MIRA INFORM REPORT

Report Date :

20.05.2014

IDENTIFICATION DETAILS

Name :	HALBOUT S.A.
Registered Office :	52 Rue Des Costelles, 88460 Docelles
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	August 1989
Com. Reg. No.:	RCS Epinal 8 351 592 233
Legal Form :	Simplified Joint Stock Company with Single Associate
Line of Business :	Manufacturer of workwear (We tried to confirm / obtain the detailed activity but the same is not available from any sources)
No of Employees :	64 (31.12.2012)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

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

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

France ECONOMIC OVERVIEW

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

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Name

HALBOUT S.A.

SIRET

351 592 233 00016

	company summary
Trade Name		ALSICO MEDICAL	EUR VAT Number	FR69351592233
Activity (APE)		Manufacturer of workwear (1412Z)	Legal form	Simplified Joint Stock Company with Single Associate
Phone		03 29 33 20 11	RCS Registration	RCS Epinal 8 351 592 233
Fax			Share capital	675,000 Euros
Address		HALBOUT S.A. 52 RUE DES COSTELLES 88460 DOCELLES	Incorporated Date	08/1989
Nationality		France	Status	Economically active
No social security and tax office preferential right to date

RCS Registration	RCS Epinal 8 351 592 233
Registration Court	Epinal (88)
Court Registry Number	19 8 9B00184
Incorporation Date	08/1989
Deregistration Date	Last account Date	31/12/2012
Nationality	France
EUR VAT Number	FR69351592233
Formation Date	07/1989

DIRECTORS/MANAGEMENT

Current Directors

1

directors

Shareholder(s)

Name	SIPERCO
Name of representative	M PERCHE BASSILA FADY
Manager position	President	Date of birth	12/09/1975
Place of birth	JOUN (LIBAN)(LIBAN)
Type	Moral person	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M BERNARD SIAU	19/01/1951 - RONSE(BELGIQUE)
Managing director	FADY PERCHE BASSILA	12/09/1975 - JOUN(LIBAN)

NEGATIVE INFORMATION

Judgements

Collective procedures

No judgment information for the company

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

SHARE & SHARE CAPITAL INFORMATION

Shareholders

No Shareholders available for this company

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

No group information available for the company

Linkages

No Linkages information available for the company

FINANCIAL INFORMATION

Trading to Date	12/31/2012	12/31/2011	12/31/2010
Turnover	17,606,528 €	21,546,546 €	16,399,538 €
Gross Operating Surplus	4,15 % Turnover	1,06 % Turnover	4,12 % Turnover
Shareholders’ equity	3,363,230 €	2,937,422 €	2,183,108 €
Net result	425,884 €	754,192 €	343,509 €

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	31/12/2012	31/12/2011	31/12/2010
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	28/08/2013	31/07/2012	14/10/2011
Activity Code	1412Z	1412Z	1412Z
Employees	64	66	59

Active account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	765 786	-4,7%	803 450	-1,6%	816 759	174 584	338,6%
- Intangible assets	700 806	-0,4%	703 941	-0,3%	706 302	15 061	4553,1%
- Tangible assets	48 170	-31,9%	70 723	-20,0%	88 389	48 170	0%
- Financial assets	16 810	-41,6%	28 786	30,5%	22 065	9 170	83,3%
Net current assets	6 295 764	-9,2%	6 936 984	5,1%	6 598 020	1 230 204	411,8%
- Stocks	3 690 349	-2,9%	3 799 495	-13,8%	4 409 078	516 843	614,0%
- Advanced payments	0	-9,2%	0	0%	39 990	0	0%
- Receivables	1 729 779	-38,9%	2 830 771	76,6%	1 602 688	419 817	312,0%
- Securities and cash	875 634	185,5%	306 718	-43,9%	546 262	95 425	817,6%
- Prepaid expenses	-	-	-	-	-	198	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	7 061 552	-8,8%	7 740 434	4,4%	7 414 780	1 461 924	383,0%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Shareholders' equity	3 363 230	14,5%	2 937 422	34,6%	2 183 108	752 835	346,7%
Share capital	675 000	0%	675 000	0%	675 000	160 000	321,9%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	3 698 316	-23,0%	4 803 011	-8,2%	5 231 670	462 978	698,8%
- Financial liabilities	574 897	-63,4%	1 571 824	20,9%	1 299 886	74 886	667,7%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	2 308 985	1,9%	2 266 433	-16,4%	2 710 208	192 004	1102,6%
- Tax and social liabilities	788 357	-16,2%	940 289	0,6%	934 383	154 918	408,9%
- Other debts and fixed assets liabilities	26 077	6,6%	24 462	-91,5%	287 191	17 347	50,3%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	7 061 551	-8,8%	7 740 433	4,4%	7 414 780	1 461 924	383,0%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Sales of Goods	18 009 483	-17,9%	21 936 343	32,7%	16 532 440	2 016 780	793,0%
Net turnover	17 606 528	-18,3%	21 546 546	31,4%	16 399 538	1 954 353	800,9%
- of which net export turnover	1 330 091	-68,5%	4 228 446	169,3%	1 569 904	10 428	12655,0%
Operating charges	17 316 090	-20,2%	21 708 768	36,4%	15 920 436	1 960 377	783,3%
Operating profit/loss	693 393	204,7%	227 575	-62,8%	612 004	38 606	1696,1%
Financial income	25 834	-56,5%	59 390	-13,4%	68 616	6 733	283,7%
Financial charges	72 856	-15,6%	86 305	36,5%	63 241	5 444	1238,3%
Financial profit/loss	-47 022	-74,7%	-26 915	-600,8%	5 374	0	0%
Pretax net operating income	646 371	222,1%	200 660	-67,5%	617 378	51 375	1158,1%
Extraordinary income	74	-100,0%	1 243 274	1252,0%	91 958	1 874	-96,1%
Extraordinary charges	49 503	117,5%	22 755	-73,4%	85 465	2 090	2268,6%
Extraordinary profit/loss	-49 429	-104,0%	1 220 519	18697,5%	6 493	0	0%
Net result	425 884	-43,5%	754 192	119,6%	343 509	44 237	862,7%

Display parameter
Currency	Euro	Kilo Euro

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

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2012		31/12/2011		31/12/2010
Grand Total (I to VI)	Net	7 061 552	-8,8%	7 740 434	4,4%	7 414 780
Gross	CO	8 299 535	-7,1%	8 932 728	3,8%	8 609 425
Amortisation	1A	1 237 983	3,8%	1 192 294	-0,2%	1 194 645

