MIRA INFORM REPORT

Report Date :

02.05.2014

IDENTIFICATION DETAILS

Name :	COP'COPINE
Registered Office :	Nexoo Est 8 Avenue De Metz Et 41 Av Gaston Roussel 93230 Romainville
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	February 2008
Com. Reg. No.:	0 502 419 062
Legal Form :	Limited Liability Company
Line of Business :	Retail sale of clothing in specialized stores
No. of Employees	20 to 49

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

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

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

FRANCE ECONOMIC OVERVIEW

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

Source : CIA

Company name and address

REGISTERED NAME & COMPANY SUMMARY

company summary

Trade name	COP'COPINE
EUR VAT Number	FR00502419062
Activity (APE)	Retail sale of clothing in specialized stores	Legal form	Limited Liability Company
Phone		RCS Registration	RCS Bobigny 0 502 419 062
Fax		Share capital	100,000 Euros
Address	NEXOO EST 8 AVENUE DE METZ ET 41 AV GASTON ROUSSEL 93230 ROMAINVILLE	Incorporated Date	02/2008
Nationality	France	Status	Economically active

Trading to Date	12/31/2012	12/31/2011	12/31/2010
Turnover	4,518,601 €	2,982,676 €	1,479,292 €
Gross Operating Surplus	21,02 % Turnover	21,68 % Turnover	25,79 % Turnover
Shareholders’ equity	1,192,744 €	685,577 €	366,104 €
Net result	507,167 €	319,472 €	184,356 €
Employees	20 to 49 employees	-	-

Company details

Activity (APE)	Retail sale of clothing in specialized stores
RCS Registration	RCS Bobigny 0 502 419 062	Share capital	100,000 Euros
Registration Court	Bobigny (93)	Legal form	Limited Liability Company
Court Registry Number	20 0 8B00934	EUR VAT Number	FR00502419062
Incorporation Date	02/2008	Formation Date	06/2008
Deregistration Date		Last account Date	31/12/2012
Nationality	France

Establishment details

Trade name	COP'COPINE
Activity (APE)	Retail sale of clothing in specialized stores	Business Pages FT®
Postal Address	NEXOO EST 8 AVENUE DE METZ ET 41 AV GASTON ROUSSEL 93230 ROMAINVILLE	Trading Address	41 AVENUE GASTON ROUSSEL 93230 ROMAINVILLE
Telephone
Fax

Type	Head office	Status	Economically active
Formation Date	02/2008	Reason for formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Seine-Saint-Denis (93)	Region	Ile-de-France
District		Area
City	ROMAINVILLE	Size of urban area

Other establishments

Branches	9 branch entities in this company
Head office	> Retail sale of clothing in specialized stores
Secondary establishments	>  Retail sale of clothing in specialized stores > ...

Regionality	Legal unit with multiple establishments in many areas but no one grouping more than 50% of workforce
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

Workforce unknown

Company workforce

20 to 49 employees

DIRECTORS/MANAGEMENT

Current Directors

2

directors

Name	M. NEDELIAN ALAIN
Manager position	Manager	Date of birth	14/04/1951
Place of birth	ST MAURICE
Type	Individual	Name at birth

Name	M. SUID XAVIER
Manager position	Manager	Date of birth	23/11/1978
Place of birth	QUIMPER
Type	Individual	Name at birth

Previous Directors

View the directors history for this company
If you want to view the directors history, please click on the link view details.

Manager position	Title and name	Date of Birth/Place of Birth
Manager	M ALAIN NEDELIAN	- - -
Manager	M ALAIN NEDELIAN	14/04/1951 - ST MAURICE
Manager	M XAVIER SUID	- - -
Manager	M XAVIER SUID	23/11/1978 - QUIMPER
Manager	M ALAIN NEDELIAN	14/04/1951 - ST MAURICE

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Shareholders

No Shareholders available for this company

PAYMENT INFORMATION

Na

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

Group Structure

No group information available for the company

FINANCIAL INFORMATION

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2012	31/12/2011	31/12/2010
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	26/08/2013	31/08/2012	17/08/2011
Activity Code	4771Z	4771Z	4771Z
Employees	0	0	0

