MIRA INFORM REPORT

Report Date :

21.05.2014

IDENTIFICATION DETAILS

Name :	ARJOWIGGINS SECURITY
Registered Office :	32 AV Pierre Grenier, 92100 Boulogne Billancourt
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	December 2000
Legal Form :	Simplified joint stock company
Line of Business :	Manufacture of paper and paperboard
No. of Employees	250 to 499

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

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

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

FRANCE - ECONOMIC OVERVIEW

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

Source : CIA

Company name

ARJOWIGGINS SECURITY

company summary

		EUR VAT Number	FR33433753258
Activity (APE)	Fabrication de papier et de carton (1712Z)	Legal form	Simplified joint stock company
Phone		RCS Registration	RCS Nanterre 1 433 753 258
Fax		Share capital	70,000,000 Euros
Address	ARJOWIGGINS SECURITY 32 AV PIERRE GRENIER 92100 BOULOGNE BILLANCOURT	Incorporated Date	12/2000
Nationality	France	Status	Economically active

No social security and tax office preferential right to date

Ultimate Holding Company
Company Name	Company number	Click here to view the affiliation links
SEQUANA	383491446	142 companies in 55 countries. Click here to visit linked companies

Current Directors

1

Trading to Date	12/31/2012	12/31/2011	12/31/2010
Turnover	207,571,652 €	210,072,621 €	176,236,299 €
Gross Operating Surplus	-4,60 % Turnover	-2,02 % Turnover	1,37 % Turnover
Shareholders’ equity	65,386,082 €	67,944,006 €	95,164,233 €
Net result	-2,245,729 €	-14,487,900 €	13,132,047 €
Employees	250 to 499 employees	-	-

Trends
Profitability
Liquidity
Net worth

company details

Company details

Activity (APE)	Fabrication de papier et de carton (1712Z)
RCS Registration	RCS Nanterre 1 433 753 258	Share capital	70,000,000 Euros
Registration Court	Nanterre (92)	Legal form	Simplified joint stock company
Court Registry Number	20 1 2B00839	EUR VAT Number	FR33433753258
Incorporation Date	12/2000	Formation Date	11/2000
Deregistration Date		Last account Date	31/12/2012
Nationality	France

Ultimate Parent

1 ultimate parent company for this company >  SEQUANA  - Fonds de placement et entités financières similaires (6430Z)  in BOULOGNE BILLANCOURT  (92100)

Establishment details

Activity (APE)	Fabrication de papier et de carton (1712Z) (Manufacture of paper and paperboard)	Business Pages FT®
Postal Address	ARJOWIGGINS SECURITY 32 AV PIERRE GRENIER 92100 BOULOGNE BILLANCOURT	Trading Address	32 AVENUE PIERRE GRENIER 92100 BOULOGNE BILLANCOURT
Telephone
Fax

Type	Head office	Status	Economically active
Formation Date	01/2012	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department		Region	Ile-de-France
District		Area
City	BOULOGNE BILLANCOURT	Size of urban area

Other establishments

Branches	3 branch entities in this company
Head office	> ARJOWIGGINS SECURITY <<<  - Fabrication de papier et de carton (1712Z)  in BOULOGNE BILLANCOURT  (92100)
Secondary establishments	>  ARJOWIGGINS SECURITY  - Fabrication de papier et de carton (1712Z)  in JOUY SUR MORIN  (77320) >  ARJOWIGGINS SECURITY  - Fabrication de papier et de carton (1712Z)  in PARIS 9  (75009) >  ARJOWIGGINS SECURITY  - Fabrication de papier et de carton (1712Z)  in ISSY LES MOULINEAUX  (92130) >  ARJOWIGGINS SECURITY  - Fabrication de papier et de carton (1712Z)  in APPRIEU  (38140)

Regionality	Legal unit with multiple establishments in many areas having at least 80% of workforce in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 80 to 99% of workforce

Workforces

Workforce at address

50 to 99 employees

Company workforce

250 to 499 employees

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	17/07/2013	28/09/2012	10/08/2011
Activity Code	1712Z	1712Z	1712Z
Employees	0	52	0

Active account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	106 449 753	0,5%	105 872 208	4,1%	101 738 758	907 160	11634,4%
- Intangible assets	1 683 641	39,9%	1 203 309	881,7%	122 580	30 490	5421,9%
- Tangible assets	21 493 339	-0,7%	21 653 338	16,5%	18 591 935	518 063	4048,8%
- Financial assets	83 272 773	0,3%	83 015 560	0,0%	83 024 243	29 276	284340,4%
Net current assets	36 580 970	-20,1%	45 784 095	21,8%	37 586 107	3 319 514	1002,0%
- Stocks	15 014 358	-29,9%	21 422 494	37,1%	15 623 051	649 696	2211,0%
- Advanced payments	260 962	-20,1%	193 212	-82,9%	1 129 913	0	0%
- Receivables	21 150 114	-12,0%	24 033 823	15,6%	20 790 466	1 029 378	1954,6%
- Securities and cash	155 536	15,6%	134 566	215,3%	42 677	127 349	22,1%
- Prepaid expenses	-	-	-	-	-	537	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	143 030 725	-5,7%	151 656 304	8,9%	139 324 863	4 113 984	3376,7%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Shareholders' equity	65 386 082	-3,8%	67 944 006	-28,6%	95 164 233	1 283 610	4993,9%
Share capital	70 000 000	0%	70 000 000	0%	70 000 000	716 510	9669,6%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	5 907 316	-11,6%	6 684 844	50,2%	4 449 168	11 000	53602,9%
Liabilities	71 737 328	-6,9%	77 027 452	94,0%	39 711 461	2 577 898	2682,8%
- Financial liabilities	11 293	-98,4%	688 800	-73,5%	2 594 715	209 375	-94,6%
- Advanced payments received	17 455 428	40846,3%	42 630	-88,7%	376 618	0	0%
- Trade account payables	26 605 495	-35,0%	40 947 665	62,4%	25 210 003	787 547	3278,3%
- Tax and social liabilities	7 345 988	18,7%	6 188 231	-6,9%	6 645 922	455 571	1512,5%
- Other debts and fixed assets liabilities	20 112 824	-28,4%	28 073 859	545,7%	4 347 939	95 224	21021,6%
Account regularization	206 300	-81,0%	1 086 267	102,6%	536 264	0	0%
Total liabilities	143 030 725	-5,7%	151 656 304	8,9%	139 324 863	4 113 984	3376,7%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Sales of Goods	210 888 505	-1,4%	213 903 821	19,8%	178 525 518	4 137 341	4997,2%
Net turnover	207 571 652	-1,2%	210 072 621	19,2%	176 236 299	3 996 512	5093,8%
- of which net export turnover	187 826 880	-8,4%	204 976 683	29,3%	158 496 955	584 921	32011,5%
Operating charges	222 871 449	0,4%	221 882 193	24,3%	178 472 403	5 764 276	3766,4%
Operating profit/loss	-11 982 944	-50,2%	-7 978 372	-15120,9%	53 115	20 354	-58972,7%
Financial income	17 057 633	888,2%	1 726 052	-90,1%	17 494 835	21 601	78866,9%
Financial charges	1 858 942	-68,6%	5 921 866	92,0%	3 083 530	39 692	4583,4%
Financial profit/loss	15 198 691	462,2%	-4 195 814	-129,1%	14 411 305	-11 188	135948,1%
Pretax net operating income	3 215 747	126,4%	-12 174 186	-184,2%	14 464 420	20 071	15921,9%
Extraordinary income	5 482 478	669,8%	712 172	-39,6%	1 179 975	83 133	6494,8%
Extraordinary charges	11 266 767	185,8%	3 941 987	68,0%	2 346 299	116 132	9601,7%
Extraordinary profit/loss	-5 784 289	-79,1%	-3 229 815	-176,9%	-1 166 324	0	0%
Net result	-2 245 729	84,5%	-14 487 900	-210,3%	13 132 047	38 485	-5935,3%

