MIRA INFORM REPORT

Report Date :

08.05.2014

IDENTIFICATION DETAILS

Name :	ROUGIER AFRIQUE INTERNATIONAL
Registered Office :	Rougier Afrique International, 155 Av De La Rochelle, 79000 Niort
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	December, 1997
Com. Reg. No.:	RCS Niort 9 415 101 443
Legal Form :	Plc with management board
Line of Business :	Wholesale (intercompany trade) of timber and building materials
No. of Employees :	27

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 79 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that mitigate economic inequality. France's real GDP contracted in 2009, and has recovered slowly since then. The unemployment rate increased from 7.4% in 2008 to 10.5% in 2013. Youth unemployment shot up to 24.2% during the third quarter of 2012 in metropolitan France. Lower-than-expected growth and high spending on social protection have strained France's public finances. The budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.0% of GDP in 2013, while France's public debt rose from 68% of GDP to nearly 94% over the same period. Under President SARKOZY, Paris implemented some austerity measures to begin bringing the budget deficit under the 3% euro-zone ceiling and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt. Socialist Party candidate Francois HOLLANDE won the May 2012 presidential election, after advocating looser fiscal policy, 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, and hiring an additional 60,000 teachers during his five-year term. The government’s budget for 2014 introduced a temporary 75% tax on wages over one million euros, to be paid by employers. France ratified the EU fiscal stability treaty in October 2012. Despite stagnant growth and fiscal challenges, France's borrowing costs have declined in recent years because investors remain attracted to the liquidity of France’s bonds.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Name

ROUGIER AFRIQUE INTERNATIONAL

SIRET

415 101 443 00018

Personal comment

company summary

		EUR VAT Number	FR08415101443
Activity (APE)	Wholesale (intercompany trade) of timber and building materials (4673A)	Legal form	Plc with management board
Phone	05 49 77 20 30	RCS Registration	RCS Niort 9 415 101 443
Fax		Share capital	38,500,000 Euros
Address	ROUGIER AFRIQUE INTERNATIONAL 155 AV DE LA ROCHELLE 79000 NIORT	Incorporated Date	12/1997
Nationality	France	Status	Economically active

DIRECTORS/MANAGEMENT

directors

Name	ROUGIER S.A.
Name of representative	M ROUGIER JACQUES
Manager position	Administrator	Date of birth	16/12/1938
Place of birth	NIORT
Type	Moral person	Name at birth

Name	M. ROUGIER FRANCIS ROGER MAURICE
Manager position	Managing director, President, Administrator	Date of birth	13/10/1947
Place of birth	NIORT
Type	Individual	Name at birth

Name	M. NGUEBA BOUTOUNDOU CARL DAVY
Manager position	Administrator	Date of birth	14/09/1972
Place of birth	LAMBARENE(GABON)
Type	Individual	Name at birth

Name	Mme. CHARLEMAGNE MARIE-YVONNE FRANÇOISE
Manager position	Administrator	Date of birth	10/12/1959
Place of birth	MALESTROIT
Type	Individual	Name at birth	GUILLAUME

Name	M. JEAN PHILIPPE
Manager position	Administrator	Date of birth	19/09/1953
Place of birth	PLOUGASNOU
Type	Individual	Name at birth

Name	M. DITONA-MOUSSAVOU ALAIN
Manager position	Administrator	Date of birth	03/04/1954
Place of birth	MAYUMBA(GABON)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M FRANCIS ROUGIER	13/10/1947 - NIORT

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

38,500,000 Euros

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	ROUGIER S. A.	025580143

Ultimate Parent

1 ultimate parent company for this company > ROUGIER SA  - Activités des sociétés holding (6420Z) in NIORT  (79000)

Group data

Parent	CAISSE DES DÉPÔTS ET CONSIGNATIONS DU GABON
Direct parent	CAISSE DES DÉPÔTS ET CONSIGNATIONS DU GABON - 35 %
Group – Number of companies	2
Linkages – Number of companies	-
Number of countries	-

Ultimate parent company	ROUGIER S. A.
Direct parent	ROUGIER S. A. - 65 %
Group – Number of companies	20
Linkages – Number of companies	-
Number of countries	-

Group Structure

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Display only where participation % > 33 %

Display all participations

This company is a part of several groups, choose the group you wish to see the structure

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ROUGIER S. A.
CAISSE DES DÉPÔTS ET CONSIGNATIONS DU GABON
Company Name	SIREN	Parts	Last account published
ROUGIER SA	025580143	-	31/12/2010
ROUGIER PANNEAUX	304103534	100%	31/12/2012
ROUGIER SYLVACO	403306392	100%	31/12/2012
ROUGIER AFRIQUE INTERNATIONAL	415101443	65%	31/12/2011
MOKABI	-	100%	-
SOC DE PARTICIPATIONS ET DE SCE INT	480514348	100%	31/12/2012
SUD PARTICIPATIONS	-	100%	-
COMAFOR	-	100%	-
ASSISTANCE DEVELOP INDUSTRIEL FORE...	394056360	100%	31/10/2012
CAMBOIS	-	100%	-
COFOBA	-	100%	-
SAGGEX	-	100%	-
ROUGIER GABON	-	88%	-
SNC ERESSA	324717743	100%	30/11/2011
CIFHO	-	100%	-
SOCIÉTÉ FORESTIÈRE ET INDUSTRIELLE DE LA...	-	100%	-
SFID PFI	-	100%	-
AMEROL	-	100%	-
LOREMA	-	99.98%	-
LIGNAFRICA SERVICES	520785353	50%	31/12/2012

FINANCIAL INFORMATION

Trading to Date	12/31/2011	12/31/2010	12/31/2009
Turnover	101,412,227 €	95,889,730 €	89,820,572 €
Gross Operating Surplus	1,35 % Turnover	0,73 % Turnover	-0,41 % Turnover
Shareholders’ equity	48,308,847 €	11,182,616 €	11,176,466 €
Net result	850,723 €	506,150 €	-401,771 €

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2011	31/12/2010	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	21/09/2012	10/08/2011	07/10/2010
Activity Code	4673A	4673A	4673A
Employees	27	21	20

