MIRA INFORM REPORT

Report Date :

06.03.2014

IDENTIFICATION DETAILS

Name :	PRODUCTION LA PRADE
Registered Office :	Zi La Moliere, 6 Rue De Gramentes, 81200 Mazamet
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	December 1991
Com. Reg. No.:	RCS Castres 9 383 907 425
Legal Form :	Simplified Joint Stock Company
Line of Business :	Engaged in processing and preserving of fruit
No. of Employees	167 (31.12.2010)

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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
France	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	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 79 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 reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011, before stagnating in 2012. The unemployment rate increased from 7.4% in 2008 to 10.3% in 2012. Youth unemployment shot up to 24.2% during the third quarter of 2012 in metropolitan France. Lower-than-expected growth and high unemployment costs have strained France's public finances. The budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.5% of GDP in 2012, while France's public debt rose from 68% of GDP to 89% over the same period. Under President SARKOZY, Paris implemented some austerity measures to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt. Socialist Party candidate Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, and hiring an additional 60,000 teachers during his five-year term. The government's attempt to introduce a 75% wealth tax on income over one million euros for two years was struck down by the French Constitutional Council in December 2012 because it applied to individuals rather than households. France ratified the EU fiscal stability treaty in October 2012 and HOLLANDE's government has maintained France's commitment to meeting the budget deficit target of 3% of GDP during 2013 even amid signs that economic growth will be lower than the government's forecast of 0.8%. Despite stagnant growth and fiscal challenges, France's borrowing costs declined during the second half of 2012 to euro-era lows.

Source : CIA

company summary

Name

PRODUCTION LA PRADE

SIRET

383 907 425 00029

		EUR VAT Number	FR62383907425
Activity (APE)	Processing and preserving of fruit (1039B)	Legal form	Simplified joint stock company
Phone	05 63 97 98 04	RCS Registration	RCS Castres 9 383 907 425
Fax	05 63 97 98 05	Share capital	1,360,000 Euros
Address	PRODUCTION LA PRADE ZI LA MOLIERE 6 RUE DE GRAMENTES 81200 MAZAMET	Incorporated Date	12/1991
Nationality	France	Status	Economically active

No social security and tax office preferential right to date

Ultimate Holding Company
Company Name	Company number
SOCIETE FINANCIERE CORMOULS HOULES	339602856

Current Directors

4

Trading to Date	12/31/2010	12/31/2009	12/31/2008
Turnover	81,084,856 €	81,456,892 €	75,782,065 €
Gross Operating Surplus	2,79 % Turnover	3,05 % Turnover	3,77 % Turnover
Shareholders’ equity	9,930,779 €	9,107,791 €	8,403,142 €
Net result	878,503 €	761,575 €	1,050,623 €
Employees	167 (31.12.2010)	-	-

Trends

Profitability
Liquidity
Net worth

company details

Activity (APE)	Processing and preserving of fruit (1039B)
RCS Registration	RCS Castres 9 383 907 425	Share capital	1,360,000 Euros
Registration Court	Castres (81)	Legal form	Simplified joint stock company
Court Registry Number	19 9 1B00282	EUR VAT Number	FR62383907425
Incorporation Date	12/1991	Formation Date	01/1992
Deregistration Date		Last account Date	31/12/2010
Nationality	France

Ultimate Parent

1 ultimate parent company for this company  >  SOC FINANCIERE CORMOULS HOULES  - Activités des sociétés holding (6420Z)  in SAINT JEAN  (31240)

Establishment details

Activity (APE)	Processing and preserving of fruit (1039B)	Business Pages FT®
Postal Address	PRODUCTION LA PRADE ZI LA MOLIERE  6 RUE DE GRAMENTES  81200 MAZAMET	Trading Address	6 RUE DE GRAMENTES  81200 MAZAMET
Telephone	05 63 97 98 04
Fax	05 63 97 98 05

Type	Head office	Status	Economically active
Formation Date	12/1994	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Tarn (81)	Region	Midi-Pyrénées
District	2	Area	99
City	MAZAMET	Size of urban area

Other establishments

Branches	3 branch entities in this company
Head office	> PRODUCTION LA PRADE <<<  - Transformation et conservation de fruits (1039B)  in MAZAMET  (81200)
Secondary establishments	>  PRODUCTION LA PRADE  - Transformation et conservation de fruits (1039B)  in MAZAMET  (81200)  >  PRODUCTION LA PRADE  - Transformation et conservation de fruits (1039B)  in MAZAMET  (81200)

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

Workforces

Workforce at address

100 to 199 employees

Company workforce

167 (31.12.2010)

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts 

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2010	31/12/2009	31/12/2008
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	21/09/2012	06/06/2012	25/01/2012
Activity Code	1039B	1039B	1039B
Employees	167	172	175

Active account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	6 481 221	5,4%	6 146 507	-2,2%	6 283 285	108 233,50	5888,2%
- Intangible assets	0	0%	0	0%	0	1 179,50	0%
- Tangible assets	5 213 295	6,9%	4 878 581	-2,7%	5 015 359	74 985,50	6852,4%
- Financial assets	1 267 926	0%	1 267 926	0%	1 267 926	657	192887,2%
Net current assets	40 130 190	17,3%	34 210 831	-15,1%	40 312 294	239 210,50	16676,1%
- Stocks	18 083 362	6,5%	16 984 291	22,9%	13 814 248	45 266	39849,1%
- Advanced payments	0	17,3%	0	0%	0	0	0%
- Receivables	21 956 444	28,0%	17 152 545	-35,1%	26 423 438	85 395	25611,6%
- Securities and cash	90 384	22,1%	73 995	-0,8%	74 608	26 496,50	241,1%
- Prepaid expenses	-	-	-	-	-	600	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	46 611 411	15,5%	40 357 340	-13,4%	46 595 578	406 154,50	11376,3%