Non declared distributed capital (I)

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

Active fixed asset (II)

		31/12/2012		31/12/2011		31/12/2010
Total Active fixed asset (II)	Net	765 786	-4,7%	803 450	-1,6%	816 759
Gross	BJ	1 394 318	-1,1%	1 410 232	0,2%	1 407 840
Amortisation	BK	628 532	3,6%	606 782	2,7%	591 081

Intangible fixed assets

		31/12/2012		31/12/2011			31/12/2010
Start-up cost	Net	0	0%	0	0%		0
Gross	AB	0	0%	0	0%		0
Amortisation	AC	0	0%	0	0%		0
R & D expenses	Net	0	0%	0	0%		0
Gross	CX	0	0%	0	0%		0
Amortisation	AE	0	0%	0	0%		0
Distributorships, patents	Net	161	-95,1%	3 296	-41,7%		5 657
Gross	AF	49 051	4,3%	47 051	9,6%		42 931
Amortisation	AG	48 890	11,7%	43 755	17,4%		37 273
Goodwill	Net	700 645	0%	700 645	0%		700 645
Gross	AH	700 645	0%	700 645	0%		700 645
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	700 806	-0,4%	703 941		-0,3%		706 302

Tangible fixed assets

		31/12/2012		31/12/2011		31/12/2010
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	0	0%	0	0%	0
Gross	AP	0	0%	0	0%	0
Amortisation	AQ	0	0%	0	0%	0
Plant	Net	1 326	-83,9%	8 242	-59,3%	20 256
Gross	AR	333 278	-0,7%	335 591	-2,8%	345 085
Amortisation	AS	331 952	1,4%	327 349	0,8%	324 828
Other tangible fixed assets	Net	43 344	-26,5%	58 981	-8,7%	64 633
Gross	AT	291 034	-1,2%	294 659	0,4%	293 614
Amortisation	AU	247 690	5,1%	235 678	2,9%	228 980
Fixed assets in construction	Net	3 500	0%	3 500	0%	3 500
Gross	AV	3 500	0%	3 500	0%	3 500
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	48 170		70 723		88 389

Financial assets

		31/12/2012		31/12/2011		31/12/2010
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	0	0%	0	0%	0
Gross	CU	0	0%	0	0%	0
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0		0		0
Other financial assets	Net	16 810	-41,6%	28 786	30,5%	22 065
Gross	BH	16 810	-41,6%	28 786	30,5%	22 065
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		16 810		28 786		22 065

Current Assets (III)

		31/12/2012		31/12/2011		31/12/2010
Total Assets	Net	6 295 764	-9,2%	6 936 984	5,1%	6 598 020
Gross	CJ	6 905 212	-8,2%	7 522 493	4,5%	7 201 580
Amortisation	CK	609 448	4,1%	585 509	-3,0%	603 560

Stocks

		31/12/2012		31/12/2011		31/12/2010
Raw materials	Net	2 005 494	-4,8%	2 105 659	-34,9%	3 235 698
Gross	BL	2 351 351	-3,6%	2 440 304	-28,1%	3 394 919
Amortisation	BM	345 857	3,4%	334 645	110,2%	159 220
Work in progress (goods)	Net	1 698	316,2%	408	-33,9%	617
Gross	BN	1 698	316,2%	408	-33,9%	617
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	420 513	-15,1%	495 464	21,7%	407 219
Gross	BR	521 762	-12,0%	592 734	-16,0%	705 321
Amortisation	BS	101 249	4,1%	97 270	-67,4%	298 102
Goods for resale	Net	1 262 644	5,4%	1 197 964	56,5%	765 544
Gross	BT	1 291 575	5,7%	1 221 618	54,6%	789 936
Amortisation	BU	28 931	22,3%	23 654	-3,0%	24 391
Sub Total Stocks	Net	3 690 349	-2,9%	3 799 495	-13,8%	4 409 078

Advance payments to suppliers

		31/12/2012		31/12/2011		31/12/2010
Advance payments to suppliers	Net	0	0%	0	0%	39 990
Gross	BV	0	0%	0	0%	39 990
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2012		31/12/2011		31/12/2010
Trade accounts receivable	Net	941 792	-54,1%	2 052 409	40,9%	1 456 459
Gross	BX	1 032 346	-51,7%	2 139 492	39,3%	1 535 449
Amortisation	BY	90 554	4,0%	87 083	10,2%	78 990
Other debtors	Net	723 628	-3,2%	747 414	714,7%	91 737
Gross	BZ	766 485	-3,0%	790 271	487,2%	134 594
Amortisation	CA	42 857	0%	42 857	0%	42 857
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	1 665 420	-40,5%	2 799 823	80,8%	1 548 19

Divers

		31/12/2012		31/12/2011		31/12/2010
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	875 634	185,5%	306 718	-43,9%	546 262
Gross	CF	875 634	185,5%	306 718	-43,9%	546 262
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	875 634	185,5%	306 718	-43,9%	546 262

Prepaid expenses

		31/12/2012		31/12/2011		31/12/2010
Prepaid expenses	Net	64 359	108,0%	30 948	-43,2%	54 492
Gross	CH	64 359	108,0%	30 948	-43,2%	54 492
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

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

References

		31/12/2012		31/12/2011		31/12/2010
Due within one year	CP	0	0%	0	0%	22 065
Due after one year	CR	0	0%	556 940	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2012		31/12/2011		31/12/2010
Grand Total (I to V)	EE	7 061 551	-8,8%	7 740 433	4,4%	7 414 780

Shareholder Equity (I)

		31/12/2012		31/12/2011		31/12/2010
Total shareholders' equity (Total I)	DL	3 363 230	14,5%	2 937 422	34,6%	2 183 108
Equity and shareholders' equity	DA	675 000	0%	675 000	0%	675 000
Issue and merger premiums	DB	2 463	0%	2 463	0%	2 463
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	67 500	0%	67 500	0%	67 500
Statutory or contractual reserve	DE	2 192 161	52,4%	1 437 969	31,4%	1 094 460
Special regulated reserves	DF	0	0%	0	0%	0
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	0	0%	0	0%	0
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	0	0%	0	0%	0
Profit or loss for the period	DI	425 884	-43,5%	754 192	119,6%	343 509
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	222	-25,3%	297	68,8%	176

