MIRA INFORM REPORT

Report Date :

29.05.2014

IDENTIFICATION DETAILS

Name :	BECHTEL FRANCE
Registered Office :	42 Av Montaigne, 75008 Paris 8
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	August 1964
Com. Reg. No.:	RCS Paris 6 642 040 992
Legal Form :	Simplified Joint Stock Company
Line of Business :	Engaged as an Engineering & Technical Studies
No of Employees :	Not Available

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
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

Acronym	BECHTEL
		EUR VAT Number FR02642040992
		Legal form	Simplified Joint Stock Company
Activity (APE)	Engaged as an Engineering & Technical Studies	RCS Registration	RCS Paris 6 642 040 992
		Share capital	256,000 Euros
BECHTEL FRANCE
Address42 AV MONTAIGNE		Incorporated Date	08/1964
75008 PARIS 8
Nationality	France	Status	Economically active

No social security and tax office preferential right to date

Current Directors 1

Trading to Date	12/31/2012	12/31/2011	12/31/2010
Turnover	1,032,762 €	540,049 €	23,419,720 €
Gross Operating Surplus	-32,57% Turnover	-119,99% Turnover	2,41 % Turnover
Shareholders' equity	10,079,260 €	10,288,058 €	15,154,120 €
Net result	-44,935 €	5,637,061 €	1,746,331 €
Employees	3 to 5 employees	-	-

TRENDS

Profitability
Liquidity
Net worth

Company Information

Company details

Activity (APE) Engaged as an Engineering & Technical Studies

RCS Registration RCS Paris 6 642 040 992 Share capital 256,000 Euros

Registration Court Paris (75) Legal form Simplified joint stock

company

Court Registry Number 19 6 4B04099 EUR VAT Number FR02642040992

Incorporation Date 08/1964 Formation Date 01/1964

Last account Date 31/12/2012

Nationality France

Establishment details

Acronym	BECHTEL
Activity (APE)	Engaged as an Engineering & Technical Studies
Postal Address	42 Av Montaigne, 75008 Paris 8
Trading Address	42 Avenue Montaigne 75008 Paris 8
Business Pages ™	BECHTEL FRANCE

Type	Head office Status	Economically active
Formation Date	06/2011 Reason for formation	Formation

Other establishments

Branches	2 branch entities in this company
Head office	> BECHTEL FRANCE <<< - Ingenierie, etudes techniques(7112B) inPARIS 8 (75008)
Secondary establishments	> BECHTEL FRANCE - Ingenierie, etudes techniques(7112B) inPARIS 8 (75008) > BECHTEL FRANCE - Ingenierie, etudes techniques(7112B) inPARIS 8 (75008)

Regionality Legal unit with all establishments in same area

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

Accounts

Synthesized Accounts
Display parameter
Currency	Euro
Comparison mode	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	06/03/2014		28/02/2013		28/09/2011
Activity Code	7112B		7112B		7112B
Employees		0		0		0

Active account
						Sector
Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Median 2012
Capital not called	0		0	0%	0	0	0%
Total fixed assets	17 585	7,9%	16 302	-18,7%	20 042	10 985	60,1%
- Intangible assets	0	0%	0	0%	0	0	0%
- Tangible assets	1 283	0%	0	0%	350	4 124	-68,9%
- Financial assets	16 302	0%	16 302	-17,2%	19 692	320	4994,4%
Net current assets	39 899 457	-5,3%	42 135 015	-68,5%	133 896 773	132 107	30102,4%
- Stocks	0	0%	0	0%	0	0	0%
- Advanced payments	0	-5,3%	0	0%	0	0	0%
- Receivables	10 860 358	-4,8%	11 406 046	-88,9%	102 513 405	60 585	17825,8%
- Securities and cash	29 039 099	-5,5%	30 728 969	-2,1%	31 383 368	35 390	81954,5%
- Prepaid expenses	-	-	-	-	-	146	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	39 917 042	-5,3%	42 151 317	-68,5%	133 916 815	163 339	24338,2%

Passive Account
						Sector
Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Median 2012
Shareholders' equity	10 079 260	-2,0%	10 288 058	-32,1%	15 154 120	57 835	17327,6%
Share capital	256 000	0%	256 000	0%	256 000	10 000	2460,0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	29 837 782	-6,4%	31 863 259	-73,2%	118 762 695	84 768	35099,3%
- Financial liabilities	0	0%	0	0%	0	7 408	0%
- Advanced payments received	28 660 808	-2,5%	29 408 549	-5,6%	31 152 947	0	0%
- Trade account payables	253 384	-76,8%	1 090 108	-95,5%	24 336 125	10 243	2373,7%
- Tax and social liabilities	163 691	151,4%	65 101	-97,9%	3 147 120	46 405	252,7%
- Other debts and fixed assets liabilities	626 244	-51,8%	1 299 501	-97,8%	60 126 503	3 081	20226,0%
Account regularization	133 655	0%	0	0%	0	0	0%
Total liabilities	39 917 042	-5,3%	42 151 317	-68,5%	133 916 815	163 429	24324,7%

Results
						Sector
Annual Accounts	31/12/2012		31/12/2011		31/12/2010	Median 2012
Sales of Goods	1 546 888	-8,1%	1 682 751	-93,4%	25 356 379	196 148	688,6%
Net turnover	1 032 762	91,2%	540 049	-97,7%	23 419 720	187 806	449,9%
- of which net export turnover	0	0%	0	0%	0	0	0%
Operating charges	1 561 311	0,5%	1 553823	-93,6%	24 257 094	182 035	757,7%
Operating profit/loss	-14 423	-111,2%	128 928	-88,3%	1 099 285	11 828	-221,9%
Financial income	262 277	-69,6%	863 188	397,9%	173 378	09	2914088,9%
Financial charges	105 819	-65,9%	310 315	1050,6%	26 969	148	71399,3%
Financial profit/loss	156 458	-71,7%	552 873	277,6%	146 409	0	0%
Pretax net operating income	142 035	-79,2%	681 801	-45,3%	1 245 694	12 184	1065,8%
Extraordinary income	520 163	-97,2%	18 376 194 45940385,0%		40	0	0%
Extraordinary charges	520 168	-96,2%	13 856 038	3724641,4%	372	48	1083583,3%
Extraordinary profit/loss	-05	-100,0%	4 520 156	1361592,8%	-332	0	0%
Net result	-44 935	-100,8%	5 637 061	222,8%	1 746 331	11 483	-491,3%

