MIRA INFORM REPORT

Report Date :

29.03.2014

IDENTIFICATION DETAILS

Name :	PRODUITS INDUSTRIELS LORRAINS SARL
Registered Office :	2 Bis Avenue De La Garenne 54000 Nancy
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	May 1984
Com. Reg. No.:	RCS Nancy 8 329 869 002
Legal Form :	Simplified Joint Stock Company with Single Associate
Line of Business :	· Engaged in developing, marketing and distributing devices spheroidal graphite cast iron (ductile iron) produced in the European and Asian smelters. · Wholesale trader of various industrial supplies and equipment
No. of Employees	10 (31.12.2010)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
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

REGISTERED NAME

Name	PRODUITS INDUSTRIELS LORRAINS SARL

Company summary

Activity (APE)	· Engaged in developing, marketing and distributing devices spheroidal graphite cast iron (ductile iron) produced in the European and Asian smelters. · Wholesale trader of various industrial supplies and equipment	EUR VAT Number	FR20329869002
		Legal form	Simplified Joint Stock Company with Single Associate
Phone	03 83 27 51 51	RCS Registration	RCS Nancy 8 329 869 002
Fax	03 83 28 61 34	Share capital	8,000 Euros
Headquarter Address	PRODUITS INDUSTRIELS LORRAINS SARL P.I.L. 2 bis avenue de la Garenne 54000 Nancy	Incorporated Date	05/1984
Nationality	France	Status	Economically active

Establishment details

Activity (APE)	· Engaged in developing, marketing and distributing devices spheroidal graphite cast iron (ductile iron) produced in the European and Asian smelters. · Wholesale trader of various industrial supplies and equipment	Business Pages FT®	NEGOCE DE MATERIAUX DE CONSTRUCTION
Postal Address	PRODUITS INDUSTRIELS LORRAINS SARL P.I.L. 2 B AV DE LA GARENNE 54000 NANCY	Trading Address	2 B AVENUE DE LA GARENNE 54000 NANCY
Telephone	03 83 27 51 51
Fax	03 83 28 61 34

DIRECTORS/MANAGEMENT

Current Directors

2

Directors

Name	M. AZOUTE DAVID
Manager position	President	Date of birth	15/09/1972
Place of birth	PARIS 12 (75)
Type	Individual	Name at birth

Name	M. VINCENT JACQUES
Manager position	Managing director	Date of birth	23/09/1963
Place of birth	BOULOGNE-BILLANCOURT (92)
Type	Individual	Name at birth

Manager position	Title and name	Date of Birth/Place of Birth
Manager	M PATRICK KATAN	- - -

NEGATIVE INFORMATION

No social security and tax office preferential right to date.

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	04/01/2008
Status of Monitoring	No social security and tax office preferential right to date

