MIRA INFORM REPORT

Report Date :

14.05.2014

IDENTIFICATION DETAILS

Name :	ETABLISSEMENTS GROSPIRON
Registered Office :	34 Rue Drouot, 75009 Paris 9
Country :	France
Financials (as on) :	31.01.2013
Date of Incorporation :	January 1954
Com. Reg. No.:	RCS Paris 5 542 044 888
Legal Form :	Simplified Joint Stock Company
Line of Business :	Wholesale trader of timepieces and jewelery
No of Employees :	42 (31.01.2011)

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.

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

Name

ETABLISSEMENTS GROSPIRON

SIRET

542 044 888 00015

Activity (APE)	Wholesale trader of timepieces and jewelery	EUR VAT Number	FR01542044888
Phone	01 45 23 19 72	Legal form	Simplified joint stock company
		RCS Registration	RCS Paris 5 542 044 888
Address	ETABLISSEMENTS GROSPIRON 34 RUE DROUOT 75009 PARIS 9	Share capital	400,000 Euros
Nationality	France	Incorporated Date	07/1954
		Status	Economically active

Activity (APE)	Wholesale trader of timepieces and jewelery
RCS Registration	RCS Paris 5 542 044 888	Share capital	400,000 Euros
Registration Court	Paris (75)	Legal form	Simplified joint stock company
Court Registry Number	19 5 4B04488	EUR VAT Number	FR01542044888
Incorporation Date	07/1954	Formation Date	01/1954
Deregistration Date		Last account Date	31/01/2013
Nationality	France

DIRECTORS/MANAGEMENT

Current Directors 3

Trading to Date	01/31/2013	01/31/2011	01/31/2010
Turnover	8,357,165 €	7,504,392 €	6,158,982 €
Gross Operating Surplus	5,05 % Turnover	-0,66 % Turnover	-12,55 % Turnover
Shareholders’ equity	5,975,976 €	5,528,796 €	5,507,918 €
Net result	408,715 €	20,878 €	-449,510 €
Employees	20 to 49 employees	-	-

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	LA PIERRE DU JURA (SAS)	- - -
Managing director	M GERARD GROSPIRON	- - -
Managing director not administrator	M XAVIER GASTON GROSPIRON	15/06/1968 - BOULOGNE BILLANCOURT (92100)
Managing director not administrator	M XAVIER GROSPIRON	15/06/1968 - BOULOGNE BILLANCOURT
Managing director not administrator	Mme MARIE-LAURE CHRISTIANE HEYS	24/01/1967 - BOULOGNE BILLANCOURT (92100)
Managing director not administrator	MME MARIE-LAURE HEYS	24/01/1967 - BOULOGNE BILLANCOURT

NEGATIVE INFORMATION

Judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Status of collection

This company is not under monitoring

SHARE & SHARE CAPITAL INFORMATION

Shareholders

No Shareholders available for this company.

Shareholder(s)

Name	LA PIERRE DU JURA
Name of representative
Manager position	President	Date of birth
Place of birth
Type	Moral person	Name at birth

Name	Mme. HEYS MARIE-LAURE CHRISTIANE
Manager position	Managing director	Date of birth	24/01/1967
Place of birth	BOULOGNE-BILLANCOURT (92100)
Type	Individual	Name at birth	GROSPIRON

Name	M. GROSPIRON XAVIER GASTON
Manager position	Managing director	Date of birth	15/06/1968
Place of birth	BOULOGNE-BILLANCOURT (92100)
Type	Individual	Name at birth

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

No group information available for the company

FINANCIAL INFORMATION

Trends
Profitability
Liquidity
Net worth

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/01/2013	31/01/2011	31/01/2010
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	13/08/2013	04/07/2011	09/08/2010
Activity Code	4648Z	4648Z	4648Z
Employees	0	42	42

Active account

Annual Accounts	31/01/2013		31/01/2011		31/01/2010	Sector Median 2013
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	189 968	-3,8%	197 544	29,2%	152 854	50 905	273,2%
- Intangible assets	367	-95,4%	7 987	-21,0%	10 116	12 957,50	-97,2%
- Tangible assets	125 558	-0,7%	126 493	69,9%	74 438	14 685	755,0%
- Financial assets	64 043	1,5%	63 066	-7,7%	68 300	1 422	4403,7%
Net current assets	6 664 407	10,1%	6 055 412	0,3%	6 038 255	317 467,50	1999,2%
- Stocks	3 890 805	6,7%	3 645 960	-1,2%	3 691 672	175 887,50	2112,1%
- Advanced payments	0	10,1%	0	0%	0	0	0%
- Receivables	1 711 889	-18,3%	2 095 647	3,3%	2 028 720	31 808,50	5281,9%
- Securities and cash	1 061 713	238,3%	313 805	-1,3%	317 863	37 736,50	2713,5%
- Prepaid expenses	-	-	-	-	-	1 729	-
Accounts of regularization	5 120	-4,1%	5 340	125,4%	2 369	0	0%
Total Assets	6 859 495	9,6%	6 258 296	1,0%	6 193 475	370 617,50	1750,8%

Passive Account

Annual Accounts	31/01/2013		31/01/2011		31/01/2010	Sector Median 2013
Shareholders' equity	5 975 976	8,1%	5 528 796	0,4%	5 507 918	101 509	5787,1%
Share capital	400 000	0%	400 000	0%	400 000	10 000	3900%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	9 620	80,1%	5 340	125,4%	2 369	0	0%
Liabilities	873 898	20,7%	724 160	6,7%	678 602	286 315	205,2%
- Financial liabilities	14 182	-71,6%	49 902	24604,0%	202	77 363,50	-81,7%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	403 310	32,2%	305 023	14,0%	267 629	40 275	901,4%
- Tax and social liabilities	387 300	5,1%	368 514	-10,1%	410 079	48 787	693,9%
- Other debts and fixed assets liabilities	69 106	9498,1%	720	-86,4%	5 278	10 600,50	551,9%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	6 859 495	9,6%	6 258 296	1,0%	6 193 475	370 617	1750,8%