Display parameter

Currency Euro Euro

		31/12/2012		31/12/2011		31/12/2010
Months		12		12		12
Accounts - Active
Grand Total - Passive Accounts (I to IV)
		31/12/2012		31/12/2011		31/12/2010
Grand Total (I to VI)	Net	39 917 042	-5,3%	42 151 317	-68,5%	133 916 815
Gross	CO	39 944 419	-5,9%	42 442 259	-69,0%	136 932 493
Amortisation	1A	27 377	-90,6%	290 942	-90,4%	3 015 678
on 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	17 585	7,9%	16 302	-18,7%	20 042
Gross	BJ	44 962	3,1%	43 604	-25,0%	58 128
Amortisation	BK	27 377	0,3%	27 302	-28,3%	38 086

Intangible fixed assets
		31/12/2012		31/12/2011		31/12/2010
Start-up cost	Net	0	0%	0	0%	0
Gross	AB	0	0%	0	0%	0
Amortisation	AC	0	0%	0	0%	0
R & D expenses	Net	0	0%	0	0%	0
Gross	CX	0	0%	0	0%	0
Amortisation	AE	0	0%	0	0%	0
Distributorships, patents	Net	0	0%	0	0%	0
Gross	AF	0	0%	0	0%	0
Amortisation	AG	0	0%	0	0%	0
Goodwill	Net	0	0%	0	0%	0
Gross	AH	0	0%	0	0%	0
Amortisation	AI	0	0%	0	0%	0
Other intangible fixed assets	Net	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	0	0%	0	0%	0

Tangible fixed assets
		31/12/2012		31/12/2011		31/12/2010
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	0	0%	0	0%	0
Gross	AP	0	0%	0	0%	0
Amortisation	AQ	0	0%	0	0%	0
Plant	Net	0	0%	0	0%	350
Gross	AR	0	0%	0	0%	38 436
Amortisation	AS	0	0%	0	0%	38 086
Other tangible fixed assets	Net	1 283	0%	0	0%	0
Gross	AT	28 660	5,0%	27 302	0%	0
Amortisation	AU	27 377	0,3%	27 302	0%	0
Fixed assets in construction	Net	0	0%	0	0%	0
Gross	AV	0	0%	0	0%	0
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	0	0%	0	0%	0
Gross	AX	0	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	1 283		0		350

Financial assets
		31/12/2012		31/12/2011		31/12/2010
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	0	0%	0	0%	0
Gross	CU	0	0%	0	0%	0
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0		0		0
Other financial assets	Net	16 302	0%	16 302	-17,2%	19 692
Gross	BH	16 302	0%	16 302	-17,2%	19 692
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		16 302		16 302		19 692

Current Assets (III)

		31/12/2012		31/12/2011		31/12/2010
Total Assets	Net	39 899 457	-5,3%	42 135 015	-68,5%	133 896 773
Gross	CJ	39 899 457	-5,9%	42 398 655	-69,0%	136 874 365
Amortisation	CK	0	0%	263 640	-91,1%	2 977 592

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	0	0%	0	0%	0
Gross	BT	0	0%	0	0%	0
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	0	0%	0	0%	0