Passive Account

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median2010
Shareholders' equity	9 930 779	9,0%	9 107 791	8,4%	8 403 142	106 402	9233,3%
Share capital	1 360 000	0%	1 360 000	0%	1 360 000	26 464	5039,1%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	36 680 631	17,4%	31 249 547	-18,2%	38 192 438	252 772	14411,4%
- Financial liabilities	22 870 212	14,3%	20 007 708	-7,9%	21 714 024	88 867	25635,3%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	11 466 272	31,0%	8 753 146	-38,4%	14 206 402	49 574	23029,6%
- Tax and social liabilities	1 310 437	-5,7%	1 389 777	-9,3%	1 532 428	58 245	2149,9%
- Other debts and fixed assets liabilities	1 029 590	-6,2%	1 097 220	74,7%	628 119	12 762	7967,6%
Account regularization	4 120	142,9%	1 696	-98,5%	111 465	0	0%
Total liabilities	46 611 411	15,5%	40 357 339	-13,4%	46 595 578	406 153,50	11376,3%

Results

Annual Accounts	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Sales of Goods	80 771 428	-1,6%	82 098 702	8,1%	75 980 073	461 733	17393,1%
Net turnover	81 084 856	-0,5%	81 456 892	7,5%	75 782 065	466 166,50	17294,0%
- of which net export turnover	1 108 102	8,7%	1 019 696	-22,4%	1 313 704	0	0%
Operating charges	79 164 676	-1,4%	80 307 177	9,2%	73 531 359	431 219	18258,3%
Operating profit/loss	1 606 752	-10,3%	1 791 525	-26,8%	2 448 714	14 173,50	11236,3%
Financial income	41 337	-7,9%	44 885	-62,8%	120 775	29,50	140025,4%
Financial charges	402 862	-10,8%	451 658	-43,7%	801 592	2 861,50	13978,7%
Financial profit/loss	-361 525	11,1%	-406 773	40,3%	-680 817	-1 652	-21784,1%
Pretax net operating income	1 245 227	-10,1%	1 384 752	-21,7%	1 767 897	11 299	10920,7%
Extraordinary income	120 924	26,1%	95 871	81,5%	52 826	1 663	7171,4%
Extraordinary charges	218 053	-31,7%	319 119	62,4%	196 487	279,50	77915,4%
Extraordinary profit/loss	-97 129	56,5%	-223 248	-55,4%	-143 661	0	0%
Net result	878 503	15,4%	761 575	-27,5%	1 050 623	11 141,50	7785,0%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2010	31/12/2009	31/12/2008
Months	12	12	12

Accounts - Active 
Current Assets |  Equalization accounts |  Reference 

Grand Total - Passive Accounts (I to IV)

			31/12/2010		31/12/2009		31/12/2008
	Grand Total (I to VI)	Net	46 611 411	15,5%	40 357 340	-13,4%	46 595 578
	Gross	CO	53 594 245	14,7%	46 706 202	-10,6%	52 238 684
	Amortisation	1A	6 982 834	10,0%	6 348 862	12,5%	5 643 106

Non declared distributed capital (I)

		31/12/2010		31/12/2009		31/12/2008
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/12/2010		31/12/2009		31/12/2008
	Total Active fixed asset (II)	Net	6 481 221	5,4%	6 146 507	-2,2%	6 283 285
	Gross	BJ	12 822 862	9,3%	11 729 176	4,9%	11 183 341
	Amortisation	BK	6 341 641	13,6%	5 582 669	13,9%	4 900 056

Intangible fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	0	0%	0	0%	0
	Gross	AF	0	0%	0	0%	0
	Amortisation	AG	0	0%	0	0%	0
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	0	0%	0	0%	0
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0	0%	0
	Gross	AL	0	0%	0	0%	0
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	0	0%	0	0%	0

Tangible fixed assets

			31/12/2010		31/12/2009		31/12/2008
	Lands	Net	19 905	0%	19 905	0%	19 905
	Gross	AN	19 905	0%	19 905	0%	19 905
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	507 388	-6,4%	542 081	-4,1%	565 184
	Gross	AP	1 058 561	1,3%	1 045 451	2,2%	1 023 314
	Amortisation	AQ	551 173	9,5%	503 370	9,9%	458 130
	Plant	Net	3 427 205	8,6%	3 155 735	-1,1%	3 190 070
	Gross	AR	7 602 893	11,8%	6 802 020	6,7%	6 375 846
	Amortisation	AS	4 175 688	14,5%	3 646 285	14,5%	3 185 776
	Other tangible fixed assets	Net	1 258 797	8,4%	1 160 860	3,4%	1 122 660
	Gross	AT	2 873 577	10,8%	2 593 874	9,0%	2 378 810
	Amortisation	AU	1 614 780	12,7%	1 433 014	14,1%	1 256 150
	Fixed assets in construction	Net	0	0%	0	0%	0
	Gross	AV	0	0%	0	0%	0
	Amortisation	AW	0	0%	0	0%	0
	Advances and payments on account	Net	0	0%	0	0%	117 540
	Gross	AX	0	0%	0	0%	117 540
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	5 213 295		4 878 581		5 015 359

Financial assets

			31/12/2010		31/12/2009		31/12/2008
	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	1 265 327	0%	1 265 327	0%	1 265 327
	Gross	CU	1 265 327	0%	1 265 327	0%	1 265 327
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	2 599	0%	2 599	0%	2 599
	Gross	BH	2 599	0%	2 599	0%	2 599
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		1 267 926		1 267 926		1 267 926

Current Assets (III)

			31/12/2010		31/12/2009		31/12/2008
	Total Assets	Net	40 130 190	17,3%	34 210 831	-15,1%	40 312 294
	Gross	CJ	40 771 383	16,6%	34 977 024	-14,8%	41 055 344
	Amortisation	CK	641 193	-16,3%	766 193	3,1%	743 050

