MIRA INFORM REPORT

Report Date :

29.05.2014

IDENTIFICATION DETAILS

Name :	BAOBAG
Registered Office :	2 A 16, 2 Bd De Vintimille, 13015 Marseille 15
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	January 1974
Com. Reg. No.:	RCS Marseille 7 301 523 791
Legal Form :	Simplified Joint Stock Company
Line of Business :	Engaged in marketing flexible containers and polypropylene bags
No of Employees :	42 (31.12.2011)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

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

company summary

Name	BAOBAG	SIRET	301 523 791 00038
Activity (APE)	Engaged in marketing flexible containers and polypropylene bags	EUR VAT Number	FR19301523791
Phone	04 91 62 77 19	Legal form	Simplified joint stock company
Fax	04 91 84 56 12	RCS Registration	RCS Marseille 7 301 523 791
Address	BAOBAG 2 A 16 2 BD DE VINTIMILLE 13015 MARSEILLE 15	Share capital	200,000 Euros
Nationality	France	Incorporated Date	10/1974
		Status	Economically active

Payment Information Summary - Trade Payment Data
Total number of Invoices available	2
Total number of Invoices paid within or up to 30 days after the due date	1
Total number of Invoices paid more than 30 days after the due date	1
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

No social security and tax office preferential right to date

Current Directors 2

Trading to Date	12/31/2012	12/31/2011	12/31/2010
Turnover	34,496,530 €	34,104,251 €	29,163,418 €
Gross Operating Surplus	3,58 % Turnover	3,28 % Turnover	1,51 % Turnover
Shareholders’ equity	7,337,447 €	7,403,775 €	6,986,200 €
Net result	433,672 €	717,572 €	360,417 €
Employees	42 (31.12.2011)	-	-

Trends
Profitability
Liquidity
Net worth

Company details

Activity (APE)	Engaged in marketing flexible containers and polypropylene bags
RCS Registration	RCS Marseille 7 301 523 791	Share capital	200,000 Euros
Registration Court	Marseille (13)	Legal form	Simplified joint stock company
Court Registry Number	19 7 4B00718	EUR VAT Number	FR19301523791
Incorporation Date	10/1974	Formation Date	01/1974
Deregistration Date		Last account Date	31/12/2012
Nationality	France

Establishment details

Activity (APE)	Engaged in marketing flexible containers and polypropylene bags	Business Pages FT®	STORES INTERIEURS, EXTERIEURS
Postal Address	BAOBAG 2 A 16 2 BD DE VINTIMILLE 13015 MARSEILLE 15	Trading Address	2 BOULEVARD DE VINTIMILLE 13015 MARSEILLE 15
Telephone	04 91 62 77 19
Fax	04 91 84 56 12

Type	Head office	Status	Economically active
Formation Date	01/1995	Reason for formation	Other
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Bouches-du-Rhône (13)	Region	Côte d'Azur
District	3	Area	99
City	MARSEILLE 15	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

Other establishments

Branches	2 branch entities in this company
Head office	> BAOBAG <<<  - Commerce de gros (commerce interentreprises) d'autres produits intermédiaires (4676Z)  in MARSEILLE 15  (13015)
Secondary establishments	>  BAOBAG  - Commerce de gros (commerce interentreprises) d'autres produits intermédiaires (4676Z)  in CENON  (33150)

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

Workforces

Workforce at address

42 (31.12.2011)

Company workforce

42 (31.12.2011)

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	03/09/2013	23/10/2012	11/11/2011
Activity Code	4676Z	4676Z	4676Z
Employees	0	42	38

Active account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	2 595 909	1,4%	2 561 236	0,3%	2 552 930	24 649	10431,5%
- Intangible assets	2 492 175	1,7%	2 451 281	0,0%	2 451 777	0	0%
- Tangible assets	77 014	-9,2%	84 795	12,2%	75 603	6 551	1075,6%
- Financial assets	26 720	0%	26 720	0%	26 720	856	3021,5%
Net current assets	12 855 186	-4,1%	13 411 544	4,6%	12 822 782	300 479	4178,2%
- Stocks	4 596 193	-25,5%	6 171 239	75,2%	3 521 505	33 023	13818,2%
- Advanced payments	5 485	-4,1%	5 485	-50,5%	11 084	0	0%
- Receivables	7 850 130	10,7%	7 093 780	-13,0%	8 155 611	144 397	5336,5%
- Securities and cash	403 378	186,0%	141 040	-87,6%	1 134 582	41 053	882,6%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	0	0%	9 304	560,3%	1 409	0	0%
Total Assets	15 451 095	-3,3%	15 982 081	3,9%	15 377 121	364 591	4137,9%

Passive Account

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Shareholders' equity	7 337 447	-0,9%	7 403 775	6,0%	6 986 200	111 141	6501,9%
Share capital	200 000	0%	200 000	0%	200 000	21 000	852,4%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	814 339	-35,9%	1 270 180	-8,2%	1 384 169	0	0%
Liabilities	7 289 336	-0,3%	7 307 875	4,3%	7 006 752	191 065	3715,1%
- Financial liabilities	153 354	42,9%	107 319	69,9%	63 159	14 517	956,4%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	5 083 139	-17,1%	6 131 252	5,1%	5 833 128	79 676	6279,8%
- Tax and social liabilities	1 095 172	9,4%	1 001 204	-9,2%	1 102 845	52 290	1994,4%
- Other debts and fixed assets liabilities	967 645	1315,7%	68 352	797,0%	7 620	5 404	17806,1%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	15 451 095	-3,3%	15 982 082	3,9%	15 377 121	364 591	4137,9%

