MIRA INFORM REPORT

Report Date :

11.06.2014

IDENTIFICATION DETAILS

Name :	SOCIETE DES USINES QUIRI & CIE
Registered Office :	46 Rte De Bischwiller, 67300 Schiltigheim
Country :	France
Financials (as on) :	30.09.2011
Date of Incorporation :	September 1958
Com. Reg. No.:	RCS Strasbourg 5 588 502 906
Legal Form :	Public limited company with board of directors
Line of Business :	· Manufacturer of hydraulic and Pneumatic Equipment · Manufacturer of Fluid Power Equipment
No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

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

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
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

SOCIETE DES USINES QUIRI & CIE

SIRET

588 502 906 00013

company summary

Trade name	QUIRI
		EUR VAT Number	FR90588502906
Activity (APE)	· Manufacturer of hydraulic and Pneumatic Equipment · Manufacturer of Fluid Power Equipment	Legal form	Public limited company with board of directors
Phone	+33 3 90 20 04 56	RCS Registration	RCS Strasbourg 5 588 502 906
Address	SOCIETE DES USINES QUIRI & CIE QUIRI 46 RTE DE BISCHWILLER 67300 SCHILTIGHEIM	Incorporated Date	09/1958
Nationality	France	Status	Transferred

DIRECTORS/MANAGEMENT

Directors

Name	M. URBAN FABRICE
Manager position	Managing director, Chairman of the Board	Date of birth	06/05/1966
Place of birth	STRASBOURG
Type	Individual	Name at birth

Name	Mme. FROHLY VALERIE
Manager position	Administrator	Date of birth	06/03/1964
Place of birth	STRASBOURG
Type	Individual	Name at birth	URBAN

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Administrator	M FRANCOIS FUCHS	- - -
Administrator	M EDOUARD URBAN	- - -

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

1,900,000 Euros

Shareholders

No Shareholders available for this company

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

No group information available for the company

Linkages

No Linkages information available for the company

FINANCIAL INFORMATION

Trading to Date	09/30/2011	09/30/2010	09/30/2009
Turnover	20,983,340 €	20,264,732 €	23,694,754 €
Gross Operating Surplus	7,18 % Turnover	11,38 % Turnover	16,07 % Turnover
Shareholders’ equity	13,459,580 €	12,926,005 €	11,731,331 €
Net result	487,079 €	1,122,072 €	1,533,948 €

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	30/09/2011	30/09/2010	30/09/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	03/09/2012	10/08/2011	13/07/2010
Activity Code	2812Z	2812Z	2812Z
Employees	0	0	0

Active account

Annual Accounts	30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	3 323 056	-2,6%	3 410 735	0,2%	3 403 515	54 517	5995,4%
- Intangible assets	154 796	10,2%	140 476	12,0%	125 401	228	67793,0%
- Tangible assets	2 340 170	-4,2%	2 442 583	-8,1%	2 659 205	25 361	9127,4%
- Financial assets	828 090	0,1%	827 676	33,7%	618 909	2 600	31749,6%
Net current assets	23 470 578	18,5%	19 814 663	2,7%	19 288 166	404 138	5707,6%
- Stocks	11 644 346	18,0%	9 867 582	10,7%	8 914 968	80 752	14319,9%
- Advanced payments	87 028	18,5%	1 971	-81,8%	10 800	0	0%
- Receivables	7 133 769	77,2%	4 026 657	-44,4%	7 241 745	197 656	3509,2%
- Securities and cash	4 605 435	-22,2%	5 918 453	89,7%	3 120 653	53 436	8518,6%
- Prepaid expenses	-	-	-	-	-	1 281	-
Accounts of regularization	82 271	-28,4%	114 895	19,1%	96 505	0	0%
Total Assets	26 875 905	15,1%	23 340 293	2,4%	22 788 186	467 476	5649,2%

Passive Account

Annual Accounts	30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Shareholders' equity	13 459 580	4,1%	12 926 005	10,2%	11 731 331	209 898	6312,4%
Share capital	1 900 000	0%	1 900 000	0%	1 900 000	37 000	5035,1%
Other capital resources	0	0%	28 889	0%	0	0	0%
Risk Provisions	1 492 599	36,5%	1 093 510	10,3%	990 975	0	0%
Liabilities	11 921 316	28,3%	9 290 694	-7,2%	10 006 168	254 966	4575,6%
- Financial liabilities	1 326 126	31,3%	1 009 914	14,7%	880 312	41 349	3107,2%
- Advanced payments received	5 629 115	32,0%	4 265 813	-9,3%	4 705 718	0	0%
- Trade account payables	2 604 250	65,5%	1 573 650	1,3%	1 554 104	84 080	2997,3%
- Tax and social liabilities	2 121 220	-1,0%	2 141 828	-17,3%	2 591 164	83 000,50	2455,7%
- Other debts and fixed assets liabilities	241 618	-10,4%	269 563	13,0%	238 544	6 700	3506,2%
Account regularization	1 397	-95,5%	31 122	-15,1%	36 672	0	0%
Total liabilities	26 875 905	15,1%	23 340 294	2,4%	22 788 186	467 475	5649,2%

Results

Annual Accounts	30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Sales of Goods	22 996 495	10,6%	20 795 368	-12,1%	23 650 451	780 309	2847,1%
Net turnover	20 983 340	3,5%	20 264 732	-14,5%	23 694 754	779 837	2590,7%
- of which net export turnover	8 326 169	13,3%	7 351 516	-33,7%	11 090 916	0	0%
Operating charges	22 073 175	16,9%	18 882 232	-10,2%	21 025 747	731 411	2917,9%
Operating profit/loss	923 320	-51,7%	1 913 136	-27,1%	2 624 704	38 799	2279,8%
Financial income	287 015	19,6%	239 975	34,9%	177 829	126	227689,7%
Financial charges	163 679	-6,3%	174 719	4,1%	167 840	2 337	6903,8%
Financial profit/loss	123 336	89,0%	65 256	553,3%	9 989	-1 187	10490,6%
Pretax net operating income	1 046 656	-47,1%	1 978 392	-24,9%	2 634 693	38 746	2601,3%
Extraordinary income	160 650	25,0%	128 474	37,1%	93 721	512	31277,0%
Extraordinary charges	653 467	23,6%	528 584	112,4%	248 889	751	86912,9%
Extraordinary profit/loss	-492 817	-23,2%	-400 110	-157,9%	-155 168	0	0%
Net result	487 079	-56,6%	1 122 072	-26,9%	1 533 948	33 581	1350,5%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	30/09/2011	30/09/2010	30/09/2009
Months	12	12	12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

		30/09/2011		30/09/2010		30/09/2009
Grand Total (I to VI)	Net	26 875 905	15,1%	23 340 293	2,4%	22 788 186
Gross	CO	35 217 064	12,5%	31 311 177	2,1%	30 658 979
Amortisation	1A	8 341 159	4,6%	7 970 884	1,3%	7 870 793

