MIRA INFORM REPORT

Report Date :

06.06.2014

IDENTIFICATION DETAILS

Name :	BIO LOGIC
Registered Office :	Za De Font Ratel, 1 Rue De L Europe, 38640 Claix
Country :	France
Financials (as on) :	28.02.2013
Date of Incorporation :	December, 1983
Legal Form :	Simplified joint stock company
Line of Business :	Manufacture of scientific and technical instrumentation
No. of Employees :	47

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

Company name

Name

BIO LOGIC

SIRET

328 685 284 00031

Personal comment

company summary

Trade name	BIO LOGIC
		EUR VAT Number	FR36328685284
Activity (APE)	Manufacture of scientific and technical instrumentation (2651B)	Legal form	Simplified joint stock company
Phone	04 76 98 68 31	RCS Registration	RCS Grenoble B 328 685 284
Fax	04 76 98 69 09	Share capital	337,000 Euros
Address	BIO LOGIC ZA DE FONT RATEL 1 RUE DE L EUROPE 38640 CLAIX	Incorporated Date	12/1983
Nationality	France	Status	Economically active

Current Directors

1

Trading to Date	02/28/2013	02/28/2012	02/28/2011
Turnover	15,654,257 €	14,623,030 €	14,006,758 €
Gross Operating Surplus	26,02 % Turnover	28,78 % Turnover	29,74 % Turnover
Shareholders’ equity	15,119,460 €	12,321,258 €	9,376,057 €
Net result	2,860,129 €	2,955,566 €	2,881,063 €
Employees	20 to 49 employees	-	-

Trends
Profitability
Liquidity
Net worth

Company details

Activity (APE)	Manufacture of scientific and technical instrumentation (2651B)
RCS Registration	RCS Grenoble B 328 685 284	Share capital	337,000 Euros
Registration Court	Grenoble (38)	Legal form	Simplified joint stock company
Court Registry Number	83 B 00682	EUR VAT Number	FR36328685284
Incorporation Date	12/1983	Formation Date	12/1983
Deregistration Date		Last account Date	28/02/2013
Nationality	France

Establishment details

Trade name	BIO LOGIC
Activity (APE)	Manufacture of scientific and technical instrumentation (2651B)	Business Pages FT®
Postal Address	BIO LOGIC ZA DE FONT RATEL 1 RUE DE L EUROPE 38640 CLAIX	Trading Address	1 RUE DE L EUROPE 38640 CLAIX
Telephone	04 76 98 68 31
Fax	04 76 98 69 09

Type	Head office (one site company)	Status	Economically active
Formation Date	10/1990	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Isère (38)	Region	Rhône-Alpes
District	1	Area	40
City	CLAIX	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

Other establishments

Branches	1 branch entities in this company
Head office	> BIO LOGIC <<< - Fabrication d'instrumentation scientifique et technique (2651B) in CLAIX (38640)
Secondary establishments

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

Workforces

Workforce at address

20 to 49 employees

Company workforce

20 to 49 employees

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	28/02/2013	28/02/2012	28/02/2011
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	06/08/2013	23/08/2012	13/10/2011
Activity Code	2651B	2651B	2651B
Employees	47	0	48

Active account

Annual Accounts	28/02/2013		28/02/2012		28/02/2011	Sector Median 2013
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	3 605 365	279,1%	950 909	-7,9%	1 032 439	156 414	2205,0%
- Intangible assets	18 326	-31,6%	26 800	-32,6%	39 746	12 675	44,6%
- Tangible assets	479 302	87,5%	255 628	-18,3%	313 011	61 159,50	683,7%
- Financial assets	3 107 737	364,9%	668 482	-1,6%	679 682	7 034	44081,6%
Net current assets	17 789 993	16,9%	15 211 655	17,7%	12 924 315	841 542	2014,0%
- Stocks	4 660 258	-14,1%	5 422 310	-13,1%	6 239 758	131 235	3451,1%
- Advanced payments	0	16,9%	0	0%	0	0	0%
- Receivables	2 626 903	6,8%	2 460 320	8,1%	2 275 160	350 327	649,8%
- Securities and cash	10 502 832	43,3%	7 329 024	66,2%	4 409 397	175 656	5879,2%
- Prepaid expenses	-	-	-	-	-	400	-
Accounts of regularization	175	-99,1%	20 389	0%	0	0	0%
Total Assets	21 395 533	32,2%	16 182 954	16,0%	13 956 753	1090 452	1862,1%

Passive Account

Annual Accounts	28/02/2013		28/02/2012		28/02/2011	Sector Median 2013
Shareholders' equity	15 119 460	22,7%	12 321 258	31,4%	9 376 057	517 840,50	2819,7%
Share capital	337 000	0%	337 000	0%	337 000	91 000	270,3%
Other capital resources	69 780	0%	69 780	-41,0%	118 300	0	0%
Risk Provisions	6 441	-68,4%	20 389	-61,2%	52 561	0	0%
Liabilities	6 187 550	64,1%	3 770 198	-14,4%	4 404 654	409 480	1411,1%
- Financial liabilities	2 110 958	1756,2%	113 726	-36,3%	178 601	96 695	2083,1%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	1 123 570	21,2%	927 392	-25,4%	1 242 342	129 759,50	765,9%
- Tax and social liabilities	2 931 096	9,3%	2 682 574	-10,0%	2 979 278	134 074	2086,2%
- Other debts and fixed assets liabilities	34 227	-28,4%	47 834	397,5%	9 614	5 953,50	474,9%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	21 395 532	32,2%	16 182 954	16,0%	13 956 753	1090 452	1862,1%

Results

Annual Accounts	28/02/2013		28/02/2012		28/02/2011	Sector Median 2013
Sales of Goods	15 379 083	-0,1%	15 393 583	-4,4%	16 102 386	1 191 428	1190,8%
Net turnover	15 654 257	7,1%	14 623 030	4,4%	14 006 758	1 106 009	1315,4%
- of which net export turnover	13 830 169	13,5%	12 186 383	8,1%	11 270 571	5 992,50	230691,3%
Operating charges	11 653 224	1,3%	11 507 321	-5,6%	12 184 370	1 256 044,50	827,8%
Operating profit/loss	3 725 859	-4,1%	3 886 262	-0,8%	3 918 016	48 392,50	7599,2%
Financial income	191 543	-10,5%	213 946	133,8%	91 507	1 467	12956,8%
Financial charges	81 037	-28,2%	112 843	-39,4%	186 177	3 467,50	2237,0%
Financial profit/loss	110 506	9,3%	101 103	206,8%	-94 670	-128,50	86096,9%
Pretax net operating income	3 836 365	-3,8%	3 987 366	4,3%	3 823 346	50 193,50	7543,2%
Extraordinary income	64 695	289,5%	16 611	-48,7%	32 386	925	6894,1%
Extraordinary charges	18 288	73,9%	10 517	-57,8%	24 920	368,50	4862,8%
Extraordinary profit/loss	46 407	661,5%	6 094	-18,4%	7 466	0	0%
Net result	2 860 129	-3,2%	2 955 566	2,6%	2 881 063	55 158	5085,3%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	28/02/2013	28/02/2012	28/02/2011
Months	12	12	12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