Other capital resources (II)

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

Provisions for risks and charges (III)

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

Liabilities (IV)

		31/12/2012		31/12/2011		31/12/2010
Total Liabilities (Total IV)	EC	3 698 316	-23,0%	4 803 011	-8,2%	5 231 670
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	159 037	-81,9%	878 638	-14,7%	1 029 807
Sundry loans and financial liabilities	DV	415 860	-40,0%	693 186	156,7%	270 079
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	2 308 985	1,9%	2 266 433	-16,4%	2 710 208
Tax and social security liabilities	DY	788 357	-16,2%	940 289	0,6%	934 383
Fixed asset liabilities	DZ	0	0%	0	0%	278 704
Other debts	EA	26 077	6,6%	24 462	188,2%	8 4

Translation loss (V)

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

Equalization accounts

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

References

		31/12/2012		31/12/2011		31/12/2010
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	3 403 278	-27,0%	4 659 164	-8,6%	5 096 769
Of which current bank facilities	EH	131 664	-82,3%	743 242	-5,9%	789 526

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2012		31/12/2011		31/12/2010
Operating result (Total I-II)	GG	693 393	204,7%	227 575	-62,8%	612 004

2 - Financial result (V - VI)

		31/12/2012		31/12/2011		31/12/2010
Financial result (Total V-VI)	GV	-47 022	-74,7%	-26 915	-600,8%	5 374

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

		31/12/2012		31/12/2011		31/12/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	646 371	222,1%	200 660	-67,5%	617 378

4 - Extraordinary result (VII-VIII)

		31/12/2012		31/12/2011		31/12/2010
Extraordinary result (Total VII-VIII)	HI	-49 429	-104,0%	1 220 519	18697,5%	6 493

Profit or loss

		31/12/2012		31/12/2011		31/12/2010
Profit or loss	HN	425 884	-43,5%	754 192	119,6%	343 509

Total Income (I+III+V+VII)

		31/12/2012		31/12/2011		31/12/2010
Total Income (I+III+V+VII)	HL	18 035 391	-22,4%	23 239 007	39,2%	16 693 015

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

		31/12/2012		31/12/2011		31/12/2010
Total charges (Total II+IV+VI+VIII+IX+X)	HM	17 609 503	-21,7%	22 484 814	37,5%	16 349 506

Operating income (I)

		31/12/2012		31/12/2011		31/12/2010
Total operating income (Total I)	FR	18 009 483	-17,9%	21 936 343	32,7%	16 532 440

Operating income (details)

		31/12/2012		31/12/2011		31/12/2010
Sale of goods for resale	FC	5 049 175	1,6%	4 967 472	38,9%	3 577 138
France	FA	4 940 397	1,0%	4 893 498	45,0%	3 374 814
Export	FB	108 778	47,0%	73 974	-63,4%	202 323
Sale of goods produced	FF	11 617 327	-25,7%	15 636 032	23,9%	12 623 195
France	FD	10 914 463	-9,5%	12 056 166	6,1%	11 359 438
Export	FE	702 864	-80,4%	3 579 866	183,3%	1 263 756
Sale of services	FI	940 026	-0,3%	943 042	373,4%	199 204
France	FG	421 577	14,4%	368 436	286,3%	95 379
Export	FH	518 449	-9,8%	574 606	453,4%	103 824
Net turnover	FL	17 606 528	-18,3%	21 546 546	31,4%	16 399 538
France	FJ	16 276 437	-6,0%	17 318 100	16,8%	14 829 633
Export	FK	1 330 091	-68,5%	4 228 446	169,3%	1 569 904
Stocked production	FM	-69 681	38,2%	-112 796	-488,9%	29 005
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	0
Release of reserves and provisions	FP	472 636	-5,4%	499 580	403,1%	99 303
Other income	FQ	0	0%	3 013	-34,4%	4 593

Operating charges (II)

		31/12/2012		31/12/2011		31/12/2010
Total operating charges (Total II)	GF	17 316 090	-20,2%	21 708 768	36,4%	15 920 436

Exploitation charges

		31/12/2012		31/12/2011		31/12/2010
Purchase of goods for resale	FS	3 332 566	-40,1%	5 560 993	108,2%	2 671 498
Change in stocks of goods for resale	FT	-69 957	83,8%	-431 681	-92,2%	-224 612
Purchase of raw materials	FU	6 368 401	-16,0%	7 584 398	13,7%	6 672 845
Change in stocks of raw materials	FV	88 953	-90,7%	954 614	477,6%	-252 826
Other external purchases and charges	FW	4 508 780	-8,8%	4 943 191	5,7%	4 675 775
Tax, duty and similar payments	FX	193 669	-1,2%	195 976	24,2%	157 802
Payroll	FY	1 766 424	-0,8%	1 781 461	17,8%	1 511 782
Social security costs	FZ	617 357	0,0%	617 093	14,2%	540 492

Depreciation

		31/12/2012		31/12/2011		31/12/2010
Depreciation of fixed assets	GA	30 327	-22,2%	38 971	25,3%	31 094
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	479 509	3,4%	463 684	247,2%	133 541
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2012		31/12/2011		31/12/2010
Other charges	GE	61	-10,3%	68	-97,8%	3 042

Operating charges (III-IV)

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

Financial income (V)

		31/12/2012		31/12/2011		31/12/2010
Total financial income (Total V)	GP	25 834	-56,5%	59 390	-13,4%	68 616
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	24 405	-48,5%	47 397	26,9%	37 346
Released provisions and transferred charges	GM	0	0%	0	0%	25 489
Exchange gains	GN	1 429	-88,1%	11 993	107,5%	5 779
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

		31/12/2012		31/12/2011		31/12/2010
Total financial charge (Total VI)	GU	72 856	-15,6%	86 305	36,5%	63 241
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	72 106	-5,6%	76 391	20,9%	63 199
Exchange losses	GS	750	-92,4%	9 914	24080,5%	41
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2012		31/12/2011		31/12/2010
Total extraordinary income (Total VII)	HD	74	-100,0%	1 243 274	1252,0%	91 958
Extraordinary operating income	HA	0	0%	2 774	-87,0%	21 314
Extraordinary income from capital transactions	HB	0	0%	1 240 500	2692,5%	44 423
Released provisions and transferred charges	HC	74	0%	0	0%	26 220

Extraordinary charges (VIII)