Non declared distributed capital (I)

		30/09/2011		30/09/2010		30/09/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		30/09/2011		30/09/2010		30/09/2009
Total Active fixed asset (II)	Net	3 323 056	-2,6%	3 410 735	0,2%	3 403 515
Gross	BJ	9 186 221	0,8%	9 115 505	2,1%	8 925 443
Amortisation	BK	5 863 165	2,8%	5 704 770	3,3%	5 521 928

Intangible fixed assets

			30/09/2011		30/09/2010		30/09/2009
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	2 959	-49,1%	5 815	-40,1%	9 713
	Gross	AF	23 247	-38,9%	38 042	0%	38 042
	Amortisation	AG	20 288	-37,0%	32 227	13,8%	28 329
	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	151 837	23,3%	123 186	29,1%	95 438
	Gross	AJ	402 869	21,2%	332 280	23,6%	268 786
	Amortisation	AK	251 032	20,1%	209 094	20,6%	173 348
	Pre-payments and downpayments	Net	0	0%	11 475	-43,3%	20 250
	Gross	AL	0	0%	11 475	-43,3%	20 250
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	154 796	10,2%	140 476	12,0%	125 401

Tangible fixed assets

		30/09/2011		30/09/2010		30/09/2009
Lands	Net	1 234 019	0,0%	1 234 298	0,2%	1 231 733
Gross	AN	1 474 195	0%	1 474 195	0,0%	1 474 120
Amortisation	AO	240 176	0,1%	239 897	-1,0%	242 387
Buildings	Net	261 623	-24,1%	344 676	-20,5%	433 499
Gross	AP	2 351 751	0,2%	2 347 051	0%	2 347 051
Amortisation	AQ	2 090 128	4,4%	2 002 375	4,6%	1 913 552
Plant	Net	751 829	-1,2%	761 270	-10,7%	852 200
Gross	AR	3 244 617	-0,6%	3 264 817	-0,3%	3 274 073
Amortisation	AS	2 492 788	-0,4%	2 503 547	3,4%	2 421 873
Other tangible fixed assets	Net	91 642	-1,4%	92 937	-33,4%	139 593
Gross	AT	633 806	7,9%	587 544	0,3%	585 903
Amortisation	AU	542 164	9,6%	494 607	10,8%	446 310
Fixed assets in construction	Net	0	0%	0	0%	2 180
Gross	AV	0	0%	0	0%	2 180
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	1 057	-88,8%	9 402	0%	0
Gross	AX	1 057	-88,8%	9 402	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	2 340 170		2 442 583		2 659 205

Financial assets

		30/09/2011		30/09/2010		30/09/2009
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	0	0%	0	0%	0
Gross	CU	0	0%	0	0%	0
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	425 462	-0,8%	429 028	108,6%	205 649
Gross	BD	652 051	0%	652 051	29,9%	501 778
Amortisation	BE	226 589	1,6%	223 023	-24,7%	296 129
Loans	Net	342 790	1,0%	339 465	-4,5%	355 532
Gross	BF	342 790	0%	339 465	0%	355 532
Amortisation	BG	0		0		0
Other financial assets	Net	59 838	1,1%	59 183	2,5%	57 728
Gross	BH	59 838	1,1%	59 183	2,5%	57 728
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		828 090		827 676		618 909

Current Assets (III)

		30/09/2011		30/09/2010		30/09/2009
Total Assets	Net	23 470 578	18,5%	19 814 663	2,7%	19 288 166
Gross	CJ	25 948 572	17,5%	22 080 777	2,1%	21 637 031
Amortisation	CK	2 477 994	9,3%	2 266 114	-3,5%	2 348 865

Stocks

		30/09/2011		30/09/2010		30/09/2009
Raw materials	Net	2 071 723	0,7%	2 057 838	41,6%	1 453 590
Gross	BL	2 838 892	5,4%	2 694 504	24,9%	2 157 990
Amortisation	BM	767 169	20,5%	636 666	-9,6%	704 400
Work in progress (goods)	Net	5 209 351	13,8%	4 579 370	21,0%	3 785 839
Gross	BN	5 209 351	13,8%	4 579 370	21,0%	3 785 839
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	4 363 272	35,1%	3 230 374	-12,1%	3 675 539
Gross	BR	5 705 522	22,5%	4 657 437	-8,7%	5 101 050
Amortisation	BS	1 342 250	-5,9%	1 427 063	0,1%	1 425 511
Goods for resale	Net	0	0%	0	0%	0
Gross	BT	0	0%	0	0%	0
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	11 644 346	18,0%	9 867 582	10,7%	8 914 968

Advance payments to suppliers

		30/09/2011		30/09/2010		30/09/2009
Advance payments to suppliers	Net	87 028	4315,4%	1 971	-81,8%	10 800
Gross	BV	87 028	4315,4%	1 971	-81,8%	10 800
Amortisation	BW	0	0%	0	0%	0

Debtors

		30/09/2011		30/09/2010		30/09/2009
Trade accounts receivable	Net	5 978 359	78,8%	3 344 329	-51,6%	6 909 936
Gross	BX	6 346 934	79,0%	3 546 714	-50,2%	7 128 890
Amortisation	BY	368 575	82,1%	202 385	-7,6%	218 954
Other debtors	Net	1 066 831	82,3%	585 085	109,6%	279 096
Gross	BZ	1 066 831	82,3%	585 085	109,6%	279 096
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	7 045 190	79,3%	3 929 414	-45,3%	7 189 032

Divers

		30/09/2011		30/09/2010		30/09/2009
Investment securities	Net	4 526 769	-21,1%	5 734 112	96,2%	2 922 882
Gross	CD	4 526 769	-21,1%	5 734 112	96,2%	2 922 882
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	78 666	-57,3%	184 341	-6,8%	197 771
Gross	CF	78 666	-57,3%	184 341	-6,8%	197 771
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	4 605 435	-22,2%	5 918 453	89,7%	3 120 653

Prepaid expenses

		30/09/2011		30/09/2010		30/09/2009
Prepaid expenses	Net	88 579	-8,9%	97 243	84,5%	52 713
Gross	CH	88 579	-8,9%	97 243	84,5%	52 713
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		30/09/2011		30/09/2010		30/09/2009
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	82 271	-28,4%	114 895	19,1%	96 505
Gross		82 271	-28,4%	114 895	19,1%	96 505

References

		30/09/2011		30/09/2010		30/09/2009
Due within one year	CP	88 656	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)

		30/09/2011		30/09/2010		30/09/2009
Grand Total (I to V)	EE	26 875 905	15,1%	23 340 294	2,4%	22 788 186

Shareholder Equity (I)