Stocks

			31/12/2010		31/12/2009		31/12/2008
	Raw materials	Net	13 155 207	11,8%	11 762 956	29,7%	9 066 172
	Gross	BL	13 255 207	10,6%	11 987 956	29,3%	9 268 029
	Amortisation	BM	100 000	-55,6%	225 000	11,5%	201 857
	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	4 022 871	-23,0%	5 221 335	10,0%	4 748 076
	Gross	BR	4 022 871	-23,0%	5 221 335	10,0%	4 748 076
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	905 284	0%	0	0%	0
	Gross	BT	905 284	0%	0	0%	0
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	18 083 362	6,5%	16 984 291	22,9%	13 814 248

Advance payments to suppliers

			31/12/2010		31/12/2009		31/12/2008
	Advance payments to suppliers	Net	0	0%	0	0%	0
	Gross	BV	0	0%	0	0%	0
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2010		31/12/2009		31/12/2008
	Trade accounts receivable	Net	17 119 474	24,2%	13 788 683	-26,1%	18 660 112
	Gross	BX	17 130 738	24,1%	13 799 947	-26,1%	18 671 376
	Amortisation	BY	11 264	0%	11 264	0%	11 264
	Other debtors	Net	1 492 654	-9,9%	1 657 397	-44,3%	2 976 427
	Gross	BZ	2 022 583	-7,5%	2 187 326	-37,6%	3 506 356
	Amortisation	CA	529 929	0%	529 929	0%	529 929
	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	18 612 128	20,5%	15 446 080	-28,6%	21 636 539

Divers

			31/12/2010		31/12/2009		31/12/2008
	Investment securities	Net	0	0%	0	0%	0
	Gross	CD	0	0%	0	0%	0
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	90 384	22,1%	73 995	-0,8%	74 608
	Gross	CF	90 384	22,1%	73 995	-0,8%	74 608
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	90 384	22,1%	73 995	-0,8%	74 608

Prepaid expenses

			31/12/2010		31/12/2009		31/12/2008
	Prepaid expenses	Net	3 344 316	96,0%	1 706 465	-64,4%	4 786 899
	Gross	CH	3 344 316	96,0%	1 706 465	-64,4%	4 786 899
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2010		31/12/2009		31/12/2008
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

		31/12/2010		31/12/2009		31/12/2008
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)

		31/12/2010		31/12/2009		31/12/2008
Grand Total (I to V)	EE	46 611 411	15,5%	40 357 339	-13,4%	46 595 578

Shareholder Equity (I)

			31/12/2010		31/12/2009		31/12/2008
	Total shareholders' equity (Total I)	DL	9 930 779	9,0%	9 107 791	8,4%	8 403 142
	Equity and shareholders' equity	DA	1 360 000	0%	1 360 000	0%	1 360 000
	Issue and merger premiums	DB	0	0%	0	0%	0
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	136 000	0%	136 000	0%	136 000
	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	6 587 942	10,6%	5 958 117	17,4%	5 073 244
	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	878 503	15,4%	761 574	-27,5%	1 050 624
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	968 334	8,5%	892 100	13,9%	783 274

Other capital resources (II)

			31/12/2010		31/12/2009		31/12/2008
	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)

			31/12/2010		31/12/2009		31/12/2008
	Total provisions for risks and charges (Total III)	DR	0	0%	0	0%	0
	Risk provisions	DP	0	0%	0	0%	0
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2010		31/12/2009		31/12/2008
	Total Liabilities (Total IV)	EC	36 680 631	17,4%	31 249 547	-18,2%	38 192 438
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	9 913 731	33,9%	7 405 210	-29,8%	10 541 295
	Sundry loans and financial liabilities	DV	12 956 481	2,8%	12 602 498	12,8%	11 172 729
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	0
	Trade accounts payables	DX	11 466 272	31,0%	8 753 146	-38,4%	14 206 402
	Tax and social security liabilities	DY	1 310 437	-5,7%	1 389 777	-9,3%	1 532 428
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	1 029 590	-6,2%	1 097 220	74,7%	628 119

Translation loss (V)

		31/12/2010		31/12/2009		31/12/2008
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2010		31/12/2009		31/12/2008
Deferred income	EB	4 120	142,9%	1 696	-98,5%	111 465

References

		31/12/2010		31/12/2009		31/12/2008
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	21 014 138	21,6%	17 280 412	-32,5%	25 606 881
Of which current bank facilities	EH	4 897 510	-0,1%	4 903 620	-31,5%	7 157 723

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)

		31/12/2010		31/12/2009		31/12/2008
Operating result (Total I-II)	GG	1 606 752	-10,3%	1 791 525	-26,8%	2 448 714

2 - Financial result (V - VI)

		31/12/2010		31/12/2009		31/12/2008
Financial result (Total V-VI)	GV	-361 525	11,1%	-406 773	40,3%	-680 817

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

		31/12/2010		31/12/2009		31/12/2008
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	1 245 227	-10,1%	1 384 752	-21,7%	1 767 897

4 - Extraordinary result (VII-VIII)

		31/12/2010		31/12/2009		31/12/2008
Extraordinary result (Total VII-VIII)	HI	-97 129	56,5%	-223 248	-55,4%	-143 661

Profit or loss

		31/12/2010		31/12/2009		31/12/2008
Profit or loss	HN	878 503	15,4%	761 575	-27,5%	1 050 623

Total Income (I+III+V+VII)

		31/12/2010		31/12/2009		31/12/2008
Total Income (I+III+V+VII)	HL	80 933 689	-1,6%	82 239 458	8,0%	76 153 674

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

		31/12/2010		31/12/2009		31/12/2008
Total charges (Total II+IV+VI+VIII+IX+X)	HM	80 055 186	-1,7%	81 477 883	8,5%	75 103 051

Operating income (I)

		31/12/2010		31/12/2009		31/12/2008
Total operating income (Total I)	FR	80 771 428	-1,6%	82 098 702	8,1%	75 980 073

Operating income (details)

