MIRA INFORM REPORT

Report Date :

03.05.2014

IDENTIFICATION DETAILS

Name :	BIL TOKI
Registered Office :	4 Rue De L'eglise, 64210 Guethary
Country :	France
Financials (as on) :	28.02.2013
Date of Incorporation :	May 1997
Com. Reg. No.:	RCS Bayonne 9 412 046 401
Legal Form :	Simplified Joint Stock Company
Line of Business :	Wholesale trader of Clothing and footwear
No of Employees :	14 (28.02.2013)

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	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 – March 31, 2014

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

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

France ECONOMIC OVERVIEW

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

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

company summary

		EUR VAT Number	FR24412046401
Activity (APE)	Wholesale trader of Clothing and footwear (4642Z)	Legal form	Simplified joint stock company
Phone	05 59 47 59 25	RCS Registration	RCS Bayonne 9 412 046 401
Fax		Share capital	40,000 Euros
Address	BIL TOKI 4 RUE DE L'EGLISE 64210 GUETHARY	Incorporated Date	05/1997
Nationality	France	Status	Economically active

Trading to Date	02/28/2013	02/29/2012	02/28/2011
Turnover	3,188,374 €	3,852,573 €	4,202,149 €
Gross Operating Surplus	-1,51 % Turnover	0,33 % Turnover	-6,71 % Turnover
Shareholders’ equity	275,420 €	1,235,403 €	1,181,350 €
Net result	-59,983 €	54,053 €	5,839 €
Employees	14 (28.02.2013)	-	-

Company details

Activity (APE)	Wholesale trader of Clothing and footwear (4642Z)
RCS Registration	RCS Bayonne 9 412 046 401	Share capital	40,000 Euros
Registration Court	Bayonne (64)	Legal form	Simplified joint stock company
Court Registry Number	19 9 9B00409	EUR VAT Number	FR24412046401
Incorporation Date	05/1997	Formation Date	05/1997
Deregistration Date		Last account Date	28/02/2013
Nationality	France

Ultimate Parent

1 ultimate parent company for this company >  BACCHARIS  - Activités des sièges sociaux (7010Z)  in GUETHARY  (64210)

Establishment details

Activity (APE)	Wholesale trader of Clothing and footwear (4642Z)	Business Pages FT®	VETEMENTS POUR HOMMES (GRANDE TAILLE)
Postal Address	BIL TOKI 4 RUE DE L'EGLISE 64210 GUETHARY	Trading Address	4 RUE DE L'EGLISE 64210 GUETHARY
Telephone	05 59 47 59 25

Type	Secondary establishment	Status	Economically active
Formation Date	03/2002	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Pyrénées-Atlantiques (64)	Region	Aquitaine
District	1	Area	34
City	GUETHARY	Size of urban area	Urban unit with 100 000 to 199 999 inhabitants

Other establishments

Branches	1 branch entities in this company
Head office	> BIL TOKI <<<  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in GUETHARY  (64210)
Secondary establishments	>  BIL TOKI  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in SAINT JEAN DE LUZ  (64500)

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

Workforces

Workforce at address

6 to 9 employees

Company workforce

14 (28.02.2013)

DIRECTORS/MANAGEMENT

Current Directors

1

directors

Name	Mme. WARGNIER MARIE-PIERRE
Manager position	President	Date of birth	10/02/1959
Place of birth	PAU (64)
Type	Individual	Name at birth	GARMS

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	MARIE-PIERRE WARGNIER	10/02/1959 - PAU (64)
Chief Executive Officer	MME MARIE-PIERRE WARGNIER	10/02/1959 - PAU

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

40,000 Euros

PAYMENT INFORMATION

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

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	BACCHARIS	520055732

Group data

Ultimate parent company	BACCHARIS
Direct parent	WARGNIER DENIS - 99.8 %
Group – Number of companies	3
Linkages – Number of companies	-
Number of countries	-

Group Structure

Go directly to the current company

Display only where participation % > 33 %

Company Name

SIREN

Parts

Last account published

BACCHARIS

520055732

-

30/09/2012

WARGNIER DENIS

325539112

100%

29/02/2012

BIL TOKI

412046401

99.80%

28/02/2013

FINANCIAL INFORMATION

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	28/02/2013	29/02/2012	28/02/2011
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	20/11/2013	05/12/2012	24/12/2011
Activity Code	4642Z	4642Z	4642Z
Employees	14	16	15

Active account

Annual Accounts	28/02/2013		29/02/2012		28/02/2011	Sector Median 2013
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	92 854	-5,7%	98 458	-16,9%	118 422	32 012	190,1%
- Intangible assets	672	59,2%	422	0%	0	3 878	-82,7%
- Tangible assets	30 390	-21,8%	38 878	-34,9%	59 685	5 583	444,3%
- Financial assets	61 792	4,5%	59 158	0,7%	58 737	3 000	1959,7%
Net current assets	1 960 247	-5,3%	2 070 895	-6,0%	2 203 683	201 353	873,5%
- Stocks	1 510 702	11,2%	1 359 117	0,8%	1 347 683	44 260	3313,2%
- Advanced payments	39 943	-5,3%	13 552	-72,3%	48 972	0	0%
- Receivables	281 264	-49,1%	552 408	-26,1%	747 896	56 088	401,5%
- Securities and cash	128 338	-12,0%	145 818	146,6%	59 132	40 402	217,7%
- Prepaid expenses	-	-	-	-	-	600	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	2 053 103	-5,4%	2 169 352	-6,6%	2 322 106	284 475	621,7%