Results

Annual Accounts	31/01/2013		31/01/2011		31/01/2010	Sector Median 2013
Sales of Goods	8 486 060	11,3%	7 623 421	20,3%	6 338 002	497 792	1604,7%
Net turnover	8 357 165	11,4%	7 504 392	21,8%	6 158 982	483 939	1626,9%
- of which net export turnover	2 509 541	-23,6%	3 285 124	47,7%	2 224 667	0	0%
Operating charges	7 978 081	4,8%	7 611 359	8,6%	7 006 155	488 881	1531,9%
Operating profit/loss	507 979	4111,4%	12 062	101,8%	-668 153	9 609,50	5186,2%
Financial income	32 484	-5,1%	34 219	-18,7%	42 085	111	29164,9%
Financial charges	25 042	-53,2%	53 463	140,0%	22 273	2 913,50	759,5%
Financial profit/loss	7 442	138,7%	-19 244	-197,1%	19 812	-1 012	835,4%
Pretax net operating income	515 421	7276,6%	-7 182	98,9%	-648 341	8 981	5639,0%
Extraordinary income	50 265	333,8%	11 588	96,5%	5 896	169,50	29554,9%
Extraordinary charges	2 830	-90,0%	28 396	-30,2%	40 692	194	1358,8%
Extraordinary profit/loss	47 435	382,2%	-16 808	51,7%	-34 796	0	0%
Net result	408 715	1857,6%	20 878	104,6%	-449 510	10 447	3812,3%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/01/2013	31/01/2011	31/01/2010
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/01/2013		31/01/2011		31/01/2010
	Grand Total (I to VI)	Net	6 859 495	9,6%	6 258 296	1,0%	6 193 475
	Gross	CO	7 594 517	7,3%	7 075 322	1,1%	7 001 397
	Amortisation	1A	735 022	-10,0%	817 026	1,1%	807 922

Non declared distributed capital (I)

		31/01/2013		31/01/2011		31/01/2010
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/01/2013		31/01/2011		31/01/2010
	Total Active fixed asset (II)	Net	189 968	-3,8%	197 544	29,2%	152 854
	Gross	BJ	919 461	-6,8%	986 862	7,3%	920 037
	Amortisation	BK	729 493	-7,6%	789 317	2,9%	767 183

Intangible fixed assets

			31/01/2013		31/01/2011		31/01/2010
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	0	0%	0	0%	0
	Gross	CX	0	0%	0	0%	0
	Amortisation	AE	0	0%	0	0%	0
	Distributorships, patents	Net	367	-95,4%	7 987	-21,0%	10 116
	Gross	AF	70 132	-3,9%	72 943	4,1%	70 043
	Amortisation	AG	69 765	7,4%	64 956	8,4%	59 927
	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	367	-95,4%	7 987	-21,0%	10 116

Tangible fixed assets

			31/01/2013		31/01/2011		31/01/2010
	Lands	Net	3 513	0%	3 513	0%	3 513
	Gross	AN	3 513	0%	3 513	0%	3 513
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	13 860	-14,7%	16 242	-17,9%	19 793
	Gross	AP	158 003	-25,5%	212 206	0%	212 206
	Amortisation	AQ	144 143	-26,4%	195 965	1,8%	192 413
	Plant	Net	29 117	166,1%	10 941	-30,0%	15 634
	Gross	AR	130 110	30,0%	100 110	0%	100 110
	Amortisation	AS	100 993	13,3%	89 169	5,6%	84 476
	Other tangible fixed assets	Net	79 068	-17,5%	95 797	169,9%	35 498
	Gross	AT	493 660	-7,7%	535 024	14,8%	465 865
	Amortisation	AU	414 592	-5,6%	439 228	2,1%	430 367
	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	125 558		126 493		74 438

Financial assets

			31/01/2013		31/01/2011		31/01/2010
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	26	0%	26	0%	26
	Gross	CU	26	0%	26	0%	26
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	29 827	0%	29 827	0%	29 827
	Gross	BB	29 827	0%	29 827	0%	29 827
	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	34 190	2,9%	33 213	-13,6%	38 447
	Gross	BH	34 190	2,9%	33 213	-13,6%	38 447
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		64 043		63 066		68 300

Current Assets (III)

			31/01/2013		31/01/2011		31/01/2010
	Total Assets	Net	6 664 407	10,1%	6 055 412	0,3%	6 038 255
	Gross	CJ	6 669 937	9,6%	6 083 121	0,1%	6 078 992
	Amortisation	CK	5 530	-80,0%	27 709	-32,0%	40 737

Stocks

			31/01/2013		31/01/2011		31/01/2010
	Raw materials	Net	0	0%	0	0%	0
	Gross	BL	0	0%	0	0%	0
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	0	0%	0	0%	0
	Gross	BR	0	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	3 890 805	6,7%	3 645 960	-1,2%	3 691 672
	Gross	BT	3 890 805	6,7%	3 645 960	-1,2%	3 691 672
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	3 890 805	6,7%	3 645 960	-1,2%	3 691 672

Advance payments to suppliers

			31/01/2013		31/01/2011		31/01/2010
	Advance payments to suppliers	Net	0	0%	0	0%	0
	Gross	BV	0	0%	0	0%	0
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/01/2013		31/01/2011		31/01/2010
	Trade accounts receivable	Net	1 406 035	-9,6%	1 555 950	-2,0%	1 588 262
	Gross	BX	1 411 565	-10,9%	1 583 659	-2,8%	1 628 999
	Amortisation	BY	5 530	-80,0%	27 709	-32,0%	40 737
	Other debtors	Net	227 470	-52,2%	475 516	27,6%	372 647
	Gross	BZ	227 470	-52,2%	475 516	27,6%	372 647
	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	1 633 505	-19,6%	2 031 466	3,6%	1 960 909