		31/12/2012		31/12/2011		31/12/2010
Total extraordinary charges (Total VIII)	HH	49 503	117,5%	22 755	-73,4%	85 465
Extraordinary operating charges	HE	4 425	-79,7%	21 785	67,6%	13 001
Extraordinary charges from capital transactions	HF	45 000	0%	0	0%	67 285
Extraordinary reserves and provisions	HG	78	-92,0%	970	-81,3%	5 178

Employee profit sharing (IX)

		31/12/2012		31/12/2011		31/12/2010
Employee profit sharing (Total IX)	HJ	34 874	-83,3%	209 415	171,4%	77 156

Tax on profits (X)

		31/12/2012		31/12/2011		31/12/2010
Tax on profits (Total X)	HK	136 180	-70,2%	457 571	125,2%	203 207

References

		31/12/2012		31/12/2011		31/12/2010
Of which equipment leases	HP	0	0%	0	0%	30 719
Of which property leases	HQ	0	0%	34 090	0%	0
Of which transferred charges	A1	0	0%	17 844	-54,2%	38 977
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)

		31/12/2012		31/12/2011		31/12/2010
Gross value at begin of period	OG	0	0%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	12 881	0%	0	0%	10 500
Decreasess by transfers	OK2	8 656	-64,1%	24 121	-87,6%	194 233
Gross value at the end of period	OL	1 394 320	-1,1%	1 410 235	0,2%	1 407 841

Research and development Charge (Total I)

		31/12/2012		31/12/2011		31/12/2010
Gross value at begin of period	CZ	0	0%	0	0%	0
Increasess due to revaluation	KB	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
Decreasess by budget item transfer	C01	0	0%	0	0%	0
Decreasess by transfers	C02	0	0%	0	0%	0
Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

		31/12/2012		31/12/2011		31/12/2010
Gross value at begin of period	KD	747 697	0,6%	743 576	5,6%	704 097
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	2 000	-55,6%	4 504	-91,0%	49 979
Decreasess by budget item transfer	LV1	0	0%	0	0%	10 500
Decreasess by transfers	LV2	0	0%	384	0%	0
Gross value at the end of period	LW	749 697	0,3%	747 696	0,6%	743 576

Tangible fixed assets (Total III)

		31/12/2012		31/12/2011		31/12/2010
Gross value at begin of period	LN	633 749	-1,3%	642 199	-0,1%	642 898
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	2 718	-82,2%	15 289	-85,5%	105 694
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	8 656	-63,5%	23 737	-77,7%	106 393
Gross value at the end of period	NH	627 811	-0,9%	633 751	-1,3%	642 199

Financial assets (Total IV)

		31/12/2012		31/12/2011		31/12/2010
Gross value at begin of period	LQ	28 786	30,5%	22 065	-71,5%	77 338
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	904	-86,5%	6 720	-79,4%	32 565
Decreasess by budget item transfer	NJ1	12 881	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	0	0%	87 837
Gross value at the end of period	NK	16 809	-41,6%	28 785	30,5%	22 065

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

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

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

Other intangible assets (Total II)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	PE	43 755	17,4%	37 273	19,0%	31 321
Increases		PF	5 135	-25,2%	6 865	15,3%	5 952
Decreasess		PG	0	0%	384	0%	0
	Decreasess by budget item transfer	PH	48 890	11,7%	43 754	17,4%	37 273

Total fixed assets amotisation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	QU	563 026	1,7%	553 808	-9,7%	613 149
Increases		QV	25 270	-23,3%	32 955	8,9%	30 255
Decreases		QW	8 656	-63,5%	23 737	-73,5%	89 598
	Decreasess by budget item transfer	QX	579 640	3,0%	563 026	1,7%	553 806

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

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

Premium refund of obligations

			31/12/2012		31/12/2011		31/12/2010
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	7C	0	0%	603 562	811,4%	66 220
Increases		UB	0	0%	463 685	0%	0
Decreases		UC	0	0%	481 735	627,5%	66 220
	Value at the end of period	UD	0	0%	585 512	0%	0

Includes Total allocations

Operating	UE	0	0%	463 684	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	0	0%	481 735	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	3Z	0	0%	0	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	0	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	5Z	0	0%	0	0%	66 220
Increases		TV	0	0%	0	0%	0
Decreases		TW	0	0%	0	0%	66 220
	Value at the end of period	TX	0	0%	0	0%	0

Total Provision for depreciation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	7B	0	0%	603 562	0%	0
Increases		TY	0	0%	463 685	0%	0
Decreases		TZ	0	0%	481 735	0%	0
	Value at the end of period	UA	0	0%	585 512	0%	0

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

		31/12/2012		31/12/2011		31/12/2010
Gross value	VT	1 880 001	-37,1%	2 989 495	71,2%	1 746 602
1 year at most	VU	1 551 436	-35,5%	2 403 768	37,6%	1 746 602
More than one year	VV	328 565	-43,9%	585 727	0%	0

State of loans

		31/12/2012		31/12/2011		31/12/2010
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	16 810	-41,6%	28 786	30,5%	22 065
Other financial assets (1 year at most)	UV	0	0%	0	0%	22 065

Receivables statement of assets

		31/12/2012		31/12/2011		31/12/2010
Customers doubtful or disputed	VA	105 755	3,6%	102 083	9,1%	93 567
Other claims customer	UX	926 591	-54,5%	2 037 409	41,3%	1 441 882
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	6 684	1,4%	6 590	1364,4%	450
Social Security and other social organizations	UZ	0	0%	4 498	467,2%	793
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	67 395	2,5%	65 755	93,0%	34 066
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	51 925	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	640 480	-10,2%	713 427	618,6%	99 283

Prepaid

		31/12/2012		31/12/2011		31/12/2010
Prepaid	VS	64 359	108,0%	30 944	-43,2%	54 492

State Debt

		31/12/2012		31/12/2011		31/12/2010
Total debt (gross)	VY	3 698 318	-23,0%	4 803 011	-8,2%	5 231 670