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	143 030 725	-5,7%	151 656 304	8,9%	139 324 863
Gross	CO	202 391 879	-4,3%	211 454 635	9,0%	193 910 606
Amortisation	1A	59 361 154	-0,7%	59 798 331	9,5%	54 585 743

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	106 449 753	0,5%	105 872 208	4,1%	101 738 758
Gross	BJ	161 382 280	0,1%	161 243 112	6,0%	152 079 457
Amortisation	BK	54 932 527	-0,8%	55 370 905	10,0%	50 340 699

Intangilble fixed assets

			31/12/2012		31/12/2011		31/12/2010
	Start-up cost	Net	0	0%	0	0%	0
	Gross	AB	0	0%	0	0%	0
	Amortisation	AC	0	0%	0	0%	0
	R & D expenses	Net	1 514 072	40,8%	1 075 427	0%	0
	Gross	CX	1 685 016	56,7%	1 075 427	0%	0
	Amortisation	AE	170 944	0%	0	0%	0
	Distributorships, patents	Net	169 569	32,6%	127 882	4,3%	122 580
	Gross	AF	1 886 231	7,1%	1 761 704	4,9%	1 680 068
	Amortisation	AG	1 716 662	5,1%	1 633 822	4,9%	1 557 488
	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	1 683 641	39,9%	1 203 309	881,7%	122 580

Tangilble fixed assets

		31/12/2012		31/12/2011		31/12/2010
Lands	Net	164 567	0%	164 567	0%	164 567
Gross	AN	170 120	0%	170 120	0%	170 120
Amortisation	AO	5 553	0%	5 553	0%	5 553
Buildings	Net	2 492 346	-12,4%	2 845 112	-0,3%	2 853 126
Gross	AP	12 234 108	0,7%	12 145 056	4,3%	11 646 406
Amortisation	AQ	9 741 762	4,8%	9 299 944	5,8%	8 793 280
Plant	Net	17 877 358	4,9%	17 035 046	19,5%	14 254 637
Gross	AR	58 554 951	6,4%	55 058 585	7,8%	51 054 063
Amortisation	AS	40 677 593	7,0%	38 023 539	3,3%	36 799 426
Other tangible fixed assets	Net	488 471	-18,0%	596 011	75,6%	339 357
Gross	AT	2 223 366	3,3%	2 152 324	22,3%	1 759 191
Amortisation	AU	1 734 895	11,5%	1 556 313	9,6%	1 419 834
Fixed assets in construction	Net	140 804	-68,0%	440 240	-13,3%	508 058
Gross	AV	140 804	-68,0%	440 240	-13,3%	508 058
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	329 793	-42,4%	572 362	21,2%	472 190
Gross	AX	329 793	-42,4%	572 362	21,2%	472 190
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	21 493 339		21 653 338		18 591 935

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	83 093 675	0,3%	82 831 676	0,0%	82 793 341
Gross	CU	83 978 793	-4,2%	87 683 410	3,7%	84 558 459
Amortisation	CV	885 118	-81,8%	4 851 734	174,9%	1 765 118
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	179 098	-2,6%	183 884	-20,4%	230 902
Gross	BH	179 098	-2,6%	183 884	-20,4%	230 902
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		83 272 773		83 015 560		83 024 243

Current Assets (III)

		31/12/2012		31/12/2011		31/12/2010
Total Assets	Net	36 580 970	-20,1%	45 784 095	21,8%	37 586 107
Gross	CJ	41 009 598	-18,3%	50 211 522	20,0%	41 831 152
Amortisation	CK	4 428 628	0,0%	4 427 427	4,3%	4 245 045

Stocks

		31/12/2012		31/12/2011		31/12/2010
Raw materials	Net	7 335 060	-3,2%	7 576 730	-17,7%	9 204 066
Gross	BL	8 626 922	-2,0%	8 804 069	-12,5%	10 057 979
Amortisation	BM	1 291 862	5,3%	1 227 339	43,7%	853 913
Work in progress (goods)	Net	1 307 617	-26,6%	1 782 582	57,6%	1 131 243
Gross	BN	1 307 617	-28,8%	1 836 282	62,3%	1 131 243
Amortisation	BO	0	0%	53 700	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	5 196 257	36,5%	3 807 494	-7,4%	4 110 615
Gross	BR	7 437 137	18,2%	6 294 380	-2,4%	6 450 256
Amortisation	BS	2 240 880	-9,9%	2 486 886	6,3%	2 339 641
Goods for resale	Net	1 175 424	-85,8%	8 255 688	601,3%	1 177 127
Gross	BT	1 175 424	-85,8%	8 255 688	601,3%	1 177 127
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	15 014 358	-29,9%	21 422 494	37,1%	15 623 051

Advance payments to suppliers

		31/12/2012		31/12/2011		31/12/2010
Advance payments to suppliers	Net	260 962	35,1%	193 212	-82,9%	1 129 913
Gross	BV	260 962	35,1%	193 212	-82,9%	1 129 913
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2012		31/12/2011		31/12/2010
Trade accounts receivable	Net	9 069 858	-37,6%	14 534 133	16,2%	12 506 731
Gross	BX	9 111 641	-37,3%	14 534 133	13,0%	12 864 633
Amortisation	BY	41 783	0%	0	0%	357 902
Other debtors	Net	11 007 204	22,6%	8 980 673	11,8%	8 033 048
Gross	BZ	11 861 307	23,0%	9 640 175	10,5%	8 726 637
Amortisation	CA	854 103	29,5%	659 502	-4,9%	693 589
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	20 077 062	-14,6%	23 514 806	14,5%	20 539 779

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	155 536	15,6%	134 566	215,3%	42 677
Gross	CF	155 536	15,6%	134 566	215,3%	42 677
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	155 536	15,6%	134 566	215,3%	42 677

Prepaid expenses

		31/12/2012		31/12/2011		31/12/2010
Prepaid expenses	Net	1 073 052	106,7%	519 017	107,0%	250 687
Gross	CH	1 073 052	106,7%	519 017	107,0%	250 687
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%	183 884	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)

		31/12/2012		31/12/2011		31/12/2010
Grand Total (I to V)	EE	143 030 725	-5,7%	151 656 304	8,9%	139 324 863

Shareholder Equity (I)