Divers

			31/01/2013		31/01/2011		31/01/2010
	Investment securities	Net	0	0%	0	0%	204 815
	Gross	CD	0	0%	0	0%	204 815
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	1 061 713	238,3%	313 805	177,6%	113 048
	Gross	CF	1 061 713	238,3%	313 805	177,6%	113 048
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	1 061 713	238,3%	313 805	-1,3%	317 863

Prepaid expenses

			31/01/2013		31/01/2011		31/01/2010
	Prepaid expenses	Net	78 384	22,1%	64 181	-5,4%	67 811
	Gross	CH	78 384	22,1%	64 181	-5,4%	67 811
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/01/2013		31/01/2011		31/01/2010
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	5 120	-4,1%	5 340	125,4%	2 369
Gross		5 120	-4,1%	5 340	125,4%	2 369

References

		31/01/2013		31/01/2011		31/01/2010
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/01/2013		31/01/2011		31/01/2010
Grand Total (I to V)	EE	6 859 495	9,6%	6 258 296	1,0%	6 193 475

Shareholder Equity (I)

			31/01/2013		31/01/2011		31/01/2010
	Total shareholders' equity (Total I)	DL	5 975 976	8,1%	5 528 796	0,4%	5 507 918
	Equity and shareholders' equity	DA	400 000	0%	400 000	0%	400 000
	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	40 000	0%	40 000	0%	40 000
	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	5 126 000	1,2%	5 066 500	-8,1%	5 516 000
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	1 261	-11,1%	1 418	-0,7%	1 428
	Profit or loss for the period	DI	408 715	1857,6%	20 878	104,6%	-449 510
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/01/2013		31/01/2011		31/01/2010
	Total other capital resources (Total II)	DO	0	0%	0	0%	0
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

			31/01/2013		31/01/2011		31/01/2010
	Total provisions for risks and charges (Total III)	DR	9 620	80,1%	5 340	125,4%	2 369
	Risk provisions	DP	9 620	80,1%	5 340	125,4%	2 369
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/01/2013		31/01/2011		31/01/2010
	Total Liabilities (Total IV)	EC	873 898	20,7%	724 160	6,7%	678 602
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	14 182	-71,6%	49 902	24604,0%	202
	Sundry loans and financial liabilities	DV	0	0%	0	0%	0
	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	403 310	32,2%	305 023	14,0%	267 629
	Tax and social security liabilities	DY	387 300	5,1%	368 514	-10,1%	410 079
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	69 106	9498,1%	720	4,0%	692

Translation loss (V)

		31/01/2013		31/01/2011		31/01/2010
Translation loss (Total V)	ED	0	0%	0	0%	4 586

Equalization accounts

		31/01/2013		31/01/2011		31/01/2010
Deferred income	EB	0	0%	0	0%	0

References

		31/01/2013		31/01/2011		31/01/2010
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	873 898	20,7%	724 160	6,7%	678 602
Of which current bank facilities	EH	167	-15,2%	197	-2,5%	202

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)

		31/01/2013		31/01/2011		31/01/2010
Operating result (Total I-II)	GG	507 979	4111,4%	12 062	101,8%	-668 153

2 -Financial result(V - VI)

		31/01/2013		31/01/2011		31/01/2010
Financial result (Total V-VI)	GV	7 442	138,7%	-19 244	-197,1%	19 812

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

		31/01/2013		31/01/2011		31/01/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	515 421	7276,6%	-7 182	98,9%	-648 341

4 -Extraordinary result(VII-VIII)

		31/01/2013		31/01/2011		31/01/2010
Extraordinary result (Total VII-VIII)	HI	47 435	382,2%	-16 808	51,7%	-34 796

Profit or loss

		31/01/2013		31/01/2011		31/01/2010
Profit or loss	HN	408 715	1857,6%	20 878	104,6%	-449 510

Total Income (I+III+V+VII)

		31/01/2013		31/01/2011		31/01/2010
Total Income (I+III+V+VII)	HL	8 568 809	11,7%	7 669 228	20,1%	6 385 983

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

		31/01/2013		31/01/2011		31/01/2010
Total charges (Total II+IV+VI+VIII+IX+X)	HM	8 160 095	6,7%	7 648 352	11,9%	6 835 493

Operating income(I)

		31/01/2013		31/01/2011		31/01/2010
Total operating income (Total I)	FR	8 486 060	11,3%	7 623 421	20,3%	6 338 002

Operating income (details)

			31/01/2013		31/01/2011		31/01/2010
	Sale of goods for resale	FC	8 357 165	11,4%	7 504 392	21,8%	6 158 982
	France	FA	5 847 624	38,6%	4 219 268	7,2%	3 934 315
	Export	FB	2 509 541	-23,6%	3 285 124	47,7%	2 224 667
	Sale of goods produced	FF	0	0%	0	0%	0
	France	FD	0	0%	0	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	0	0%	0	0%	0
	France	FG	0	0%	0	0%	0
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	8 357 165	11,4%	7 504 392	21,8%	6 158 982
	France	FJ	5 847 624	38,6%	4 219 268	7,2%	3 934 315
	Export	FK	2 509 541	-23,6%	3 285 124	47,7%	2 224 667
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	85 228	39,3%	61 162	-45,9%	113 060
	Other income	FQ	43 667	-24,5%	57 868	-12,3%	65 960

Operating charges(II)

		31/01/2013		31/01/2011		31/01/2010
Total operating charges (Total II)	GF	7 978 081	4,8%	7 611 359	8,6%	7 006 155

