MIRA INFORM REPORT

Report Date :

07.06.2014

IDENTIFICATION DETAILS

Name :	SPIRAX SARCO
Registered Office :	Zi Des Bruyeres, 8 Av Le Verrier, 78193 Trappes Cedex
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	November 1955
Com. Reg. No.:	RCS Versailles 7 552 126 922
Legal Form :	Simplified Joint Stock Company
Line of Business :	· Manufacturer of Facilities Boiler, Flowmeter, Control Systems, Steam Traps, Humidifiers, Condensate Pumps, Fittings and Accessories · Manufacturer of other taps and valves
No of Employees :	293 (31.12.2011)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

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

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

France ECONOMIC OVERVIEW

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

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Name

SPIRAX SARCO

SIRET

552 126 922 00087

company summary

		EUR VAT Number	FR48552126922
Activity (APE)	· Manufacturer of Facilities Boiler, Flowmeter, Control Systems, Steam Traps, Humidifiers, Condensate Pumps, Fittings and Accessories · Manufacturer of other taps and valves	Legal form	Simplified Joint Stock Company
Phone	01 30 66 43 43	RCS Registration	RCS Versailles 7 552 126 922
Fax	01 30 66 32 92
Address	SPIRAX SARCO ZI DES BRUYERES 8 AV LE VERRIER 78193 TRAPPES CEDEX	Incorporated Date	11/1955
Nationality	France	Status	Economically active
Trading Address	15 Rue Louis Blériot, 86100 Châtellerault, France

DIRECTORS/MANAGEMENT

Directors

Name	M. LEBORGNE DIDIER CLAUDE ROLAND
Manager position	Managing director	Date of birth	07/04/1955
Place of birth	BLENDECQUES 62
Type	Individual	Name at birth

Name	M. ZIEMNIAK MAXIME
Manager position	Managing director	Date of birth	15/02/1966
Place of birth	ORCHIES
Type	Individual	Name at birth

Name	M. DAWS NIEL HARVEY
Manager position	President	Date of birth	01/07/1962
Place of birth	CHELTENHAM(ROYAUME-UNI)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M ANTHONY SCRIVIN	16/06/1947 - CHELTENHAM ROYAUME UNI
President	M NIEL HARVEY DAWS	01/07/1962 - CHELTENHAM(ROYAUME-UNI)

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

4,100,000 Euros

PAYMENT INFORMATION

Payment Information Summary - Trade Payment Data
	Total number of Invoices available	9
	Total number of Invoices paid within or up to 30 days after the due date	5
	Total number of Invoices paid more than 30 days after the due date	3
	Total number of Invoices currently outstanding where the due date has not yet been reached	1
	Total number of Invoices currently outstanding beyond the due date	0

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	SPIRAX SARCO ENGINEERING PLC	00596337

Group data

Ultimate parent company	SPIRAX SARCO ENGINEERING PLC
Direct parent	SPIRAX SARCO ENGINEERING PLC - Majoritaire
Group – Number of companies	2
Linkages – Number of companies	13
Number of countries	4

Company Name	SIREN	Parts	Last account published
SPIRAX-SARCO ENGINEERING PLC	00596337	-	31/12/2012
SPIRAX SARCO	552126922	Majority	31/12/2012

Company Name	SIREN	Last account	Turnover
SPIRAX-SARCO AMERICA LIMITED	07829847	31/12/2012	0 £
SPIRAX-SARCO OVERSEAS LIMITED	01472201	31/12/2012	0 £
SPIRAX-SARCO LIMITED	00509018	31/12/2012	117 054 000 £
WATSON-MARLOW LIMITED	02481019	31/12/2012	36 106 371 £
SPIRAX OY	03134549	31/12/2012	7 277 187 €
SPIRAX-SARCO INVESTMENTS LIMITED	00100995	31/12/2012	0 £
SPIRAX MANUFACTURING COMPANY LIMITED	00261886	31/12/2013	-
SARCO THERMOSTATS LIMITED	00327758	31/12/2013	-
GERVASE INSTRUMENTS LIMITED	00827218	31/12/2012	-
SPIRAX-SARCO EUROPE LIMITED	01391602	31/12/2013	-
SPIRAX-SARCO INTERNATIONAL LIMITED	01391806	31/12/2013	-
SPIRAX-SARCO ENGINEERING B.V.	24272720	-	-
SARCO INTERNATIONAL CORP INC	-	-	-

FINANCIAL INFORMATION

Trading to Date	12/31/2012	12/31/2011	12/31/2010
Turnover	57,786,925 €	59,823,776 €	53,213,125 €
Gross Operating Surplus	12,74 % Turnover	8,37 % Turnover	10,49 % Turnover
Shareholders’ equity	12,379,895 €	11,727,907 €	10,834,483 €
Net result	3,662,826 €	5,606,429 €	4,724,030 €

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	18/07/2013	20/08/2012	07/09/2011
Activity Code	2814Z	2814Z	2814Z
Employees	0	293	301

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	6 945 291	8,0%	6 428 190	3,5%	6 213 089	584 101,50	1089,1%
- Intangible assets	914 530	10,3%	829 375	16,6%	711 565	32 086,50	2750,2%
- Tangible assets	5 982 128	7,9%	5 546 335	1,9%	5 443 733	224 154,50	2568,8%
- Financial assets	48 633	-7,3%	52 480	-9,2%	57 791	18 267	166,2%
Net current assets	25 409 479	-3,5%	26 334 882	0,9%	26 112 261	4 116 443,50	517,3%
- Stocks	11 143 625	-11,2%	12 548 476	39,5%	8 993 394	1 147 460	871,2%
- Advanced payments	291 913	-3,5%	45 619	-0,4%	45 809	0	0%
- Receivables	12 621 265	-4,4%	13 207 762	-9,9%	14 662 271	1 594 706	691,4%
- Securities and cash	1 352 676	153,8%	533 025	-77,9%	2 410 787	223 595,50	505,0%
- Prepaid expenses	-	-	-	-	-	949,50	-
Accounts of regularization	0	0%	44 797	0%	0	0	0%
Total Assets	32 354 769	-1,4%	32 807 868	1,5%	32 325 350	4 798 326	574,3%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Shareholders' equity	12 379 895	5,6%	11 727 907	8,2%	10 834 483	1 986 596	523,2%
Share capital	4 100 000	0%	4 100 000	0%	4 100 000	325 000	1161,5%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	1 051 526	90,9%	550 823	-81,2%	2 929 259	22 596,50	4553,5%
Liabilities	18 883 395	-8,0%	20 528 822	11,0%	18 495 179	2 319 580,50	714,1%
- Financial liabilities	8 003 000	0,0%	8 004 500	33,4%	6 000 009	245 555	3159,1%
- Advanced payments received	748 111	184,4%	263 091	-66,7%	790 203	0	0%
- Trade account payables	4 363 628	-39,4%	7 199 920	5,3%	6 838 504	756 126,50	477,1%
- Tax and social liabilities	5 318 112	14,3%	4 651 894	2,8%	4 526 292	452 213,50	1076,0%
- Other debts and fixed assets liabilities	485 170	21,2%	400 147	1,9%	392 753	48 089	908,9%
Account regularization	5 326	-44,4%	9 587	-30,8%	13 847	0	0%
Total liabilities	32 354 769	-1,4%	32 807 868	1,5%	32 325 350	4 798 326	574,3%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Sales of Goods	59 239 129	-7,5%	64 063 817	13,5%	56 462 469	6 501 863,50	811,1%
Net turnover	57 786 925	-3,4%	59 823 776	12,4%	53 213 125	6 540 122	783,6%
- of which net export turnover	27 829 642	-15,4%	32 886 324	21,1%	27 158 040	857 637	3144,9%
Operating charges	52 649 935	-7,4%	56 845 257	14,6%	49 584 693	5 503 190	856,7%
Operating profit/loss	6 589 194	-8,7%	7 218 560	5,0%	6 877 776	266 105,50	2376,2%
Financial income	443 404	25,0%	354 644	-3,7%	368 173	9 420	4607,0%
Financial charges	258 847	5,8%	244 599	53,3%	159 544	23 822,50	986,6%
Financial profit/loss	184 557	67,7%	110 045	-47,3%	208 629	-2 211	8447,2%
Pretax net operating income	6 773 751	-7,6%	7 328 604	3,4%	7 086 405	235 821	2772,4%
Extraordinary income	295 571	-89,6%	2 842 300	137,4%	1 197 294	10 080,50	2832,1%
Extraordinary charges	479 512	-78,2%	2 204 042	82,9%	1 204 912	20 302,50	2261,8%
Extraordinary profit/loss	-183 941	-128,8%	638 258	8478,3%	-7 618	-275	-66787,6%
Net result	3 662 826	-34,7%	5 606 429	18,7%	4 724 030	198 440,50	1745,8%