Active account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	3 206 580	14,6%	2 797 742	46,9%	1 904 608	77 138,50	4056,9%
- Intangible assets	2 007 353	18,9%	1 688 190	27,1%	1 327 880	43 445,50	4520,4%
- Tangible assets	1 080 564	6,1%	1 018 308	92,6%	528 769	11 133	9606,0%
- Financial assets	118 663	30,1%	91 244	90,3%	47 959	1 681	6959,1%
Net current assets	1 381 459	257,3%	386 604	-8,7%	423 422	92 446,50	1394,3%
- Stocks	575 751	109,3%	275 063	100,2%	137 395	41 539	1286,0%
- Advanced payments	0	257,3%	0	0%	0	0	0%
- Receivables	584 141	481,1%	100 517	29,0%	77 916	7 964,50	7234,3%
- Securities and cash	221 567	1910,0%	11 023	-94,7%	208 111	14 331	1446,1%
- Prepaid expenses	-	-	-	-	-	385	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	4 588 042	44,1%	3 184 346	36,8%	2 328 032	194 365	2260,5%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Shareholders' equity	1 192 744	74,0%	685 577	87,3%	366 104	40 463,50	2847,7%
Share capital	100 000	0%	100 000	0%	100 000	8 000	1150,0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	3 395 293	35,9%	2 498 766	27,4%	1 961 926	128 545,50	2541,3%
- Financial liabilities	1 448 764	-7,3%	1 562 272	32,5%	1 179 449	42 254	3328,7%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	1 717 882	113,6%	804 242	19,3%	673 863	24 650,50	6869,0%
- Tax and social liabilities	228 329	72,8%	132 111	21,6%	108 614	20 251	1027,5%
- Other debts and fixed assets liabilities	318	125,5%	141	0%	0	5 029	-93,7%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	4 588 041	44,1%	3 184 346	36,8%	2 328 032	194 423,50	2259,8%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Sales of Goods	4 522 366	51,2%	2 990 406	101,6%	1 483 539	236 970,50	1808,4%
Net turnover	4 518 601	51,5%	2 982 676	101,6%	1 479 292	232 575,50	1842,9%
- of which net export turnover	0	0%	0	0%	1 631	0	0%
Operating charges	3 718 946	51,4%	2 456 545	110,9%	1 165 041	231 225,50	1508,4%
Operating profit/loss	803 420	50,5%	533 861	67,6%	318 498	5 398,50	14782,3%
Financial income	0	0%	0	0%	0	0	0%
Financial charges	49 530	-7,3%	53 440	31,1%	40 774	1 459	3294,8%
Financial profit/loss	-49 530	7,3%	-53 440	-31,1%	-40 774	-1 028,50	-4715,8%
Pretax net operating income	753 890	56,9%	480 421	73,0%	277 722	3 578	20970,2%
Extraordinary income	5 393	0%	0	0%	0	0	0%
Extraordinary charges	0	0%	0	0%	0	56,50	0%
Extraordinary profit/loss	5 393	0%	0	0%	0	0	0%
Net result	507 167	58,8%	319 472	73,3%	184 356	3 861,50	13033,9%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2012	31/12/2011	31/12/2010
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/12/2012		31/12/2011		31/12/2010
	Grand Total (I to VI)	Net	4 588 042	44,1%	3 184 346	36,8%	2 328 032
	Gross	CO	4 928 183	45,8%	3 380 304	40,1%	2 412 977
	Amortisation	1A	340 141	73,6%	195 957	130,7%	84 945

Non declared distributed capital (I)

		31/12/2012		31/12/2011		31/12/2010
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/12/2012		31/12/2011		31/12/2010
	Total Active fixed asset (II)	Net	3 206 580	14,6%	2 797 742	46,9%	1 904 608
	Gross	BJ	3 546 721	18,5%	2 993 700	50,5%	1 989 553
	Amortisation	BK	340 141	73,6%	195 957	130,7%	84 945

Intangilble fixed assets

			31/12/2012		31/12/2011		31/12/2010
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	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	2 007 353	18,9%	1 688 190	27,1%	1 327 880
	Gross	AH	2 007 353	18,9%	1 688 190	27,1%	1 327 880
	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	2 007 353	18,9%	1 688 190	27,1%	1 327 880