		30/09/2011		30/09/2010		30/09/2009
Total shareholders' equity (Total I)	DL	13 459 580	4,1%	12 926 005	10,2%	11 731 331
Equity and shareholders' equity	DA	1 900 000	0%	1 900 000	0%	1 900 000
Issue and merger premiums	DB	848 836	0%	848 836	0%	848 836
Revaluation differentials	DC	2 613 145	0%	2 613 145	0%	2 613 145
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	190 000	0%	190 000	0%	190 000
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	36 529	0%	36 529	0%	36 529
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	6 226 417	22,0%	5 104 345	43,0%	3 570 397
Profit or loss for the period	DI	487 079	-56,6%	1 122 072	-26,9%	1 533 948
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	1 157 574	4,2%	1 111 078	7,0%	1 038 476

Other capital resources (II)

		30/09/2011		30/09/2010		30/09/2009
Total other capital resources (Total II)	DO	0	0%	28 889	0%	0
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	0	0%	28 889	-51,3%	59 366

Provisions for risks and charges (III)

		30/09/2011		30/09/2010		30/09/2009
Total provisions for risks and charges (Total III)	DR	1 492 599	36,5%	1 093 510	10,3%	990 975
Risk provisions	DP	1 461 795	35,6%	1 077 986	10,6%	974 267
Reserves for charges	DQ	30 804	98,4%	15 524	-7,1%	16 708

Liabilities (IV)

		30/09/2011		30/09/2010		30/09/2009
Total Liabilities (Total IV)	EC	11 921 316	28,3%	9 290 694	-7,2%	10 006 168
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	763 357	63,2%	467 714	-22,5%	603 543
Sundry loans and financial liabilities	DV	562 769	3,8%	542 200	95,9%	276 769
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	5 629 115	32,0%	4 265 813	-9,3%	4 705 718
Trade accounts payables	DX	2 604 250	65,5%	1 573 650	1,3%	1 554 104
Tax and social security liabilities	DY	2 121 220	-1,0%	2 141 828	-17,3%	2 591 164
Fixed asset liabilities	DZ	50 348	41,9%	35 488	44,9%	24 493
Other debts	EA	188 860	-18,9%	232 879	9,0%	213 705

Translation loss (V)

		30/09/2011		30/09/2010		30/09/2009
Translation loss (Total V)	ED	2 410	101,5%	1 196	245,7%	346

Equalization accounts

		30/09/2011		30/09/2010		30/09/2009
Deferred income	EB	1 397	-95,5%	31 122	-15,1%	36 672

References

		30/09/2011		30/09/2010		30/09/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	4 474 485	0%	0
Of which current bank facilities	EH	0	0%	6 915	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)

		30/09/2011		30/09/2010		30/09/2009
Operating result (Total I-II)	GG	923 320	-51,7%	1 913 136	-27,1%	2 624 704

2 - Financial result (V - VI)

		30/09/2011		30/09/2010		30/09/2009
Financial result (Total V-VI)	GV	123 336	89,0%	65 256	553,3%	9 989

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

		30/09/2011		30/09/2010		30/09/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	1 046 656	-47,1%	1 978 392	-24,9%	2 634 693

4 - Extraordinary result (VII-VIII)

		30/09/2011		30/09/2010		30/09/2009
Extraordinary result (Total VII-VIII)	HI	-492 817	-23,2%	-400 110	-157,9%	-155 168

Profit or loss

		30/09/2011		30/09/2010		30/09/2009
Profit or loss	HN	487 079	-56,6%	1 122 072	-26,9%	1 533 948

Total Income (I+III+V+VII)

		30/09/2011		30/09/2010		30/09/2009
Total Income (I+III+V+VII)	HL	23 444 160	10,8%	21 163 817	-11,5%	23 922 001

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

		30/09/2011		30/09/2010		30/09/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	22 957 080	14,5%	20 041 746	-10,5%	22 388 055

Operating income (I)

		30/09/2011		30/09/2010		30/09/2009
Total operating income (Total I)	FR	22 996 495	10,6%	20 795 368	-12,1%	23 650 451

Operating income (details)

		30/09/2011		30/09/2010		30/09/2009
Sale of goods for resale	FC	0	0%	0	0%	0
France	FA	0	0%	0	0%	0
Export	FB	0	0%	0	0%	0
Sale of goods produced	FF	20 861 241	3,6%	20 138 220	-14,5%	23 554 660
France	FD	12 535 072	-2,0%	12 786 704	2,6%	12 463 744
Export	FE	8 326 169	13,3%	7 351 516	-33,7%	11 090 916
Sale of services	FI	122 099	-3,5%	126 512	-9,7%	140 094
France	FG	122 099	-3,5%	126 512	-9,7%	140 094
Export	FH	0	0%	0	0%	0
Net turnover	FL	20 983 340	3,5%	20 264 732	-14,5%	23 694 754
France	FJ	12 657 171	-2,0%	12 913 216	2,5%	12 603 838
Export	FK	8 326 169	13,3%	7 351 516	-33,7%	11 090 916
Stocked production	FM	1 678 066	379,6%	349 919	418,6%	-109 842
Self-constructed assets	FN	0	0%	1 334	159,5%	514
Operating grants	FO	23 791	830,4%	2 557	-51,3%	5 250
Release of reserves and provisions	FP	241 343	71,7%	140 525	389,6%	28 703
Other income	FQ	69 955	92,7%	36 301	16,8%	31 072

Operating charges (II)

		30/09/2011		30/09/2010		30/09/2009
Total operating charges (Total II)	GF	22 073 175	16,9%	18 882 232	-10,2%	21 025 747

Exploitation charges

		30/09/2011		30/09/2010		30/09/2009
Purchase of goods for resale	FS	0	0%	0	0%	0
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	8 994 424	22,2%	7 361 445	-8,8%	8 070 215
Change in stocks of raw materials	FV	-144 388	73,1%	-536 514	-389,1%	185 597
Other external purchases and charges	FW	5 107 606	15,6%	4 419 189	-5,2%	4 662 843
Tax, duty and similar payments	FX	393 872	-6,9%	423 272	1,0%	419 041
Payroll	FY	4 879 428	2,1%	4 779 061	3,2%	4 632 218
Social security costs	FZ	1 946 860	4,3%	1 865 873	2,9%	1 813 364

Depreciation

		30/09/2011		30/09/2010		30/09/2009
Depreciation of fixed assets	GA	326 035	-5,5%	344 922	14,0%	302 678
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	333 411	728,6%	40 236	-93,3%	598 068
Provisions for risks and charges	GD	157 480	59,0%	99 074	-58,3%	237 651

Other charges

		30/09/2011		30/09/2010		30/09/2009
Other charges	GE	78 447	-8,4%	85 674	-17,7%	104 072

Operating charges (III-IV)

		30/09/2011		30/09/2010		30/09/2009
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		30/09/2011		30/09/2010		30/09/2009
Total financial income (Total V)	GP	287 015	19,6%	239 975	34,9%	177 829
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	1 576	-12,6%	1 803	-15,7%	2 139
Other interest and similar income	GL	121 991	108,7%	58 461	-0,2%	58 555
Released provisions and transferred charges	GM	146 314	-13,7%	169 611	78,1%	95 229
Exchange gains	GN	260	13,5%	229	1426,7%	15
Net income from disposal of investment securities	GO	16 874	70,9%	9 871	-54,9%	21 891