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	32 354 769	-1,4%	32 807 868	1,5%	32 325 350
Gross	CO	52 794 832	0,2%	52 706 216	1,4%	51 996 617
Amortisation	1A	20 440 063	2,7%	19 898 348	1,2%	19 671 267

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	6 945 291	8,0%	6 428 190	3,5%	6 213 089
Gross	BJ	25 234 508	4,5%	24 137 156	0,5%	24 008 724
Amortisation	BK	18 289 217	3,3%	17 708 966	-0,5%	17 795 635

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%	4 712
	Gross	CX	60 991	0%	60 991	0%	60 991
	Amortisation	AE	60 991	0%	60 991	8,4%	56 279
	Distributorships, patents	Net	335 224	34,1%	250 069	117,5%	114 965
	Gross	AF	2 216 366	1,9%	2 176 065	10,5%	1 970 179
	Amortisation	AG	1 881 142	-2,3%	1 925 996	3,8%	1 855 214
	Goodwill	Net	579 306	0%	579 306	0%	579 306
	Gross	AH	579 306	0%	579 306	0%	579 306
	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%	12 582
	Gross	AL	0	0%	0	0%	12 582
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	914 530	10,3%	829 375	16,6%	711 565

Tangible fixed assets

		31/12/2012		31/12/2011		31/12/2010
Lands	Net	232 344	0%	232 344	0%	232 344
Gross	AN	232 344	0%	232 344	0%	232 344
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	1 247 886	1,6%	1 228 312	16,2%	1 056 880
Gross	AP	4 675 701	3,3%	4 524 836	7,8%	4 197 810
Amortisation	AQ	3 427 815	4,0%	3 296 524	5,0%	3 140 930
Plant	Net	3 894 982	11,0%	3 508 763	-4,9%	3 687 959
Gross	AR	15 299 526	5,1%	14 554 391	-3,8%	15 128 874
Amortisation	AS	11 404 544	3,2%	11 045 628	-3,5%	11 440 915
Other tangible fixed assets	Net	360 506	-3,5%	373 395	41,8%	263 394
Gross	AT	1 875 231	7,0%	1 753 222	12,0%	1 565 691
Amortisation	AU	1 514 725	9,8%	1 379 827	6,0%	1 302 297
Fixed assets in construction	Net	0	0%	0	0%	77 297
Gross	AV	0	0%	0	0%	77 297
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	246 410	21,1%	203 521	61,7%	125 859
Gross	AX	246 410	21,1%	203 521	61,7%	125 859
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	5 982 128		5 546 335		5 443 733

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	0	0%	0	0%	0
Gross	CU	0	0%	0	0%	0
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	7 447	-42,8%	13 026	-28,8%	18 290
Gross	BF	7 447	0%	13 026	0%	18 290
Amortisation	BG	0		0		0
Other financial assets	Net	41 186	4,4%	39 454	-0,1%	39 501
Gross	BH	41 186	4,4%	39 454	-0,1%	39 501
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		48 633		52 480		57 791

Current Assets (III)

		31/12/2012		31/12/2011		31/12/2010
Total Assets	Net	25 409 479	-3,5%	26 334 882	0,9%	26 112 261
Gross	CJ	27 560 324	-3,4%	28 524 264	1,9%	27 987 894
Amortisation	CK	2 150 845	-1,8%	2 189 382	16,7%	1 875 633

Stocks

		31/12/2012		31/12/2011		31/12/2010
Raw materials	Net	3 025 865	-20,3%	3 795 692	69,8%	2 235 608
Gross	BL	3 592 989	-16,1%	4 281 697	60,3%	2 671 054
Amortisation	BM	567 124	16,7%	486 005	11,6%	435 446
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	5 777 311	-16,9%	6 950 101	36,3%	5 098 902
Gross	BR	6 761 891	-14,7%	7 930 790	33,3%	5 950 507
Amortisation	BS	984 580	0,4%	980 689	15,2%	851 605
Goods for resale	Net	2 340 449	29,8%	1 802 683	8,7%	1 658 884
Gross	BT	2 646 208	19,9%	2 206 728	8,3%	2 037 981
Amortisation	BU	305 759	-24,3%	404 045	6,6%	379 097
Sub Total Stocks	Net	11 143 625	-11,2%	12 548 476	39,5%	8 993 394

Advance payments to suppliers

		31/12/2012		31/12/2011		31/12/2010
Advance payments to suppliers	Net	291 913	539,9%	45 619	-0,4%	45 809
Gross	BV	291 913	539,9%	45 619	-0,4%	45 809
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2012		31/12/2011		31/12/2010
Trade accounts receivable	Net	11 923 104	-4,8%	12 521 730	-5,6%	13 264 873
Gross	BX	12 216 486	-4,9%	12 840 373	-4,7%	13 474 358
Amortisation	BY	293 382	-7,9%	318 643	52,1%	209 485
Other debtors	Net	546 928	27,4%	429 246	-65,8%	1 254 908
Gross	BZ	546 928	27,4%	429 246	-65,8%	1 254 908
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	12 470 032	-3,7%	12 950 976	-10,8%	14 519 781

Divers

		31/12/2012		31/12/2011		31/12/2010
Investment securities	Net	2 488	0%	2 488	0%	2 488
Gross	CD	2 488	0%	2 488	0%	2 488
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	1 350 188	154,5%	530 537	-78,0%	2 408 299
Gross	CF	1 350 188	154,5%	530 537	-78,0%	2 408 299
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	1 352 676	153,8%	533 025	-77,9%	2 410 787

Prepaid expenses

		31/12/2012		31/12/2011		31/12/2010
Prepaid expenses	Net	151 233	-41,1%	256 786	80,2%	142 490
Gross	CH	151 233	-41,1%	256 786	80,2%	142 490
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	0	0%	44 797	0%	0
Gross		0	0%	44 797	0%	0

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	32 354 769	-1,4%	32 807 868	1,5%	32 325 350

Shareholder Equity (I)