			28/02/2013		28/02/2012		28/02/2011
	Grand Total (I to VI)	Net	21 395 533	32,2%	16 182 954	16,0%	13 956 753
	Gross	CO	22 794 810	32,1%	17 258 806	17,6%	14 680 106
	Amortisation	1A	1 399 277	30,1%	1 075 853	48,7%	723 353

Non declared distributed capital (I)

		28/02/2013		28/02/2012		28/02/2011
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			28/02/2013		28/02/2012		28/02/2011
	Total Active fixed asset (II)	Net	3 605 365	279,1%	950 909	-7,9%	1 032 439
	Gross	BJ	4 350 007	178,2%	1 563 633	0,6%	1 554 639
	Amortisation	BK	744 642	21,5%	612 723	17,3%	522 200

Intangilble fixed assets

			28/02/2013		28/02/2012		28/02/2011
	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	18 326	-31,6%	26 800	-32,6%	39 746
	Gross	AF	190 649	14,3%	166 797	3,1%	161 857
	Amortisation	AG	172 323	23,1%	139 997	14,6%	122 111
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	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	18 326	-31,6%	26 800	-32,6%	39 746

Tangilble fixed assets

			28/02/2013		28/02/2012		28/02/2011
	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	262 760	92,7%	136 326	-20,9%	172 262
	Gross	AR	494 234	65,0%	299 560	5,7%	283 357
	Amortisation	AS	231 474	41,8%	163 235	46,9%	111 095
	Other tangible fixed assets	Net	216 542	81,5%	119 302	-15,2%	140 749
	Gross	AT	557 158	30,0%	428 565	-0,2%	429 514
	Amortisation	AU	340 616	10,1%	309 263	7,1%	288 765
	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	479 302		255 628		313 011

Financial assets

			28/02/2013		28/02/2012		28/02/2011
	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	3 023 871	419,3%	582 316	0%	582 316
	Gross	CU	3 023 871	419,3%	582 316	0%	582 316
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	53 091	0%	53 091	0%	53 091
	Gross	BB	53 091	0%	53 091	0%	53 091
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	2 105	0%	2 105	0%	2 105
	Gross	BD	2 105	0%	2 105	0%	2 105
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	2 300	-83,0%	13 500
	Gross	BF	0	0%	2 300	0%	13 500
	Amortisation	BG	0		0		0
	Other financial assets	Net	28 670	0%	28 670	0%	28 670
	Gross	BH	28 899	0%	28 899	0%	28 899
	Amortisation	BI	229	0%	229	0%	229
	Sub Total Financial Assets		3 107 737		668 482		679 682

Current Assets (III)

			28/02/2013		28/02/2012		28/02/2011
	Total Assets	Net	17 789 993	16,9%	15 211 655	17,7%	12 924 315
	Gross	CJ	18 444 628	17,7%	15 674 785	19,4%	13 125 468
	Amortisation	CK	654 635	41,4%	463 129	130,2%	201 153

Stocks

			28/02/2013		28/02/2012		28/02/2011
	Raw materials	Net	1 408 270	-22,6%	1 819 298	-38,0%	2 932 905
	Gross	BL	1 708 530	-15,2%	2 015 170	-32,1%	2 968 695
	Amortisation	BM	300 260	53,3%	195 872	447,3%	35 790
	Work in progress (goods)	Net	2 540 211	-15,9%	3 019 429	6,4%	2 837 418
	Gross	BN	2 815 424	-12,1%	3 202 946	7,8%	2 970 126
	Amortisation	BO	275 213	50,0%	183 517	38,3%	132 708
	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	465 083	6,2%	437 867	26,3%	346 793
	Gross	BR	531 237	4,1%	510 517	34,8%	378 803
	Amortisation	BS	66 154	-8,9%	72 650	127,0%	32 010
	Goods for resale	Net	246 694	69,3%	145 716	18,8%	122 642
	Gross	BT	259 702	65,6%	156 807	27,2%	123 287
	Amortisation	BU	13 008	17,3%	11 091	1619,5%	645
	Sub Total Stocks	Net	4 660 258	-14,1%	5 422 310	-13,1%	6 239 758

Advance payments to suppliers

			28/02/2013		28/02/2012		28/02/2011
	Advance payments to suppliers	Net	0	0%	0	0%	0
	Gross	BV	0	0%	0	0%	0
	Amortisation	BW	0	0%	0	0%	0

Debtors

			28/02/2013		28/02/2012		28/02/2011
	Trade accounts receivable	Net	2 086 456	7,1%	1 948 058	11,0%	1 754 391
	Gross	BX	2 086 456	7,1%	1 948 058	11,0%	1 754 391
	Amortisation	BY	0	0%	0	0%	0
	Other debtors	Net	505 536	11,1%	455 202	-6,9%	488 893
	Gross	BZ	505 536	11,1%	455 202	-6,9%	488 893
	Amortisation	CA	0	0%	0	0%	0
	Capital subscribed and called up	Net	0	0%	0	0%	0
	Gross	CB	0	0%	0	0%	0
	Amortisation	CC	0	0%	0	0%	0
	Sub Total Debtors	Net	2 591 992	7,9%	2 403 260	7,1%	2 243 284

Divers

			28/02/2013		28/02/2012		28/02/2011
	Investment securities	Net	0	0%	0	0%	500 000
	Gross	CD	0	0%	0	0%	500 000
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	10 502 832	43,3%	7 329 024	87,5%	3 909 397
	Gross	CF	10 502 832	43,3%	7 329 024	87,5%	3 909 397
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	10 502 832	43,3%	7 329 024	66,2%	4 409 397

Prepaid expenses

			28/02/2013		28/02/2012		28/02/2011
	Prepaid expenses	Net	34 911	-38,8%	57 060	79,0%	31 876
	Gross	CH	34 911	-38,8%	57 060	79,0%	31 876
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		28/02/2013		28/02/2012		28/02/2011
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	175	-99,1%	20 389	0%	0
Gross		175	-99,1%	20 389	0%	0