Exploitation charges

		31/01/2013		31/01/2011		31/01/2010
Purchase of goods for resale	FS	4 616 595	10,2%	4 189 676	37,7%	3 042 156
Change in stocks of goods for resale	FT	-85 572	-287,2%	45 712	-85,0%	304 896
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	1 245 326	32,3%	941 640	-4,4%	984 665
Tax, duty and similar payments	FX	80 539	54,3%	52 200	-9,1%	57 415
Payroll	FY	1 393 045	-10,5%	1 556 038	-9,9%	1 727 933
Social security costs	FZ	684 906	-10,9%	768 469	-5,7%	815 050

Depreciation

		31/01/2013		31/01/2011		31/01/2010
Depreciation of fixed assets	GA	33 211	11,0%	29 907	-2,9%	30 789
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	5 530	-80,0%	27 709	-32,0%	40 737
Provisions for risks and charges	GD	4 500	0%	0	0%	0

Other charges

		31/01/2013		31/01/2011		31/01/2010
Other charges	GE	01	-87,5%	08	-99,7%	2 514

Operating charges (III-IV)

		31/01/2013		31/01/2011		31/01/2010
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income(V)

			31/01/2013		31/01/2011		31/01/2010
	Total financial income (Total V)	GP	32 484	-5,1%	34 219	-18,7%	42 085
	Share financial income	GJ	0	0%	0	0%	0
	Other investment income & capitalised receivables	GK	0	0%	0	0%	0
	Other interest and similar income	GL	1 704	19,9%	1 421	-30,3%	2 038
	Released provisions and transferred charges	GM	7 366	210,9%	2 369	-59,7%	5 876
	Exchange gains	GN	22 881	-23,5%	29 893	-2,0%	30 495
	Net income from disposal of investment securities	GO	533	-0,6%	536	-85,4%	3 676

Financial Charge (VI)

			31/01/2013		31/01/2011		31/01/2010
	Total financial charge (Total VI)	GU	25 042	-53,2%	53 463	140,0%	22 273
	Financial reserves and provisions	GQ	5 120	-4,1%	5 340	125,4%	2 369
	Interest and similar charges	GR	8 276	-24,3%	10 933	28,2%	8 527
	Exchange losses	GS	11 646	-68,7%	37 190	226,9%	11 377
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income(VII)

			31/01/2013		31/01/2011		31/01/2010
	Total extraordinary income (Total VII)	HD	50 265	333,8%	11 588	96,5%	5 896
	Extraordinary operating income	HA	2 265	-78,0%	10 288	74,5%	5 896
	Extraordinary income from capital transactions	HB	48 000	3592,3%	1 300	0%	0
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges(VIII)

			31/01/2013		31/01/2011		31/01/2010
	Total extraordinary charges (Total VIII)	HH	2 830	-90,0%	28 396	-30,2%	40 692
	Extraordinary operating charges	HE	2 830	-89,6%	27 180	-33,2%	40 692
	Extraordinary charges from capital transactions	HF	0	0%	1 216	0%	0
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing(IX)

		31/01/2013		31/01/2011		31/01/2010
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits(X)

		31/01/2013		31/01/2011		31/01/2010
Tax on profits (Total X)	HK	154 142	443,6%	-44 866	80,8%	-233 627

References

		31/01/2013		31/01/2011		31/01/2010
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	12 588	-38,4%	20 424	9,7%	18 610
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%	2 512

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)

			31/01/2013		31/01/2011		31/01/2010
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	0	0%	14 224	0%	0
	Gross value at the end of period	OL	0	0%	986 862	7,3%	920 036

Research and development Charge (Total I)

			31/01/2013		31/01/2011		31/01/2010
	Gross value at begin of period	CZ	0	0%	0	0%	0
	Increasess due to revaluation	KB	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
	Decreasess by budget item transfer	C01	0	0%	0	0%	0
	Decreasess by transfers	C02	0	0%	0	0%	0
	Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets(Total II)

			31/01/2013		31/01/2011		31/01/2010
	Gross value at begin of period	KD	0	0%	70 043	23,1%	56 893
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	2 900	-77,9%	13 150
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	0	0%	72 943	4,1%	70 043

Tangible fixed assets (Total III)

			31/01/2013		31/01/2011		31/01/2010
	Gross value at begin of period	LN	0	0%	781 694	1,9%	767 206
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	0	0%	78 149	439,4%	14 488
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	8 990	0%	0
	Gross value at the end of period	NH	0	0%	850 853	8,8%	781 694

Fiancial assets (Total IV)

			31/01/2013		31/01/2011		31/01/2010
	Gross value at begin of period	LQ	0	0%	68 299	0%	68 299
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	5 234	0%	0
	Gross value at the end of period	NK	0	0%	63 065	-7,7%	68 299

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

			31/01/2013		31/01/2011		31/01/2010
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			31/01/2013		31/01/2011		31/01/2010
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/01/2013		31/01/2011		31/01/2010
	Reserve for depreciation value at begin of period	PE	0	0%	59 927	16,7%	51 334
Increases		PF	0	0%	5 029	-41,5%	8 593
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	0	0%	64 956	8,4%	59 927

Total fixed assets amotisation(Total III)

			31/01/2013		31/01/2011		31/01/2010
	Reserve for depreciation value at begin of period	QU	0	0%	707 257	3,2%	685 061
Increases		QV	0	0%	24 879	12,1%	22 196
Decreases		QW	0	0%	7 774	0%	0
	Decreasess by budget item transfer	QX	0	0%	724 362	2,4%	707 257

Movements during period affecting charge allocated over several period

Charges à répartiroufraisd'émissiond'emprunt

			31/01/2013		31/01/2011		31/01/2010
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/01/2013		31/01/2011		31/01/2010
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			31/01/2013		31/01/2011		31/01/2010
	Value at begining of period	7C	0	0%	43 106	-57,0%	100 327
Increases		UB	0	0%	33 049	-23,3%	43 106
Decreases		UC	0	0%	43 106	-57,0%	100 327
	Value at the end of period	UD	0	0%	33 049	-23,3%	43 106