		31/12/2012		31/12/2011		31/12/2010
Total shareholders' equity (Total I)	DL	12 379 895	5,6%	11 727 907	8,2%	10 834 483
Equity and shareholders' equity	DA	4 100 000	0%	4 100 000	0%	4 100 000
Issue and merger premiums	DB	1 554 006	0%	1 554 006	0%	1 554 006
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	410 000	0%	410 000	0%	410 000
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	16 123	0%	16 123	0%	16 123
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	2 636 940	8542,6%	30 511	370,8%	6 481
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	0	0%	0	0%	0
Profit or loss for the period	DI	3 662 826	-34,7%	5 606 429	18,7%	4 724 030
Investment grants	DJ	0	0%	10 838	-54,5%	23 843
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	1 051 526	90,9%	550 823	-81,2%	2 929 259
Risk provisions	DP	399 690	105,8%	194 197	-6,6%	207 946
Reserves for charges	DQ	651 836	82,8%	356 626	-86,9%	2 721 313

Liabilities (IV)

		31/12/2012		31/12/2011		31/12/2010
Total Liabilities (Total IV)	EC	18 883 395	-8,0%	20 528 822	11,0%	18 495 179
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	3 000	-33,3%	4 500	49900%	09
Sundry loans and financial liabilities	DV	8 000 000	0%	8 000 000	33,3%	6 000 000
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	748 111	184,4%	263 091	-66,7%	790 203
Trade accounts payables	DX	4 363 628	-39,4%	7 199 920	5,3%	6 838 504
Tax and social security liabilities	DY	5 318 112	14,3%	4 651 894	2,8%	4 526 292
Fixed asset liabilities	DZ	254 242	15,8%	219 583	35,4%	162 171
Other debts	EA	190 976	6,0%	180 247	9,8%	164 153

Translation loss (V)

		31/12/2012		31/12/2011		31/12/2010
Translation loss (Total V)	ED	39 952	12503,2%	317	-99,5%	66 429

Equalization accounts

		31/12/2012		31/12/2011		31/12/2010
Deferred income	EB	5 326	-44,4%	9 587	-30,8%	13 847

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	0	0%	0	0%	0
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	6 589 194	-8,7%	7 218 560	5,0%	6 877 776

2 - Financial result (V - VI)

		31/12/2012		31/12/2011		31/12/2010
Financial result (Total V-VI)	GV	184 557	67,7%	110 045	-47,3%	208 629

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	6 773 751	-7,6%	7 328 604	3,4%	7 086 405

4 - Extraordinary result (VII-VIII)

		31/12/2012		31/12/2011		31/12/2010
Extraordinary result (Total VII-VIII)	HI	-183 941	-128,8%	638 258	8478,3%	-7 618

Profit or loss

		31/12/2012		31/12/2011		31/12/2010
Profit or loss	HN	3 662 826	-34,7%	5 606 429	18,7%	4 724 030

Total Income (I+III+V+VII)

		31/12/2012		31/12/2011		31/12/2010
Total Income (I+III+V+VII)	HL	59 978 104	-10,8%	67 260 761	15,9%	58 027 938

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	56 315 278	-8,7%	61 654 330	15,7%	53 303 908

Operating income (I)

		31/12/2012		31/12/2011		31/12/2010
Total operating income (Total I)	FR	59 239 129	-7,5%	64 063 817	13,5%	56 462 469

Operating income (details)

		31/12/2012		31/12/2011		31/12/2010
Sale of goods for resale	FC	24 602 791	13,2%	21 739 466	17,9%	18 440 233
France	FA	23 319 028	14,7%	20 331 472	18,1%	17 209 773
Export	FB	1 283 763	-8,8%	1 407 994	14,4%	1 230 460
Sale of goods produced	FF	29 547 498	-13,8%	34 261 462	9,3%	31 358 647
France	FD	3 557 843	0,3%	3 546 273	-39,6%	5 875 118
Export	FE	25 989 655	-15,4%	30 715 189	20,5%	25 483 529
Sale of services	FI	3 636 636	-4,9%	3 822 848	12,0%	3 414 245
France	FG	3 080 412	0,7%	3 059 707	3,0%	2 970 194
Export	FH	556 224	-27,1%	763 141	71,9%	444 051
Net turnover	FL	57 786 925	-3,4%	59 823 776	12,4%	53 213 125
France	FJ	29 957 283	11,2%	26 937 452	3,4%	26 055 085
Export	FK	27 829 642	-15,4%	32 886 324	21,1%	27 158 040
Stocked production	FM	-21 170	76,7%	-90 750	32,0%	-133 523
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	0
Release of reserves and provisions	FP	1 465 415	-65,7%	4 275 870	27,2%	3 361 392
Other income	FQ	7 959	-85,5%	54 921	155,7%	21 475

Operating charges (II)

		31/12/2012		31/12/2011		31/12/2010
Total operating charges (Total II)	GF	52 649 935	-7,4%	56 845 257	14,6%	49 584 693

Exploitation charges

		31/12/2012		31/12/2011		31/12/2010
Purchase of goods for resale	FS	11 911 559	21,7%	9 790 696	13,9%	8 592 534
Change in stocks of goods for resale	FT	-417 874	-141,1%	-173 311	-1777,7%	-9 230
Purchase of raw materials	FU	10 540 494	-43,4%	18 630 239	56,0%	11 945 328
Change in stocks of raw materials	FV	1 837 619	150,3%	-3 653 548	-559,5%	-553 988
Other external purchases and charges	FW	8 924 286	-16,0%	10 630 388	17,2%	9 073 801
Tax, duty and similar payments	FX	1 188 036	-3,7%	1 233 181	-0,7%	1 241 405
Payroll	FY	11 325 861	-13,9%	13 151 904	8,7%	12 098 075
Social security costs	FZ	5 092 611	-0,4%	5 113 427	0,1%	5 110 835

Depreciation

		31/12/2012		31/12/2011		31/12/2010
Depreciation of fixed assets	GA	1 115 239	1,7%	1 096 921	-7,2%	1 182 218
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	586 167	-32,8%	872 580	18,5%	736 658
Provisions for risks and charges	GD	485 985	285,3%	126 141	-9,6%	139 531

Other charges

		31/12/2012		31/12/2011		31/12/2010
Other charges	GE	59 952	125,1%	26 639	-3,2%	27 526

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	443 404	25,0%	354 644	-3,7%	368 173
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	25 978	13,3%	22 922	50,0%	15 281
Other interest and similar income	GL	700	-69,5%	2 297	-64,8%	6 524
Released provisions and transferred charges	GM	44 797	0%	0	0%	0
Exchange gains	GN	371 929	12,9%	329 425	-4,9%	346 368
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	258 847	5,8%	244 599	53,3%	159 544
Financial reserves and provisions	GQ	0	0%	44 797	0%	0
Interest and similar charges	GR	137 155	-13,9%	159 300	42,2%	112 035
Exchange losses	GS	121 692	200,5%	40 502	-14,7%	47 509
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	295 571	-89,6%	2 842 300	137,4%	1 197 294
Extraordinary operating income	HA	6 612	-47,9%	12 681	23,1%	10 299
Extraordinary income from capital transactions	HB	86 538	-81,7%	471 968	101,6%	234 149
Released provisions and transferred charges	HC	202 421	-91,4%	2 357 651	147,4%	952 846

Extraordinary charges (VIII)

		31/12/2012		31/12/2011		31/12/2010
Total extraordinary charges (Total VIII)	HH	479 512	-78,2%	2 204 042	82,9%	1 204 912
Extraordinary operating charges	HE	31 924	-98,2%	1 743 231	76,5%	987 895
Extraordinary charges from capital transactions	HF	59 588	-87,1%	460 811	112,3%	217 017
Extraordinary reserves and provisions	HG	388 000	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2012		31/12/2011		31/12/2010
Employee profit sharing (Total IX)	HJ	768 056	28,4%	598 299	-5,9%	635 757