Passive Account

Annual Accounts	28/02/2013		29/02/2012		28/02/2011	Sector Median 2013
Shareholders' equity	275 420	-77,7%	1 235 403	4,6%	1 181 350	74 525	269,6%
Share capital	40 000	0%	40 000	0%	40 000	10 000	300%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	31 745	0%	31 745	-47,1%	60 000	0	0%
Liabilities	1 745 939	93,5%	902 206	-16,5%	1 080 756	157 392	1009,3%
- Financial liabilities	1 341 404	406,9%	264 639	72,8%	153 171	17 481	7573,5%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	327 683	2,1%	320 967	-56,8%	743 297	45 368	622,3%
- Tax and social liabilities	73 853	-21,3%	93 857	-43,9%	167 404	34 235	115,7%
- Other debts and fixed assets liabilities	2 999	-98,7%	222 743	1248,8%	16 514	7 951	-62,3%
Account regularization	0	0%	0	0%	370	0	0%
Total liabilities	2 053 103	-5,4%	2 169 352	-6,6%	2 322 106	284 474	621,7%

Results

Annual Accounts	28/02/2013		29/02/2012		28/02/2011	Sector Median 2013
Sales of Goods	3 421 018	-20,1%	4 281 305	-17,0%	5 159 096	385 186	788,1%
Net turnover	3 188 374	-17,2%	3 852 573	-8,3%	4 202 149	375 624	748,8%
- of which net export turnover	0	0%	0	0%	0	0	0%
Operating charges	3 503 150	-17,7%	4 258 551	-17,4%	5 158 281	377 513	828,0%
Operating profit/loss	-82 132	-461,0%	22 754	2691,9%	815	8 204	-1101,1%
Financial income	20 706	-48,2%	39 984	623,6%	5 526	09	229966,7%
Financial charges	10 109	-25,3%	13 540	422,0%	2 594	732	1281,0%
Financial profit/loss	10 597	-59,9%	26 444	801,9%	2 932	-70	15238,6%
Pretax net operating income	-71 535	-245,4%	49 198	1213,0%	3 747	6 071	-1278,3%
Extraordinary income	0	0%	83 246	8224,6%	1 000	02	0%
Extraordinary charges	3 015	-95,6%	67 966	6537,3%	1 024	158	1808,2%
Extraordinary profit/loss	-3 015	-119,7%	15 280	63766,7%	-24	0	0%
Net result	-59 983	-211,0%	54 053	825,7%	5 839	6 385	-1039,4%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	28/02/2013	29/02/2012	28/02/2011
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			28/02/2013		29/02/2012		28/02/2011
	Grand Total (I to VI)	Net	2 053 103	-5,4%	2 169 352	-6,6%	2 322 106
	Gross	CO	2 327 639	-9,1%	2 561 730	-3,5%	2 655 860
	Amortisation	1A	274 536	-30,0%	392 378	17,6%	333 754

Non declared distributed capital (I)

		28/02/2013		29/02/2012		28/02/2011
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			28/02/2013		29/02/2012		28/02/2011
	Total Active fixed asset (II)	Net	92 854	-5,7%	98 458	-16,9%	118 422
	Gross	BJ	308 203	-1,9%	314 269	1,0%	311 218
	Amortisation	BK	215 349	-0,2%	215 811	11,9%	192 796

Intangilble fixed assets

			28/02/2013		29/02/2012		28/02/2011
	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	672	59,2%	422	0%	0
	Gross	AF	34 824	-0,9%	35 126	3,5%	33 927
	Amortisation	AG	34 152	-1,6%	34 704	2,3%	33 927
	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	672	59,2%	422	0%	0

Tangilble fixed assets

			28/02/2013		29/02/2012		28/02/2011
	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	30 390	-21,8%	38 878	-34,9%	59 685
	Gross	AT	211 587	-3,8%	219 985	0,7%	218 554
	Amortisation	AU	181 197	0,0%	181 107	14,0%	158 869
	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	30 390		38 878		59 685

Financial assets

			28/02/2013		29/02/2012		28/02/2011
	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	61 792	4,5%	59 158	0,7%	58 737
	Gross	BH	61 792	4,5%	59 158	0,7%	58 737
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		61 792		59 158		58 737

Current Assets (III)

			28/02/2013		29/02/2012		28/02/2011
	Total Assets	Net	1 960 247	-5,3%	2 070 895	-6,0%	2 203 683
	Gross	CJ	2 019 435	-10,1%	2 247 462	-4,1%	2 344 641
	Amortisation	CK	59 188	-66,5%	176 567	25,3%	140 958

Stocks

			28/02/2013		29/02/2012		28/02/2011
	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	1 510 702	11,2%	1 359 117	0,8%	1 347 683
	Gross	BR	1 569 890	2,2%	1 535 684	3,2%	1 488 641
	Amortisation	BS	59 188	-66,5%	176 567	25,3%	140 958
	Goods for resale	Net	0	0%	0	0%	0
	Gross	BT	0	0%	0	0%	0
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	1 510 702	11,2%	1 359 117	0,8%	1 347 683

Advance payments to suppliers

			28/02/2013		29/02/2012		28/02/2011
	Advance payments to suppliers	Net	39 943	194,7%	13 552	-72,3%	48 972
	Gross	BV	39 943	194,7%	13 552	-72,3%	48 972
	Amortisation	BW	0	0%	0	0%	0

Debtors

			28/02/2013		29/02/2012		28/02/2011
	Trade accounts receivable	Net	68 853	-80,3%	349 264	-43,4%	616 853
	Gross	BX	68 853	-80,3%	349 264	-43,4%	616 853
	Amortisation	BY	0	0%	0	0%	0
	Other debtors	Net	116 883	115,5%	54 239	-45,9%	100 265
	Gross	BZ	116 883	115,5%	54 239	-45,9%	100 265
	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	185 736	-54,0%	403 503	-43,7%	717 118

Divers

			28/02/2013		29/02/2012		28/02/2011
	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	128 338	-12,0%	145 818	146,6%	59 132
	Gross	CF	128 338	-12,0%	145 818	146,6%	59 132
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	128 338	-12,0%	145 818	146,6%	59 132

Prepaid expenses

			28/02/2013		29/02/2012		28/02/2011
	Prepaid expenses	Net	95 528	-35,8%	148 905	383,8%	30 778
	Gross	CH	95 528	-35,8%	148 905	383,8%	30 778
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		28/02/2013		29/02/2012		28/02/2011
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