Advance payments to suppliers
			31/12/2012						31/12/2011			31/12/2010
Advance payments to suppliers	Net		0	0%					0	0%		0
Gross	BV		0	0%					0	0%		0
Amortisation	BW		0	0%					0	0%		0
Debtors
			31/12/2012						31/12/2011			31/12/2010
Trade accounts receivable	Net		769 888	0%					0	0%		22 639 220
Gross	BX		769 888	192,0%					263 640	-99,0%		25 616 812
Amortisation	BY		0	0%					263 640	-91,1%		2 977 592
Other debtors	Net		9 901 178	-13,2%					11 406 046	-85,7%		79 874 185
Gross	BZ		9 901 178	-13,2%					11 406 046	-85,7%		79 874 185
Amortisation	CA		0	0%					0	0%		0
Capital subscribed and called up	Net		0	0%					0	0%		0
Gross	CB		0	0%					0	0%		0
Amortisation	CC		0	0%					0	0%		0
Sub Total Debtors	Net		10 671 066	-6,4%					11 406 046	-88,9%		102 513 405
Divers
			31/12/2012						31/12/2011			31/12/2010
Investment securities	Net		18 948 000	-1,9%					19 321 426	-0,7%		19 458 165
Gross	CD		18 948 000	-1,9%					19 321 426	-0,7%		19 458 165
Amortisation	CE		0	0%					0	0%		0
Cash and cash equivalents	Net		10 091 099	-11,5%					11 407 543	-4,3%		11 925 203
Gross	CF		10 091 099	-11,5%					11 407 543	-4,3%		11 925 203
Amortisation	CG		0	0%					0	0%		0
Sub Total Divers	Net		29 039 099	-5,5%					30 728 969	-2,1%		31 383 368
Prepaid expenses
			31/12/2012						31/12/2011			31/12/2010
Prepaid expenses	Net		189 292	0%					0	0%		0
Gross	CH		189 292	0%					0	0%		0
Amortisation	CI		0	0%					0	0%		0
Equalization accounts (IV to VI)
			31/12/2012						31/12/2011			31/12/2010
Multi-period charges	CW3		0	0%					0	0%		0
Gross			0	0%					0	0%		0
Premiums on redemption of bonds	CM3		0	0%					0	0%		0
Gross			0	0%					0	0%		0
Currency differential gain	CN3		0	0%					0	0%		0
Gross			0	0%					0	0%		0
References
			31/12/2012						31/12/2011			31/12/2010
Due within one year	CP		0	0%					0	0%		0
Due after one year	CR		0	0%					0	0%		0
Display parameter
Currency	Euro
Accounts - Passive
Grand Total - Passive Accounts (I to IV)
			31/12/2012						31/12/2011			31/12/2010
Grand Total (I to V)	EE		39 917 042	-5,3%					42 151 317	-68,5%		133 916 815
Shareholder Equity (I)
			31/12/2012						31/12/2011			31/12/2010
Total shareholders' equity (Total I)	DL		10 079 260	-2,0%					10 288 058	-32,1%		15 154 120
Equity and shareholders' equity	DA		256 000	0%					256 000	0%		256 000
Issue and merger premiums	DB		0	0%					0	0%		0
Revaluation differentials	DC		0	0%					0	0%		0
Of which equity differential	EK		0	0%					0	0%		0
Legal reserve	DD		25 600	0%					25 600	0%		25 600
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	B1		0	0%					0	0%		0
fluctuation
Other reserves	DG		0	0%					0	0%		0
Of which reserve for buying
originals works from alive	EJ		0						0	0%		0
artists
Profits or losses brought forward	DH		9 842 595	125,3%					4 369 397	-66,7%		13 126 189
Profit or loss for the period	DI		-44 935	-100,8%					5 637 061	222,8%		1 746 331
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	DR		0	0%					0	0%		0
and charges (Total III)
Risk provisions	DP		0	0%					0	0%		0
Reserves for charges	DQ		0	0%					0	0%		0
BECHTEL FRANCE
Liabilities (IV)
			31/12/2012						31/12/2011			31/12/2010
Total Liabilities (Total IV)	EC		29 837 782	-6,4%					31 863 259	-73,2%		118 762 695
Convertible debentures	DS		0	0%					0	0%		0
Other debentures	DT		0	0%					0	0%		0
Bank loans and liabilities	DU		0	0%					0	0%		0
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		28 660 808	-2,5%					29 408 549	-5,6%		31 152 947
Trade accounts payables	DX		253 384	-76,8%					1 090 108	-95,5%		24 336 125
Tax and social security liabilities	DY		163 691	151,4%					65 101	-97,9%		3 147 120
Fixed asset liabilities	DZ		0	0%					0	0%		0
Other debts	EA		626 244	-51,8%					1 299 501	-97,8%		60 126 503
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		133 655	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
Result account
1- Operating result (I-II)
			31/12/2012	31/12/2011						31/12/2010
Operating result (Total I-II)	GG		-14 423 -111,2%	128 928					-88,3%	1 099 285
2 - Financial result (V - VI)
	31/12/2012			31/12/2011						31/12/2010
Financial result (Total V-VI) GV	156 458		-71,7%	552 873					277,6%	146 409
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		142 035	-79,2%					681 801	-45,3%		1 245 694
4 - Extraordinary result (VII-VIII)
		31/12/2012		31/12/2011						31/12/2010
Extraordinary result (Total VII-VIII)	HI	-05 -100,0%		4 520 156 1361592,8%						-332
Profit or loss
		31/12/2012		31/12/2011						31/12/2010
Profit or loss	HN	-44 935 -100,8%		5 637 061			222,8%			1 746 331
Total Income (I+III+V+VII)
		31/12/2012		31/12/2011						31/12/2010
Total Income (I+III+V+VII)	HL	2 329 328 -88,9%		20 922 133		-18,0%				25 529 797
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	2 374 268 -84,5%		15 285 073				-35,7%		23 783 466
Operating income (I)
		31/12/2012		31/12/2011						31/12/2010
Total operating income (Total I)	FR	1 546 888 -8,1%		1 682 751				-93,4%		25 356 379
Operating income (details)
		31/12/2012						31/12/2011				31/12/2010
Sale of goods for resale	FC	0		0%				0		0%		0
France	FA	0		0%				0		0%		0
Export	FB	0		0%				0		0%		0
Sale of goods produced	FF	0		0%				540 049		0%		0
France	FD	0		0%				540 049		0%		0
Export	FE	0		0%				0		0%		0
Sale of services	FI	1 032 762		0%				0		0%		23 419 720
France	FG	1 032 762		0%				0		0%		23 419 720
Export	FH	0		0%				0		0%		0
Net turnover	FL	1 032 762		91,2%				540 049		-97,7%		23 419 720
France	FJ	1 032 762		91,2%				540 049		-97,7%		23 419 720
Export	FK	0		0%				0		0%		0
Stocked production	FM	0		0%				0		0%		0
Self-constructed assets	FN	0		0%				0		0%		0
Operating grants	FO	0		0%				0		0%		0
Release of reserves and provisions	FP	48 075		-93,4%				727 163		-62,5%		1 936 659
Other income	FQ	466 051		12,2%				415 539		0%		0
Operating charges (II)
		31/12/2012			31/12/2011						31/12/2010
Total operating charges (Total II)	GF	1 561 311		0,5%	1 553 823					-93,6%	24 257 094
Exploitation charges
		31/12/2012			31/12/2011						31/12/2010
Purchase of goods for resale	FS	0		0%	0					0%	0
Change in stocks of goods for resale	FT	0		0%	0					0%	0
Purchase of raw materials	FU	0		0%	0					0%	0
Change in stocks of raw materials	FV	0		0%	0					0%	0
Other external purchases and charges	FW	1 095 770		20,4%	909 764					-96,0%	22 562 207
Tax, duty and similar payments	FX	-4 345		-1948,9%	235					-99,1%	27 576
Payroll	FY	193 555		-0,4%	194 246					6,2%	182 972
Social security costs	FZ	84 104		0,4%	83 809					0,2%	83 660
Depreciation
		31/12/2012			31/12/2011						31/12/2010
Depreciation of fixed assets	GA	75		-100,0%	215 916					-82,2%	1 210 165
Amortisation of fixed assets	GB	0		0%	0					0%	0
Depreciation/amortisation of current assets	GC	0		0%	0					0%	0
Provisions for risks and charges	GD	0		0%	0					0%	0
Other charges
		31/12/2012			31/12/2011						31/12/2010
Other charges	GE	192 152		28,2%	149 853					-21,3%	190 514
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	262 277		-69,6%	863 188					397,9%	173 378
Share financial income	GJ	0		0%	0					0%	0
Other investment income & capitalised receivables	GK	102 529		-87,7%	835 938					1122,8%	68 362
Other interest and similar income	GL	0		0%	0					0%	0
Released provisions and transferred charges	GM	0		0%	0					0%	0
Exchange gains	GN	159 748		486,2%	27 250					-74,1%	105 016
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	105 819		-65,9%	310 315 1050,6%					26 969
Financial reserves and provisions	GQ	0		0%	0 0%					0
Interest and similar charges	GR	52 260		27,0%	41 146 52,6%					26 969
Exchange losses	GS	53 559		-80,1%	269 169 0%					0
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	520 163		-97,2%	18 376 194 45940385,0%					40
Extraordinary operating income	HA	520 163		-96,7%	15 796 684 39491610,0%					40
Extraordinary income from	HB	0		0%	0 0%					0
capital transactions
Released provisions and transferred charges	HC	0		0%	2 579 510 0%					0
Extraordinary charges (VIII)
		31/12/2012			31/12/2011					31/12/2010
Total extraordinary charges (Total VIII)	HH	520 168		-96,2%	13 856 038 3724641,4%					372
Extraordinary operating charges	HE	520 163		-96,2%	13 856 038 0%					0
Extraordinary charges from	HF	0		0%	0 0%					372
capital transactions
Extraordinary reserves and	HG	0		0%	0 0%					0
provisions
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	186 970		143,0%	-435 103 13,1%					-500 969
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
Other incomes tax return forms
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,	OJ	0	0%	0	0%	0
creations, contributions
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	0	0%	14 524	0%	0
Gross value at the end of period	OL	0	0%	43 604	0%	0
Research and development Charge (Total I)
		31/12/2012		31/12/2011		31/12/2010
Gross value at begin of period	CZ	0	0%	0	0%	0
Increasess due to revaluation	KB	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
Decreasess by budget item transfer	C01	0	0%	0	0%	0
Decreasess by transfers	C02	0	0%	0	0%	0
Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