Tax on profits (X)

		31/12/2012		31/12/2011		31/12/2010
Tax on profits (Total X)	HK	2 158 928	22,5%	1 762 133	2,5%	1 719 003

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%	82 928
Of which transferred charges	A1	0	0%	0	0%	2 375 140
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%	77 297	0%	0
Decreases by transfers	OK2	930 206	-54,1%	2 024 883	185,9%	708 216
Gross value at the end of period	OL	25 234 508	4,5%	24 137 156	0,5%	24 008 723

Research and development Charge (Total I)

		31/12/2012		31/12/2011		31/12/2010
Gross value at begin of period	CZ	60 991	0%	60 991	0%	60 991
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	60 991	0%	60 991	0%	60 991

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	2 755 371	7,5%	2 562 067	0,3%	2 554 626
Increases due to revaluation	KE	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KF	174 871	-9,5%	193 304	233,3%	58 004
Decreases by budget item transfer	LV1	0	0%	0	0%	0
Decreases by transfers	LV2	134 570	0%	0	0%	50 564
Gross value at the end of period	LW	2 795 672	1,5%	2 755 371	7,5%	2 562 066

Tangible fixed assets (Total III)

		31/12/2012		31/12/2011		31/12/2010
Gross value at begin of period	LN	21 268 313	-0,3%	21 327 875	1,5%	21 014 600
Increases due to revaluation	LO	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LP	1 846 494	-9,4%	2 037 308	111,2%	964 462
Decreases by budget item transfer	NG1	0	0%	77 297	0%	0
Decreases by transfers	NG2	785 595	-61,1%	2 019 573	210,1%	651 187
Gross value at the end of period	NH	22 329 211	5,0%	21 268 313	-0,3%	21 327 875

Financial assets (Total IV)

		31/12/2012		31/12/2011		31/12/2010
Gross value at begin of period	LQ	52 480	-9,2%	57 790	-7,9%	62 756
Increases due to revaluation	LR	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LS	6 194	0%	0	0%	1 500
Decreases by budget item transfer	NJ1	0	0%	0	0%	0
Decreases by transfers	NJ2	10 041	89,1%	5 310	-17,9%	6 465
Gross value at the end of period	NK	48 633	-7,3%	52 480	-9,2%	57 791

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	1 925 996	3,8%	1 855 214	-0,3%	1 860 618
Increases		PF	89 716	26,7%	70 782	56,7%	45 159
Decreases		PG	134 570	0%	0	0%	50 564
	Decreases by budget item transfer	PH	1 881 142	-2,3%	1 925 996	3,8%	1 855 214

Total fixed assets amortisation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	QU	15 721 979	-1,0%	15 884 142	5,3%	15 084 924
Increases		QV	1 025 523	0,4%	1 021 427	-9,2%	1 124 860
Decreases		QW	400 418	-66,2%	1 183 589	263,5%	325 643
	Decreases by budget item transfer	QX	16 347 084	4,0%	15 721 979	-1,0%	15 884 142

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 beginning of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	60 991	0%	60 991	0%	60 991
	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	2 740 206	-43,0%	4 804 892	-18,1%	5 867 800
Increases		UB	1 460 152	39,9%	1 043 518	19,1%	876 189
Decreases		UC	997 985	-67,9%	3 108 205	60,3%	1 939 097
	Value at the end of period	UD	3 202 373	16,9%	2 740 206	-43,0%	4 804 892

Includes Total allocations

Operating	UE	1 072 152	7,4%	998 721	14,0%	876 189
Financial	UG	0	0%	44 797	0%	0
Exceptional	UJ	388 000	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	750 767	0,0%	750 554	-23,9%	986 252
Financial	UH	44 797	0%	0	0%	0
Exceptional	UK	202 421	-91,4%	2 357 651	147,4%	952 846

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	550 824	-81,2%	2 929 259	-24,2%	3 864 238
Increases		TV	873 985	411,3%	170 938	22,5%	139 531
Decreases		TW	373 283	-85,4%	2 549 374	137,3%	1 074 510
	Value at the end of period	TX	1 051 526	90,9%	550 824	-81,2%	2 929 259

Total Provision for depreciation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Value at beginning of period	7B	2 189 382	16,7%	1 875 633	-6,4%	2 003 563
Increases		TY	586 167	-32,8%	872 580	18,5%	736 658
Decreases		TZ	624 703	11,8%	558 831	-35,4%	864 588
	Value at the end of period	UA	2 150 846	-1,8%	2 189 382	16,7%	1 875 633

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

		31/12/2012		31/12/2011		31/12/2010
Gross value	VT	12 963 280	-4,5%	13 578 885	-9,0%	14 929 546
1 year at most	VU	12 920 561	-4,5%	13 531 984	-9,0%	14 877 019
More than one year	VV	42 719	-8,9%	46 901	-10,7%	52 527

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	7 447	-42,8%	13 026	-28,8%	18 290
Loans (1 year at most)	UR	5 914	6,0%	5 579	6,0%	5 264
Other financial assets (gross)	UT	41 186	4,4%	39 454	-0,1%	39 501
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2012		31/12/2011		31/12/2010
Customers doubtful or disputed	VA	227 321	76,0%	129 146	6,7%	121 065
Other claims customer	UX	11 989 165	-5,7%	12 711 227	-4,8%	13 353 292
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	30 279	-10,3%	33 765	-26,2%	45 780
Social Security and other social organizations	UZ	5 224	-8,9%	5 732	-45,3%	10 477
Income taxes	VM	0	0%	13 171	-97,9%	640 989
Value added tax	VB	239 525	43,7%	166 655	14,6%	145 419
Other taxes and payments assimilated	VN	18 220	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	16 902	-53,8%	36 621	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	236 778	36,6%	173 302	-58,0%	412 243

Prepaid

		31/12/2012		31/12/2011		31/12/2010
Prepaid	VS	151 233	-41,1%	256 785	80,2%	142 490

State Debt

			31/12/2012		31/12/2011		31/12/2010
	Total debt (gross)	VY	18 135 284	-10,5%	20 265 730	14,5%	17 704 976
1 year at most		VZ2	10 135 284	-17,4%	12 265 730	4,8%	11 704 976
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	6 000 000
More than 5 years		VZ4	8 000 000	0%	8 000 000	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	3 000	-33,3%	4 500	49900%	09
1 year at most		VG2	3 000	-33,3%	4 500	49900%	09
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	8 000 000	0%	8 000 000	33,3%	6 000 000
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	6 000 000
	Suppliers and associated accounts (gross)	8B1	4 363 628	-39,4%	7 199 920	5,3%	6 838 504
1 year at most		8B2	4 363 628	-39,4%	7 199 920	5,3%	6 838 504
More than 1 year and 5 years at most		8B3	4 363 628	-39,4%	7 199 920	5,3%	6 838 504
	Personnel and associated accounts (gross)	8C1	2 323 212	9,4%	2 122 836	0,0%	2 122 888
1 year at most		8C2	2 323 212	9,4%	2 122 836	0,0%	2 122 888
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	2 117 927	3,9%	2 038 186	0,8%	2 021 422
1 year at most		8D2	2 117 927	3,9%	2 038 186	0,8%	2 021 422
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	379 247	71591,3%	529	0%	0
1 year at most		8E2	379 247	71591,3%	529	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	323 408	16,7%	277 083	28,8%	215 164
1 year at most		VW2	323 408	16,7%	277 083	28,8%	215 164
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	174 318	-18,3%	213 259	27,8%	166 818
1 year at most		VQ2	174 318	-18,3%	213 259	27,8%	166 818
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	254 242	15,8%	219 583	35,4%	162 171
1 year at most		8J2	254 242	15,8%	219 583	35,4%	162 171
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	190 976	6,0%	180 247	9,8%	164 153
1 year at most		8K2	190 976	6,0%	180 247	9,8%	164 153
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	5 326	-44,4%	9 587	-30,8%	13 847
1 year at most		8L2	5 326	-44,4%	9 587	-30,8%	13 847
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%	2 000 000	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	0	0%	293	-2,7%	301

