MIRA INFORM REPORT

Report Date :

05.06.2014

IDENTIFICATION DETAILS

Name :	PILLET
Registered Office :	World System, 48 Rue Denfert Rochereau, 76600 Le Havre
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	September, 1957
Legal Form :	Simplified joint stock company
Line of Business :	Charter and organization of transport [We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employees :	20 to 49 employees

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
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

Name

PILLET

SIRET

357 502 665 00130

Personal comment

company summary

		EUR VAT Number	FR56357502665
Activity (APE)	Charter and organization of transport (5229B)	Legal form	Simplified joint stock company
Phone	02 32 74 35 00	RCS Registration	RCS Le Havre 5 357 502 665
Fax	02 32 74 35 94
Address	PILLET WORLD SYSTEM 48 RUE DENFERT ROCHEREAU 76600 LE HAVRE	Incorporated Date	09/1957
Nationality	France	Status	Economically active

DIRECTORS/MANAGEMENT

directors

Name	M. BALGUERIE EDOUARD PIERRÉ
Manager position	President	Date of birth	10/01/1953
Place of birth	CASABLANCA (MAROC)(MAROC)
Type	Individual	Name at birth

Previous Directors

No data about previous directors is available for this company

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

500,000 Euros

Shareholders

No Shareholders available for this company

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

Group Structure

No group information available for the company

Linkages

No Linkages information available for the company

FINANCIAL INFORMATION

Trading to Date	12/31/2012	12/31/2011	12/31/2010
Turnover	6,751,070 €	4,948,878 €	5,462,187 €
Gross Operating Surplus	19,87 % Turnover	0,75 % Turnover	9,12 % Turnover
Shareholders’ equity	2,607,788 €	2,152,086 €	2,398,772 €
Net result	455,703 €	-146,637 €	302,747 €

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2012	31/12/2011	31/12/2010
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	01/07/2013	20/07/2012	01/07/2011
Activity Code	5229B	5229B	5229B
Employees	55	53	53

Active account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	124 295	4,1%	119 355	-17,8%	145 276	37 478	231,6%
- Intangible assets	37 766	151,7%	15 004	-13,8%	17 412	0	0%
- Tangible assets	65 729	-22,9%	85 293	-20,9%	107 892	15 376	327,5%
- Financial assets	20 801	9,2%	19 057	-4,6%	19 972	3 701	462,0%
Net current assets	19 739 478	20,1%	16 433 323	-15,1%	19 356 942	685 509	2779,5%
- Stocks	0	0%	0	0%	0	0	0%
- Advanced payments	43 093	20,1%	40 429	-23,4%	52 780	0	0%
- Receivables	19 578 233	20,7%	16 218 255	-14,8%	19 042 419	469 177,50	4072,9%
- Securities and cash	118 152	-32,3%	174 639	-33,3%	261 743	112 053	5,4%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	27 156	8,3%	25 083	7914,0%	-321	0	0%
Total Assets	19 890 930	20,0%	16 577 760	-15,0%	19 501 898	789 625	2419,0%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Shareholders' equity	2 607 788	21,2%	2 152 086	-10,3%	2 398 772	170 079	1433,3%
Share capital	500 000	0%	500 000	0%	500 000	40 000	1150,0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	1 234 959	82,6%	676 259	-9,0%	743 459	0	0%
Liabilities	16 041 164	17,3%	13 679 737	-16,3%	16 345 592	536 734,50	2888,7%
- Financial liabilities	3 236 414	45,7%	2 220 576	-24,7%	2 947 365	13 752	23434,1%
- Advanced payments received	260 966	69,9%	153 620	1,8%	150 939	0	0%
- Trade account payables	11 330 176	7,2%	10 573 680	-14,6%	12 382 561	251 505	4405,0%
- Tax and social liabilities	1 143 720	70,9%	669 328	-16,4%	801 076	111 477	926,0%
- Other debts and fixed assets liabilities	76 907	-41,8%	132 214	70,1%	77 725	7 303,50	953,0%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	19 890 930	20,0%	16 577 761	-15,0%	19 501 898	789 624	2419,0%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Sales of Goods	7 088 145	34,0%	5 288 793	-8,6%	5 787 898	1 689 622,50	319,5%
Net turnover	6 751 070	36,4%	4 948 878	-9,4%	5 462 187	1 662 468,50	306,1%
- of which net export turnover	902 614	53,4%	588 573	-35,7%	915 167	2 970,50	30285,9%
Operating charges	6 440 482	20,3%	5 355 028	-2,2%	5 476 030	1 667 548	286,2%
Operating profit/loss	647 663	1077,8%	-66 235	-121,2%	311 868	26 673	2328,2%
Financial income	158 896	7249,5%	2 162	-68,1%	6 782	968,50	16306,4%
Financial charges	49 826	-42,0%	85 878	-56,5%	197 583	1 395,50	3470,5%
Financial profit/loss	109 070	230,3%	-83 716	56,1%	-190 801	0	0%
Pretax net operating income	756 733	604,7%	-149 951	-223,9%	121 067	28 595	2546,4%
Extraordinary income	0	0%	4 147	-98,0%	211 435	843,50	0%
Extraordinary charges	412	-50,5%	832	-41,7%	1 427	1 114,50	-63,0%
Extraordinary profit/loss	-412	-112,4%	3 315	-98,4%	210 008	0	0%
Net result	455 703	410,8%	-146 637	-148,4%	302 747	23 192	1864,9%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2012	31/12/2011	31/12/2010
Months	12	12	12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2012		31/12/2011		31/12/2010
	Grand Total (I to VI)	Net	19 890 930	20,0%	16 577 760	-15,0%	19 501 898
	Gross	CO	22 431 396	18,1%	18 996 364	-12,8%	21 772 846
	Amortisation	1A	2 540 466	5,0%	2 418 604	6,5%	2 270 948

Non declared distributed capital (I)

		31/12/2012		31/12/2011		31/12/2010
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/12/2012		31/12/2011		31/12/2010
	Total Active fixed asset (II)	Net	124 295	4,1%	119 355	-17,8%	145 276
	Gross	BJ	528 482	6,7%	495 234	5,2%	470 675
	Amortisation	BK	404 187	7,5%	375 878	15,5%	325 399