		31/12/2012			31/12/2011
Gross value at begin of period	KD		0	0%	0	0%
Increasess due to revaluation	KE		0	0%	0	0%
Increasess, acquisitions,	KF		0	0%	0	0%
creations, contributions
Decreasess by budget item transfer	LV1		0	0%	0	0%
Decreasess by transfers	LV2		0	0%	0	0%
Gross value at the end of period	LW		0	0%	0	0%

Tangible fixed assets (total III)

		31/12/2012			31/12/2011
Gross value at begin of period	LN		0	0%	38 436	0%
Increasess due to revaluation	LO		0	0%	0	0%
Increasess, acquisitions,	LP		0	0%	0	0%
creations, contributions
Decreasess by budget item transfer	NG1		0	0%	0	0%
Decreasess by transfers	NG2		0	0%	11 134	0%
Gross value at the end of period	NH		0	0%	27 302	0%

Financial assets (Total IV)

		31/12/2012			31/12/2011
Gross value at begin of period	LQ		0	0%	19 692	0%
Increasess due to revaluation	LR		0	0%	0	0%
Increasess, acquisitions,	LS		0	0%	0	0%
creations, contributions
Decreasess by budget item transfer	NJ1		0	0%	0	0%
Decreasess by transfers	NJ2		0	0%	3 390	0%
Gross value at the end of period	NK		0	0%	16 302	0%
Reserve for depreciation
Situation and movement of reserve for depreciation
Grand total (I-II-III)
		31/12/2012			31/12/2011
Reserve for depreciation value at begin of period	0N		0	0%	0	0%
Increases	0P		0	0%	0	0%
Decreasess	0Q		0	0%	0	0%
Reserve for depreciation value at the end of period	0R		0	0%	0	0%

Research and development charge (Total I)

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

Other intangible assets (Total II)

		31/12/2012			31/12/2011
Reserve for depreciation value at begin of period	PE		0	0%	0	0%
Increases	PF		0	0%	0	0%
Decreasess	PG		0	0%	0	0%
Decreasess by budget item transfer	PH		0	0%	0	0%

Total fixed assets amotisation (Total III)

		31/12/2012			31/12/2011
Reserve for depreciation value at begin of period	QU		0	0%	38 086	0%
Increases	QV		0	0%	350	0%
Decreases	QW		0	0%	11 134	0%
Decreasess by budget item transfer	QX		0	0%	27 302	0%

Movements during period affecting charge allocated over several period

Charges a repartir ou frais d'emission 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	Z9	0	0%	0	0%	0
during period
Decreasess by budget item	B1	0	0%	0	0%	0
transfer
Premium refund of obligations
		31/12/2012		31/12/2011		31/12/2010
Net value at begining of	SP1	0	0%	0	0%	0
period
Increases	SP2	0	0%	0	0%	0
Depreciation of fixed assets	SP	0	0%	0	0%	0
during period
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%	0	0%	0
Increases	UB	0	0%	0	0%	0
Decreases	UC	0	0%	0	0%	0
Value at the end of period	UD	0	0%	0	0%	0
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%	0	0%	0
Increases	TV	0	0%	0	0%	0
Decreases	TW	0	0%	0	0%	0
Value at the end of period	TX	0	0%	0	0%	0

Total Provision for depreciation (Total III)
		31/12/2012		31/12/2011		31/12/2010
Value at begining of period	7B	0	0%	0	0%	0
Increases	TY	0	0%	0	0%	0
Decreases	TZ	0	0%	0	0%	0
Value at the end of period	UA	0	0%	0	0%	0

State deadlines claims and debts at the end of period

State claims
		31/12/2012		31/12/2011		31/12/2010
Gross value	VT	0	0%	11 685 989	0%	0
1 year at most	VU	0	0%	11 685 989	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	UM	0	0%	0	0%	0
most)
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%	16 302	0%	0
Other financial assets (1 year at most)	UV	0	0%	16 302	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%	263 640	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	VR	0	0%	11 406 047	0%	0
titles)

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%	2454 710	0%	0
1 year at most	VZ2	0	0%	2 454 710	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% 1 090 108 0% 0

1 year at most 8B2 0 0% 1 090 108 0% 0

More than 1 year and 5 years at

Most 8B3 0 0% 1 090 108 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% 65 101 0% 0

1 year at most 8D2 0 0% 65 101 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	8J1	0	0%	0	0%	0
(gross)
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%	1 299 501	0%	0
1 year at most	8K2	0	0%	1 299 501	0%	0
More than 1 year and 5 years at most	8K3	0	0%	0	0%	0
Debt representative of
borrowed securities	SZ1	0	0%	0	0%	0
(gross)
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%	0	0%	0

Groups and Shareholders

		31/12/2012	31/12/2011	31/12/2010
Groups and Shareholders	ZR	0	- 0	- -
Display parameter
Comparison mode	MMedian

Ratios

Structure and Liquidity
	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Fixed Asset Financing	224,78	-5,0%	236,57	-9,5%	261,36	2,78	7985,6%
Global Debt	10401 days	-51,0%	21240 days	1063,2%	1826 days	133 days	7720,3%
Working
Capital Fund	3507 days	-48,8%	6847 days	2838,6%	233 days	99 days	3442,4%
overall net
Financial independence	%	-	%	-	%	548,75%	-
Solvability	25,25%	3,4%	24,41%	115,6%	11,32%	41,80%	-39,6%
Capacity debt futures	%	-	%	-	%	1720,14%	-
Coverage of
current
assets by net working	17,15%	3,1%	16,64%	71,9%	9,68%	47,14%	-63,6%
capital
overall
General Liquidity		-	4,76	-		0,90	-
Restricted Liquidity		-	17,28	-		1,55	-