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	1,57	0%	1,57	0,6%	1,56	2,19	-28,3%
Global Debt	118 days	-4,8%	124 days	-0,8%	125 days	125 days	-5,6%
Working Capital Fund overall net	90 days	8,4%	83 days	-9,8%	92 days	109 days	-17,4%
Financial independence	412663,17%	58,3%	260620,16%	-99,8%	120383144,44%	964,61%	42680,3%
More ratios
Solvability	38,26%	7,0%	35,75%	6,7%	33,52%	42,81%	-10,6%
Capacity debt futures	412663,17%	58,3%	260620,16%	-99,8%	120383144,44%	2220,11%	18487,5%
Coverage of current assets by net working capital overall	52,86%	7,9%	49,01%	0,7%	48,66%	51,45%	2,7%
General Liquidity	1,27	15,5%	1,10	-13,4%	1,27	0,89	42,7%
Restricted Liquidity	1,41	22,6%	1,15	-22,3%	1,48	1,14	23,7%

Management or rotation

	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Need background in operating working capital	81 days	3,8%	78 days	4,0%	75 days	83 days	-2,4%
Treasury	8 days	166,7%	3 days	-81,2%	16 days	13 days	-38,5%
Inventory turnover of goods	83 days	0%	83 days	-2,4%	85 days	70 days	18,6%
Average length of credit granted to customers	76 days	-1,3%	77 days	-15,4%	91 days	71 days	7,0%
Average length of credit obtained suppliers	48 days	-35,1%	74 days	-12,9%	85 days	72 days	-33,3%
More ratios
Inventory turnover of raw materials in industrial enterprises	109 days	41,6%	77 days	5,5%	73 days	76 days	43,4%
Inventory turnover of intermediate and finished products in the industrial enterprise	259 days	-7,8%	281 days	12,4%	250 days	382,50 days	-32,3%
Rotation tangible assets	258,80%	-8,0%	281,28%	12,7%	249,50%	421,99%	-38,7%

Profitability of the business

	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Margin trading	22,69%	12,0%	20,26%	9,4%	18,52	0%	0%
Profitability of the business	12,74	52,2%	8,37	-20,2%	10,49	7,69%	65,7%
Net profit	6,34%	-32,3%	9,37%	5,5%	8,88%	3,68%	72,3%
More ratios
Growth rate of turnover (excluding VAT)	-3,40%	-127,4%	12,42%	1970,0%	0,60%	1,06%	-420,8%
Rates integration	43,21%	5,5%	40,97%	-9,3%	45,16%	35,41%	22,0%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	65,75%	-11,8%	74,53%	4,1%	71,61%	67%	-1,9%
Weight interests	0,45	9,8%	0,41%	36,7%	0,30%	0,37%	21,6%

Return on capital

	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Cash flow from the overall profitability	7,17%	18,1%	6,07%	-18,2%	7,42%	5,18%	38,4%
Rates of economic profitability	36%	44,0%	25%	-24,2%	33%	17,50%	105,7%
Financial profitability	12379895%	5,6%	11727907%	8,2%	10834483%	1986596%	523,2%
Return on investment	19,24%	-35,1%	29,65%	2,2%	29,01%	10,34%	86,1%

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	57 786 925	-3,4%	59 823 776	12,4%	53 213 125	6 540 122 €	783,6%

Sales of goods	24 602 791	13,2%	21 739 466	17,9%	18 440 233
- Purchase of goods	11 911 559	21,7%	9 790 696	13,9%	8 592 534
+/- Stock of goods variation	-417 874	-141,1%	-173 311	-1777,7%	-9 230
Trading margin	13 109 106 €	8,1%	12 122 081 €	23,0%	9 856 929 €	0 €	0%
	22,69 % CA	12,0%	20,26 % CA	9,4%	18,52 % CA	0 % CA	0%

Sale of goods produced	33 184 134	-12,9%	38 084 310	9,5%	34 772 892
+/- Stocked production	-21 170	76,7%	-90 750	32,0%	-133 523
+ Self-constructed assets	0	0%	0	0%	0
Period production	33 162 964 €	-12,7%	37 993 560 €	9,7%	34 639 369 €	5 309 417,50 €	524,6%
	57,39 % CA	-9,6%	63,51 % CA	-2,4%	65,10 % CA	98,37 % CA	-41,7%

Trading margin	13 109 106	8,1%	12 122 081	23,0%	9 856 929	0	0%
+ Period Production	33 162 964	-12,7%	37 993 560	9,7%	34 639 369	5 309 417,50	524,6%
- Purchase of raw materials	10 540 494	-43,4%	18 630 239	56,0%	11 945 328
+/- Change in stocks of raw materiels	1 837 619	150,3%	-3 653 548	-559,5%	-553 988
- Other external purchases and charges	8 924 286	-16,0%	10 630 388	17,2%	9 073 801
Added value	24 969 671 €	1,9%	24 508 562 €	2,0%	24 031 157 €	2 195 086,50 €	1037,5%
	43,21 % CA	5,5%	40,97 % CA	-9,3%	45,16 % CA	35,41 % CA	22,0%

Added value	24 969 671 €	1,9%	24 508 562 €	2,0%	24 031 157 €	2 195 086,50 €	1037,5%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	1 188 036	-3,7%	1 233 181	-0,7%	1 241 405
- Personal charges	16 418 472	-10,1%	18 265 331	6,1%	17 208 910
Gross operating surplus	7 363 163 €	47,0%	5 010 050 €	-10,2%	5 580 842 €	389 789,50 €	1789,0%
	12,74 % CA	52,2%	8,37 % CA	-20,2%	10,49 % CA	7,69 % CA	65,7%

Gross operating surplus	7 363 163 €	47,0%	5 010 050 €	-10,2%	5 580 842 €	389 789,50 €	1789,0%
+ Release of reserves and provisions	1 465 415	-65,7%	4 275 870	27,2%	3 361 392
+ Other operating income	7 959	-85,5%	54 921	155,7%	21 475
- Depreciation/Amortisation	2 187 391	4,4%	2 095 642	1,8%	2 058 407
- Other charges	59 952	125,1%	26 639	-3,2%	27 526
Operating result	6 589 194 €	-8,7%	7 218 560 €	5,0%	6 877 776 €	266 105,50 €	2376,2%
	11,40 % CA	-5,6%	12,07 % CA	-6,6%	12,92 % CA	5,78 % CA	97,2%

Operating result	6 589 194 €	-8,7%	7 218 560 €	5,0%	6 877 776 €	266 105,50 €	2376,2%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	443 404	25,0%	354 644	-3,7%	368 173
- Financial charges	258 847	5,8%	244 599	53,3%	159 544
Pre-tax result	6 773 751 €	-7,6%	7 328 605 €	3,4%	7 086 405 €	235 821 €	2772,4%
	11,72 % CA	-4,3%	12,25 % CA	-8,0%	13,32 % CA	5,30 % CA	121,1%