		31/12/2012		31/12/2011		31/12/2010
Total shareholders' equity (Total I)	DL	65 386 082	-3,8%	67 944 006	-28,6%	95 164 233
Equity and shareholders' equity	DA	70 000 000	0%	70 000 000	0%	70 000 000
Issue and merger premiums	DB	0	0%	1 255 743	0%	1 255 743
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	4 231 873	0%	4 231 873	18,4%	3 575 271
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	0	0%	0	0%	0
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	0	0%	3 636 556	0,2%	3 629 861
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	-9 595 601	0%	0	0%	0
Profit or loss for the period	DI	-2 245 729	84,5%	-14 487 900	-210,3%	13 132 047
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	2 995 539	-9,4%	3 307 734	-7,4%	3 571 311

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	5 907 316	-11,6%	6 684 844	50,2%	4 449 168
Risk provisions	DP	587 834	-37,1%	934 371	-15,4%	1 104 148
Reserves for charges	DQ	5 319 482	-7,5%	5 750 473	71,9%	3 345 020

Liabilities (IV)

		31/12/2012		31/12/2011		31/12/2010
Total Liabilities (Total IV)	EC	71 737 328	-6,9%	77 027 452	94,0%	39 711 461
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	11 293	-98,4%	688 800	-73,5%	2 594 715
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	17 455 428	40846,3%	42 630	-88,7%	376 618
Trade accounts payables	DX	26 605 495	-35,0%	40 947 665	62,4%	25 210 003
Tax and social security liabilities	DY	7 345 988	18,7%	6 188 231	-6,9%	6 645 922
Fixed asset liabilities	DZ	232 524	-87,1%	1 800 705	114,1%	841 000
Other debts	EA	19 880 300	-24,3%	26 273 154	649,2%	3 506 939

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	206 300	-81,0%	1 086 267	102,6%	536 264

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	54 281 899	-29,5%	76 984 824	95,7%	39 334 844
Of which current bank facilities	EH	11 293	-98,4%	688 800	165,2%	259 715

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	-11 982 944	-50,2%	-7 978 372	-15120,9%	53 115

2 - Financial result (V - VI)

		31/12/2012		31/12/2011		31/12/2010
Financial result (Total V-VI)	GV	15 198 691	462,2%	-4 195 814	-129,1%	14 411 305

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	3 215 747	126,4%	-12 174 186	-184,2%	14 464 420

4 - Extraordinary result (VII-VIII)

		31/12/2012		31/12/2011		31/12/2010
Extraordinary result (Total VII-VIII)	HI	-5 784 289	-79,1%	-3 229 815	-176,9%	-1 166 324

Profit or loss

		31/12/2012		31/12/2011		31/12/2010
Profit or loss	HN	-2 245 729	84,5%	-14 487 900	-210,3%	13 132 047

Total Income (I+III+V+VII)

		31/12/2012		31/12/2011		31/12/2010
Total Income (I+III+V+VII)	HL	233 428 616	7,9%	216 342 045	9,7%	197 200 328

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	235 674 346	2,1%	230 829 945	25,4%	184 068 279

Operating income (I)

		31/12/2012		31/12/2011		31/12/2010
Total operating income (Total I)	FR	210 888 505	-1,4%	213 903 821	19,8%	178 525 518

Operating income (details)

		31/12/2012		31/12/2011		31/12/2010
Sale of goods for resale	FC	99 698 064	1,8%	97 904 550	35,8%	72 093 231
France	FA	3 824 656	-2,2%	3 910 281	67,8%	2 330 958
Export	FB	95 873 408	2,0%	93 994 269	34,7%	69 762 273
Sale of goods produced	FF	99 420 890	-5,9%	105 708 916	13,1%	93 482 200
France	FD	14 744 855	122457,2%	12 031	-99,9%	12 215 579
Export	FE	84 676 035	-19,9%	105 696 885	30,1%	81 266 621
Sale of services	FI	8 452 698	30,9%	6 459 155	-39,4%	10 660 868
France	FG	1 175 261	0,1%	1 173 626	-63,2%	3 192 807
Export	FH	7 277 437	37,7%	5 285 529	-29,2%	7 468 061
Net turnover	FL	207 571 652	-1,2%	210 072 621	19,2%	176 236 299
France	FJ	19 744 772	287,5%	5 095 938	-71,3%	17 739 344
Export	FK	187 826 880	-8,4%	204 976 683	29,3%	158 496 955
Stocked production	FM	614 093	11,8%	549 162	229,6%	-423 867
Self-constructed assets	FN	609 589	-43,3%	1 075 427	0%	0
Operating grants	FO	0	0%	16 072	0%	0
Release of reserves and provisions	FP	1 926 037	0,4%	1 917 859	13,3%	1 692 253
Other income	FQ	167 134	-38,7%	272 680	-73,3%	1 020 833

Operating charges (II)

		31/12/2012		31/12/2011		31/12/2010
Total operating charges (Total II)	GF	222 871 449	0,4%	221 882 193	24,3%	178 472 403

Exploitation charges

		31/12/2012		31/12/2011		31/12/2010
Purchase of goods for resale	FS	79 485 876	6,0%	74 960 914	16,6%	64 274 081
Change in stocks of goods for resale	FT	6 630 589	192,5%	-7 170 132	-1879,9%	-362 148
Purchase of raw materials	FU	57 382 354	-21,9%	73 501 345	79,0%	41 067 557
Change in stocks of raw materials	FV	626 822	-53,4%	1 345 480	145,2%	-2 975 184
Other external purchases and charges	FW	45 397 169	-3,1%	46 866 397	7,0%	43 819 920
Tax, duty and similar payments	FX	1 594 757	-9,4%	1 759 480	2,4%	1 717 988
Payroll	FY	18 520 548	11,0%	16 684 260	-4,1%	17 400 860
Social security costs	FZ	8 714 136	8,9%	8 001 817	-5,4%	8 454 174

Depreciation

		31/12/2012		31/12/2011		31/12/2010
Depreciation of fixed assets	GA	3 552 852	28,9%	2 755 921	8,0%	2 552 104
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	106 306	-81,5%	574 370	-47,4%	1 091 123
Provisions for risks and charges	GD	760 397	-37,2%	1 209 923	81,3%	667 298

Other charges

		31/12/2012		31/12/2011		31/12/2010
Other charges	GE	99 643	-92,8%	1 392 418	82,1%	764 630

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	17 057 633	888,2%	1 726 052	-90,1%	17 494 835
Share financial income	GJ	16 392 918	0%	0	0%	16 022 024
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	63 046	-22,8%	81 621	-7,6%	88 368
Released provisions and transferred charges	GM	144 921	-84,1%	913 788	527,1%	145 724
Exchange gains	GN	456 748	-37,5%	730 643	-41,0%	1 238 719
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	1 858 942	-68,6%	5 921 866	92,0%	3 083 530
Financial reserves and provisions	GQ	211 271	-94,8%	4 086 400	326,0%	959 199
Interest and similar charges	GR	1 049 005	-4,0%	1 092 769	233,5%	327 690
Exchange losses	GS	598 666	-19,4%	742 697	-58,7%	1 796 641
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2012		31/12/2011		31/12/2010
Total extraordinary income (Total VII)	HD	5 482 478	669,8%	712 172	-39,6%	1 179 975
Extraordinary operating income	HA	0	0%	0	0%	24 031
Extraordinary income from capital transactions	HB	75 000	0%	0	0%	132 372
Released provisions and transferred charges	HC	5 407 478	659,3%	712 172	-30,4%	1 023 572

Extraordinary charges (VIII)