Management or rotation
	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Need
background
in operating	-6635 days	51,3%	-13637 days	-5354,8%	-250 days	19 days	-35021,1%
working
capital
Treasury	10122 days	-50,6%	20484 days	4149,8%	482 days	26 days	38830,8%
Inventory
turnover of	days	-	days	-	days	0 days	-
goods
Average
length of
credit	268 days	52,3%	176 days	-55,3%	394 days	83 days	222,9%
granted to
customers
Average
length of
credit	83 days	-80,7%	431 days	11,1%	388 days	52 days	59,6%
obtained
suppliers
Inventory
turnover of
raw materials in	days	-	days	-	days	0 days	-
industrial
enterprises
Inventory
turnover of
intermediate
and finished products in	days	-	1978 days	-	days	1117 days	-
the
industrial
enterprise
Rotation
tangible	%	-	1978,06%	-	%	1174,61%	-
assets
Profitability of the business
	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Margin trading	0%	0%	0%	0%	0	0%	0%
Profitability
of the	-32,57	72,9%	-119,99	-5078,8%	2,41	7,60%	-528,6%
business
Net profit	-4,35%	-100,4%	1043,81%	13892,1%	7,46%	4,94%	-188,1%
Growth
rate of
turnover	91,23%	193,4%	-97,69%	-89,6%	-51,53%	0,68%	13316,2%
(excluding
VAT)
Rates integration	-6,10%	91,1%	-68,46%	-1970,5%	3,66%	58,44%	-110,4%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	-440,67%	-485,9%	-75,21%	-341,9%	31,09%	74,81%	-689,1%
Weight interests	10,25	-82,2%	57,46%	47783,3%	0,12%	0,06%	16983,3%

Return on capital
	31/12/2012		31/12/2011		31/12/2010	Sector Median 2012
Cash flow
from the overall	-4,34%	-100,4%	1083,79%	8481,1%	12,63%	7,12%	-161,0%
profitability
Rates of
economic	-3%	50,0%	-6%	-250,0%	4%	20%	-115,0%
profitability
Financial profitability	10079260%	-2,0%	10288058%	-32,1%	15154120%	36483%	27527,3%
Return on investment	0,60%	-99,0%	57,81%	394,1%	11,70%	14,91%	-96,0%

Display parameter
Currency	Euro
Comparison mode	Median

Soldes Intermediaires de Gestion

	31/12/2012	31/12/2011	31/12/2010	Sector Median 2012
Turnover	1 032 762	91,2% 540 049	-97,7% 23 419 720	187 806 €	449,9%

Sales of						1
goods	0	0%	0	0%	0	1
						1
Purchase	0	0%	0	0%	0
of goods
Stock of goods	0	0%	0	0%	0
variation
Trading margin	0 €	0%	0 €	0%	0 €	0 €	0%
	0,00 % CA	0%	0,00 % CA	0%	0,00 % CA	0 % CA	0%

Sale of
goods	1 032 762	91,2%	540 049	-97,7%	23 419 720
produced
+/-Stocked production	0	0%	0	0%	0
+ Self-
constructed	0	0%	0	0%	0
assets
Period production	1 032762 €	91,2%	540 049 €	-97,7%	23 419 720 €	175 014 €	490,1%
	100,00 % CA	0%	100,00 % CA	0%	100,00 % CA	100 % CA	0%

Trading margin	0	0%	0	0%	0	0	0%
+ Period Production	1 032 762	91,2%	540 049	-97,7%	23 419 720	175 014	490,1%
- Purchase
of raw	0	0%	0	0%	0
materials
+/- Change
in stocks of raw	0	0%	0	0%	0
materiels
- Other
external
purchases	1 095 770	20,4%	909 764	-96,0%	22 562 207
and
charges
Added value	-63 008 €	83,0%	-369 715 €	-143,1%	857513 €	101 917 €	-161,8%
	-6,10 % CA	91,1%	-68,46 % CA	-1970,5%	3,66 % CA	58,44 % CA	-110,4%

Added value	-63 008 €	83,0%	-369 715 €	-143,1%	857513 €	101 917 €	-161,8%
+ Operating	0	0%	0	0%	0
grants
- Tax,
duty and similar	-4 345	-1948,9%	235	-99,1%	27 576
payments
- Personal charges	277 659	-0,1%	278 055	4,3%	266 632
Gross
operating	-336 322 €	48,1%	-648 005 €	-215,0%	563 305 €	15 550 €	-2262,8%
surplus
	-32,57 % CA	72,9%	-119,99 % CA	-5078,8%	2,41 % CA	7,60 % CA	-528,6%

Gross operating surplus	-336 322 €	48,1% -648 005 €		-215,0%	563 305 €	15 550 €	-2262,8%
+ Release of reserves and provisions	48 075	-93,4%	727 163	-62,5%	1 936 659
+ Other operating income	466 051	12,2%	415 539	0%	0
Depreciation/Amortisation	75	-100,0%	215 916	-82,2%	1 210 165
- Other charges	192 152	28,2%	149 853	-21,3%	190 514
Operating result	-14423 €	-111,2%	128 928 €	-88,3%	1 099 285 €	11 830 €	-221,9%
	-1,40 % CA	-105,9%	23,87 % CA	409,0%	4,69 % CA	5,65 % CA	-124,8%

Operating result	-14423 €	-111,2%	128 928 €	-88,3%	1 099 285 €	11 830 €	-221,9%
+/- Result
of joint-
venture
transferred	0	0%	0	0%	0
from/to
other
partners
+ Financial income	262 277	-69,6%	863 188	397,9%	173 378
- Financial charges	105 819	-65,9%	310 315	1050,6%	26 969
Pre-tax result	142 035 €	-79,2%	681 801 €	-45,3%	1 245 694 €	12 184 €	1065,8%
	13,75 % CA	-89,1%	126,25 % CA	2273,1%	5,32 % CA	5,71 % CA	140,8%

Extraordinary income	520 163	-97,2%	18 376 194	45940385,0%	40	0	0%
Extraordinary	520 168	-96,2%	13 856 038	3724641,4%	372
charges
Extraordinary result	-05 €	-100,0%	4 520 156 €	1361592,8%	-332 €	0 €	0%
	0,00 % CA	0%	836,99 % CA	0%	0 % CA	0 % CA	0%