Active account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	37 280 072	16260,7%	227 864	-10,5%	254 593	46 702	79725,4%
- Intangible assets	199 828	27,0%	157 312	-17,7%	191 148	21	951461,9%
- Tangible assets	52 685	-24,8%	70 032	11,3%	62 925	24 750	112,9%
- Financial assets	37 027 559	7120584,4%	520	0%	520	1 699	2179273,7%
Net current assets	30 864 125	23,3%	25 038 081	-10,9%	28 098 937	387 391	7867,2%
- Stocks	13 667	9,7%	12 464	-98,4%	787 899	74 508	-81,7%
- Advanced payments	955 000	23,3%	0	0%	0	0	0%
- Receivables	29 774 895	19,4%	24 944 018	-0,6%	25 089 797	170 164	17397,8%
- Securities and cash	120 563	47,8%	81 599	-96,3%	2 221 241	45 662	164,0%
- Prepaid expenses	-	-	-	-	-	191	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	68 144 197	169,7%	25 265 945	-10,9%	28 353 530	476 410	14203,7%

Passive Account

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Shareholders' equity	48 308 847	332,0%	11 182 616	0,1%	11 176 466	131 131	36740,1%
Share capital	38 500 000	2425,4%	1 524 490	0%	1 524 490	22 867	168264,9%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	62 500	0	0%
Liabilities	19 835 345	40,8%	14 083 329	-17,7%	17 114 564	294 902	6626,1%
- Financial liabilities	8 536 584	50,3%	5 678 376	-3,1%	5 858 536	39 725	21389,2%
- Advanced payments received	496 177	-19,7%	618 035	8,1%	571 875	0	0%
- Trade account payables	9 502 223	39,8%	6 796 825	-28,2%	9 469 702	127 289	7365,1%
- Tax and social liabilities	1 136 600	96,6%	578 194	7,4%	538 346	62 756	1711,1%
- Other debts and fixed assets liabilities	163 761	-60,2%	411 899	-39,1%	676 105	5 621	2813,4%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	68 144 197	169,7%	25 265 945	-10,9%	28 353 530	476 409	14203,7%

Results

Annual Accounts	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Sales of Goods	101 497 496	5,5%	96 168 717	6,9%	89 965 794	931 790	10792,7%
Net turnover	101 412 227	5,8%	95 889 730	6,8%	89 820 572	921 253	10908,1%
- of which net export turnover	100 126 189	0%	0	0%	0	0	0%
Operating charges	100 299 898	5,0%	95 525 500	5,7%	90 390 083	902 938	11008,2%
Operating profit/loss	1 197 598	86,2%	643 217	251,6%	-424 289	24 239	4840,8%
Financial income	1 614 801	-0,7%	1 625 717	1948,9%	79 346	100	1614701,0%
Financial charges	1 529 730	1,6%	1 505 802	496,8%	252 299	1 938	78833,4%
Financial profit/loss	85 071	-29,1%	119 915	169,3%	-172 953	-593	14445,9%
Pretax net operating income	1 282 669	68,1%	763 132	227,8%	-597 242	21 075	5986,2%
Extraordinary income	11 580	0%	0	0%	0	549	2009,3%
Extraordinary charges	11 580	10147,8%	113	-83,1%	669	504	2197,6%
Extraordinary profit/loss	0	0%	-113	83,1%	-669	0	0%
Net result	850 723	68,1%	506 150	226,0%	-401 771	19 243	4320,9%

Display parameter
Currency	Euro	Kilo Euro

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

Accounts – Active

Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to VI)	Net	68 144 197	169,7%	25 265 945	-10,9%	28 353 530
Gross	CO	68 934 624	166,4%	25 880 635	-10,7%	28 989 380
Amortisation	1A	790 427	28,6%	614 690	-3,3%	635 850

Non declared distributed capital (I)

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

Active fixed asset (II)

		31/12/2011		31/12/2010		31/12/2009
Total Active fixed asset (II)	Net	37 280 072	16260,7%	227 864	-10,5%	254 593
Gross	BJ	37 988 941	4859,7%	765 948	9,5%	699 280
Amortisation	BK	708 869	31,7%	538 084	21,0%	444 687

Intangible fixed assets

			31/12/2011		31/12/2010		31/12/2009
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	129 689	0%	0	0%	0
	Gross	AF	259 377	0%	0	0%	0
	Amortisation	AG	129 688	0%	0	0%	0
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	70 139	-55,4%	157 312	-17,7%	191 148
	Gross	AJ	453 073	0,0%	453 074	10,6%	409 682
	Amortisation	AK	382 934	29,5%	295 762	35,3%	218 534
	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	199 828	27,0%	157 312	-17,7%	191 148

Tangible fixed assets

		31/12/2011		31/12/2010		31/12/2009
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	1 444	-0,1%	1 445	0%	1 445
Amortisation	AS	1 444	-0,1%	1 445	0%	1 445
Other tangible fixed assets	Net	52 685	-24,8%	70 032	11,3%	62 925
Gross	AT	247 488	-20,4%	310 909	8,1%	287 633
Amortisation	AU	194 803	-19,1%	240 877	7,2%	224 708
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	52 685		70 032		62 925

Financial assets

		31/12/2011		31/12/2010		31/12/2009
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	37 027 359	11570949,7%	320	0%	320
Gross	CU	37 027 359	11570949,7%	320	0%	320
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	200	0%	200	0%	200
Gross	BH	200	0%	200	0%	200
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		37 027 559		520		520

Current Assets (III)

		31/12/2011		31/12/2010		31/12/2009
Total Assets	Net	30 864 125	23,3%	25 038 081	-10,9%	28 098 937
Gross	CJ	30 945 679	23,2%	25 114 687	-11,2%	28 290 100
Amortisation	CK	81 554	6,5%	76 606	-59,9%	191 163

Stocks

		31/12/2011		31/12/2010		31/12/2009
Raw materials	Net	0	0%	0	0%	0
Gross	BL	0	0%	0	0%	0
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	0	0%	0	0%	0
Gross	BN	0	0%	0	0%	0
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	13 667	9,7%	12 464	-98,4%	787 899
Gross	BT	26 107	4,8%	24 904	-97,4%	963 379
Amortisation	BU	12 440	0%	12 440	-92,9%	175 480
Sub Total Stocks	Net	13 667	9,7%	12 464	-98,4%	787 899