Financial Charge (VI)

		30/09/2011		30/09/2010		30/09/2009
Total financial charge (Total VI)	GU	163 679	-6,3%	174 719	4,1%	167 840
Financial reserves and provisions	GQ	117 255	2,1%	114 895	5,0%	109 435
Interest and similar charges	GR	46 259	5,3%	43 945	-24,4%	58 163
Exchange losses	GS	165	-99,0%	15 879	6461,6%	242
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		30/09/2011		30/09/2010		30/09/2009
Total extraordinary income (Total VII)	HD	160 650	25,0%	128 474	37,1%	93 721
Extraordinary operating income	HA	45 149	-50,3%	90 829	56,0%	58 242
Extraordinary income from capital transactions	HB	1 223	-18,5%	1 500	1400%	100
Released provisions and transferred charges	HC	114 278	216,2%	36 145	2,2%	35 379

Extraordinary charges (VIII)

		30/09/2011		30/09/2010		30/09/2009
Total extraordinary charges (Total VIII)	HH	653 467	23,6%	528 584	112,4%	248 889
Extraordinary operating charges	HE	78 361	-80,2%	395 000	558,3%	60 000
Extraordinary charges from capital transactions	HF	1 300	0%	0	0%	0
Extraordinary reserves and provisions	HG	573 806	329,5%	133 584	-29,3%	188 889

Employee profit sharing (IX)

		30/09/2011		30/09/2010		30/09/2009
Employee profit sharing (Total IX)	HJ	0	0%	95 575	-60,6%	242 695

Tax on profits (X)

		30/09/2011		30/09/2010		30/09/2009
Tax on profits (Total X)	HK	66 759	-81,5%	360 636	-48,7%	702 884

References

		30/09/2011		30/09/2010		30/09/2009
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	65 978	6,7%	61 820	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)

		30/09/2011		30/09/2010		30/09/2009
Gross value at begin of period	OG	0	0%	0	0%	0
Increases due to revaluation	OH	0	0%	0	0%	0
Decreases, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreases by budget item transfer	OK1	0	0%	10 955	0%	0
Decreases by transfers	OK2	0	0%	188 927	0%	0
Gross value at the end of period	OL	0	0%	9 115 505	0%	0

Research and development Charge (Total I)

		30/09/2011		30/09/2010		30/09/2009
Gross value at begin of period	CZ	0	0%	0	0%	0
Increases due to revaluation	KB	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KC	0	0%	0	0%	0
Decreases by budget item transfer	C01	0	0%	0	0%	0
Decreases by transfers	C02	0	0%	0	0%	0
Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

		30/09/2011		30/09/2010		30/09/2009
Gross value at begin of period	KD	0	0%	327 078	0%	0
Increases due to revaluation	KE	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KF	0	0%	64 180	0%	0
Decreases by budget item transfer	LV1	0	0%	8 775	0%	0
Decreases by transfers	LV2	0	0%	686	0%	0
Gross value at the end of period	LW	0	0%	381 797	0%	0

Tangible fixed assets (Total III)

		30/09/2011		30/09/2010		30/09/2009
Gross value at begin of period	LN	0	0%	7 683 327	0%	0
Increases due to revaluation	LO	0	0%	0	0%	0
Increase’s, acquisitions, creations, contributions	LP	0	0%	112 376	0%	0
Decreases by budget item transfer	NG1	0	0%	2 180	0%	0
Decreases by transfers	NG2	0	0%	110 515	0%	0
Gross value at the end of period	NH	0	0%	7 683 008	0%	0

Financial assets (Total IV)

		30/09/2011		30/09/2010		30/09/2009
Gross value at begin of period	LQ	0	0%	915 038	0%	0
Increases due to revaluation	LR	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LS	0	0%	213 388	0%	0
Decreases by budget item transfer	NJ1	0	0%	0	0%	0
Decreases by transfers	NJ2	0	0%	77 726	0%	0
Gross value at the end of period	NK	0	0%	1 050 700	0%	0

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

			30/09/2011		30/09/2010		30/09/2009
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreases		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			30/09/2011		30/09/2010		30/09/2009
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreases		PC	0	0%	0	0%	0
	Decreases by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			30/09/2011		30/09/2010		30/09/2009
	Reserve for depreciation value at begin of period	PE	241 321	19,7%	201 677	0%	0
Increases		PF	44 794	11,1%	40 330	0%	0
Decreases		PG	14 795	2056,7%	686	0%	0
	Decreases by budget item transfer	PH	271 320	12,4%	241 321	0%	0

Total fixed assets amortisation (Total III)

			30/09/2011		30/09/2010		30/09/2009
	Reserve for depreciation value at begin of period	QU	5 000 769	4,5%	4 784 465	0%	0
Increases		QV	281 241	-7,7%	304 592	0%	0
Decreases		QW	156 411	77,2%	88 289	0%	0
	Decreases by budget item transfer	QX	5 125 599	2,5%	5 000 768	0%	0

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			30/09/2011		30/09/2010		30/09/2009
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreases by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			30/09/2011		30/09/2010		30/09/2009
	Net value at beginning of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			30/09/2011		30/09/2010		30/09/2009
	Value at beginning of period	7C	0	0%	4 914 103	0%	0
Increases		UB	0	0%	365 562	0%	0
Decreases		UC	0	0%	346 280	0%	0
	Value at the end of period	UD	0	0%	4 933 385	0%	0

Includes Total allocations

Operating	UE	0	0%	139 309	0%	0
Financial	UG	0	0%	114 895	0%	0
Exceptional	UJ	0	0%	111 358	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	140 525	0%	0
Financial	UH	0	0%	169 611	0%	0
Exceptional	UK	0	0%	36 145	0%	0

Total regulated provisions (Total I)

			30/09/2011		30/09/2010		30/09/2009
	Value at beginning of period	3Z	0	0%	1 038 476	0%	0
Increases		TS	0	0%	108 748	0%	0
Decreases		TT	0	0%	36 145	0%	0
	Value at the end of period	TU	0	0%	1 111 079	0%	0

Total risk and charge provisions (Total II)

			30/09/2011		30/09/2010		30/09/2009
	Value at beginning of period	5Z	0	0%	990 974	0%	0
Increases		TV	0	0%	216 579	0%	0
Decreases		TW	0	0%	114 044	0%	0
	Value at the end of period	TX	0	0%	1 093 509	0%	0

Total Provision for depreciation (Total III)

			30/09/2011		30/09/2010		30/09/2009
	Value at beginning of period	7B	0	0%	2 884 653	0%	0
Increases		TY	0	0%	40 235	0%	0
Decreases		TZ	0	0%	196 091	0%	0
	Value at the end of period	UA	0	0%	2 728 797	0%	0