Pre-tax result	142035 €	-79,2%	681801€	-45,3%	1245694€	12184€	1065,8%
Extraordinary result	-05 €	-100,0%	4 520 156 €	1361592,8%	-332 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	186 970	143,0%	-435 103	13,1%	-500 969
Net result	-44 940 €	-100,8%	5 637 060 €	222,8%	1 746 331 €	11 497 €	-490,9%
	-4,35 % CA	-100,4%	1043,81 % CA	13892,1%	7,46 % CA	4,97 % CA	-187,5%

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 sales to current assets ratio is 0,03

The financial liabilities are 0 €

The net current assets are 39,899,457 €

The net turnover is 1,032,762 €

The pre-tax profit is 142,035 €

The stocks value is 0 €

Industry code with low risk rating

Region code with low risk rating

The company is 50 years old

Workforce size is in the average risk band

The ratio total assets to total liabilities is 1,34

The trade payables value is 253,384 €

The tangible fixed assets are 1,283 €

The receivables value is 10,860,358 €

The decrease in the return on capital employed over the last two accounting periods is 97 %

The decrease in pre-tax profit over the last two accounting periods is 97 %

The decrease in the pre-tax profit margin over the last two accounting periods is 99 %

Judgements

Collective procedures

No judgment information for the company

Preferential rights details and history
Summary of preferential rights
Company monitored since	02/10/2007
Status of Monitoring	No social security and tax office preferential right to date

Group data

Group Structure

No group information available for the company

Linkages

No Linkages information available for the company

Event History

Status history
Date	Description
01/06/2011	Economically active

Recent publications in Gazettes

Publication date Gazette Name Description

15/02/2014 Bodacc C Comptes annuels et rapports

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

8832 - 642040992 RCS. BECHTEL FRANCE. Forme : Societe par actions simplifiee. Adresse : 42 avenue Montaigne

75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.

07/02/2014 Bodacc B Modification et mutation diverse

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

1522 - 642 040 992 RCS Paris. BECHTEL FRANCE. Forme : Societe par actions simplifiee. Administration :

President partant : Khedr, Emad, nomination du President : Dawson, Peter, Directeur general partant :

Cochrane, James. Capital: 256000 EUR. Activite : .

Adresse du siege social: 42 avenue Montaigne, 75008 Paris.

Commentaires : modification survenue sur l'administration.

10/01/2014 JAL Appointment of the social representative

Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France

Date de decision : 13/12/2013

Societe faisant lobjet dune nomination : 642040992 - BECHTEL FRANCE, BECHTEL, 42 AV MONTAIGNE, 75008

PARIS 8

Nomine : Monsieur Peter DAWSON, LONDON

En la fonction de : President

Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France

Date de decision : 13/12/2013

La societe 642040992 - BECHTEL FRANCE, BECHTEL, 42 AV MONTAIGNE, 75008 PARIS 8

Fait lobjet du depart de Monsieur Emad KHEDR, 245 Hammersmith Road, LONDRES

19/11/2012 Bodacc C Comptes annuels et rapports

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

10869 - 642040992 RCS. BECHTEL FRANCE. Forme : Societe par actions simplifiee. Adresse : 42 avenue

Montaigne 75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.

26/09/2011 Bodacc C Comptes annuels et rapports

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

9733 - 642040992 RCS. BECHTEL FRANCE. Forme : Societe par actions simplifiee. Adresse : 38 rue de Bassano

75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.

13/09/2011 Bodacc B Modification et mutation diverse

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

BECHTEL FRANCE

430 - 642 040 992 RCS Paris. BECHTEL FRANCE. Forme : Societe par actions simplifiee. Capital : 256000 EUR.

Activite : . Adresse de letablissementprincipal: 42 avenue Montaigne, 75008 Paris.

Adresse du siege social : 42 avenue Montaigne, 75008 Paris.

Commentaires : modification survenue sur l'adresse du siege.

25/11/2010 Bodacc B Modification et mutation diverse

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

2499 - 642 040 992 RCS Paris. BECHTEL FRANCE. Forme : Societe par actions simplifiee. Administration :

Directeur general partant : Bechelany, Pierre, nomination du Directeur general : Cochrane, James. Capital :

256000 EUR. Activite : .

Adresse du siege social : 38 rue de Bassano, 75008 Paris.

Commentaires : modification survenue sur l'administration.

04/10/2010 Bodacc C Comptes annuels et rapports

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

8545 - 642040992 RCS. BECHTEL FRANCE. Forme : Societe par actions simplifiee. Adresse : 38 R DE BASSANO

75008 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.

20/09/2009 Bodacc C Comptes annuels et rapports

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

11496 - 642040992 RCS. BECHTEL FRANCE. Forme : Societe par actions simplifiee. Adresse : 38 rue de Bassano

75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.

16/04/2009 Bodacc B Modification et mutation diverse

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

2367 - 642 040 992 RCS Paris. BECHTEL FRANCE. Forme : Societe par actions simplifiee. Administration :

President partant : Futcher, John, nomination du President : Khedr, Emad. Capital : 256000 EUR.

Adresse du siege social : 38 rue de Bassano, 75008 Paris.

Commentaires : modification survenue sur l'administration.

28/12/2008 Bodacc C Comptes annuels et rapports

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

9571 - 642040992 RCS. BECHTEL FRANCE. Forme : Societe par actions simplifiee. Adresse : 38 rue de Bassano

75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.

06/12/2007 Bodacc C Avis de depot des comptes

7554 - 642 040 992. RCS PARIS BECHTEL FRANCE. Forme: Societe par actions simplifiee. Adresse du siege social: 38

rue de Bassano 75008 Paris. Comptes annuels et rapports de l'exercice clos le: 31 decembre 2006.

30/08/2007 Bodacc B Modifications et mutations diverses

1259 - RCS Paris B 642 040 992. RC 64-B 4099. BECHTEL FRANCE. Forme : S.A.S. Capital : 256 000 euros. Adresse

du siege social : 38 rue de Bassano,, 75008 Commentaires : modification survenue sur l'administration.

Administration : president partant : SHEEHAN (John, Joseph). Nomination du president : FUTCHER (John).

17/01/2007 Bodacc C Avis de depot des comptes

6819 - RCS Paris B 642 040 992. RC 64-B 4099. BECHTEL FRANCE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE.