Extraordinary income	295 571	-89,6%	2 842 300	137,4%	1 197 294	10 080,50	2832,1%
- Extraordinary charges	479 512	-78,2%	2 204 042	82,9%	1 204 912
Extraordinary result	-183 941 €	-128,8%	638 258 €	8478,3%	-7 618 €	-275,50 €	-66666,2%
	-0,32 % CA	-129,9%	1,07 % CA	10800%	0 % CA	-00,03 % CA	-966,7%

Pre-tax result	6 773 751 €	-7,6%	7 328 605 €	3,4%	7 086 405 €	235 821 €	2772,4%
Extraordinary result	-183 941 €	-128,8%	638 258 €	8478,3%	-7 618 €	-275,50 €	-66666,2%
- Employee profit sharing	768 056	28,4%	598 299	-5,9%	635 757
- Tax on profits	2 158 928	22,5%	1 762 133	2,5%	1 719 003
Net result	3 662 826 €	-34,7%	5 606 431 €	18,7%	4 724 027 €	198 442,50 €	1745,8%
	6,34 % CA	-32,3%	9,37 % CA	5,5%	8,88 % CA	3,68 % CA	72,3%

ADDITIONAL INFORMATION

Company details

Activity (APE)	· Manufacturer of Facilities Boiler, Flowmeter, Control Systems, Steam Traps, Humidifiers, Condensate Pumps, Fittings and Accessories · Manufacturer of other taps and valves
RCS Registration	RCS Versailles 7 552 126 922	Share capital	4,100,000 Euros
Registration Court	Versailles (78)	Legal form	Simplified joint stock company
Court Registry Number	19 7 8B00570	EUR VAT Number	FR48552126922
Incorporation Date	11/1955	Formation Date
Deregistration Date		Last account Date	31/12/2012
Nationality	France

Establishment details

Activity (APE)	· Manufacturer of Facilities Boiler, Flowmeter, Control Systems, Steam Traps, Humidifiers, Condensate Pumps, Fittings and Accessories · Manufacturer of other taps and valves	Business Pages FT®	ROBINETTERIE INDUSTRIELLE
Postal Address	SPIRAX SARCO ZI DES BRUYERES 8 AV LE VERRIER 78193 TRAPPES CEDEX	Trading Address	15 Rue Louis Blériot, 86100 Châtellerault, France
Telephone	01 30 66 43 43
Fax	01 30 66 32 92

Type	Head office	Status	Economically active
Formation Date	01/1900	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Yvelines (78)	Region	Ile-de-France
District	4	Area	24
City	TRAPPES	Size of urban area	Paris conglomeration

Other establishments

Branches	6 branch entities in this company
Head office	> SPIRAX SARCO <<<  - Fabrication d'autres articles de robinetterie (2814Z) in TRAPPES  (78190)
Secondary establishments	>  SPIRAX SARCO  - Fabrication d'autres articles de robinetterie (2814Z) in MONTRABE  (31850) >  SPIRAX SARCO  - Fabrication d'autres articles de robinetterie (2814Z) in LYON 7EME  (69007) >  SPIRAX SARCO  - Fabrication d'autres articles de robinetterie (2814Z)  in SOTTEVILLE LES ROUEN  (76300) >  SPIRAX SARCO  - Fabrication d'autres articles de robinetterie (2814Z)  in SAINT VICTORET  (13730) > ...

Regionality	Legal unit with multiple establishments in many areas having at least 50% of workforce in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 80 to 99% of workforce