		31/12/2012		31/12/2011		31/12/2010
Total extraordinary charges (Total VIII)	HH	11 266 767	185,8%	3 941 987	68,0%	2 346 299
Extraordinary operating charges	HE	3 419 031	330,2%	794 746	-13,7%	920 477
Extraordinary charges from capital transactions	HF	7 731 035	792,1%	866 629	417,1%	167 608
Extraordinary reserves and provisions	HG	116 701	-94,9%	2 280 612	81,3%	1 258 214

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2012		31/12/2011		31/12/2010
Tax on profits (Total X)	HK	-322 812	64,8%	-916 101	-651,7%	166 047

References

		31/12/2012		31/12/2011		31/12/2010
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	633 612	29,3%	489 966
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	38 795	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	891 892	17,7%	757 982

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

		31/12/2012		31/12/2011		31/12/2010
Gross value at begin of period	OG	0	0%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	0	0%	1 995 000	-41,3%	3 398 000
Gross value at the end of period	OL	0	0%	161 243 000	139,6%	67 290 000

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%	1 075 000	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%	1 075 000	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	0	0%	1 680 000	0,2%	1 677 000
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	216 000	58,8%	136 000
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	134 000	1,5%	132 000
Gross value at the end of period	LW	0	0%	1 762 000	4,8%	1 681 000

Tangible fixed assets (Total III)

		31/12/2012		31/12/2011		31/12/2010
Gross value at begin of period	LN	0	0%	65 610 000	13,0%	58 070 000
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	0	0%	5 743 000	-46,8%	10 804 000
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	0	0%	814 000	-75,1%	3 265 000
Gross value at the end of period	NH	0	0%	70 539 000	7,5%	65 609 000

Fiancial assets (Total IV)

		31/12/2012		31/12/2011		31/12/2010
Gross value at begin of period	LQ	0	0%	84 789 000	0%	0
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	0	0%	4 125 000	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	1 047 000	0%	0
Gross value at the end of period	NK	0	0%	87 867 000	0%	0

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

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

Research and development charge (Total I)

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

Other intangible assets (Total II)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	PE	0	0%	1 557 000	0%	0
Increases		PF	0	0%	80 000	0%	0
Decreasess		PG	0	0%	4 000	0%	0
	Decreasess by budget item transfer	PH	0	0%	1 633 000	0%	0

Total fixed assets amotisation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Reserve for depreciation value at begin of period	QU	0	0%	47 018 000	0%	0
Increases		QV	0	0%	2 676 000	0%	0
Decreases		QW	0	0%	809 000	0%	0
	Decreasess by budget item transfer	QX	0	0%	48 885 000	0%	0

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

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

Premium refund of obligations

			31/12/2012		31/12/2011		31/12/2010
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	1 075 000	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%	8 694 000	10,8%	7 850 000
Increases		UB	0	0%	4 108 000	37,9%	2 980 000
Decreases		UC	0	0%	1 691 000	-20,9%	2 137 000
	Value at the end of period	UD	0	0%	11 111 000	27,8%	8 693 000

Includes Total allocations

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

Includes Total Withdrawal

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

Total regulated provisions (Total I)

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

Total risk and charge provisions (Total II)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	5Z	0	0%	4 449 000	3,0%	4 318 000
Increases		TV	0	0%	3 535 000	87,1%	1 889 000
Decreases		TW	0	0%	1 299 000	-26,1%	1 758 000
	Value at the end of period	TX	0	0%	6 685 000	50,3%	4 449 000

Total Provision for depreciation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	7B	0	0%	4 245 000	20,2%	3 533 000
Increases		TY	0	0%	574 000	-47,4%	1 091 000
Decreases		TZ	0	0%	392 000	3,7%	378 000
	Value at the end of period	UA	0	0%	4 427 000	4,3%	4 246 000

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

		31/12/2012		31/12/2011		31/12/2010
Gross value	VT	0	0%	0	0%	0
1 year at most	VU	0	0%	0	0%	0
More than one year	VV	0	0%	0	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	0	0%	0	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

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

Prepaid

		31/12/2012		31/12/2011		31/12/2010
Prepaid	VS	0	0%	0	0%	0

State Debt

			31/12/2012		31/12/2011		31/12/2010
	Total debt (gross)	VY	0	0%	0	0%	0
1 year at most		VZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2012		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	0	0%	0	0%	0
1 year at most		VG2	0	0%	0	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	0	0%	0	0%	0
1 year at most		8B2	0	0%	0	0%	0
More than 1 year and 5 years at most		8B3	0	0%	0	0%	0
	Personnel and associated accounts (gross)	8C1	0	0%	0	0%	0
1 year at most		8C2	0	0%	0	0%	0
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	0	0%	0	0%	0
1 year at most		8D2	0	0%	0	0%	0
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	0	0%	0
1 year at most		VW2	0	0%	0	0%	0
More than 1 year and 5 years at most		VW3	0	0%	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most		VX2	0	0%	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0	0%	0
	Other taxes and assimilated (gross)	VQ1	0	0%	0	0%	0
1 year at most		VQ2	0	0%	0	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	0	0%	0	0%	0
1 year at most		8K2	0	0%	0	0%	0
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2012		31/12/2011		31/12/2010
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

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

Commitments

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

Other charges Externes

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

Taxes and Fees

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

VAT

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

Average number of employees

		31/12/2012		31/12/2011		31/12/2010
Average number of employees	YP	0	0%	52	0%	0

Groups and Shareholders

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

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Fixed Asset Financing		0,78	-3,7%	0,81	-19,0%	1	1,20	-35,0%
Global Debt		124 days	-6,1%	132 days	63,0%	81 days	117 days	6,0%
Working Capital Fund overall net		-61 days	-13,0%	-54 days	0%	0 days	52 days	-217,3%
Financial independence		578996,56%	5769,7%	9864,11%	169,0%	3667,62%	649,49%	89046,3%
Solvability		45,71%	2,0%	44,80%	-34,4%	68,30%	42,43%	7,7%
Capacity debt futures		%	-	%	-	%	1517,12%	-
Coverage of current assets by net working capital overall		-88,03%	-40,0%	-62,87%	-12674,0%	0,50%	38,03%	-331,5%
General Liquidity			-		-		0,78	-
Restricted Liquidity			-		-		1,07	-

Management or rotation

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Need background in operating working capital		-63 days	-21,2%	-52 days	-5300%	1 days	39 days	-261,5%
Treasury		0 days	0%	-1 days	0%	0 days	9 days	0%
Inventory turnover of goods		5 days	-88,6%	44 days	528,6%	7 days	0 days	0%
Average length of credit granted to customers		16 days	-36,0%	25 days	-3,8%	26 days	58 days	-72,4%
Average length of credit obtained suppliers		51 days	-34,6%	78 days	25,8%	62 days	71 days	-28,2%
Inventory turnover of raw materials in industrial enterprises		20 days	5,3%	19 days	-42,4%	33 days	55,50 days	-64,0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	298 days	10,8%	269 days	125 days	-
Rotation tangible assets		%	-	297,81%	10,9%	268,62%	136,73%	-

