MIRA INFORM REPORT

Report Date :

31.05.2014

IDENTIFICATION DETAILS

Name :	UNITAIR
Registered Office :	Zi Sud, Rue Jean Charcot, Bp 137, 13631 Arles Cedex
Country :	France
Financials (as on) :	30.06.2012
Date of Incorporation :	January 1995
Com. Reg. No.:	RCS Tarascon 9 400 033 486
Legal Form :	Simplified Joint Stock Company with Single Associate
Line of Business :	· Manufacturer of industrial cooling and ventilation equipment Manufacturer of industrial refrigeration.
No of Employees :	35 (30.06.2011)

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

REGISTERED NAME & COMPANY SUMMARY

Name

UNITAIR

SIRET

400 033 486 00012

company summary

		EUR VAT Number	FR77400033486
Activity (APE)	· Manufacturer of industrial cooling and ventilation equipment Manufacturer of industrial refrigeration.	Legal form	Simplified Joint Stock Company with Single Associate
Phone	04 90 49 99 26	RCS Registration	RCS Tarascon 9 400 033 486
Fax	04 90 49 50 05
Address	UNITAIR ZI SUD RUE JEAN CHARCOT BP 137 13631 ARLES CEDEX	Incorporated Date	02/1995
Nationality	France	Status	Economically active

DIRECTORS/MANAGEMENT

directors

Name	M. BARACHINI GERARD
Manager position	President	Date of birth	26/01/1947
Place of birth	ARLES (13)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Manager	M GERARD BARACHINI	26/01/1947 - ARLES
Manager	M GERARD BARACHINI	26/01/1947 - ARLES (13)

NEGATIVE INFORMATION

judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

1,000,000 Euros

PAYMENT INFORMATION

Payment Information Summary - Trade Payment Data
	Total number of Invoices available	13
	Total number of Invoices paid within or up to 30 days after the due date	5
	Total number of Invoices paid more than 30 days after the due date	8
	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

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

No group information available for the company

Linkages

No Linkages information available for the company

FINANCIAL INFORMATION

Trading to Date

06/30/2012

06/30/2011

06/30/2010

Turnover

4,665,714 €

5,162,428 €

4,858,962 €

Gross Operating Surplus

5,83 % Turnover

2,69 % Turnover

1,86 % Turnover

Shareholders’ equity

768,723 €

556,007 €

535,076 €

Net result

-239,284 €

20,930 €

21,684 €

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	30/06/2012	30/06/2011	30/06/2010
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	15/03/2013	23/04/2012	21/04/2011
Activity Code	2825Z	2825Z	2825Z
Employees	0	35	0

Active account

Annual Accounts	30/06/2012		30/06/2011		30/06/2010	Sector Median 2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	669 033	448,9%	121 876	-2,0%	124 333	44 316,50	1409,7%
- Intangible assets	522 151	0%	0	0%	0	397	131424,2%
- Tangible assets	75 318	47,0%	51 249	-23,0%	66 520	20 152,50	273,7%
- Financial assets	71 564	1,3%	70 627	22,2%	57 813	2 073,50	3351,4%
Net current assets	1 657 962	-37,7%	2 663 080	-5,0%	2 803 169	351 792	371,3%
- Stocks	622 448	28,3%	485 291	-1,2%	491 249	34 765,50	1690,4%
- Advanced payments	0	-37,7%	0	0%	0	0	0%
- Receivables	968 053	-52,4%	2 034 973	-10,6%	2 275 715	187 730,50	415,7%
- Securities and cash	67 461	-52,8%	142 816	294,5%	36 205	67 229	0,3%
- Prepaid expenses	-	-	-	-	-	907,50	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	2 326 995	-16,4%	2 784 957	-4,9%	2 927 503	411 134,50	466,0%

Passive Account

Annual Accounts	30/06/2012		30/06/2011		30/06/2010	Sector Median 2012
Shareholders' equity	768 723	38,3%	556 007	3,9%	535 076	151 596	407,1%
Share capital	1 000 000	1150,0%	80 000	0%	80 000	27 900	3484,2%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	1 558 271	-30,1%	2 228 948	-6,8%	2 392 425	226 109,50	589,2%
- Financial liabilities	671 064	-39,9%	1 117 159	-12,2%	1 272 093	27 482	2341,8%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	576 412	-26,0%	778 898	19,5%	651 701	71 449	706,7%
- Tax and social liabilities	307 383	-6,4%	328 287	-29,8%	467 645	101 125	204,0%
- Other debts and fixed assets liabilities	3 412	-25,9%	4 604	366,9%	986	7 489,50	-54,4%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	2 326 995	-16,4%	2 784 957	-4,9%	2 927 503	411 134,50	466,0%