Intangible fixed assets

			31/12/2012		31/12/2011		31/12/2010
	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	30 144	308,3%	7 382	-24,6%	9 790
	Gross	AF	46 789	149,0%	18 789	0%	18 789
	Amortisation	AG	16 646	45,9%	11 407	26,8%	8 999
	Goodwill	Net	7 622	0%	7 622	0%	7 622
	Gross	AH	7 622	0%	7 622	0%	7 622
	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	37 766	151,7%	15 004	-13,8%	17 412

Tangible fixed assets

			31/12/2012		31/12/2011		31/12/2010
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	0	0%	0	0%	0
	Gross	AP	0	0%	0	0%	0
	Amortisation	AQ	0	0%	0	0%	0
	Plant	Net	1 126	-46,5%	2 105	-15,4%	2 489
	Gross	AR	21 092	0%	21 092	2,9%	20 491
	Amortisation	AS	19 966	5,2%	18 987	5,5%	18 002
	Other tangible fixed assets	Net	64 603	-22,3%	83 188	-21,1%	105 403
	Gross	AT	432 178	0,8%	428 673	6,2%	403 801
	Amortisation	AU	367 575	6,4%	345 484	15,8%	298 398
	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	65 729		85 293		107 892

Financial assets

			31/12/2012		31/12/2011		31/12/2010
	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	4 512	0%	4 512	0%	4 512
	Gross	CU	4 512	0%	4 512	0%	4 512
	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	16 289	12,0%	14 545	-5,9%	15 460
	Gross	BH	16 289	12,0%	14 545	-5,9%	15 460
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		20 801		19 057		19 972

Current Assets (III)

			31/12/2012		31/12/2011		31/12/2010
	Total Assets	Net	19 739 478	20,1%	16 433 323	-15,1%	19 356 942
	Gross	CJ	21 875 757	18,4%	18 476 048	-13,3%	21 302 492
	Amortisation	CK	2 136 279	4,6%	2 042 725	5,0%	1 945 550

Stocks

			31/12/2012		31/12/2011		31/12/2010
	Raw materials	Net	0	0%	0	0%	0
	Gross	BL	0	0%	0	0%	0
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	0	0%	0	0%	0
	Gross	BR	0	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	0	0%	0	0%	0
	Gross	BT	0	0%	0	0%	0
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	0	0%	0	0%	0

Advance payments to suppliers

			31/12/2012		31/12/2011		31/12/2010
	Advance payments to suppliers	Net	43 093	6,6%	40 429	-23,4%	52 780
	Gross	BV	43 093	6,6%	40 429	-23,4%	52 780
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2012		31/12/2011		31/12/2010
	Trade accounts receivable	Net	14 937 770	6,7%	13 999 807	-16,7%	16 804 685
	Gross	BX	17 074 049	6,4%	16 042 532	-14,4%	18 750 235
	Amortisation	BY	2 136 279	4,6%	2 042 725	5,0%	1 945 550
	Other debtors	Net	4 540 396	113,6%	2 125 923	-1,1%	2 150 534
	Gross	BZ	4 540 396	113,6%	2 125 923	-1,1%	2 150 534
	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	19 478 166	20,8%	16 125 730	-14,9%	18 955 219

Divers

			31/12/2012		31/12/2011		31/12/2010
	Investment securities	Net	876	0%	876	0%	876
	Gross	CD	876	0%	876	0%	876
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	117 276	-32,5%	173 763	-33,4%	260 867
	Gross	CF	117 276	-32,5%	173 763	-33,4%	260 867
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	118 152	-32,3%	174 639	-33,3%	261 743

Prepaid expenses

			31/12/2012		31/12/2011		31/12/2010
	Prepaid expenses	Net	100 067	8,2%	92 525	6,1%	87 200
	Gross	CH	100 067	8,2%	92 525	6,1%	87 200
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2012		31/12/2011		31/12/2010
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	27 156	8,3%	25 083	7914,0%	-321
Gross		27 156	8,3%	25 083	7914,0%	-321

References

		31/12/2012		31/12/2011		31/12/2010
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2012		31/12/2011		31/12/2010
Grand Total (I to V)	EE	19 890 930	20,0%	16 577 761	-15,0%	19 501 898

Shareholder Equity (I)

			31/12/2012		31/12/2011		31/12/2010
	Total shareholders' equity (Total I)	DL	2 607 788	21,2%	2 152 086	-10,3%	2 398 772
	Equity and shareholders' equity	DA	500 000	0%	500 000	0%	500 000
	Issue and merger premiums	DB	23 890	0%	23 890	0%	23 890
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	50 000	0%	50 000	0%	50 000
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	1 200 000	0%	1 200 000	0%	1 200 000
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	378 195	-27,9%	524 833	62,9%	322 136
	Profit or loss for the period	DI	455 703	410,8%	-146 637	-148,4%	302 747
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/12/2012		31/12/2011		31/12/2010
	Total other capital resources (Total II)	DO	0	0%	0	0%	0
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

			31/12/2012		31/12/2011		31/12/2010
	Total provisions for risks and charges (Total III)	DR	1 234 959	82,6%	676 259	-9,0%	743 459
	Risk provisions	DP	1 234 959	82,6%	676 259	-9,0%	743 459
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2012		31/12/2011		31/12/2010
	Total Liabilities (Total IV)	EC	16 041 164	17,3%	13 679 737	-16,3%	16 345 592
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	4 108	32,6%	3 098	-26,6%	4 223
	Sundry loans and financial liabilities	DV	3 232 306	45,8%	2 217 478	-24,7%	2 943 142
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	260 966	69,9%	153 620	1,8%	150 939
	Trade accounts payables	DX	11 330 176	7,2%	10 573 680	-14,6%	12 382 561
	Tax and social security liabilities	DY	1 143 720	70,9%	669 328	-16,4%	801 076
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	69 888	11,8%	62 533	-1,8%	63 651

Translation loss (V)