			31/12/2010		31/12/2009		31/12/2008
	Sale of goods for resale	FC	6 880 194	16,7%	5 895 090	7,9%	5 464 840
	France	FA	6 880 194	17,4%	5 860 330	7,8%	5 435 905
	Export	FB	0	0%	34 760	20,1%	28 935
	Sale of goods produced	FF	73 625 682	-1,5%	74 774 443	6,9%	69 944 460
	France	FD	72 520 742	-1,7%	73 793 659	7,6%	68 600 521
	Export	FE	1 104 940	12,7%	980 784	-27,0%	1 343 939
	Sale of services	FI	578 980	-26,5%	787 359	111,2%	372 765
	France	FG	575 818	-26,5%	783 207	81,3%	431 935
	Export	FH	3 162	-23,8%	4 152	107,0%	-59 170
	Net turnover	FL	81 084 856	-0,5%	81 456 892	7,5%	75 782 065
	France	FJ	79 976 754	-0,6%	80 437 196	8,0%	74 468 361
	Export	FK	1 108 102	8,7%	1 019 696	-22,4%	1 313 704
	Stocked production	FM	-467 546	-179,5%	588 066	2205,1%	25 511
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	7 525	0%	0	0%	0
	Release of reserves and provisions	FP	146 594	172,8%	53 744	-68,8%	172 497
	Other income	FQ	0	0%	0	0%	0

Operating charges (II)

		31/12/2010		31/12/2009		31/12/2008
Total operating charges (Total II)	GF	79 164 676	-1,4%	80 307 177	9,2%	73 531 359

Exploitation charges

		31/12/2010		31/12/2009		31/12/2008
Purchase of goods for resale	FS	6 354 639	18,7%	5 353 590	9,7%	4 878 280
Change in stocks of goods for resale	FT	-174 365	-251,9%	114 806	199,8%	-115 007
Purchase of raw materials	FU	57 569 510	-2,6%	59 091 482	12,6%	52 462 778
Change in stocks of raw materials	FV	-1 267 251	53,4%	-2 719 928	-25,7%	-2 163 336
Other external purchases and charges	FW	9 765 761	-14,8%	11 459 431	0,3%	11 429 596
Tax, duty and similar payments	FX	487 271	-34,9%	748 971	9,5%	684 123
Payroll	FY	4 011 648	0,1%	4 006 869	-2,5%	4 110 063
Social security costs	FZ	1 611 521	7,0%	1 506 201	-9,6%	1 665 232

Depreciation

		31/12/2010		31/12/2009		31/12/2008
Depreciation of fixed assets	GA	765 943	12,2%	682 613	30,7%	522 395
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	23 143	34,3%	17 234
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2010		31/12/2009		31/12/2008
Other charges	GE	40 000	0%	40 000	0%	40 000

Operating charges (III-IV)

		31/12/2010		31/12/2009		31/12/2008
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)

			31/12/2010		31/12/2009		31/12/2008
	Total financial income (Total V)	GP	41 337	-7,9%	44 885	-62,8%	120 775
	Share financial income	GJ	36 331	6,5%	34 111	-71,0%	117 740
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	3 059	78,0%	1 719	-42,4%	2 986
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	1 947	-78,5%	9 055	18379,6%	49
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2010		31/12/2009		31/12/2008
	Total financial charge (Total VI)	GU	402 862	-10,8%	451 658	-43,7%	801 592
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	402 862	-10,8%	451 658	-42,6%	787 000
	Exchange losses	GS	0	0%	0	0%	14 592
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary income (Total VII)	HD	120 924	26,1%	95 871	81,5%	52 826
	Extraordinary operating income	HA	1 072	865,8%	111	-95,7%	2 599
	Extraordinary income from capital transactions	HB	585	0%	0	0%	0
	Released provisions and transferred charges	HC	119 267	24,5%	95 760	90,7%	50 227

Extraordinary charges (VIII)

			31/12/2010		31/12/2009		31/12/2008
	Total extraordinary charges (Total VIII)	HH	218 053	-31,7%	319 119	62,4%	196 487
	Extraordinary operating charges	HE	22 551	-80,3%	114 534	893,5%	11 528
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
	Extraordinary reserves and provisions	HG	195 501	-4,4%	204 585	10,6%	184 959

Employee profit sharing (IX)

		31/12/2010		31/12/2009		31/12/2008
Employee profit sharing (Total IX)	HJ	74 709	10,1%	67 859	-46,1%	125 991

Tax on profits (X)

		31/12/2010		31/12/2009		31/12/2008
Tax on profits (Total X)	HK	194 887	-41,3%	332 070	-25,8%	447 622

References

		31/12/2010		31/12/2009		31/12/2008
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	16 554	1,1%	16 381	-4,2%	17 097
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	40 000	0%	40 000	0%	40 000

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)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	7 000	-94,1%	118 000	461,9%	21 000
	Gross value at the end of period	OL	12 823 000	9,3%	11 729 000	4,9%	11 183 000

Research and development Charge (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	CZ	0	0%	0	0%	0
	Increasess due to revaluation	KB	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
	Decreasess by budget item transfer	C01	0	0%	0	0%	0
	Decreasess by transfers	C02	0	0%	0	0%	0
	Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	KD	0	0%	0	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	0	0%	0	0%	0

Tangible fixed assets (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LN	10 461 000	5,5%	9 916 000	30,6%	7 595 000
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	1 101 000	66,1%	663 000	-71,7%	2 341 000
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	7 000	-94,1%	118 000	461,9%	21 000
	Gross value at the end of period	NH	11 555 000	10,5%	10 461 000	5,5%	9 915 000

Fiancial assets (Total IV)

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	LQ	1 268 000	0%	1 268 000	0%	1 268 000
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	0
	Gross value at the end of period	NK	1 268 000	0%	1 268 000	0%	1 268 000

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

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	PE	0	0%	0	0%	0
Increases		PF	0	0%	0	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	0	0%	0	0%	0

Total fixed assets amotisation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Reserve for depreciation value at begin of period	QU	5 583 000	13,9%	4 900 000	11,9%	4 377 000
Increases		QV	766 000	12,2%	683 000	30,6%	523 000
Decreases		QW	7 000	0%	0	0%	0
	Decreasess by budget item transfer	QX	6 342 000	13,6%	5 583 000	13,9%	4 900 000

