordinary profit/loss	-210	-187,9%	239	102,7%	-8 991	0	0%
Net result	329 552	-15,0%	387 654	4,8%	369 732	28 689	1048,7%

Display parameter
Currency	Euro	Kilo Euro

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

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to VI)	Net	3 036 605	0,8%	3 011 104	8,3%	2 780 759
Gross	CO	3 414 771	2,3%	3 338 770	7,6%	3 102 004
Amortisation	1A	378 166	15,4%	327 666	2,0%	321 245

Non declared distributed capital (I)

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

Active fixed asset (II)

		31/12/2011		31/12/2010		31/12/2009
Total Active fixed asset (II)	Net	60 608	-1,7%	61 670	8,0%	57 109
Gross	BJ	244 160	11,4%	219 206	13,4%	193 347
Amortisation	BK	183 552	16,5%	157 536	15,6%	136 238

Intangible fixed assets

			31/12/2011		31/12/2010		31/12/2009
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	0	0%	7 792	494,8%	1 310
	Gross	AF	17 288	0%	17 288	108,8%	8 278
	Amortisation	AG	17 288	82,1%	9 496	36,3%	6 968
	Goodwill	Net	10 671	0%	10 671	0%	10 671
	Gross	AH	10 671	0%	10 671	0%	10 671
	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	10 671	-42,2%	18 463	54,1%	11 981

Tangible fixed assets

		31/12/2011		31/12/2010		31/12/2009
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	0	0%	0	0%	0
Gross	AP	0	0%	0	0%	0
Amortisation	AQ	0	0%	0	0%	0
Plant	Net	30 961	89,5%	16 337	784,0%	1 848
Gross	AR	57 074	66,9%	34 191	78,1%	19 197
Amortisation	AS	26 113	46,3%	17 854	2,9%	17 349
Other tangible fixed assets	Net	9 103	-46,9%	17 159	-49,1%	33 692
Gross	AT	149 254	1,3%	147 345	1,2%	145 613
Amortisation	AU	140 151	7,7%	130 186	16,3%	111 921
Fixed assets in construction	Net	0	0%	0	0%	0
Gross	AV	0	0%	0	0%	0
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	0	0%	0	0%	0
Gross	AX	0	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	40 064		33 496		35 540

Financial assets

		31/12/2011		31/12/2010		31/12/2009
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	0	0%	0	0%	0
Gross	CU	0	0%	0	0%	0
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0		0		0
Other financial assets	Net	9 873	1,7%	9 711	1,3%	9 588
Gross	BH	9 873	1,7%	9 711	1,3%	9 588
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		9 873		9 711		9 588

Current Assets (III)

		31/12/2011		31/12/2010		31/12/2009
Total Assets	Net	2 975 997	0,9%	2 949 435	8,3%	2 723 650
Gross	CJ	3 170 610	1,6%	3 119 565	7,3%	2 908 657
Amortisation	CK	194 613	14,4%	170 130	-8,0%	185 007

Stocks

		31/12/2011		31/12/2010		31/12/2009
Raw materials	Net	102 780	-23,6%	134 451	3,2%	130 233
Gross	BL	130 719	-18,2%	159 819	0,7%	158 768
Amortisation	BM	27 939	10,1%	25 368	-11,1%	28 535
Work in progress (goods)	Net	121 270	10,6%	109 619	-3,8%	113 900
Gross	BN	148 708	10,6%	134 446	-6,9%	144 345
Amortisation	BO	27 438	10,5%	24 827	-18,5%	30 445
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	290 956	-1,1%	294 126	23,9%	237 394
Gross	BT	347 573	-0,7%	350 021	14,1%	306 811
Amortisation	BU	56 617	1,3%	55 895	-19,5%	69 417
Sub Total Stocks	Net	515 006	-4,3%	538 196	11,8%	481 527

Advance payments to suppliers

		31/12/2011		31/12/2010		31/12/2009
Advance payments to suppliers	Net	26 990	1294,1%	1 936	-92,2%	24 737
Gross	BV	26 990	1294,1%	1 936	-92,2%	24 737
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2011		31/12/2010		31/12/2009
Trade accounts receivable	Net	333 615	24,2%	268 596	-1,0%	271 241
Gross	BX	338 400	23,8%	273 381	0,7%	271 572
Amortisation	BY	4 785	0%	4 785	1345,6%	331
Other debtors	Net	37 343	221,6%	11 612	72,5%	6 730
Gross	BZ	37 343	221,6%	11 612	72,5%	6 730
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	370 958	32,4%	280 208	0,8%	277 971

Divers

		31/12/2011		31/12/2010		31/12/2009
Investment securities	Net	215 870	-7,3%	232 824	-87,4%	1 853 053
Gross	CD	293 704	0,6%	292 079	-84,7%	1 909 332
Amortisation	CE	77 834	31,4%	59 255	5,3%	56 279
Cash and cash equivalents	Net	1 765 793	-3,2%	1 824 845	2620,7%	67 073
Gross	CF	1 765 793	-3,2%	1 824 845	2620,7%	67 073
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	1 981 663	-3,7%	2 057 669	7,2%	1 920 126