Advance payments to suppliers

		31/12/2011		31/12/2010		31/12/2009
Advance payments to suppliers	Net	955 000	0%	0	0%	0
Gross	BV	955 000	0%	0	0%	0
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2011		31/12/2010		31/12/2009
Trade accounts receivable	Net	19 027 343	0,1%	18 999 986	4,4%	18 195 523
Gross	BX	19 096 457	0,2%	19 064 152	4,7%	18 211 206
Amortisation	BY	69 114	7,7%	64 166	309,1%	15 683
Other debtors	Net	10 733 963	81,6%	5 911 770	-14,1%	6 885 094
Gross	BZ	10 733 963	81,6%	5 911 770	-14,1%	6 885 094
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	29 761 306	19,5%	24 911 756	-0,7%	25 080 617

Divers

		31/12/2011		31/12/2010		31/12/2009
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	120 563	47,8%	81 599	-96,3%	2 221 241
Gross	CF	120 563	47,8%	81 599	-96,3%	2 221 241
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	120 563	47,8%	81 599	-96,3%	2 221 241

Prepaid expenses

		31/12/2011		31/12/2010		31/12/2009
Prepaid expenses	Net	13 589	-57,9%	32 262	251,4%	9 180
Gross	CH	13 589	-57,9%	32 262	251,4%	9 180
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2011		31/12/2010		31/12/2009
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

		31/12/2011		31/12/2010		31/12/2009
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	10 220 084	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Grand Total (I to V)	EE	68 144 197	169,7%	25 265 945	-10,9%	28 353 530

Shareholder Equity (I)

		31/12/2011		31/12/2010		31/12/2009
Total shareholders' equity (Total I)	DL	48 308 847	332,0%	11 182 616	0,1%	11 176 466
Equity and shareholders' equity	DA	38 500 000	2425,4%	1 524 490	0%	1 524 490
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	152 448	0%	152 448	0%	152 448
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	8 299 527	-7,8%	8 999 528	-5,4%	9 511 483
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	506 149	0%	0	0%	389 815
Profit or loss for the period	DI	850 723	68,1%	506 150	226,0%	-401 770
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2011		31/12/2010		31/12/2009
Total other capital resources (Total II)	DO	0	0%	0	0%	0
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

		31/12/2011		31/12/2010		31/12/2009
Total provisions for risks and charges (Total III)	DR	0	0%	0	0%	62 500
Risk provisions	DP	0	0%	0	0%	62 500
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/12/2011		31/12/2010		31/12/2009
Total Liabilities (Total IV)	EC	19 835 345	40,8%	14 083 329	-17,7%	17 114 564
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	8 400 755	47,9%	5 678 376	-3,1%	5 858 536
Sundry loans and financial liabilities	DV	135 829	0%	0	0%	0
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	496 177	-19,7%	618 035	8,1%	571 875
Trade accounts payables	DX	9 502 223	39,8%	6 796 825	-28,2%	9 469 702
Tax and social security liabilities	DY	1 136 600	96,6%	578 194	7,4%	538 346
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	163 761	-60,2%	411 899	-39,1%	676 105

Translation loss (V)

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

Equalization accounts

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

References

		31/12/2011		31/12/2010		31/12/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	19 339 170	0%	0	0%	0
Of which current bank facilities	EH	8 400 755	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2011		31/12/2010		31/12/2009
Operating result (Total I-II)	GG	1 197 598	86,2%	643 217	251,6%	-424 289

2 - Financial result (V - VI)

		31/12/2011		31/12/2010		31/12/2009
Financial result (Total V-VI)	GV	85 071	-29,1%	119 915	169,3%	-172 953

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

		31/12/2011		31/12/2010		31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	1 282 669	68,1%	763 132	227,8%	-597 242

4 - Extraordinary result (VII-VIII)

		31/12/2011		31/12/2010		31/12/2009
Extraordinary result (Total VII-VIII)	HI	0	0%	-113	83,1%	-669

Profit or loss

		31/12/2011		31/12/2010		31/12/2009
Profit or loss	HN	850 723	68,1%	506 150	226,0%	-401 771

Total Income (I+III+V+VII)

		31/12/2011		31/12/2010		31/12/2009
Total Income (I+III+V+VII)	HL	103 123 877	5,4%	97 794 434	8,6%	90 045 140

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

		31/12/2011		31/12/2010		31/12/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	102 273 152	5,1%	97 288 283	7,6%	90 446 911

Operating income (I)

		31/12/2011		31/12/2010		31/12/2009
Total operating income (Total I)	FR	101 497 496	5,5%	96 168 717	6,9%	89 965 794

Operating income (details)

		31/12/2011		31/12/2010		31/12/2009
Sale of goods for resale	FC	101 412 227	5,8%	95 889 196	6,8%	89 819 471
France	FA	1 286 038	-98,7%	95 889 196	6,8%	89 819 471
Export	FB	100 126 189	0%	0	0%	0
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%	534	-51,5%	1 101
France	FG	0	0%	534	-51,5%	1 101
Export	FH	0	0%	0	0%	0
Net turnover	FL	101 412 227	5,8%	95 889 730	6,8%	89 820 572
France	FJ	1 286 038	-98,7%	95 889 730	6,8%	89 820 572
Export	FK	100 126 189	0%	0	0%	0
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	552	0%	0
Release of reserves and provisions	FP	18 761	-92,3%	244 619	68,4%	145 222
Other income	FQ	66 508	96,7%	33 816	0%	0

Operating charges (II)

		31/12/2011		31/12/2010		31/12/2009
Total operating charges (Total II)	GF	100 299 898	5,0%	95 525 500	5,7%	90 390 083

Exploitation charges

		31/12/2011		31/12/2010		31/12/2009
Purchase of goods for resale	FS	86 270 346	0%	0	0%	0
Change in stocks of goods for resale	FT	-1 203	-100,1%	938 475	-47,1%	1 774 404
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	11 097 192	-88,0%	92 096 074	6,8%	86 256 292
Tax, duty and similar payments	FX	139 937	23,9%	112 955	6,2%	106 317
Payroll	FY	1 680 392	24,0%	1 354 897	-0,9%	1 366 875
Social security costs	FZ	858 919	24,9%	687 918	0,8%	682 520