Results

Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Sales of Goods	34 613 214	1,1%	34 240 040	15,6%	29 627 048	655 228	5182,6%
Net turnover	34 496 530	1,2%	34 104 251	16,9%	29 163 418	644 244	5254,6%
- of which net export turnover	2 733 226	-26,0%	3 694 653	66,0%	2 226 004	0	0%
Operating charges	33 452 236	1,0%	33 133 640	14,7%	28 887 730	639 981	5127,1%
Operating profit/loss	1 160 978	4,9%	1 106 400	49,7%	739 318	14 636	7832,3%
Financial income	209 166	4,9%	199 360	-1,6%	202 594	133	157167,7%
Financial charges	152 378	-42,3%	263 972	64,6%	160 402	1 009	15001,9%
Financial profit/loss	56 788	187,9%	-64 612	-253,1%	42 192	-126	45169,8%
Pretax net operating income	1 217 766	16,9%	1 041 788	33,3%	781 510	14 766	8147,1%
Extraordinary income	401 463	163,4%	152 442	-8,3%	166 308	16	2509043,8%
Extraordinary charges	960 315	848,8%	101 214	-64,9%	288 132	150	640110,0%
Extraordinary profit/loss	-558 852	-1190,9%	51 228	142,1%	-121 824	0	0%
Net result	433 672	-39,6%	717 572	99,1%	360 417	13 160	3195,4%

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	15 451 095	-3,3%	15 982 081	3,9%	15 377 121
	Gross	CO	16 779 103	-2,2%	17 161 238	3,9%	16 521 554
	Amortisation	1A	1 328 008	12,6%	1 179 157	3,0%	1 144 433

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	2 595 909	1,4%	2 561 236	0,3%	2 552 930
	Gross	BJ	3 431 540	1,8%	3 371 250	0,8%	3 344 666
	Amortisation	BK	835 631	3,2%	810 014	2,3%	791 736

Intangible fixed assets

			31/12/2012		31/12/2011		31/12/2010
	Start-up cost	Net	0	0%	1 950	0%	1 950
	Gross	AB	0	0%	1 950	0%	1 950
	Amortisation	AC	0	0%	1 560	33,3%	1 170
	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	43 061	0%	0	0%	442
	Gross	AF	340 938	18,4%	287 972	0,4%	286 756
	Amortisation	AG	297 877	3,4%	287 972	0,6%	286 314
	Goodwill	Net	2 449 114	0%	2 449 114	0%	2 449 114
	Gross	AH	2 449 114	0%	2 449 114	0%	2 449 114
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	217	-19,9%	271
	Gross	AJ	0	0%	650	0%	650
	Amortisation	AK	0	0%	433	14,2%	379
	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	2 492 175	1,7%	2 451 281	0,0%	2 451 777

Tangilble 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	540	-46,1%	1 002	-36,3%	1 573
	Gross	AR	52 182	-1,5%	52 971	0%	52 971
	Amortisation	AS	51 642	-0,6%	51 969	1,1%	51 398
	Other tangible fixed assets	Net	76 474	31,4%	58 193	20,2%	48 430
	Gross	AT	562 586	6,9%	526 273	5,1%	500 905
	Amortisation	AU	486 112	3,9%	468 080	3,4%	452 475
	Fixed assets in construction	Net	0	0%	25 600	0%	25 600
	Gross	AV	0	0%	25 600	0%	25 600
	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	77 014		84 795		75 603

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	26 720	0%	26 720	0%	26 720
	Gross	BH	26 720	0%	26 720	0%	26 720
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		26 720		26 720		26 720

Current Assets (III)

			31/12/2012		31/12/2011		31/12/2010
	Total Assets	Net	12 855 186	-4,1%	13 411 544	4,6%	12 822 782
	Gross	CJ	13 347 563	-3,1%	13 780 686	4,6%	13 175 479
	Amortisation	CK	492 377	33,4%	369 142	4,7%	352 697

Stocks

			31/12/2012		31/12/2011		31/12/2010
	Raw materials	Net	0	0%	0	0%	0
	Gross	BL	0	0%	0	0%	0
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	0	0%	0	0%	0
	Gross	BR	0	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	4 596 193	-25,5%	6 171 239	75,2%	3 521 505
	Gross	BT	4 682 141	-24,2%	6 177 295	74,0%	3 549 357
	Amortisation	BU	85 948	1319,2%	6 056	-78,3%	27 852
	Sub Total Stocks	Net	4 596 193	-25,5%	6 171 239	75,2%	3 521 505

Advance payments to suppliers

			31/12/2012		31/12/2011		31/12/2010
	Advance payments to suppliers	Net	5 485	0%	5 485	-50,5%	11 084
	Gross	BV	5 485	0%	5 485	-50,5%	11 084
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2012		31/12/2011		31/12/2010
	Trade accounts receivable	Net	7 355 421	9,2%	6 732 984	-14,5%	7 873 702
	Gross	BX	7 761 349	9,4%	7 095 569	-13,4%	8 198 046
	Amortisation	BY	405 928	12,0%	362 585	11,8%	324 344
	Other debtors	Net	432 339	39,0%	310 941	26,2%	246 315
	Gross	BZ	432 840	39,0%	311 442	26,2%	246 816
	Amortisation	CA	501	0%	501	0%	501
	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	7 787 760	10,6%	7 043 925	-13,3%	8 120 017

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	403 378	186,0%	141 040	-87,6%	1 134 582
	Gross	CF	403 378	186,0%	141 040	-87,6%	1 134 582
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	403 378	186,0%	141 040	-87,6%	1 134 582

Prepaid expenses

			31/12/2012		31/12/2011		31/12/2010
	Prepaid expenses	Net	62 370	25,1%	49 855	40,1%	35 594
	Gross	CH	62 370	25,1%	49 855	40,1%	35 594
	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%	9 304	560,3%	1 409
Gross		0	0%	9 304	560,3%	1 409

References

		31/12/2012		31/12/2011		31/12/2010
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2012		31/12/2011		31/12/2010
Grand Total (I to V)	EE	15 451 095	-3,3%	15 982 082	3,9%	15 377 121

Shareholder Equity (I)