Prepaid expenses

		31/12/2011		31/12/2010		31/12/2009
Prepaid expenses	Net	81 380	13,9%	71 426	270,3%	19 289
Gross	CH	81 380	13,9%	71 426	270,3%	19 289
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

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

References

		31/12/2011		31/12/2010		31/12/2009
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	4 808	20,0%	4 008	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to V)	EE	3 036 605	0,8%	3 011 104	8,3%	2 780 758

Shareholder Equity (I)

		31/12/2011		31/12/2010		31/12/2009
Total shareholders' equity (Total I)	DL	2 791 973	5,1%	2 657 421	8,1%	2 457 267
Equity and shareholders' equity	DA	120 000	0%	120 000	5,0%	114 337
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	12 000	5,0%	11 434	0%	11 434
Statutory or contractual reserve	DE	2 000 000	5,3%	1 899 999	0,3%	1 893 894
Special regulated reserves	DF	67 870	0%	67 870	0%	67 870
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	0	0%	0	0%	0
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	262 551	54,0%	170 464	0%	0
Profit or loss for the period	DI	329 552	-15,0%	387 654	4,8%	369 732
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

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

Provisions for risks and charges (III)

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

Liabilities (IV)

		31/12/2011		31/12/2010		31/12/2009
Total Liabilities (Total IV)	EC	244 451	-30,8%	353 209	9,2%	323 492
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	0	0%	0	0%	0
Sundry loans and financial liabilities	DV	0	0%	0	0%	0
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	0	0%	0	0%	0
Trade accounts payables	DX	100 041	-49,5%	198 211	68,0%	117 963
Tax and social security liabilities	DY	140 304	-7,3%	151 275	-24,5%	200 387
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	4 106	10,3%	3 723	-27,6%	5 142

Translation loss (V)

		31/12/2011		31/12/2010		31/12/2009
Translation loss (Total V)	ED	181	-61,8%	474	0%	0

Equalization accounts

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

References

		31/12/2011		31/12/2010		31/12/2009
Of which tax-allowable reserve	EF	0	0%	67 870	0%	67 870
Deferred income and liabilities	EG	24 451	-93,1%	353 209	9,2%	323 492
Of which current bank facilities	EH	0	0%	0	0%	2 780 758

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2011		31/12/2010		31/12/2009
Operating result (Total I-II)	GG	444 195	-12,2%	506 189	16,1%	435 952

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	45 751	-34,9%	70 319	-39,4%	115 963

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

		31/12/2011		31/12/2010		31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	489 946	-15,0%	576 508	4,5%	551 915

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	-210	-187,9%	239	102,7%	-8 991

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	329 552	-15,0%	387 654	4,8%	369 732

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	2 232 294	-3,3%	2 308 108	9,8%	2 102 963

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

		31/12/2011		31/12/2010		31/12/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	1 902 743	-0,9%	1 920 455	10,8%	1 733 231

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	2 102 631	-3,1%	2 169 531	12,9%	1 921 803

Operating income (details)

		31/12/2011		31/12/2010		31/12/2009
Sale of goods for resale	FC	1 947 021	-3,4%	2 015 600	12,9%	1 784 560
France	FA	1 066 129	-8,6%	1 166 524	1,4%	1 150 004
Export	FB	880 892	3,7%	849 076	33,8%	634 556
Sale of goods produced	FF	0	0%	0	0%	0
France	FD	0	0%	0	0%	0
Export	FE	0	0%	0	0%	0
Sale of services	FI	35 254	0,1%	35 215	20,8%	29 142
France	FG	31 427	210,0%	10 139	2,3%	9 908
Export	FH	3 827	-84,7%	25 076	30,4%	19 234
Net turnover	FL	1 982 275	-3,3%	2 050 815	13,1%	1 813 702
France	FJ	1 097 556	-6,7%	1 176 663	1,4%	1 159 912
Export	FK	884 719	1,2%	874 152	33,7%	653 790
Stocked production	FM	14 262	244,1%	-9 899	10,2%	-11 025
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	0
Release of reserves and provisions	FP	106 090	-17,5%	128 611	8,0%	119 115
Other income	FQ	04	0%	04	-63,6%	11

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	1 658 436	-0,3%	1 663 342	11,9%	1 485 851

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	318 419	-18,8%	392 354	23,5%	317 665
Change in stocks of goods for resale	FT	2 448	105,7%	-43 210	-91,7%	-22 535
Purchase of raw materials	FU	372 125	6,8%	348 462	26,4%	275 644
Change in stocks of raw materials	FV	29 099	2871,3%	-1 050	-186,3%	1 217
Other external purchases and charges	FW	266 204	-16,7%	319 618	21,2%	263 714
Tax, duty and similar payments	FX	23 046	21,0%	19 051	-26,1%	25 775
Payroll	FY	341 916	3,5%	330 416	3,3%	319 816
Social security costs	FZ	166 179	3,0%	161 287	3,8%	155 417

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	26 989	6,1%	25 438	25,0%	20 347
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	111 995	1,1%	110 759	-14,0%	128 728
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	16	-92,6%	217	244,4%	63