Includes Total allocations

Operating	UE	0	0%	27 709	-32,0%	40 737
Financial	UG	0	0%	5 340	125,4%	2 369
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	40 737	-56,9%	94 451
Financial	UH	0	0%	2 369	-59,7%	5 876
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/01/2013		31/01/2011		31/01/2010
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/01/2013		31/01/2011		31/01/2010
	Value at begining of period	5Z	0	0%	2 369	-59,7%	5 876
Increases		TV	0	0%	5 340	125,4%	2 369
Decreases		TW	0	0%	2 369	-59,7%	5 876
	Value at the end of period	TX	0	0%	5 340	125,4%	2 369

Total Provision for depreciation (Total III)

			31/01/2013		31/01/2011		31/01/2010
	Value at begining of period	7B	0	0%	40 737	-56,9%	94 451
Increases		TY	0	0%	27 709	-32,0%	40 737
Decreases		TZ	0	0%	40 737	-56,9%	94 451
	Value at the end of period	UA	0	0%	27 709	-32,0%	40 737

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

		31/01/2013		31/01/2011		31/01/2010
Gross value	VT	0	0%	2 186 396	2,3%	2 137 731
1 year at most	VU	0	0%	2 023 356	-2,2%	2 069 457
More than one year	VV	0	0%	163 040	138,8%	68 274

State of loans

		31/01/2013		31/01/2011		31/01/2010
Claims related to holdings (gross)	UL	0	0%	29 827	0%	29 827
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	0	0%	33 213	-13,6%	38 447
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/01/2013		31/01/2011		31/01/2010
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	0%	1 583 659	-2,8%	1 628 999
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%	609	-53,4%	1 308
Social Security and other social organizations	UZ	0	0%	5 612	141,4%	2 325
Income taxes	VM	0	0%	278 493	-4,6%	291 820
Value added tax	VB	0	0%	49 086	436,6%	9 148
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	29 386
Group and Associates	VC	0	0%	100 000	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	41 717	7,9%	38 660

Prepaid

		31/01/2013		31/01/2011		31/01/2010
Prepaid	VS	0	0%	64 181	-5,4%	67 811

State Debt

			31/01/2013		31/01/2011		31/01/2010
	Total debt (gross)	VY	0	0%	724 160	6,7%	678 602
1 year at most		VZ2	0	0%	691 950	2,0%	678 602
More than 1 year and 5 years at most		VZ3	0	0%	32 210	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/01/2013		31/01/2011		31/01/2010
	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	0	0%	197	-2,5%	202
1 year at most		VG2	0	0%	197	-2,5%	202
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%	49 705	0%	0
1 year at most		VH2	0	0%	17 495	0%	0
More than 1 year and 5 years at most		VH3	0	0%	32 210	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	0	0%	305 023	14,0%	267 629
1 year at most		8B2	0	0%	305 023	14,0%	267 629
More than 1 year and 5 years at most		8B3	0	0%	305 023	14,0%	267 629
	Personnel and associated accounts (gross)	8C1	0	0%	142 642	-0,2%	142 946
1 year at most		8C2	0	0%	142 642	-0,2%	142 946
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	0	0%	196 995	4,7%	188 080
1 year at most		8D2	0	0%	196 995	4,7%	188 080
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	2 700	-95,3%	57 526
1 year at most		VW2	0	0%	2 700	-95,3%	57 526
More than 1 year and 5 years at most		VW3	0	0%	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most		VX2	0	0%	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0	0%	0
	Other taxes and assimilated (gross)	VQ1	0	0%	26 176	21,6%	21 527
1 year at most		VQ2	0	0%	26 176	21,6%	21 527
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	0	0%	720	4,0%	692
1 year at most		8K2	0	0%	720	4,0%	692
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

		31/01/2013		31/01/2011		31/01/2010
Loans made during the period	VJ	0	0%	54 000	0%	0
Debt repaid during the period	VK	0	0%	4 295	0%	0

Table allocation results and other information
Dividends distributed

		31/01/2013		31/01/2011		31/01/2010
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/01/2013		31/01/2011		31/01/2010
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/01/2013		31/01/2011		31/01/2010
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/01/2013		31/01/2011		31/01/2010
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/01/2013		31/01/2011		31/01/2010
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/01/2013		31/01/2011		31/01/2010
Average number of employees	YP	0	0%	42	0%	42

Groups and Shareholders

		31/01/2013		31/01/2011		31/01/2010
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/01/2013		31/01/2011		31/01/2010	Sector Median 2013
Fixed Asset Financing		7,32	13,3%	6,46	-5,3%	6,82	2,26	223,9%
Global Debt		38 days	8,6%	35 days	-12,5%	40 days	184 days	-79,3%
Working Capital Fund overall net		250 days	-3,1%	258 days	-17,6%	313 days	135 days	85,2%
Financial independence		42137,75%	280,3%	11079,31%	-99,6%	2726692,08%	240,47%	17423,1%
More ratios
Solvability		87,12%	-1,4%	88,34%	-0,7%	88,93%	35,60%	144,7%
Capacity debt futures		%	-	31250,26%	-98,9%	2726692,08%	462,01%	-
Coverage of current assets by net working capital overall		88,14%	-1,5%	89,49%	3,8%	86,19%	58,94%	49,5%
General Liquidity			-	2,92	-4,3%	3,05	0,24	-
Restricted Liquidity			-	3,38	-4,0%	3,52	0,56	-

Management or rotation

		31/01/2013		31/01/2011		31/01/2010	Sector Median 2013
Need background in operating working capital		201 days	-16,2%	240 days	-17,5%	291 days	105 days	91,4%
Treasury		46 days	206,7%	15 days	-21,1%	19 days	6 days	666,7%
Inventory turnover of goods		309 days	-0,3%	310 days	-21,9%	397 days	268 days	15,3%
Average length of credit granted to customers		61 days	-19,7%	76 days	-20,0%	95 days	33 days	84,8%
Average length of credit obtained suppliers		25 days	19,0%	21 days	-4,5%	22 days	56,50 days	-55,8%
More ratios
Inventory turnover of raw materials in industrial enterprises		0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	530 days	-
Rotation tangible assets		%	-	881,98%	11,9%	787,90%	737,87%	-