References

		28/02/2013		28/02/2012		28/02/2011
Due within one year	CP	53 091	-4,0%	55 291	-5,5%	58 491
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)

		28/02/2013		28/02/2012		28/02/2011
Grand Total (I to V)	EE	21 395 532	32,2%	16 182 954	16,0%	13 956 753

Shareholder Equity (I)

			28/02/2013		28/02/2012		28/02/2011
	Total shareholders' equity (Total I)	DL	15 119 460	22,7%	12 321 258	31,4%	9 376 057
	Equity and shareholders' equity	DA	337 000	0%	337 000	0%	337 000
	Issue and merger premiums	DB	22 268	0%	22 268	0%	22 268
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	42 000	0%	42 000	0%	42 000
	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	11 858 063	32,3%	8 964 424	47,1%	6 093 726
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	0	0%	0	0%	0
	Profit or loss for the period	DI	2 860 129	-3,2%	2 955 566	2,6%	2 881 063
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			28/02/2013		28/02/2012		28/02/2011
	Total other capital resources (Total II)	DO	69 780	0%	69 780	-41,0%	118 300
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	69 780	0%	69 780	-41,0%	118 300

Provisions for risks and charges (III)

			28/02/2013		28/02/2012		28/02/2011
	Total provisions for risks and charges (Total III)	DR	6 441	-68,4%	20 389	-61,2%	52 561
	Risk provisions	DP	6 441	-68,4%	20 389	-61,2%	52 561
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			28/02/2013		28/02/2012		28/02/2011
	Total Liabilities (Total IV)	EC	6 187 550	64,1%	3 770 198	-14,4%	4 404 654
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	2 107 173	1816,6%	109 941	-37,1%	174 804
	Sundry loans and financial liabilities	DV	3 785	0%	3 785	-0,3%	3 797
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	0
	Trade accounts payables	DX	1 123 570	21,2%	927 392	-25,4%	1 242 342
	Tax and social security liabilities	DY	2 931 096	9,3%	2 682 574	-10,0%	2 979 278
	Fixed asset liabilities	DZ	800	-61,3%	2 069	0%	0
	Other debts	EA	21 126	-52,5%	44 437	902,2%	4 434

Translation loss (V)

		28/02/2013		28/02/2012		28/02/2011
Translation loss (Total V)	ED	12 301	826,3%	1 328	-74,4%	5 180

Equalization accounts

		28/02/2013		28/02/2012		28/02/2011
Deferred income	EB	0	0%	0	0%	0

References

		28/02/2013		28/02/2012		28/02/2011
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	4 604 587	22,1%	3 770 198	-12,1%	4 289 923
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)

		28/02/2013		28/02/2012		28/02/2011
Operating result (Total I-II)	GG	3 725 859	-4,1%	3 886 262	-0,8%	3 918 016

2 - Financial result (V - VI)

		28/02/2013		28/02/2012		28/02/2011
Financial result (Total V-VI)	GV	110 506	9,3%	101 103	206,8%	-94 670

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

		28/02/2013		28/02/2012		28/02/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	3 836 365	-3,8%	3 987 366	4,3%	3 823 346

4 - Extraordinary result (VII-VIII)

		28/02/2013		28/02/2012		28/02/2011
Extraordinary result (Total VII-VIII)	HI	46 407	661,5%	6 094	-18,4%	7 466

Profit or loss

		28/02/2013		28/02/2012		28/02/2011
Profit or loss	HN	2 860 129	-3,2%	2 955 566	2,6%	2 881 063

Total Income (I+III+V+VII)

		28/02/2013		28/02/2012		28/02/2011
Total Income (I+III+V+VII)	HL	15 635 321	0,1%	15 624 140	-3,7%	16 226 279

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

		28/02/2013		28/02/2012		28/02/2011
Total charges (Total II+IV+VI+VIII+IX+X)	HM	12 775 192	0,8%	12 668 574	-5,1%	13 345 216

Operating income (I)

		28/02/2013		28/02/2012		28/02/2011
Total operating income (Total I)	FR	15 379 083	-0,1%	15 393 583	-4,4%	16 102 386

Operating income (details)

			28/02/2013		28/02/2012		28/02/2011
	Sale of goods for resale	FC	1 160 115	35,5%	856 159	30,8%	654 555
	France	FA	236 963	-20,1%	296 658	39,4%	212 806
	Export	FB	923 152	65,0%	559 501	26,7%	441 749
	Sale of goods produced	FF	14 190 796	6,0%	13 381 333	2,9%	13 006 608
	France	FD	1 514 226	-24,4%	2 002 749	-17,4%	2 425 403
	Export	FE	12 676 570	11,4%	11 378 584	7,5%	10 581 205
	Sale of services	FI	303 345	-21,3%	385 538	11,6%	345 595
	France	FG	72 898	-46,9%	137 240	40,1%	97 978
	Export	FH	230 447	-7,2%	248 298	0,3%	247 617
	Net turnover	FL	15 654 257	7,1%	14 623 030	4,4%	14 006 758
	France	FJ	1 824 088	-25,1%	2 436 647	-10,9%	2 736 187
	Export	FK	13 830 169	13,5%	12 186 383	8,1%	11 270 571
	Stocked production	FM	-366 802	-200,6%	364 535	-74,3%	1 418 945
	Self-constructed assets	FN	44 795	290,6%	11 469	-93,5%	175 963
	Operating grants	FO	0	0%	313 359	-34,1%	475 831
	Release of reserves and provisions	FP	45 484	-43,7%	80 767	224,6%	24 879
	Other income	FQ	1 349	218,9%	423	4130,0%	10

Operating charges (II)

		28/02/2013		28/02/2012		28/02/2011
Total operating charges (Total II)	GF	11 653 224	1,3%	11 507 321	-5,6%	12 184 370

Exploitation charges

		28/02/2013		28/02/2012		28/02/2011
Purchase of goods for resale	FS	946 089	51,5%	624 526	25,5%	497 819
Change in stocks of goods for resale	FT	-102 895	-207,0%	-33 520	10,8%	-37 587
Purchase of raw materials	FU	1 636 757	28,6%	1 272 488	-67,8%	3 957 542
Change in stocks of raw materials	FV	306 640	-67,8%	953 525	166,6%	-1 431 389
Other external purchases and charges	FW	3 484 099	-1,9%	3 550 135	-20,7%	4 478 003
Tax, duty and similar payments	FX	309 391	18,2%	261 819	32,9%	196 931
Payroll	FY	3 437 375	2,8%	3 343 220	6,1%	3 150 687
Social security costs	FZ	1 240 846	9,7%	1 131 239	2,8%	1 100 025