Operating charges (III-IV)

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

Financial income (V)

		31/12/2011		31/12/2010		31/12/2009
Total financial income (Total V)	GP	129 134	-4,4%	135 144	-25,4%	181 160
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	64 053	-7,8%	69 507	87,0%	37 169
Released provisions and transferred charges	GM	59 255	5,3%	56 279	-45,2%	102 784
Exchange gains	GN	1 938	-75,1%	7 775	-59,5%	19 179
Net income from disposal of investment securities	GO	3 888	145,6%	1 583	-92,8%	22 028

Financial Charge (VI)

		31/12/2011		31/12/2010		31/12/2009
Total financial charge (Total VI)	GU	83 383	28,6%	64 825	-0,6%	65 197
Financial reserves and provisions	GQ	77 834	31,4%	59 255	5,3%	56 279
Interest and similar charges	GR	1 693	57,5%	1 075	66,9%	644
Exchange losses	GS	3 856	-14,2%	4 495	0,9%	4 454
Net loss from disposal of investment securities	GT	0	0%	0	0%	3 820

Extraordinary income (VII)

		31/12/2011		31/12/2010		31/12/2009
Total extraordinary income (Total VII)	HD	529	-84,6%	3 433	0%	0
Extraordinary operating income	HA	529	-84,6%	3 433	0%	0
Extraordinary income from capital transactions	HB	0	0%	0	0%	0
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2011		31/12/2010		31/12/2009
Total extraordinary charges (Total VIII)	HH	739	-76,9%	3 194	-64,5%	8 991
Extraordinary operating charges	HE	607	-81,0%	3 194	-59,9%	7 968
Extraordinary charges from capital transactions	HF	66	0%	0	0%	0
Extraordinary reserves and provisions	HG	66	0%	0	0%	1 023

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2011		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	160 185	-15,3%	189 094	9,2%	173 192

References

		31/12/2011		31/12/2010		31/12/2009
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	OG	0	0%	0	0%	0
Increases due to revaluation	OH	0	0%	0	0%	0
Decreases, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreases by budget item transfer	OK1	0	0%	0	0%	0
Decreases by transfers	OK2	1 103	-73,4%	4 140	-6,5%	4 426
Gross value at the end of period	OL	244 161	11,4%	219 207	13,4%	193 347

Research and development Charge (Total I)

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

Other budget item from Intangible fixed assets (Total II)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	KD	27 959	47,5%	18 949	13,1%	16 751
Increases due to revaluation	KE	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KF	0	0%	9 010	309,9%	2 198
Decreases by budget item transfer	LV1	0	0%	0	0%	0
Decreases by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	27 959	0%	27 959	47,5%	18 949

Tangible fixed assets (Total III)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	LN	181 537	10,1%	164 810	0,9%	163 305
Increases due to revaluation	LO	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LP	25 896	24,1%	20 867	278,0%	5 520
Decreases by budget item transfer	NG1	0	0%	0	0%	0
Decreases by transfers	NG2	1 103	-73,4%	4 140	3,1%	4 015
Gross value at the end of period	NH	206 330	13,7%	181 537	10,1%	164 810

Financial assets (Total IV)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	LQ	9 711	1,3%	9 588	-4,1%	9 999
Increases due to revaluation	LR	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LS	162	31,7%	123	0%	0
Decreases by budget item transfer	NJ1	0	0%	0	0%	0
Decreases by transfers	NJ2	0	0%	0	0%	411
Gross value at the end of period	NK	9 873	1,7%	9 711	1,3%	9 588

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

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

Research and development charge (Total I)

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

Other intangible assets (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	PE	9 495	36,3%	6 968	14,6%	6 080
Increases		PF	7 792	208,3%	2 527	184,6%	888
Decreases		PG	0	0%	0	0%	0
	Decreases by budget item transfer	PH	17 287	82,1%	9 495	36,3%	6 968

Total fixed assets amortisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	148 040	14,5%	129 269	14,6%	112 803
Increases		QV	19 263	-15,9%	22 911	17,7%	19 459
Decreases		QW	1 038	-74,9%	4 140	38,4%	2 992
	Decreases by budget item transfer	QX	166 265	12,3%	148 040	14,5%	129 270

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

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

Premium refund of obligations

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

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

			31/12/2011		31/12/2010		31/12/2009
	Value at beginning of period	7C	170 131	-8,0%	185 008	-16,6%	221 899
Increases		UB	189 828	11,7%	170 014	-8,1%	185 007
Decreases		UC	165 345	-10,6%	184 891	-16,7%	221 899
	Value at the end of period	UD	194 614	14,4%	170 131	-8,0%	185 007

Includes Total allocations

Operating	UE	111 995	1,1%	110 759	-14,0%	128 728
Financial	UG	77 834	31,4%	59 255	5,3%	56 279
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	106 090	-17,5%	128 611	8,0%	119 115
Financial	UH	59 255	5,3%	56 279	-45,2%	102 784
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

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

Total risk and charge provisions (Total II)