			31/12/2012		31/12/2011		31/12/2010
	Total shareholders' equity (Total I)	DL	7 337 447	-0,9%	7 403 775	6,0%	6 986 200
	Equity and shareholders' equity	DA	200 000	0%	200 000	0%	200 000
	Issue and merger premiums	DB	3 719 966	0%	3 719 966	0%	3 719 966
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	20 000	0%	20 000	0%	20 000
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	2 963 809	7,9%	2 746 234	2,2%	2 685 817
	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	433 672	-39,6%	717 575	99,1%	360 417
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

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	814 339	-35,9%	1 270 180	-8,2%	1 384 169
	Risk provisions	DP	0	0%	9 304	-92,9%	131 509
	Reserves for charges	DQ	814 339	-35,4%	1 260 876	0,7%	1 252 660

Liabilities (IV)

			31/12/2012		31/12/2011		31/12/2010
	Total Liabilities (Total IV)	EC	7 289 336	-0,3%	7 307 875	4,3%	7 006 752
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	150 923	51,5%	99 590	57,7%	63 159
	Sundry loans and financial liabilities	DV	2 431	-68,5%	7 729	0%	0
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	0
	Trade accounts payables	DX	5 083 139	-17,1%	6 131 252	5,1%	5 833 128
	Tax and social security liabilities	DY	1 095 172	9,4%	1 001 204	-9,2%	1 102 845
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts

Translation loss (V)

		31/12/2012		31/12/2011		31/12/2010
Translation loss (Total V)	ED	9 974	3857,9%	252	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	0	0%	0	0%	0
Of which current bank facilities	EH	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result (I-II)

		31/12/2012		31/12/2011		31/12/2010
Operating result (Total I-II)	GG	1 160 978	4,9%	1 106 400	49,7%	739 318

2 - Financial result (V - VI)

		31/12/2012		31/12/2011		31/12/2010
Financial result (Total V-VI)	GV	56 788	187,9%	-64 612	-253,1%	42 192

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	1 217 766	16,9%	1 041 788	33,3%	781 510

4 - Extraordinary result (VII-VIII)

		31/12/2012		31/12/2011		31/12/2010
Extraordinary result (Total VII-VIII)	HI	-558 852	-1190,9%	51 228	142,1%	-121 824

Profit or loss

		31/12/2012		31/12/2011		31/12/2010
Profit or loss	HN	433 672	-39,6%	717 572	99,1%	360 417

Total Income (I+III+V+VII)

		31/12/2012		31/12/2011		31/12/2010
Total Income (I+III+V+VII)	HL	35 223 843	1,8%	34 591 842	15,3%	29 995 950

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	34 790 170	2,7%	33 874 269	14,3%	29 635 534

Operating income (I)

		31/12/2012		31/12/2011		31/12/2010
Total operating income (Total I)	FR	34 613 214	1,1%	34 240 040	15,6%	29 627 048

Operating income (details)

			31/12/2012		31/12/2011		31/12/2010
	Sale of goods for resale	FC	34 364 766	1,2%	33 944 368	16,6%	29 106 281
	France	FA	31 632 488	4,3%	30 329 295	12,8%	26 888 460
	Export	FB	2 732 278	-24,4%	3 615 073	63,0%	2 217 821
	Sale of goods produced	FF	0	0%	0	0%	0
	France	FD	0	0%	0	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	131 764	-17,6%	159 883	179,8%	57 137
	France	FG	130 816	62,9%	80 303	64,0%	48 954
	Export	FH	948	-98,8%	79 580	872,5%	8 183
	Net turnover	FL	34 496 530	1,2%	34 104 251	16,9%	29 163 418
	France	FJ	31 763 304	4,5%	30 409 598	12,9%	26 937 414
	Export	FK	2 733 226	-26,0%	3 694 653	66,0%	2 226 004
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	0	0%	0
	Release of reserves and provisions	FP	103 439	4,6%	98 930	-78,5%	460 254
	Other income	FQ	13 245	-64,1%	36 859	991,8%	3 376

Operating charges (II)

		31/12/2012		31/12/2011		31/12/2010
Total operating charges (Total II)	GF	33 452 236	1,0%	33 133 640	14,7%	28 887 730

Exploitation charges

		31/12/2012		31/12/2011		31/12/2010
Purchase of goods for resale	FS	26 466 590	-14,2%	30 859 404	28,2%	24 066 617
Change in stocks of goods for resale	FT	1 122 507	135,2%	-3 184 859	-795,1%	-355 824
Purchase of raw materials	FU	34 445	210,3%	-31 226	-219,0%	26 250
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	2 248 543	5,5%	2 130 799	1,4%	2 100 875
Tax, duty and similar payments	FX	251 883	-7,6%	272 509	6,3%	256 409
Payroll	FY	2 258 143	5,6%	2 138 127	11,0%	1 925 600
Social security costs	FZ	878 475	9,8%	799 942	13,6%	704 020

Depreciation

		31/12/2012		31/12/2011		31/12/2010
Depreciation of fixed assets	GA	37 885	107,3%	18 278	-25,3%	24 456
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	140 720	180,6%	50 157	-42,2%	86 829
Provisions for risks and charges	GD	4 113	-49,9%	8 216	7,2%	7 665

Other charges

		31/12/2012		31/12/2011		31/12/2010
Other charges	GE	8 932	-87,6%	72 293	61,2%	44 833

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	209 166	4,9%	199 360	-1,6%	202 594
	Share financial income	GJ	283	-51,0%	578	-23,9%	760
	Other investment income & capitalised receivables	GK	0	0%	113	-91,6%	1 340
	Other interest and similar income	GL	19 047	412,8%	3 714	-90,3%	38 102
	Released provisions and transferred charges	GM	9 304	0%	0	0%	0
	Exchange gains	GN	180 532	-7,4%	194 955	20,1%	162 392
	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	152 378	-42,3%	263 972	64,6%	160 402
	Financial reserves and provisions	GQ	0	0%	9 304	0%	0
	Interest and similar charges	GR	33 988	-0,5%	34 149	174,3%	12 451
	Exchange losses	GS	118 390	-46,3%	220 519	49,0%	147 951
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary charges (VIII)