Tangilble fixed assets

			31/12/2012		31/12/2011		31/12/2010
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	0	0%	0	0%	0
	Gross	AP	0	0%	0	0%	0
	Amortisation	AQ	0	0%	0	0%	0
	Plant	Net	0	0%	0	0%	0
	Gross	AR	0	0%	0	0%	0
	Amortisation	AS	0	0%	0	0%	0
	Other tangible fixed assets	Net	1 080 564	6,1%	1 018 308	110,5%	483 846
	Gross	AT	1 420 705	17,0%	1 214 266	113,5%	568 791
	Amortisation	AU	340 141	73,6%	195 957	130,7%	84 945
	Fixed assets in construction	Net	0	0%	0	0%	44 923
	Gross	AV	0	0%	0	0%	44 923
	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	1 080 564		1 018 308		528 769

Financial assets

			31/12/2012		31/12/2011		31/12/2010
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	0	0%	0	0%	0
	Gross	CU	0	0%	0	0%	0
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	118 663	30,1%	91 244	90,3%	47 959
	Gross	BH	118 663	30,1%	91 244	90,3%	47 959
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		118 663		91 244		47 959

Current Assets (III)

			31/12/2012		31/12/2011		31/12/2010
	Total Assets	Net	1 381 459	257,3%	386 604	-8,7%	423 422
	Gross	CJ	1 381 459	257,3%	386 604	-8,7%	423 422
	Amortisation	CK	0	0%	0	0%	0

Stocks

			31/12/2012		31/12/2011		31/12/2010
	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	575 751	109,3%	275 063	100,2%	137 395
	Gross	BT	575 751	109,3%	275 063	100,2%	137 395
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	575 751	109,3%	275 063	100,2%	137 395

Advance payments to suppliers

			31/12/2012		31/12/2011		31/12/2010
	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

			31/12/2012		31/12/2011		31/12/2010
	Trade accounts receivable	Net	0	0%	0	0%	0
	Gross	BX	0	0%	0	0%	0
	Amortisation	BY	0	0%	0	0%	0
	Other debtors	Net	477 406	965,6%	44 803	10,0%	40 718
	Gross	BZ	477 406	965,6%	44 803	10,0%	40 718
	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	477 406	965,6%	44 803	10,0%	40 718

Divers

			31/12/2012		31/12/2011		31/12/2010
	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	221 567	1910,0%	11 023	-94,7%	208 111
	Gross	CF	221 567	1910,0%	11 023	-94,7%	208 111
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	221 567	1910,0%	11 023	-94,7%	208 111

Prepaid expenses

			31/12/2012		31/12/2011		31/12/2010
	Prepaid expenses	Net	106 735	91,6%	55 714	49,8%	37 198
	Gross	CH	106 735	91,6%	55 714	49,8%	37 198
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2012		31/12/2011		31/12/2010
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

		31/12/2012		31/12/2011		31/12/2010
Due within one year	CP	0	0%	0	0%	38 959
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Accounts - Passive
Other capital resources | Provisions for risks and charges | Liabilities | Translation loss | Equalization accounts | References

Grand Total - Passive Accounts (I to IV)

		31/12/2012		31/12/2011		31/12/2010
Grand Total (I to V)	EE	4 588 041	44,1%	3 184 346	36,8%	2 328 032

Shareholder Equity (I)

			31/12/2012		31/12/2011		31/12/2010
	Total shareholders' equity (Total I)	DL	1 192 744	74,0%	685 577	87,3%	366 104
	Equity and shareholders' equity	DA	100 000	0%	100 000	0%	100 000
	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	10 000	0%	10 000	0%	10 000
	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	0	0%	0	0%	0
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	575 577	124,7%	256 105	257,0%	71 748
	Profit or loss for the period	DI	507 167	58,8%	319 472	73,3%	184 356
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/12/2012		31/12/2011		31/12/2010
	Total other capital resources (Total II)	DO	0	0%	0	0%	0
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

			31/12/2012		31/12/2011		31/12/2010
	Total provisions for risks and charges (Total III)	DR	0	0%	0	0%	0
	Risk provisions	DP	0	0%	0	0%	0
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/12/2012		31/12/2011		31/12/2010
	Total Liabilities (Total IV)	EC	3 395 293	35,9%	2 498 766	27,4%	1 961 926
	Convertible debentures	DS	78	-46,6%	146	0%	0
	Other debentures	DT	150	-23,5%	196	0%	0
	Bank loans and liabilities	DU	1 446 846	-7,1%	1 558 239	32,2%	1 178 311
	Sundry loans and financial liabilities	DV	1 690	-54,2%	3 691	224,3%	1 138
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	0
	Trade accounts payables	DX	1 717 882	113,6%	804 242	19,3%	673 863
	Tax and social security liabilities	DY	228 329	72,8%	132 111	21,6%	108 614
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	318	125,5%	141	0%	0