		31/12/2012		31/12/2011		31/12/2010
Translation loss (Total V)	ED	7 019	-89,9%	69 681	395,1%	14 074

Equalization accounts

		31/12/2012		31/12/2011		31/12/2010
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2012		31/12/2011		31/12/2010
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	15 780 199	0%	0	0%	16 194 654
Of which current bank facilities	EH	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2012		31/12/2011		31/12/2010
Operating result (Total I-II)	GG	647 663	1077,8%	-66 235	-121,2%	311 868

2 - Financial result (V - VI)

		31/12/2012		31/12/2011		31/12/2010
Financial result (Total V-VI)	GV	109 070	230,3%	-83 716	56,1%	-190 801

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

		31/12/2012		31/12/2011		31/12/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	756 733	604,7%	-149 951	-223,9%	121 067

4 - Extraordinary result (VII-VIII)

		31/12/2012		31/12/2011		31/12/2010
Extraordinary result (Total VII-VIII)	HI	-412	-112,4%	3 315	-98,4%	210 008

Profit or loss

		31/12/2012		31/12/2011		31/12/2010
Profit or loss	HN	455 703	410,8%	-146 637	-148,4%	302 747

Total Income (I+III+V+VII)

		31/12/2012		31/12/2011		31/12/2010
Total Income (I+III+V+VII)	HL	7 247 041	36,9%	5 295 102	-11,8%	6 006 115

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

		31/12/2012		31/12/2011		31/12/2010
Total charges (Total II+IV+VI+VIII+IX+X)	HM	6 791 336	24,8%	5 441 738	-4,6%	5 703 368

Operating income (I)

		31/12/2012		31/12/2011		31/12/2010
Total operating income (Total I)	FR	7 088 145	34,0%	5 288 793	-8,6%	5 787 898

Operating income (details)

			31/12/2012		31/12/2011		31/12/2010
	Sale of goods for resale	FC	0	0%	0	0%	0
	France	FA	0	0%	0	0%	0
	Export	FB	0	0%	0	0%	0
	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	6 751 070	36,4%	4 948 878	-9,4%	5 462 187
	France	FG	5 848 456	34,1%	4 360 305	-4,1%	4 547 020
	Export	FH	902 614	53,4%	588 573	-35,7%	915 167
	Net turnover	FL	6 751 070	36,4%	4 948 878	-9,4%	5 462 187
	France	FJ	5 848 456	34,1%	4 360 305	-4,1%	4 547 020
	Export	FK	902 614	53,4%	588 573	-35,7%	915 167
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	337 000	-0,8%	339 692	4,3%	325 649
	Other income	FQ	75	-66,4%	223	259,7%	62

Operating charges (II)

		31/12/2012		31/12/2011		31/12/2010
Total operating charges (Total II)	GF	6 440 482	20,3%	5 355 028	-2,2%	5 476 030

Exploitation charges

		31/12/2012		31/12/2011		31/12/2010
Purchase of goods for resale	FS	0	0%	284	0%	0
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	1 567 047	4,7%	1 497 054	0,1%	1 495 488
Tax, duty and similar payments	FX	203 697	24,0%	164 305	8,8%	150 966
Payroll	FY	2 504 817	15,1%	2 176 167	-6,0%	2 314 429
Social security costs	FZ	1 134 393	5,6%	1 074 010	7,1%	1 003 255

Depreciation

		31/12/2012		31/12/2011		31/12/2010
Depreciation of fixed assets	GA	56 550	-14,5%	66 151	3,8%	63 723
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	94 054	-12,2%	107 140	148,2%	43 168
Provisions for risks and charges	GD	858 500	245,1%	248 800	-34,7%	381 000

Other charges

		31/12/2012		31/12/2011		31/12/2010
Other charges	GE	21 424	1,5%	21 117	-12,0%	24 001

Operating charges (III-IV)

		31/12/2012		31/12/2011		31/12/2010
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

			31/12/2012		31/12/2011		31/12/2010
	Total financial income (Total V)	GP	158 896	7249,5%	2 162	-68,1%	6 782
	Share financial income	GJ	0	0%	77	0%	0
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	13 847	1594,9%	817	0%	0
	Released provisions and transferred charges	GM	0	0%	0	0%	6 516
	Exchange gains	GN	145 049	11339,2%	1 268	376,7%	266
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2012		31/12/2011		31/12/2010
	Total financial charge (Total VI)	GU	49 826	-42,0%	85 878	-56,5%	197 583
	Financial reserves and provisions	GQ	20 000	0%	0	0%	0
	Interest and similar charges	GR	28 761	-17,7%	34 926	-16,8%	41 978
	Exchange losses	GS	1 065	-97,9%	50 952	-67,3%	155 605
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary income (Total VII)	HD	0	0%	4 147	-98,0%	211 435
	Extraordinary operating income	HA	0	0%	3 861	-98,1%	208 435
	Extraordinary income from capital transactions	HB	0	0%	286	-90,5%	3 000
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary charges (Total VIII)	HH	412	-50,5%	832	-41,7%	1 427
	Extraordinary operating charges	HE	412	-50,5%	832	-41,7%	1 427
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2012		31/12/2011		31/12/2010
Employee profit sharing (Total IX)	HJ	76 345	0%	0	0%	0

Tax on profits (X)

		31/12/2012		31/12/2011		31/12/2010
Tax on profits (Total X)	HK	224 271	0%	0	0%	28 328

References

		31/12/2012		31/12/2011		31/12/2010
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)

			31/12/2012		31/12/2011		31/12/2010
	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	28 241	-7,9%	30 672	1018,6%	2 742
	Gross value at the end of period	OL	528 483	6,7%	495 234	5,2%	470 675

Research and development Charge (Total I)

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	KD	26 412	0%	26 412	83,8%	14 372
	Increases due to revaluation	KE	0	0%	0	0%	0
	Increases, acquisitions, creations, contributions	KF	28 000	0%	0	0%	12 040
	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	54 412	106,0%	26 412	0%	26 412