		28/02/2013		29/02/2012		28/02/2011
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)

		28/02/2013		29/02/2012		28/02/2011
Grand Total (I to V)	EE	2 053 103	-5,4%	2 169 352	-6,6%	2 322 106

Shareholder Equity (I)

			28/02/2013		29/02/2012		28/02/2011
	Total shareholders' equity (Total I)	DL	275 420	-77,7%	1 235 403	4,6%	1 181 350
	Equity and shareholders' equity	DA	40 000	0%	40 000	0%	40 000
	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	4 000	0%	4 000	0%	4 000
	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	2 967	0%	2 967	0%	2 967
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	288 436	-74,6%	1 134 383	0,5%	1 128 544
	Profit or loss for the period	DI	-59 983	-211,0%	54 053	825,7%	5 839
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			28/02/2013		29/02/2012		28/02/2011
	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)

			28/02/2013		29/02/2012		28/02/2011
	Total provisions for risks and charges (Total III)	DR	31 745	0%	31 745	-47,1%	60 000
	Risk provisions	DP	31 745	0%	31 745	-47,1%	60 000
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			28/02/2013		29/02/2012		28/02/2011
	Total Liabilities (Total IV)	EC	1 745 939	93,5%	902 206	-16,5%	1 080 756
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	46	-72,0%	164	95,2%	84
	Sundry loans and financial liabilities	DV	1 341 358	407,2%	264 475	72,8%	153 087
	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	327 683	2,1%	320 967	-56,8%	743 297
	Tax and social security liabilities	DY	73 853	-21,3%	93 857	-43,9%	167 404
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	2 999	-98,7%	222 743	1248,8%	16 514

Translation loss (V)

		28/02/2013		29/02/2012		28/02/2011
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		28/02/2013		29/02/2012		28/02/2011
Deferred income	EB	0	0%	0	0%	370

References

		28/02/2013		29/02/2012		28/02/2011
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	0	0%	1 079 570
Of which current bank facilities	EH	0	0%	0	0%	84

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)

		28/02/2013		29/02/2012		28/02/2011
Operating result (Total I-II)	GG	-82 132	-461,0%	22 754	2691,9%	815

2 - Financial result (V - VI)

		28/02/2013		29/02/2012		28/02/2011
Financial result (Total V-VI)	GV	10 597	-59,9%	26 444	801,9%	2 932

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

		28/02/2013		29/02/2012		28/02/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-71 535	-245,4%	49 198	1213,0%	3 747

4 - Extraordinary result (VII-VIII)

		28/02/2013		29/02/2012		28/02/2011
Extraordinary result (Total VII-VIII)	HI	-3 015	-119,7%	15 280	63766,7%	-24

Profit or loss

		28/02/2013		29/02/2012		28/02/2011
Profit or loss	HN	-59 983	-211,0%	54 053	825,7%	5 839

Total Income (I+III+V+VII)

		28/02/2013		29/02/2012		28/02/2011
Total Income (I+III+V+VII)	HL	3 441 724	-21,9%	4 404 535	-14,7%	5 165 622

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

		28/02/2013		29/02/2012		28/02/2011
Total charges (Total II+IV+VI+VIII+IX+X)	HM	3 501 709	-19,5%	4 350 483	-15,7%	5 159 783

Operating income (I)

		28/02/2013		29/02/2012		28/02/2011
Total operating income (Total I)	FR	3 421 018	-20,1%	4 281 305	-17,0%	5 159 096

Operating income (details)

			28/02/2013		29/02/2012		28/02/2011
	Sale of goods for resale	FC	0	0%	0	0%	0
	France	FA	0	0%	0	0%	0
	Export	FB	0	0%	0	0%	0
	Sale of goods produced	FF	3 158 408	-12,9%	3 624 965	-4,8%	3 806 269
	France	FD	3 158 408	-12,9%	3 624 965	-4,8%	3 806 269
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	29 966	-86,8%	227 608	-42,5%	395 880
	France	FG	29 966	-86,8%	227 608	-42,5%	395 880
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	3 188 374	-17,2%	3 852 573	-8,3%	4 202 149
	France	FJ	3 188 374	-17,2%	3 852 573	-8,3%	4 202 149
	Export	FK	0	0%	0	0%	0
	Stocked production	FM	34 206	-27,3%	47 043	-85,8%	331 939
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	199 589	-5,9%	212 186	-10,2%	236 386
	Other income	FQ	-1 151	-100,7%	169 503	-56,4%	388 621

Operating charges (II)

		28/02/2013		29/02/2012		28/02/2011
Total operating charges (Total II)	GF	3 503 150	-17,7%	4 258 551	-17,4%	5 158 281

Exploitation charges

		28/02/2013		29/02/2012		28/02/2011
Purchase of goods for resale	FS	0	0%	0	0%	0
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	2 271 495	-3,4%	2 352 191	-29,3%	3 327 711
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	535 412	-44,2%	960 303	-2,5%	985 124
Tax, duty and similar payments	FX	38 842	-22,7%	50 267	6,8%	47 072
Payroll	FY	329 380	-18,9%	405 945	13,6%	357 212
Social security costs	FZ	95 676	-19,0%	118 049	19,2%	99 023

Depreciation

		28/02/2013		29/02/2012		28/02/2011
Depreciation of fixed assets	GA	19 583	-15,1%	23 074	-1,7%	23 480
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	59 188	-66,5%	176 567	25,3%	140 958
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		28/02/2013		29/02/2012		28/02/2011
Other charges	GE	153 574	-10,8%	172 155	-3,1%	177 699

Operating charges (III-IV)

		28/02/2013		29/02/2012		28/02/2011
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)