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

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at beginning of period	7B	170 130	-8,0%	185 007	-16,6%	221 899
Increases		TY	189 829	11,7%	170 013	-8,1%	185 007
Decreases		TZ	165 345	-10,6%	184 890	-16,7%	221 899
	Value at the end of period	UA	194 614	14,4%	170 130	-8,0%	185 007

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	466 996	27,5%	366 130	19,2%	307 179
1 year at most	VU	452 315	28,3%	352 411	14,7%	307 179
More than one year	VV	14 681	7,0%	13 719	0%	0

State of loans

		31/12/2011		31/12/2010		31/12/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	9 873	1,7%	9 711	1,3%	9 588
Other financial assets (1 year at most)	UV	0	0%	0	0%	9 588

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	4 808	0%	4 808	1352,6%	331
Other claims customer	UX	333 593	24,2%	268 573	-1,0%	271 241
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%	2 678
Social Security and other social organizations	UZ	2 814	-1,2%	2 848	0%	0
Income taxes	VM	29 231	0%	0	0%	4 052
Value added tax	VB	5 298	-39,5%	8 764	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	0	0%	0	0%	0

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	81 380	13,9%	71 426	270,3%	19 289

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	244 451	-30,8%	353 209	9,2%	323 492
1 year at most		VZ2	244 451	-30,8%	353 209	9,2%	323 492
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2011		31/12/2010		31/12/2009
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	0	0%	0
1 year at most		VG2	0	0%	0	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	100 041	-49,5%	198 211	68,0%	117 963
1 year at most		8B2	100 041	-49,5%	198 211	68,0%	117 963
More than 1 year and 5 years at most		8B3	100 041	-49,5%	198 211	68,0%	117 963
	Personnel and associated accounts (gross)	8C1	48 340	7,0%	45 191	2,7%	44 014
1 year at most		8C2	48 340	7,0%	45 191	2,7%	44 014
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	83 664	2,0%	82 061	2,3%	80 185
1 year at most		8D2	83 664	2,0%	82 061	2,3%	80 185
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	15 902	-74,0%	61 257
1 year at most		8E2	0	0%	15 902	-74,0%	61 257
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	02	0%	0	0%	7 427
1 year at most		VW2	02	0%	0	0%	7 427
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	8 298	2,2%	8 121	8,2%	7 504
1 year at most		VQ2	8 298	2,2%	8 121	8,2%	7 504
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	4 106	10,3%	3 723	-27,6%	5 142
1 year at most		8K2	4 106	10,3%	3 723	-27,6%	5 142
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

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

Table allocation results and other information
Dividends distributed

		31/12/2011		31/12/2010		31/12/2009
Dividends	ZE	195 000	4,0%	187 500	121,6%	84 601

Commitments

		31/12/2011		31/12/2010		31/12/2009
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2011		31/12/2010		31/12/2009
Subcontracting	YT	36 994	-15,3%	43 697	55,2%	28 153
Rentals, rental charges and condominiums	XQ	60 694	6,6%	56 920	-4,1%	59 379
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	8 873	-54,3%	19 414	47,1%	13 200
Fees, commissions and brokerage	YV	0	0%	0	0%	8 952
Other accounts	ST	159 643	-20,0%	199 586	29,6%	154 030
Total Other purchases and external	ZJ	266 204	1297,3%	319 617	21,2%	263 714

Taxes and Fees

		31/12/2011		31/12/2010		31/12/2009
Business tax	YW	6 658	124,4%	2 967	-60,6%	7 537
Other taxes and payments assimilated	9Z	16 388	1,9%	16 084	-11,8%	18 238
Total taxes and fees	YX	23 046	21,0%	19 051	-26,1%	25 775

VAT

		31/12/2011		31/12/2010		31/12/2009
Amount VAT collected	YY	184 269	-19,7%	229 527	0,2%	229 145
Total VAT on goods and services	YZ	166 935	-9,5%	184 410	15,3%	159 953

Average number of employees

		31/12/2011		31/12/2010		31/12/2009
Average number of employees	YP	07	0%	07	0%	07

Groups and Shareholders

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

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Fixed Asset Financing	12,19	-5,1%	12,84	1423,7%	-0,97	1,53	696,7%
Global Debt	44 days	-29,0%	62 days	-3,1%	64 days	123 days	-64,2%
Working Capital Fund overall net	496 days	8,8%	456 days	700%	-76 days	93 days	433,3%
Financial independence	%	-	%	-	%	484,06%	-
More ratios
Solvability	91,94%	4,2%	88,25%	-0,1%	88,37%	45,99%	99,9%
Capacity debt futures	%	-	%	-	%	1232,76%	-
Coverage of current assets by net working capital overall	80,74%	3,9%	77,71%	1079,9%	-7,93%	50,03%	61,4%
General Liquidity	1,85	85,0%	1	5,3%	0,95	0,82	125,6%
Restricted Liquidity	10,28	47,1%	6,99	-1,0%	7,06	1,27	709,4%