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

		30/09/2011		30/09/2010		30/09/2009
Gross value	VT	0	0%	4 627 692	0%	0
1 year at most	VU	0	0%	4 063 534	0%	0
More than one year	VV	0	0%	564 158	0%	0

State of loans

		30/09/2011		30/09/2010		30/09/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	340 921	0%	0
Loans (1 year at most)	UR	0	0%	66 788	0%	0
Other financial assets (gross)	UT	0	0%	57 728	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		30/09/2011		30/09/2010		30/09/2009
Customers doubtful or disputed	VA	0	0%	219 988	0%	0
Other claims customer	UX	0	0%	3 326 726	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	5 934	0%	0
Social Security and other social organizations	UZ	0	0%	4 412	0%	0
Income taxes	VM	0	0%	398 651	0%	0
Value added tax	VB	0	0%	122 502	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	26 786	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	26 801	0%	0

Prepaid

		30/09/2011		30/09/2010		30/09/2009
Prepaid	VS	0	0%	97 243	0%	0

State Debt

			30/09/2011		30/09/2010		30/09/2009
	Total debt (gross)	VY	0	0%	5 024 882	0%	0
1 year at most		VZ2	0	0%	4 474 489	0%	0
More than 1 year and 5 years at most		VZ3	0	0%	520 393	0%	0
More than 5 years		VZ4	0	0%	30 000	0%	0

Details

			30/09/2011		30/09/2010		30/09/2009
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	7 360	0%	0
1 year at most		VG2	0	0%	7 360	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	460 355	0%	0
1 year at most		VH2	0	0%	190 971	0%	0
More than 1 year and 5 years at most		VH3	0	0%	269 384	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	324 844	0%	0
1 year at most		8A2	0	0%	43 835	0%	0
More than 1 year and 5 years at most		8A3	0	0%	251 009	0%	0
	Suppliers and associated accounts (gross)	8B1	0	0%	1 573 650	0%	0
1 year at most		8B2	0	0%	1 573 650	0%	0
More than 1 year and 5 years at most		8B3	0	0%	1 573 650	0%	0
	Personnel and associated accounts (gross)	8C1	0	0%	1 186 268	0%	0
1 year at most		8C2	0	0%	1 186 268	0%	0
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	0	0%	889 828	0%	0
1 year at most		8D2	0	0%	889 828	0%	0
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	0	0%	0
1 year at most		VW2	0	0%	0	0%	0
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	0	0%	65 732	0%	0
1 year at most		VQ2	0	0%	0	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	35 488	0%	0
1 year at most		8J2	0	0%	35 488	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	0	0%	217 356	0%	0
1 year at most		VI2	0	0%	217 356	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	0	0%	232 879	0%	0
1 year at most		8K2	0	0%	232 879	0%	0
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%	31 122	0%	0
1 year at most		8L2	0	0%	31 122	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		30/09/2011		30/09/2010		30/09/2009
Loans made during the period	VJ	0	0%	84 164	0%	0
Debt repaid during the period	VK	0	0%	287 605	0%	0

Table allocation results and other information
Dividends distributed

		30/09/2011		30/09/2010		30/09/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		30/09/2011		30/09/2010		30/09/2009
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		30/09/2011		30/09/2010		30/09/2009
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

		30/09/2011		30/09/2010		30/09/2009
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

		30/09/2011		30/09/2010		30/09/2009
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

		30/09/2011		30/09/2010		30/09/2009
Average number of employees	YP	0	0%	0	0%	0

Groups and Shareholders

		30/09/2011		30/09/2010		30/09/2009
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

	30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Fixed Asset Financing	2,41	5,7%	2,28	6,5%	2,14	2,41	0%
Global Debt	205 days	24,2%	165 days	8,6%	152 days	106,50 days	92,5%
Working Capital Fund overall net	222 days	7,2%	207 days	33,5%	155 days	92,50 days	140,0%
Financial independence	1763,21%	-36,2%	2763,66%	42,2%	1943,74%	714,08%	146,9%
More ratios
Solvability	50,08%	-9,8%	55,50%	7,8%	51,48%	47,42%	5,6%
Capacity debt futures	%	-	6517,39%	-	%	1309,12%	-
Coverage of current assets by net working capital overall	42,63%	1,5%	42%	0,9%	41,62%	49,79%	-14,4%
General Liquidity		-	0,91	-		0,96	-
Restricted Liquidity		-	2,23	-		1,38	-

Management or rotation

	30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Need background in operating working capital	140 days	41,4%	99 days	-7,5%	107 days	54,50 days	156,9%
Treasury	79 days	-24,8%	105 days	123,4%	47 days	17 days	364,7%
Inventory turnover of goods	days	-	days	-	days	100 days	-
Average length of credit granted to customers	109 days	73,0%	63 days	-41,7%	108 days	73 days	49,3%
Average length of credit obtained suppliers	67 days	34,0%	50 days	16,3%	43 days	65,50 days	2,3%
More ratios
Inventory turnover of raw materials in industrial enterprises	114 days	-13,6%	132 days	37,5%	96 days	35,50 days	221,1%
Inventory turnover of intermediate and finished products in the industrial enterprise	days	-	264 days	-	days	721 days	-
Rotation tangible assets	%	-	263,76%	-	%	772,71%	-

Profitability of the business

	30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Margin trading	0%	0%	0%	0%	0	0,14%	0%
Profitability of the business	7,18	-36,9%	11,38	-29,2%	16,07	6,32%	13,6%
Net profit	2,32%	-58,1%	5,54%	-14,4%	6,47%	3,72%	-37,6%
More ratios
Growth rate of turnover (excluding VAT)	3,55%	124,5%	-14,48%	-211,0%	13,05%	11,52%	-69,2%
Rates integration	41,48%	-10,3%	46,25%	2,7%	45,02%	38,58%	7,5%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	78,43%	10,6%	70,90%	17,3%	60,43%	76,45%	2,6%
Weight interests	0,78	-9,3%	0,86%	21,1%	0,71%	0,31%	151,6%

Return on capital

	30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Cash flow from the overall profitability	7,17%	6,2%	6,75%	-25,1%	9,01%	5,36%	33,8%
Rates of economic profitability	10%	-41,2%	17%	-43,3%	30%	19%	-47,4%
Financial profitability	13459580%	3,9%	12954894%	10,4%	11731331%	172454%	7704,7%
Return on investment	4,40%	-52,6%	9,29%	-31,1%	13,49%	13,36%	-67,1%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	30/09/2011		30/09/2010		30/09/2009	Sector Median 2011
Turnover	20 983 340	3,5%	20 264 732	-14,5%	23 694 754	779 837 €	2590,7%

Sales of goods	0	0%	0	0%	0
- Purchase of goods	0	0%	0	0%	0
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	0 €	0%	0 €	0%	0 €	0 €	0%
	0,00 % CA	0%	0,00 % CA	0%	0,00 % CA	2,75 % CA	0%