			31/12/2012		31/12/2011		31/12/2010
	Total extraordinary charges (Total VIII)	HH	960 315	848,8%	101 214	-64,9%	288 132
	Extraordinary operating charges	HE	960 153	848,6%	101 214	-35,4%	156 623
	Extraordinary charges from capital transactions	HF	162	0%	0	0%	0
	Extraordinary reserves and provisions	HG	0	0%	0	0%	131 509

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	225 241	-40,0%	375 443	25,5%	299 270

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%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/12/2012		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%	333	-76,2%	1 400
	Gross value at the end of period	OL	0	0%	3 371 250	0,8%	3 344 666

Research and development Charge (Total I)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	CZ	0	0%	1 950	-41,8%	3 350
	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%	1 400
	Gross value at the end of period	D0	0	0%	1 950	0%	1 950

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%	2 736 520	0%	2 736 520
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	1 216	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	0	0%	2 737 736	0,0%	2 736 520

Tangible fixed assets (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LN	0	0%	579 475	6,7%	543 130
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	0	0%	25 701	-29,3%	36 345
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	333	0%	0
	Gross value at the end of period	NH	0	0%	604 843	4,4%	579 475

Financial assets (Total IV)

			31/12/2012		31/12/2011		31/12/2010
	Gross value at begin of period	LQ	0	0%	26 720	0,3%	26 643
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	77
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	0
	Gross value at the end of period	NK	0	0%	26 720	0%	26 720

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%	286 693	2,5%	279 785
Increases		PF	0	0%	1 712	-75,2%	6 908
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	0	0%	288 405	0,6%	286 693

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%	503 872	3,5%	486 715
Increases		QV	0	0%	16 177	-5,7%	17 157
Decreases		QW	0	0%	0	0%	0
	Decreasess by budget item transfer	QX	0	0%	520 049	3,2%	503 872

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%	1 400
Depreciation of fixed assets during period		SP	0	0%	1 950	0%	1 950
	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%	1 736 866	-9,6%	1 922 359
Increases		UB	0	0%	67 677	-70,0%	225 215
Decreases		UC	0	0%	165 221	-59,0%	403 166
	Value at the end of period	UD	0	0%	1 639 322	-6,0%	1 744 408

Includes Total allocations

Operating	UE	0	0%	58 373	-38,2%	94 493
Financial	UG	0	0%	9 304	0%	0
Exceptional	UJ	0	0%	0	0%	131 509

Includes Total Withdrawal

Operating	UF	0	0%	33 712	-91,6%	403 166
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	131 509	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%	1 384 169	11,1%	1 245 783
Increases		TV	0	0%	17 520	-87,3%	138 386
Decreases		TW	0	0%	131 509	0%	0
	Value at the end of period	TX	0	0%	1 270 180	-8,2%	1 384 169

Total Provision for depreciation (Total III)

			31/12/2012		31/12/2011		31/12/2010
	Value at begining of period	7B	0	0%	352 697	-47,9%	676 575
Increases		TY	0	0%	50 157	-42,2%	86 829
Decreases		TZ	0	0%	33 712	-91,6%	403 166
	Value at the end of period	UA	0	0%	369 142	2,5%	360 238

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%	7 483 586	-12,0%	8 507 176
1 year at most	VU	0	0%	7 456 866	-8,6%	8 160 703
More than one year	VV	0	0%	26 720	-92,3%	346 473

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%	26 720	0%	26 720
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%	108 858	0%	108 858
Other claims customer	UX	0	0%	6 986 711	-13,6%	8 089 189
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%	5 608	-6,6%	6 007
Social Security and other social organizations	UZ	0	0%	2 703	-80,4%	13 773
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	98 533	121,9%	44 399
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	8 452	227,1%	2 584
Group and Associates	VC	0	0%	83 357	-37,6%	133 492
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	112 789	142,2%	46 561

Prepaid

		31/12/2012		31/12/2011		31/12/2010
Prepaid	VS	0	0%	49 855	40,1%	35 594

State Debt

			31/12/2012		31/12/2011		31/12/2010
	Total debt (gross)	VY	0	0%	7 307 875	4,3%	7 006 752
1 year at most		VZ2	0	0%	7 307 875	4,3%	7 006 752
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%	99 590	57,7%	63 159
1 year at most		VG2	0	0%	99 590	57,7%	63 159
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%	6 131 252	5,1%	5 833 128
1 year at most		8B2	0	0%	6 131 252	5,1%	5 833 128
More than 1 year and 5 years at most		8B3	0	0%	6 131 252	5,1%	5 833 128
	Personnel and associated accounts (gross)	8C1	0	0%	609 999	10,1%	553 841
1 year at most		8C2	0	0%	609 999	10,1%	553 841
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%	261 058	7,7%	242 478
1 year at most		8D2	0	0%	261 058	7,7%	242 478
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	53 348	-42,4%	92 558
1 year at most		8E2	0	0%	53 348	-42,4%	92 558
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	3 450	-96,4%	95 874
1 year at most		VW2	0	0%	3 450	-96,4%	95 874
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%	73 349	-37,9%	118 095
1 year at most		VQ2	0	0%	73 349	-37,9%	118 095
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%	7 729	0%	0
1 year at most		VI2	0	0%	7 729	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%	68 100	793,7%	7 620
1 year at most		8K2	0	0%	68 100	793,7%	7 620
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%	42	10,5%	38

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 Median2012
Fixed Asset Financing		2,66	-6,7%	2,85	3,3%	2,76	2,78	-4,3%
Global Debt		76 days	-1,3%	77 days	-10,5%	86 days	100 days	-24,0%
Working Capital Fund overall net		60 days	-9,1%	66 days	-9,6%	73 days	60 days	0%
Financial independence		4861,72%	-34,6%	7432,30%	-32,8%	11058,20%	603,16%	706,0%
Solvability		47,49%	2,5%	46,33%	2,0%	45,43%	35,26%	34,7%
Capacity debt futures		%	-	7434,26%	-32,8%	11061,29%	1591,66%	-
Coverage of current assets by net working capital overall		42,97%	-5,1%	45,30%	1,2%	44,75%	44,05%	-2,5%
General Liquidity			-	1,02	-12,1%	1,16	0,77	-
Restricted Liquidity			-	1,04	-21,8%	1,33	1,12	-