VZ2	3 403 278	-27,0%	4 659 165	-8,6%	5 096 770
VZ3	295 040	105,1%	143 846	6,6%	134 900
VZ4	0	0%	0	0%	0

Details

			31/12/2012		31/12/2011		31/12/2010
	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	131 664	-82,3%	743 242	-5,9%	789 526
1 year at most		VG2	131 664	-82,3%	743 242	-5,9%	789 526
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	27 372	-79,8%	135 396	-43,7%	240 280
1 year at most		VH2	27 372	-74,6%	107 951	2,4%	105 380
More than 1 year and 5 years at most		VH3	0	0%	27 445	-79,7%	134 900
	Loans and various financial liabilities (gross)	8A1	312 742	119,5%	142 449	100,6%	71 024
1 year at most		8A2	17 702	-32,0%	26 048	-63,3%	71 024
More than 1 year and 5 years at most		8A3	295 040	153,5%	116 401	0%	0
	Suppliers and associated accounts (gross)	8B1	2 308 985	1,9%	2 266 433	-16,4%	2 710 208
1 year at most		8B2	2 308 985	1,9%	2 266 433	-16,4%	2 710 208
More than 1 year and 5 years at most		8B3	2 308 985	1,9%	2 266 433	-16,4%	2 710 208
	Personnel and associated accounts (gross)	8C1	359 324	-32,9%	535 885	50,2%	356 712
1 year at most		8C2	359 324	-32,9%	535 885	50,2%	356 712
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	229 264	1,9%	224 948	6,7%	210 764
1 year at most		8D2	229 264	1,9%	224 948	6,7%	210 764
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	137 185
1 year at most		8E2	0	0%	0	0%	137 185
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	85 539	41,0%	60 661	-55,3%	135 799
1 year at most		VW2	85 539	41,0%	60 661	-55,3%	135 799
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	114 228	-3,8%	118 795	26,5%	93 922
1 year at most		VQ2	114 228	-3,8%	118 795	26,5%	93 922
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%	278 704
1 year at most		8J2	0	0%	0	0%	278 704
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	103 118	-81,3%	550 736	176,7%	199 054
1 year at most		VI2	103 118	-81,3%	550 736	176,7%	199 054
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	26 077	6,6%	24 462	188,2%	8 487
1 year at most		8K2	26 077	6,6%	24 462	188,2%	8 487
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2012		31/12/2011		31/12/2010
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	104 799	2,3%	102 453

Table allocation results and other information
Dividends distributed

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

Commitments

		31/12/2012		31/12/2011		31/12/2010
Commitments leasing furniture	YQ	0	0%	139 542	128,0%	61 213
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

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

Taxes and Fees

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

VAT

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

Average number of employees

		31/12/2012		31/12/2011		31/12/2010
Average number of employees	YP	64	-3,0%	66	11,9%	59

Groups and Shareholders

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

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Fixed Asset Financing	3,18	2,6%	3,10	33,0%	2,33	3	6,0%
Global Debt	76 days	-5,0%	80 days	-30,4%	115 days	96,50 days	-21,2%
Working Capital Fund overall net	62 days	24,0%	50 days	22,0%	41 days	145 days	-57,2%
Financial independence	2114,75%	532,6%	334,32%	57,7%	211,99%	2243,43%	-5,7%
More ratios
Solvability	47,63%	25,5%	37,95%	28,9%	29,44%	56,98%	-16,4%
Capacity debt futures	2114,76%	512,8%	345,09%	41,5%	243,95%	3667,41%	-42,3%
Coverage of current assets by net working capital overall	44,45%	12,4%	39,55%	50,6%	26,26%	56,06%	-20,7%
General Liquidity	0,46	-11,5%	0,52	52,9%	0,34	0,84	-45,2%
Restricted Liquidity	0,71	22,4%	0,58	28,9%	0,45	1,27	-44,1%

Management or rotation

	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Need background in operating working capital	46 days	-17,9%	56 days	24,4%	45 days	95 days	-51,6%
Treasury	15 days	314,3%	-7 days	-40,0%	-5 days	20,50 days	-26,8%
Inventory turnover of goods	143 days	66,3%	86 days	-25,9%	116 days	136 days	5,1%
Average length of credit granted to customers	21 days	-41,7%	36 days	5,9%	34 days	68,50 days	-69,3%
Average length of credit obtained suppliers	58 days	31,8%	44 days	-38,9%	72 days	52 days	11,5%
More ratios
Inventory turnover of raw materials in industrial enterprises	131 days	13,9%	115 days	-35,4%	178 days	115 days	13,9%
Inventory turnover of intermediate and finished products in the industrial enterprise	2804 days	-17,5%	3400 days	33,1%	2554 days	1006 days	178,7%
Rotation tangible assets	2804,43%	-17,5%	3399,84%	33,1%	2553,65%	1037,29%	170,4%

Profitability of the business

	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Margin trading	10,15%	1453,3%	-0,75%	-110,9%	6,89	1,91%	431,4%
Profitability of the business	4,15	291,5%	1,06	-74,3%	4,12	3,16%	31,3%
Net profit	2,42%	-30,9%	3,50%	67,5%	2,09%	2,82%	-14,2%
More ratios
Growth rate of turnover (excluding VAT)	-18,29%	-158,3%	31,39%	5,7%	29,69%	-0,97%	-1785,6%
Rates integration	18,79%	43,4%	13,10%	-25,6%	17,60%	25,34%	-25,8%
Rate leasing furniture	0%	0%	0%	0%	0,19%	0%	0%
Work Factor	72,06%	-15,2%	84,99%	19,5%	71,11%	78,76%	-8,5%
Weight interests	0,41	2,5%	0,40%	2,6%	0,39%	0,33%	24,2%

Return on capital

	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Cash flow from the overall profitability	2,85%	166,1%	-4,31%	-275,2%	2,46%	3,04%	-6,2%
Rates of economic profitability	19%	280,0%	5%	-73,7%	19%	5,68%	234,5%
Financial profitability	3363230%	14,5%	2937422%	34,6%	2183108%	752835%	346,7%
Return on investment	12,66%	-32,1%	18,64%	59,6%	11,68%	5%	153,2%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Turnover	17 606 528	-18,3%	21 546 546	31,4%	16 399 538	1 954 353 €	800,9%

Sales of goods	5 049 175	1,6%	4 967 472	38,9%	3 577 138
- Purchase of goods	3 332 566	-40,1%	5 560 993	108,2%	2 671 498
+/- Stock of goods variation	-69 957	83,8%	-431 681	-92,2%	-224 612
Trading margin	1 786 566 €	1203,9%	-161 840 €	-114,3%	1 130 252 €	61 020 €	2827,8%
	10,15 % CA	1453,3%	-0,75 % CA	-110,9%	6,89 % CA	2,75 % CA	269,1%