Sale of goods produced	20 983 340	3,5%	20 264 732	-14,5%	23 694 754
+/- Stocked production	1 678 066	379,6%	349 919	418,6%	-109 842
+ Self-constructed assets	0	0%	1 334	159,5%	514
Period production	22 661 406 €	9,9%	20 615 985 €	-12,6%	23 585 426 €	338 546 €	6593,7%
	108,00 % CA	6,2%	101,73 % CA	2,2%	99,54 % CA	95,52 % CA	13,1%

Trading margin	0	0%	0	0%	0	0	0%
+ Period Production	22 661 406	9,9%	20 615 985	-12,6%	23 585 426	338 546	6593,7%
- Purchase of raw materials	8 994 424	22,2%	7 361 445	-8,8%	8 070 215
+/- Change in stocks of raw materiels	-144 388	73,1%	-536 514	-389,1%	185 597
- Other external purchases and charges	5 107 606	15,6%	4 419 189	-5,2%	4 662 843
Added value	8 703 764 €	-7,1%	9 371 865 €	-12,1%	10 666 771 €	313 353 €	2677,6%
	41,48 % CA	-10,3%	46,25 % CA	2,7%	45,02 % CA	38,58 % CA	7,5%

Added value	8 703 764 €	-7,1%	9 371 865 €	-12,1%	10 666 771 €	313 353 €	2677,6%
+ Operating grants	23 791	830,4%	2 557	-51,3%	5 250
- Tax, duty and similar payments	393 872	-6,9%	423 272	1,0%	419 041
- Personal charges	6 826 288	2,7%	6 644 934	3,1%	6 445 582
Gross operating surplus	1 507 395 €	-34,6%	2 306 216 €	-39,4%	3 807 398 €	47 305 €	3086,5%
	7,18 % CA	-36,9%	11,38 % CA	-29,2%	16,07 % CA	6,32 % CA	13,6%

Gross operating surplus	1 507 395 €	-34,6%	2 306 216 €	-39,4%	3 807 398 €	47 305 €	3086,5%
+ Release of reserves and provisions	241 343	71,7%	140 525	389,6%	28 703
+ Other operating income	69 955	92,7%	36 301	16,8%	31 072
- Depreciation/Amortisation	816 926	68,7%	484 232	-57,5%	1 138 397
- Other charges	78 447	-8,4%	85 674	-17,7%	104 072
Operating result	923 320 €	-51,7%	1 913 136 €	-27,1%	2 624 704 €	38 799 €	2279,8%
	4,40 % CA	-53,4%	9,44 % CA	-14,8%	11,08 % CA	4,83 % CA	-8,9%

Operating result	923 320 €	-51,7%	1 913 136 €	-27,1%	2 624 704 €	38 799 €	2279,8%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	287 015	19,6%	239 975	34,9%	177 829
- Financial charges	163 679	-6,3%	174 719	4,1%	167 840
Pre-tax result	1 046 656 €	-47,1%	1 978 392 €	-24,9%	2 634 693 €	38 746 €	2601,3%
	4,99 % CA	-48,9%	9,76 % CA	-12,2%	11,12 % CA	4,47 % CA	11,6%

Extraordinary income	160 650	25,0%	128 474	37,1%	93 721	512	31277,0%
- Extraordinary charges	653 467	23,6%	528 584	112,4%	248 889
Extraordinary result	-492 817 €	-23,2%	-400 110 €	-157,9%	-155 168 €	0 €	0%
	-2,35 % CA	-19,3%	-1,97 % CA	-203,1%	-1 % CA	0 % CA	0%

Pre-tax result	1 046 656 €	-47,1%	1 978 392 €	-24,9%	2 634 693 €	38 746 €	2601,3%
Extraordinary result	-492 817 €	-23,2%	-400 110 €	-157,9%	-155 168 €	0 €	0%
- Employee profit sharing	0	0%	95 575	-60,6%	242 695
- Tax on profits	66 759	-81,5%	360 636	-48,7%	702 884
Net result	487 080 €	-56,6%	1 122 071 €	-26,9%	1 533 946 €	33 582 €	1350,4%
	2,32 % CA	-58,1%	5,54 % CA	-14,4%	6,47 % CA	3,72 % CA	-37,6%

ADDITIONAL INFORMATION

Company details

Activity (APE)	· Manufacturer of hydraulic and Pneumatic Equipment · Manufacturer of Fluid Power Equipment
RCS Registration	RCS Strasbourg 5 588 502 906	Share capital	1,900,000 Euros
Registration Court	Strasbourg (67)	Legal form	Public limited company with board of directors
Court Registry Number	19 5 8B00290	EUR VAT Number	FR90588502906
Incorporation Date	09/1958	Formation Date	07/1967
Deregistration Date		Last account Date	30/09/2011
Nationality	France

Establishment details

Trade name	QUIRI
Activity (APE)	· Manufacturer of hydraulic and Pneumatic Equipment · Manufacturer of Fluid Power Equipment	Business Pages FT®	MATERIEL THERMIQUE, AERAULIQUE ET FRIGORIFIQUE
Postal Address	SOCIETE DES USINES QUIRI & CIE QUIRI 46 RTE DE BISCHWILLER 67300 SCHILTIGHEIM	Trading Address	46 ROUTE DE BISCHWILLER 67300 SCHILTIGHEIM
Telephone	03 90 20 04 56
Fax

Type	Head office	Status	Transfered
Formation Date		Reason for formation
Closure Date		Reason for closure	Deleted
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Bas-Rhin (67)	Region	Alsace
District	6	Area	22
City	SCHILTIGHEIM	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	> SOCIETE DES USINES QUIRI & CIE <<<  - Fabrication d'équipements hydrauliques et pneumatiques (2812Z)  in SCHILTIGHEIM  (67300)
Secondary establishments	>  SOCIETE DES USINES QUIRI & CIE  - Fabrication d'équipements hydrauliques et pneumatiques (2812Z) in DUTTLENHEIM  (67120)