Management or rotation

		31/12/2012		31/12/2011		31/12/2010	Sector Median2012
Need background in operating working capital		55 days	-14,1%	64 days	10,3%	58 days	30 days	83,3%
Treasury		4 days	300%	1 days	-92,9%	14 days	12 days	-66,7%
Inventory turnover of goods		61 days	-23,8%	80 days	48,1%	54 days	46 days	32,6%
Average length of credit granted to customers		81 days	8,0%	75 days	-25,7%	101 days	59 days	37,3%
Average length of credit obtained suppliers		61 days	-17,6%	74 days	-8,6%	81 days	58 days	5,2%
Inventory turnover of raw materials in industrial enterprises		0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	958 days	-
Rotation tangible assets		%	-	5638,53%	12,0%	5032,73%	1815,52%	-

Profitability of the business

		31/12/2012		31/12/2011		31/12/2010	Sector Median2012
Margin trading		19,64%	6,9%	18,38%	-0,6%	18,50	24,85%	-21,0%
Profitability of the business		3,58	9,1%	3,28	117,2%	1,51	3,34%	7,2%
Net profit		1,26%	-40,0%	2,10%	69,4%	1,24%	1,99%	-36,7%
Growth rate of turnover (excluding VAT)		1,15%	-93,2%	16,94%	-47,2%	32,06%	0%	0%
Rates integration		13,41%	5,6%	12,70%	11,4%	11,40%	17,92%	-25,2%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		67,83%	0,0%	67,85%	-14,2%	79,07%	65,26%	3,9%
Weight interests		0,44	-42,9%	0,77%	40,0%	0,55%	0,19%	131,6%

Return on capital

		31/12/2012		31/12/2011		31/12/2010	Sector Median2012
Cash flow from the overall profitability		1,37%	-19,4%	1,70%	347,4%	0,38%	2,73%	-49,8%
Rates of economic profitability		16%	6,7%	15%	150,0%	6%	14%	14,3%
Financial profitability		7337447%	-0,9%	7403775%	6,0%	6986200%	90863%	7975,3%
Return on investment		7,82%	-40,2%	13,07%	76,9%	7,39%	10,74%	-27,2%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2012		31/12/2011		31/12/2010	Sector Median2012
Turnover	34 496 530	1,2%	34 104 251	16,9%	29 163 418	644 244 €	5254,6%

Sales of goods	34 364 766	1,2%	33 944 368	16,6%	29 106 281
- Purchase of goods	26 466 590	-14,2%	30 859 404	28,2%	24 066 617
+/- Stock of goods variation	1 122 507	135,2%	-3 184 859	-795,1%	-355 824
Trading margin	6 775 669 €	8,1%	6 269 823 €	16,2%	5 395 488 €	135 352 €	4906,0%
	19,64 % CA	6,9%	18,38 % CA	-0,6%	18,50 % CA	25,84 % CA	-24,0%

Sale of goods produced	131 764	-17,6%	159 883	179,8%	57 137
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	131 764 €	-17,6%	159 883 €	179,8%	57 137 €	17 009 €	674,7%
	0,38 % CA	-19,1%	0,47 % CA	135,0%	0,20 % CA	2,22 % CA	-82,9%

Trading margin	6 775 669	8,1%	6 269 823	16,2%	5 395 488	135 352	4906,0%
+ Period Production	131 764	-17,6%	159 883	179,8%	57 137	17 009	674,7%
- Purchase of raw materials	34 445	210,3%	-31 226	-219,0%	26 250
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	2 248 543	5,5%	2 130 799	1,4%	2 100 875
Added value	4 624 445 €	6,8%	4 330 133 €	30,2%	3 325 500 €	132 427 €	3392,1%
	13,41 % CA	5,6%	12,70 % CA	11,4%	11,40 % CA	17,92 % CA	-25,2%

Added value	4 624 445 €	6,8%	4 330 133 €	30,2%	3 325 500 €	132 427 €	3392,1%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	251 883	-7,6%	272 509	6,3%	256 409
- Personal charges	3 136 618	6,8%	2 938 069	11,7%	2 629 620
Gross operating surplus	1 235 944 €	10,4%	1 119 555 €	154,8%	439 471 €	21 379 €	5681,1%
	3,58 % CA	9,1%	3,28 % CA	117,2%	1,51 % CA	3,34 % CA	7,2%

Gross operating surplus	1 235 944 €	10,4%	1 119 555 €	154,8%	439 471 €	21 379 €	5681,1%
+ Release of reserves and provisions	103 439	4,6%	98 930	-78,5%	460 254
+ Other operating income	13 245	-64,1%	36 859	991,8%	3 376
- Depreciation/Amortisation	182 718	138,4%	76 651	-35,6%	118 950
- Other charges	8 932	-87,6%	72 293	61,2%	44 833
Operating result	1 160 978 €	4,9%	1 106 400 €	49,7%	739 318 €	14 636 €	7832,3%
	3,37 % CA	4,0%	3,24 % CA	27,6%	2,54 % CA	2,42 % CA	39,3%

Operating result	1 160 978 €	4,9%	1 106 400 €	49,7%	739 318 €	14 636 €	7832,3%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	209 166	4,9%	199 360	-1,6%	202 594
- Financial charges	152 378	-42,3%	263 972	64,6%	160 402
Pre-tax result	1 217 766 €	16,9%	1 041 788 €	33,3%	781 510 €	14 766 €	8147,1%
	3,53 % CA	15,7%	3,05 % CA	13,8%	2,68 % CA	2,35 % CA	50,2%