Sale of goods produced	12 557 353	-24,3%	16 579 074	29,3%	12 822 399
+/- Stocked production	-69 681	38,2%	-112 796	-488,9%	29 005
+ Self-constructed assets	0	0%	0	0%	0
Period production	12 487 672 €	-24,2%	16 466 278 €	28,1%	12 851 404 €	1 578 473 €	691,1%
	70,93 % CA	-7,2%	76,42 % CA	-2,5%	78,36 % CA	91,27 % CA	-22,3%

Trading margin	1 786 566	1203,9%	-161 840	-114,3%	1 130 252	61 020	2827,8%
+ Period Production	12 487 672	-24,2%	16 466 278	28,1%	12 851 404	1 578 473	691,1%
- Purchase of raw materials	6 368 401	-16,0%	7 584 398	13,7%	6 672 845
+/- Change in stocks of raw materiels	88 953	-90,7%	954 614	477,6%	-252 826
- Other external purchases and charges	4 508 780	-8,8%	4 943 191	5,7%	4 675 775
Added value	3 308 104 €	17,2%	2 822 235 €	-2,2%	2 885 862 €	518 386 €	538,2%
	18,79 % CA	43,4%	13,10 % CA	-25,6%	17,60 % CA	25,34 % CA	-25,8%

Added value	3 308 104 €	17,2%	2 822 235 €	-2,2%	2 885 862 €	518 386 €	538,2%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	193 669	-1,2%	195 976	24,2%	157 802
- Personal charges	2 383 781	-0,6%	2 398 554	16,9%	2 052 274
Gross operating surplus	730 654 €	220,9%	227 705 €	-66,3%	675 786 €	24 630 €	2866,5%
	4,15 % CA	291,5%	1,06 % CA	-74,3%	4,12 % CA	3,16 % CA	31,3%

Gross operating surplus	730 654 €	220,9%	227 705 €	-66,3%	675 786 €	24 630 €	2866,5%
+ Release of reserves and provisions	472 636	-5,4%	499 580	403,1%	99 303
+ Other operating income	0	0%	3 013	-34,4%	4 593
- Depreciation/Amortisation	509 836	1,4%	502 655	205,3%	164 635
- Other charges	61	-10,3%	68	-97,8%	3 042
Operating result	693 393 €	204,7%	227 575 €	-62,8%	612 005 €	38 606 €	1696,1%
	3,94 % CA	271,7%	1,06 % CA	-71,6%	3,73 % CA	3,01 % CA	30,9%

Operating result	693 393 €	204,7%	227 575 €	-62,8%	612 005 €	38 606 €	1696,1%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	25 834	-56,5%	59 390	-13,4%	68 616
- Financial charges	72 856	-15,6%	86 305	36,5%	63 241
Pre-tax result	646 371 €	222,1%	200 660 €	-67,5%	617 380 €	51 375 €	1158,1%
	3,67 % CA	294,6%	0,93 % CA	-75,3%	3,76 % CA	3,55 % CA	3,4%

Extraordinary income	74	-100,0%	1 243 274	1252,0%	91 958	1 874	-96,1%
- Extraordinary charges	49 503	117,5%	22 755	-73,4%	85 465
Extraordinary result	-49 429 €	-104,0%	1 220 519 €	18697,5%	6 493 €	0 €	0%
	-0,28 % CA	-104,9%	5,66 % CA	14050,0%	0 % CA	-00,02 % CA	-1300%

Pre-tax result	646 371 €	222,1%	200 660 €	-67,5%	617 380 €	51 375 €	1158,1%
Extraordinary result	-49 429 €	-104,0%	1 220 519 €	18697,5%	6 493 €	0 €	0%
- Employee profit sharing	34 874	-83,3%	209 415	171,4%	77 156
- Tax on profits	136 180	-70,2%	457 571	125,2%	203 207
Net result	425 888 €	-43,5%	754 193 €	119,6%	343 510 €	44 238 €	862,7%
	2,42 % CA	-30,9%	3,50 % CA	67,5%	2,09 % CA	2,82 % CA	-14,2%

ADDITIONAL INFORMATION

Employees

50 to 99 employees

-

-

Company details

Activity (APE)

Manufacturer of workwear (1412Z)

Establishment details

Activity (APE)	Manufacturer of workwear (1412Z)	Business Pages FT®	VETEMENTS DE TRAVAIL ET PROFESSIONNELS (FABRICATION, GROS)
Postal Address	HALBOUT S.A. ALSICO MEDICAL 52 RUE DES COSTELLES 88460 DOCELLES	Trading Address	52 RUE DES COSTELLES 88460 DOCELLES
Telephone	03 29 33 20 11
Fax

Type	Head office	Status	Economically active
Formation Date	07/1989	Reason for formation	Formation
Closure Date	08/12/2010	Reason for closure
Reactivation Date	12/2010	Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Vosges (88)	Region	Lorraine
District	1	Area	03
City	DOCELLES	Size of urban area

Other establishments

Branches	2 branch entities in this company
Head office	> HALBOUT S.A. <<<  - Fabrication de vêtements de travail (1412Z)  in DOCELLES  (88460)
Secondary establishments	>  HALBOUT S.A.  - Fabrication de vêtements de travail (1412Z)  in RAMBERVILLERS  (88700) >  HALBOUT S.A.  - Fabrication de vêtements de travail (1412Z)  in IVRY SUR SEINE  (94200) >  HALBOUT S.A.  - Fabrication de vêtements de travail (1412Z)  in RIVERY  (80136)