Adresse du siege social: 38, R de Bassano,Paris, 75008 Paris. Comptes annuels et rapports de l'exercice clos le: 31

decembre 2005.

22/12/2006 Bodacc B Modifications et mutations diverses

1134 - RCS Paris B 642 040 992. RC 64-B 4099. BECHTEL FRANCE. Forme : S.A.S. Capital : 256 000 euros. Adresse

du siege social : 38 rue de Bassano,, 75008 Commentaires : modification survenue sur l'administration.

Administration : personne pouvant diriger et engager a titre habituel la S.A.S. partant : MORVAN (Armel).

Commissaire aux comptes titulaire partant : S & W ASSOCIES S.A. Commissaire aux comptes suppleant partant :

LE GOFF (Maryse). Nomination d'un directeur general : BECHELANY (Pierre).

£3/05/^ 4 ^{Rapport d}'^entreprise._BECHTEL FRANCE

18/02/2006 Bodacc c Avis de depot des comptes

5251 - RCS Paris B 642 040 992. RC 64-B 4099. BECHTEL FRANCE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE.

Adresse du siege social: 38, R de Bassano,Paris, 75008 Paris. Comptes annuels et rapports de l'exercice clos le: 31

decembre 2004.

18/02/2006 Bodacc C Avis de depot des comptes

5252 - RCS Paris B 642 040 992. RC 64-B 4099. BECHTEL FRANCE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE.

Adresse du siege social: 38, R de Bassano,Paris, 75008 Paris. Comptes annuels et rapports de l'exercice clos le: 31

decembre 2004.

19/01/2005 Bodacc C Avis de depot des comptes

5249 - RCS Paris B 642 040 992. RC 64-B 4099. BECHTEL FRANCE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE.

Adresse du siege social: 38, rue de Bassano,75008 Paris. Comptes annuels et rapports de l'exercice clos le: 31

decembre 2003.

19/01/2005 Bodacc C Avis de depot des comptes

5250 - RCS Paris B 642 040 992. RC 64-B 4099. BECHTEL FRANCE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE.

Adresse du siege social: 38, rue de Bassano,75008 Paris. Comptes consolides et rapport de l'exercice clos le: 31

decembre 2003.

11/06/2004 Bodacc B Modifications et mutations diverses

RCS Paris B 642040992 RC 64-B 4099 BECHTEL FRANCE. Forme : S.A.S. Commentaires : modification survenue sur

l'administration. Administration : modification du president : SHEEHAN ( John, Joseph). Modification d'une

personne pouvant diriger et engager a titre habituel la societe : MORVAN ( Armel). Nomination d'un commissaire

aux comptes titulaire : S. & W. ASSOCIES. Nomination d'un commissaire aux comptes suppleant : LE GOFF

(Maryse).

09/11/2003 Bodacc B Modifications et mutations diverses

RCS Paris B 642040992 RC 64-B 4099 BECHTEL FRANCE. Forme : S.A.S. Commentaires : modification survenue sur

l'administration. Administration : commissaire aux comptes titulaire partant : COOPERS ET LYBRAND AUDIT.

Nomination d'un commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT S.A. Commissaire aux

comptes suppleant partant : SCHNEIDER (Louis- Pierre). Nomination d'un commissaire aux comptes suppleant :

NICOLAS (Yves).

26/12/2001 Bodacc B Modifications et mutations diverses

RCS Paris B 642040992 RC 64-B 4099 BECHTEL FRANCE. Forme : S.A.S. Capital : 256 000 euros. Commentaires :

modification survenue sur le capital ( augmentation).

09/11/2000 Bodacc B Modifications et mutations diverses

RCS Paris B 642040992 RC 64-B 4099 BECHTEL FRANCE. Forme : S.A.S. Commentaires : modification survenue sur

l'administration. Administration : president partant : TURNBULL (Kenneth). Nomination du president : SHEEHAN

(John, Joseph).

30/10/1998 Bodacc B Modifications et mutations diverses

RCS *. RCS Paris B 642 040 992 RC RC 64- B 4099 BECHTEL FRANCE. Forme : Societe par actions simplifiee.

Administration : suppression : president : ELLIOTT ( John, Keith). Nomination en qualite de president : TURNBULL

(Kenneth) Nomination en qualite de personne pouvant diriger et engager a titre habituel la S.A.S. : MORVAN

(Armel). Commentaires : modification survenue sur l'administration.

Company events history

Date Description

07/03/2014 Update Limit

07/03/2014 Consideration of a balance sheet that has led to a reassessment of this

Company's creditworthiness

15/02/2014 Bodacc C : Deposit accounts notice

07/02/2014 Bodacc B: Various editing or changing

23/01/2014 New chairman (CEO, CoB)

23/01/2014 Amendment

23/01/2014 Changes to the Board of Directors

10/01/2014 Legal Gazette: Resignation / Revocation of the social representative

13/12/2013 Legal Gazette: Appointment of the social representative

17/09/2013 Extension of term

17/09/2013 Application and court order

26/06/2013 Extension of term

26/06/2013 Application and court order

01/03/2013 Consideration of a balance sheet that has led to a reassessment of this

company's creditworthiness

31/12/2012 New accounts available

19/11/2012 Bodacc C : Deposit accounts notice

05/10/2012 Updated articles of association

05/10/2012 Amendment

22/06/2012 Application and court order

22/06/2012 Extension of term

31/12/2011 New accounts available

30/09/2011 Consideration of a balance sheet that has led to a reassessment of this

company's creditworthiness

26/09/2011 Bodacc C : Deposit accounts notice

13/09/2011 Bodacc B: Various editing or changing

29/08/2011 Amendment

29/08/2011 Registered office transferred inside jurisdiction of the Commercial Court