Profitability of the business

		31/01/2013		31/01/2011		31/01/2010	Sector Median 2013
Margin trading		45,78%	5,1%	43,56%	-4,6%	45,66	43,62%	5,0%
Profitability of the business		5,05	865,2%	-0,66	94,7%	-12,55	4,22%	19,7%
Net profit		4,89%	1646,4%	0,28%	103,8%	-7,30%	3,75%	30,4%
More ratios
Growth rate of turnover (excluding VAT)		0%	0%	21,84%	138,8%	-56,36%	-3,63%	0%
Rates integration		30,88%	-0,4%	31,01%	4,5%	29,67%	25,32%	22,0%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		80,52%	-19,4%	99,88%	-28,2%	139,17%	74,14%	8,6%
Weight interests		0,30	-57,7%	0,71%	97,2%	0,36%	0,49%	-38,8%

Return on capital

		31/01/2013		31/01/2011		31/01/2010	Sector Median 2013
Cash flow from the overall profitability		4,77%	2705,9%	0,17%	102,0%	-8,39%	3,48%	37,1%
Rates of economic profitability		7%	800%	-1%	92,9%	-14%	7,90%	-11,4%
Financial profitability		5975976%	8,1%	5528796%	0,4%	5507918%	68066%	8679,7%
Return on investment		7,24%	444,4%	1,33%	117,1%	-7,76%	7,97%	-9,2%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

SoldesIntermédiaires de Gestion

	31/01/2013		31/01/2011		31/01/2010	Sector Median 2013
Turnover	8 357 165	11,4%	7 504 392	21,8%	6 158 982	483 939 €	1626,9%

Sales of goods	8 357 165	11,4%	7 504 392	21,8%	6 158 982
- Purchase of goods	4 616 595	10,2%	4 189 676	37,7%	3 042 156
+/- Stock of goods variation	-85 572	-287,2%	45 712	-85,0%	304 896
Trading margin	3 826 142 €	17,0%	3 269 004 €	16,3%	2 811 930 €	145 905,50 €	2522,3%
	45,78 % CA	5,1%	43,56 % CA	-4,6%	45,66 % CA	43,85 % CA	4,4%

Sale of goods produced	0	0%	0	0%	0
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	0 €	0%	0 €	0%	0 €	26 254 €	0%
	0,00 % CA	0%	0,00 % CA	0%	0,00 % CA	5,47 % CA	0%

Trading margin	3 826 142	17,0%	3 269 004	16,3%	2 811 930	145 905,50	2522,3%
+ Period Production	0	0%	0	0%	0	26 254	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	1 245 326	32,3%	941 640	-4,4%	984 665
Added value	2 580 816 €	10,9%	2 327 364 €	27,4%	1 827 265 €	114 709,50 €	2149,9%
	30,88 % CA	-0,4%	31,01 % CA	4,5%	29,67 % CA	25,32 % CA	22,0%

Added value	2 580 816 €	10,9%	2 327 364 €	27,4%	1 827 265 €	114 709,50 €	2149,9%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	80 539	54,3%	52 200	-9,1%	57 415
- Personal charges	2 077 951	-10,6%	2 324 507	-8,6%	2 542 983
Gross operating surplus	422 326 €	955,9%	-49 343 €	93,6%	-773 133 €	11 515,50 €	3567,5%
	5,05 % CA	865,2%	-0,66 % CA	94,7%	-12,55 % CA	4,22 % CA	19,7%

Gross operating surplus	422 326 €	955,9%	-49 343 €	93,6%	-773 133 €	11 515,50 €	3567,5%
+ Release of reserves and provisions	85 228	39,3%	61 162	-45,9%	113 060
+ Other operating income	43 667	-24,5%	57 868	-12,3%	65 960
- Depreciation/Amortisation	43 241	-24,9%	57 616	-19,4%	71 526
- Other charges	01	-87,5%	08	-99,7%	2 514
Operating result	507 979 €	4111,1%	12 063 €	101,8%	-668 153 €	9 610 €	5185,9%
	6,08 % CA	3700%	0,16 % CA	101,5%	-10,85 % CA	2,67 % CA	127,7%

Operating result	507 979 €	4111,1%	12 063 €	101,8%	-668 153 €	9 610 €	5185,9%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	32 484	-5,1%	34 219	-18,7%	42 085
- Financial charges	25 042	-53,2%	53 463	140,0%	22 273
Pre-tax result	515 421 €	7277,6%	-7 181 €	98,9%	-648 341 €	8 981,50 €	5638,7%
	6,17 % CA	6270,0%	-0,10 % CA	99,1%	-10,53 % CA	2,22 % CA	177,9%

Extraordinary income	50 265	333,8%	11 588	96,5%	5 896	169,50	29554,9%
- Extraordinary charges	2 830	-90,0%	28 396	-30,2%	40 692
Extraordinary result	47 435 €	382,2%	-16 808 €	51,7%	-34 796 €	0 €	0%
	0,57 % CA	359,1%	-0,22 % CA	60,7%	-1 % CA	0 % CA	0%

Pre-tax result	515 421 €	7277,6%	-7 181 €	98,9%	-648 341 €	8 981,50 €	5638,7%
Extraordinary result	47 435 €	382,2%	-16 808 €	51,7%	-34 796 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	154 142	443,6%	-44 866	80,8%	-233 627
Net result	408 714 €	1857,7%	20 877 €	104,6%	-449 510 €	10 448,50 €	3811,7%
	4,89 % CA	1646,4%	0,28 % CA	103,8%	-7,30 % CA	3,75 % CA	30,4%