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

Workforces

Workforce at address

50 to 99 employees

Company workforce

50 to 99 employees

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
28/08/2013	Bodacc C	Comptes annuels et rapports
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'EPINAL 11485 - 351592233 RCS. HALBOUT SAS. Forme : Société par actions simplifiée à associé unique. Adresse : rue des Costelles 88460 Docelles. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
27/07/2012	Bodacc C	Comptes annuels et rapports
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'ÉPINAL 12477 - 351592233 RCS. HALBOUT SAS. Forme : Société par actions simplifiée à associé unique. Adresse : rue des Costelles 88460 Docelles. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
29/09/2011	Bodacc B	Modification et mutation diverse
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'ÉPINAL 1686 - 351 592 233 RCS Epinal. HALBOUT SAS. Forme : Société par actions simplifiée unipersonnelle. Administration : Président : SIPERCO (SAS) représenté par PERCHE BASSILA Fady Commissaire aux comptes titulaire : IN EXTENSO AUDIT (SA) Co-commissaire aux comptes titulaire : GVGM AUDIT (SAS) Commissaire aux comptes suppléant : BEAS (SARL) Co-commissaire aux comptes suppléant : GIRARD Christophe. Activité : . Commentaires : Modification survenue sur l'administration.
09/09/2011	JAL	Appointment of the social representative
Abeille (L') Société faisant l'objet d'une nomination : 351592233 - HALBOUT S.A., 52 RUE DES COSTELLES, 88460 DOCELLES Nominé : En la fonction de : Président Date d'effet : 29/06/2011
05/09/2010	Bodacc B	Modification et mutation diverse
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'ÉPINAL 1053 - 351 592 233 RCS Epinal. HALBOUT SAS. Forme : Société par actions simplifiée. Administration : Président : SIAU Bernard Directeur général : PERCHE BASSILA Fady Commissaire aux comptes titulaire : IN EXTENSO AUDIT (SA) Commissaire aux comptes suppléant : BEAS (SARL). Commentaires : Modification survenue sur l'administration.
16/07/2010	JAL	Resignation / Revocation of the social representative
L'ABEILLE Date de décision : 30/06/2010 La société 351592233 - HALBOUT S.A., ALSICO MEDICAL, 52 RUE DES COSTELLES, 88460 DOCELLES Fait l'objet du départ de La société BVBA EYE 2 CATCH
16/07/2010	JAL	Appointment of the social representative
L'ABEILLE Société faisant l'objet d'une nomination : 351592233 - HALBOUT S.A., ALSICO MEDICAL, 52 RUE DES COSTELLES, 88460 DOCELLES Nominé : Monsieur Fady PERCHE BASSILA, 425 ROUTE DE SAINT SULPICE, 42300 VILLEREST En la fonction de : DG - Directeur Général
25/11/2009	Bodacc C	Comptes annuels et rapports
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'EPINAL 10619 - 351592233 RCS. HALBOUT SAS. Forme : Société par actions simplifiée. Adresse : rue des Costelles 88460 Docelles. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
25/11/2008	Bodacc C	Comptes annuels et rapports
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'EPINAL 9261 - 351592233 RCS. HALBOUT SAS. Forme : Société par actions simplifiée. Adresse : rue des Costelles, 88460 Docelles. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
02/10/2008	Bodacc B	Modification et mutation diverse
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'EPINAL 2261 - 351 592 233 RCS Epinal. HALBOUT SAS. Forme : Société par actions simplifiée. Enseigne : ALSICO MEDICAL. Commentaires : Modification survenue sur le nom commercial.
25/01/2008	Bodacc B	Modification et mutation diverse
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'EPINAL 3264 - 351 592 233 RCS Epinal. HALBOUT SAS. Forme : Société par actions simplifiée. Administration : Président : SIAU Bernard. Directeur général : LAMMENS Erwin André Patrick. Commissaire aux comptes titulaire : IN EXTENSO AUDIT (SA). Commissaire aux comptes suppléant : BEAS (SARL). Commentaires : Modification survenue sur l'administration.
25/01/2008	Bodacc B	Modification et mutation diverse
88 - VOSGES GREFFE DU TRIBUNAL DE COMMERCE D'EPINAL 3265 - 351 592 233 RCS Epinal. HALBOUT SAS. Forme : Société par actions simplifiée. Administration : Président : SIAU Bernard. Commissaire aux comptes titulaire : IN EXTENSO AUDIT (SA). Commissaire aux comptes suppléant : BEAS (SARL). Directeur général : BVBA EYE 2 CATCH (). Commentaires : Modification survenue sur l'administration.
27/11/2007	Bodacc C	Avis de dépôt des comptes
11774 - 351 592 233. RCS Epinal HALBOUT SAS. Forme: Société par actions simplifiée. Adresse du siège social: rue des Costelles 88460 Docelles. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
10/12/2006	Bodacc C	Avis de dépôt des comptes
5494 - RCS Epinal B 351 592 233. RC 89-B 184. HALBOUT SAS. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: rue des Costelles,88460 Docelles. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
06/01/2006	Bodacc C	Avis de dépôt des comptes
5585 - RCS Epinal B 351 592 233. RC 89-B 184. HALBOUT SAS. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: rue des Costelles,88460 Docelles. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
07/12/2003	Bodacc B	Modifications et mutations diverses
RCS Epinal B 351592233 RC 89-B 184 HALBOUT S.A.S. Forme : S.A.S. Capital : 675 000 euros. Adresse du siège social : rue des Costelles, 88460 Docelles. Administration : nouveau directeur général : LAMMENS (Erwin), en remplacement de LOEGEL (Xavier). Date d'effet : 23 juin 2003.
22/09/2002	Bodacc B	Modifications et mutations diverses
RCS Epinal B 351592233 RC 89-B 184 HALBOUT SOCIETE PAR ACTIONS SIMPLIFIEE. Forme : S.A.A. Capital : 675 000 euros. Adresse du siège social : rue des Costelles, 88460 Docelles. Administration : président : SIAU ( Bernard), ancien président du conseil d' administration. Nomination du directeur général adjoint : LOEGEL (Xavier), ancien directeur général. anciens administrateurs : HALBOUT (Gérard) M l l e HALBOUT (Sophie) et S.A. B. ET P. CONSULTANTS. Commentaires : ancienne forme juridique : S.A. Date d'effet : 8 juin 2002.
05/12/2000	Bodacc B	Modifications et mutations diverses
RCS Epinal B 351592233 RC 89-B 184 HALBOUT S.A. Forme : S.A. Capital : 675 000 euros. Adresse du siège social : rue des Costelles, 88460 Docelles. Administration : ancien administrateur : TEX EAST N.V. Nouvel administrateur : DE VEYT (Marie, Anne). Commentaires : augmentation du capital puis conversion en euros. Date d'effet : 27 juin 2000.
18/02/2000	Bodacc B	Modifications et mutations diverses
RCS Epinal B 351592233 RC 89-B 184 HALBOUT S.A. Forme : S.A. Capital : 1 500 000 F. Adresse du siège social : rue des Costelles, 88460 Docelles. Administration : nomination de LOEGEL ( Xavier) en qualité de directeur général non administrateur. Date d'effet : 31 aout 1999.
04/02/1999	Bodacc B	Modifications et mutations diverses
RCS Epinal B 351 592 233 RC 89-B 184 HALBOUT S.A. Forme : S.A. Capital : 1 500 000 F (fixe). Adresse du siège social : rue des Costelles, 88460 Docelles. Administration : ancien directeur général : HALBOUT (Gérard), administrateur ancien administrateur : TEX-EAST N.V. représentée par : SEURYNCK (Chris) nouvel administrateur : VERVAECKE (Frans). Date d'effet : 6 novembre 1998.