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

Status history

Date	Description
01/01/2014	Transferred

Recent publications in Gazettes

Publication date	Gazette Name	Description
26/06/2013	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 2983 - 588502906 RCS. SOCIETE DES USINES QUIRI ET Cie. Forme : S.A. Adresse : 46, route de Bischwiller, 67300 Schiltigheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2012.
14/09/2012	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 2904 - 588502906 RCS. SOCIETE DES USINES QUIRI ET Cie. Forme : S.A. Adresse : 46, route de Bischwiller, 67300 Schiltigheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2011.
30/09/2011	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 2892 - 588502906 RCS. SOCIETE DES USINES QUIRI ET Cie. Forme : S.A. Adresse : 46, route de Bischwiller, 67300 Schiltigheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2010.
07/09/2011	Bodacc B	Modification et mutation diverse
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 1268 - 588 502 906 RCS Strasbourg. SOCIETE DES USINES QUIRI ET CIE. Forme : S.A. Administration : président du conseil d'administration et directeur général : URBAN (Fabrice), administrateurs : GIROD, née URBAN (Micheline), URBAN, née WILD (Sabine), FUCHS (François), DUPUIS (Thibaud), DUPUIS, née GIROD (Claire), FROHLY, née URBAN (Valérie), commissaire aux comptes titulaire : FIBA (SA), commissaire aux comptes suppléant : GROUPE FIBA (SA). Activité : . Commentaires : modification survenue sur l'administration.
12/08/2010	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 3251 - 588502906 RCS. SOCIETE DES USINES QUIRI ET Cie. Forme : S.A. Adresse : 46, route de Bischwiller, 67300 Schiltigheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2009.
16/06/2009	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 2837 - 588502906 RCS. SOCIETE DES USINES QUIRI ET Cie. Forme : S.A. Adresse : 46, route de Bischwiller, 67300 Schiltigheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2008.
25/06/2008	Bodacc B	Modification et mutation diverse
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 1791 - 588 502 906 RCS Strasbourg. SOCIETE DES USINES QUIRI ET CIE. Forme : S.A. Administration : changement d'administrateur : partant : URBAN Edouard avec effet au 15/11/2007 ; nouveau : URBAN épouse FROHLY Valérie. Capital : 1900000 EUR. Activité : non précisée. Adresse du siège social : 46 route de Bischwiller, 67300 Schiltigheim. Commentaires : changement d'administrateur ; date d'effet : 15/03/2008.
24/07/2007	Bodacc B	Modifications et mutations diverses
1700 - RCS Strasbourg 588 502 906. RC 58-B 290. SOCIETE DES USINES QUIRI ET Cie. Forme : S.A. Capital : 1 900 000 euros. Adresse du siège social : 46 route de Bischwiller,, 67300 Administration : ancien président du conseil d'administration et directeur général : URBAN (Edouard), qui reste administrateur. Nouveau président du conseil d'administration et directeur général : URBAN (Fabrice), ancien directeur général délégué. Date d'effet : 17 mars 2007.
12/06/2007	Bodacc C	Avis de dépôt des comptes
2482 - RCS Strasbourg B 588 502 906. RC 58-B 290. SOCIETE DES USINES QUIRI ET Cie. Forme: S.A. Adresse du siège social: 46, route de Bischwiller,67300 Schiltigheim. Comptes annuels et rapports de l'exercice clos le: 30 septembre 2006.
07/06/2006	Bodacc C	Avis de dépôt des comptes
1757 - RCS Strasbourg B 588 502 906. RC 58-B 290. SOCIETE DES USINES QUIRI ET Cie. Forme: S.A. Adresse du siège social: 46, route de Bischwiller,67300 Schiltigheim. Comptes annuels et rapports de l'exercice clos le: 30 septembre 2005.
12/07/2005	Bodacc B	Modifications et mutations diverses
1096 - RCS Strasbourg 588 502 906. RC 58-B 290. SOCIETE DES USINES QUIRI ET Cie. Forme : S.A. Capital : 1 900 000 euros. Adresse du siège social : 46 route de Bischwiller,, 67300 Administration : ancien co-commissaire aux comptes titulaire : CABINET MULLER. Ancien co-commissaire aux comptes suppléant : MULLER (Jean, Jacques). Date d'effet : 18 mars 2005.
30/06/2005	Bodacc C	Avis de dépôt des comptes
1919 - RCS Strasbourg B 588 502 906. RC 58-B 290. SOCIETE DES USINES QUIRI ET Cie. Forme: S.A. Adresse du siège social: 46, route de Bischwiller,67300 Schiltigheim. Comptes annuels et rapports de l'exercice clos le: 30 septembre 2004.
20/07/2004	Bodacc B	Modifications et mutations diverses
RCS Strasbourg 588502906 RC 58-B 290 SOCIETE DES USINES QUIRI ET C i e. Forme : S.A. Capital : 1 900 000 euros. Adresse du siège social : 46 route de Bischwiller, 67300 Schiltigheim. Administration : ancien administrateur : GIROD (Maurice). Nouvel administrateur : DUPUIS (Claire). Date d'effet : 20 mars 2004.
07/02/2003	Bodacc B	Modifications et mutations diverses
RCS Strasbourg 588502906 RC 58-B 290 SOCIETE DES USINES QUIRI ET C i e. Forme : S.A. Capital : 1 900 000 euros. Adresse du siège social : 46 route de Bischwiller, 67300 Schiltigheim. Administration : nomination en qualité de directeur général délégué : URBAN (Fabrice), déjà administrateur. Date d'effet : 28 septembre 2002.
25/07/2002	Bodacc B	Modifications et mutations diverses
RCS Strasbourg 588502906 RC 58-B 290 SOCIETE DES USINES QUIRI ET COMPAGNIE. Forme : S.A. Capital : 1 900 000 euros. Adresse du siège social : 46 route de Bischwiller, 67300 Schiltigheim. Administration : ancien administrateur : DUPUIS (Claire). Nouvel administrateur : DUPUIS (Thibaud). Date d'effet : 22 décembre 2001.
12/09/2001	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Strasbourg B 588502906 RC 58-B 290 SOCIETE DES USINES QUIRI ET COMPAGNIE. Forme : S.A. Capital : 9 500 000 F. Adresse : 46 route de Bischwiller, 67300 Schiltigheim Nouvelle situation du siège social. Capital : 1 900 000 euros. Commentaires : augmentation du capital social puis conversion en euros. Date d'effet : 23 mars 2001.
01/10/1999	Bodacc B	Modifications et mutations diverses
RCS Strasbourg B 588502906 RC 58-B 290 SOCIETE DES USINES QUIRI ET COMPAGNIE. Forme : S.A. Capital : 9 500 000 F (fixe). Adresse du siège social : 46, route de Bischwiller, 67300 Schiltigheim. Administration : modification des commissaires aux comptes : ancien titulaire : MULLER (Jean-Jacques), nouveau suppléant nouveaux titulaires CABINET MULLER S.A.R.L. et FIDUCIAIRE DE LA BASSE-ALSACE S.A. nouveau suppléant : KERN (Charles) titulaire partant : LORENTZ (Georges). Date d'effet : 26 mars 1999.
20/09/1996	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Strasbourg B 588502906 RC 58-B 290 SOCIETE DES USINES QUIRI ET C ie. Forme : S.A. Capital : 7 000 000 F (fixe). Adresse : 46, route de Bischwiller, 67300 Schiltigheim Nouvelle situation du siège social. Capital : 9 500 000 F. Date d'effet : 1er octobre 1995.
21/03/1996	Bodacc B	Modifications et mutations diverses
RCS Strasbourg B 588 502 906 RC 58-B 290 SOCIETE DES USINES QUIRI ET CIE. Forme : S.A. Capital : 7 000 000 de F ( fixe). Adresse du siège social : 46 route de Bischwiller, 67300 Schiltigheim. Administration : nouveaux administrateurs : Mme DUPUIS (Claire) et URBAN (Fabrice). Date d'effet : 24 mars 1995.