Recent publications in Gazettes

Publication date	Gazette Name	Description
10/06/2013	Bodacc C	Comptes annuels et rapports
54 - MEURTHE-ET-MOSELLE GREFFE DU TRIBUNAL DE COMMERCE DE NANCY 6688 - 329869002 RCS. PRODUITS INDUSTRIELS LORRAINS. Forme : Société par actions simplifiée à associé unique. Adresse : 2 Bis avenue de la Garenne 54000 Nancy. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
17/02/2012	Bodacc B	Modification et mutation diverse
54 - MEURTHE-ET-MOSELLE GREFFE DU TRIBUNAL DE COMMERCE DE NANCY 732 - 329 869 002 RCS Nancy. PRODUITS INDUSTRIELS LORRAINS. Forme : Société par actions simplifiée à associé unique. Administration : Président : AZOUTE David Directeur général : VINCENT Jacques Commissaire aux comptes titulaire : BLOIN Colette, Françoise Commissaire aux comptes suppléant : CRETIN Olivier. Activité : . Commentaires : Modification survenue sur l'administration.
06/02/2012	JAL	Resignation / Revocation of the social representative
Les Tablettes Lorraines des Sociétés et Petites Affiches de l’Est Réunies Date de décision : 29/12/2011 La société 329869002 - PRODUITS INDUSTRIELS LORRAINS SARL, 2 B AV DE LA GARENNE, 54000 NANCY Fait l'objet du départ de Monsieur Patrick KATAN, 2 Avenue de la Garenne, 54000, NANCY
06/02/2012	JAL	Appointment of the social representative
Les Tablettes Lorraines des Sociétés et Petites Affiches de l’Est Réunies Date de décision : 29/12/2011 Société faisant l'objet d'une nomination : 329869002 - PRODUITS INDUSTRIELS LORRAINS SARL, 2 B AV DE LA GARENNE, 54000 NANCY Nominé : Monsieur David AZOUTE, 75019 PARIS 19 En la fonction de : Président Nominé : Monsieur Jacques VINCENT, 75017 PARIS 17 En la fonction de : Directeur général
03/02/2012	Bodacc B	Modification et mutation diverse
54 - MEURTHE-ET-MOSELLE GREFFE DU TRIBUNAL DE COMMERCE DE NANCY 1073 - 329 869 002 RCS Nancy. PRODUITS INDUSTRIELS LORRAINS. Forme : Société par actions simplifiée à associé unique. Administration : Président : KATAN Patrick, Victor Commissaire aux comptes titulaire : BLOIN Colette, Françoise Commissaire aux comptes suppléant : CRETIN Olivier. Activité : . Commentaires : Modification survenue sur la forme juridique, l'administration.
26/12/2011	JAL	Resignation / Revocation of the social representative
Les Tablettes Lorraines des Sociétés et Petites Affiches de l’Est Réunies Date de décision : 28/12/2011 La société 329869002 - PRODUITS INDUSTRIELS LORRAINS SARL, 2 B AV DE LA GARENNE, 54000 NANCY Fait l'objet du départ de Monsieur Jean-Jacques KATAN, 2 Avenue de la Garenne, 54100 NANCY Date d'effet : 28/12/2011
03/10/2011	Bodacc C	Comptes annuels et rapports
54 - MEURTHE-ET-MOSELLE GREFFE DU TRIBUNAL DE COMMERCE DE NANCY 7722 - 329869002 RCS. PRODUITS INDUSTRIELS LORRAINS SARL. Forme : Société à responsabilité limitée. Adresse : 2B avenue de la Garenne 54000 Nancy. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
02/09/2010	Bodacc C	Comptes annuels et rapports
54 - MEURTHE-ET-MOSELLE GREFFE DU TRIBUNAL DE COMMERCE DE NANCY 8547 - 329869002 RCS. PRODUITS INDUSTRIELS LORRAINS SARL. Forme : Société à responsabilité limitée. Adresse : 2B avenue de la Garenne 54000 Nancy. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
16/09/2009	Bodacc C	Comptes annuels et rapports
54 - MEURTHE-ET-MOSELLE GREFFE DU TRIBUNAL DE COMMERCE DE NANCY 7371 - 329869002 RCS. PRODUITS INDUSTRIELS LORRAINS SARL. Forme : Société à responsabilité limitée. Adresse : 2B avenue de la Garenne 54000 Nancy. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
19/08/2008	Bodacc C	Comptes annuels et rapports
54 - MEURTHE-ET-MOSELLE GREFFE DU TRIBUNAL DE COMMERCE DE NANCY 7574 - 329869002 RCS. PRODUITS INDUSTRIELS LORRAINS SARL. Forme : Société à responsabilité limitée. Adresse : 2B avenue de la Garenne 54000 Nancy. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
02/11/2007	Bodacc C	Avis de dépôt des comptes
3331 - 329 869 002. RCS Nancy PRODUITS INDUSTRIELS LORRAINS SARL. Forme: Société à responsabilité limitée. Adresse du siège social: 2B avenue de la Garenne 54000 Nancy. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
03/10/2006	Bodacc C	Avis de dépôt des comptes
3271 - RCS Nancy B 329 869 002. RC 84-B 175. PRODUITS INDUSTRIELS LORRAINS SARL. Forme: S.A.R.L.. Adresse du siège social: 2B avenue de la Garenne,54000 Nancy. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
08/09/2006	Bodacc B	Modifications et mutations diverses
1285 - RCS Nancy 329 869 002. RC 84-B 175. PRODUITS INDUSTRIELS LORRAINS S.A.R.L. Forme : S.A.R.L. Capital : 8 000 euros. Adresse du siège social : 2 B avenue de la Garenne,, 54000 Administration : ancien commissaire aux comptes suppléant : SEMPIANA (Daniel, Michel, Ferdinand). Nouveau commissaire aux comptes suppléant : CRETIN (Olivier). Date d'effet : 14 juin 2006.
26/11/2005	Bodacc C	Avis de dépôt des comptes
2992 - RCS Nancy B 329 869 002. RC 84-B 175. PRODUITS INDUSTRIELS LORRAINS SARL. Forme: S.A.R.L.. Adresse du siège social: 2B avenue de la Garenne,54000 Nancy. Comptes annuels et rapports de l'exercice clos le: 30 avril 2005.
21/12/2001	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Nancy 329869002 RC 84-B 0175 PRODUITS INDUSTRIELS LORRAINS S.A.R.L. Forme : S.A. R.L. Capital : 50 000 F. Adresse : 2 bis avenue de la Garenne, 54000 Nancy Nouvelle situation du siège social. Capital : 8 000 euros. Date d'effet : 23 octobre 2001.
29/11/1997	Bodacc B	Modifications et mutations diverses
RCS Nancy B 329 869 002 RC 84-B 0175 PRODUITS INDUSTRIELS LORRAINS S.A.R.L. Forme : S.A.R.L. Capital : 50 000 F. Adresse du siège social : 2 bis avenue de la Garenne 54000 Nancy Etablissement principal: Enseigne : P.I.L. Adresse : 2 bis avenue de la Garenne 54000 Nancy. Commentaires : adjonction d'une enseigne. Date d'effet : 1er octobre 1997.