Depreciation

		28/02/2013		28/02/2012		28/02/2011
Depreciation of fixed assets	GA	172 743	43,0%	120 781	6,1%	113 837
Amortisation of fixed assets	GB	0	0%	0	0%	57 696
Depreciation/amortisation of current assets	GC	191 506	-26,9%	261 976	916,9%	25 763
Provisions for risks and charges	GD	6 266	0%	0	0%	52 561

Other charges

		28/02/2013		28/02/2012		28/02/2011
Other charges	GE	24 407	15,5%	21 132	-6,0%	22 482

Operating charges (III-IV)

		28/02/2013		28/02/2012		28/02/2011
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)

			28/02/2013		28/02/2012		28/02/2011
	Total financial income (Total V)	GP	191 543	-10,5%	213 946	133,8%	91 507
	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	109 281	95,8%	55 820	63,6%	34 124
	Released provisions and transferred charges	GM	20 389	0%	0	0%	5 001
	Exchange gains	GN	61 873	-60,9%	158 127	201,9%	52 382
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			28/02/2013		28/02/2012		28/02/2011
	Total financial charge (Total VI)	GU	81 037	-28,2%	112 843	-39,4%	186 177
	Financial reserves and provisions	GQ	175	-99,1%	20 389	0%	0
	Interest and similar charges	GR	62 254	903,9%	6 201	-36,6%	9 785
	Exchange losses	GS	18 608	-78,4%	86 253	-51,1%	176 392
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			28/02/2013		28/02/2012		28/02/2011
	Total extraordinary income (Total VII)	HD	64 695	289,5%	16 611	-48,7%	32 386
	Extraordinary operating income	HA	2 144	-67,2%	6 536	-57,3%	15 292
	Extraordinary income from capital transactions	HB	62 551	520,9%	10 075	-41,1%	17 094
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			28/02/2013		28/02/2012		28/02/2011
	Total extraordinary charges (Total VIII)	HH	18 288	73,9%	10 517	-57,8%	24 920
	Extraordinary operating charges	HE	8 652	93,9%	4 461	-71,6%	15 731
	Extraordinary charges from capital transactions	HF	9 636	59,1%	6 056	-34,1%	9 189
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		28/02/2013		28/02/2012		28/02/2011
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		28/02/2013		28/02/2012		28/02/2011
Tax on profits (Total X)	HK	1 022 643	-1,5%	1 037 894	9,3%	949 749

References

		28/02/2013		28/02/2012		28/02/2011
Of which equipment leases	HP	0	0%	2 326	-75,0%	9 306
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	36 662	44,8%	25 315	1,8%	24 879
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	23 723	16,2%	20 421	-8,6%	22 332

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)

			28/02/2013		28/02/2012		28/02/2011
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	1 000
	Decreasess by transfers	OK2	43 939	-7,7%	47 622	41,4%	33 668
	Gross value at the end of period	OL	4 350 007	178,2%	1 563 633	0,6%	1 554 638

Research and development Charge (Total I)

			28/02/2013		28/02/2012		28/02/2011
	Gross value at begin of period	CZ	0	0%	0	0%	0
	Increasess due to revaluation	KB	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
	Decreasess by budget item transfer	C01	0	0%	0	0%	0
	Decreasess by transfers	C02	0	0%	0	0%	0
	Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

			28/02/2013		28/02/2012		28/02/2011
	Gross value at begin of period	KD	166 797	3,1%	161 857	6,0%	152 628
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	29 199	491,1%	4 940	-46,5%	9 229
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	5 346	0%	0	0%	0
	Gross value at the end of period	LW	190 649	14,3%	166 797	3,1%	161 857

Tangible fixed assets (Total III)

			28/02/2013		28/02/2012		28/02/2011
	Gross value at begin of period	LN	728 125	2,1%	712 871	91,3%	372 633
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	359 560	638,7%	48 676	-86,8%	367 506
	Decreasess by budget item transfer	NG1	0	0%	0	0%	1 000
	Decreasess by transfers	NG2	36 293	8,6%	33 422	27,2%	26 268
	Gross value at the end of period	NH	1 051 392	44,4%	728 125	2,1%	712 871

Fiancial assets (Total IV)

			28/02/2013		28/02/2012		28/02/2011
	Gross value at begin of period	LQ	668 711	-1,6%	679 911	1,8%	667 592
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	2 441 555	81285,2%	3 000	-84,8%	19 720
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	2 300	-83,8%	14 200	91,9%	7 400
	Gross value at the end of period	NK	3 107 966	364,8%	668 711	-1,6%	679 912

Reserve for depreciation

Situation and movement of reserve for depreciation

Grand total (I-II-III)

			28/02/2013		28/02/2012		28/02/2011
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			28/02/2013		28/02/2012		28/02/2011
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			28/02/2013		28/02/2012		28/02/2011
	Reserve for depreciation value at begin of period	PE	0	0%	122 111	24,3%	98 234
Increases		PF	0	0%	17 886	-25,1%	23 877
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	0	0%	139 997	14,6%	122 111

Total fixed assets amotisation (Total III)

			28/02/2013		28/02/2012		28/02/2011
	Reserve for depreciation value at begin of period	QU	0	0%	399 860	48,5%	269 284
Increases		QV	0	0%	102 896	14,4%	89 960
Decreases		QW	0	0%	30 257	77,2%	17 079
	Decreasess by budget item transfer	QX	0	0%	472 499	38,1%	342 165

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			28/02/2013		28/02/2012		28/02/2011
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			28/02/2013		28/02/2012		28/02/2011
	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 shee

Grand Total (I-II-III)

			28/02/2013		28/02/2012		28/02/2011
	Value at begining of period	7C	538 552	72,8%	311 639	72,5%	180 620
Increases		UB	197 947	-29,9%	282 365	107,6%	136 020
Decreases		UC	29 211	-47,3%	55 452	1008,8%	5 001
	Value at the end of period	UD	707 288	31,3%	538 552	72,8%	311 639

Includes Total allocations

Operating	UE	197 772	-24,5%	261 976	92,6%	136 020
Financial	UG	175	-99,1%	20 389	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	8 822	-84,1%	55 452	0%	0
Financial	UH	20 389	0%	0	0%	5 001
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			28/02/2013		28/02/2012		28/02/2011
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			28/02/2013		28/02/2012		28/02/2011
	Value at begining of period	5Z	20 389	-61,2%	52 561	951,0%	5 001
Increases		TV	6 441	-68,4%	20 389	-61,2%	52 561
Decreases		TW	20 389	-61,2%	52 561	951,0%	5 001
	Value at the end of period	TX	6 441	-68,4%	20 389	-61,2%	52 561