Depreciation

		31/12/2011		31/12/2010		31/12/2009
Depreciation of fixed assets	GA	247 565	137,7%	104 162	8,1%	96 373
Amortisation of fixed assets	GB	0	0%	0	0%	57 855
Depreciation/amortisation of current assets	GC	4 948	-92,3%	64 167	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2011		31/12/2010		31/12/2009
Other charges	GE	1 802	-98,9%	166 852	237,4%	49 447

Operating charges (III-IV)

		31/12/2011		31/12/2010		31/12/2009
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		31/12/2011		31/12/2010		31/12/2009
Total financial income (Total V)	GP	1 614 801	-0,7%	1 625 717	1948,9%	79 346
Share financial income	GJ	0	0%	0	0%	108
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	138 027	58,2%	87 263	40,1%	62 266
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	1 476 774	-4,0%	1 538 454	8964,7%	16 972
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

		31/12/2011		31/12/2010		31/12/2009
Total financial charge (Total VI)	GU	1 529 730	1,6%	1 505 802	496,8%	252 299
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	79 018	73,5%	45 545	-52,6%	96 121
Exchange losses	GS	1 450 712	-0,7%	1 460 257	835,0%	156 178
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2011		31/12/2010		31/12/2009
Total extraordinary income (Total VII)	HD	11 580	0%	0	0%	0
Extraordinary operating income	HA	11 580	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)

		31/12/2011		31/12/2010		31/12/2009
Total extraordinary charges (Total VIII)	HH	11 580	10147,8%	113	-83,1%	669
Extraordinary operating charges	HE	11 580	10147,8%	113	0%	0
Extraordinary charges from capital transactions	HF	0	0%	0	0%	669
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2011		31/12/2010		31/12/2009
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2011		31/12/2010		31/12/2009
Tax on profits (Total X)	HK	431 944	68,2%	256 868	231,0%	-196 140

References

		31/12/2011		31/12/2010		31/12/2009
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	18 761	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%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

Other incomes tax return forms

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

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	OG	0	0%	0	0%	0
Increases due to revaluation	OH	0	0%	0	0%	0
Decreases, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreases by budget item transfer	OK1	0	0%	0	0%	0
Decreases by transfers	OK2	88 357	0%	0	0%	0
Gross value at the end of period	OL	37 988 943	0%	0	0%	0

Research and development Charge (Total I)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	CZ	0	0%	0	0%	0
Increases due to revaluation	KB	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KC	0	0%	0	0%	0
Decreases by budget item transfer	C01	0	0%	0	0%	0
Decreases by transfers	C02	0	0%	0	0%	0
Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	KD	453 073	0%	0	0%	0
Increases due to revaluation	KE	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KF	259 377	0%	0	0%	0
Decreases by budget item transfer	LV1	0	0%	0	0%	0
Decreases by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	712 450	0%	0	0%	0

Tangible fixed assets (Total III)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	LN	312 352	0%	0	0%	0
Increases due to revaluation	LO	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LP	24 936	0%	0	0%	0
Decreases by budget item transfer	NG1	0	0%	0	0%	0
Decreases by transfers	NG2	88 357	0%	0	0%	0
Gross value at the end of period	NH	248 931	0%	0	0%	0

Financial assets (Total IV)

		31/12/2011		31/12/2010		31/12/2009
Gross value at begin of period	LQ	520	0%	0	0%	0
Increases due to revaluation	LR	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LS	37 027 039	0%	0	0%	0
Decreases by budget item transfer	NJ1	0	0%	0	0%	0
Decreases by transfers	NJ2	0	0%	0	0%	0
Gross value at the end of period	NK	37 027 559	0%	0	0%	0

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

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreases		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreases		PC	0	0%	0	0%	0
	Decreases by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	PE	295 761	0%	0	0%	0
Increases		PF	216 862	0%	0	0%	0
Decreases		PG	0	0%	0	0%	0
	Decreases by budget item transfer	PH	512 623	0%	0	0%	0

Total fixed assets amortisation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Reserve for depreciation value at begin of period	QU	242 320	0%	0	0%	0
Increases		QV	30 702	0%	0	0%	0
Decreases		QW	76 776	0%	0	0%	0
	Decreases by budget item transfer	QX	196 246	0%	0	0%	0

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/12/2011		31/12/2010		31/12/2009
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreases by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/12/2011		31/12/2010		31/12/2009
	Net value at beginning of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			31/12/2011		31/12/2010		31/12/2009
	Value at beginning of period	7C	76 606	-69,8%	253 663	0%	0
Increases		UB	4 948	-92,3%	64 167	0%	0
Decreases		UC	0	0%	241 223	0%	0
	Value at the end of period	UD	81 554	6,5%	76 607	0%	0

Includes Total allocations

Operating	UE	4 948	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)

			31/12/2011		31/12/2010		31/12/2009
	Value at beginning of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2011		31/12/2010		31/12/2009
	Value at beginning of period	5Z	0	0%	62 500	0%	0
Increases		TV	0	0%	0	0%	0
Decreases		TW	0	0%	62 500	0%	0
	Value at the end of period	TX	0	0%	0	0%	0

Total Provision for depreciation (Total III)

			31/12/2011		31/12/2010		31/12/2009
	Value at beginning of period	7B	76 606	-59,9%	191 163	0%	0
Increases		TY	4 948	-92,3%	64 167	0%	0
Decreases		TZ	0	0%	178 723	0%	0
	Value at the end of period	UA	81 554	6,5%	76 607	0%	0

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

		31/12/2011		31/12/2010		31/12/2009
Gross value	VT	29 844 210	19,2%	25 033 797	-0,3%	25 105 680
1 year at most	VU	19 623 926	-1,8%	19 988 597	-7,3%	21 555 480
More than one year	VV	10 220 284	102,6%	5 045 200	42,1%	3 550 200

State of loans

		31/12/2011		31/12/2010		31/12/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	200	0%	200	0%	200
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2011		31/12/2010		31/12/2009
Customers doubtful or disputed	VA	70 084	0%	0	0%	0
Other claims customer	UX	19 026 372	0%	0	0%	18 211 206
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	61 844	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	110 113	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	10 511 432	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	50 573	-99,8%	25 033 597	263,6%	6 885 094