SHARE & SHARE CAPITAL INFORMATION

Shareholders

No Shareholders available for this company

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

No group information available for the company.

Linkages

Linkages

No Linkages information available for the company

FINANCIAL INFORMATION

Trading to Date	12/31/2011	12/31/2010	12/31/2009
Turnover	13,803,759 €	14,975,481 €	17,263,877 €
Gross Operating Surplus	27,33 % Turnover	22,21 % Turnover	18,44 % Turnover
Shareholders’ equity	9,358,047 €	13,939,354 €	12,734,950 €
Net result	2,418,692 €	2,024,404 €	1,855,274 €
Employees	10 (31.12.2010)	-	-

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2011	31/12/2010	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	16/05/2013	21/09/2011	21/07/2010
Activity Code	4669B	4669B	4669B
Employees	0	10	10

Active account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	214 429	-15,9%	254 909	-14,5%	298 000	30 600	600,7%
- Intangible assets	0	0%	0	0%	0	0	0%
- Tangible assets	212 143	-16,0%	252 622	-14,6%	295 713	12 977	1534,8%
- Financial assets	2 287	0%	2 287	0%	2 287	1 840	24,3%
Net current assets	11 676 057	-26,3%	15 852 550	9,6%	14 468 164	415 473	2710,3%
- Stocks	6 366 161	36,8%	4 654 840	-36,3%	7 312 460	50 972	12389,5%
- Advanced payments	767 304	-26,3%	0	0%	0	0	0%
- Receivables	2 037 679	36,3%	1 494 655	-47,2%	2 830 860	204 134	898,2%
- Securities and cash	2 504 913	-74,2%	9 703 055	124,4%	4 324 844	63 058	3872,4%
- Prepaid expenses	-	-	-	-	-	198,50	-
Accounts of regularization	0	0%	1 400	0%	0	0	0%
Total Assets	11 890 487	-26,2%	16 108 861	9,1%	14 766 162	490 028	2326,5%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	9 358 047	-32,9%	13 939 354	9,5%	12 734 950	159 262	5775,9%
Share capital	8 000	0%	8 000	0%	8 000	36 000	-77,8%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	7 283	-88,1%	61 400	-76,9%	265 800	0	0%
Liabilities	2 477 877	17,5%	2 108 106	19,4%	1 765 411	278 710	789,1%
- Financial liabilities	1 311 769	34,4%	976 250	12,1%	870 933	20 536	6287,7%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	346 324	10,7%	312 827	-17,3%	378 065	112 335	208,3%
- Tax and social liabilities	730 647	12,9%	647 300	67,2%	387 235	76 265	858,0%
- Other debts and fixed assets liabilities	136 416	-20,6%	171 729	32,9%	129 179	4 488	2939,6%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	11 890 487	-26,2%	16 108 861	9,1%	14 766 162	490 027	2326,5%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	13 981 950	-7,8%	15 158 298	-13,1%	17 444 597	843 638	1557,3%
Net turnover	13 803 759	-7,8%	14 975 481	-13,3%	17 263 877	827 961	1567,2%
- of which net export turnover	0	0%	13 695	0%	0	0	0%
Operating charges	10 281 303	-15,0%	12 091 614	-17,0%	14 574 622	802 589	1181,0%
Operating profit/loss	3 700 647	20,7%	3 066 684	6,9%	2 869 975	29 382	12494,9%
Financial income	114 404	143,4%	46 998	648,9%	6 276	159	71852,2%
Financial charges	140 463	123,5%	62 839	-6,8%	67 433	1 504	9239,3%
Financial profit/loss	-26 059	-64,5%	-15 841	74,1%	-61 157	-243	-10623,9%
Pretax net operating income	3 674 588	20,4%	3 050 843	8,6%	2 808 818	27 896	13072,5%
Extraordinary income	10 840	-95,5%	243 300	10037,5%	2 400	214	4965,4%
Extraordinary charges	10 541	-95,5%	231 854	386323,3%	60	315	3246,3%
Extraordinary profit/loss	299	-97,4%	11 446	389,1%	2 340	0	0%
Net result	2 418 692	19,5%	2 024 404	9,1%	1 855 274	23 884	10026,8%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2011	31/12/2010	31/12/2009
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2011		31/12/2010		31/12/2009
	Grand Total (I to VI)	Net	11 890 487	-26,2%	16 108 861	9,1%	14 766 162
	Gross	CO	12 847 619	-24,7%	17 065 164	8,3%	15 752 487
	Amortisation	1A	957 132	0,1%	956 303	-3,0%	986 325

Non declared distributed capital (I)

		31/12/2011		31/12/2010		31/12/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/12/2011		31/12/2010		31/12/2009
	Total Active fixed asset (II)	Net	214 429	-15,9%	254 909	-14,5%	298 000
	Gross	BJ	1 105 329	0,6%	1 098 335	-3,8%	1 141 445
	Amortisation	BK	890 900	5,6%	843 426	0,0%	843 445