Translation loss (V)

		31/12/2012		31/12/2011		31/12/2010
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2012		31/12/2011		31/12/2010
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2012		31/12/2011		31/12/2010
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	1 432 158	26,8%	1 129 053
Of which current bank facilities	EH	0	0%	22 665	6831,2%	327

Display parameter
Currency	Euro	Kilo Euro

Result account
Sales of Goods | Operating charges | Operating charges | Financial income | Financial charges | Financial charges | Extraordinary charges | Employee profit sharing | Tax on profits | References

1- Operating result (I-II)

		31/12/2012		31/12/2011		31/12/2010
Operating result (Total I-II)	GG	803 420	50,5%	533 861	67,6%	318 498

2 - Financial result (V - VI)

		31/12/2012		31/12/2011		31/12/2010
Financial result (Total V-VI)	GV	-49 530	7,3%	-53 440	-31,1%	-40 774

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

		31/12/2012		31/12/2011		31/12/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	753 890	56,9%	480 421	73,0%	277 722

4 - Extraordinary result (VII-VIII)

		31/12/2012		31/12/2011		31/12/2010
Extraordinary result (Total VII-VIII)	HI	5 393	0%	0	0%	0

Profit or loss

		31/12/2012		31/12/2011		31/12/2010
Profit or loss	HN	507 167	58,8%	319 472	73,3%	184 356

Total Income (I+III+V+VII)

		31/12/2012		31/12/2011		31/12/2010
Total Income (I+III+V+VII)	HL	4 527 759	51,4%	2 990 406	101,6%	1 483 539

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

		31/12/2012		31/12/2011		31/12/2010
Total charges (Total II+IV+VI+VIII+IX+X)	HM	4 020 588	50,5%	2 670 932	105,6%	1 299 182

Operating income (I)

		31/12/2012		31/12/2011		31/12/2010
Total operating income (Total I)	FR	4 522 366	51,2%	2 990 406	101,6%	1 483 539

Operating income (details)

			31/12/2012		31/12/2011		31/12/2010
	Sale of goods for resale	FC	4 518 601	51,5%	2 982 676	101,6%	1 479 292
	France	FA	4 518 601	51,5%	2 982 676	101,9%	1 477 661
	Export	FB	0	0%	0	0%	1 631
	Sale of goods produced	FF	0	0%	0	0%	0
	France	FD	0	0%	0	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	0	0%	0	0%	0
	France	FG	0	0%	0	0%	0
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	4 518 601	51,5%	2 982 676	101,6%	1 479 292
	France	FJ	4 518 601	51,5%	2 982 676	101,9%	1 477 661
	Export	FK	0	0%	0	0%	1 631
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	3 551	-53,2%	7 585	85,3%	4 094
	Release of reserves and provisions	FP	0	0%	0	0%	0
	Other income	FQ	214	47,6%	145	-4,6%	152

Operating charges (II)

		31/12/2012		31/12/2011		31/12/2010
Total operating charges (Total II)	GF	3 718 946	51,4%	2 456 545	110,9%	1 165 041

Exploitation charges

		31/12/2012		31/12/2011		31/12/2010
Purchase of goods for resale	FS	2 394 330	50,6%	1 589 651	117,2%	731 716
Change in stocks of goods for resale	FT	-300 688	-118,4%	-137 667	-123,7%	-61 533
Purchase of raw materials	FU	0	0%	37	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	832 684	53,7%	541 789	95,7%	276 916
Tax, duty and similar payments	FX	55 418	115,7%	25 697	103,0%	12 660
Payroll	FY	455 309	80,4%	252 330	129,4%	109 983
Social security costs	FZ	135 174	88,2%	71 808	123,6%	32 118

Depreciation

		31/12/2012		31/12/2011		31/12/2010
Depreciation of fixed assets	GA	144 183	29,9%	111 012	80,7%	61 451
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2012		31/12/2011		31/12/2010
Other charges	GE	2 536	34,3%	1 888	9,3%	1 728

Operating charges (III-IV)

		31/12/2012		31/12/2011		31/12/2010
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