Total Provision for depreciation (Total III)

			28/02/2013		28/02/2012		28/02/2011
	Value at begining of period	7B	518 163	100,0%	259 078	47,5%	175 619
Increases		TY	191 506	-26,9%	261 976	213,9%	83 459
Decreases		TZ	8 822	205,2%	2 891	0%	0
	Value at the end of period	UA	700 847	35,3%	518 163	100,0%	259 078

State deadlines claims and debts at the end of period

State claims

		28/02/2013		28/02/2012		28/02/2011
Gross value	VT	2 708 892	6,5%	2 544 611	7,3%	2 370 650
1 year at most	VU	2 679 993	6,5%	2 515 612	7,8%	2 333 651
More than one year	VV	28 899	-0,3%	28 999	-21,6%	36 999

State of loans

		28/02/2013		28/02/2012		28/02/2011
Claims related to holdings (gross)	UL	53 091	0%	53 091	0%	53 091
Claims related to shareholdings (1 year at most)	UM	53 091	0%	53 091	0%	53 091
Loans (gross)	UP	0	0%	2 300	-83,0%	13 500
Loans (1 year at most)	UR	0	0%	2 200	-59,3%	5 400
Other financial assets (gross)	UT	28 899	0%	28 899	0%	28 899
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		28/02/2013		28/02/2012		28/02/2011
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	2 086 456	7,1%	1 948 058	11,0%	1 754 391
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	19 300	4,3%	18 500	19,4%	15 500
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	330 462	4,8%	315 210	-9,8%	349 531
Value added tax	VB	39 089	131,2%	16 906	-86,2%	122 370
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	116 685	11,6%	104 586	6909,8%	1 492

Prepaid

		28/02/2013		28/02/2012		28/02/2011
Prepaid	VS	34 911	-38,8%	57 060	79,0%	31 876

State Debt

			28/02/2013		28/02/2012		28/02/2011
	Total debt (gross)	VY	6 187 550	64,1%	3 770 198	-14,4%	4 404 654
1 year at most		VZ2	4 604 587	22,1%	3 770 198	-12,1%	4 289 923
More than 1 year and 5 years at most		VZ3	1 582 963	0%	0	0%	114 731
More than 5 years		VZ4	0	0%	0	0%	0

Details

			28/02/2013		28/02/2012		28/02/2011
	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	3 376	0%	0	0%	1 074
1 year at most		VG2	3 376	0%	0	0%	1 074
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	2 103 797	1813,6%	109 941	-36,7%	173 730
1 year at most		VH2	520 834	373,7%	109 941	86,3%	58 999
More than 1 year and 5 years at most		VH3	1 582 963	0%	0	0%	114 731
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	12
1 year at most		8A2	0	0%	0	0%	12
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	1 123 570	21,2%	927 392	-25,4%	1 242 342
1 year at most		8B2	1 123 570	21,2%	927 392	-25,4%	1 242 342
More than 1 year and 5 years at most		8B3	1 123 570	21,2%	927 392	-25,4%	1 242 342
	Personnel and associated accounts (gross)	8C1	1 832 805	9,7%	1 671 374	3,4%	1 616 201
1 year at most		8C2	1 832 805	9,7%	1 671 374	3,4%	1 616 201
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	671 349	15,5%	581 197	1,3%	573 850
1 year at most		8D2	671 349	15,5%	581 197	1,3%	573 850
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	53 824	-89,7%	520 975
1 year at most		8E2	0	0%	53 824	-89,7%	520 975
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	9 308	1297,6%	666	-97,9%	32 275
1 year at most		VW2	9 308	1297,6%	666	-97,9%	32 275
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	417 634	11,2%	375 514	59,1%	235 977
1 year at most		VQ2	417 634	11,2%	375 514	59,1%	235 977
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	800	-61,3%	2 069	0%	0
1 year at most		8J2	800	-61,3%	2 069	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	3 785	0%	3 785	0%	3 785
1 year at most		VI2	3 785	0%	3 785	0%	3 785
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	21 126	-52,5%	44 437	902,2%	4 434
1 year at most		8K2	21 126	-52,5%	44 437	902,2%	4 434
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

		28/02/2013		28/02/2012		28/02/2011
Loans made during the period	VJ	2 400 000	0%	0	0%	0
Debt repaid during the period	VK	406 144	580,8%	59 659	-49,1%	117 175

Table allocation results and other information

Dividends distributed

		28/02/2013		28/02/2012		28/02/2011
Dividends	ZE	0	0%	0	0%	0

Commitments

		28/02/2013		28/02/2012		28/02/2011
Commitments leasing furniture	YQ	0	0%	0	0%	2 326
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

		28/02/2013		28/02/2012		28/02/2011
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

		28/02/2013		28/02/2012		28/02/2011
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

		28/02/2013		28/02/2012		28/02/2011
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

		28/02/2013		28/02/2012		28/02/2011
Average number of employees	YP	47	0%	0	0%	48

Groups and Shareholders

		28/02/2013		28/02/2012		28/02/2011
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

		28/02/2013		28/02/2012		28/02/2011	Sector Median 2013
Fixed Asset Financing		4,15	-50,6%	8,40	27,5%	6,59	2,25	84,4%
Global Debt		142 days	52,7%	93 days	-17,7%	113 days	124 days	14,5%
Working Capital Fund overall net		315 days	10,5%	285 days	27,8%	223 days	133,50 days	136,0%
Financial independence		717,52%	-93,6%	11207,15%	108,9%	5363,75%	967,02%	-25,8%
More ratios
Solvability		70,99%	-7,3%	76,57%	12,6%	68,03%	54,92%	29,3%
Capacity debt futures		2884,24%	-74,3%	11207,15%	-28,2%	15607,77%	2884,24%	0%
Coverage of current assets by net working capital overall		74,42%	0,4%	74,11%	15,9%	63,95%	55,64%	33,8%
General Liquidity		0,58	-13,4%	0,67	24,1%	0,54	1	-42,0%
Restricted Liquidity		2,86	9,6%	2,61	66,2%	1,57	1,79	59,8%