Results

Annual Accounts	30/06/2012		30/06/2011		30/06/2010	Sector Median 2012
Sales of Goods	4 826 868	-6,4%	5 158 736	5,6%	4 885 219	748 156,50	545,2%
Net turnover	4 665 714	-9,6%	5 162 428	6,2%	4 858 962	734 444	535,3%
- of which net export turnover	2 956 522	18,1%	2 502 636	48,6%	1 684 333	0	0%
Operating charges	5 036 366	-0,6%	5 064 566	5,2%	4 813 593	731 782,50	588,2%
Operating profit/loss	-209 498	-322,5%	94 170	31,5%	71 626	24 000	-972,9%
Financial income	12 095	753,0%	1 418	2575,5%	53	248	4777,0%
Financial charges	34 037	-40,9%	57 587	32,5%	43 447	1 016	3250,1%
Financial profit/loss	-21 942	60,9%	-56 169	-29,4%	-43 394	-223,50	-9717,4%
Pretax net operating income	-231 440	-709,0%	38 001	34,6%	28 232	22 376	-1134,3%
Extraordinary income	4 786	114,3%	2 233	-91,0%	24 696	859,50	456,8%
Extraordinary charges	12 630	100,3%	6 307	-63,5%	17 265	823	1434,6%
Extraordinary profit/loss	-7 844	-92,5%	-4 074	-154,8%	7 431	0	0%
Net result	-239 284	-1243,3%	20 930	-3,5%	21 684	20 956	-1241,8%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	30/06/2012	30/06/2011	30/06/2010
Months	12	12	12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

		30/06/2012		30/06/2011		30/06/2010
Grand Total (I to VI)	Net	2 326 995	-16,4%	2 784 957	-4,9%	2 927 503
Gross	CO	2 442 737	-15,4%	2 888 338	-6,1%	3 076 926
Amortisation	1A	115 742	12,0%	103 381	-30,8%	149 423

Non declared distributed capital (I)

		30/06/2012		30/06/2011		30/06/2010
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		30/06/2012		30/06/2011		30/06/2010
Total Active fixed asset (II)	Net	669 033	448,9%	121 876	-2,0%	124 333
Gross	BJ	780 649	267,4%	212 456	-10,6%	237 754
Amortisation	BK	111 616	23,2%	90 580	-20,1%	113 421

Intangible fixed assets

			30/06/2012		30/06/2011		30/06/2010
	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	-4 429	0%	0	0%	0
	Gross	CX	0	0%	0	0%	38 112
	Amortisation	AE	4 429	0%	0	0%	38 112
	Distributorships, patents	Net	13 580	0%	0	0%	0
	Gross	AF	13 580	0%	0	0%	0
	Amortisation	AG	0	0%	0	0%	0
	Goodwill	Net	513 000	0%	0	0%	0
	Gross	AH	513 000	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	522 151	0%	0	0%	0

Tangible fixed assets

		30/06/2012		30/06/2011		30/06/2010
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	29 938	14,6%	26 116	-18,6%	32 066
Gross	AR	83 746	16,2%	72 087	0%	72 087
Amortisation	AS	53 808	17,0%	45 971	14,9%	40 021
Other tangible fixed assets	Net	45 380	80,6%	25 133	-27,1%	34 454
Gross	AT	98 759	41,6%	69 742	0%	69 742
Amortisation	AU	53 379	19,7%	44 609	26,4%	35 288
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	75 318		51 249		66 520

Financial assets

		30/06/2012		30/06/2011		30/06/2010
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	71 564	1,3%	70 627	22,2%	57 813
Gross	BH	71 564	1,3%	70 627	22,2%	57 813
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		71 564		70 627		57 813

Current Assets (III)

		30/06/2012		30/06/2011		30/06/2010
Total Assets	Net	1 657 962	-37,7%	2 663 080	-5,0%	2 803 169
Gross	CJ	1 662 089	-37,9%	2 675 882	-5,8%	2 839 171
Amortisation	CK	4 127	-67,8%	12 802	-64,4%	36 002