Prepaid

		31/12/2011		31/12/2010		31/12/2009
Prepaid	VS	13 589	0%	0	0%	9 180

State Debt

			31/12/2011		31/12/2010		31/12/2009
	Total debt (gross)	VY	19 339 170	37,3%	14 083 329	-17,7%	17 114 564
1 year at most		VZ2	19 339 170	37,3%	14 083 329	-17,7%	17 114 564
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2011		31/12/2010		31/12/2009
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	8 400 755	47,9%	5 678 375	-3,1%	5 858 536
1 year at most		VG2	8 400 755	47,9%	5 678 375	-3,1%	5 858 536
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	9 502 223	39,8%	6 796 825	-28,2%	9 469 702
1 year at most		8B2	9 502 223	39,8%	6 796 825	-28,2%	9 469 702
More than 1 year and 5 years at most		8B3	9 502 223	39,8%	6 796 825	-28,2%	9 469 702
	Personnel and associated accounts (gross)	8C1	370 765	0%	0	0%	0
1 year at most		8C2	370 765	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	286 555	-50,4%	578 194	7,4%	538 346
1 year at most		8D2	286 555	-50,4%	578 194	7,4%	538 346
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	431 944	0%	0	0%	0
1 year at most		8E2	431 944	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	919	0%	0	0%	0
1 year at most		VW2	919	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	46 416	0%	0	0%	0
1 year at most		VQ2	46 416	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	135 829	0%	0	0%	0
1 year at most		VI2	135 829	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	163 761	-84,1%	1 029 935	-17,5%	1 247 980
1 year at most		8K2	163 761	-84,1%	1 029 935	-17,5%	1 247 980
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

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

Table allocation results and other information
Dividends distributed

		31/12/2011		31/12/2010		31/12/2009
Dividends	ZE	700 000	0%	0	0%	0

Commitments

		31/12/2011		31/12/2010		31/12/2009
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2011		31/12/2010		31/12/2009
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	207 619	0%	0	0%	0
Staff outside the company	YU	13 954	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	88 899	0%	0	0%	0
Fees, commissions and brokerage	YV	828 595	0%	0	0%	0
Other accounts	ST	9 958 124	0%	0	0%	0
Total Other purchases and external	ZJ	11 097 191	0%	0	0%	0

Taxes and Fees

		31/12/2011		31/12/2010		31/12/2009
Business tax	YW	65 439	0%	0	0%	0
Other taxes and payments assimilated	9Z	74 498	0%	0	0%	0
Total taxes and fees	YX	139 937	0%	0	0%	0

VAT

		31/12/2011		31/12/2010		31/12/2009
Amount VAT collected	YY	323 520	0%	0	0%	0
Total VAT on goods and services	YZ	556 706	0%	0	0%	0

Average number of employees

		31/12/2011		31/12/2010		31/12/2009
Average number of employees	YP	27	28,6%	21	5,0%	20

Groups and Shareholders

		31/12/2011		31/12/2010		31/12/2009
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Fixed Asset Financing	1,29	-94,3%	22,72	-9,4%	25,09	2,18	-40,8%
Global Debt	70 days	32,1%	53 days	-23,2%	69 days	105 days	-33,3%
Working Capital Fund overall net	40 days	-35,5%	62 days	-8,8%	68 days	56 days	-28,6%
Financial independence	575,05%	192,0%	196,93%	3,2%	190,77%	400,52%	43,6%
More ratios
Solvability	70,89%	60,2%	44,26%	12,3%	39,42%	34,68%	104,4%
Capacity debt futures	575,05%	192,0%	196,93%	3,2%	190,77%	1050,31%	-45,2%
Coverage of current assets by net working capital overall	36,09%	-45,6%	66,31%	11,3%	59,56%	40,73%	-11,4%
General Liquidity	1,01	-28,9%	1,42	12,7%	1,26	0,72	40,3%
Restricted Liquidity	1,02	-28,7%	1,43	2,9%	1,39	1,07	-4,7%

Management or rotation

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Need background in operating working capital	69 days	11,3%	62 days	5,1%	59 days	28 days	146,4%
Treasury	-29 days	0%	0 days	0%	9 days	11 days	-363,6%
Inventory turnover of goods	0 days	0%	10 days	-94,9%	195 days	59 days	0%
Average length of credit granted to customers	68 days	-5,6%	72 days	-1,4%	73 days	52 days	30,8%
Average length of credit obtained suppliers	35 days	34,6%	26 days	-33,3%	39 days	60 days	-41,7%
More ratios
Inventory turnover of raw materials in industrial enterprises	0 days	-	days	-	days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	days	-	days	-	days	680 days	-
Rotation tangible assets	40739,09%	-	%	-	%	1022,25%	3885,2%

Profitability of the business

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Margin trading	14,93%	-84,9%	99,02%	1,0%	98,02	24,23%	-38,4%
Profitability of the business	1,35	84,9%	0,73	278,0%	-0,41	4,14%	-67,4%
Net profit	0,84%	58,5%	0,53%	217,8%	-0,45%	2,08%	-59,6%
More ratios
Growth rate of turnover (excluding VAT)	5,76%	-14,8%	6,76%	130,9%	-21,91%	7,04%	-18,2%
Rates integration	3,99%	33,9%	2,98%	49,7%	1,99%	19,04%	-79,0%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	62,76%	-12,3%	71,55%	-37,5%	114,50%	68,66%	-8,6%
Weight interests	1,51	-3,8%	1,57%	460,7%	0,28%	0,23%	556,5%

Return on capital

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Cash flow from the overall profitability	1,08%	68,8%	0,64%	337,0%	-0,27%	3,11%	-65,3%
Rates of economic profitability	2%	-50,0%	4%	300%	-2%	16%	-87,5%
Financial profitability	48308847%	332,0%	11182616%	0,1%	11176466%	117284%	41089,6%
Return on investment	4,19%	-64,9%	11,93%	1455,7%	-0,88%	10,03%	-58,2%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2011		31/12/2010		31/12/2009	Sector Median 2011
Turnover	101 412 227	5,8%	95 889 730	6,8%	89 820 572	921 253 €	10908,1%