			28/02/2013		29/02/2012		28/02/2011
	Total financial income (Total V)	GP	20 706	-48,2%	39 984	623,6%	5 526
	Share financial income	GJ	0	0%	400	0%	0
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	16 135	-55,8%	36 469	0%	0
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	4 571	46,7%	3 115	-43,6%	5 526
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			28/02/2013		29/02/2012		28/02/2011
	Total financial charge (Total VI)	GU	10 109	-25,3%	13 540	422,0%	2 594
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	8 227	71,3%	4 802	0%	0
	Exchange losses	GS	1 882	-78,5%	8 738	236,9%	2 594
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			28/02/2013		29/02/2012		28/02/2011
	Total extraordinary income (Total VII)	HD	0	0%	83 246	8224,6%	1 000
	Extraordinary operating income	HA	0	0%	5 246	424,6%	1 000
	Extraordinary income from capital transactions	HB	0	0%	18 000	0%	0
	Released provisions and transferred charges	HC	0	0%	60 000	0%	0

Extraordinary charges (VIII)

			28/02/2013		29/02/2012		28/02/2011
	Total extraordinary charges (Total VIII)	HH	3 015	-95,6%	67 966	6537,3%	1 024
	Extraordinary operating charges	HE	3 015	-90,5%	31 896	3014,8%	1 024
	Extraordinary charges from capital transactions	HF	0	0%	4 325	0%	0
	Extraordinary reserves and provisions	HG	0	0%	31 745	0%	0

Employee profit sharing (IX)

		28/02/2013		29/02/2012		28/02/2011
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		28/02/2013		29/02/2012		28/02/2011
Tax on profits (Total X)	HK	-14 565	-239,7%	10 426	592,7%	-2 116

References

		28/02/2013		29/02/2012		28/02/2011
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	23 022	-67,7%	71 228	103,5%	34 994
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	-1 218	-100,7%	169 486	-56,4%	388 618
Of which royalties on licences and patents (charges)	A4	148 212	-13,8%	171 909	-3,2%	177 652

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)

			28/02/2013		29/02/2012		28/02/2011
	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	20 046	74,4%	11 493	218,9%	3 604
	Gross value at the end of period	OL	308 204	-1,9%	314 270	1,0%	311 218

Research and development Charge (Total I)

			28/02/2013		29/02/2012		28/02/2011
	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)

			28/02/2013		29/02/2012		28/02/2011
	Gross value at begin of period	KD	35 126	3,5%	33 927	0%	33 927
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	2 422	102,0%	1 199	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	2 724	0%	0	0%	0
	Gross value at the end of period	LW	34 824	-0,9%	35 126	3,5%	33 927

Tangible fixed assets (Total III)

			28/02/2013		29/02/2012		28/02/2011
	Gross value at begin of period	LN	219 985	0,7%	218 553	14,1%	191 473
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	8 923	-31,0%	12 925	-57,8%	30 624
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	17 322	50,7%	11 493	224,3%	3 544
	Gross value at the end of period	NH	211 586	-3,8%	219 985	0,7%	218 553

Fiancial assets (Total IV)

			28/02/2013		29/02/2012		28/02/2011
	Gross value at begin of period	LQ	59 158	0,7%	58 737	0,2%	58 608
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	2 634	525,7%	421	122,8%	189
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	60
	Gross value at the end of period	NK	61 792	4,5%	59 158	0,7%	58 737

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

			28/02/2013		29/02/2012		28/02/2011
	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)

			28/02/2013		29/02/2012		28/02/2011
	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)

			28/02/2013		29/02/2012		28/02/2011
	Reserve for depreciation value at begin of period	PE	34 704	2,3%	33 927	5,1%	32 294
Increases		PF	2 171	179,8%	776	-52,5%	1 633
Decreasess		PG	2 723	0%	0	0%	0
	Decreasess by budget item transfer	PH	34 152	-1,6%	34 703	2,3%	33 927

Total fixed assets amotisation (Total III)

			28/02/2013		29/02/2012		28/02/2011
	Reserve for depreciation value at begin of period	QU	181 107	14,0%	158 868	13,0%	140 565
Increases		QV	17 412	-21,9%	22 297	2,1%	21 847
Decreases		QW	17 322	29259,3%	59	-98,3%	3 544
	Decreasess by budget item transfer	QX	181 197	0,1%	181 106	14,0%	158 868

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			28/02/2013		29/02/2012		28/02/2011
	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

			28/02/2013		29/02/2012		28/02/2011
	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)

			28/02/2013		29/02/2012		28/02/2011
	Value at begining of period	7C	208 312	3,7%	200 958	-23,1%	261 392
Increases		UB	59 188	-71,6%	208 312	47,8%	140 958
Decreases		UC	176 567	-12,1%	200 958	-0,2%	201 392
	Value at the end of period	UD	90 933	-56,3%	208 312	3,7%	200 958

Includes Total allocations

Operating	UE	0	0%	176 567	25,3%	140 958
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	31 745	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	140 958	-30,0%	201 392
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	60 000	0%	0

Total regulated provisions (Total I)

			28/02/2013		29/02/2012		28/02/2011
	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)

			28/02/2013		29/02/2012		28/02/2011
	Value at begining of period	5Z	31 745	-47,1%	60 000	0%	60 000
Increases		TV	0	0%	31 745	0%	0
Decreases		TW	0	0%	60 000	0%	0
	Value at the end of period	TX	31 745	0%	31 745	-47,1%	60 000

Total Provision for depreciation (Total III)

			28/02/2013		29/02/2012		28/02/2011
	Value at begining of period	7B	176 567	25,3%	140 958	-30,0%	201 392
Increases		TY	59 188	-66,5%	176 567	25,3%	140 958
Decreases		TZ	176 567	25,3%	140 958	-30,0%	201 392
	Value at the end of period	UA	59 188	-66,5%	176 567	25,3%	140 958

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

		28/02/2013		29/02/2012		28/02/2011
Gross value	VT	343 056	-43,9%	611 565	-24,2%	806 633
1 year at most	VU	281 264	-49,1%	552 407	-26,1%	747 896
More than one year	VV	61 792	4,5%	59 158	0,7%	58 737