Stocks

		30/06/2012		30/06/2011		30/06/2010
Raw materials	Net	344 509	-3,5%	356 844	17,2%	304 425
Gross	BL	344 509	-3,5%	356 844	17,2%	304 425
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	277 939	116,4%	128 447	-31,2%	186 824
Gross	BN	277 939	116,4%	128 447	-31,2%	186 824
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	622 448	28,3%	485 291	-1,2%	491 249

Advance payments to suppliers

		30/06/2012		30/06/2011		30/06/2010
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

		30/06/2012		30/06/2011		30/06/2010
Trade accounts receivable	Net	891 071	-53,4%	1 913 834	-13,8%	2 220 459
Gross	BX	895 198	-53,5%	1 926 636	-14,6%	2 256 461
Amortisation	BY	4 127	-67,8%	12 802	-64,4%	36 002
Other debtors	Net	65 279	-41,8%	112 087	172,3%	41 169
Gross	BZ	65 279	-41,8%	112 087	172,3%	41 169
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	956 350	-52,8%	2 025 921	-10,4%	2 261 628

Divers

		30/06/2012		30/06/2011		30/06/2010
Investment securities	Net	200	0%	200	0%	200
Gross	CD	200	0%	200	0%	200
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	67 261	-52,8%	142 616	296,1%	36 005
Gross	CF	67 261	-52,8%	142 616	296,1%	36 005
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	67 461	-52,8%	142 816	294,5%	36 205

Prepaid expenses

		30/06/2012		30/06/2011		30/06/2010
Prepaid expenses	Net	11 703	29,3%	9 052	-35,7%	14 087
Gross	CH	11 703	29,3%	9 052	-35,7%	14 087
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		30/06/2012		30/06/2011		30/06/2010
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

		30/06/2012		30/06/2011		30/06/2010
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)

		30/06/2012		30/06/2011		30/06/2010
Grand Total (I to V)	EE	2 326 995	-16,4%	2 784 957	-4,9%	2 927 503

Shareholder Equity (I)

		30/06/2012		30/06/2011		30/06/2010
Total shareholders' equity (Total I)	DL	768 723	38,3%	556 007	3,9%	535 076
Equity and shareholders' equity	DA	1 000 000	1150,0%	80 000	0%	80 000
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	8 000	0%	8 000	0%	8 000
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	0	0%	0	0%	0
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	07	-100,0%	447 077	5,1%	425 392
Profit or loss for the period	DI	-239 284	-1243,3%	20 930	-3,5%	21 684
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		30/06/2012		30/06/2011		30/06/2010
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)

		30/06/2012		30/06/2011		30/06/2010
Total provisions for risks and charges (Total III)	DR	0	0%	0	0%	0
Risk provisions	DP	0	0%	0	0%	0
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		30/06/2012		30/06/2011		30/06/2010
Total Liabilities (Total IV)	EC	1 558 271	-30,1%	2 228 948	-6,8%	2 392 425
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	610 001	-43,0%	1 070 369	-8,5%	1 169 576
Sundry loans and financial liabilities	DV	61 063	30,5%	46 790	-54,4%	102 517
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	576 412	-26,0%	778 898	19,5%	651 701
Tax and social security liabilities	DY	307 383	-6,4%	328 287	-29,8%	467 645
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	3 412	-25,9%	4 604	366,9%	986

Translation loss (V)

		30/06/2012		30/06/2011		30/06/2010
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		30/06/2012		30/06/2011		30/06/2010
Deferred income	EB	0	0%	0	0%	0

References

		30/06/2012		30/06/2011		30/06/2010
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	2 105 370	-6,1%	2 241 963
Of which current bank facilities	EH	0	0%	918 181	-7,4%	991 264

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)

		30/06/2012		30/06/2011		30/06/2010
Operating result (Total I-II)	GG	-209 498	-322,5%	94 170	31,5%	71 626

2 - Financial result (V - VI)

		30/06/2012		30/06/2011		30/06/2010
Financial result (Total V-VI)	GV	-21 942	60,9%	-56 169	-29,4%	-43 394

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

		30/06/2012		30/06/2011		30/06/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-231 440	-709,0%	38 001	34,6%	28 232

4 - Extraordinary result (VII-VIII)

		30/06/2012		30/06/2011		30/06/2010
Extraordinary result (Total VII-VIII)	HI	-7 844	-92,5%	-4 074	-154,8%	7 431