Management or rotation

		28/02/2013		28/02/2012		28/02/2011	Sector Median 2013
Need background in operating working capital		73 days	-29,1%	103 days	-5,5%	109 days	71,50 days	2,1%
Treasury		242 days	34,4%	180 days	59,3%	113 days	52,50 days	361,0%
Inventory turnover of goods		111 days	15,6%	96 days	0%	96 days	6,50 days	1607,7%
Average length of credit granted to customers		48 days	0%	48 days	6,7%	45 days	70,50 days	-31,9%
Average length of credit obtained suppliers		65 days	25,0%	52 days	-13,3%	60 days	59 days	10,2%
More ratios
Inventory turnover of raw materials in industrial enterprises		240 days	-39,4%	396 days	63,0%	243 days	116 days	106,9%
Inventory turnover of intermediate and finished products in the industrial enterprise		1489 days	-25,8%	2008 days	2,2%	1965 days	634 days	134,9%
Rotation tangible assets		1488,91%	-25,9%	2008,31%	2,2%	1964,84%	530,11%	180,9%

Profitability of the business

		28/02/2013		28/02/2012		28/02/2011	Sector Median 2013
Margin trading		2,02%	11,6%	1,81%	30,2%	1,39	0%	0%
Profitability of the business		26,02	-9,6%	28,78	-3,2%	29,74	7,51%	246,5%
Net profit		18,27%	-9,6%	20,21%	-1,8%	20,57%	5,21%	250,7%
More ratios
Growth rate of turnover (excluding VAT)		7,05%	60,2%	4,40%	-89,8%	43,33%	0,95%	642,1%
Rates integration		57,89%	-1,9%	59,03%	1,6%	58,10%	44,80%	29,2%
Rate leasing furniture		0%	0%	0,02%	-71,4%	0,07%	0%	0%
Work Factor		51,63%	-0,4%	51,84%	-0,8%	52,24%	77,77%	-33,6%
Weight interests		0,52	-32,5%	0,77%	-42,1%	1,33%	0,23%	126,1%

Return on capital

		28/02/2013		28/02/2012		28/02/2011	Sector Median 2013
Cash flow from the overall profitability		18,85%	-9,2%	20,77%	-4,3%	21,70%	6,17%	205,5%
Rates of economic profitability		24%	-29,4%	34%	-20,9%	43%	15%	60,0%
Financial profitability		15189240%	22,6%	12391038%	30,5%	9494357%	527437%	2779,8%
Return on investment		17%	-30,7%	24,54%	-22,6%	31,71%	11,22%	51,5%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	28/02/2013		28/02/2012		28/02/2011	Sector Median 2013
Turnover	15 654 257	7,1%	14 623 030	4,4%	14 006 758	1 106 009 €	1315,4%

Sales of goods	1 160 115	35,5%	856 159	30,8%	654 555
- Purchase of goods	946 089	51,5%	624 526	25,5%	497 819
+/- Stock of goods variation	-102 895	-207,0%	-33 520	10,8%	-37 587
Trading margin	316 921 €	19,5%	265 153 €	36,4%	194 323 €	0 €	0%
	2,02 % CA	11,6%	1,81 % CA	30,2%	1,39 % CA	0 % CA	0%

Sale of goods produced	14 494 141	5,3%	13 766 871	3,1%	13 352 203
+/- Stocked production	-366 802	-200,6%	364 535	-74,3%	1 418 945
+ Self-constructed assets	44 795	290,6%	11 469	-93,5%	175 963
Period production	14 172 134 €	0,2%	14 142 875 €	-5,4%	14 947 111 €	886 015,50 €	1499,5%
	90,53 % CA	-6,4%	96,72 % CA	-9,4%	106,71 % CA	97,95 % CA	-7,6%

Trading margin	316 921	19,5%	265 153	36,4%	194 323	0	0%
+ Period Production	14 172 134	0,2%	14 142 875	-5,4%	14 947 111	886 015,50	1499,5%
- Purchase of raw materials	1 636 757	28,6%	1 272 488	-67,8%	3 957 542
+/- Change in stocks of raw materiels	306 640	-67,8%	953 525	166,6%	-1 431 389
- Other external purchases and charges	3 484 099	-1,9%	3 550 135	-20,7%	4 478 003
Added value	9 061 559 €	5,0%	8 631 880 €	6,1%	8 137 278 €	589 786 €	1436,4%
	57,89 % CA	-1,9%	59,03 % CA	1,6%	58,10 % CA	44,80 % CA	29,2%

Added value	9 061 559 €	5,0%	8 631 880 €	6,1%	8 137 278 €	589 786 €	1436,4%
+ Operating grants	0	0%	313 359	-34,1%	475 831
- Tax, duty and similar payments	309 391	18,2%	261 819	32,9%	196 931
- Personal charges	4 678 221	4,6%	4 474 459	5,3%	4 250 712
Gross operating surplus	4 073 947 €	-3,2%	4 208 961 €	1,0%	4 165 466 €	87 685 €	4546,1%
	26,02 % CA	-9,6%	28,78 % CA	-3,2%	29,74 % CA	7,51 % CA	246,5%

Gross operating surplus	4 073 947 €	-3,2%	4 208 961 €	1,0%	4 165 466 €	87 685 €	4546,1%
+ Release of reserves and provisions	45 484	-43,7%	80 767	224,6%	24 879
+ Other operating income	1 349	218,9%	423	4130,0%	10
- Depreciation/Amortisation	370 515	-3,2%	382 757	53,2%	249 857
- Other charges	24 407	15,5%	21 132	-6,0%	22 482
Operating result	3 725 858 €	-4,1%	3 886 262 €	-0,8%	3 918 016 €	48 392,50 €	7599,2%
	23,80 % CA	-10,5%	26,58 % CA	-5,0%	27,97 % CA	5,02 % CA	374,1%

Operating result	3 725 858 €	-4,1%	3 886 262 €	-0,8%	3 918 016 €	48 392,50 €	7599,2%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	191 543	-10,5%	213 946	133,8%	91 507
- Financial charges	81 037	-28,2%	112 843	-39,4%	186 177
Pre-tax result	3 836 364 €	-3,8%	3 987 365 €	4,3%	3 823 346 €	50 192,50 €	7543,3%
	24,51 % CA	-10,1%	27,27 % CA	-0,1%	27,30 % CA	4,64 % CA	428,2%

Extraordinary income	64 695	289,5%	16 611	-48,7%	32 386	925	6894,1%
- Extraordinary charges	18 288	73,9%	10 517	-57,8%	24 920
Extraordinary result	46 407 €	661,5%	6 094 €	-18,4%	7 466 €	0 €	0%
	0,30 % CA	650,0%	0,04 % CA	-20,0%	0 % CA	0 % CA	0%

Pre-tax result	3 836 364 €	-3,8%	3 987 365 €	4,3%	3 823 346 €	50 192,50 €	7543,3%
Extraordinary result	46 407 €	661,5%	6 094 €	-18,4%	7 466 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	1 022 643	-1,5%	1 037 894	9,3%	949 749
Net result	2 860 128 €	-3,2%	2 955 565 €	2,6%	2 881 063 €	55 160,50 €	5085,1%
	18,27 % CA	-9,6%	20,21 % CA	-1,8%	20,57 % CA	5,21 % CA	250,7%