Profitability of the business

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Margin trading		6,54%	-54,4%	14,33%	208,8%	4,64	0%	0%
Profitability of the business		-4,60	-127,7%	-2,02	-247,4%	1,37	4,08%	-212,7%
Net profit		-1,08%	84,3%	-6,90%	-192,6%	7,45%	0,99%	-209,1%
Growth rate of turnover (excluding VAT)		-1,19%	-106,2%	19,20%	241,0%	5,63%	-1,25%	4,8%
Rates integration		9,28%	-12,1%	10,56%	-38,0%	17,02%	27,83%	-66,7%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		141,31%	27,0%	111,23%	29,0%	86,22%	75,91%	86,2%
Weight interests		0,90	-68,1%	2,82%	61,1%	1,75%	0,71%	26,8%

Return on capital

		31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Cash flow from the overall profitability		4,48%	309,3%	-2,14%	-121,0%	10,18%	3,72%	20,4%
Rates of economic profitability		-15%	-150,0%	-6%	-400%	2%	9%	-266,7%
Financial profitability		65386082%	-3,8%	67944006%	-28,6%	95164233%	1283610%	4993,9%
Return on investment		-0,59%	95,3%	-12,48%	-175,2%	16,59%	4,98%	-111,8%

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	207 571 652	-1,2%	210 072 621	19,2%	176 236 299	3 996 512 €	5093,8%

Sales of goods	99 698 064	1,8%	97 904 550	35,8%	72 093 231
- Purchase of goods	79 485 876	6,0%	74 960 914	16,6%	64 274 081
+/- Stock of goods variation	6 630 589	192,5%	-7 170 132	-1879,9%	-362 148
Trading margin	13 581 599 €	-54,9%	30 113 768 €	268,1%	8 181 298 €	0 €	0%
	6,54 % CA	-54,4%	14,33 % CA	208,8%	4,64 % CA	0 % CA	0%

Sale of goods produced	107 873 588	-3,8%	112 168 071	7,7%	104 143 068
+/- Stocked production	614 093	11,8%	549 162	229,6%	-423 867
+ Self-constructed assets	609 589	-43,3%	1 075 427	0%	0
Period production	109 097 270 €	-4,1%	113 792 660 €	9,7%	103 719 201 €	3 781 848 €	2784,8%
	52,56 % CA	-3,0%	54,17 % CA	-8,0%	58,85 % CA	99,71 % CA	-47,3%

Trading margin	13 581 599	-54,9%	30 113 768	268,1%	8 181 298	0	0%
+ Period Production	109 097 270	-4,1%	113 792 660	9,7%	103 719 201	3 781 848	2784,8%
- Purchase of raw materials	57 382 354	-21,9%	73 501 345	79,0%	41 067 557
+/- Change in stocks of raw materiels	626 822	-53,4%	1 345 480	145,2%	-2 975 184
- Other external purchases and charges	45 397 169	-3,1%	46 866 397	7,0%	43 819 920
Added value	19 272 524 €	-13,2%	22 193 206 €	-26,0%	29 988 206 €	1 896 496 €	916,2%
	9,28 % CA	-12,1%	10,56 % CA	-38,0%	17,02 % CA	27,83 % CA	-66,7%

Added value	19 272 524 €	-13,2%	22 193 206 €	-26,0%	29 988 206 €	1 896 496 €	916,2%
+ Operating grants	0	0%	16 072	0%	0
- Tax, duty and similar payments	1 594 757	-9,4%	1 759 480	2,4%	1 717 988
- Personal charges	27 234 684	10,3%	24 686 077	-4,5%	25 855 034
Gross operating surplus	-9 556 917 €	-125,6%	-4 236 279 €	-275,4%	2 415 184 €	128 096 €	-7560,7%
	-4,60 % CA	-127,7%	-2,02 % CA	-247,4%	1,37 % CA	4,08 % CA	-212,7%

Gross operating surplus	-9 556 917 €	-125,6%	-4 236 279 €	-275,4%	2 415 184 €	128 096 €	-7560,7%
+ Release of reserves and provisions	1 926 037	0,4%	1 917 859	13,3%	1 692 253
+ Other operating income	167 134	-38,7%	272 680	-73,3%	1 020 833
- Depreciation/Amortisation	4 419 555	-2,7%	4 540 214	5,3%	4 310 525
- Other charges	99 643	-92,8%	1 392 418	82,1%	764 630
Operating result	-11 982 944 €	-50,2%	-7 978 372 €	-15120,9%	53 115 €	20 353 €	-58975,6%
	-5,77 % CA	-51,8%	-3,80 % CA	-12766,7%	0,03 % CA	1,35 % CA	-527,4%

Operating result	-11 982 944 €	-50,2%	-7 978 372 €	-15120,9%	53 115 €	20 353 €	-58975,6%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	17 057 633	888,2%	1 726 052	-90,1%	17 494 835
- Financial charges	1 858 942	-68,6%	5 921 866	92,0%	3 083 530
Pre-tax result	3 215 747 €	126,4%	-12 174 186 €	-184,2%	14 464 420 €	20 071 €	15921,9%
	1,55 % CA	126,7%	-5,80 % CA	-170,6%	8,21 % CA	0,81 % CA	91,4%

Extraordinary income	5 482 478	669,8%	712 172	-39,6%	1 179 975	83 133	6494,8%
- Extraordinary charges	11 266 767	185,8%	3 941 987	68,0%	2 346 299
Extraordinary result	-5 784 289 €	-79,1%	-3 229 815 €	-176,9%	-1 166 324 €	0 €	0%
	-2,79 % CA	-81,2%	-1,54 % CA	-133,3%	-1 % CA	-00,01 % CA	-27800%

Pre-tax result	3 215 747 €	126,4%	-12 174 186 €	-184,2%	14 464 420 €	20 071 €	15921,9%
Extraordinary result	-5 784 289 €	-79,1%	-3 229 815 €	-176,9%	-1 166 324 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	-322 812	64,8%	-916 101	-651,7%	166 047
Net result	-2 245 730 €	84,5%	-14 487 900 €	-210,3%	13 132 049 €	38 485 €	-5935,3%
	-1,08 % CA	84,3%	-6,90 % CA	-192,6%	7,45 % CA	0,99 % CA	-209,1%

Commentary

The comments are ordered according to the class of risk. Companies are compared with regard to other companies of the same type. Thus a positive comment for one category can be negative for another or can change depending on its value. This is a purely statistical decision.
	The shareholder's equity is 65,386,082 €
	The sales to current assets ratio is 5,67
	The creditor days are 46.78
	The decrease in the gearing percentage over the last two accounting periods is 17 %
	The liabilities are 71,737,328 €
	The net current assets are 36,580,970 €
	The net turnover is 207,571,652 €
	The risk provisions are 5,907,316 €
	The total assets are 143,030,725 €
	Low risk workforce size
	Industry code with low risk rating
	Department code with low risk rating
	The company has 1 director(s)
	The ratio total assets to total liabilities is 1,84
	The stock to turnover ratio is 7,23
	The pre-tax profit is -2,568,541 €
	The return on total assets employed is -1,8

JUDGEMENTS

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	04/02/2008	Monitored stopped since	04/02/2010
Status of Monitoring	No social security and tax office preferential right to date

Group data

Ultimate parent company	SEQUANA
Direct parent	ARJOWIGGINS - 100 %
Group – Number of companies	223
Linkages – Number of companies	142
Number of countries	55