			31/12/2012		31/12/2011		31/12/2010
	Total financial income (Total V)	GP	0	0%	0	0%	0
	Share financial income	GJ	0	0%	0	0%	0
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	0	0%	0	0%	0
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	0	0%	0	0%	0
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2012		31/12/2011		31/12/2010
	Total financial charge (Total VI)	GU	49 530	-7,3%	53 440	31,1%	40 774
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	49 530	-7,3%	53 440	31,1%	40 774
	Exchange losses	GS	0	0%	0	0%	0
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary income (Total VII)	HD	5 393	0%	0	0%	0
	Extraordinary operating income	HA	5 393	0%	0	0%	0
	Extraordinary income from capital transactions	HB	0	0%	0	0%	0
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary charges (Total VIII)	HH	0	0%	0	0%	0
	Extraordinary operating charges	HE	0	0%	0	0%	0
	Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2012		31/12/2011		31/12/2010
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2012		31/12/2011		31/12/2010
Tax on profits (Total X)	HK	252 112	56,6%	160 947	72,4%	93 366

References

		31/12/2012		31/12/2011		31/12/2010
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	716	74,2%	411

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	OG	0	0%	0	0%	0
	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	546	0%	0	0%	0
	Gross value at the end of period	OL	3 546 722	0%	0	0%	0

Research and development Charge (Total I)

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	KD	1 688 190	0%	0	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	319 163	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	2 007 353	0%	0	0%	0

Tangible fixed assets (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LN	1 214 266	0%	0	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	206 440	0%	0	0%	0
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	0	0%	0
	Gross value at the end of period	NH	1 420 706	0%	0	0%	0

Fiancial assets (Total IV)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LQ	91 244	0%	0	0%	0
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	27 965	0%	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	546	0%	0	0%	0
	Gross value at the end of period	NK	118 663	0%	0	0%	0

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

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
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)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	QU	195 957	0%	0	0%	0
Increases		QV	144 184	0%	0	0%	0
Decreases		QW	0	0%	0	0%	0
	Decreasess by budget item transfer	QX	340 141	0%	0	0%	0

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/12/2012		31/12/2011		31/12/2010
	Net value at 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)

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	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)

			31/12/2012		31/12/2011		31/12/2010
	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

		31/12/2012		31/12/2011		31/12/2010
Gross value	VT	702 805	266,5%	191 761	52,3%	125 876
1 year at most	VU	584 142	481,1%	100 517	-14,0%	116 876
More than one year	VV	118 663	30,1%	91 244	913,8%	9 000

State of loans

		31/12/2012		31/12/2011		31/12/2010
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	118 663	30,1%	91 244	90,3%	47 959
Other financial assets (1 year at most)	UV	0	0%	0	0%	38 959

Receivables statement of assets

		31/12/2012		31/12/2011		31/12/2010
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	0%	0	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	0	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	477 406	965,6%	44 803	10,0%	40 718

Prepaid

		31/12/2012		31/12/2011		31/12/2010
Prepaid	VS	106 736	91,6%	55 714	49,8%	37 198

State Debt

			31/12/2012		31/12/2011		31/12/2010
	Total debt (gross)	VY	3 395 297	35,9%	2 498 769	27,4%	1 961 927
1 year at most		VZ2	2 505 706	75,0%	1 432 159	26,8%	1 129 053
More than 1 year and 5 years at most		VZ3	889 591	-16,6%	1 066 610	28,1%	832 874
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2012		31/12/2011		31/12/2010
	Convertible bonds (gross)	7Y1	79	-45,9%	146	0%	0
1 year at most		7Y2	79	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	146	0%	0
	Other bonds (gross)	7Z1	150	-23,5%	196	0%	0
1 year at most		7Z2	150	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	196	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	26 398	-98,3%	1 558 239	32,2%	1 178 311
1 year at most		VG2	26 398	-94,6%	491 971	42,4%	345 437
More than 1 year and 5 years at most		VG3	0	0%	1 066 268	28,0%	832 874
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	1 420 448	0%	0	0%	0
1 year at most		VH2	530 857	0%	0	0%	0
More than 1 year and 5 years at most		VH3	889 591	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	1 410	-61,8%	3 691	224,3%	1 138
1 year at most		8A2	1 410	-61,8%	3 691	224,3%	1 138
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	1 717 883	113,6%	804 242	19,3%	673 863
1 year at most		8B2	1 717 883	113,6%	804 242	19,3%	673 863
More than 1 year and 5 years at most		8B3	1 717 883	113,6%	804 242	19,3%	673 863
	Personnel and associated accounts (gross)	8C1	0	0%	0	0%	0
1 year at most		8C2	0	0%	0	0%	0
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	228 330	72,8%	132 111	21,6%	108 614
1 year at most		8D2	228 330	72,8%	132 111	21,6%	108 614
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	0	0%	0
1 year at most		VW2	0	0%	0	0%	0
More than 1 year and 5 years at most		VW3	0	0%	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most		VX2	0	0%	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0	0%	0
	Other taxes and assimilated (gross)	VQ1	0	0%	0	0%	0
1 year at most		VQ2	0	0%	0	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	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	599	324,8%	141	0%	0
1 year at most		8K2	599	324,8%	141	0%	0
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	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