Intangilble fixed assets

			31/12/2011		31/12/2010		31/12/2009
	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	0	0%	0	0%	0
	Gross	AF	26 628	0%	26 628	0%	26 628
	Amortisation	AG	26 628	0%	26 628	0%	26 628
	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

Tangilble fixed assets

			31/12/2011		31/12/2010		31/12/2009
	Lands	Net	102 402	-4,5%	107 189	-4,9%	112 686
	Gross	AN	218 227	0%	218 227	0%	218 227
	Amortisation	AO	115 826	4,3%	111 038	5,2%	105 541
	Buildings	Net	0	0%	3 774	-57,2%	8 825
	Gross	AP	110 840	0%	110 840	0%	110 840
	Amortisation	AQ	110 840	3,5%	107 066	5,0%	102 015
	Plant	Net	83 734	-19,6%	104 203	-1,9%	106 168
	Gross	AR	186 664	4,2%	179 055	-19,3%	221 799
	Amortisation	AS	102 930	37,5%	74 852	-35,3%	115 631
	Other tangible fixed assets	Net	26 007	-30,6%	37 456	-44,9%	68 034
	Gross	AT	560 683	-0,1%	561 298	-0,1%	561 664
	Amortisation	AU	534 676	2,1%	523 842	6,1%	493 630
	Fixed assets in construction	Net	0	0%	0	0%	0
	Gross	AV	0	0%	0	0%	0
	Amortisation	AW	0	0%	0	0%	0
	Advances and payments on account	Net	0	0%	0	0%	0
	Gross	AX	0	0%	0	0%	0
	Amortisation	AY	0	0%	0	0%	0
	Sub Total Tangible asset	Net	212 143		252 622		295 713

Financial assets

			31/12/2011		31/12/2010		31/12/2009
	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	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	2 287	0%	2 287	0%	2 287
	Gross	BH	2 287	0%	2 287	0%	2 287
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		2 287		2 287		2 287

Current Assets (III)

			31/12/2011		31/12/2010		31/12/2009
	Total Assets	Net	11 676 057	-26,3%	15 852 550	9,6%	14 468 164
	Gross	CJ	11 742 290	-26,5%	15 965 428	9,3%	14 611 043
	Amortisation	CK	66 233	-41,3%	112 878	-21,0%	142 879

Stocks

			31/12/2011		31/12/2010		31/12/2009
	Raw materials	Net	0	0%	0	0%	0
	Gross	BL	0	0%	0	0%	0
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	0	0%	0	0%	0
	Gross	BR	0	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	6 366 161	36,8%	4 654 840	-36,3%	7 312 460
	Gross	BT	6 432 394	34,9%	4 767 718	-36,0%	7 455 339
	Amortisation	BU	66 233	-41,3%	112 878	-21,0%	142 879
	Sub Total Stocks	Net	6 366 161	36,8%	4 654 840	-36,3%	7 312 460

Advance payments to suppliers

			31/12/2011		31/12/2010		31/12/2009
	Advance payments to suppliers	Net	767 304	0%	0	0%	0
	Gross	BV	767 304	0%	0	0%	0
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2011		31/12/2010		31/12/2009
	Trade accounts receivable	Net	805 285	0,1%	804 725	-66,1%	2 374 623
	Gross	BX	805 285	0,1%	804 725	-66,1%	2 374 623
	Amortisation	BY	0	0%	0	0%	0
	Other debtors	Net	1 225 105	96,2%	624 288	99,5%	312 911
	Gross	BZ	1 225 105	96,2%	624 288	99,5%	312 911
	Amortisation	CA	0	0%	0	0%	0
	Capital subscribed and called up	Net	0	0%	0	0%	0
	Gross	CB	0	0%	0	0%	0
	Amortisation	CC	0	0%	0	0%	0
	Sub Total Debtors	Net	2 030 390	42,1%	1 429 013	-46,8%	2 687 534

Divers

			31/12/2011		31/12/2010		31/12/2009
	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	2 504 913	-74,2%	9 703 055	124,4%	4 324 844
	Gross	CF	2 504 913	-74,2%	9 703 055	124,4%	4 324 844
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	2 504 913	-74,2%	9 703 055	124,4%	4 324 844

Prepaid expenses

			31/12/2011		31/12/2010		31/12/2009
	Prepaid expenses	Net	7 289	-88,9%	65 642	-54,2%	143 326
	Gross	CH	7 289	-88,9%	65 642	-54,2%	143 326
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2011		31/12/2010		31/12/2009
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	0	0%	1 400	0%	0
Gross		0	0%	1 400	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
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)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to V)	EE	11 890 487	-26,2%	16 108 861	9,1%	14 766 162

Shareholder Equity (I)