Group Structure

Company Name	Safe Number	SIREN	Parts	Rating	Limit	Last account published
SEQUANA	FR15248931	383491446	-	80	200 000 €	31/12/2009
ANTALIS INTERNATIONAL	FR15310583	410336069	100%	100	4 900 000 €	31/12/2012
ANTALIS SA	BE00023742	403510595	100%	82	1 600 000 €	31/12/2012
ANTALIS PROMOTIONAL PRODUCTS (HONG-KONG)...	-	-	100%	NC	-	-
ANTALIS A/S	-	-	100%	NC	-	-
ANTALIS INTERSERVICES NV	BE00233868	440786608	100%	NC	-	31/12/2006
ANTALIS IBERIA	ES02271052	212805	100%	70	5 352 100 €	31/12/2012
BRANGS & HEINRICH GESMBH	-	-	100%	NC	-	-
MWT PAPER PROCESSING LIMITED	-	-	50%	NC	-	-
DISTRIBUIDORA OFFMARKET SA	-	-	50%	NC	-	-
ANTALIS POLAND SPOLKA Z.O.O.	-	-	100%	NC	-	-
ANTALIS GROUP (HOLDINGS) LIMITED	UK00662002	00989416	100%	94	205 000 £	31/12/2012
ANTAREA SPA	-	-	100%	NC	-	-
ISOPAC PACKMITTEL GMBH	DE00277025	HRB 18330	100%	NC	-	-
WILLOW PAPER COMPANY LIMITED	UK01110086	01441185	100%	NC	-	31/12/2008
ANTALIS	FR04394385	410330765	100%	68	1 750 000 €	31/12/2012
ANTALIS OY	FI03002413	01007546	100%	NC	-	31/12/2008
ANTALIS EUROPE HOLDINGS	UK00020523	00152375	100%	NC	-	31/12/2007
ANTALIS OVERSEAS HOLDINGS LIMITE...	UK00021898	00157928	100%	96	515 000 £	31/12/2012
ANTALIS AG	CH01016677	11629	100%	89	1 000 000 CHF	-
ANTALIS ENVELOPES MANUFACTURING	ES00616459	318616	100%	NC	-	31/12/2011
ANTALIS AS	-	-	100%	NC	-	-
ANTALIS PROMOTIONAL PRODUCTS BV	-	-	100%	NC	-	-
ANTALIS BOLIVIA SRL	-	-	100%	NC	-	-
ANTALIS (THAILAND) LIMITED	-	-	90%	NC	-	-
ANTALIS PERU SA	-	-	100%	NC	-	-
ANTALIS IRELAND LIMITED	-	-	100%	NC	-	-
ANTALIS ENVELOPES NV	-	-	100%	NC	-	-
ANTALIS PROMOTIONAL PRODUCTS SL SU	-	-	100%	NC	-	-
ANTALIS (PROPRIETARY) LIMITED	-	-	100%	NC	-	-
ANTALIS GROUP LIMITED	-	-	100%	NC	-	-
ANTALIS AKTIEBOLAG	SE00575268	5560762022	100%	91	25 000 KSEK	31/12/2012
ANTALIS A.S	-	-	100%	NC	-	-
ANTALIS LIMITED	UK00760296	01088345	100%	95	3 600 000 £	31/12/2012
ANTALIS AS	-	-	100%	NC	-	-
ANTALIS HOLDINGS LIMITED	UK00069173	00307721	100%	96	340 000 £	31/12/2012
ANTALIS (HONG KONG) LIMITED	-	-	100%	NC	-	-
ANTALIS SA	-	-	100%	NC	-	-
ANTALIS (MALAYSIA) SDN BHD	-	-	100%	NC	-	-
ANTALIS (SHANGHAI) TRADING CO LTD	-	-	100%	NC	-	-
ANTALIS (SINGAPORE) PTE LTD	-	-	100%	NC	-	-
ANTALIS GMBH	DE00958684	HRB 32654	100%	99	2 350 000 €	31/12/2011
INVERSIONES ANTALIS HOLDINGS LIMITADA	-	-	100%	NC	-	-
INVERSIONES EXTERIOR SA	-	-	100%	NC	-	-
INVERSIONES LOS PELLINES DOS SA	-	-	100%	NC	-	-
INVERSIONES GMS SA	-	-	74%	NC	-	-
INVERSIONES ANTALIS LIMITADA	-	-	100%	NC	-	-
ANTALIS B.V.	NL01686161	30124650	100%	18	0 €	31/12/2012
GMS PRODUCTOS GRAFICOS LIMITADA	-	-	100%	NC	-	-
ANTALIS ENVELOPES LIMITED	-	-	100%	NC	-	-
PAPER PEOPLE LIMITED	UK00016506	00133171	100%	NC	-	31/12/2008
GANGGU	-	-	100%	NC	-	-
ANTALIS VERPACKUNGEN GMBH	DE01687020	HRB 221264	100%	75	405 000 €	31/12/2011
PROTALIS LIMITED	UK07000012	NF002544	100%	NC	-	31/12/2003
CENTRO DISTRIBUZIONE ARTICOLI DA REGALO ...	-	-	100%	NC	-	-
ANTHALO SRL	-	-	100%	NC	-	-
QUAIFE PAPER LIMITED	UK00444788	00770193	100%	NC	-	31/12/2008
NORWOOD PROMOTIONAL PRODUCTS DEUTS...	DE01987269	HRB 76507	100%	NC	-	31/12/2009
ANTALIS SRO	-	-	100%	NC	-	-
FAIRPRINT BV	-	-	100%	NC	-	-
SARNIA (PTY) LIMITED	-	-	100%	NC	-	-
MAP MERCHANT GROUP LIMITED	UK03196355	03539527	100%	92	3 500 £	31/12/2012
MAP AUSTRIA GMBH	-	-	100%	NC	-	-
MAP BELUX NV	BE00017448	401830418	100%	NC	-	31/12/2007
MAP D.O.O LJUBLJANA	-	-	100%	NC	-	-
MAP DANMARK AS	-	-	100%	NC	-	-
MAP DEUTSCHLAND GMBH	DE00996815	HRB 66872	100%	NC	-	31/12/2007
MAP EESTI AS	-	-	100%	NC	-	-
MAP LATVIA AS	-	-	100%	NC	-	-
MAP MERCHANT CZECH SRO	-	-	100%	NC	-	-
MAP MERCHANT HOLDINGS B.V.	NL00562117	10035042	100%	NC	-	31/12/2009
MAP MERCHANT HOLDINGS GMBH	DE01804232	HRB 62693	100%	52	75 000 €	31/12/2012
MAP MERCHANT HUNGARIA KFT	-	-	100%	NC	-	-
MAP MERCHANT ROMANIA SRL	-	-	100%	NC	-	-
MAP MERCHANT SLOVAKIA SK SRO	-	-	100%	NC	-	-
MAP MERCHANT SPAIN SA	-	-	100%	NC	-	-
MAP MERCHANT SWEDEN AB	SE01011426	5566168497	100%	97	0 KSEK	31/12/2012
MAP MERCHANT ZAGREB DOO	-	-	100%	NC	-	-
MAP NORGE AS	-	-	100%	NC	-	-
MAP POLSKA SP ZOO	-	-	100%	NC	-	-
MAP SUOMI OY	-	-	100%	NC	-	-
ANTALIS AKTIEBOLAG	SE00575268	5560762022	100%	91	25 000 KSEK	31/12/2012
OOO MAP MERCHANT RUSSIA	-	-	100%	NC	-	-