		31/12/2012		31/12/2011		31/12/2010
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

		31/12/2012		31/12/2011		31/12/2010
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2012		31/12/2011		31/12/2010
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2012		31/12/2011		31/12/2010
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2012		31/12/2011		31/12/2010
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2012		31/12/2011		31/12/2010
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2012		31/12/2011		31/12/2010
Average number of employees	YP	0	0%	0	0%	0

Groups and Shareholders

		31/12/2012		31/12/2011		31/12/2010
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Fixed Asset Financing		0,84	3,7%	0,81	-1,2%	0,82	1,23	-31,7%
Global Debt		271 days	-10,3%	302 days	-36,7%	477 days	181 days	49,7%
Working Capital Fund overall net		-45 days	34,8%	-69 days	20,7%	-87 days	37 days	-221,6%
Financial independence		82,42%	87,4%	43,99%	41,6%	31,07%	94,39%	-12,7%
More ratios
Solvability		26%	20,8%	21,53%	36,9%	15,73%	24,81%	4,8%
Capacity debt futures		214,04%	719,4%	26,12%	43,5%	18,20%	404,71%	-47,1%
Coverage of current assets by net working capital overall		-44,33%	74,4%	-173,04%	-86,0%	-93,05%	29,41%	-250,7%
General Liquidity		0,23	228,6%	0,07	-30,0%	0,10	0,09	155,6%
Restricted Liquidity		0,32	300%	0,08	-72,4%	0,29	0,32	0%

Management or rotation

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Need background in operating working capital		-71 days	4,1%	-74 days	49,7%	-147 days	-2 days	-3450,0%
Treasury		18 days	1900%	-1 days	-102,0%	51 days	2 days	800%
Inventory turnover of goods		99 days	45,6%	68 days	-8,1%	74 days	149 days	-33,6%
Average length of credit granted to customers		0 days	0%	0 days	0%	0 days	0 days	0%
Average length of credit obtained suppliers		211 days	45,5%	145 days	-43,4%	256 days	49 days	330,6%
More ratios
Inventory turnover of raw materials in industrial enterprises		days	-	0 days	0%	0 days	0 days	-
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	426 days	-
Rotation tangible assets		318,05%	-	%	-	%	543,29%	-41,5%

Profitability of the business

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Margin trading		53,67%	4,6%	51,32%	-6,2%	54,70	42,71%	25,7%
Profitability of the business		21,02	-3,0%	21,68	-15,9%	25,79	4,22%	398,1%
Net profit		11,22%	4,8%	10,71%	-14,0%	12,46%	1,66%	575,9%
More ratios
Growth rate of turnover (excluding VAT)		51,49%	-49,3%	101,63%	-59,6%	251,83%	-1,17%	4500,9%
Rates integration		35,24%	6,3%	33,15%	-7,9%	35,98%	24,75%	42,4%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		37,08%	13,1%	32,78%	22,8%	26,70%	72%	-48,5%
Weight interests		1,10	-38,5%	1,79%	-35,1%	2,76%	0,59%	86,4%

Return on capital

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Cash flow from the overall profitability		14,41%	-0,1%	14,43%	-13,2%	16,62%	3,73%	286,3%
Rates of economic profitability		36%	24,1%	29%	16,0%	25%	10%	260,0%
Financial profitability		1192744%	74,0%	685577%	87,3%	366104%	5252%	22610,3%
Return on investment		21,07%	27,0%	16,59%	13,9%	14,57%	6,60%	219,2%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Turnover	4 518 601	51,5%	2 982 676	101,6%	1 479 292	232 576 €	1842,9%