Company events history

Date	Description
20/10/2013	Update Limit
20/10/2013	Update Rating
15/10/2013	Update Limit
15/10/2013	Update Rating
31/08/2013	Update Limit
31/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
28/08/2013	Bodacc C : Deposit accounts notice
18/07/2013	Update Rating
18/07/2013	Update Limit
31/12/2012	New accounts available
11/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
27/07/2012	Bodacc C : Deposit accounts notice
31/12/2011	New accounts available
19/10/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
29/09/2011	Bodacc B: Various editing or changing
20/09/2011	New chairman (CEO, CoB)
29/06/2011	Legal Gazette: Appointment of the social representative
31/12/2010	New accounts available
13/12/2010	Collection of preferential rights activated for this company
08/12/2010	Reactivation of Company
08/12/2010	Legal suspension of Company
25/11/2010	Amendment
30/09/2010	Update of Company Legal Form
30/09/2010	Other modification of Establishment (error correction)
05/09/2010	Bodacc B: Various editing or changing
18/08/2010	New chairman (CEO, CoB)
16/07/2010	Legal Gazette: Resignation / Revocation of the social representative
30/06/2010	Legal Gazette: Appointment of the social representative
25/11/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
25/11/2008	Bodacc C : Deposit accounts notice
02/10/2008	New Bodacc B ads detected
02/10/2008	Bodacc B: Various editing or changing
25/01/2008	New Bodacc B ads detected
25/01/2008	Bodacc B: Various editing or changing
02/01/2008	Appointment/resignation of company officers
02/01/2008	Minutes of general meeting of shareholders
02/01/2008	Changement de Commissaire aux Comptes
02/01/2008	New auditor
02/01/2008	Private document
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
30/10/2003	Acte modificatif
30/10/2003	Nomination/démission des organes de gestion
30/10/2003	Acte sous seing privé
01/08/2003	Acte modificatif
01/08/2003	Statuts mis à jour
01/08/2003	Acte sous seing privé
01/08/2003	PV d'Assemblée
23/08/2002	Acte sous seing privé
23/08/2002	Changement de Forme Juridique sans changement de catégorie
23/08/2002	PV d'Assemblée
23/08/2002	Acte modificatif
23/08/2002	Rapport des Commissaires ou du Gérant
23/08/2002	Statuts mis à jour
23/08/2002	Nomination/démission des organes de gestion
03/11/2000	Nomination/démission des organes de gestion
03/11/2000	Acte modificatif
03/11/2000	Modification du Conseil d'Administration
03/11/2000	Conversion du Capital Social en Euros
03/11/2000	Acte sous seing privé
03/11/2000	Statuts mis à jour
03/11/2000	Augmentation de Capital
03/11/2000	PV d'Assemblée
25/11/1999	Acte sous seing privé
25/11/1999	Nomination/démission des organes de gestion
25/11/1999	PV du Conseil d'Administration
25/11/1999	Acte modificatif
05/11/1998	Nomination/démission des organes de gestion
05/11/1998	PV du Conseil d'Administration
05/11/1998	Acte modificatif
05/11/1998	Acte sous seing privé
05/11/1998	PV d'Assemblée
05/11/1998	Modification du Conseil d'Administration
26/10/1994	Nomination/démission des organes de gestion
26/10/1994	Changement de Président (PDG, PCA)
26/10/1994	Modification du Conseil d'Administration
26/10/1994	PV du Conseil d'Administration
26/10/1994	PV d'Assemblée
26/10/1994	Acte modificatif
07/10/1994	Changement de date de clôture
07/10/1994	Acte modificatif
07/10/1994	Statuts mis à jour
07/10/1994	PV d'Assemblée
02/12/1993	Acte modificatif
02/12/1993	Statuts mis à jour
02/12/1993	Déclaration de conformité
02/12/1993	PV d'Assemblée
02/12/1993	Changement de date de clôture
27/04/1992	Acte modificatif
27/04/1992	PV d'Assemblée

Establishment events history

Date	Description
31/08/2013	Update Rating
31/08/2013	Update Limit
17/05/2013	Update Rating
18/05/2012	Update of phone numbers
19/01/2011	Update Rating
19/01/2011	Update Limit
08/12/2010	Modification of Head office
08/12/2010	Closure of Head office
16/11/2010	Update Limit
16/11/2010	Update Rating
30/09/2010	Modification of Head office
05/09/2010	Update Rating
05/09/2010	Update Limit
20/08/2010	Update Rating
30/12/2009	Update Rating
26/10/2009	Update Limit
26/10/2009	Update Rating
05/09/2009	Update Rating
28/11/2008	Update Limit
28/11/2008	Update Rating
03/10/2008	Update Limit
03/10/2008	Update Rating
28/09/2008	Update Limit
27/09/2008	Update Rating
16/12/2007	Update Limit
15/12/2007	Update Rating
09/12/2007	Update Limit
10/10/2007	Update Limit
10/10/2007	Update Rating

Preferential rights details and history

Summary of preferential rights

Company monitored since	13/12/2010
Status of Monitoring	No social security and tax office preferential right to date

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 ratio total assets to total liabilities is 1,91

The creditor days are 47.87

The decrease in the gearing percentage over the last two accounting periods is 68 %

Department code with medium risk rating

Industry code with medium risk rating

The company has 1 director(s)

The risk provisions are 0 €

The total assets are 7,061,552 €

The net current assets are 6,295,764 €

The net turnover is 17,606,528 €

The pre-tax profit is 562,064 €

The shareholder's equity is 3,363,230 €

The sales to current assets ratio is 2,8

The return on total assets employed is 7,96

High risk workforce size

The liabilities are 3,698,316 €

The stock to turnover ratio is 20.96

The decrease of tangible fixed assets over the last two accounting periods is 32 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.43
UK Pound	1	Rs.98.28
Euro	1	Rs.80.12

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

RATING EXPLANATIONS

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

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

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

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

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