Workforces

Workforce at address

100 to 199 employees

Company workforce

250 to 499 employees

Preferential rights details and history

Summary of preferential rights

Company monitored since	28/04/2008
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
02/08/2013	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 9832 - 552126922 RCS. SPIRAX SARCO. Forme : Société par actions simplifiée. Adresse : 8 avenue le Verrier 78190 Trappes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
14/08/2012	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 6661 - 552126922 RCS. SPIRAX SARCO. Forme : Société par actions simplifiée. Adresse : 8 avenue le Verrier Zone Industrielle des Bruyères 78190 Trappes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
12/02/2012	Bodacc B	Modification et mutation diverse
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 2652 - 552 126 922 RCS Versailles. SPIRAX SARCO. Forme : Société par actions simplifiée. Administration : Directeur général : LEBORGNE Didier Claude Roland modification le 31 Juillet 2002 Directeur général : ZIEMNIAK Maxime en fonction le 25 Août 2011 Commissaire aux comptes suppléant : KPMG AUDIT IS en fonction le 20 Septembre 2011 Commissaire aux comptes titulaire : KPMG AUDIT ID en fonction le 20 Septembre 2011 Président : DAWS Niel Harvey en fonction le 01 Février 2012. Activité : . Commentaires : Modification de représentant.
07/02/2012	JAL	Resignation / Revocation of the social representative
Semaine de l Ile-de-France (La) Date de décision : 24/01/2012 La société 552126922 - SPIRAX SARCO, 8 AV LE VERRIER, ZI DES BRUYERES, 78190 TRAPPES Fait l'objet du départ de Monsieur Mickaël Edward GIBBIN
07/02/2012	JAL	Appointment of the social representative
Semaine de l Ile-de-France (La) Date de décision : 24/01/2012 Société faisant l'objet d'une nomination : 552126922 - SPIRAX SARCO, 8 AV LE VERRIER, ZI DES BRUYERES, 78190 TRAPPES Nominé : Monsieur Niel Harvey DAWS, CL523 QG GLOUCESTERSHIRE En la fonction de : Président
28/09/2011	Bodacc B	Modification et mutation diverse
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 2557 - 552 126 922 RCS Versailles. SPIRAX SARCO. Forme : Société par actions simplifiée. Administration : Directeur général : LEBORGNE Didier Claude Roland modification le 31 Juillet 2002 Président : GIBBIN Michaël en fonction le 14 Décembre 2009 Directeur général : ZIEMNIAK Maxime en fonction le 25 Août 2011 Commissaire aux comptes suppléant : KPMG AUDIT IS en fonction le 20 Septembre 2011 Commissaire aux comptes titulaire : KPMG AUDIT ID en fonction le 20 Septembre 2011. Activité : . Commentaires : Modification de représentant.
12/09/2011	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 5330 - 552126922 RCS. SPIRAX SARCO. Forme : Société par actions simplifiée. Adresse : 8 avenue le Verrier Zone Industrielle des Bruyères 78190 Trappes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
04/09/2011	Bodacc B	Modification et mutation diverse
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 1526 - 552 126 922 RCS Versailles. SPIRAX SARCO. Forme : Société par actions simplifiée. Administration : Directeur général : LEBORGNE Didier Claude Roland modification le 31 Juillet 2002 Commissaire aux comptes suppléant : SEGUIN Michel en fonction le 06 Juillet 2005 Commissaire aux comptes titulaire : KPMG AUDIT en fonction le 06 Juillet 2005 Président : GIBBIN Michaël en fonction le 14 Décembre 2009 Directeur général : ZIEMNIAK Maxime en fonction le 25 Août 2011. Activité : . Commentaires : Modification de représentant.
26/07/2010	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 6724 - 552126922 RCS. SPIRAX SARCO. Forme : Société par actions simplifiée. Adresse : 8 avenue le Verrier Zone Industrielle des Bruyères 78190 Trappes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
24/12/2009	Bodacc B	Modification et mutation diverse
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 1683 - 552 126 922 RCS Versailles. SPIRAX SARCO. Forme : Société par actions simplifiée. Administration : Directeur général : LEBORGNE Didier Claude Roland modification le 31 Juillet 2002 Directeur général : DREAN Yannick en fonction le 15 Mars 2004 Commissaire aux comptes suppléant : SEGUIN Michel en fonction le 06 Juillet 2005 Commissaire aux comptes titulaire : KPMG AUDIT en fonction le 06 Juillet 2005 Président : GIBBIN Michaël en fonction le 14 Décembre 2009. Commentaires : Modification de représentant.
15/12/2009	JAL	Resignation / Revocation of the social representative
LA SEMAINE DE L’ILE DE FRANCE Date de décision : 08/12/2009 La société 552126922 - SPIRAX SARCO, 8 AV LE VERRIER, ZI DES BRUYERES, 78190 TRAPPES Fait l'objet du départ de Monsieur Anthony SCRIVIN
15/12/2009	JAL	Appointment of the social representative
LA SEMAINE DE L’ILE DE FRANCE Société faisant objet d'une nomination : 552126922 - SPIRAX SARCO, 8 AV LE VERRIER, ZI DES BRUYERES, 78190 TRAPPES Nominé : Monsieur Edward GIBBIN En la fonction de : Président
19/07/2009	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 8108 - 552126922 RCS. SPIRAX SARCO. Forme : Société par actions simplifiée. Adresse : 8 avenue le Verrier 78190 Trappes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
12/07/2008	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 8053 - 552126922 RCS. SPIRAX SARCO. Forme : Société par actions simplifiée. Adresse : 8 avenue le Verrier 78190 Trappes. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
02/08/2007	Bodacc C	Avis de dépôt des comptes
4808 - 552 126 922. RCS Versailles SPIRAX SARCO. Forme: Société par actions simplifiée. Adresse du siège social: 8 Avenue le Verrier Zone Industrielle des Bruyères , 78190 Trappes. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
21/07/2006	Bodacc C	Avis de dépôt des comptes
2086 - RCS Versailles B 552 126 922. RC 78-B 570. SPIRAX SARCO. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE - SAS. Adresse du siège social: 8, avenue le Verrier,Zone Industrielle des Bruyères, 78190 Trappes. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
14/07/2006	Bodacc B	Modifications et mutations diverses
2491 - RCS Versailles B 552 126 922. RC 78-B 570. SPIRAX SARCO. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : président partant : BLACK (Alan). Nomination du président : SCRIVIN (Anthony, John).
24/07/2005	Bodacc B	Modifications et mutations diverses
672 - RCS Versailles B 552 126 922. RC 78-B 570. SPIRAX SARCO. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes suppléant partant : AVENARD (Martine). Commissaire aux comptes titulaire partant : POIGNANT (Gabriel). Commissaire aux comptes suppléant partant : GABETTY (Jean, Claude). Commissaire aux comptes titulaire partant : RSM SALUSTRO REYDEL. Nomination d'un commissaire aux comptes suppléant : SEGUIN (Michel). Nomination d'un commissaire aux comptes titulaire : K.P.M.G. AUDIT.
24/07/2005	Bodacc C	Avis de dépôt des comptes
3350 - RCS Versailles B 552 126 922. RC 78-B 570. SPIRAX SARCO. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 8, avenue le Verrier,Zone Industrielle des Bruyères, 78190 Trappes. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
26/03/2004	Bodacc B	Modifications et mutations diverses
RCS Versailles B 552126922 RC 78-B 570 SPIRAX SARCO. Forme : S.A.S. Commentaires : modification survenue sur l' administration. Administration : nomination d'un directeur général : DREAN (Yannick).
26/01/2003	Bodacc B	Modifications et mutations diverses
RCS Versailles B 552126922 RC 78-B 570 SPIRAX SARCO. Forme : S.A.S. Commentaires : modification survenue sur l' administration. Administration : président partant : MARCHAND (Graham, Paul). Modification du président : BLACK (Alan).
16/01/2003	Bodacc B	Modifications et mutations diverses
RCS Versailles B 552126922 RC 78-B 570 SPIRAX SARCO. Forme : S.A.S. Commentaires : modification survenue sur l' administration. Administration : directeur général partant : THOMASSET ( Guy). Nomination d'une personne pouvant engager à titre habituel l'assujetti : BLACK (Alan).
13/08/2002	Bodacc B	Modifications et mutations diverses
RCS Versailles B 552126922 RC 78-B 570 SPIRAX SARCO. Forme : S.A.S. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : modification d'un directeur général : THOMASSET (Guy). Administrateur partant : STE SPIRAX SARCO INVERSTMENTS LTD, représentée par MEREDITH (D.-J). Commissaire aux comptes titulaire partant : SALUSTRO REYDEL. Modification du président : MARCHAND (Graham, Paul). Administrateur partant : SMITH (Peter, Michael). Modification d'un directeur général : LEBORGNE (Didier, Claude, Roland). Administrateur partant : BLACK (Alan). Modification d'un commissaire aux comptes titulaire : POIGNANT (Gabriel). Modification d'un commissaire aux comptes suppléant : GABETTY (Jean, Claude). Nomination d'un commissaire aux comptes titulaire : R.S.M. SALUSTRO REYDEL.
09/10/2001	Bodacc B	Modifications et mutations diverses
RCS Versailles B 552126922 RC 78-B 570 SPIRAX SARCO. Forme : S.A. Capital : 4 100 000 euros. Commentaires : modification survenue sur le capital (augmentation) et l'administration. Administration : nomination du co-commissaire aux comptes titulaire : POIGNANT (Gabriel). Nomination du co-commissaire au comptes suppléant : GABETTY (Jean, Claude).
25/05/2000	Bodacc B	Modifications et mutations diverses
*. RCS Versailles B 552 126 922 RC 78-B 570 SPIRAX SARCO. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : suppression : administrateur : PERICO ( Gérard). Nomination en qualité d' administrateur : BLACK (Alan).
02/09/1999	Bodacc B	Modifications et mutations diverses
*. RCS Versailles B 552 126 922 RC 78-B 570 SPIRAX SARCO. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : suppression : commissaire aux comptes suppléant : REYDEL (Jean, Claude). Nomination en qualité de commissaire aux comptes suppléant : AVENARD ( Martine).
09/08/1997	Bodacc B	Modifications et mutations diverses
RCS Versailles B 552 126 922 RC 78-B 570 SPIRAX SARCO. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : P.-D.G. et administrateur partant : FORTUNE ( Timothy, Brook). Modification d'un administrateur : STE SPIRAX SARCO INVERSTMENTS Ltd.
19/08/1995	Bodacc B	Modifications et mutations diverses
RCS *. RCS Versailles B 552 126 922 RC RC 78-B 570 SPIRAX SARCO. Forme : S.A. Administration : président-directeur général et administrateur : FORTUNE ( Timothy, Brook) Directeurs généraux et administrateurs : THOMASSET (Guy) LEBORGNE (Didier, Claude, Roland). Administrateurs : : SOCIETE SPIRAX SARCO INVERSTMENTS LTD MARCHAND ( Graham, Paul) SMITH (Peter, Michael) PERICO (Gérard). Commissaire aux comptes titulaire : SALUSTRO REYDEL. Commissaire aux comptes suppléant : REYDEL (Jean, Claude). Commentaires : modification survenue sur l' administration.