Tangible fixed assets (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LN	449 765	6,0%	424 291	3,2%	411 160
	Increases due to revaluation	LO	0	0%	0	0%	0
	Increases, acquisitions, creations, contributions	LP	31 746	-22,8%	41 146	159,2%	15 873
	Decreases by budget item transfer	NG1	0	0%	0	0%	0
	Decreases by transfers	NG2	28 241	80,2%	15 672	471,6%	2 742
	Gross value at the end of period	NH	453 270	0,8%	449 765	6,0%	424 291

Financial assets (Total IV)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LQ	19 057	-4,6%	19 972	301,7%	4 972
	Increases due to revaluation	LR	0	0%	0	0%	0
	Increases, acquisitions, creations, contributions	LS	1 744	-87,6%	14 085	-6,1%	15 000
	Decreases by budget item transfer	NJ1	0	0%	0	0%	0
	Decreases by transfers	NJ2	0	0%	15 000	0%	0
	Gross value at the end of period	NK	20 801	9,2%	19 057	-4,6%	19 972

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

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	PE	11 407	26,8%	8 999	33,3%	6 749
Increases		PF	5 239	117,6%	2 408	7,0%	2 250
Decreases		PG	0	0%	0	0%	0
	Decreases by budget item transfer	PH	16 646	45,9%	11 407	26,8%	8 999

Total fixed assets amortisation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	QU	364 471	15,2%	316 400	22,8%	257 668
Increases		QV	51 312	-19,5%	63 743	3,7%	61 474
Decreases		QW	28 241	80,2%	15 672	471,6%	2 742
	Decreases by budget item transfer	QX	387 542	6,3%	364 471	15,2%	316 400

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2012		31/12/2011		31/12/2010
	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

			31/12/2012		31/12/2011		31/12/2010
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			31/12/2012		31/12/2011		31/12/2010
	Value at beginning of period	7C	2 718 984	1,1%	2 689 008	4,3%	2 577 004
Increases		UB	972 554	173,2%	355 940	-16,1%	424 168
Decreases		UC	320 301	-1,7%	325 965	4,4%	312 163
	Value at the end of period	UD	3 371 237	24,0%	2 718 983	1,1%	2 689 009

Includes Total allocations

Operating	UE	0	0%	355 940	-16,1%	424 168
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	325 965	6,6%	305 648
Financial	UH	0	0%	0	0%	6 516
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	Value at beginning of period	5Z	676 259	-9,0%	743 459	16,4%	638 975
Increases		TV	878 500	253,1%	248 800	-34,7%	381 000
Decreases		TW	319 800	1,2%	316 000	14,3%	276 516
	Value at the end of period	TX	1 234 959	82,6%	676 259	-9,0%	743 459

Total Provision for depreciation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Value at beginning of period	7B	2 042 725	5,0%	1 945 550	0,4%	1 938 030
Increases		TY	94 054	-12,2%	107 140	148,2%	43 168
Decreases		TZ	501	-95,0%	9 965	-72,0%	35 648
	Value at the end of period	UA	2 136 278	4,6%	2 042 725	5,0%	1 945 550

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

		31/12/2012		31/12/2011		31/12/2010
Gross value	VT	21 730 801	18,9%	18 275 525	-13,0%	21 003 428
1 year at most	VU	21 730 801	18,9%	18 275 525	-13,0%	21 003 428
More than one year	VV	0	0%	0	0%	0

State of loans

		31/12/2012		31/12/2011		31/12/2010
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	16 289	12,0%	14 545	-5,9%	15 460
Other financial assets (1 year at most)	UV	16 289	12,0%	14 545	-5,9%	15 460

Receivables statement of assets

		31/12/2012		31/12/2011		31/12/2010
Customers doubtful or disputed	VA	2 212 185	5,0%	2 106 827	3,5%	2 035 211
Other claims customer	UX	14 861 864	6,6%	13 935 706	-16,6%	16 715 024
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	159	0%	0	0%	8 828
Social Security and other social organizations	UZ	5 142	3,8%	4 956	15,9%	4 275
Income taxes	VM	0	0%	32 853	0%	0
Value added tax	VB	90 935	-5,3%	95 991	-2,1%	98 055
Other taxes and payments assimilated	VN	0	0%	20 320	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	4 444 160	126,2%	1 964 907	-3,6%	2 038 874
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	6 896	1273,7%	502

Prepaid

		31/12/2012		31/12/2011		31/12/2010
Prepaid	VS	100 067	8,2%	92 525	6,1%	87 200

State Debt

			31/12/2012		31/12/2011		31/12/2010
	Total debt (gross)	VY	15 780 199	16,7%	13 526 117	-16,5%	16 194 654
1 year at most		VZ2	15 780 199	16,7%	13 526 117	-16,5%	16 194 654
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

			31/12/2012		31/12/2011		31/12/2010
	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	4 108	32,6%	3 098	-26,6%	4 223
1 year at most		VG2	4 108	32,6%	3 098	-26,6%	4 223
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	3 232 306	45,8%	2 217 478	-24,7%	2 943 142
1 year at most		8A2	3 232 306	45,8%	2 217 478	-24,7%	2 943 142
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	11 330 176	7,2%	10 573 680	-14,6%	12 382 561
1 year at most		8B2	11 330 176	7,2%	10 573 680	-14,6%	12 382 561
More than 1 year and 5 years at most		8B3	11 330 176	7,2%	10 573 680	-14,6%	12 382 561
	Personnel and associated accounts (gross)	8C1	377 005	122,9%	169 165	-41,3%	288 280
1 year at most		8C2	377 005	122,9%	169 165	-41,3%	288 280
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	409 017	9,6%	373 347	5,8%	352 723
1 year at most		8D2	409 017	9,6%	373 347	5,8%	352 723
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	215 442	0%	0	0%	28 328
1 year at most		8E2	215 442	0%	0	0%	28 328
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	42 426	-15,2%	50 027	36,8%	36 565
1 year at most		VW2	42 426	-15,2%	50 027	36,8%	36 565
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	99 830	30,0%	76 789	-19,3%	95 181
1 year at most		VQ2	99 830	30,0%	76 789	-19,3%	95 181
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	69 888	11,8%	62 533	-1,8%	63 651
1 year at most		8K2	69 888	11,8%	62 533	-1,8%	63 651
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2012		31/12/2011		31/12/2010
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