			31/12/2011		31/12/2010		31/12/2009
	Total shareholders' equity (Total I)	DL	9 358 047	-32,9%	13 939 354	9,5%	12 734 950
	Equity and shareholders' equity	DA	8 000	0%	8 000	0%	8 000
	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	800	0%	800	0%	800
	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	6 930 554	-41,8%	11 906 151	9,5%	10 870 876
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	0	0%	0	0%	0
	Profit or loss for the period	DI	2 418 692	19,5%	2 024 404	9,1%	1 855 274
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/12/2011		31/12/2010		31/12/2009
	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)

			31/12/2011		31/12/2010		31/12/2009
	Total provisions for risks and charges (Total III)	DR	7 283	-88,1%	61 400	-76,9%	265 800
	Risk provisions	DP	7 283	-88,1%	61 400	-76,9%	265 800
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2011		31/12/2010		31/12/2009
	Total Liabilities (Total IV)	EC	2 477 877	17,5%	2 108 106	19,4%	1 765 411
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	580	0%	0	0%	0
	Sundry loans and financial liabilities	DV	1 311 189	34,3%	976 250	12,1%	870 933
	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	346 324	10,7%	312 827	-17,3%	378 065
	Tax and social security liabilities	DY	730 647	12,9%	647 300	67,2%	387 235
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	89 137	-48,1%	171 729	32,9%	129 179

Translation loss (V)

		31/12/2011		31/12/2010		31/12/2009
Translation loss (Total V)	ED	47 279	0%	0	0%	0

Equalization accounts

		31/12/2011		31/12/2010		31/12/2009
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	2 411 877	14,4%	2 108 106	19,4%	1 765 411
Of which current bank facilities	EH	580	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Other incomes tax return forms
Reserve for depreciation | Provisions included in balance sheet | State deadlines claims and debts at the end of period
Table allocation results and other information

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/12/2011		31/12/2010		31/12/2009
	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	29 845	-75,2%	120 549	315,8%	28 995
	Gross value at the end of period	OL	1 105 329	0,6%	1 098 335	-3,8%	1 141 444

Research and development Charge (Total I)

			31/12/2011		31/12/2010		31/12/2009
	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)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	KD	26 628	0%	26 628	0%	26 628
	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	26 628	0%	26 628	0%	26 628

Tangible fixed assets (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LN	1 069 421	-3,9%	1 112 530	2,3%	1 087 799
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	36 839	-52,4%	77 440	44,1%	53 726
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	29 845	-75,2%	120 549	315,8%	28 995
	Gross value at the end of period	NH	1 076 415	0,7%	1 069 421	-3,9%	1 112 530

Financial assets (Total IV)

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	LQ	2 287	0%	2 287	0%	2 287
	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	2 287	0%	2 287	0%	2 287

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

			31/12/2011		31/12/2010		31/12/2009
	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)

			31/12/2011		31/12/2010		31/12/2009
	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)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	PE	26 628	0%	26 628	0%	26 628
Increases		PF	0	0%	0	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	26 628	0%	26 628	0%	26 628

Total fixed assets amotisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	816 797	0,0%	816 817	16,0%	703 952
Increases		QV	77 319	-35,8%	120 528	-15,0%	141 860
Decreases		QW	29 845	-75,2%	120 549	315,8%	28 995
	Decreasess by budget item transfer	QX	864 271	5,8%	816 796	0,0%	816 817

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2011		31/12/2010		31/12/2009
	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
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/12/2011		31/12/2010		31/12/2009
	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)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7C	174 278	-57,4%	408 679	2,3%	399 460
Increases		UB	73 516	-57,8%	174 278	5,4%	165 379
Decreases		UC	174 278	-57,4%	408 679	161,7%	156 160
	Value at the end of period	UD	73 516	-57,8%	174 278	-57,4%	408 679

Includes Total allocations

Operating	UE	73 516	-55,1%	163 878	-0,9%	165 379
Financial	UG	0	0%	1 400	0%	0
Exceptional	UJ	0	0%	9 000	0%	0

Includes Total Withdrawal

Operating	UF	163 878	-0,9%	165 379	5,9%	156 160
Financial	UH	1 400	0%	0	0%	0
Exceptional	UK	9 000	-96,3%	243 300	0%	0

Total regulated provisions (Total I)

			31/12/2011		31/12/2010		31/12/2009
	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)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	5Z	61 400	-76,9%	265 800	-3,4%	275 040
Increases		TV	7 283	-88,1%	61 400	172,9%	22 500
Decreases		TW	61 400	-76,9%	265 800	737,4%	31 740
	Value at the end of period	TX	7 283	-88,1%	61 400	-76,9%	265 800

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at begining of period	7B	112 878	-21,0%	142 879	14,8%	124 420
Increases		TY	66 233	-41,3%	112 878	-21,0%	142 879
Decreases		TZ	112 878	-21,0%	142 879	14,8%	124 420
	Value at the end of period	UA	66 233	-41,3%	112 878	-21,0%	142 879

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	2 039 965	36,3%	1 496 942	-47,2%	2 833 147
1 year at most	VU	2 037 678	36,3%	1 494 655	-47,2%	2 830 860
More than one year	VV	2 287	0%	2 287	0%	2 287