Sales of goods	101 412 227	5,8%	95 889 196	6,8%	89 819 471
- Purchase of goods	86 270 346	0%	0	0%	0
+/- Stock of goods variation	-1 203	-100,1%	938 475	-47,1%	1 774 404
Trading margin	15 143 084 €	-84,1%	94 950 721 €	7,8%	88 045 067 €	197 501 €	7567,3%
	14,93 % CA	-84,9%	99,02 % CA	1,0%	98,02 % CA	25,14 % CA	-40,6%

Sale of goods produced	0	0%	534	-51,5%	1 101
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	0 €	0%	534 €	-51,5%	1 101 €	40 322 €	0%
	0,00 % CA	0%	0,00 % CA	0%	0,00 % CA	3,47 % CA	0%

Trading margin	15 143 084	-84,1%	94 950 721	7,8%	88 045 067	197 501	7567,3%
+ Period Production	0	0%	534	-51,5%	1 101	40 322	0%
- Purchase of raw materials	0	0%	0	0%	0
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	11 097 192	-88,0%	92 096 074	6,8%	86 256 292
Added value	4 045 892 €	41,7%	2 855 181 €	59,5%	1 789 876 €	187 699 €	2055,5%
	3,99 % CA	33,9%	2,98 % CA	49,7%	1,99 % CA	19,04 % CA	-79,0%

Added value	4 045 892 €	41,7%	2 855 181 €	59,5%	1 789 876 €	187 699 €	2055,5%
+ Operating grants	0	0%	552	0%	0
- Tax, duty and similar payments	139 937	23,9%	112 955	6,2%	106 317
- Personal charges	2 539 311	24,3%	2 042 815	-0,3%	2 049 395
Gross operating surplus	1 366 644 €	95,2%	699 963 €	291,3%	-365 836 €	35 685 €	3729,7%
	1,35 % CA	84,9%	0,73 % CA	278,0%	-0,41 % CA	4,14 % CA	-67,4%

Gross operating surplus	1 366 644 €	95,2%	699 963 €	291,3%	-365 836 €	35 685 €	3729,7%
+ Release of reserves and provisions	18 761	-92,3%	244 619	68,4%	145 222
+ Other operating income	66 508	96,7%	33 816	0%	0
- Depreciation/Amortisation	252 513	50,0%	168 329	9,1%	154 228
- Other charges	1 802	-98,9%	166 852	237,4%	49 447
Operating result	1 197 598 €	86,2%	643 217 €	251,6%	-424 289 €	24 239 €	4840,8%
	1,18 % CA	76,1%	0,67 % CA	242,6%	-0,47 % CA	2,80 % CA	-57,9%

Operating result	1 197 598 €	86,2%	643 217 €	251,6%	-424 289 €	24 239 €	4840,8%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	1 614 801	-0,7%	1 625 717	1948,9%	79 346
- Financial charges	1 529 730	1,6%	1 505 802	496,8%	252 299
Pre-tax result	1 282 669 €	68,1%	763 132 €	227,8%	-597 242 €	21 075 €	5986,2%
	1,26 % CA	57,5%	0,80 % CA	221,2%	-0,66 % CA	2,61 % CA	-51,7%

Extraordinary income	11 580	0%	0	0%	0	549	2009,3%
- Extraordinary charges	11 580	10147,8%	113	-83,1%	669
Extraordinary result	0 €	0%	-113 €	83,1%	-669 €	0 €	0%
	0,00 % CA	0%	0,00 % CA	0%	0 % CA	0 % CA	0%

Pre-tax result	1 282 669 €	68,1%	763 132 €	227,8%	-597 242 €	21 075 €	5986,2%
Extraordinary result	0 €	0%	-113 €	83,1%	-669 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	431 944	68,2%	256 868	231,0%	-196 140
Net result	850 725 €	68,1%	506 151 €	226,0%	-401 771 €	19 212 €	4328,1%
	0,84 % CA	58,5%	0,53 % CA	217,8%	-0,45 % CA	2,09 % CA	-59,8%

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Company details

Activity (APE)	Wholesale (intercompany trade) of timber and building materials (4673A)
RCS Registration	RCS Niort 9 415 101 443	Share capital	38,500,000 Euros
Registration Court	Niort (79)	Legal form	Plc with management board
Court Registry Number	19 9 7B00233	EUR VAT Number	FR08415101443
Incorporation Date	12/1997	Formation Date	12/1997
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Establishment details

Activity (APE)	Wholesale (intercompany trade) of timber and building materials (4673A)	Business Pages FT®	IMPORTATION, EXPORTATION DE BOIS
Postal Address	ROUGIER AFRIQUE INTERNATIONAL 155 AV DE LA ROCHELLE 79000 NIORT	Trading Address	155 AVENUE DE LA ROCHELLE 79000 NIORT
Telephone	05 49 77 20 30
Fax

Type	Head office	Status	Economically active
Formation Date	12/1997	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Store
Location surface	From 300 m² to less than 400 m²	Seasonality

Department	Deux-Sèvres (79)	Region	Poitou-Charentes
District	2	Area	98
City	NIORT	Size of urban area

Other establishments

Branches	3 branch entities in this company
Head office	> ROUGIER AFRIQUE INTERNATIONAL <<<  - Commerce de gros (commerce interentreprises) de bois et de matériaux de construction (4673A) in NIORT  (79000)
Secondary establishments	>  ROUGIER INTERNATIONNAL  - Commerce de gros (commerce interentreprises) de bois et de matériaux de construction (4673A)  in GENNEVILLIERS  (92230) >  ROUGIER INTERNATIONNAL  - Commerce de gros (commerce interentreprises) de bois et de matériaux de construction (4673A)  in PARIS 8  (75008)

Regionality	Legal unit with multiple establishments in many areas having at least 50% of workforce in same area
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