Extraordinary income	401 463	163,4%	152 442	-8,3%	166 308	16	2509043,8%
- Extraordinary charges	960 315	848,8%	101 214	-64,9%	288 132
Extraordinary result	-558 852 €	-1190,9%	51 228 €	142,1%	-121 824 €	0 €	0%
	-1,62 % CA	-1180,0%	0,15 % CA	135,7%	0 % CA	0 % CA	0%

Pre-tax result	1 217 766 €	16,9%	1 041 788 €	33,3%	781 510 €	14 766 €	8147,1%
Extraordinary result	-558 852 €	-1190,9%	51 228 €	142,1%	-121 824 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	225 241	-40,0%	375 443	25,5%	299 270
Net result	433 673 €	-39,6%	717 573 €	99,1%	360 416 €	13 162 €	3194,9%
	1,26 % CA	-40,0%	2,10 % CA	69,4%	1,24 % CA	02 % CA	-37,0%

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 7,337,447 €

The ratio total assets to total liabilities is 1,91

The creditor days are 53.78

The decrease in the gearing percentage over the last two accounting periods is 29 %

The risk provisions are 814,339 €

Low risk workforce size

Industry code with low risk rating

Department code with low risk rating

The company has 2 director(s)

The total assets are 15,451,095 €

The liabilities are 7,289,336 €

The net current assets are 12,855,186 €

The net turnover is 34,496,530 €

The pre-tax profit is 658,913 €

The sales to current assets ratio is 2,68

The stock to turnover ratio is 13.32

The return on total assets employed is 4,26

Payment Information Summary - Trade Payment Data

Payment Information Summary - Trade Payment Data
Total number of Invoices available	2
Total number of Invoices paid within or up to 30 days after the due date	1
Total number of Invoices paid more than 30 days after the due date	1
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

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

14/02/2008

Status of Monitoring

No social security and tax office preferential right to date

Group data

Group Structure

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
28/02/2014	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 200 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Directeur général : CAVALIER Alain modification le 20 Février 2014 Président : THIERRY Serge Claude modification le 20 Février 2014 Commissaire aux comptes suppléant : RIUZ Anne-Laure modification le 18 Février 2009 Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES modification le 18 Février 2009. Activité : . Commentaires : Modification de représentant.
14/02/2014	JAL	Resignation / Revocation of the social representative
Nouvelles Publications (Les) Date de décision : 20/12/2013 La société 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15 Fait l'objet du départ de Monsieur Alain CAVALIER, Chemin de Besquens, 13820, ENSUES LA REDONNE
14/02/2014	JAL	Appointment of the social representative
Nouvelles Publications (Les) Date de décision : 20/12/2013 Société faisant l'objet d'une nomination : 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15 Nominé : Monsieur Serge THIERRY, 33360 CAMBLANES ET MEYNAC En la fonction de : Président Nominé : Monsieur Alain CAVALIER, 13820 ENSUES LA REDONNE En la fonction de : Directeur général
05/09/2013	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1238 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
17/09/2012	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 701 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
28/02/2012	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 68 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Directeur général : CAVALIER Alain modification le 20 Février 2012 Président : THIERRY Serge Claude modification le 20 Février 2012 Commissaire aux comptes suppléant : RIUZ Anne-Laure modification le 18 Février 2009 Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES modification le 18 Février 2009. Activité : . Commentaires : Modification de représentant.
11/02/2012	JAL	Appointment of the social representative
Nouvelles Publications (Les) Date de décision : 31/12/2011 Société faisant l'objet d'une nomination : 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15 Nominé : Monsieur Serge THIERRY En la fonction de : Président Nominé : Monsieur Alain CAVALIER En la fonction de : Directeur général
11/02/2012	JAL	Resignation / Revocation of the social representative
Nouvelles Publications (Les) Date de décision : 31/12/2011 La société 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15 Fait l'objet du départ de Monsieur Alain CAVALIER, De Monsieur Serge THIERRY
15/11/2011	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1061 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
10/02/2011	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 247 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Président : CAVALIER Alain modification le 02 Février 2011 Directeur général : THIERRY Serge Claude modification le 02 Février 2011 Commissaire aux comptes suppléant : RIUZ Anne-Laure modification le 18 Février 2009 Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES modification le 18 Février 2009. Activité : . Commentaires : Modification de représentant.
04/09/2010	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1386 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
06/04/2010	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 160 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Directeur général : CAVALIER Alain modification le 25 Mars 2010 Président : THIERRY Serge Claude modification le 25 Mars 2010 Commissaire aux comptes suppléant : RIUZ Anne-Laure modification le 18 Février 2009 Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES modification le 18 Février 2009. Commentaires : Modification de représentant.
19/03/2010	JAL	Resignation / Revocation of the social representative