Movements during period affecting charge allocated over several period 

Charges à répartir ou frais d'émission d'emprunt

			31/12/2010		31/12/2009		31/12/2008
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/12/2010		31/12/2009		31/12/2008
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7C	0	0%	0	0%	0
Increases		UB	0	0%	0	0%	0
Decreases		UC	0	0%	0	0%	0
	Value at the end of period	UD	0	0%	0	0%	0

Includes Total allocations

Operating	UE	0	0%	0	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	0	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	5Z	0	0%	0	0%	0
Increases		TV	0	0%	0	0%	0
Decreases		TW	0	0%	0	0%	0
	Value at the end of period	TX	0	0%	0	0%	0

Total Provision for depreciation (Total III)

			31/12/2010		31/12/2009		31/12/2008
	Value at begining of period	7B	0	0%	0	0%	0
Increases		TY	0	0%	0	0%	0
Decreases		TZ	0	0%	0	0%	0
	Value at the end of period	UA	0	0%	0	0%	0

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

		31/12/2010		31/12/2009		31/12/2008
Gross value	VT	22 500 000	27,1%	17 696 000	-34,4%	26 967 000
1 year at most	VU	22 497 000	27,1%	17 696 000	-34,4%	26 967 000
More than one year	VV	3 000	0%	0	0%	0

State of loans

		31/12/2010		31/12/2009		31/12/2008
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	3 000	0%	3 000	0%	3 000
Other financial assets (1 year at most)	UV	0	0%	3 000	0%	3 000

Receivables statement of assets

		31/12/2010		31/12/2009		31/12/2008
Customers doubtful or disputed	VA	12 000	0%	12 000	0%	12 000
Other claims customer	UX	17 119 000	24,2%	13 788 000	-26,1%	18 659 000
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	1 000	0%	1 000	-75,0%	4 000
Income taxes	VM	140 000	6,1%	132 000	41,9%	93 000
Value added tax	VB	467 000	-27,6%	645 000	-40,4%	1 083 000
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	6 000	0%	0	0%	22 000
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	1 408 000	-0,1%	1 409 000	-38,8%	2 304 000

Prepaid

		31/12/2010		31/12/2009		31/12/2008
Prepaid	VS	3 344 000	96,0%	1 706 000	-64,4%	4 787 000

State Debt

			31/12/2010		31/12/2009		31/12/2008
	Total debt (gross)	VY	36 680 000	17,4%	31 249 000	-18,2%	38 192 000
1 year at most		VZ2	21 014 000	21,6%	17 280 000	-32,5%	25 607 000
More than 1 year and 5 years at most		VZ3	15 666 000	12,1%	13 969 000	11,0%	12 585 000
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2010		31/12/2009		31/12/2008
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	4 898 000	-0,1%	4 904 000	-31,5%	7 159 000
1 year at most		VG2	4 898 000	-0,1%	4 904 000	-31,5%	7 159 000
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	5 016 000	100,5%	2 502 000	-26,0%	3 383 000
1 year at most		VH2	1 424 000	80,5%	789 000	-10,7%	884 000
More than 1 year and 5 years at most		VH3	3 592 000	109,7%	1 713 000	-31,5%	2 499 000
	Loans and various financial liabilities (gross)	8A1	12 956 000	2,8%	12 602 000	12,8%	11 173 000
1 year at most		8A2	882 000	154,9%	346 000	-68,2%	1 087 000
More than 1 year and 5 years at most		8A3	12 074 000	-1,5%	12 256 000	21,5%	10 086 000
	Suppliers and associated accounts (gross)	8B1	11 466 000	31,0%	8 753 000	-38,4%	14 206 000
1 year at most		8B2	11 466 000	31,0%	8 753 000	-38,4%	14 206 000
More than 1 year and 5 years at most		8B3	11 466 000	31,0%	8 753 000	-38,4%	14 206 000
	Personnel and associated accounts (gross)	8C1	414 000	-13,8%	480 000	-13,5%	555 000
1 year at most		8C2	414 000	-13,8%	480 000	-13,5%	555 000
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	606 000	-4,0%	631 000	-11,1%	710 000
1 year at most		8D2	606 000	-4,0%	631 000	-11,1%	710 000
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	41 000	17,1%	35 000	12,9%	31 000
1 year at most		VW2	41 000	17,1%	35 000	12,9%	31 000
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	249 000	2,5%	243 000	3,0%	236 000
1 year at most		VQ2	249 000	2,5%	243 000	3,0%	236 000
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	1 030 000	-6,1%	1 097 000	74,7%	628 000
1 year at most		8K2	1 030 000	-6,1%	1 097 000	74,7%	628 000
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	4 000	100%	2 000	-98,2%	111 000
1 year at most		8L2	4 000	100%	2 000	-98,2%	111 000
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2010		31/12/2009		31/12/2008
Loans made during the period	VJ	3 550 000	0%	0	0%	2 650 000
Debt repaid during the period	VK	1 037 000	18,0%	879 000	33,8%	657 000

Table allocation results and other information 
Dividends distributed

		31/12/2010		31/12/2009		31/12/2008
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2010		31/12/2009		31/12/2008
Commitments leasing furniture	YQ	8 000	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

		31/12/2010		31/12/2009		31/12/2008
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

		31/12/2010		31/12/2009		31/12/2008
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

		31/12/2010		31/12/2009		31/12/2008
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

		31/12/2010		31/12/2009		31/12/2008
Average number of employees	YP	167	-2,9%	172	-1,7%	175

Groups and Shareholders

		31/12/2010		31/12/2009		31/12/2008
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