Commentary

The shareholder's equity is 15,119,460 €

The ratio total assets to total liabilities is 3,45

The creditor days are 26.20

The increase of tangible fixed assets over the last two accounting periods is 88 %

The pre-tax profit is 3,882,772 €

The total assets are 21,395,533 €

Low risk workforce size

The risk provisions are 6,441 €

The company has 1 director(s)

The liabilities are 6,187,550 €

The net current assets are 17,789,993 €

The net turnover is 15,654,257 €

The return on total assets employed is 18.15

The sales to current assets ratio is 0,88

The stock to turnover ratio is 29.77

The increase in the gearing percentage over the last two accounting periods is 1,187 %

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Group data

Group Structure

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
04/11/2013	Bodacc C	Comptes annuels et rapports
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 5245 - 328685284 RCS. BIO-LOGIC. Forme : Société par Actions Simplifiée. Adresse : 1 rue de l'Europe Zac de Fond Ratel 38640 Claix. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2013.
19/04/2013	JAL	Modification of the share capital
Affiches de Grenoble et du Dauphiné (Les) Date de décision : 22/03/2013 La société : 328685284 - BIO LOGIC, BIO LOGIC, 1 RUE DE L EUROPE, ZA DE FONT RATEL, 38640 CLAIX a subi une augmentation de son capital social désormais de 337 000 € Date d'effet : 22/03/2013
24/10/2012	Bodacc C	Comptes annuels et rapports
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 2682 - 328685284 RCS. BIO-LOGIC. Forme : Société par Actions Simplifiée. Adresse : 1 rue de l'Europe Zac de Fond Ratel 38640 Claix. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2012.
16/12/2011	Bodacc C	Comptes annuels et rapports
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 3780 - 328685284 RCS. BIO-LOGIC. Forme : Société par Actions Simplifiée. Adresse : 1 rue de l'Europe Zac de Fond Ratel 38640 Claix. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2011.
21/12/2010	Bodacc C	Comptes annuels et rapports
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 2506 - 328685284 RCS. BIO-LOGIC. Forme : Société par Actions Simplifiée. Adresse : 1 rue de l'Europe Zac de Fond Ratel 38640 Claix. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2010.
07/11/2009	Bodacc C	Comptes annuels et rapports
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 2668 - 328685284 RCS. BIO-LOGIC. Forme : Société par Actions Simplifiée. Adresse : 1 rue de l'Europe Zac de Fond Ratel 38640 Claix. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2009.
03/05/2009	Bodacc B	Modification et mutation diverse
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 309 - 328 685 284 RCS Grenoble. BIO-LOGIC. Forme : Société par Actions Simplifiée. Administration : TAGNARD Evelyne nom d'usage : TAGNARD Evelyne n'est plus commissaire aux comptes suppléant.. ROIRON Didier nom d'usage : ROIRON Didier devient commissaire aux comptes suppléant.. Commentaires : Modification de l'administration.
09/10/2008	Bodacc C	Comptes annuels et rapports
38 - ISERE GREFFE DU TRIBUNAL DE COMMERCE DE GRENOBLE 3609 - 328685284 RCS. BIO-LOGIC. Forme : Société par Actions Simplifiée. Adresse : 1 rue de l'Europe Zac de Fond Ratel, 38640 Claix. Commentaires : Comptes annuels et rapports de l'exercice clos le : 29/02/2008.
11/12/2007	Bodacc C	Avis de dépôt des comptes
3531 - 328 685 284. RCS Grenoble BIO-LOGIC. Forme: société par actions simplifiée. Adresse du siège social: 1 rue de l'Europe Zac De Fond Ratel, 38640 Claix. Comptes annuels et rapports de l'exercice clos le: 28 février 2007.
30/01/2007	Bodacc B	Modifications et mutations diverses
0813 - RCS Grenoble 328 685 284. RC 83-B 00682. BIO-LOGIC. Forme : S.A.S. Adresse du siège social : Z.A.C. de Fond Ratel, 1 rue de l'Europe,, 38640 Administration : président : GOY (François), ancien président du conseil d'administration et directeur général. Ancien diecteur général délégué : PIQUEMAL-GUILHAUMARRON (Marguerite) (Nom d'usage : DUPONT). Anciens administrateurs : PIQUEMAL-GUILHAUMARRON (Marguerite) (Nom d'usage : DUPONT) et DUPONT (Yves, Francis, Jean, Baptiste). Commentaires : modification survenue sur la forme juridique.
25/11/2006	Bodacc C	Avis de dépôt des comptes
3123 - RCS Grenoble B 328 685 284. RC 83-B 682. BIO LOGIC. Forme: S.A. Adresse du siège social: 1, Rue de l Europe - Z.A.C. de,38640 Claix. Comptes annuels et rapports de l'exercice clos le: 28 février 2006.
13/06/2006	Bodacc B	Modifications et mutations diverses
1250 - RCS Grenoble 328 685 284. RC 83-B 00682. BIO-LOGIC. Forme : S.A. à conseil d'administration. Capital : 337 000 euros. Adresse du siège social : Z.A.C. de Fond Ratel, 1 rue de l'Europe,, 38640 Commentaires : modification survenue sur le capital.
14/12/2005	Bodacc B	Modifications et mutations diverses
821 - RCS Grenoble 328 685 284. RC 83-B 00682. BIO-LOGIC. Forme : S.A. à conseil d'administration. Adresse du siège social : Z.A.C. de Fond-Ratel, 1 rue de l'Europe,, 38640 Administration : ancien administrateur : COULON (Jean, Claude, Henri).
25/09/2005	Bodacc C	Avis de dépôt des comptes
2744 - RCS Grenoble B 328 685 284. RC 83-B 682. BIO LOGIC. Forme: société anonyme à conseil d'administration. Adresse du siège social: 1, Rue de l Europe - Z.A.C. de,38640 Claix. Comptes annuels et rapports de l'exercice clos le: 28 février 2005.
06/11/2003	Bodacc B	Modifications et mutations diverses
RCS Grenoble 328685284 RC 83-B 00682 BIO-LOGIC. Forme : S.A. à conseil d' administration. Adresse du siège social : Z.A.C. de Fond-Ratel, 1 rue de l'Europe, 38640 Claix. Administration : ancien administrateur : DUPONT (Marc, Adrien, Jean-Baptiste). Nouvel administrateur : DUPONT (Yves, Francis, Jean-Baptiste).
26/09/2000	Bodacc B	Modifications et mutations diverses
328685284. RCS Grenoble. RC 83-B 682 BIOLOGIC. Forme : S.A. Capital : 420 000 $ EU. Adresse du siège social : zone d' activité de Font Ratel, 1, rue de l' Europe, 38640 Claix. Commentaires : modification du capital social porté à 420 000 $EU. Date d'effet : 31 juillet 2000.
07/07/1998	Bodacc B	Modifications et mutations diverses
RCS Grenoble B 328 685 284 RC 83-B 0682 BIO LOGIC. Forme : S.A. Capital : 2 635 500 F. Adresse du siège social : Z.A. de Font- Ratel, 1 rue de l'Europe 38640 Claix. Administration : ancien président : DUPONT (Marguerite), qui reste administrateur. Nouveau président : GOY (François). Date d'effet : 1er avril 1998.
16/12/1997	Bodacc B	Modifications et mutations diverses
RCS Grenoble B 328 685 284 RC 83-B 0682 BIO LOGIC. Forme : S.A. Capital : 2 635 500 F. Adresse du siège social : Z.A. de Font- Ratel, 1 rue de l'Europe 38640 Claix. Administration : nouveau directeur général : GOY (François). Date d'effet : 15 septembre 1997.