Company events history

Date	Description
19/10/2013	Update Limit
19/10/2013	Update Rating
02/08/2013	Bodacc C : Deposit accounts notice
19/07/2013	Update Limit
19/07/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/07/2013	New ultimate parent
05/07/2013	New parent detected
31/12/2012	New accounts available
22/08/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
14/08/2012	Bodacc C : Deposit accounts notice
12/02/2012	Bodacc B: Various editing or changing
07/02/2012	Legal Gazette: Resignation / Revocation of the social representative
01/02/2012	New chairman (CEO, CoB)
01/02/2012	Minutes of general meeting of shareholders
24/01/2012	Legal Gazette: Appointment of the social representative
31/12/2011	New accounts available
28/09/2011	Bodacc B: Various editing or changing
20/09/2011	Minutes of general meeting of shareholders
20/09/2011	New auditor
12/09/2011	Bodacc C : Deposit accounts notice
09/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
04/09/2011	Bodacc B: Various editing or changing
25/08/2011	Updated articles of association
25/08/2011	Minutes of general meeting of shareholders
25/08/2011	Appointment/resignation of company officers
25/08/2011	Changes to the Board of Directors
25/08/2011	Amendment
31/12/2010	New accounts available
26/07/2010	Bodacc C : Deposit accounts notice
09/07/2010	Updated articles of association
09/07/2010	Minutes of general meeting of shareholders
31/12/2009	New accounts available
24/12/2009	Bodacc B: Various editing or changing
15/12/2009	Legal Gazette: Resignation / Revocation of the social representative
14/12/2009	New chairman (CEO, CoB)
14/12/2009	Minutes of general meeting of shareholders
08/12/2009	Legal Gazette: Appointment of the social representative
19/07/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
12/07/2008	Bodacc C : Deposit accounts notice
28/04/2008	Collection of preferential rights activated for this company
31/12/2007	New accounts available
31/12/2006	New accounts available
19/06/2006	Acte sous seing privé
19/06/2006	Private document
19/06/2006	Nomination/démission des organes de gestion
19/06/2006	Minutes of general meeting of shareholders
19/06/2006	PV d'Assemblée
19/06/2006	Changement de Président (PDG, PCA)
19/06/2006	Appointment/resignation of company officers
31/12/2005	New accounts available
06/07/2005	Private document
06/07/2005	Appointment/resignation of company officers
06/07/2005	Minutes of general meeting of shareholders
06/07/2005	PV d'Assemblée
06/07/2005	Changement de Commissaire aux Comptes
06/07/2005	Acte sous seing privé
06/07/2005	Nomination/démission des organes de gestion
31/12/2004	New accounts available
15/03/2004	Acte sous seing privé
15/03/2004	PV d'Assemblée
15/03/2004	Acte modificatif
15/03/2004	Modification du Conseil d'Administration
15/03/2004	Nomination/démission des organes de gestion
31/12/2003	New accounts available
14/01/2003	Changement de Président (PDG, PCA)
14/01/2003	Modification du Conseil d'Administration
14/01/2003	Changement de Gérant
14/01/2003	Acte sous seing privé
14/01/2003	PV d'Assemblée
14/01/2003	Nomination/démission des organes de gestion
02/01/2003	PV d'Assemblée
02/01/2003	Nomination/démission des organes de gestion
02/01/2003	Acte sous seing privé
31/07/2002	Changement de Forme Juridique sans changement de catégorie
31/07/2002	Fusion
31/07/2002	Modification du Conseil d'Administration
31/07/2002	Acte sous seing privé
31/07/2002	Acte modificatif
31/07/2002	Nomination/démission des organes de gestion
31/07/2002	PV d'Assemblée
31/07/2002	PV du Conseil d'Administration
31/07/2002	Statuts mis à jour
31/07/2002	Déclaration de conformité
26/06/2002	Modification to Establishment Address or Identifier
18/06/2002	Rapport des Commissaires ou du Gérant
18/06/2002	Acte sous seing privé
18/06/2002	Changement de Forme Juridique avec changement de catégorie
23/05/2002	Projet de Fusion
23/05/2002	Acte sous seing privé
06/03/2002	Acte modificatif
06/03/2002	Requête et Ordonnance
01/01/2002	Requête et Ordonnance
26/09/2001	Nomination/démission des organes de gestion
26/09/2001	Augmentation de Capital
26/09/2001	PV d'Assemblée
26/09/2001	Acte sous seing privé
26/09/2001	Changement de Commissaire aux Comptes
26/09/2001	Réduction de Capital
26/09/2001	Conversion du Capital Social en Euros
26/09/2001	Statuts mis à jour
10/05/2000	Modification du Conseil d'Administration
10/05/2000	Nomination/démission des organes de gestion
10/05/2000	Acte modificatif
10/05/2000	PV du Conseil d'Administration
10/05/2000	Acte sous seing privé
19/08/1999	Acte sous seing privé
19/08/1999	PV d'Assemblée
19/08/1999	Changement de Commissaire aux Comptes
19/08/1999	Nomination/démission des organes de gestion
22/12/1998	Acte modificatif
22/12/1998	Procuration
22/12/1998	Acte sous seing privé
22/12/1998	Reconstitution de l'Actif Net
22/10/1998	Acte sous seing privé
22/10/1998	Rapport des Commissaires ou du Gérant
24/07/1997	Modification du Conseil d'Administration
24/07/1997	Nomination/démission des organes de gestion
24/07/1997	Acte sous seing privé
24/07/1997	Acte modificatif
24/07/1997	Changement de Président (PDG, PCA)
24/07/1997	PV du Conseil d'Administration
02/08/1995	Nomination/démission des organes de gestion
02/08/1995	PV d'Assemblée
02/08/1995	Modification du Conseil d'Administration
02/08/1995	Statuts mis à jour
02/08/1995	Acte modificatif
01/08/1994	Nomination/démission des organes de gestion
01/08/1994	PV d'Assemblée
01/08/1994	Acte modificatif
01/08/1994	Modification du Conseil d'Administration
24/11/1993	Modification du Conseil d'Administration
24/11/1993	PV du Conseil d'Administration
24/11/1993	Nomination/démission des organes de gestion
24/11/1993	Acte modificatif
25/10/1993	Acte modificatif
25/10/1993	PV d'Assemblée
24/07/1992	Nomination/démission des organes de gestion
24/07/1992	Modification du Conseil d'Administration
24/07/1992	PV d'Assemblée
24/07/1992	PV du Conseil d'Administration
24/07/1992	Acte modificatif
24/07/1992	Changement de Président (PDG, PCA)

Establishment events history

Date	Description
19/07/2013	Update Limit
22/08/2012	Update Limit
09/09/2011	Update Rating
09/09/2011	Update Limit
05/09/2011	Update Rating
06/07/2010	Update Limit
17/12/2009	Update Rating
10/07/2009	Update Limit
28/10/2008	Update Rating
09/07/2008	Update Limit
13/01/2008	Update Limit
16/12/2007	Update Limit
09/12/2007	Update Limit
26/06/2002	Update of Establishment Address
26/06/2002	Modification of Head office Identification

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 shareholder's equity is 12,379,895 €

The creditor days are 27.56

The liabilities are 18,883,395 €

The net current assets are 25,409,479 €

The net turnover is 57,786,925 €

The pre-tax profit is 5,821,754 €

The risk provisions are 1,051,526 €

The total assets are 32,354,769 €

Low risk workforce size

The company has 3 directors

Industry code with low risk rating

Department code with low risk rating

The sales to current assets ratio is 2,27

The ratio total assets to total liabilities is 1,62

The return on total assets employed is 17.99

The stock to turnover ratio is 19.28

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.20
UK Pound	1	Rs.99.52
Euro	1	Rs.80.83

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	MNL

RATING EXPLANATIONS

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

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

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

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

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

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