Profit or loss

		30/06/2012		30/06/2011		30/06/2010
Profit or loss	HN	-239 284	-1243,3%	20 930	-3,5%	21 684

Total Income (I+III+V+VII)

		30/06/2012		30/06/2011		30/06/2010
Total Income (I+III+V+VII)	HL	4 843 749	-6,2%	5 162 387	5,1%	4 909 968

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

		30/06/2012		30/06/2011		30/06/2010
Total charges (Total II+IV+VI+VIII+IX+X)	HM	5 083 033	-1,1%	5 141 455	5,2%	4 888 283

Operating income (I)

		30/06/2012		30/06/2011		30/06/2010
Total operating income (Total I)	FR	4 826 868	-6,4%	5 158 736	5,6%	4 885 219

Operating income (details)

		30/06/2012		30/06/2011		30/06/2010
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	4 692 715	-6,5%	5 018 702	6,4%	4 718 949
France	FD	1 736 193	-31,0%	2 516 066	-17,1%	3 034 616
Export	FE	2 956 522	18,1%	2 502 636	48,6%	1 684 333
Sale of services	FI	-27 001	-118,8%	143 726	2,7%	140 013
France	FG	-27 001	-118,8%	143 726	2,7%	140 013
Export	FH	0	0%	0	0%	0
Net turnover	FL	4 665 714	-9,6%	5 162 428	6,2%	4 858 962
France	FJ	1 709 192	-35,7%	2 659 792	-16,2%	3 174 629
Export	FK	2 956 522	18,1%	2 502 636	48,6%	1 684 333
Stocked production	FM	149 492	356,1%	-58 377	-2007,7%	3 060
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	816	-86,5%	6 035
Release of reserves and provisions	FP	2 328	-95,7%	53 869	213,9%	17 162
Other income	FQ	9 334	0%	0	0%	0

Operating charges (II)

		30/06/2012		30/06/2011		30/06/2010
Total operating charges (Total II)	GF	5 036 366	-0,6%	5 064 566	5,2%	4 813 593

Exploitation charges

		30/06/2012		30/06/2011		30/06/2010
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%	1 856 363	1,9%	1 822 048
Change in stocks of raw materials	FV	1 634 274	3217,7%	-52 419	-12,9%	-46 422
Other external purchases and charges	FW	12 335	-99,2%	1 628 256	10,6%	1 472 282
Tax, duty and similar payments	FX	1 771 799	2815,6%	60 769	-2,9%	62 616
Payroll	FY	70 913	-93,2%	1 037 067	1,5%	1 022 206
Social security costs	FZ	1 053 788	141,6%	436 120	-1,9%	444 726

Depreciation

		30/06/2012		30/06/2011		30/06/2010
Depreciation of fixed assets	GA	463 713	2919,4%	15 358	-5,0%	16 158
Amortisation of fixed assets	GB	21 035	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	30 668	53,5%	19 974
Provisions for risks and charges	GD	659	0%	0	0%	0

Other charges

		30/06/2012		30/06/2011		30/06/2010
Other charges	GE	7 850	-85,0%	52 384	1047580,0%	05

Operating charges (III-IV)

		30/06/2012		30/06/2011		30/06/2010
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)

		30/06/2012		30/06/2011		30/06/2010
Total financial income (Total V)	GP	12 095	753,0%	1 418	2575,5%	53
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	2 234	1034,0%	197	271,7%	53
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	9 861	707,6%	1 221	0%	0
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

		30/06/2012		30/06/2011		30/06/2010
Total financial charge (Total VI)	GU	34 037	-40,9%	57 587	32,5%	43 447
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	33 832	-15,0%	39 779	-8,4%	43 447
Exchange losses	GS	205	-98,8%	17 808	0%	0
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		30/06/2012		30/06/2011		30/06/2010
Total extraordinary income (Total VII)	HD	4 786	114,3%	2 233	-91,0%	24 696
Extraordinary operating income	HA	0	0%	1 933	-90,6%	20 606
Extraordinary income from capital transactions	HB	4 786	1495,3%	300	-92,7%	4 090
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		30/06/2012		30/06/2011		30/06/2010
Total extraordinary charges (Total VIII)	HH	12 630	100,3%	6 307	-63,5%	17 265
Extraordinary operating charges	HE	12 175	94,6%	6 258	-58,7%	15 141
Extraordinary charges from capital transactions	HF	455	828,6%	49	-97,7%	2 124
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		30/06/2012		30/06/2011		30/06/2010
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		30/06/2012		30/06/2011		30/06/2010
Tax on profits (Total X)	HK	0	0%	12 995	-7,0%	13 978