ADDITIONAL INFORMATION

Establishment details

Activity (APE)	Wholesale trader of timepieces and jewelery	Business Pages FT®	NEGOCE DE DIAMANTS, DE PIERRES PRECIEUSES ET DE PIERRES GEMMES
Postal Address	ETABLISSEMENTS GROSPIRON 34 RUE DROUOT 75009 PARIS 9	Trading Address	34 RUE DROUOT 75009 PARIS 9
Telephone	01 45 23 19 72
Fax

Type	Head office	Status	Economically active
Formation Date	01/1900	Reason for formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Paris (75)	Region	Ile-de-France
District	1	Area	99
City	PARIS 9	Size of urban area	Paris conglomeration

Other establishments

Branches	2 branch entities in this company
Head office	> ETABLISSEMENTS GROSPIRON <<<  - Commerce de gros (commerce interentreprises) d'articlesd'horlogerie et de bijouterie (4648Z)  in PARIS 9  (75009)
Secondary establishments	>  ETABLISSEMENTS GROSPIRON  - Commerce de gros (commerce interentreprises) d'articlesd'horlogerie et de bijouterie (4648Z)  in LES MOUSSIERES  (39310)

Regionality	Legal unit with multiple establishments in many areas but no one grouping more than 50% of workforce
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which no activity grouping more than 50% of workforce

Workforces

Workforce at address

20 to 49 employees

Company workforce

20 to 49 employees

Linkages

No Linkages information available for the company

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
04/09/2013	Bodacc C	Comptesannuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9841 - 542044888 RCS. ETABLISSEMENTS GROSPIRON. Forme :Société par actions simplifiée (à associé unique). Adresse :34 rue Drouot 75009 Paris. Commentaires :Comptesannuels et rapports de l'exercice clos le : 31/01/2013.
15/08/2012	Bodacc C	Comptesannuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 12302 - 542044888 RCS. ETABLISSEMENTS GROSPIRON. Forme :Société par actions simplifiée à associé unique. Adresse :34 rue Drouot 75009 Paris. Commentaires :Comptesannuels et rapports de l'exercice clos le : 31/01/2012.
17/07/2012	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1584 - 542 044 888 RCS Paris. ETABLISSEMENTS GROSPIRON. Forme :Société par actions simplifiée à associé unique. Administration :modification du Président LA PIERRE DU JURA, Commissaire aux comptestitulairepartant : Jarrossay, Pierre, nomination du Commissaire aux comptestitulaire : DUPLA PARS. Capital :400000 EUR. Activité :. Adresse du siègesocial :34 rue Drouot, 75009 Paris. Commentaires :modification survenuesurl'administration.
23/09/2010	Bodacc C	Comptesannuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9853 - 542044888 RCS. ETABLISSEMENTS GROSPIRON. Forme :Société par actions simplifiée à associé unique. Adresse :34 R DROUOT 75009 PARIS. Commentaires :Comptesannuels et rapports de l'exercice clos le : 31/01/2010.
20/11/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1580 - 542 044 888 RCS Paris. ETABLISSEMENTS GROSPIRON. Forme :Société par actions simplifiée à associé unique. Administration :Directeurgénéralpartant : Grospiron, Gerard Alphonse. Capital :400000 EUR. Adresse du siègesocial :34 rue Drouot, 75009 Paris. Commentaires :modification survenuesurl'administration.
21/08/2009	Bodacc C	Comptesannuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7318 - 542044888 RCS. ETABLISSEMENTS GROSPIRON. Forme :Société par actions simplifiée. Adresse :34 rue Drouot 75009 Paris. Commentaires :Comptesannuels et rapports de l'exercice clos le : 31/01/2009.
24/04/2008	Bodacc C	Comptesannuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6927 - 542044888 RCS. ETABLISSEMENTS GROSPIRON. Forme :Société par actions simplifiée. Adresse :34 rue Drouot 75009 Paris. Commentaires :Comptesannuels et rapports de l'exercice clos le : 31/08/2007.
15/05/2007	Bodacc C	Avis de dépôt des comptes
7906 - RCS Paris B 542 044 888. RC 54-B 4488. ETABLISSEMENTS GROSPIRON. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 34, RDrouot,Paris, 75009 Paris. Comptesannuels et rapports de l'exercice clos le: 31 août 2006.
18/06/2006	Bodacc B	Modifications et mutations diverses
1199 - RCS Paris B 542 044 888. RC 54-B 4488. ETABLISSEMENTS GROSPIRON. Forme : S.A.S. Capital : 400 000 euros. Adresse du siègesocial : 34 rue Drouot,, 75009 Commentaires : modification survenuesurl'administration. Administration :commissaire aux comptestitulairepartant : AUDITEURS ET CONSEILS D'ENTREPRISE. Nomination d'un commissaire aux comptestitulaire : JARROSSAY (Pierre).
04/04/2006	Bodacc C	Avis de dépôt des comptes
4888 - RCS Paris B 542 044 888. RC 54-B 4488. ETABLISSEMENTS GROSPIRON. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 34, RDrouot,Paris, 75009 Paris. Comptesannuels et rapports de l'exercice clos le: 31 août 2005.
28/01/2006	Bodacc C	Avis de dépôt des comptes
4781 - RCS Paris B 542 044 888. RC 54-B 4488. ETABLISSEMENTS GROSPIRON. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 34, RDrouot,Paris, 75009 Paris. Comptesannuels et rapports de l'exercice clos le: 31 août 2004.
14/04/2005	Bodacc C	Avis de dépôt des comptes
4967 - RCS Paris B 542 044 888. RC 54-B 4488. ETABLISSEMENTS GROSPIRON. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 34, rue Drouot,75009 Paris. Comptesannuels et rapports de l'exercice clos le: 31 août 2004.
03/04/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 542044888 RC 54-B 4488 ETABLISSEMENTS GROSPIRON. Forme : S.A.S. Commentaires : modification survenuesurl'administration. Administration : nomination de directeursgénéraux non administrateurs : HEYS, née GROSPIRON ( Marie-Laure, Christiane) GROSPIRON ( Xavier, Gaston).
22/01/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 542044888 RC 54-B 4488 ETABLISSEMENTS GROSPIRON. Forme : S.A.S. Capital : 400 000 euros. Commentaires : modification survenuesur la formejuridique, le capital (augmentation) et l'administration. Administration :président du conseild'administrationpartant : GROSPIRON (Claude). Nomination du président : LA PIERRE DU JURA. Modification du directeurgénéral GROSPIRON (Gérard, Alphonse). Administrateurpartant : THOREAU, née BARRET (Michèle).
22/01/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 542044888 RC 54-B 4488 ETABLISSEMENTS GROSPIRON. Forme : S.A.S. Commentaires : modification survenuesurl'administration. Administration :commissaire aux comptestitulairepartant : CONSEILS ET EXPERTS ASSOCIES S.A. Nomination du commissaire aux comptestitulaire : AUDITEURS ET CONSEILS D'ENTREPRISE.