		31/12/2010		31/12/2009		31/12/2008	Sector Median2010
Fixed Asset Financing		2,67	5,1%	2,54	2,0%	2,49	1,39	92,1%
Global Debt		163 days	18,1%	138 days	-23,8%	181 days	156,50days	4,2%
Working Capital Fund overall net		95 days	18,8%	80 days	1,3%	79 days	80,50days	18,0%
Financial independence		100,17%	-18,6%	122,99%	54,3%	79,72%	168,45%	-40,5%
More ratios
Solvability		21,31%	-5,6%	22,57%	25,2%	18,03%	34,77%	-38,7%
Capacity debt futures		157,08%	-1,8%	159,98%	53,1%	104,48%	961,52%	-83,7%
Coverage of current assets by net working capital overall		57,24%	5,4%	54,30%	18,1%	45,98%	45,37%	26,2%
General Liquidity		1,07	4,9%	1,02	-2,9%	1,05	0,47	127,7%
Restricted Liquidity		1,07	3,9%	1,03	-2,8%	1,06	0,80	33,8%

Management or rotation

		31/12/2010		31/12/2009		31/12/2008	Sector Median2010
Need background in operating working capital		102 days	8,5%	94 days	3,3%	91 days	34,50days	195,7%
Treasury		-21 days	0%	-21 days	38,2%	-34 days	5 days	-520,0%
Inventory turnover of goods		53 days	0%	0 days	0%	0 days	26,50days	100%
Average length of credit granted to customers		76 days	24,6%	61 days	-31,5%	89 days	40,50days	87,7%
Average length of credit obtained suppliers		57 days	32,6%	43 days	-44,2%	77 days	62,50days	-8,8%
More ratios
Inventory turnover of raw materials in industrial enterprises		83 days	13,7%	73 days	14,1%	64 days	72 days	15,3%
Inventory turnover of intermediate and finished products in the industrial enterprise		702 days	-9,9%	779 days	2,0%	764 days	205 days	242,4%
Rotation tangible assets		701,73%	-9,9%	778,67%	1,9%	764,32%	217,73%	222,3%

Profitability of the business

		31/12/2010		31/12/2009		31/12/2008	Sector Median2010
Margin trading		0,86%	65,4%	0,52%	-44,1%	0,93	0%	0%
Profitability of the business		2,79	-8,5%	3,05	-19,1%	3,77	7,08%	-60,6%
Net profit		1,08%	16,1%	0,93%	-33,1%	1,39%	2,54%	-57,5%
More ratios
Growth rate of turnover (excluding VAT)		-0,46%	-106,1%	7,49%	258,4%	2,09%	1,47%	-131,3%
Rates integration		10,32%	-3,9%	10,74%	-12,6%	12,29%	26,41%	-60,9%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		67,19%	6,6%	63,04%	1,7%	62%	65,55%	2,5%
Weight interests		0,50	-9,1%	0,55%	-48,1%	1,06%	0,57%	-12,3%

Return on capital

		31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Cash flow from the overall profitability		2,27%	12,4%	2,02%	-12,9%	2,32%	6,04%	-62,4%
Rates of economic profitability		7%	-22,2%	9%	0%	9%	14,11%	-50,4%
Financial profitability		9930779%	9,0%	9107791%	8,4%	8403142%	74041,50%	13312,4%
Return on investment		3,91%	-6,2%	4,17%	-32,2%	6,15%	7,56%	-48,3%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion 

	31/12/2010		31/12/2009		31/12/2008	Sector Median 2010
Turnover	81 084 856	-0,5%	81 456 892	7,5%	75 782 065	466 166 €	17294,0%

Sales of goods	6 880 194	16,7%	5 895 090	7,9%	5 464 840
- Purchase of goods	6 354 639	18,7%	5 353 590	9,7%	4 878 280
+/- Stock of goods variation	-174 365	-251,9%	114 806	199,8%	-115 007
Trading margin	699 920 €	64,0%	426 694 €	-39,2%	701 567 €	0 €	0%
	0,86 % CA	65,4%	0,52 % CA	-44,1%	0,93 % CA	0,12 % CA	616,7%

Sale of goods produced	74 204 662	-1,8%	75 561 802	7,5%	70 317 225
+/- Stocked production	-467 546	-179,5%	588 066	2205,1%	25 511
+ Self-constructed assets	0	0%	0	0%	0
Period production	73 737 116 €	-3,2%	76 149 868 €	8,3%	70 342 736 €	271 718,50 €	27037,3%
	90,94 % CA	-2,7%	93,48 % CA	0,7%	92,82 % CA	99,10 % CA	-8,2%

Trading margin	699 920	64,0%	426 694	-39,2%	701 567	0	0%
+ Period Production	73 737 116	-3,2%	76 149 868	8,3%	70 342 736	271 718,50	27037,3%
- Purchase of raw materials	57 569 510	-2,6%	59 091 482	12,6%	52 462 778
+/- Change in stocks of raw materiels	-1 267 251	53,4%	-2 719 928	-25,7%	-2 163 336
- Other external purchases and charges	9 765 761	-14,8%	11 459 431	0,3%	11 429 596
Added value	8 369 016 €	-4,3%	8 745 577 €	-6,1%	9 315 265 €	133 845 €	6152,8%
	10,32 % CA	-3,9%	10,74 % CA	-12,6%	12,29 % CA	26,41 % CA	-60,9%

Added value	8 369 016 €	-4,3%	8 745 577 €	-6,1%	9 315 265 €	133 845 €	6152,8%
+ Operating grants	7 525	0%	0	0%	0
- Tax, duty and similar payments	487 271	-34,9%	748 971	9,5%	684 123
- Personal charges	5 623 169	2,0%	5 513 070	-4,5%	5 775 295
Gross operating surplus	2 266 101 €	-8,8%	2 483 536 €	-13,0%	2 855 847 €	31 750,50 €	7037,2%
	2,79 % CA	-8,5%	3,05 % CA	-19,1%	3,77 % CA	7,08 % CA	-60,6%

Gross operating surplus	2 266 101 €	-8,8%	2 483 536 €	-13,0%	2 855 847 €	31 750,50 €	7037,2%
+ Release of reserves and provisions	146 594	172,8%	53 744	-68,8%	172 497
+ Other operating income	0	0%	0	0%	0
- Depreciation/Amortisation	765 943	8,5%	705 756	30,8%	539 629
- Other charges	40 000	0%	40 000	0%	40 000
Operating result	1 606 752 €	-10,3%	1 791 524 €	-26,8%	2 448 715 €	14 173,50 €	11236,3%
	1,98 % CA	-10,0%	2,20 % CA	-31,9%	3,23 % CA	3,65 % CA	-45,8%