Company Events History

Date	Description
01/01/2014	Transfer of Establishment
19/10/2013	Update Limit
19/10/2013	Update Rating
26/06/2013	Bodacc C : Deposit accounts notice
14/09/2012	Bodacc C : Deposit accounts notice
04/09/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
30/09/2011	Bodacc C : Deposit accounts notice
30/09/2011	New accounts available
07/09/2011	Bodacc B: Various editing or changing
13/08/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
10/08/2011	Private document
30/09/2010	New accounts available
12/08/2010	Bodacc C : Deposit accounts notice
30/09/2009	New accounts available
16/06/2009	Bodacc C : Deposit accounts notice
31/12/2008	Update of Company Activity
31/12/2008	Modification of Company Activity
30/09/2008	New accounts available
25/06/2008	New Bodacc B ads detected
25/06/2008	Bodacc B: Various editing or changing
29/05/2008	Acte sous seing privé
29/05/2008	Acte modificatif
29/05/2008	Minutes of general meeting of shareholders
29/05/2008	PV d'Assemblée
29/05/2008	Private document
29/05/2008	Nomination/démission des organes de gestion
29/05/2008	Appointment/resignation of company officers
29/05/2008	Changes to the Board of Directors
29/05/2008	Modification du Conseil d'Administration
30/09/2007	New accounts available
21/05/2007	Appointment/resignation of company officers
21/05/2007	PV du Conseil d'Administration
21/05/2007	Minutes of Board meeting
21/05/2007	Acte modificatif
21/05/2007	Nomination/démission des organes de gestion
21/05/2007	Private document
21/05/2007	Acte sous seing privé
21/05/2007	Changes to the Board of Directors
21/05/2007	Modification du Conseil d'Administration
21/05/2007	Changement de Président (PDG, PCA)
21/05/2007	New chairman (CEO, CoB)
30/09/2006	New accounts available
30/09/2005	New accounts available
10/06/2005	Modification du Conseil d'Administration
10/06/2005	Acte sous seing privé
10/06/2005	Private document
10/06/2005	Nomination/démission des organes de gestion
10/06/2005	Minutes of general meeting of shareholders
10/06/2005	PV d'Assemblée
10/06/2005	Acte modificatif
10/06/2005	Changes to the Board of Directors
10/06/2005	Appointment/resignation of company officers
25/04/2005	Acte sous seing privé
25/04/2005	Private document
25/04/2005	Minutes of general meeting of shareholders
25/04/2005	PV d'Assemblée
25/04/2005	Statuts mis à jour
25/04/2005	Updated articles of association
30/09/2004	New accounts available
07/06/2004	Appointment/resignation of company officers
07/06/2004	Minutes of general meeting of shareholders
07/06/2004	Nomination/démission des organes de gestion
07/06/2004	PV d'Assemblée
07/06/2004	Private document
07/06/2004	Acte sous seing privé
07/06/2004	Acte modificatif
30/09/2003	New accounts available
10/06/2003	Statuts mis à jour
10/06/2003	Acte modificatif
10/06/2003	Acte sous seing privé
10/06/2003	PV d'Assemblée
10/06/2003	Augmentation de Capital
24/12/2002	Acte modificatif
24/12/2002	Acte sous seing privé
24/12/2002	PV du Conseil d'Administration
24/12/2002	Nomination/démission des organes de gestion
04/06/2002	PV d'Assemblée
04/06/2002	Acte modificatif
04/06/2002	Nomination/démission des organes de gestion
04/06/2002	Modification du Conseil d'Administration
04/06/2002	Acte sous seing privé
25/10/2001	Acte sous seing privé
25/10/2001	Statuts mis à jour
25/10/2001	PV d'Assemblée
06/08/2001	PV d'Assemblée
06/08/2001	Acte sous seing privé
06/08/2001	Conversion du Capital Social en Euros
06/08/2001	Augmentation de Capital
06/08/2001	Acte modificatif
06/08/2001	Statuts mis à jour
13/08/1999	Acte sous seing privé
13/08/1999	Nomination/démission des organes de gestion
13/08/1999	Acte modificatif
13/08/1999	Changement de Commissaire aux Comptes
13/08/1999	PV d'Assemblée
26/07/1996	Statuts mis à jour
26/07/1996	PV d'Assemblée
26/07/1996	Augmentation de Capital
26/07/1996	Acte modificatif
26/07/1996	Acte sous seing privé
26/01/1996	Modification du Conseil d'Administration
26/01/1996	Nomination/démission des organes de gestion
26/01/1996	Acte modificatif
26/01/1996	PV d'Assemblée
28/05/1993	PV du Conseil d'Administration
18/03/1993	Acte modificatif
18/03/1993	PV d'Assemblée
18/03/1993	Continuation malgré perte supérieure à la moitié du capital
21/02/1992	Acte modificatif
29/01/1992	Acte sous seing privé
21/01/1992	Acte modificatif
24/12/1991	Acte sous seing privé

Establishment events history

Date	Description
27/02/2014	Update Rating
22/02/2014	Update of phone numbers
01/01/2014	Update of Establishment Concern status
01/01/2014	Update of Establishment Activity
01/01/2014	Modification of Establishment (before transfer)
07/07/2013	Update Rating
07/07/2013	Update Limit
02/02/2013	Update Rating
18/11/2012	Update Rating
04/09/2012	Update Limit
04/09/2012	Update Rating
06/06/2012	Update Rating
13/08/2011	Update Rating
13/08/2011	Update Limit
14/06/2011	Update Rating
16/07/2010	Update Limit
16/07/2010	Update Rating
11/07/2010	Update Limit
12/06/2010	Update Rating
23/03/2010	Update of phone numbers
30/12/2009	Update Rating
04/06/2009	Update Rating
04/06/2009	Update Limit
31/12/2008	Modification of Head office
23/06/2008	Update Limit
23/06/2008	Update Rating
18/06/2008	Update Rating
13/01/2008	Update Limit
16/12/2007	Update Limit
11/12/2007	Update Limit
09/12/2007	Update Limit
14/06/2007	Update Limit
14/06/2007	Update Rating

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 13,459,580 €

The ratio total assets to total liabilities is 2

The creditor days are 45.30

The net current assets are 23,470,578 €

The risk provisions are 1,492,599 €

The total assets are 26,875,905 €

The company has 3 directors

Industry code with low risk rating

Department code with low risk rating

The liabilities are 11,921,316 €

The net turnover is 20,983,340 €

The pre-tax profit is 553,838 €

The return on total assets employed is 2,06

High risk workforce size

The sales to current assets ratio is 0,89

The stock to turnover ratio is 55.49

The increase in the gearing percentage over the last two accounting periods is 29 %

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 :	DIV
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%)

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