State of loans

		31/12/2011		31/12/2010		31/12/2009
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%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	2 287	0%	2 287	0%	2 287
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	805 285	0,1%	804 725	-66,1%	2 374 623
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	457	0%	457	0%	457
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	57 355	23,4%	46 461	3,3%	44 983
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	1 167 293	102,2%	577 369	115,9%	267 471

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	7 289	-88,9%	65 642	-54,2%	143 326

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	2 477 877	17,5%	2 108 106	19,4%	1 765 411
1 year at most		VZ2	2 477 877	17,5%	2 108 106	19,4%	1 765 411
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2011		31/12/2010		31/12/2009
	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	580	0%	0	0%	0
1 year at most		VG2	580	0%	0	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%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	1 311 189	0%	0	0%	0
1 year at most		8A2	1 311 189	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	346 324	10,7%	312 827	-17,3%	378 065
1 year at most		8B2	346 324	10,7%	312 827	-17,3%	378 065
More than 1 year and 5 years at most		8B3	346 324	10,7%	312 827	-17,3%	378 065
	Personnel and associated accounts (gross)	8C1	25 956	-83,4%	156 784	-5,8%	166 450
1 year at most		8C2	25 956	-83,4%	156 784	-5,8%	166 450
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	111 492	-0,3%	111 786	12,0%	99 809
1 year at most		8D2	111 492	-0,3%	111 786	12,0%	99 809
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	218 310	166,2%	82 001	42,1%	57 691
1 year at most		8E2	218 310	166,2%	82 001	42,1%	57 691
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	331 946	656,0%	43 911	94,7%	22 555
1 year at most		VW2	331 946	656,0%	43 911	94,7%	22 555
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	42 943	-83,0%	252 818	520,7%	40 730
1 year at most		VQ2	42 943	-83,0%	252 818	520,7%	40 730
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%	976 250	12,1%	870 933
1 year at most		VI2	0	0%	976 250	12,1%	870 933
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	89 134	-48,1%	171 729	32,9%	129 179
1 year at most		8K2	89 134	-48,1%	171 729	32,9%	129 179
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2011		31/12/2010		31/12/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2011		31/12/2010		31/12/2009
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

		31/12/2011		31/12/2010		31/12/2009
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

		31/12/2011		31/12/2010		31/12/2009
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

		31/12/2011		31/12/2010		31/12/2009
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

		31/12/2011		31/12/2010		31/12/2009
Average number of employees	YP	0	0%	10	0%	10

Groups and Shareholders

		31/12/2011		31/12/2010		31/12/2009
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

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Fixed Asset Financing		10,47	-27,3%	14,40	11,7%	12,89	3,06	242,2%
Global Debt		65 days	27,5%	51 days	37,8%	37 days	107 days	-39,3%
Working Capital Fund overall net		273 days	-22,9%	354 days	25,1%	283 days	72 days	279,2%
Financial independence		1613456,38%	-	%	-	%	772,27%	208823,9%
More ratios
Solvability		78,70%	-9,0%	86,53%	0,3%	86,24%	38,74%	103,1%
Capacity debt futures		1613456,38%	-	%	-	%	2122,03%	75933,6%
Coverage of current assets by net working capital overall		89,15%	-3,7%	92,59%	-1,3%	93,82%	43,99%	102,7%
General Liquidity		0,82	15,5%	0,71	-55,6%	1,60	0,88	-6,8%
Restricted Liquidity		1,83	-65,5%	5,31	31,1%	4,05	1,29	41,9%

Management or rotation

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital		209 days	75,6%	119 days	-37,4%	190 days	33 days	533,3%
Treasury		65 days	-72,1%	233 days	158,9%	90 days	17 days	282,4%
Inventory turnover of goods		291 days	62,6%	179 days	-21,1%	227 days	51 days	470,6%
Average length of credit granted to customers		21 days	10,5%	19 days	-62,0%	50 days	71 days	-70,4%
Average length of credit obtained suppliers		14 days	40,0%	10 days	0%	10 days	64 days	-78,1%
More ratios
Inventory turnover of raw materials in industrial enterprises		0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	1134,50 days	-
Rotation tangible assets		1282,38%	-8,4%	1400,34%	-9,8%	1551,77%	1603,37%	-20,0%

Profitability of the business

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading		42,25%	18,0%	35,81%	14,5%	31,28	26,85%	57,4%
Profitability of the business		27,33	23,1%	22,21	20,4%	18,44	4,68%	484,0%
Net profit		17,52%	29,6%	13,52%	25,8%	10,75%	2,94%	495,9%
More ratios
Growth rate of turnover (excluding VAT)		-7,82%	41,0%	-13,26%	10,3%	-14,78%	7,87%	-199,4%
Rates integration		33,24%	21,7%	27,32%	19,1%	22,93%	24,93%	33,3%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		14,66%	-5,6%	15,53%	-4,7%	16,29%	71,77%	-79,6%
Weight interests		1,02	142,9%	0,42%	7,7%	0,39%	0,18%	466,7%