Operating result	1 606 752 €	-10,3%	1 791 524 €	-26,8%	2 448 715 €	14 173,50 €	11236,3%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	41 337	-7,9%	44 885	-62,8%	120 775
- Financial charges	402 862	-10,8%	451 658	-43,7%	801 592
Pre-tax result	1 245 227 €	-10,1%	1 384 751 €	-21,7%	1 767 898 €	11 299 €	10920,7%
	1,54 % CA	-9,4%	1,70 % CA	-27,0%	2,33 % CA	2,53 % CA	-39,1%

Extraordinary income	120 924	26,1%	95 871	81,5%	52 826	1 663	7171,4%
- Extraordinary charges	218 053	-31,7%	319 119	62,4%	196 487
Extraordinary result	-97 129 €	56,5%	-223 248 €	-55,4%	-143 661 €	0 €	0%
	-0,12 % CA	55,6%	-0,27 % CA	-42,1%	0 % CA	0 % CA	0%

Pre-tax result	1 245 227 €	-10,1%	1 384 751 €	-21,7%	1 767 898 €	11 299 €	10920,7%
Extraordinary result	-97 129 €	56,5%	-223 248 €	-55,4%	-143 661 €	0 €	0%
- Employee profit sharing	74 709	10,1%	67 859	-46,1%	125 991
- Tax on profits	194 887	-41,3%	332 070	-25,8%	447 622
Net result	878 502 €	15,4%	761 574 €	-27,5%	1 050 624 €	11 143,50 €	7783,5%
	1,08 % CA	16,1%	0,93 % CA	-33,1%	1,39 % CA	2,54 % CA	-57,5%

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 9,930,779 €

The creditor days are 51.61

The liabilities are 36,680,631 €

The net current assets are 40,130,190 €

The net turnover is 81,084,856 €

The total assets are 46,611,411 €

The company has 4 directors

Industry code with low risk rating

Department code with low risk rating

The risk provisions are 0 €

The pre-tax profit is 1,073,390 €

The sales to current assets ratio is 2,02

The ratio total assets to total liabilities is 1,27

The return on total assets employed is 2,3

High risk workforce size

The stock to turnover ratio is 22.30

The latest account data is more than 3 years old, this has an impact on the rating.

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	06/12/2013
Status of Monitoring	No social security and tax office preferential right to date

Group data

Ultimate parent company	SOCIETE FINANCIERE CORMOULS HOULES
Direct parent	SOCIETE FINANCIERE CORMOULS HOULES - 99.86 %
Group – Number of companies	5
Linkages – Number of companies	-
Number of countries	-

Group Structure

Go directly to the current company
Display only where participation % > 33 %
Display all participations
Company Name	SIREN	Parts	Last account published
SOC FINANCIERE CORMOULS HOULES	339602856	-	-
PRODUCTION LA PRADE	383907425	99.86%	31/12/2010
MENGUY'S	333821692	33.64%	-
MENGUY'S	333821692	65.40%	-
MENGUY'"S INGREDIENTS	451703938	100%	31/12/2010

Shareholders

Type of shareholder

Shareholders

Linkages

Ultimate parent company	SOCIETE FINANCIERE CORMOULS HOULES
Direct parent	SOCIETE FINANCIERE CORMOULS HOULES - 99.86 %
Group – Number of companies	5
Linkages – Number of companies	-
Number of countries	-

No Linkages information available for the company

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
08/03/2013	Bodacc B	Modification et mutation diverse
81 - TARN GREFFE DU TRIBUNAL DE COMMERCE DE CASTRES 1791 - 383 907 425 RCS Castres. PRODUCTION LA PRADE. Forme : Société par actions simplifiée. Administration : Président : CORMOULS HOULES Jacques Directeur général : CORMOULS HOULES Nicolas Directeur général : IGON Olivier, Alain Directeur général délégué : HERMEL José, André-Charles, Auguste Commissaire aux comptes titulaire : TUDEL Michel Commissaire aux comptes suppléant : COURONNE Georges. Activité : .  Commentaires : Modification survenue sur l'administration.
21/02/2013	JAL	Resignation / Revocation of the social representative
Paysan Tarnais (Le) Date de décision : 30/06/2010 La société 383907425 - PRODUCTION LA PRADE, 6 RUE DE GRAMENTES, ZI LA MOLIERE, 81200 MAZAMET  Fait l'objet du départ de Monsieur Moïse BENDAYAN
18/06/2012	Bodacc C	Comptes annuels et rapports
81 - TARN GREFFE DU TRIBUNAL DE COMMERCE DE CASTRES 13722 - 383907425 RCS. PRODUCTION LA PRADE. Forme : Société par actions simplifiée. Adresse : Lieu Dit la Chevalière 81200 Mazamet. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
18/06/2012	Bodacc C	Comptes annuels et rapports
81 - TARN GREFFE DU TRIBUNAL DE COMMERCE DE CASTRES 13723 - 383907425 RCS. PRODUCTION LA PRADE. Forme : Société par actions simplifiée. Adresse : Lieu Dit la Chevalière 81200 Mazamet. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
06/02/2012	Bodacc C	Comptes annuels et rapports
81 - TARN GREFFE DU TRIBUNAL DE COMMERCE DE CASTRES 11446 - 383907425 RCS. PRODUCTION LA PRADE. Forme : Société par actions simplifiée. Adresse : Lieu Dit la Chevalière 81200 Mazamet. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
06/02/2012	Bodacc C	Comptes annuels et rapports
81 - TARN GREFFE DU TRIBUNAL DE COMMERCE DE CASTRES 11447 - 383907425 RCS. PRODUCTION LA PRADE. Forme : Société par actions simplifiée. Adresse : Lieu Dit la Chevalière 81200 Mazamet. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
23/10/2007	Bodacc B	Modifications et mutations diverses
4229 - RCS Castres B 383 907 425. RC 91-B 282. PRODUCTION LA PRADE. Forme : S.A.S. Adresse du siège social : lieudit La Chevalière,, 81200 Commentaires : modification survenue sur la forme juridique. Date d'effet : 16 août 2007.
08/01/2002	Bodacc B	Modifications et mutations diverses
RCS Castres B 383907425 RC 91-B 282 PRODUCTION LA PRADE. Forme : S.A.R.L. Capital : 1 360 000 euros. Adresse du siège social : lieudit La Chevalière, 81200 Mazamet. Commentaires : modification survenue sur le capital ( augmentation et conversion en euros). Date d'effet : 30 juin 2001.
28/09/1997	Bodacc B	Modifications et mutations diverses
RCS Castres B 383 907 425 RC 91-B 282 PRODUCTION LA PRADE. Forme : S.A.R.L. Capital : 8 500 000 F (fixe). Adresse du siège social : lieu-dit La Chavelière, 81200 Mazamet. Administration : nomination en qualité de commissaire aux comptes titulaire de TUDEL (Michel) en remplacement de RAOULT (Hugues) nomination en qualité de commissaire aux comptes suppléant de COURONNE ( Georges) en remplacement de FOURMENT ( Michel). Date d'effet : 27 juin 1997.
28/01/1995	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Castres B 383907425 RC 91-B 282 PRODUCTION LA PRADE. Forme : S.A.R.L. Capital : 50 000 F (fixe). Adresse : usine de la Prade, 81200 Mazamet. Commentaires : augmentation du capital d'une somme de 1 150 000 F, pour le porter de 50 000 F à 1 200 000 F augmentation du capital d'une somme de 7 300 000 F pour le porter de 1 200 000 F à 8 500 000 F, à compter du 7 novembre 1994 Nouvelle situation du siège social. Adresse : lieudit la Chevalière, 81200 Mazamet. Date d'effet : 15 novembre 1994.