State of loans

		28/02/2013		29/02/2012		28/02/2011
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	61 792	4,5%	59 158	0,7%	58 737
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		28/02/2013		29/02/2012		28/02/2011
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	68 853	-80,3%	349 264	-43,4%	616 853
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%	227	0%	0
Social Security and other social organizations	UZ	15 336	-1,2%	15 516	3132,5%	480
Income taxes	VM	32 598	0%	0	0%	22 157
Value added tax	VB	20 797	-34,7%	31 832	-56,3%	72 825
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	3 201	280,6%	841	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	44 950	671,9%	5 823	21,2%	4 804

Prepaid

		28/02/2013		29/02/2012		28/02/2011
Prepaid	VS	95 528	-35,8%	148 905	383,8%	30 778

State Debt

			28/02/2013		29/02/2012		28/02/2011
	Total debt (gross)	VY	1 745 938	93,5%	902 205	-16,5%	1 080 756
1 year at most		VZ2	1 745 938	93,5%	902 205	-16,5%	1 080 756
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

			28/02/2013		29/02/2012		28/02/2011
	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	46	-72,0%	164	95,2%	84
1 year at most		VG2	46	-72,0%	164	95,2%	84
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	0	0%	0	0%	0
1 year at most		8A2	0	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	327 683	2,1%	320 967	-56,8%	743 297
1 year at most		8B2	327 683	2,1%	320 967	-56,8%	743 297
More than 1 year and 5 years at most		8B3	327 683	2,1%	320 967	-56,8%	743 297
	Personnel and associated accounts (gross)	8C1	25 903	-7,5%	27 998	11,6%	25 091
1 year at most		8C2	25 903	-7,5%	27 998	11,6%	25 091
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	20 101	-19,4%	24 924	18,4%	21 047
1 year at most		8D2	20 101	-19,4%	24 924	18,4%	21 047
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	5 121	0%	0
1 year at most		8E2	0	0%	5 121	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	18 134	-25,5%	24 339	-77,3%	107 143
1 year at most		VW2	18 134	-25,5%	24 339	-77,3%	107 143
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	9 715	-15,3%	11 476	-18,7%	14 123
1 year at most		VQ2	9 715	-15,3%	11 476	-18,7%	14 123
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	1 341 358	407,2%	264 475	72,8%	153 087
1 year at most		VI2	1 341 358	407,2%	264 475	72,8%	153 087
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	2 999	-98,7%	222 743	1248,8%	16 514
1 year at most		8K2	2 999	-98,7%	222 743	1248,8%	16 514
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%	370
1 year at most		8L2	0	0%	0	0%	370
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		28/02/2013		29/02/2012		28/02/2011
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

		28/02/2013		29/02/2012		28/02/2011
Dividends	ZE	0	0%	0	0%	0

Commitments

		28/02/2013		29/02/2012		28/02/2011
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

		28/02/2013		29/02/2012		28/02/2011
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

		28/02/2013		29/02/2012		28/02/2011
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

		28/02/2013		29/02/2012		28/02/2011
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

		28/02/2013		29/02/2012		28/02/2011
Average number of employees	YP	14	-12,5%	16	6,7%	15

Groups and Shareholders

		28/02/2013		29/02/2012		28/02/2011
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

		28/02/2013		29/02/2012		28/02/2011	Sector Median 2013
Fixed Asset Financing		6,05	8,8%	5,56	9,0%	5,10	2,28	165,4%
Global Debt		197 days	134,5%	84 days	-9,7%	93 days	141,50 days	39,2%
Working Capital Fund overall net		176 days	31,3%	134 days	22,9%	109 days	67,50 days	160,7%
Financial independence		598739,13%	-20,5%	753294,51%	-46,4%	1406369,05%	285,61%	209535,2%
More ratios
Solvability		13,41%	-76,5%	56,95%	12,0%	50,87%	30,96%	-56,7%
Capacity debt futures		598739,13%	-20,5%	753294,51%	-46,4%	1406369,05%	1550,55%	38514,6%
Coverage of current assets by net working capital overall		80,86%	18,4%	68,30%	23,8%	55,15%	40,85%	97,9%
General Liquidity		0,16	-73,8%	0,61	-11,6%	0,69	0,43	-62,8%
Restricted Liquidity		0,23	-70,1%	0,77	2,7%	0,75	0,83	-72,3%

Management or rotation

		28/02/2013		29/02/2012		28/02/2011	Sector Median 2013
Need background in operating working capital		150 days	41,5%	106 days	3,9%	102 days	19 days	689,5%
Treasury		14 days	0%	14 days	180,0%	5 days	9 days	55,6%
Inventory turnover of goods		days	-	days	-	days	105,50 days	-
Average length of credit granted to customers		8 days	-75,8%	33 days	-37,7%	53 days	35 days	-77,1%
Average length of credit obtained suppliers		42 days	20,0%	35 days	-43,5%	62 days	60 days	-30,0%
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		1507 days	-13,9%	1751 days	-8,9%	1923 days	1235 days	22,0%
Rotation tangible assets		1506,89%	-14,0%	1751,29%	-8,9%	1922,71%	1682,53%	-10,4%

Profitability of the business

		28/02/2013		29/02/2012		28/02/2011	Sector Median 2013
Margin trading		0%	0%	0%	0%	0	34,03%	0%
Profitability of the business		-1,51	-557,6%	0,33	104,9%	-6,71	2,97%	-150,8%
Net profit		-1,88%	-234,3%	1,40%	900%	0,14%	1,58%	-219,0%
More ratios
Growth rate of turnover (excluding VAT)		-17,24%	-107,2%	-8,32%	-684,9%	-1,06%	-0,10%	-17140,0%
Rates integration		13,04%	-14,4%	15,24%	189,2%	5,27%	19,26%	-32,3%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		102,26%	14,6%	89,25%	-56,7%	206,21%	69,71%	46,7%
Weight interests		0,32	-8,6%	0,35%	483,3%	0,06%	0,25%	28,0%