Sales of goods	4 518 601	51,5%	2 982 676	101,6%	1 479 292
- Purchase of goods	2 394 330	50,6%	1 589 651	117,2%	731 716
+/- Stock of goods variation	-300 688	-118,4%	-137 667	-123,7%	-61 533
Trading margin	2 424 959 €	58,4%	1 530 692 €	89,2%	809 109 €	92 161 €	2531,2%
	53,67 % CA	4,6%	51,32 % CA	-6,2%	54,70 % CA	43,05 % CA	24,7%

Sale of goods produced	0	0%	0	0%	0
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	0 €	0%	0 €	0%	0 €	0 €	0%
	0,00 % CA	0%	0,00 % CA	0%	0,00 % CA	0 % CA	0%

Trading margin	2 424 959	58,4%	1 530 692	89,2%	809 109	92 161	2531,2%
+ Period Production	0	0%	0	0%	0	0	0%
- Purchase of raw materials	0	0%	37	0%	0
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	832 684	53,7%	541 789	95,7%	276 916
Added value	1 592 275 €	61,0%	988 866 €	85,8%	532 193 €	60 765,50 €	2520,4%
	35,24 % CA	6,3%	33,15 % CA	-7,9%	35,98 % CA	24,75 % CA	42,4%

Added value	1 592 275 €	61,0%	988 866 €	85,8%	532 193 €	60 765,50 €	2520,4%
+ Operating grants	3 551	-53,2%	7 585	85,3%	4 094
- Tax, duty and similar payments	55 418	115,7%	25 697	103,0%	12 660
- Personal charges	590 483	82,2%	324 138	128,1%	142 101
Gross operating surplus	949 925 €	46,9%	646 616 €	69,5%	381 526 €	9 510 €	9888,7%
	21,02 % CA	-3,0%	21,68 % CA	-15,9%	25,79 % CA	4,22 % CA	398,1%

Gross operating surplus	949 925 €	46,9%	646 616 €	69,5%	381 526 €	9 510 €	9888,7%
+ Release of reserves and provisions	0	0%	0	0%	0
+ Other operating income	214	47,6%	145	-4,6%	152
- Depreciation/Amortisation	144 183	29,9%	111 012	80,7%	61 451
- Other charges	2 536	34,3%	1 888	9,3%	1 728
Operating result	803 420 €	50,5%	533 861 €	67,6%	318 499 €	5 401 €	14775,4%
	17,78 % CA	-0,7%	17,90 % CA	-16,9%	21,53 % CA	2,46 % CA	622,8%

Operating result	803 420 €	50,5%	533 861 €	67,6%	318 499 €	5 401 €	14775,4%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	0	0%	0	0%	0
- Financial charges	49 530	-7,3%	53 440	31,1%	40 774
Pre-tax result	753 890 €	56,9%	480 421 €	73,0%	277 725 €	3 578 €	20970,2%
	16,68 % CA	3,5%	16,11 % CA	-14,2%	18,77 % CA	1,68 % CA	892,9%

Extraordinary income	5 393	0%	0	0%	0	0	0%
- Extraordinary charges	0	0%	0	0%	0
Extraordinary result	5 393 €	0%	0 €	0%	0 €	0 €	0%
	0,12 % CA	0%	0,00 % CA	0%	0 % CA	0 % CA	0%

Pre-tax result	753 890 €	56,9%	480 421 €	73,0%	277 725 €	3 578 €	20970,2%
Extraordinary result	5 393 €	0%	0 €	0%	0 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	252 112	56,6%	160 947	72,4%	93 366
Net result	507 171 €	58,8%	319 474 €	73,3%	184 359 €	3 881 €	12968,0%
	11,22 % CA	4,8%	10,71 % CA	-14,0%	12,46 % CA	1,66 % CA	575,9%

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

This company is not under monitoring

Trends

Profitability

Liquidity

Net worth

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 liquidity acid test is more than 65%
	The pre-tax profit is more than 25,000€
	The shareholder's equity is more than 250,000€
	The return on total assets employed is positive
	The tangible fixed assets are 1,080,564 €
	Industry code with low risk rating
	The sales to current assets ratio is 3,27
	The ratio total assets to total liabilities is 1,35
	The debtor days are 47.19
	The company is 5 years old

Preferential rights details and history

Status of collection

This company is not under monitoring

Linkages

No Linkages information available for the company

event history

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.34
UK Pound	1	Rs.101.45
Euro	1	Rs.83.31

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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.