OY MAP MERCHANT AB	FI00937866	16545662	100%	46	500 €	31/12/2008
UAB MAP LIETUVA	-	-	100%	NC	-	-
ZAO MAP UKRAINE	-	-	100%	NC	-	-
UAB ANTALIS	-	-	100%	NC	-	-
FYNE PAPERS LIMITED	UK00180154	00489753	100%	NC	-	31/12/2008
SIMGE ANTALIS KAGIT SANYAI VE TICARET	-	-	100%	NC	-	-
MUEHLEBACH BV	-	-	100%	NC	-	-
WIGGINS TEAPE LIMITED	UK00202962	00518137	100%	NC	-	31/12/2008
GMS DISTRIBUIDORA GRAFICA SA	-	-	100%	NC	-	-
ANTALIS SA HOLDINGS	UK00293279	00616649	100%	NC	-	31/12/2011
HARDWARE SOFTWARE ENGINEERING SRL	-	-	100%	NC	-	-
ANTAPRINT SRL	-	-	100%	NC	-	-
ANTALIS SOUTH AFRICA LTD	-	-	100%	NC	-	-
CONCORD PAPIER EOOD	-	-	55%	NC	-	-
ANTALIS PACKAGING B.V.	NL02396639	39047836	100%	NC	-	31/12/2012
FIRST GRAPHICS (PROPRIETARY) LTD	-	-	100%	NC	-	-
GRAFISCH PAPIER BV	-	-	100%	NC	-	-
GRAPHIC SERVICES TEAM LIMITADA	-	-	100%	NC	-	-
GRAPHIC SUPPLIES LIMITED	UK05303062	05658867	100%	NC	-	31/12/2012
JAMES MCNAUGHTON AGENCIES LIMITED	UK00791793	01120150	100%	NC	-	31/12/2008
MODOVANGELDER B.V.	NL01974024	33232504	100%	NC	-	31/12/2008
PACIFIC SOLUTIONS GROUP LTD	-	-	100%	NC	-	-
ANTALIS BOTSWANA (PTY) LTD	-	-	100%	NC	-	-
ANTALIS OFFICE LIMITED	UK03642612	03990272	100%	NC	-	31/12/2011
ANTALIS DO BRAZIL PRODUTOS PARA INDUSTRI...	-	-	100%	NC	-	-
SEQUANA RESSOURCES & SERVICES	FR15292189	353383821	100%	55	75 000 €	31/12/2012
ARJOWIGGINS CREATIVE PAPERS	FR15310993	451131759	100%	55	20 000 €	31/12/2012
ARJOWIGGINS	FR15326386	602018822	100%	96	5 000 000 €	31/12/2012
QINGDAO ARJO WIGGINS PAPER COMPANY LTD	-	-	100%	NC	-	-
WITCEL SA - F�BRICA DE PAPELES FINOS Y E...	-	-	100%	NC	-	-
I-PAPERS LTD	-	-	100%	NC	-	-
ARJO WIGGINS SVENSKA AKTIEBOLAG	SE00603564	5561448951	99.99%	NC	-	31/12/2011
ARJO WIGGINS ITALIA S.R.L.	-	MI1450614	100%	NC	-	31/12/2012
ARJO WIGGINS LIMITED	UK00020801	00153630	100%	NC	-	31/12/2012
ARJO WIGGINS US HOLDINGS	UK02176535	02514812	100%	NC	-	31/12/2012
ARJOBEX AMERICA	-	-	100%	NC	-	-
ARJO WIGGINS MEDICAL INC	US46782905	US46782905	100%	95	54 500 $	-
ARJO WIGGINS FINE PAPERS LIMITED	UK00634396	00961440	100%	86	1 050 000 £	31/12/2012
ARJO WIGGINS FINE PAPERS EXPORT ...	UK01536387	01870033	100%	NC	-	31/12/2005
ARJO WIGGINS FINE PAPERS HOLDING...	UK00358914	00683415	100%	NC	-	31/12/2012
ARJOWIGGINS CHARTHAM LIMITED	UK04561509	04915241	100%	69	36 000 £	31/12/2012
ARJO WIGGINS FINE PAPERS PTY LTD	-	-	100%	NC	-	-
ARJOWIGGINS PAPIERS COUCHES	FR15357040	393361134	100%	38	295 000 €	31/12/2012
ARJO WIGGINS SÀRL EN LIQUIDATION	CH01270517	379539	100%	NC	-	-
AGENA NV	-	-	100%	NC	-	-
GREENFIELD	FR07137773	447918368	100%	75	410 000 €	31/12/2012
ARJO WIGGINS ESPAÑA	ES00573800	192626	99.97%	70	52 200 €	31/12/2012
MUNKSJÖ DETTINGEN GMBH	DE02191111	HRB 361000	100%	79	625 000 €	31/12/2012
ARJO WIGGINS LIMITADA	-	-	100%	NC	-	-
ARJO WIGGINS GES.M.B.H.	-	-	100%	NC	-	-
SCI DU MARAIS	-	-	100%	NC	-	-
ARJO WIGGINS ERMSTAL GMBH & CO. KG	DE01556890	HRA 46908	100%	40	2 500 €	31/12/2011
ARJOWIGGINS LE BOURRAY	FR11767034	577150154	100%	86	2 200 000 €	31/12/2012
IDEM LIMITED	UK01730037	02065024	100%	NC	-	31/12/2012
ARJO WIGGINS GERMANY HOLDINGS LIMI...	UK01705294	02040054	100%	92	100 000 £	31/12/2012
DALUM PAPIR A/S	-	-	100%	NC	-	-
ARJO WIGGINS CARBONLESS PAPERS EUR...	UK01707231	02042007	100%	92	285 000 £	31/12/2012
ARJO WIGGINS SPECIALTY HOLDINGS INC	-	-	100%	NC	-	-
ARJOWIGGINS SECURITY	FR15323661	433753258	100%	55	525 000 €	31/12/2012
VEILIGHEIDSPAPIERFABRIEK UGCHELEN	-	-	100%	NC	-	-
GEP S.P.A.	-	NA681998	84.60%	14	0	31/12/2012
ARJOBEX	FR15323245	353766454	100%	88	1 450 000 €	31/12/2012
MU.RO.INC	-	-	100%	NC	-	-
ARJOBEX LIMITED	UK00500138	00826102	100%	93	100 000 £	31/12/2012
ARJO WIGGINS UK HOLDINGS LIMITED	UK03708478	04056990	100%	89	100 000 £	31/12/2012
ARJO WIGGINS AUSTRALIA PTY LIMITED	-	-	100%	NC	-	-
ARJO WIGGINS FEINPAPIER GMBH	DE01720593	HRB 10612	99.99%	70	50 000 €	31/12/2012
ARJO WIGGINS SP ITALIA SRL	-	-	100%	NC	-	-
PERFORMANCE PAPERS LIMITED	UK02016017	02353335	100%	88	105 000 £	31/12/2012
PRIPLAK	FR00850548	316709500	100%	43	50 000 €	31/12/2012
GUARRO CASAS	ES01095496	394797	99.93%	70	1 133 700 €	31/12/2012
TORDERA S.A.	-	-	100%	NC	-	-
ESPECIALIDADES DEL PAPEL DE COLOMBIA LTD...	-	-	100%	NC	-	-