Return on capital

		28/02/2013		29/02/2012		28/02/2011	Sector Median 2013
Cash flow from the overall profitability		-1,27%	53,8%	-2,75%	32,8%	-4,09%	2,38%	-153,4%
Rates of economic profitability		-3%	-400%	1%	104,8%	-21%	11%	-127,3%
Financial profitability		275420%	-77,7%	1235403%	4,6%	1181350%	39627%	595,0%
Return on investment		-3,08%	-168,3%	4,51%	615,9%	0,63%	8,66%	-135,6%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	28/02/2013		29/02/2012		28/02/2011	Sector Median 2013
Turnover	3 188 374	-17,2%	3 852 573	-8,3%	4 202 149	375 624 €	748,8%

Sales of goods	0	0%	0	0%	0
- Purchase of goods	0	0%	0	0%	0
+/- Stock of goods variation	0	0%	0	0%	0
Trading margin	0 €	0%	0 €	0%	0 €	108 315 €	0%
	0,00 % CA	0%	0,00 % CA	0%	0,00 % CA	35,04 % CA	0%

Sale of goods produced	3 188 374	-17,2%	3 852 573	-8,3%	4 202 149
+/- Stocked production	34 206	-27,3%	47 043	-85,8%	331 939
+ Self-constructed assets	0	0%	0	0%	0
Period production	3 222 580 €	-17,4%	3 899 616 €	-14,0%	4 534 088 €	3 163 €	101783,7%
	101,07 % CA	-0,1%	101,22 % CA	-6,2%	107,90 % CA	1,50 % CA	6638,0%

Trading margin	0	0%	0	0%	0	108 315	0%
+ Period Production	3 222 580	-17,4%	3 899 616	-14,0%	4 534 088	3 163	101783,7%
- Purchase of raw materials	2 271 495	-3,4%	2 352 191	-29,3%	3 327 711
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	535 412	-44,2%	960 303	-2,5%	985 124
Added value	415 673 €	-29,2%	587 122 €	165,4%	221 253 €	90 439 €	359,6%
	13,04 % CA	-14,4%	15,24 % CA	189,2%	5,27 % CA	19,26 % CA	-32,3%

Added value	415 673 €	-29,2%	587 122 €	165,4%	221 253 €	90 439 €	359,6%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	38 842	-22,7%	50 267	6,8%	47 072
- Personal charges	425 056	-18,9%	523 994	14,9%	456 235
Gross operating surplus	-48 225 €	-475,0%	12 861 €	104,6%	-282 054 €	10 687 €	-551,2%
	-1,51 % CA	-557,6%	0,33 % CA	104,9%	-6,71 % CA	2,97 % CA	-150,8%

Gross operating surplus	-48 225 €	-475,0%	12 861 €	104,6%	-282 054 €	10 687 €	-551,2%
+ Release of reserves and provisions	199 589	-5,9%	212 186	-10,2%	236 386
+ Other operating income	-1 151	-100,7%	169 503	-56,4%	388 621
- Depreciation/Amortisation	78 771	-60,5%	199 641	21,4%	164 438
- Other charges	153 574	-10,8%	172 155	-3,1%	177 699
Operating result	-82 132 €	-461,0%	22 754 €	2688,5%	816 €	8 204 €	-1101,1%
	-2,58 % CA	-537,3%	0,59 % CA	2850,0%	0,02 % CA	2,12 % CA	-221,7%

Operating result	-82 132 €	-461,0%	22 754 €	2688,5%	816 €	8 204 €	-1101,1%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	20 706	-48,2%	39 984	623,6%	5 526
- Financial charges	10 109	-25,3%	13 540	422,0%	2 594
Pre-tax result	-71 535 €	-245,4%	49 198 €	1212,6%	3 748 €	6 071 €	-1278,3%
	-2,24 % CA	-275,0%	1,28 % CA	1322,2%	0,09 % CA	1,66 % CA	-234,9%

Extraordinary income	0	0%	83 246	8224,6%	1 000	02	0%
- Extraordinary charges	3 015	-95,6%	67 966	6537,3%	1 024
Extraordinary result	-3 015 €	-119,7%	15 280 €	63766,7%	-24 €	0 €	0%
	-0,09 % CA	-122,5%	0,40 % CA	0%	0 % CA	0 % CA	0%

Pre-tax result	-71 535 €	-245,4%	49 198 €	1212,6%	3 748 €	6 071 €	-1278,3%
Extraordinary result	-3 015 €	-119,7%	15 280 €	63766,7%	-24 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	-14 565	-239,7%	10 426	592,7%	-2 116
Net result	-59 985 €	-211,0%	54 052 €	825,5%	5 840 €	6 466 €	-1027,7%
	-1,88 % CA	-234,3%	1,40 % CA	900%	0,14 % CA	1,60 % CA	-217,5%

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 decrease of the current ratio over the past two years is more than 20%

The return on total assets employed is negative

The sales to current assets ratio is 1,63

The decrease of shareholder's equity over the past two years is more than 25%

The pre-tax profit is less than 25,000€

The tangible fixed assets are 30,390 €

The ratio total assets to total liabilities is 1,15

The company is 16 years old

Industry code with low risk rating

The debtor days are 32.20

The shareholder's equity is more than 250,000€

The liquidity acid test is more than 65%

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

Preferential rights details and history

Status of collection

This company is not under monitoring

Linkages

Ultimate parent company	BACCHARIS
Direct parent	WARGNIER DENIS - 99.8 %
Group – Number of companies	3
Linkages – Number of companies	-
Number of countries	-