10 to 19 employees

Company workforce

20 to 49 employees

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
05/09/2013	Bodacc C	Comptes annuels et rapports
79 - DEUX-SEVRES GREFFE DU TRIBUNAL DE COMMERCE DE NIORT 10549 - 415101443 RCS. ROUGIER AFRIQUE INTERNATIONAL. Forme : Société anonyme. Adresse : 155 avenue de la Rochelle 79000 Niort. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
07/09/2012	Bodacc C	Comptes annuels et rapports
79 - DEUX-SEVRES GREFFE DU TRIBUNAL DE COMMERCE DE NIORT 5749 - 415101443 RCS. ROUGIER AFRIQUE INTERNATIONAL. Forme : Société anonyme. Adresse : 155 avenue de la Rochelle 79000 Niort. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
16/03/2012	Bodacc B	Modification et mutation diverse
79 - DEUX-SEVRES GREFFE DU TRIBUNAL DE COMMERCE DE NIORT 1667 - 415 101 443 RCS Niort. ROUGIER AFRIQUE INTERNATIONAL. Forme : Société anonyme. Administration : Président : ROUGIER Francis Roger Maurice modification le 08 Mars 2012 Commissaire aux comptes titulaire : GROUPE Y AUDIT ET CONSEIL Commissaire aux comptes titulaire : SA PIERRE HENRI SCACCHI ET ASSOCIES Commissaire aux comptes suppléant : GERIGNE Francois modification le 08 Mars 2012 Commissaire aux comptes suppléant : AGNELLET Philippe modification le 08 Mars 2012 Administrateur : NGUEBA BOUTOUNDOU Carl Davy en fonction le 08 Mars 2012 Administrateur : GUILLAUME Marie-Yvonne Françoise en fonction le 08 Mars 2012 Administrateur : ROUGIER S. A. représenté par ROUGIER Jacques en fonction le 08 Mars 2012 Directeur général et administrateur : ROUGIER Francis Roger Maurice en fonction le 08 Mars 2012 Administrateur : JEAN Philippe en fonction le 08 Mars 2012 Administrateur : DITONA-MOUSSAVOU Alain en fonction le 08 Mars 2012. Activité : . Commentaires : Modification de représentant. Modification de la forme juridique.
25/02/2012	JAL	Appointment of the social representative
La Nouvelle République du Centre Ouest - Edition des Deux Sèvres Date de décision : 02/02/2012 Société faisant l'objet d'une nomination : 415101443 - ROUGIER AFRIQUE INTERNATIONAL, 155 AV DE LA ROCHELLE, 79000 NIORT Nominé : Monsieur Francis ROUGIER, 75007 PARIS 07 En la fonction de : Président du Conseil d'Administration Nominé : Monsieur Carl NGUEBA BOUTOUNDOU, LIBREVILLE En la fonction de : Administrateur Nominé : Monsieur Alain DITONA-MOUSSAVOU, LIBREVILLE En la fonction de : Administrateur Nominé : Madame Marie-Yvonne CHARLEMAGNE, 75015 PARIS 15 En la fonction de : Administrateur Nominé : Monsieur Philippe JEAN, 78114 MAGNY LES HAMEAUX En la fonction de : Administrateur Nominé : 025580143 - ROUGIER SA, 155 AV DE LA ROCHELLE, BP 247, 79000 NIORT En la fonction de : Administrateur Nominé : Monsieur Francis ROUGIER, 75007 PARIS 07 En la fonction de : Administrateur Nominé : Monsieur Francis ROUGIER, 75007 PARIS 07 En la fonction de : Directeur général
24/01/2012	Bodacc B	Modification et mutation diverse
79 - DEUX-SEVRES GREFFE DU TRIBUNAL DE COMMERCE DE NIORT 1415 - 415 101 443 RCS Niort. ROUGIER AFRIQUE INTERNATIONAL. Forme : Société par actions simplifiée. Capital : 38500000 EUR. Activité : . Commentaires : Modification de la dénomination. Modification du capital.
09/01/2012	JAL	Modification of the share capital
La Nouvelle République du Centre Ouest - Edition des Deux Sèvres Date de décision : 15/12/2011 La société : 415101443 - ROUGIER INTERNATIONAL, 155 AV DE LA ROCHELLE, 79000 NIORT a subi une augmentation de son capital social désormais de 38 500 000 € Date d'effet : 15/12/2011
03/09/2010	Bodacc C	Comptes annuels et rapports
79 - DEUX-SEVRES GREFFE DU TRIBUNAL DE COMMERCE DE NIORT 9325 - 415101443 RCS. ROUGIER INTERNATIONAL. Forme : Société par actions simplifiée. Adresse : 155 avenue de la Rochelle 79000 Niort. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
29/03/2010	Bodacc C	Comptes annuels et rapports
79 - DEUX-SEVRES GREFFE DU TRIBUNAL DE COMMERCE DE NIORT 9295 - 415101443 RCS. ROUGIER INTERNATIONAL. Forme : Société par actions simplifiée. Adresse : 155 avenue de la Rochelle 79000 Niort. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
29/08/2008	Bodacc C	Comptes annuels et rapports
79 - DEUX-SEVRES GREFFE DU TRIBUNAL DE COMMERCE DE NIORT 11026 - 415101443 RCS. ROUGIER INTERNATIONAL. Forme : Société par actions simplifiée. Adresse : 155 avenue de la Rochelle 79000 Niort. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
20/09/2007	Bodacc C	Avis de dépôt des comptes
8908 - 415 101 443. RCS Niort ROUGIER INTERNATIONAL. Forme: Société par actions simplifiée. Adresse du siège social: 155 avenue de la Rochelle 79000 Niort. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
04/10/2006	Bodacc C	Avis de dépôt des comptes
5039 - RCS Niort B 415 101 443. RC 97-B 233. ROUGIER INTERNATIONAL. Forme: SAS . Adresse du siège social: 155, avenue de la Rochelle,79000 Niort. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
14/12/2005	Bodacc B	Modifications et mutations diverses
1623 - RCS Niort B 415 101 443. RC 97-B 233. ROUGIER INTERNATIONAL. Forme : S.A. Capital : 1 524 490 euros. Adresse du siège social : 155 avenue de La Rochelle,, 79000 Administration : commissaire aux comptes titulaire : GROUPE Y AUDIT ET CONSEIL. Nomination en qualité decommissaire aux comptes titulaire : S.A. PIERRE HENRI SCACCHI ET ASSOCIES. Commissaire aux comptes suppléant : GERIGNE (François). Nomination en qualité de commissaire aux comptes suppléant : AGNELLET (Philippe). Date d'effet : 27 juin 2005.
01/09/2005	Bodacc C	Avis de dépôt des comptes
4680 - RCS Niort B 415 101 443. RC 97-B 233. ROUGIER INTERNATIONAL. Forme: SAS . Adresse du siège social: 155, avenue de la Rochelle,79000 Niort. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
12/10/2004	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Niort B 415101443 RC 97-B 233 ROUGIER INTERNATIONAL. Forme : S.A. Capital : 250 000 F. Adresse : 155 avenue de la Rochelle, 79000 Niort. Administration : commissaire aux comptes titulaire : GROUPE Y AUDIT ET CONSEIL. Commissaire aux comptes suppléant : GERIGNE ( François). Ancienne administration : ancien P.-D.G. : ROUGIER (Francis). Anciens administrateurs : ROUGIER ( Jacques) ROUGIER (Francis) S.A. ROUGIER S.A. STE ROUGIER GABON. Ancien directeur général : ROUGIER ( Jacques) Nouvelle situation du siège social. Forme : S.A.S. Capital : 1 524 490 euros. Date d'effet : 17 juin 2004.
08/03/1998	Bodacc B	Modifications et mutations diverses
RCS Niort B 415 101 443 RC 97-B 233 ROUGIER INTERNATIONAL. Forme : S.A. à conseil d'administration. Capital : 10 000 000 de F. Adresse du siège social : 155 avenue de La Rochelle 79000 Niort Etablissement principal:
30/01/1998	Bodacc A	Création d'établissement
RCS o. RCS Niort B 415 101 443 A dater du: 15 décembre 1997 RC RC 97-B 233 ROUGIER INTERNATIONAL. Forme : S.A. à conseil d'administration. Capital : 250 000 F. Adresse du siège social : 155, avenue de La Rochelle 79000 Niort. Administration : président-directeur général : ROUGIER (Francis) Administrateurs : ROUGIER (Francis) ROUGIER S.A. ROUGIER GABON. Commissaire aux comptes titulaire : GROUPE Y AUDIT ET CONSEIL. Commissaire aux comptes suppléant : GERIGNE ( François).