Company events history

Date	Description
19/10/2013	Update Limit
19/10/2013	Update Rating
04/09/2013	Bodacc C : Deposit accounts notice
27/08/2013	Update Rating
27/08/2013	Update Limit
27/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/01/2013	New accounts available
19/01/2013	Invalid balance sheet
15/08/2012	Bodacc C : Deposit accounts notice
17/07/2012	Bodacc B: Various editing or changing
02/07/2012	Amendment
02/07/2012	New auditor
06/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/01/2011	New accounts available
23/09/2010	Bodacc C : Deposit accounts notice
31/01/2010	New accounts available
20/11/2009	Bodacc B: Various editing or changing
03/11/2009	Changes to the Board of Directors
03/11/2009	Amendment
21/08/2009	Bodacc C : Deposit accounts notice
31/01/2009	New accounts available
24/04/2008	Bodacc C : Deposit accounts notice
18/03/2008	Changement de date de clôture
18/03/2008	New closing date
18/03/2008	Private document
18/03/2008	Minutes of general meeting of shareholders
18/03/2008	Statutsmis à jour
18/03/2008	Updated articles of association
18/03/2008	Actemodificatif
31/08/2007	New accounts available
31/08/2006	New accounts available
21/02/2006	New auditor
21/02/2006	Appointment/resignation of company officers
21/02/2006	Minutes of general meeting of shareholders
21/02/2006	Actemodificatif
21/02/2006	Private document
21/02/2006	Changement de Commissaire aux Comptes
31/08/2005	New accounts available
31/08/2004	New accounts available
21/03/2002	Modification du Conseild'Administration
21/03/2002	Nomination/démission des organes de gestion
21/03/2002	PV d'Assemblée
21/03/2002	Acte sous seingprivé
09/01/2002	Nomination/démission des organes de gestion
09/01/2002	Acte sous seingprivé
09/01/2002	Modification du Conseild'Administration
09/01/2002	Changement de Président (PDG, PCA)
09/01/2002	Conversion du Capital Social en Euros
09/01/2002	Augmentation de Capital
09/01/2002	Changement de FormeJuridique avec changement de catégorie
09/01/2002	Changement de FormeJuridique sans changement de catégorie
09/01/2002	Rapport des Commissairesou du Gérant
09/01/2002	Changement de Commissaire aux Comptes
09/01/2002	Statutsmis à jour
09/01/2002	PV d'Assemblée
29/02/2000	Nomination/démission des organes de gestion
29/02/2000	PV d'Assemblée
29/02/2000	Changement de Commissaire aux Comptes
29/02/2000	Acte sous seingprivé
23/05/1997	Acte sous seingprivé
23/05/1997	PV d'Assemblée
23/05/1997	PV du Conseild'Administration
23/05/1997	Nomination/démission des organes de gestion
16/09/1994	Modification de l'objet social
16/09/1994	Statutsmis à jour
16/09/1994	PV d'Assemblée
16/09/1994	Actemodificatif
18/05/1994	Requête et Ordonnance
15/03/1994	Prorogation de durée
15/03/1994	PV d'Assemblée
15/03/1994	Actemodificatif
15/03/1994	Statutsmis à jour
15/03/1994	Déclaration de conformité
16/03/1992	Changement de Commissaire aux Comptes
16/03/1992	Actemodificatif
16/03/1992	PV d'Assemblée

Establishment events history

Date	Description
23/02/2014	Update of phone numbers
22/02/2014	Update of phone numbers
13/11/2013	Update Rating
27/08/2013	Update Rating
27/08/2013	Update Limit
21/06/2013	Update Limit
21/06/2013	Update Rating
19/01/2013	Update Rating
14/12/2012	Update Limit
14/12/2012	Update Rating
06/07/2011	Update Limit
06/07/2011	Update Rating
08/05/2011	Update Rating
11/08/2010	Update Limit
11/08/2010	Update Rating
30/12/2009	Update Rating
20/07/2009	Update Limit
20/07/2009	Update Rating
06/06/2009	Update Limit
06/06/2009	Update Rating
21/08/2008	Update of phone numbers
25/03/2008	Update Rating
25/03/2008	Update Limit
16/12/2007	Update Limit
11/12/2007	Update Limit
09/12/2007	Update Limit

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 pre-tax profit is more than 25,000€

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

The ratio total assets to total liabilities is 7,76

The return on total assets employed is positive

Industry code with low risk rating

The company is 59 years old

The tangible fixed assets are 125,558 €

The debtor days are 74.77

The sales to current assets ratio is 1,25

The liquidity acid test is less than 65%

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.88
UK Pound	1	Rs.100.98
Euro	1	Rs.82.40

INFORMATION DETAILS

Analysis Done by :	RAS
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.