No Linkages information available for the company

Event History

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
02/12/2013	Bodacc C	Comptes annuels et rapports
64 - PYRENEES-ATLANTIQUES GREFFE DU TRIBUNAL DE COMMERCE DE BAYONNE 10213 - 412046401 RCS. BIL TOKI. Forme : Société par actions simplifiée. Adresse : 4 rue de l'Eglise 64210 Guéthary. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2013.
14/11/2013	Bodacc B	Modification et mutation diverse
64 - PYRENEES-ATLANTIQUES GREFFE DU TRIBUNAL DE COMMERCE DE BAYONNE 2417 - 412 046 401 RCS Bayonne. BIL TOKI. Forme : Société par actions simplifiée. Activité : Conception, style et exploitation et développement de son portefeuille de marques. Commentaires : Modification survenue sur l'activité.
02/10/2013	JAL	Activity or goodwill cession: Seller
Petites affiches du pays basque et des pyrénées (Les) Date de décision : 31/08/2013 Cédant : 412046401 - BIL TOKI, 4 RUE DE L'EGLISE, 64210 GUETHARY Cessionnaire : 325539112 - WARGNIER DENIS, BOUTIQUE 64, 12 RUE DES CANETTES, 75006 PARIS 6 Prix de vente : 80000 € Date d’effet : 01/09/2013
14/11/2012	Bodacc B	Modification et mutation diverse
64 - PYRENEES-ATLANTIQUES GREFFE DU TRIBUNAL DE COMMERCE DE BAYONNE 1854 - 412 046 401 RCS Bayonne. BIL TOKI. Forme : Société par actions simplifiée. Administration : Président : WARGNIER Marie-Pierre né(e) GARMS Commissaire aux comptes titulaire : MARQUE Gaëlle Commissaire aux comptes suppléant : CABINET D'AUDIT ROUAULT-VISTE (SARL). Activité : . Commentaires : Modification survenue sur l'administration.
30/10/2012	Bodacc C	Comptes annuels et rapports
64 - PYRENEES-ATLANTIQUES GREFFE DU TRIBUNAL DE COMMERCE DE BAYONNE 8938 - 412046401 RCS. BIL TOKI. Forme : Société par actions simplifiée. Adresse : 4 rue de l'Eglise 64210 Guéthary. Commentaires : Comptes annuels et rapports de l'exercice clos le : 29/02/2012.
09/01/2012	Bodacc C	Comptes annuels et rapports
64 - PYRENEES-ATLANTIQUES GREFFE DU TRIBUNAL DE COMMERCE DE BAYONNE 9150 - 412046401 RCS. BIL TOKI. Forme : Société par actions simplifiée. Adresse : 4 rue de l'Eglise 64210 Guéthary. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2011.
14/11/2010	Bodacc B	Modification et mutation diverse
64 - PYRENEES-ATLANTIQUES GREFFE DU TRIBUNAL DE COMMERCE DE BAYONNE 1792 - 412 046 401 RCS Bayonne. BIL TOKI. Forme : Société par actions simplifiée. Administration : Président : WARGNIER Marie-Pierre né(e) GARMS Commissaire aux comptes titulaire : CABINET D'AUDIT FONDEVILA & MARQUE Commissaire aux comptes suppléant : BENAZET Carole. Commentaires : Modification survenue sur l'administration.
28/10/2010	Bodacc C	Comptes annuels et rapports
64 - PYRENEES-ATLANTIQUES GREFFE DU TRIBUNAL DE COMMERCE DE BAYONNE 8238 - 412046401 RCS. BIL TOKI. Forme : Société par actions simplifiée. Adresse : 4 rue de l'Eglise 64210 Guéthary. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2010.
30/10/2009	Bodacc C	Comptes annuels et rapports
64 - PYRENEES-ATLANTIQUES GREFFE DU TRIBUNAL DE COMMERCE DE BAYONNE 8334 - 412046401 RCS. BIL TOKI. Forme : Société par actions simplifiée. Adresse : 4 rue de l'Eglise 64210 Guéthary. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2009.
25/10/2008	Bodacc C	Comptes annuels et rapports
64 - PYRENEES-ATLANTIQUES GREFFE DU TRIBUNAL DE COMMERCE DE BAYONNE 10391 - 412046401 RCS. BIL TOKI. Forme : Société par actions simplifiée. Adresse : 4 rue de l'Eglise 64210 Guéthary. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2008.
06/11/2007	Bodacc C	Avis de dépôt des comptes
7114 - 412 046 401. RCS Bayonne BIL TOKI. Forme: Société par actions simplifiée. Adresse du siège social: 4 rue de l'Eglise 64210 Guéthary. Comptes annuels et rapports de l'exercice clos le: 28 février 2007.
12/10/2006	Bodacc C	Avis de dépôt des comptes
4486 - RCS Bayonne B 412 046 401. RC 99-B 409. BIL TOKI. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 4, rue de l'Eglise,64210 Guethary. Comptes annuels et rapports de l'exercice clos le: 28 février 2006.
02/10/2005	Bodacc B	Modifications et mutations diverses
755 - RCS Bayonne B 412 046 401. RC 99-B 409. BIL TOKI. Forme : S.A.S. Adresse du siège social : 4 rue de l'Eglise,, 64210 Commentaires : modification survenue sur la forme juridique et l'administration. Administration : président : GARMS (Marie, Pierre) (Nom d'usage : WARGNIER). Commissaire aux comptes titulaire : FONDEVILLA (Patrick) (Nom d'usage : FONDEVILLA). Commissaire aux comptes suppléant : BENAZET (Carole) (Nom d'usage : BENAZET). Date d'effet : 1er août 2005.
02/10/2005	Bodacc C	Avis de dépôt des comptes
933 - RCS Bayonne B 412 046 401. RC 99-B 409. BIL TOKI. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 4, rue de l'Eglise,64210 Guethary. Comptes annuels et rapports de l'exercice clos le: 28 février 2005.
10/05/2005	Bodacc B	Modifications et mutations diverses
1759 - RCS Bayonne B 412 046 401. RC 99-B 409. BIL TOKI. Forme : S.A.R.L. Adresse du siège social : 4 rue de l'Eglise,, 64210 Commentaires : modification survenue sur l'administration. Administration : gérant : GARMS (Marie, Pierre) (Nom d'usage : WARGNIER). Commissaire aux comptes titulaire : FONDEVILLA (Patrick) (Nom d'usage : FONDEVILLA). Commissaire aux comptes suppléant : BENAZET (Carole) (Nom d'usage : BENAZET). Date d'effet : 18 février 2005.
24/05/2002	Bodacc B	Modifications et mutations diverses
RCS Bayonne B 412046401 RC 99-B 409 BIL TOKI. Forme : S.A.R.L. Capital : 10 000 euros. Adresse du siège social : 4 rue de l'Eglise, 64210 Guéthary. Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l' établissement principal Etablissement principal: Adresse : 4 rue de l'Eglise, 64210 Guéthary. Date d'effet : 1 e r mars 2002.
16/10/2001	Bodacc B	Modifications et mutations diverses
RCS Bayonne B 412046401 RC 99-B 409 BIL TOKI. Forme : S.A.R.L. Capital : 10 000 euros. Adresse du siège social : 79 rue Gambetta, 64500 Saint-Jean-de-Luz. Commentaires : modification survenue sur le capital (augmentation et conversion en euros). Date d'effet : 29 juin 2001.
20/08/1999	Bodacc B	Modifications et mutations diverses
RCS Bayonne B 412046401 RC 99-B 00409 BIL TOKI. Forme : S.A.R.L. Capital : 50 000 F. Adresse du siège social : 79 rue Gambetta, 64500 Saint-Jean-de-Luz. Administration : gérant : GARMS (Marie- Pierre) ( Nom d'usage : WARGNIER). Commentaires : transfert hors ressort Etablissement principal: Activité : achat, vente, import-export de vetements, de produits de parfumerie et de bijouterie. Adresse : 79 rue Gambetta, 64500 Saint-Jean-de-Luz. Date d'effet : 1er juillet 1999.
01/06/1997	Bodacc A	Création d'établissement
RCS Bobigny B 412 046 401 RC 97-B 1982 BIL TOKI. Forme : S.A.R.L. Capital : 50 000 F. Activité : achat, vente, import-export de vetements, de produits de parfumerie et de bijouterie. Adresse du siège social : Garonor, B.P. 632 93611 Aulnay- sous-Bois. Administration : gérant : GARMS (Marie-Pierre, Madeleine) ( Nom d' usage : WARGNIER) Cette société se constitue Date de début d'activité: 1er mai 1997.