		31/12/2012		31/12/2011		31/12/2010
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2012		31/12/2011		31/12/2010
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

		31/12/2012		31/12/2011		31/12/2010
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2012		31/12/2011		31/12/2010
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2012		31/12/2011		31/12/2010
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2012		31/12/2011		31/12/2010
Average number of employees	YP	55	3,8%	53	0%	53

Groups and Shareholders

		31/12/2012		31/12/2011		31/12/2010
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Fixed Asset Financing		14,16	29,3%	10,95	-19,7%	13,63	2,53	459,7%
Global Debt		855 days	-14,1%	995 days	-7,6%	1077 days	101 days	746,5%
Working Capital Fund overall net		371 days	3,3%	359 days	-8,4%	392 days	35 days	960,0%
Financial independence		63480,72%	-8,6%	69466,95%	22,3%	56802,56%	783,88%	7998,3%
More ratios
Solvability		13,11%	1,0%	12,98%	5,5%	12,30%	25,17%	-47,9%
Capacity debt futures		63480,72%	-8,6%	69466,95%	22,3%	56802,56%	1941,60%	3169,5%
Coverage of current assets by net working capital overall		31,94%	19,1%	26,81%	-4,3%	28,02%	25,99%	22,9%
General Liquidity		1,38	2,2%	1,35	3,8%	1,30	0,95	45,3%
Restricted Liquidity		1,38	1,5%	1,36	3,8%	1,31	1,28	7,8%

Management or rotation

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Need background in operating working capital		358 days	4,7%	342 days	-7,6%	370 days	2 days	17800%
Treasury		6 days	-53,8%	13 days	-23,5%	17 days	20 days	-70,0%
Inventory turnover of goods		days	-	0 days	-	days	0 days	-
Average length of credit granted to customers		910 days	-22,0%	1167 days	-5,6%	1236 days	68 days	1238,2%
Average length of credit obtained suppliers		2603 days	2,4%	2542 days	-14,7%	2981 days	65 days	3904,6%
More ratios
Inventory turnover of raw materials in industrial enterprises		days	-	days	-	days	0 days	-
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	2407,50 days	-
Rotation tangible assets		1489,41%	35,4%	1100,33%	-14,5%	1287,37%	2420,89%	-38,5%

Profitability of the business

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Margin trading		0%	0%	-0,01%	0%	0	0%	0%
Profitability of the business		19,87	2549,3%	0,75	-91,8%	9,12	2,73%	627,8%
Net profit		6,75%	328,0%	-2,96%	-153,4%	5,54%	1,61%	319,3%
More ratios
Growth rate of turnover (excluding VAT)		36,42%	487,4%	-9,40%	-129,7%	31,62%	0%	0%
Rates integration		76,79%	10,1%	69,74%	-4,0%	72,62%	18,66%	311,5%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		70,20%	-25,5%	94,17%	12,6%	83,64%	76,03%	-7,7%
Weight interests		0,74	-57,5%	1,74%	-51,9%	3,62%	0,10%	640,0%

Return on capital

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Cash flow from the overall profitability		7,88%	195,9%	-8,22%	-974,5%	0,94%	2,44%	223,0%
Rates of economic profitability		23%	2200%	1%	-88,9%	9%	19%	21,1%
Financial profitability		2607788%	21,2%	2152086%	-10,3%	2398772%	166135%	1469,7%
Return on investment		8,65%	722,3%	-1,39%	-114,9%	9,36%	14,10%	-38,7%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Turnover	6 751 070	36,4%	4 948 878	-9,4%	5 462 187	1 662 468 €	306,1%

Sales of goods	0	0%	0	0%	0
- Purchase of goods	0	0%	284	0%	0
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	0 €	0%	-284 €	0%	0 €	0 €	0%
	0,00 % CA	0%	-0,01 % CA	0%	0,00 % CA	0 % CA	0%

Sale of goods produced	6 751 070	36,4%	4 948 878	-9,4%	5 462 187
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	6 751 070 €	36,4%	4 948 878 €	-9,4%	5 462 187 €	1 628 588,50 €	314,5%
	100,00 % CA	0%	100,00 % CA	0%	100,00 % CA	100 % CA	0%

Trading margin	0	0%	-284	0%	0	0	0%
+ Period Production	6 751 070	36,4%	4 948 878	-9,4%	5 462 187	1 628 588,50	314,5%
- Purchase of raw materials	0	0%	0	0%	0
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	1 567 047	4,7%	1 497 054	0,1%	1 495 488
Added value	5 184 023 €	50,2%	3 451 540 €	-13,0%	3 966 699 €	316 901 €	1535,8%
	76,79 % CA	10,1%	69,74 % CA	-4,0%	72,62 % CA	18,66 % CA	311,5%

Added value	5 184 023 €	50,2%	3 451 540 €	-13,0%	3 966 699 €	316 901 €	1535,8%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	203 697	24,0%	164 305	8,8%	150 966
- Personal charges	3 639 210	12,0%	3 250 177	-2,0%	3 317 684
Gross operating surplus	1 341 116 €	3519,0%	37 058 €	-92,6%	498 049 €	31 874,50 €	4107,5%
	19,87 % CA	2549,3%	0,75 % CA	-91,8%	9,12 % CA	2,73 % CA	627,8%

Gross operating surplus	1 341 116 €	3519,0%	37 058 €	-92,6%	498 049 €	31 874,50 €	4107,5%
+ Release of reserves and provisions	337 000	-0,8%	339 692	4,3%	325 649
+ Other operating income	75	-66,4%	223	259,7%	62
- Depreciation/Amortisation	1 009 104	139,1%	422 091	-13,5%	487 891
- Other charges	21 424	1,5%	21 117	-12,0%	24 001
Operating result	647 663 €	1077,8%	-66 235 €	-121,2%	311 868 €	26 673 €	2328,2%
	9,59 % CA	815,7%	-1,34 % CA	-123,5%	5,71 % CA	2,02 % CA	374,8%