LES NOUVELLES PUBLICATIONS ECONOMIQUES ET JURIDIQUES Date de décision : 29/01/2010 La société 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15 Fait l'objet du départ de Monsieur Serge THIERRY
19/03/2010	JAL	Resignation / Revocation of the social representative
LES NOUVELLES PUBLICATIONS ECONOMIQUES ET JURIDIQUES Date de décision : 29/01/2010 La société 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15 Fait l'objet du départ de Monsieur Alain CAVALIER
19/03/2010	JAL	Appointment of the social representative
LES NOUVELLES PUBLICATIONS ECONOMIQUES ET JURIDIQUES Société faisant objet d'une nomination : 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15 Nominé : Monsieur Serge THIERRY En la fonction de : Président
19/03/2010	JAL	Appointment of the social representative
LES NOUVELLES PUBLICATIONS ECONOMIQUES ET JURIDIQUES Société faisant objet d'une nomination : 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15 Nominé : Monsieur Alain CAVALIER En la fonction de : DG - Directeur Général
09/12/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 775 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
07/04/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1546 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
01/03/2009	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 322 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Directeur général : CAVALIER Alain modification le 25 Janvier 2008. Président : THIERRY Serge Claude modification le 25 Janvier 2008. Commissaire aux comptes suppléant : RIUZ Anne-Laure en fonction le 18 Février 2009. Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES en fonction le 18 Février 2009. Commentaires : Modification de représentant.
01/03/2009	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 323 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Président : CAVALIER Alain modification le 18 Février 2009. Directeur général : THIERRY Serge Claude modification le 18 Février 2009. Commissaire aux comptes suppléant : RIUZ Anne-Laure modification le 18 Février 2009. Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES modification le 18 Février 2009. Commentaires : Modification de représentant.
21/02/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1209 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
31/01/2008	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 173 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Enseigne : SACHERIE DU MIDI. Administration : Directeur général : CAVALIER Alain modification le 25 Janvier 2008. Commissaire aux comptes titulaire : GADRAS Jean-Pierre modification le 25 Janvier 2008. Commissaire aux comptes suppléant : 3G AUDIT modification le 25 Janvier 2008. Président : THIERRY Serge Claude modification le 25 Janvier 2008 . Commentaires : Modification de représentant.
14/03/2007	Bodacc B	Modifications et mutations diverses
137 - RCS Marseille B 301 523 791. RC 74-B 718. BAOBAG. Forme : S.A.S. Capital : 200 000 euros. Commentaires : modification survenue sur la dénomination, le capital (augmentation) et l'administration. Administration : commissaire aux comptes titulaire partant : BURGUIERE (Hervé). Commissaire aux comptes suppléant partant : COMPAGNIE PHOCEENNE DE CONTROLE COMPTABLE ET DE REVISION INDICIAIRE COPHOTRI S.A. Nomination d'un commissaire aux comptes titulaire : GADRAS (Jean, Pierre). Nomination d'un commissaire aux comptes suppléant : 3G AUDIT. Nomination d'un directeur général : THIERRY (Serge, Claude, Roger).
22/12/2006	Bodacc C	Avis de dépôt des comptes
1615 - RCS Marseille B 301 523 791. RC 74-B 718. SACHERIE DU MIDI. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 2/16, boulevard Vintimille,13015 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
21/10/2005	Bodacc C	Avis de dépôt des comptes
122 - RCS Marseille B 301 523 791. RC 74-B 718. SACHERIE DU MIDI. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 2/16, boulevard Vintimille,13015 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
24/02/2004	Bodacc B	Modifications et mutations diverses
RCS Marseille B 301523791 RC 74-B 718 SACHERIE DU MIDI. Forme : S.A.S Nom commercial: Sacherie du Midi. Commentaires : modification survenue sur la dénomination, la forme juridique, l' adresse de l'établissement principal et l'administration. Administration : modification du président : CAVALIER ( Alain) Etablissement principal: Adresse : 2-16 boulevard Vintimille, 13015 Marseille.
10/03/2002	Bodacc B	Modifications et mutations diverses
RCS Marseille B 301523791 RC 74-B 718 S. A.R.L. SACHERIE DU MIDI. Forme : S.A.R.L. Capital : 100 000 euros Nom commercial: Sacherie du Midi. Commentaires : modification survenue sur le capital ( augmentation).
15/04/1999	Bodacc B	Modifications et mutations diverses
RCS *. RCS Marseille B 301 523 791 RC RC 74-B 718 S.A.R.L. SACHERIE DU MIDI. Forme : S.A.R.L Nom commercial: Sacherie du Midi. Administration : nomination en qualité de commissaire aux comptes titulaire : BURGUIERE (Hervé). Nomination en qualité de commissaire aux comptes suppléant : COMPAGNIE PHOCEENNE DE CONTROLE COMPTABLE ET DE REVISION INDICIAIRE COPHOTRI S.A. Commentaires : modification survenue sur l'administration.
19/03/1995	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Marseille B 301 523 791 RC 74-B 718 S.A. R.L. SACHERIE DU MIDI. Forme : S.A.R.L. Capital : 300 000 F (fixe) Nom commercial: Sacherie du Midi. Adresse : 39, rue Toussaint, 13003 Marseille Nouvelle situation du siège social. Adresse : 2-16, boulevard de Vintimille, 13015 Marseille Etablissement principal: Adresse : 39, rue Toussaint, 13003 Marseille ETABLISSEMENT PRINCIPAL nouvelle situation. Adresse : 2-16, boulevard de Vintimille, 13015 Marseille. Date d'effet : 20 janvier 1995.