29/08/2011 Minutes of general meeting of shareholders

29/08/2011 Updated articles of association

01/06/2011 Transfer of Establishment

01/06/2011 Update of Company Head Office Identifier

31/12/2010 New accounts available

25/11/2010 Bodacc B: Various editing or changing

08/11/2010 Amendment

08/11/2010 Acte modificatif

08/11/2010 Changes to the Board of Directors

08/11/2010 Minutes of general meeting of shareholders

08/11/2010 Nomination/démission des organes de gestion

08/11/2010 Appointment/resignation of company officers

04/10/2010 Bodacc C : Deposit accounts notice

12/03/2010 Statuts mis à jour

12/03/2010 Minutes of general meeting of shareholders

12/03/2010 Updated articles of association

12/03/2010 Acte modificatif

31/12/2009 New accounts available

20/09/2009 Bodacc C : Deposit accounts notice

16/04/2009 Bodacc B: Various editing or changing

31/03/2009	Acte modificatif
31/03/2009	Minutes of general meeting of shareholders
31/03/2009	Changement de President (PDG, PCA)
31/03/2009	New chairman (CEO, CoB)
31/03/2009	Private document
31/03/2009	PV d'Assemblee
31/03/2009	Amendment
31/12/2008	New accounts available
28/12/2008	Bodacc C : Deposit accounts notice
12/06/2008	Requete et Ordonnance
12/06/2008	Prorogation de duree
12/06/2008	Extension of term
12/06/2008	Application and court order
31/12/2007	New accounts available
02/10/2007	Collection of preferential rights activated for this company
18/07/2007	Private document
18/07/2007	Appointment/resignation of company officers
18/07/2007	PV d'Assemblee
18/07/2007	Minutes of general meeting of shareholders
18/07/2007	Acte modificatif
18/07/2007	Changement de President (PDG, PCA)
31/12/2006	New accounts available
01/12/2006	Acte modificatif
01/12/2006	Private document
01/12/2006	Changement de Commissaire aux Comptes
01/12/2006	Modification du Conseil d'Administration
01/12/2006	New auditor
01/12/2006	Nomination/demission des organes de gestion
01/12/2006	Appointment/resignation of company officers
01/12/2006	PV d'Assemblee
01/12/2006	Minutes of general meeting of shareholders
20/06/2006	Prorogation de duree
20/06/2006	Requete et Ordonnance
31/12/2005	New accounts available
30/06/2005	Prorogation de duree
30/06/2005	Requete et Ordonnance
31/12/2004	New accounts available
02/07/2004	Requete et Ordonnance
02/07/2004	Prorogation de duree
24/05/2004	Changement de Commissaire aux Comptes
24/05/2004	Acte sous seing prive
24/05/2004	Nomination/demission des organes de gestion
24/05/2004	PV d'Assemblee
24/05/2004	Acte modificatif
31/12/2003	New accounts available
29/10/2003	PV d'Assemblee
29/10/2003	Acte modificatif
29/10/2003	Changement de Commissaire aux Comptes
29/10/2003	Acte sous seing prive
29/10/2003	Nomination/demission des organes de gestion
13/08/2003	Requete et Ordonnance
13/08/2003	Prorogation de duree
25/06/2003	Requete et Ordonnance
25/06/2003	Prorogation de duree
27/06/2002	Prorogation de duree
27/06/2002	Requete et Ordonnance
13/12/2001	PV d'Assemblee
13/12/2001	Statuts mis a jour
13/12/2001	Conversion du Capital Social en Euros
13/12/2001	Acte sous seing prive
13/12/2001	Augmentation de Capital
19/06/2001	Prorogation de duree
19/06/2001	Requete et Ordonnance
25/10/2000	PV d'Assemblee
25/10/2000	Nomination/demission des organes de gestion
25/10/2000	Changement de President (PDG, PCA)
25/10/2000	Acte modificatif
25/10/2000	Acte sous seing prive
30/06/2000	Requete et Ordonnance
30/06/2000	Prorogation de duree
24/06/1999	Requete et Ordonnance
24/06/1999	Prorogation de duree
14/10/1998	Changement de President (PDG, PCA)
14/10/1998	Modification du Conseil d'Administration
14/10/1998	Acte sous seing prive
14/10/1998	Nomination/demission des organes de gestion
14/10/1998	PV d'Assemblee
01/07/1998	Requete et Ordonnance
01/07/1998	Prorogation de duree
26/02/1998	Acte sous seing prive
26/02/1998	Nomination/demission des organes de gestion
26/02/1998	PV d'Assemblee
26/02/1998	Continuation malgre perte superieure a la moitie du capital
22/04/1997	Acte sous seing prive
22/04/1997	Nomination/demission des organes de gestion
22/04/1997	Statuts mis a jour
22/04/1997	Acte modificatif
22/04/1997	PV d'Assemblee
24/12/1996	Acte modificatif
24/12/1996	Statuts mis a jour
24/12/1996	PV d'Assemblee
24/12/1996	Acte sous seing prive
18/12/1996	Acte sous seing prive
18/12/1996	Rapport des Commissaires ou du Gerant
18/12/1996	Acte modificatif
29/11/1996	Acte modificatif
29/11/1996	PV d'Assemblee
29/11/1996	Modification de l'objet social
29/11/1996	Changement de Forme Juridique avec changement de categorie
29/11/1996	Statuts mis a jour
29/11/1996	Modification du Conseil d'Administration
29/11/1996	Changement de Forme Juridique sans changement de categorie
29/11/1996	Acte sous seing prive
29/11/1996	PV du Conseil d'Administration
29/11/1996	Nomination/demission des organes de gestion
29/03/1994	PV d'Assemblee
29/03/1994	Nomination/demission des organes de gestion
29/03/1994	Modification du Conseil d'Administration
29/03/1994	Reconstitute de l'Actif Net
29/03/1994	Acte modificatif
17/09/1993	PV d'Assemblee
17/09/1993	PV du Conseil d'Administration
17/09/1993	Transfert du Siege dans le ressort du Tribunal de Commerce
17/09/1993	Modification du Conseil d'Administration
17/09/1993	Acte modificatif
17/09/1993	Nomination/demission des organes de gestion
17/09/1993	Changement de Commissaire aux Comptes
17/09/1993	Changement de President (PDG, PCA)
20/10/1992	Acte modificatif
20/10/1992	Changement de Commissaire aux Comptes
20/10/1992	Transfert du Siege dans le ressort du Tribunal de Commerce
20/10/1992	Statuts mis a jour
03/12/1991	Modification du Conseil d'Administration
03/12/1991	Nomination/demission des organes de gestion
03/12/1991	PV d'Assemblee

Directors

Name	M. DAWSON PETER
Manager position	President	Date of birth 20/03/1956
Place of birth	KENTON(ROYAUME-UNI)
Type	Individual

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M EMAD KHEDR	- - -
President	M EMAD KHEDR	03/11/1960 - CAIRE(EGYPTE)
Managing director	M JAMES COCHRANE	02/06/1969 - MEXBOROUGH(ROYAUME-UNI)

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 :	RAS
Report Prepared by :	MNL

RATING EXPLANATIONS

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

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

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

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

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

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