Management or rotation

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital	121 days	47,6%	82 days	-9,9%	91 days	39 days	210,3%
Treasury	374 days	0,5%	372 days	332,5%	-160 days	20 days	1770,0%
Inventory turnover of goods	390 days	8,0%	361 days	-3,5%	374 days	49,50 days	687,9%
Average length of credit granted to customers	56 days	30,2%	43 days	-10,4%	48 days	75 days	-25,3%
Average length of credit obtained suppliers	31 days	-47,5%	59 days	37,2%	43 days	67 days	-53,7%
More ratios
Inventory turnover of raw materials in industrial enterprises	38 days	-20,8%	48 days	-23,8%	63 days	72 days	-47,2%
Inventory turnover of intermediate and finished products in the industrial enterprise	days	-	days	-	days	245,50 days	-
Rotation tangible assets	960,73%	-15,0%	1129,70%	2,7%	1100,48%	249,87%	284,5%

Profitability of the business

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading	82,03%	0,9%	81,26%	-1,0%	82,12	0%	0%
Profitability of the business	24,07	-4,0%	25,06	-2,5%	25,69	7,57%	218,0%
Net profit	16,62%	-12,1%	18,90%	-7,3%	20,39%	4,03%	312,4%
More ratios
Growth rate of turnover (excluding VAT)	-3,34%	-125,6%	13,07%	318,9%	3,12%	10,19%	-132,8%
Rates integration	50,86%	1,8%	49,97%	-6,3%	53,31%	48,41%	5,1%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	50,39%	5,0%	47,98%	-2,4%	49,15%	79,81%	-36,9%
Weight interests	4,21	33,2%	3,16%	-12,0%	3,59%	0,45%	835,6%

Return on capital

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability	13,58%	-3,1%	14,02%	12,8%	12,43%	6,50%	108,9%
Rates of economic profitability	17%	-10,5%	19%	0%	19%	16%	6,2%
Financial profitability	2791973%	5,1%	2657421%	8,1%	2457267%	222715%	1153,6%
Return on investment	14,79%	-13,2%	17,03%	-3,8%	17,70%	9,85%	50,2%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Turnover	1 982 275	-3,3%	2 050 815	13,1%	1 813 702	722 032 €	174,5%

Sales of goods	1 947 021	-3,4%	2 015 600	12,9%	1 784 560
- Purchase of goods	318 419	-18,8%	392 354	23,5%	317 665
+/- Stock of goods variation	2 448	105,7%	-43 210	-91,7%	-22 535
Trading margin	1 626 154 €	-2,4%	1 666 456 €	11,9%	1 489 430 €	0 €	0%
	82,03 % CA	0,9%	81,26 % CA	-1,0%	82,12 % CA	0 % CA	0%

Sale of goods produced	35 254	0,1%	35 215	20,8%	29 142
+/- Stocked production	14 262	244,1%	-9 899	10,2%	-11 025
+ Self-constructed assets	0	0%	0	0%	0
Period production	49 516 €	95,6%	25 316 €	39,7%	18 117 €	632 416 €	-92,2%
	2,50 % CA	103,3%	1,23 % CA	23,0%	1,00 % CA	99,15 % CA	-97,5%

Trading margin	1 626 154	-2,4%	1 666 456	11,9%	1 489 430	0	0%
+ Period Production	49 516	95,6%	25 316	39,7%	18 117	632 416	-92,2%
- Purchase of raw materials	372 125	6,8%	348 462	26,4%	275 644
+/- Change in stocks of raw materials	29 099	2871,3%	-1 050	-186,3%	1 217
- Other external purchases and charges	266 204	-16,7%	319 618	21,2%	263 714
Added value	1 008 242 €	-1,6%	1 024 742 €	6,0%	966 972 €	357 526 €	182,0%
	50,86 % CA	1,8%	49,97 % CA	-6,3%	53,31 % CA	48,41 % CA	5,1%

Added value	1 008 242 €	-1,6%	1 024 742 €	6,0%	966 972 €	357 526 €	182,0%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	23 046	21,0%	19 051	-26,1%	25 775
- Personal charges	508 095	3,3%	491 703	3,5%	475 233
Gross operating surplus	477 101 €	-7,2%	513 988 €	10,3%	465 964 €	47 567 €	903,0%
	24,07 % CA	-4,0%	25,06 % CA	-2,5%	25,69 % CA	7,57 % CA	218,0%

Gross operating surplus	477 101 €	-7,2%	513 988 €	10,3%	465 964 €	47 567 €	903,0%
+ Release of reserves and provisions	106 090	-17,5%	128 611	8,0%	119 115
+ Other operating income	04	0%	04	-63,6%	11
- Depreciation/Amortisation	138 984	2,0%	136 197	-8,6%	149 075
- Other charges	16	-92,6%	217	244,4%	63
Operating result	444 195 €	-12,2%	506 189 €	16,1%	435 952 €	30 220 €	1369,9%
	22,41 % CA	-9,2%	24,68 % CA	2,7%	24,04 % CA	4,55 % CA	392,5%

Operating result	444 195 €	-12,2%	506 189 €	16,1%	435 952 €	30 220 €	1369,9%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	129 134	-4,4%	135 144	-25,4%	181 160
- Financial charges	83 383	28,6%	64 825	-0,6%	65 197
Pre-tax result	489 946 €	-15,0%	576 508 €	4,5%	551 915 €	26 007 €	1783,9%
	24,72 % CA	-12,1%	28,11 % CA	-7,6%	30,43 % CA	4,29 % CA	476,2%