Company events history

Date	Description
05/09/2013	Bodacc C : Deposit accounts notice
25/09/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
07/09/2012	Bodacc C : Deposit accounts notice
16/03/2012	Bodacc B: Various editing or changing
08/03/2012	Minutes of general meeting of shareholders
08/03/2012	Changes to the Board of Directors
08/03/2012	New legal form – new category
08/03/2012	New chairman (CEO, CoB)
08/03/2012	Updated articles of association
08/03/2012	Minutes of Board meeting
03/02/2012	New ultimate parent
03/02/2012	New parent detected
02/02/2012	Legal Gazette: Appointment of the social representative
02/02/2012	Update of Company Legal Form
02/02/2012	Other modification of Establishment (error correction)
24/01/2012	Bodacc B: Various editing or changing
13/01/2012	Amendment
13/01/2012	Audit or Management Report
13/01/2012	Updated articles of association
13/01/2012	New company name
13/01/2012	Capital increase
31/12/2011	New accounts available
15/12/2011	Update of Company Name
15/12/2011	Legal Gazette: Modification of the share capital
15/12/2011	Other modification of Establishment
15/12/2011	Modification to Company Identifier
11/08/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
20/07/2011	Amendment
31/12/2010	New accounts available
31/12/2010	Update of Company Name
31/12/2010	Update of Company Workforce
31/12/2010	Modification to Company Identifier
03/09/2010	Bodacc C : Deposit accounts notice
19/07/2010	Amendment
29/03/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
31/12/2008	New accounts available
29/08/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
13/09/2005	Changement de Commissaire aux Comptes
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
31/12/2004	New accounts available
11/08/2004	Audit or Management Report
11/08/2004	Updated articles of association
11/08/2004	Statuts mis à jour
11/08/2004	Minutes of general meeting of shareholders
11/08/2004	PV d'Assemblée
11/08/2004	Appointment/resignation of company officers
11/08/2004	Private document
11/08/2004	Changement de Président (PDG, PCA)
11/08/2004	New legal form – no new category
31/12/2003	New accounts available
11/07/2001	Acte sous seing privé
11/07/2001	Statuts mis à jour
11/07/2001	PV d'Assemblée
11/07/2001	Conversion du Capital Social en Euros
20/02/1998	Nomination/démission des organes de gestion
20/02/1998	PV d'Assemblée
20/02/1998	Acte sous seing privé
20/02/1998	Modification du Conseil d'Administration
20/02/1998	Statuts mis à jour
20/02/1998	Augmentation de Capital
20/02/1998	PV du Conseil d'Administration
10/12/1997	Formation de Société
10/12/1997	Changement de Président (PDG, PCA)
10/12/1997	Acte sous seing privé
10/12/1997	Nomination/démission des organes de gestion
10/12/1997	PV du Conseil d'Administration
10/12/1997	Statuts
10/12/1997	Certificat de dépôt des fonds

Establishment events history

Date	Description
22/02/2014	Update of phone numbers
18/05/2012	Update of phone numbers
02/02/2012	Modification of Head office
15/12/2011	Modification of Head office
28/06/2011	Update of phone numbers
31/12/2010	Update of Establishment Workforce
27/02/2010	Update of phone numbers

NOTES & COMMENTS

Commentary

The comments are ordered according to the class of risk. Companies are compared with regard to other companies of the same type. Thus a positive comment for one category can be negative for another or can change depending on its value. This is a purely statistical decision.

The shareholder's equity is 48,308,847 €

The ratio total assets to total liabilities is 3,44

The creditor days are 34.20

The stock to turnover ratio is 0,01

The decrease in the gearing percentage over the last two accounting periods is 65 %

The liabilities are 19,835,345 €

The net current assets are 30,864,125 €

The net turnover is 101,412,227 €

The total assets are 68,144,197 €

Low risk workforce size

The company has 8 directors

The risk provisions are 0 €

The pre-tax profit is 1,282,667 €

The sales to current assets ratio is 3,29

The return on total assets employed is 1,88

The decrease of tangible fixed assets over the last two accounting periods is 25 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.04
UK Pound	1	Rs.101.97
Euro	1	Rs.83.58

INFORMATION DETAILS

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.