INTERPAPEL S.A.	-	-	100%	NC	-	-
ESPECIALIDADES PAPELERAS ESPAVE C.A.	-	-	33.50%	NC	-	-
SOCIEDAD COMERCIALIZADORA DE PAPELES ESP...	-	-	100%	NC	-	-
CREA PAPIER GESELLSCHAFT MIT BESCH...	DE01645407	HRB 24563	100%	NC	-	31/12/2009
CLASS PAPIER B.V.	NL01843658	32056203	100%	NC	-	31/12/2007
ARJO WIGGINS ERMSTAL VERWALTUNGS-G...	DE01326751	HRB 94157	100%	45	2 500 €	31/12/2011
ARJO WIGGINS APPLETON INSURANCE LIMITED	-	-	100%	NC	-	-
AWA QINGDAO PAPER LIMITED	-	-	63.15%	NC	-	-
ARJO WIGGINS NC LLC	-	-	100%	NC	-	-
ARJO WIGGINS BELGIUM HOLDINGS EN L...	BE00335550	455911876	100%	NC	-	31/12/2009
ARJOWIGGINS RIVES	FR16240586	428720783	100%	64	670 000 €	31/12/2012
ARJO WIGGINS CHINA HOLDINGS LIMITE...	UK00701879	01029564	100%	NC	-	31/12/2009
ARJOWIGGINS CHENMING SPECIALTY PAPERS CO...	-	-	100%	NC	-	-
ARJOWIGGINS CZECH REPUBLIC KONCERNOVY PO...	-	-	100%	NC	-	-
ARJOWIGGINS HKK 1 LTD	-	-	100%	NC	-	-
ARJOWIGGINS (HONG-KONG) INVESTMENT CO LT...	-	-	100%	NC	-	-
ARJOWIGGINS IVYBRIDGE LIMITED	UK04688400	05042484	100%	61	4 500 £	31/12/2012
ARJOWIGGINS PAPER TRADING (SHANGHAI) COM...	-	-	100%	NC	-	-
ARJOWIGGINS POLSKA SP ZOO	-	-	100%	NC	-	-
ARJOWIGGINS S.R.O	-	-	100%	NC	-	-
ARJO WIGGINS MIDDLE EAST FZE	-	-	100%	NC	-	-
AW TRACING KAN	-	-	51%	NC	-	-
CARBONLESS PAPERS LIMITED	UK00052285	00263754	100%	NC	-	31/12/2007
ARJOWIGGINS HEALTHCARE	FR09989672	501626741	100%	55	225 000 €	31/12/2012
ARJO WIGGINS APPLETON HOLDINGS	UK00653486	00980744	100%	NC	-	31/12/2012
ARJO WIGGINS CARBONLESS PAPERS LIMITED	-	-	100%	NC	-	-
ARJO WIGGINS CARBONLESS PAPERS INT...	UK00044106	00240161	100%	NC	-	31/12/2010
APPLETON COATED PAPERS HOLDINGS INC	-	-	100%	NC	-	-
ARJO WIGGINS NORTH AMERICA INVESTM...	UK01580104	01913990	100%	NC	-	31/12/2012
ARJO WIGGINS EUROPE HOLDINGS	UK00676093	01003620	100%	NC	-	31/12/2012
ARJO WIGGINS CARBONLESS PAPERS CHI...	UK02931061	03272575	100%	NC	-	31/12/2010
APPLETON COATED LLC-HPS	US36040139	US36040139	100%	33	1 900 $	-
NEWTON FALLS LLC	-	-	100%	NC	-	-
ARJO WIGGINS USA INC	-	-	100%	NC	-	-
WIGGINS TEAPE GROUP LIMITED(THE)	UK00203000	00518180	100%	89	3 500 000 £	31/12/2012
BOCCAFIN	FR15292611	442331542	100%	55	255 000 €	31/12/2011
ANTALIS ASIA PACIFIC PTE LTD	-	-	100%	NC	-	-
AP GESTION ET FINANCEMENT	FR15254199	451053680	100%	65	20 000 €	31/12/2012
AWA FINANCE	UK00871762	01201307	100%	NC	-	31/12/2009
BOCCAFIN SUISSE SA	-	-	100%	NC	-	-
SEQUANA CAPITAL UK LIMITED	UK04667238	05021261	100%	NC	-	31/12/2012
ARJOWIGGINS HKK 3 LTD	-	-	100%	NC	-	-
ARJOWIGGINS (QUZHOU) SPECIALTY PAPERS CO...	-	-	100%	NC	-	-
ARJOWIGGINS SECURITY LIMITED	-	-	100%	NC	-	-
ARJOWIGGINS SECURITY INTEGRALE SOLUTIONS...	-	-	100%	NC	-	-
ARJOWIGGINS SOURCING LIMITED	UK06467290	06824918	100%	97	1 200 000 £	31/12/2012
ANTALIS AUSTRIA GMBH	-	-	100%	NC	-	-
ANTALIS BULGARIA EOOD	-	-	100%	NC	-	-
ANTALIS DOO LJUBLJANA	-	-	100%	NC	-	-
ANTALIS HUNGARY KFT	-	-	100%	NC	-	-
ANTALIS JAPAN CO LTD	-	-	100%	NC	-	-
ANTALIS SERVICES GMBH	DE02536439	HRB 56784	100%	NC	-	31/12/2008
G2M LOGISTICS LIMITED	-	-	100%	NC	-	-
G2M SERVICES LIMITED	-	-	100%	NC	-	-
MCNAUGHTON GRAPHICAL PAPER LIMITED	UK00769264	01097405	100%	NC	-	31/12/2013
MCNAUGHTON PAPER LIMITED	UK00125727	00410451	100%	NC	-	31/12/2011
MCNAUGHTON PAPER IRELAND MANUFACTURI...	IE00122701	IE128569	100%	NC	-	31/12/2001
MCNAUGHTON PAPER N.I. LIMITED	UK07000289	NF002902	100%	NC	-	31/12/2005
MCNAUGHTON PRINTALL LIMITED	UK01262864	01595002	100%	NC	-	31/12/2011
MCNAUGHTON PUBLISHING PAPERS LIMITED	UK01056480	01387336	100%	NC	-	31/12/2011
PAPER MANAGEMENT SERVICES LIMITED	UK01353499	01686178	100%	NC	-	31/12/2012
TALK PAPER LIMITED	UK04000323	04351507	100%	NC	-	31/12/2011
ARJOWIGGINS CHARTHAM LIMITED	UK04561509	04915241	100%	69	36 000 £	31/12/2012
ANTALIS AS	NO00134399	910429000	100%	68	1 500 KNOK	31/12/2012
ANTALIS PACKAGING ITALIA S.R.L.	-	MI1937621	100%	2	0	31/12/2012
ANTALIS 2000 A/S	-	-	100%	NC	-	-
JAMES MCNAUGHTON GROUP LIMITED	UK00803018	01131445	100%	NC	-	31/12/2012

Shareholders

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.74
UK Pound	1	Rs.98.77
Euro	1	Rs.80.52

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	PDT

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.