Extraordinary income	529	-84,6%	3 433	0%	0	1 225	-56,8%
- Extraordinary charges	739	-76,9%	3 194	-64,5%	8 991
Extraordinary result	-210 €	-187,9%	239 €	102,7%	-8 991 €	0 €	0%
	-0,01 % CA	-200%	0,01 % CA	102,0%	-1 % CA	0 % CA	0%

Pre-tax result	489 946 €	-15,0%	576 508 €	4,5%	551 915 €	26 007 €	1783,9%
Extraordinary result	-210 €	-187,9%	239 €	102,7%	-8 991 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	160 185	-15,3%	189 094	9,2%	173 192
Net result	329 551 €	-15,0%	387 653 €	4,8%	369 732 €	28 689 €	1048,7%
	16,62 % CA	-12,1%	18,90 % CA	-7,3%	20,39 % CA	4,13 % CA	302,4%

ADDITIONAL INFORMATION

Company details

Activity (APE)	Engaged in purchasing, manufacturing, sale, direct or commission of all tools, products, organs, parts and accessories of cycles, motorcycles and of all vehicles sporting and leisure in general
RCS Registration	RCS Chartres 0 622 037 505	Share capital	120,000 Euros
Registration Court	Chartres (28)	Legal form	Public limited company with board of directors
Court Registry Number	20 0 0B00494	EUR VAT Number	FR46622037505
Incorporation Date	07/1962	Formation Date	01/1962
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Establishment details

Activity (APE)	Engaged in purchasing, manufacturing, sale, direct or commission of all tools, products, organs, parts and accessories of cycles, motorcycles and of all vehicles sporting and leisure in general	Business Pages FT®	OUTILS A MAIN (FABRICATION, GROS)
Postal Address	VAR SA ESPACE EIFFEL AV GUSTAVE EIFFEL 28630 GELLAINVILLE	Trading Address	AVENUE GUSTAVE EIFFEL 28630 GELLAINVILLE
Telephone	02 37 33 37 10
Fax

Type	Head office	Status	Economically active
Formation Date	12/2000	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Eure-et-Loir (28)	Region	Centre
District	1	Area	25
City	GELLAINVILLE	Size of urban area	Establishment in a rural municipality

Other establishments

Branches	3 branch entities in this company
Head office	> VAR SA <<<  - Fabrication d'autres outillages (2573B)  in GELLAINVILLE  (28630)
Secondary establishments	>  VAR SA  - Fabrication d'autres outillages (2573B)  in PARIS 11  (75011) >  VAR SA  - Fabrication d'autres outillages (2573B)  in PARIS 11  (75011)

Regionality	Legal unit with multiple establishments in many areas but no one grouping more than 50% of workforce
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

07 (31.12.2011)

Company workforce

07 (31.12.2011)