Company events history

Date	Description
28/02/2014	Bodacc B: Various editing or changing
20/02/2014	Changes to the Board of Directors
20/02/2014	New chairman (CEO, CoB)
20/02/2014	Amendment
14/02/2014	Legal Gazette: Resignation / Revocation of the social representative
20/12/2013	Legal Gazette: Appointment of the social representative
14/10/2013	Update Rating
14/10/2013	Update Limit
01/10/2013	Update Limit
01/10/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/09/2013	Bodacc C : Deposit accounts notice
17/07/2013	Update Limit
17/07/2013	Update Rating
13/06/2013	New chairman (CEO, CoB)
13/06/2013	Amendment
13/06/2013	Appointment/resignation of company officers
31/12/2012	New accounts available
25/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
17/09/2012	Bodacc C : Deposit accounts notice
26/04/2012	Payment incident detected
28/02/2012	Bodacc B: Various editing or changing
17/02/2012	New chairman (CEO, CoB)
17/02/2012	Amendment
17/02/2012	Appointment/resignation of company officers
17/02/2012	Changes to the Board of Directors
11/02/2012	Legal Gazette: Resignation / Revocation of the social representative
31/12/2011	Legal Gazette: Appointment of the social representative
31/12/2011	New accounts available
15/11/2011	Bodacc C : Deposit accounts notice
15/11/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
10/02/2011	Bodacc B: Various editing or changing
02/02/2011	Nomination/démission des organes de gestion
02/02/2011	Appointment/resignation of company officers
02/02/2011	Changes to the Board of Directors
02/02/2011	Changement de Président (PDG, PCA)
02/02/2011	New chairman (CEO, CoB)
02/02/2011	Minutes of general meeting of shareholders
02/02/2011	PV d'Assemblée
31/12/2010	New accounts available
04/09/2010	Bodacc C : Deposit accounts notice
06/04/2010	Bodacc B: Various editing or changing
25/03/2010	PV d'Assemblée
25/03/2010	Changement de Président (PDG, PCA)
25/03/2010	Nomination/démission des organes de gestion
25/03/2010	Minutes of general meeting of shareholders
25/03/2010	Changes to the Board of Directors
25/03/2010	New chairman (CEO, CoB)
19/03/2010	Legal Gazette: Resignation / Revocation of the social representative
29/01/2010	Legal Gazette: Appointment of the social representative
31/12/2009	New accounts available
09/12/2009	Bodacc C : Deposit accounts notice
07/04/2009	Bodacc C : Deposit accounts notice
01/03/2009	Bodacc B: Various editing or changing
01/03/2009	New Bodacc B ads detected
21/02/2009	Bodacc C : Deposit accounts notice
18/02/2009	Minutes of general meeting of shareholders
18/02/2009	PV d'Assemblée
18/02/2009	New auditor
18/02/2009	Nomination/démission des organes de gestion
18/02/2009	Private document
18/02/2009	New chairman (CEO, CoB)
18/02/2009	Changement de Commissaire aux Comptes
18/02/2009	Changement de Président (PDG, PCA)
18/02/2009	Appointment/resignation of company officers
31/12/2008	New accounts available
27/11/2008	Payment incident closed
20/10/2008	Payment incident detected
14/02/2008	Collection of preferential rights activated for this company
31/01/2008	New Bodacc B ads detected
31/01/2008	Bodacc B: Various editing or changing
24/01/2008	Changement de Président (PDG, PCA)
24/01/2008	New chairman (CEO, CoB)
24/01/2008	Private document
24/01/2008	PV d'Assemblée
24/01/2008	Minutes of general meeting of shareholders
24/01/2008	Appointment/resignation of company officers
31/12/2007	New accounts available
21/02/2007	Private document
21/02/2007	Déclaration de conformité
21/02/2007	Declaration of conformity
21/02/2007	Appointment/resignation of company officers
21/02/2007	PV d'Assemblée
21/02/2007	Minutes of general meeting of shareholders
21/02/2007	Updated articles of association
21/02/2007	New auditor
21/02/2007	Amendment
21/02/2007	New company name
21/02/2007	Changement de dénomination sociale
21/02/2007	Partial contribution
21/02/2007	Capital increase
31/12/2006	New accounts available
30/12/2006	Modification to Company Identifier
22/12/2006	Private document
22/12/2006	Rapport des Commissaires ou du Gérant
22/12/2006	Audit or Management Report
29/11/2006	Private document
29/11/2006	Apport Partiel
29/11/2006	Planned merger
10/11/2006	Requête et Ordonnance
10/11/2006	Application and court order
10/11/2006	Acte modificatif
31/12/2005	New accounts available
31/12/2004	New accounts available
06/02/2004	Changement de Président (PDG, PCA)
06/02/2004	Changement de Forme Juridique sans changement de catégorie
06/02/2004	Changement de Forme Juridique avec changement de catégorie
06/02/2004	Rapport des Commissaires ou du Gérant
06/02/2004	Statuts mis à jour
06/02/2004	PV d'Assemblée
06/02/2004	Nomination/démission des organes de gestion
06/02/2004	Acte sous seing privé
31/12/2003	New accounts available
26/02/2002	Statuts mis à jour
26/02/2002	Acte sous seing privé
26/02/2002	Donation/Partage
26/02/2002	Augmentation de Capital
26/02/2002	PV d'Assemblée
26/02/2002	Conversion du Capital Social en Euros
26/02/2002	Expédition acte notarié
29/03/1999	PV d'Assemblée
01/01/1999	PV d'Assemblée
01/01/1999	Nomination/démission des organes de gestion
01/01/1999	Changement de Commissaire aux Comptes
01/01/1999	Acte sous seing privé
10/02/1995	PV d'Assemblée
10/02/1995	Acte modificatif
10/02/1995	Statuts mis à jour
10/02/1995	Transfert du Siège dans le ressort du Tribunal de Commerce
09/02/1995	Statuts mis à jour
09/02/1995	Acte modificatif
09/02/1995	Cession de parts
09/02/1995	Acte sous seing privé
16/11/1994	PV d'Assemblée
16/11/1994	Cession de parts
16/11/1994	Acte modificatif
16/11/1994	Statuts mis à jour
16/11/1994	Expédition acte notarié
15/10/1993	Statuts mis à jour
15/10/1993	Déclaration de conformité
15/10/1993	PV d'Assemblée
15/10/1993	Augmentation de Capital

Establishment events history

Date	Description
11/05/2012	Update Limit
11/05/2012	Update Rating
15/11/2011	Update Rating
15/11/2011	Update Limit
17/10/2011	Update Rating
17/10/2011	Update Limit
09/08/2010	Update Limit
09/08/2010	Update Rating
29/12/2009	Update Rating
29/12/2009	Update Limit
11/10/2009	Update Limit
05/09/2009	Update Rating
12/03/2009	Update Rating
12/03/2009	Update Limit
27/11/2008	Update Limit
27/11/2008	Update Rating
05/11/2008	Update Rating
05/11/2008	Update Limit
27/09/2008	Update Rating
25/01/2008	Update Limit
25/01/2008	Update Rating
10/12/2007	Update Limit
08/12/2007	Update Limit

directors

Name	M. CAVALIER ALAIN
Manager position	Managing director	Date of birth	23/10/1957
Place of birth	MARSEILLE
Type	Individual	Name at birth

Name	M. THIERRY SERGE CLAUDE
Manager position	President	Date of birth	05/11/1961
Place of birth	TOULON
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M ALAIN CAVALIER	23/10/1957 - MARSEILLE
Managing director	M SERGE THIERRY	- - -
Managing director	M SERGE CLAUDE THIERRY	05/11/1961 - TOULON

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.08
UK Pound	1	Rs.99.20
Euro	1	Rs.80.53

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	MNL

RATING EXPLANATIONS

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

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

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

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.