Operating result	647 663 €	1077,8%	-66 235 €	-121,2%	311 868 €	26 673 €	2328,2%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	158 896	7249,5%	2 162	-68,1%	6 782
- Financial charges	49 826	-42,0%	85 878	-56,5%	197 583
Pre-tax result	756 733 €	604,7%	-149 951 €	-223,9%	121 067 €	28 595 €	2546,4%
	11,21 % CA	470,0%	-3,03 % CA	-236,5%	2,22 % CA	2,16 % CA	419,0%

Extraordinary income	0	0%	4 147	-98,0%	211 435	843,50	0%
- Extraordinary charges	412	-50,5%	832	-41,7%	1 427
Extraordinary result	-412 €	-112,4%	3 315 €	-98,4%	210 008 €	0 €	0%
	-0,01 % CA	-114,3%	0,07 % CA	-98,2%	4 % CA	0 % CA	0%

Pre-tax result	756 733 €	604,7%	-149 951 €	-223,9%	121 067 €	28 595 €	2546,4%
Extraordinary result	-412 €	-112,4%	3 315 €	-98,4%	210 008 €	0 €	0%
- Employee profit sharing	76 345	0%	0	0%	0
- Tax on profits	224 271	0%	0	0%	28 328
Net result	455 705 €	410,8%	-146 636 €	-148,4%	302 747 €	23 192 €	1864,9%
	6,75 % CA	328,0%	-2,96 % CA	-153,4%	5,54 % CA	1,60 % CA	321,9%

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Employees

20 to 49 employees

-

-

Company details

Activity (APE)	Charter and organization of transport (5229B)
RCS Registration	RCS Le Havre 5 357 502 665	Share capital	500,000 Euros
Registration Court	Le Havre (76)	Legal form	Simplified joint stock company
Court Registry Number	19 5 7B00266	EUR VAT Number	FR56357502665
Incorporation Date	09/1957	Formation Date	01/1957
Deregistration Date		Last account Date	31/12/2012
Nationality	France

Establishment details

Activity (APE)	Charter and organization of transport (5229B)	Business Pages FT®	COMMISSIONNAIRES, TRANSITAIRES, AUXILIAIRES DE TRANSPORT INTERNATIONAL
Postal Address	PILLET WORLD SYSTEM 48 RUE DENFERT ROCHEREAU 76600 LE HAVRE	Trading Address	48 RUE DENFERT ROCHEREAU 76600 LE HAVRE
Telephone	02 32 74 35 00
Fax	02 32 74 35 94

Type	Head office	Status	Economically active
Formation Date	06/2005	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Seine-Maritime (76)	Region	Haute-Normandie
District	2	Area	98
City	LE HAVRE	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

Other establishments

Branches	5 branch entities in this company
Head office	> PILLET <<< - Affrètement et organisation des transports (5229B) in LE HAVRE (76600)
Secondary establishments	> PILLET - Organisation des transports internationaux (634C) in LE HAVRE (76600) > PILLET - Affrètement et organisation des transports (5229B) in GONFREVILLE L'ORCHER (76700) > PILLET - Affrètement et organisation des transports (5229B) in GENNEVILLIERS (92230) > PILLET - Affrètement et organisation des transports (5229B) in PARIS 8 (75008) > ...

Regionality	Legal unit with multiple establishments in many areas having at least 80% of workforce in same area
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

20 to 49 employees

Company workforce

20 to 49 employees

Preferential rights details and history

Summary of preferential rights

Company monitored since	19/09/2007
Status of Monitoring	No social security and tax office preferential right to date