Preferential rights details and history

Status of collection

This company is not under monitoring

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
24/12/2012	Bodacc C	Comptes annuels et rapports
28 - EURE-ET-LOIR GREFFE DU TRIBUNAL DE COMMERCE DE CHARTRES 2369 - 622037505 RCS. VAR SAS. Forme : Société par actions simplifiée. Adresse : avenue Gustave Eiffel Espace Eiffel 28630 Gellainville. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
27/02/2012	Bodacc C	Comptes annuels et rapports
28 - EURE-ET-LOIR GREFFE DU TRIBUNAL DE COMMERCE DE CHARTRES 3192 - 622037505 RCS. VAR SAS. Forme : Société par actions simplifiée. Adresse : avenue Gustave Eiffel Espace Eiffel 28630 Gellainville. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
03/11/2010	Bodacc C	Comptes annuels et rapports
28 - EURE-ET-LOIR GREFFE DU TRIBUNAL DE COMMERCE DE CHARTRES 2241 - 622037505 RCS. VAR SAS. Forme : Société par actions simplifiée. Adresse : avenue Gustave Eiffel Espace Eiffel 28630 Gellainville. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
03/10/2010	Bodacc B	Modification et mutation diverse
28 - EURE-ET-LOIR GREFFE DU TRIBUNAL DE COMMERCE DE CHARTRES 225 - 622 037 505 RCS Chartres. VAR SAS. Forme : Société par actions simplifiée. Administration : Président : JOURDREN Yannick Commissaire aux comptes titulaire : KPMG AUDIT PARIS ET CENTRE Commissaire aux comptes suppléant : KPMG AUDIT NORD. Capital : 120000 EUR. Commentaires : Modification survenue sur l'administration, le capital.
28/07/2010	JAL	Modification of the share capital
L'ECHO DE BROU Date de décision : 15/06/2010 La société : 622037505 - VAR SA, AV GUSTAVE EIFFEL, ESPACE EIFFEL, 28630 GELLAINVILLE a subi une augmentation de son capital social désormais de 120 000 €
01/03/2010	Bodacc C	Comptes annuels et rapports
28 - EURE-ET-LOIR GREFFE DU TRIBUNAL DE COMMERCE DE CHARTRES 2286 - 622037505 RCS. VAR SAS. Forme : Société par actions simplifiée. Adresse : avenue Gustave Eiffel Espace Eiffel 28630 Gellainville. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
16/04/2009	Bodacc C	Comptes annuels et rapports
28 - EURE-ET-LOIR GREFFE DU TRIBUNAL DE COMMERCE DE CHARTRES 1031 - 622037505 RCS. VAR SAS. Forme : Société par actions simplifiée. Adresse : avenue Gustave Eiffel Espace Eiffel, 28630 Gellainville. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
28/12/2007	Bodacc C	Avis de dépôt des comptes
3642 - 622 037 505. RCS Chartres VAR SAS. Forme: Société par actions simplifiée. Adresse du siège social: avenue Gustave Eiffel Espace Eiffel, 28630 Gellainville. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
28/10/2006	Bodacc C	Avis de dépôt des comptes
2090 - RCS Chartres B 622 037 505. RC 00-B 494. VAR SAS. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: avenue Gustave Eiffel,Espace Eiffel, 28630 Gellainville. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
25/04/2006	Bodacc C	Avis de dépôt des comptes
1671 - RCS Chartres B 622 037 505. RC 00-B 494. VAR SAS. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: avenue Gustave Eiffel,Espace Eiffel, 28630 Gellainville. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
22/05/2005	Bodacc B	Modifications et mutations diverses
367 - RCS Chartres B 622 037 505. RC 00-B 494. VAR S.A.S. Forme : S.A.S. Adresse du siège social : espace Eiffel, avenue Gustave-Eiffel,, 28630 Commentaires : modification survenue sur l'administration. Administration : président : JOURDREN (Yannick) (Nom d'usage : JOURDREN). Commissaire aux comptes titulaire : SALUSTRO REYDEL. Commissaire aux comptes suppléant : LUNEAU (Hubert) (Nom d'usage : LUNEAU). Date d'effet : 23 décembre 2004.
12/09/2003	Bodacc B	Modifications et mutations diverses
RCS Chartres B 622037505 RC 00-B 494 VAR S.A. Forme : S.A. Capital : 114 336,76 euros. Adresse du siège social : espace Eiffel, avenue Gustave-Eiffel, 28630 Gellainville. Commentaires : modification survenue sur l'administration. Administration : président du conseil d' administration : JOURDREN (Claude) ( Nom d'usage : JOURDREN). Administrateurs : LEGUY (Jacques) ( Nom d'usage : LEGUY) JOURDREN (Yannick) ( Nom d'usage : JOURDREN). Commissaire aux comptes titulaire : SALUSTRO REYDEL. Commissaire aux comptes suppléant : LUNEAU (Hubert) ( Nom d'usage : LUNEAU). Date d'effet : 30 juin 2003.
30/06/2002	Bodacc B	Modifications et mutations diverses
RCS Chartres B 622037505 RC 00-B 494 VAR S.A. Forme : S.A. Capital : 114 336,76 euros. Adresse du siège social : espace Eiffel, avenue Gustave-Eiffel, 28630 Gellainville. Commentaires : modification survenue sur l'administration. Administration : président du conseil d' administration : JOURDREN (Claude) ( Nom d'usage : JOURDREN). Administrateurs : LEGUY (Jacques) ( Nom d'usage : LEGUY) DIREZ (Henri) ( Nom d'usage : DIREZ) JOURDREN (Yannick) ( Nom d'usage : JOURDREN). Commissaire aux comptes titulaire : SALUSTRO REYDEL. Commissaire aux comptes suppléant : LUNEAU (Hubert) ( Nom d'usage : LUNEAU). Date d'effet : 27 juin 2001.
24/01/2001	Bodacc B	Modifications et mutations diverses
RCS Chartres B 622037505 RC 00-B 494 VAR S.A. Forme : S.A. Capital : 750 000 F. Adresse du siège social : espace Eiffel, avenue Gustave-Eiffel, 28630 Gellainville. Administration : président du conseil d'administration : JOURDREN ( Claude) ( Nom d'usage : JOURDREN). Administrateurs : LEGUY (Jacques) ( Nom d'usage : LEGUY) DIREZ (Henri) ( Nom d'usage : DIREZ) JOURDREN (Yannick) ( Nom d'usage : JOURDREN). Commissaire aux comptes titulaire : GAGNEUX (Jean) ( Nom d'usage : GAGNEUX). Commissaire aux comptes suppléant : STE SALUSTRO REYDEL Etablissement principal: Activité : achat, fabrication, vente, directe ou à la commission, de tous outillages, d'articles, d'organes, de pièces détachées et d'accessoires de cycles, de motocycles et de tous véhicules d'articles de sport et de loisirs en général, de fournitures et de produits intéressant le sport et les loisirs. Plus généralement, toutes opérations mobilières, immobilières ou financières pouvant favoriser la réalisation de cet objet et contribuer à son développement. Adresse : espace Eiffel, avenue Gustave-Eiffel, 28630 Gellainville. Commentaires : immatriculation d'une personne morale suite au transfert du siège hors ressort du greffe du tribunal de commerce de Paris. Date d'effet : 1er décembre 2000.
07/07/1996	Bodacc B	Modifications et mutations diverses
RCS Paris B 622 037 505 RC 62-B 3750 VAR S.A. Forme : S.A. Administration : président du conseil d'administration : JOURDREN (Claude). Administrateurs : LEGUY (Jacques) DIREZ (Henri) JOURDREN (Yannick, Robert, Edmond). Commissaire aux comptes titulaire : GAGNEUX (Jean). Commissaire aux comptes suppléant : STE SALUSTRO REYDEL. Commentaires : modification survenue sur l'administration.