Company events history

Date	Description
09/01/2014	Update Rating
09/01/2014	Update Limit
06/12/2013	Collection of preferential rights activated for this company
15/10/2013	Update Limit
15/10/2013	Update Rating
04/10/2013	New subsidiarie(s) detected
04/10/2013	New ultimate parent
04/10/2013	New parent detected
08/03/2013	Bodacc B: Various editing or changing
25/02/2013	Minutes of general meeting of shareholders
21/02/2013	Legal Gazette: Resignation / Revocation of the social representative
22/09/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
04/08/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
18/06/2012	Bodacc C : Deposit accounts notice
21/02/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
06/02/2012	Bodacc C : Deposit accounts notice
27/01/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
31/12/2009	New accounts available
22/09/2009	Payment incident closed
04/09/2009	Payment incident detected
16/07/2009	Payment incident closed
22/06/2009	Payment incident detected
31/12/2008	New accounts available
31/12/2007	New accounts available
27/09/2007	Acte modificatif
27/09/2007	Audit or Management Report
27/09/2007	Rapport des Commissaires ou du Gérant
27/09/2007	Updated articles of association
27/09/2007	Statuts mis à jour
27/09/2007	Minutes of general meeting of shareholders
27/09/2007	PV d'Assemblée
27/09/2007	Appointment/resignation of company officers
27/09/2007	Private document
27/09/2007	Changement de Forme Juridique avec changement de catégorie
27/09/2007	New legal form – no new category
16/08/2007	Update of Company Legal Form
16/08/2007	Other modification of Establishment (error correction)
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
18/12/2001	Augmentation de Capital
18/12/2001	Conversion du Capital Social en Euros
18/12/2001	PV d'Assemblée
18/12/2001	Statuts mis à jour
18/12/2001	Acte sous seing privé
05/08/1997	PV d'Assemblée
05/08/1997	Acte sous seing privé
05/08/1997	Changement de Commissaire aux Comptes
05/08/1997	Nomination/démission des organes de gestion
02/12/1994	Transfert du Siège dans le ressort du Tribunal de Commerce
02/12/1994	PV d'Assemblée
02/12/1994	Augmentation de Capital
11/05/1994	PV d'Assemblée
31/12/1991	Statuts
31/12/1991	Acte sous seing privé
31/12/1991	Formation de Société
31/12/1991	Déclaration de conformité

Establishment events history

Date	Description
22/02/2014	Update of phone numbers
05/10/2013	Update Rating
28/02/2013	Update Limit
22/09/2012	Update Limit
19/05/2012	Update of phone numbers
30/12/2009	Update Rating
22/09/2009	Update Rating
22/09/2009	Update Limit
21/09/2009	Update Rating
21/09/2009	Update Limit
16/07/2009	Update Rating
16/07/2009	Update Limit
08/07/2009	Update Rating
08/07/2009	Update Limit
06/06/2009	Update Limit
28/09/2008	Update Rating
22/02/2008	Update Rating
22/02/2008	Update Limit
10/12/2007	Update Limit
09/12/2007	Update Limit
08/10/2007	Update Limit
08/10/2007	Update Rating
16/08/2007	Modification of Head office

directors

Name	M. HERMEL JOSÉ ANDRÉ-CHARLES AUGUSTE
Manager position	Delegated managing director	Date of birth	01/02/1952
Place of birth	SANGATTE (62)
Type	Individual	Name at birth

Name	M. CORMOULS HOULES JACQUES
Manager position	President	Date of birth	15/06/1935
Place of birth	TOULOUSE (31)
Type	Individual	Name at birth

Name	M. CORMOULS HOULES NICOLAS
Manager position	Managing director	Date of birth	04/06/1961
Place of birth	TOULOUSE
Type	Individual	Name at birth

Name	M. IGON OLIVIER ALAIN
Manager position	Managing director	Date of birth	12/07/1961
Place of birth	PARIS 17 (75)
Type	Individual	Name at birth

Previous Directors

No data about previous directors is available for this company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.86
UK Pound	1	Rs.103.06
Euro	1	Rs.84.92

INFORMATION DETAILS

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.