Return on capital

		31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability		16,82%	44,3%	11,66%	9,5%	10,65%	3,63%	363,4%
Rates of economic profitability		35%	59,1%	22%	-4,3%	23%	18%	94,4%
Financial profitability		9358047%	-32,9%	13939354%	9,5%	12734950%	144702,50%	6367,1%
Return on investment		23,98%	71,4%	13,99%	-1,0%	14,13%	12,89%	86,0%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Turnover	13 803 759	-7,8%	14 975 481	-13,3%	17 263 877	827 961 €	1567,2%

Sales of goods	13 790 765	-7,8%	14 961 607	-13,2%	17 240 677
- Purchase of goods	9 622 730	39,2%	6 911 001	19,7%	5 773 660
+/- Stock of goods variation	-1 664 676	-161,9%	2 687 621	-55,7%	6 067 540
Trading margin	5 832 711 €	8,8%	5 362 985 €	-0,7%	5 399 477 €	175 820 €	3217,4%
	42,25 % CA	18,0%	35,81 % CA	14,5%	31,28 % CA	27,58 % CA	53,2%

Sale of goods produced	12 994	-6,3%	13 874	-40,2%	23 200
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	12 994 €	-6,3%	13 874 €	-40,2%	23 200 €	71 375 €	-81,8%
	0,09 % CA	0%	0,09 % CA	-30,8%	0,13 % CA	9,76 % CA	-99,1%

Trading margin	5 832 711	8,8%	5 362 985	-0,7%	5 399 477	175 820	3217,4%
+ Period Production	12 994	-6,3%	13 874	-40,2%	23 200	71 375	-81,8%
- Purchase of raw materials	20 037	33,6%	15 002	-27,5%	20 692
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	1 237 027	-2,6%	1 270 214	-12,0%	1 444 103
Added value	4 588 641 €	12,1%	4 091 643 €	3,4%	3 957 882 €	213 879 €	2045,4%
	33,24 % CA	21,7%	27,32 % CA	19,1%	22,93 % CA	24,93 % CA	33,3%

Added value	4 588 641 €	12,1%	4 091 643 €	3,4%	3 957 882 €	213 879 €	2045,4%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	142 829	9,2%	130 736	0,3%	130 300
- Personal charges	672 567	5,8%	635 500	-1,4%	644 789
Gross operating surplus	3 773 245 €	13,5%	3 325 407 €	4,5%	3 182 793 €	35 751 €	10454,2%
	27,33 % CA	23,1%	22,21 % CA	20,4%	18,44 % CA	4,68 % CA	484,0%

Gross operating surplus	3 773 245 €	13,5%	3 325 407 €	4,5%	3 182 793 €	35 751 €	10454,2%
+ Release of reserves and provisions	166 842	-4,2%	174 107	1,9%	170 810
+ Other operating income	11 349	30,3%	8 710	-12,1%	9 910
- Depreciation/Amortisation	150 835	-46,8%	283 494	-7,7%	307 239
- Other charges	99 954	-36,8%	158 045	-15,2%	186 299
Operating result	3 700 647 €	20,7%	3 066 685 €	6,9%	2 869 975 €	29 409 €	12483,4%
	26,81 % CA	30,9%	20,48 % CA	23,2%	16,62 % CA	3,78 % CA	609,3%

Operating result	3 700 647 €	20,7%	3 066 685 €	6,9%	2 869 975 €	29 409 €	12483,4%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	114 404	143,4%	46 998	648,9%	6 276
- Financial charges	140 463	123,5%	62 839	-6,8%	67 433
Pre-tax result	3 674 588 €	20,4%	3 050 844 €	8,6%	2 808 818 €	27 877 €	13081,4%
	26,62 % CA	30,7%	20,37 % CA	25,2%	16,27 % CA	3,65 % CA	629,3%

Extraordinary income	10 840	-95,5%	243 300	10037,5%	2 400	214	4965,4%
- Extraordinary charges	10 541	-95,5%	231 854	386323,3%	60
Extraordinary result	299 €	-97,4%	11 446 €	389,1%	2 340 €	0 €	0%
	0,00 % CA	0%	0,08 % CA	700%	0 % CA	0 % CA	0%

Pre-tax result	3 674 588 €	20,4%	3 050 844 €	8,6%	2 808 818 €	27 877 €	13081,4%
Extraordinary result	299 €	-97,4%	11 446 €	389,1%	2 340 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	1 256 195	21,0%	1 037 885	8,6%	955 884
Net result	2 418 692 €	19,5%	2 024 405 €	9,1%	1 855 274 €	23 900 €	10020,1%
	17,52 % CA	29,6%	13,52 % CA	25,8%	10,75 % CA	2,94 % CA	495,9%