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
23/07/2013	Bodacc C	Comptes annuels et rapports
76 - SEINE-MARITIME GREFFE DU TRIBUNAL DE COMMERCE DU HAVRE 9814 - 357502665 RCS. PILLET. Forme : Société par actions simplifiée. Adresse : 48 rue Denfert-Rochereau 76600 Le Havre. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
31/07/2012	Bodacc C	Comptes annuels et rapports
76 - SEINE-MARITIME GREFFE DU TRIBUNAL DE COMMERCE DU HAVRE 11698 - 357502665 RCS. PILLET. Forme : Société par actions simplifiée. Adresse : 48 rue Denfert-Rochereau 76600 Le Havre. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
10/07/2012	Bodacc B	Modification et mutation diverse
76 - SEINE-MARITIME GREFFE DU TRIBUNAL DE COMMERCE DU HAVRE 1797 - 357 502 665 RCS Le Havre. PILLET. Forme : Société par actions simplifiée. Administration : Président : BALGUERIE Edouard, Pierré Membre : LE BARS François, Jean Membre : THOMAS Patrick, Pierré Membre : LASSALLE Xavier, Pierré Membre : THOMAS Antoine, Gérald, Jacques Commissaire aux comptes titulaire : MAZARS DUPARC ET ASSOCIES MDA (SA) Commissaire aux comptes suppléant : GALLIENNE Philippe. Activité : . Commentaires : Modification survenue sur l'administration.
27/06/2012	JAL	Resignation / Revocation of the social representative
Affiches de normandie (Les) Date de décision : 27/06/2012 La société 357502665 - PILLET, 48 RUE DENFERT ROCHEREAU, 76600 LE HAVRE Fait l'objet du départ de Monsieur Jean-Pierre LEBRUN
30/11/2010	Bodacc C	Comptes annuels et rapports
76 - SEINE-MARITIME GREFFE DU TRIBUNAL DE COMMERCE DU HAVRE 10207 - 357502665 RCS. PILLET. Forme : Société par actions simplifiée. Adresse : 48 rue Denfert-Rochereau 76600 Le Havre. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
19/08/2009	Bodacc C	Comptes annuels et rapports
76 - SEINE-MARITIME GREFFE DU TRIBUNAL DE COMMERCE DU HAVRE 8297 - 357502665 RCS. PILLET. Forme : Société par actions simplifiée. Adresse : 48 rue Denfert-Rochereau 76600 Le Havre. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
03/03/2009	Bodacc C	Comptes annuels et rapports
76 - SEINE-MARITIME GREFFE DU TRIBUNAL DE COMMERCE DU HAVRE 8254 - 357502665 RCS. PILLET. Forme : Société par actions simplifiée. Adresse : 48 rue Denfert-Rochereau 76600 Le Havre. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
21/11/2007	Bodacc C	Avis de dépôt des comptes
11005 - 357 502 665. RCS Le Havre PILLET. Forme: Société par actions simplifiée. Adresse du siège social: 48 rue Denfert-Rochereau 76600 Le Havre. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
08/08/2006	Bodacc C	Avis de dépôt des comptes
3334 - RCS Le Havre B 357 502 665. RC 57-B 266. PILLET. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 48, rue Denfert Rochereau,76600 Le Havre. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
25/10/2005	Bodacc C	Avis de dépôt des comptes
5219 - RCS Le Havre B 357 502 665. RC 57-B 266. PILLET. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 48, rue Denfert Rochereau,76600 Le Havre. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
24/08/2005	Bodacc B	Modifications et mutations diverses
1447 - RCS Le Havre B 357 502 665. RC 57-B 266. PILLET. Forme : S.A.S. Adresse du siège social : 48 rue Denfert-Rochereau,, 76600 Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l'établissement principal. Etablissement principal - Adresse : 48 rue Denfert-Rochereau, 76600 Date d'effet : 17 juin 2005.
15/08/2003	Bodacc B	Modifications et mutations diverses
RCS Le Havre B 357502665 RC 57-B 266 PILLET. Forme : S.A.S. Adresse du siège social : 109 boulevard de Strasbourg, 76600 Le Havre. Commentaires : transfert du siège social et de l'établissement principal. L'établissement complémentaire devient principal Etablissement principal: Adresse : 113 boulevard de Strasbourg, 76600 Le Havre. Date d'effet : 1 e r juin 2003.
16/08/2002	Bodacc B	Modifications et mutations diverses
RCS Le Havre B 357502665 RC 57-B 266 PILLET. Forme : S.A.S. Capital : 500 000 euros. Adresse du siège social : 137 boulevard de l'Amiral-Mouchez, 76600 Le Havre. Commentaires : modification survenue sur la forme juridique et l' administration. Administration : président : BALGUERIE (Edouard, Pierre) ( Nom d'usage : BALGUERIE). Membres : LEBRUN (Jean-Pierre) ( Nom d'usage : LEBRUN) LE BARS (François, Jean) ( Nom d'usage : LE BARS) THOMAS ( Patrick, Pierre) ( Nom d'usage : THOMAS) LASSALLE (Xavier, Pierre) ( Nom d'usage : LASSALLE) THOMAS ( Antoine, Gérald, Jacques) ( Nom d'usage THOMAS). Commissaire aux comptes titulaire : MAZARS DUPARC ET ASSOCIES-M. D.A. Commissaire aux comptes suppléant : GALLIENNE (Philippe) ( Nom d'usage : GALLIENNE). Date d'effet : 26 avril 2002.
30/10/2001	Bodacc B	Modifications et mutations diverses
RCS Le Havre B 357502665 RC 57-B 266 PILLET. Forme : S.A. Capital : 500 000 euros. Adresse du siège social : 137 boulevard Amiral-Mouchez, 76600 Le Havre. Commentaires : modification survenue sur l'administration. Administration : président du conseil d' administration : BALGUERIE (Edouard, Pierre) ( Nom d'usage : BALGUERIE). Administrateurs : LEBRUN (Jean-Pierre) ( Nom d'usage : LEBRUN) LE BARS ( François, Jean) ( Nom d'usage : LE BARS) THOMAS (Patrick, Pierre) ( Nom d'usage : THOMAS) LASSALLE (Xavier, Pierre) ( Nom d'usage : LASSALLE) THOMAS (Antoine, Gérald, Jacques) ( Nom d'usage : THOMAS). Commissaire aux comptes titulaire : MAZARS DUPARC ET ASSOCIES-M.D.A. Commissaire aux comptes suppléant : GALLIENNE (Philippe) ( Nom d'usage : GALLIENNE). Date d'effet : 31 décembre 2000.
16/10/2001	Bodacc B	Modifications et mutations diverses
RCS Le Havre B 357502665 RC 57-B 266 PILLET. Forme : S.A. Capital : 500 000 euros. Activité : organisation de transport international toutes opérations d'agence et de représentation de lignes maritimes. Commissionnaire de transport, commission en douanes, affrètement, consignation, groupage fer et route. Toutes opérations de transit, de stockage, de magasinage, d'entreposage et de manutention. Achat, vente, diffusion et location de tout matériel industriel. Adresse du siège social : 137 boulevard de l'Amiral-Mouchez, 76600 Le Havre. Commentaires : modification survenue sur la dénomination, le capital (augmentation et conversion en euros), l'activité et l'administration. Administration : président du conseil d'administration : BALGUERIE (Edouard, Pierre) ( Nom d' usage : BALGUERIE). Directeur général : LEBRUN (Jean-Pierre) ( Nom d'usage : LEBRUN). Administrateurs : LE BARS ( François, Jean) ( Nom d'usage : LE BARS) THOMAS (Patrick, Pierre) ( Nom d'usage : THOMAS) LASSALLE (Xavier, Pierre) ( Nom d'usage : LASSALLE) THOMAS (Antoine, Gérald, Jacques) ( Nom d'usage : THOMAS). Commissaire aux comptes titulaire : MAZARS DUPARC ET ASSOCIES-M.D.A. Commissaire aux comptes suppléant : GALLIENNE (Philippe) ( Nom d'usage : GALLIENNE). Date d'effet : 19 juin 2001.
07/10/2001	Bodacc B	Modifications et mutations diverses
RCS Le Havre B 357502665 RC 57-B 266 A PILLET ET COMPAGNIE S.A. Forme : S.A. Capital : 3 000 000 de F. Adresse du siège social : 137 boulevard de l'Amiral- Mouchez, 76600 Le Havre. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration : BALGUERIE (Edouard, Pierre) ( Nom d' usage : BALGUERIE). Directeur général : LEBRUN (Jean-Pierre) ( Nom d'usage : LEBRUN). Administrateurs : LE BARS ( François, Jean) ( Nom d'usage : LE BARS) THOMAS (Patrick, Pierre) ( Nom d'usage : THOMAS) LASSALLE (Xavier, Pierre) ( Nom d'usage : LASSALLE) THOMAS (Antoine, Gérald, Jacques) ( Nom d'usage : THOMAS). Commissaire aux comptes titulaire : MAZARS DUPARC ET ASSOCIES-M.D.A. Commissaire aux comptes suppléant : BRETON (Jean-Louis) ( Nom d' usage : BRETON). Date d'effet : 7 avril 2001.
21/10/1995	Bodacc B	Modifications et mutations diverses
RCS Le Havre B 357502665 RC 57-b 266 A. PILLET ET C ie S.A. Forme : S.A. Capital : 3 000 000 de francs (fixe). Adresse du siège social : 137, boulevard de l' Amiral-Mouchez, 76600 Le Havre. Administration : ancien administrateur : BALGUERIE (Yves) nouvel administrateur : THOMAS (Antoine) ancien commissaire aux comptes titulaire : DUPARC (Claude) nouveau commissaire aux comptes titulaire : S.A. MAZARS DUPARC ET ASSOCIES. Date d'effet : 15 juin 1995.
02/02/1995	Bodacc A	Création d'établissement
RCS. RCS Le Havre B 398 835 884 A dater du: 6 janvier 1995 RC RC 94-B 342 TRANS PARTNER'S. Forme : S.A.R.L. Capital : 420 000 F Nom commercial: Trans Partner's. Adresse du siège social : zone industrielle Les Alizés, voie des Colverts Sandouville 76430 Saint-Romain- de-Colbosc. Administration : gérant : CRIQUET (Serge, André, Simon). Responsable : ACCART (Emile, Pierre, François, Joseph) Branche d'activité dépendante du fonds principal acquise par achat au prix stipulé de 600 000 F Etablissement principal: Activité : transport et commissionnaire de transport. Adresse : zone industrielle Les Alizés, voie des Colverts 76430 Sandouville. Date d'effet : 2 novembre 1994. Précédent propriétaire : : A. PILLET ET COMPAGNIE S.A. RCS RCS Le Havre B 357 502 665 RC RC 57-B 266 Publication légale: L'Union Agricole du 29 décembre 1994. Oppositions : cabinet MJF, 186, boulevard François Ier, 76600 Le Havre.