Company events history

Date	Description
02/12/2013	Bodacc C : Deposit accounts notice
22/11/2013	Update Rating
22/11/2013	Update Limit
22/11/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
14/11/2013	Bodacc B: Various editing or changing
02/11/2013	Update Rating
01/11/2013	New ultimate parent
01/11/2013	New parent detected
23/10/2013	Bodacc A : Sale and transfer
16/10/2013	Update Limit
31/08/2013	Legal Gazette: Activity or goodwill cession: Seller
28/02/2013	New accounts available
07/12/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
14/11/2012	Bodacc B: Various editing or changing
30/10/2012	Bodacc C : Deposit accounts notice
29/10/2012	New auditor
29/10/2012	Minutes of general meeting of shareholders
29/02/2012	New accounts available
09/01/2012	Bodacc C : Deposit accounts notice
28/12/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
28/02/2011	New accounts available
14/11/2010	Bodacc B: Various editing or changing
28/10/2010	Bodacc C : Deposit accounts notice
20/10/2010	Minutes of general meeting of shareholders
20/10/2010	New auditor
28/02/2010	New accounts available
30/10/2009	Bodacc C : Deposit accounts notice
28/02/2009	New accounts available
25/10/2008	Bodacc C : Deposit accounts notice
29/02/2008	New accounts available
28/02/2007	New accounts available
28/02/2006	New accounts available
13/09/2005	Changement de Forme Juridique avec changement de catégorie
13/09/2005	Audit or Management Report
13/09/2005	Rapport des Commissaires ou du Gérant
13/09/2005	Updated articles of association
13/09/2005	Statuts mis à jour
13/09/2005	Minutes of general meeting of shareholders
13/09/2005	PV d'Assemblée
13/09/2005	Appointment/resignation of company officers
13/09/2005	Private document
13/09/2005	Capital increase
13/09/2005	Augmentation de Capital
13/09/2005	New legal form – no new category
25/03/2005	Minutes of general meeting of shareholders
25/03/2005	PV d'Assemblée
25/03/2005	Acte modificatif
25/03/2005	Appointment/resignation of company officers
25/03/2005	Private document
28/02/2005	New accounts available
29/02/2004	New accounts available
28/02/2003	New accounts available
24/04/2002	Statuts mis à jour
24/04/2002	Acte sous seing privé
24/04/2002	Transfert du Siège dans le ressort du Tribunal de Commerce
24/04/2002	PV d'Assemblée
01/02/2002	Statuts mis à jour
01/02/2002	Acte sous seing privé
01/02/2002	Changement de date de clôture
01/02/2002	PV d'Assemblée
31/01/2002	Acte sous seing privé
31/01/2002	Cession de parts
19/09/2001	PV d'Assemblée
19/09/2001	Augmentation de Capital
19/09/2001	Conversion du Capital Social en Euros
19/09/2001	Statuts mis à jour
19/09/2001	Acte sous seing privé
18/01/2000	Cession de parts
18/01/2000	Statuts mis à jour
18/01/2000	Acte sous seing privé
13/07/1999	Immatriculation suite à transfert
13/07/1999	Statuts mis à jour
13/07/1999	PV d'Assemblée
13/07/1999	Acte sous seing privé
13/07/1999	Acte modificatif
15/05/1997	Acte sous seing privé
15/05/1997	PV d'Assemblée
15/05/1997	Nomination/démission des organes de gestion
15/05/1997	Statuts
15/05/1997	Formation de Société

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.22
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

RATING EXPLANATIONS

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

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

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

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

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.