ADDITIONAL INFORMATION

 Trends

Profitability

Liquidity

Net worth

Company details

Company details

Activity (APE)	· Engaged in developing, marketing and distributing devices spheroidal graphite cast iron (ductile iron) produced in the European and Asian smelters. · Wholesale trader of various industrial supplies and equipment
RCS Registration	RCS Nancy 8 329 869 002	Share capital	8,000 Euros
Registration Court	Nancy (54)	Legal form	Simplified Joint Stock Company with Single Associate
Court Registry Number	19 8 4B00175	EUR VAT Number	FR20329869002
Incorporation Date	05/1984	Formation Date1	05/1984
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Type	Head office	Status	Economically active
	Formation Date	05/1984	Reason for formation	Formation
	Closure Date		Reason for closure
	Reactivation Date		Production Role
	Activity Nature	-	Activity Location	Store
	Location surface	From 300 m² to less than 400 m²	Seasonality

Department	Meurthe-et-Moselle (54)	Region	Lorraine
District	3	Area	98
City	NANCY	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

Other establishments

Branches	3 branch entities in this company
Head office	> PRODUITS INDUSTRIELS LORRAINS SARL <<<  - Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers (4669B)  in NANCY  (54000)
Secondary establishments	>  PRODUITS INDUSTRIELS LORRAINS SARL  - Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers (4669B)  in CANNES  (06400) >  PRODUITS INDUSTRIELS LORRAINS SARL  - Commerce de gros (commerce interentreprises) de fournitures et équipements industriels divers (4669B)  in CUSTINES  (54670)

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

Workforces

Workforce at address

1 or 2 employees

Company workforce

10 (31.12.2010)

Event history

Status history

No Status History

Company events history

Date	Description
15/10/2013	Update Limit
15/10/2013	Update Rating
10/06/2013	Bodacc C : Deposit accounts notice
17/05/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
18/02/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
17/02/2012	Bodacc B: Various editing or changing
06/02/2012	Legal Gazette: Resignation / Revocation of the social representative
06/02/2012	Amendment
06/02/2012	New chairman (CEO, CoB)
03/02/2012	Bodacc B: Various editing or changing
25/01/2012	Updated articles of association
25/01/2012	Minutes of general meeting of shareholders
25/01/2012	Change to corporate purpose
31/12/2011	New accounts available
29/12/2011	Legal Gazette: Appointment of the social representative
28/12/2011	Other modification of Establishment (error correction)
28/12/2011	Update of Company Legal Form
26/12/2011	Legal Gazette: Resignation / Revocation of the social representative
20/12/2011	Audit or Management Report
03/10/2011	Bodacc C : Deposit accounts notice
31/12/2010	New accounts available
02/09/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
16/09/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
19/08/2008	Bodacc C : Deposit accounts notice
04/01/2008	Collection of preferential rights activated for this company
31/12/2007	New accounts available
31/12/2006	New accounts available
18/08/2006	Appointment/resignation of company officers
18/08/2006	New auditor
18/08/2006	Private document
18/08/2006	Appointment/resignation of company officers
18/08/2006	Minutes of general meeting of shareholders
18/08/2006	Minutes of general meeting of shareholders
18/08/2006	Changement de Commissaire aux Comptes
18/08/2006	New auditor
18/08/2006	Private document
10/01/2006	New closing date
10/01/2006	New closing date
10/01/2006	Private document
10/01/2006	Private document
10/01/2006	PV d'Assemblée
10/01/2006	Minutes of general meeting of shareholders
10/01/2006	Minutes of general meeting of shareholders
10/01/2006	Statuts mis à jour
10/01/2006	Updated articles of association
10/01/2006	Updated articles of association
10/01/2006	Changement de date de clôture
31/12/2005	New accounts available
30/04/2005	New accounts available
30/04/2004	New accounts available
30/04/2003	New accounts available
16/11/2001	Acte modificatif
16/11/2001	Statuts mis à jour
16/11/2001	PV d'Assemblée
16/11/2001	Acte sous seing privé
16/11/2001	Conversion du Capital Social en Euros
16/11/2001	Augmentation de Capital

Establishment events history

Date	Description
19/10/2013	Update Limit
19/10/2013	Update Rating
17/05/2013	Update Rating
17/05/2013	Update Limit
06/01/2013	Update Rating
06/01/2013	Update Limit
01/09/2012	Update Rating
20/02/2012	Update Limit
18/02/2012	Update Rating
21/01/2012	Update Rating
05/01/2012	Update Rating
28/12/2011	Modification of Head office
17/11/2011	Update Limit
17/11/2011	Update Rating
09/09/2011	Update Rating
23/07/2010	Update Limit
30/12/2009	Update Rating
03/09/2009	Update Limit
06/12/2008	Update Rating
25/08/2008	Update Limit
16/12/2007	Update Limit
10/12/2007	Update Limit
08/12/2007	Update Limit
04/09/2007	Update Limit
11/04/2007	Update Limit
25/01/2007	Update Limit
25/01/2007	Update Rating

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.09
UK Pound	1	Rs.99.85
Euro	1	Rs.82.58

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.