Company events history

Date	Description
04/11/2013	Bodacc C : Deposit accounts notice
07/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
22/03/2013	Legal Gazette: Modification of the share capital
28/02/2013	New accounts available
24/10/2012	Bodacc C : Deposit accounts notice
24/08/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
28/02/2012	New accounts available
16/12/2011	Bodacc C : Deposit accounts notice
15/10/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
28/02/2011	New accounts available
21/12/2010	Bodacc C : Deposit accounts notice
28/02/2010	New accounts available
07/11/2009	Bodacc C : Deposit accounts notice
03/05/2009	Bodacc B: Various editing or changing
10/04/2009	Collection of preferential rights activated for this company
19/03/2009	Private document
19/03/2009	Appointment/resignation of company officers
19/03/2009	Minutes of general meeting of shareholders
19/03/2009	New auditor
28/02/2009	New accounts available
09/10/2008	Bodacc C : Deposit accounts notice
29/02/2008	New accounts available
28/02/2007	New accounts available
15/12/2006	Audit or Management Report
15/12/2006	Updated articles of association
15/12/2006	Minutes of general meeting of shareholders
15/12/2006	Changes to the Board of Directors
15/12/2006	Appointment/resignation of company officers
15/12/2006	Private document
16/05/2006	Capital reduction
16/05/2006	Acte sous seing privé
16/05/2006	Private document
16/05/2006	PV d'Assemblée
16/05/2006	Minutes of general meeting of shareholders
16/05/2006	Minutes of Board meeting
16/05/2006	Réduction de Capital
16/05/2006	PV du Conseil d'Administration
16/05/2006	Statuts mis à jour
16/05/2006	Updated articles of association
28/02/2006	New accounts available
01/02/2006	PV d'Assemblée
01/02/2006	Minutes of general meeting of shareholders
01/02/2006	Private document
01/02/2006	Acte sous seing privé
01/02/2006	Capital reduction
01/02/2006	Réduction de Capital
09/11/2005	Changes to the Board of Directors
09/11/2005	Modification du Conseil d'Administration
09/11/2005	Acte sous seing privé
09/11/2005	Private document
09/11/2005	Appointment/resignation of company officers
09/11/2005	Nomination/démission des organes de gestion
09/11/2005	Minutes of general meeting of shareholders
09/11/2005	PV d'Assemblée
28/02/2005	New accounts available
29/02/2004	New accounts available
14/10/2003	Modification du Conseil d'Administration
14/10/2003	Acte sous seing privé
14/10/2003	Nomination/démission des organes de gestion
14/10/2003	PV d'Assemblée
14/10/2003	Changement de Commissaire aux Comptes
28/02/2003	New accounts available
08/10/2002	Acte sous seing privé
08/10/2002	Nomination/démission des organes de gestion
08/10/2002	Statuts mis à jour
08/10/2002	PV du Conseil d'Administration
08/10/2002	PV d'Assemblée
05/10/2001	Acte sous seing privé
05/10/2001	PV d'Assemblée
05/10/2001	Rapport des Commissaires ou du Gérant
05/10/2001	Statuts mis à jour
18/07/2001	Requête et Ordonnance
18/07/2001	Nomination/démission des organes de gestion
01/09/2000	Augmentation de Capital
01/09/2000	Conversion du Capital Social en Euros
01/09/2000	Statuts mis à jour
01/09/2000	PV d'Assemblée
01/09/2000	Acte sous seing privé
06/05/1998	Changement de Président (PDG, PCA)
06/05/1998	PV du Conseil d'Administration
06/05/1998	Nomination/démission des organes de gestion
06/05/1998	Acte sous seing privé
30/10/1997	PV du Conseil d'Administration
30/10/1997	Nomination/démission des organes de gestion
30/10/1997	Acte sous seing privé
08/07/1992	Déclaration de conformité
08/07/1992	Statuts mis à jour
08/07/1992	PV d'Assemblée
08/07/1992	Changement de date de clôture
16/04/1992	PV du Conseil d'Administration
16/04/1992	Statuts mis à jour
16/04/1992	Déclaration de conformité
16/04/1992	Augmentation de Capital
16/04/1992	PV d'Assemblée
19/02/1992	Requête et Ordonnance
24/01/1992	Changement de Forme Juridique sans changement de catégorie
24/01/1992	Déclaration de conformité
24/01/1992	Nomination/démission des organes de gestion
24/01/1992	PV d'Assemblée
24/01/1992	PV du Conseil d'Administration
24/01/1992	Statuts mis à jour
19/11/1991	Acte modificatif

Establishment events history

Date	Description
22/02/2014	Update of phone numbers
05/09/2013	Update of phone numbers
12/01/2013	Update of phone numbers
20/09/2009	Update of phone numbers

directors

Name	M. GOY FRANCOIS
Manager position	President	Date of birth	10/05/1962
Place of birth	VOVES
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Chief Executive Officer	M FRANCOIS GOY	10/05/1962 - VOVES
Delegated managing director	MME MARGUERITE DUPONT	18/12/1944 - MARSEILLE
Administrator	M YVES DUPONT	09/08/1944 - MARSEILLE

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.30
UK Pound	1	Rs.99.34
Euro	1	Rs.80.70

INFORMATION DETAILS

Analysis Done by :	SUB
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%)

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.