Company events history

Date	Description
23/07/2013	Bodacc C : Deposit accounts notice
02/07/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2012	New accounts available
31/07/2012	Bodacc C : Deposit accounts notice
24/07/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
10/07/2012	Bodacc B: Various editing or changing
29/06/2012	Minutes of general meeting of shareholders
27/06/2012	Legal Gazette: Resignation / Revocation of the social representative
31/12/2011	New accounts available
05/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
30/11/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
19/08/2009	Bodacc C : Deposit accounts notice
03/03/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
31/12/2007	New accounts available
05/12/2007	Amendment
05/12/2007	Private document
04/12/2007	Acte sous seing privé
21/09/2007	Modification to Establishment Address or Identifier
19/09/2007	Collection of preferential rights activated for this company
31/12/2006	New accounts available
31/12/2005	New accounts available
04/08/2005	Updated articles of association
04/08/2005	Statuts mis à jour
04/08/2005	Private document
04/08/2005	Transfert du Siège dans le ressort du Tribunal de Commerce
04/08/2005	Registered office transferred inside jurisdiction of the Commercial Court
04/08/2005	PV d'Assemblée
04/08/2005	Minutes of general meeting of shareholders
31/12/2004	New accounts available
31/12/2003	New accounts available
16/07/2003	Acte sous seing privé
16/07/2003	PV d'Assemblée
16/07/2003	Transfert du Siège dans le ressort du Tribunal de Commerce
16/07/2003	Statuts mis à jour
23/07/2002	Changement de Forme Juridique sans changement de catégorie
23/07/2002	Acte sous seing privé
23/07/2002	Nomination/démission des organes de gestion
23/07/2002	PV d'Assemblée
23/07/2002	Statuts mis à jour
23/07/2002	Rapport des Commissaires ou du Gérant
11/04/2002	PV d'Assemblée
11/04/2002	Rapport des Commissaires ou du Gérant
11/04/2002	Acte sous seing privé
11/04/2002	Déclaration de conformité
11/04/2002	Statuts mis à jour
26/10/2001	Acte sous seing privé
26/10/2001	Projet de Fusion
26/10/2001	Acte modificatif
09/10/2001	Acte sous seing privé
09/10/2001	Modification du Conseil d'Administration
09/10/2001	Acte modificatif
09/10/2001	Nomination/démission des organes de gestion
09/10/2001	PV du Conseil d'Administration
24/09/2001	PV d'Assemblée
24/09/2001	Nomination/démission des organes de gestion
24/09/2001	Acte sous seing privé
24/09/2001	Modification du Conseil d'Administration
24/09/2001	Changement de dénomination sociale
24/09/2001	Modification de l'objet social
24/09/2001	Conversion du Capital Social en Euros
24/09/2001	Augmentation de Capital
24/09/2001	Acte modificatif
24/09/2001	Changement de Commissaire aux Comptes
24/09/2001	Statuts mis à jour
13/09/2001	Requête et Ordonnance
13/09/2001	Nomination/démission des organes de gestion
13/09/2001	Acte modificatif
15/09/1995	Nomination/démission des organes de gestion
15/09/1995	Acte modificatif
15/09/1995	Modification du Conseil d'Administration
15/09/1995	PV d'Assemblée

Establishment events history

Date	Description
21/09/2007	Modification of Head office

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 pre-tax profit is more than 25,000€
	The shareholder's equity is more than 250,000€
	The return on total assets employed is positive
	The company is 56 years old
	The tangible fixed assets are 65,729 €
	The ratio total assets to total liabilities is 1,15
	The sales to current assets ratio is 0,34
	The liquidity acid test is less than 65%
	The debtor days are 1058.51

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.34
UK Pound	1	Rs.99.18
Euro	1	Rs.80.76

INFORMATION DETAILS

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