Company events history

Date	Description
26/01/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
24/12/2012	Bodacc C : Deposit accounts notice
27/02/2012	Bodacc C : Deposit accounts notice
21/02/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
31/12/2010	New accounts available
03/11/2010	Bodacc C : Deposit accounts notice
03/10/2010	Bodacc B: Various editing or changing
20/09/2010	New auditor
20/09/2010	Capital increase
20/09/2010	Updated articles of association
15/06/2010	Legal Gazette: Modification of the share capital
01/03/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
16/04/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
25/02/2005	New legal form – no new category
25/02/2005	Private document
25/02/2005	Appointment/resignation of company officers
25/02/2005	PV d'Assemblée
25/02/2005	Minutes of general meeting of shareholders
25/02/2005	Statuts mis à jour
25/02/2005	Updated articles of association
25/02/2005	Rapport des Commissaires ou du Gérant
25/02/2005	Audit or Management Report
31/12/2004	New accounts available
31/12/2003	New accounts available
11/08/2003	Acte sous seing privé
11/08/2003	Nomination/démission des organes de gestion
11/08/2003	PV d'Assemblée
11/08/2003	Acte modificatif
11/08/2003	Modification du Conseil d'Administration
13/08/2001	Acte sous seing privé
13/08/2001	PV d'Assemblée
13/08/2001	Changement de Commissaire aux Comptes
13/08/2001	Nomination/démission des organes de gestion
13/08/2001	Acte modificatif
27/12/2000	Statuts mis à jour
27/12/2000	Acte modificatif
27/12/2000	Acte sous seing privé
27/12/2000	Immatriculation suite à transfert
27/12/2000	PV d'Assemblée
16/09/1998	PV d'Assemblée
16/09/1998	Acte sous seing privé
16/09/1998	Réduction de Capital
16/09/1998	Augmentation de Capital
16/09/1998	Rapport des Commissaires ou du Gérant
21/06/1996	Modification du Conseil d'Administration
21/06/1996	PV d'Assemblée
21/06/1996	Acte modificatif
21/06/1996	Nomination/démission des organes de gestion
11/02/1994	Statuts mis à jour
11/02/1994	PV d'Assemblée
11/02/1994	Réduction de Capital
11/02/1994	Déclaration de conformité
11/02/1994	Acte modificatif
11/02/1994	Augmentation de Capital
15/07/1992	PV d'Assemblée
15/07/1992	Acte modificatif
15/07/1992	Changement de Commissaire aux Comptes
23/06/1992	Acte modificatif
23/06/1992	PV d'Assemblée
23/06/1992	Changement de Commissaire aux Comptes

Establishment events history

Date	Description
20/02/2014	Update Rating
02/12/2013	Update Rating
15/09/2013	Update Rating
26/01/2013	Update Limit
26/01/2013	Update Rating
17/12/2012	Update Rating
03/10/2012	Update Rating
18/05/2012	Update of phone numbers
03/05/2012	Update Rating
21/02/2012	Update Limit
21/02/2012	Update Rating
25/01/2012	Update Rating
05/09/2011	Update Rating
21/10/2010	Update Rating
22/09/2010	Update Rating
09/03/2010	Update Limit
09/03/2010	Update Rating
02/01/2010	Update Rating
05/09/2009	Update Rating
07/04/2009	Update Rating
07/04/2009	Update Limit
27/09/2008	Update Rating
16/12/2007	Update Limit
15/12/2007	Update Rating
11/12/2007	Update Limit
07/12/2007	Update Rating
07/12/2007	Update Limit

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 ratio total assets to total liabilities is 12.42

The sales to current assets ratio is 0,67

The increase in the current ratio over the last two accounting periods is 46 %

The financial liabilities are 0 €

The net current assets are 2,975,997 €

The net turnover is 1,982,275 €

The pre-tax profit is 489,737 €

The tangible fixed assets are 40,064 €

Industry code with low risk rating

The company is 51 years old

Workforce size is in the average risk band

Region code with high risk rating

The trade payables value is 100,041 €

The stocks value is 515,006 €

The receivables value is 452,338 €

The decrease in the return on capital employed over the last two accounting periods is 19 %

The decrease in pre-tax profit over the last two accounting periods is 15 %

The decrease in the pre-tax profit margin over the last two accounting periods is 12 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.33

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MNL

RATING EXPLANATIONS

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

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

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

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

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

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