References

		30/06/2012		30/06/2011		30/06/2010
Of which equipment leases	HP	0	0%	40 573	33,0%	30 508
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)

		30/06/2012		30/06/2011		30/06/2010
Gross value at begin of period	OG	0	0%	0	0%	0
Increases due to revaluation	OH	0	0%	0	0%	0
Decreases, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreases by budget item transfer	OK1	0	0%	0	0%	7 530
Decreases by transfers	OK2	0	0%	38 249	1592,4%	2 260
Gross value at the end of period	OL	780 649	267,4%	212 456	-10,6%	237 755

Research and development Charge (Total I)

		30/06/2012		30/06/2011		30/06/2010
Gross value at begin of period	CZ	0	0%	38 112	0%	38 112
Increases due to revaluation	KB	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KC	0	0%	0	0%	0
Decreases by budget item transfer	C01	0	0%	0	0%	0
Decreases by transfers	C02	0	0%	38 112	0%	0
Gross value at the end of period	D0	0	0%	0	0%	38 112

Other budget item from Intangible fixed assets (Total II)

		30/06/2012		30/06/2011		30/06/2010
Gross value at begin of period	KD	0	0%	0	0%	0
Increases due to revaluation	KE	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	KF	526 580	0%	0	0%	0
Decreases by budget item transfer	LV1	0	0%	0	0%	0
Decreases by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	526 580	0%	0	0%	0

Tangible fixed assets (Total III)

		30/06/2012		30/06/2011		30/06/2010
Gross value at begin of period	LN	141 829	0%	141 829	-0,1%	141 999
Increases due to revaluation	LO	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LP	40 676	29590,5%	137	-93,4%	2 090
Decreases by budget item transfer	NG1	0	0%	0	0%	0
Decreases by transfers	NG2	0	0%	137	-93,9%	2 260
Gross value at the end of period	NH	182 505	28,7%	141 829	0%	141 829

Financial assets (Total IV)

		30/06/2012		30/06/2011		30/06/2010
Gross value at begin of period	LQ	70 627	22,2%	57 813	-11,5%	65 343
Increases due to revaluation	LR	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LS	938	-92,7%	12 814	0%	0
Decreases by budget item transfer	NJ1	0	0%	0	0%	7 530
Decreases by transfers	NJ2	0	0%	0	0%	0
Gross value at the end of period	NK	71 565	1,3%	70 627	22,2%	57 813

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

			30/06/2012		30/06/2011		30/06/2010
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreases		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)

			30/06/2012		30/06/2011		30/06/2010
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreases		PC	0	0%	0	0%	0
	Decreases by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			30/06/2012		30/06/2011		30/06/2010
	Reserve for depreciation value at begin of period	PE	0	0%	0	0%	0
Increases		PF	4 428	0%	0	0%	0
Decreases		PG	0	0%	0	0%	0
	Decreases by budget item transfer	PH	4 428	0%	0	0%	0

Total fixed assets amortisation (Total III)

			30/06/2012		30/06/2011		30/06/2010
	Reserve for depreciation value at begin of period	QU	90 578	20,3%	75 308	27,0%	59 286
Increases		QV	16 605	8,1%	15 360	-4,9%	16 158
Decreases		QW	0	0%	88	-35,3%	136
	Decreases by budget item transfer	QX	107 183	18,3%	90 580	20,3%	75 308

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			30/06/2012		30/06/2011		30/06/2010
	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
	Decreases by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			30/06/2012		30/06/2011		30/06/2010
	Net value at beginning of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	38 112	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	38 112
	Net value at the end of period	SR	0	0%	0	0%	0

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

			30/06/2012		30/06/2011		30/06/2010
	Value at beginning of period	7C	12 801	-64,4%	36 002	8,5%	33 190
Increases		UB	659	-97,9%	30 669	53,5%	19 974
Decreases		UC	9 333	-82,7%	53 869	213,9%	17 162
	Value at the end of period	UD	4 127	-67,8%	12 802	-64,4%	36 002

Includes Total allocations

Operating	UE	659	-97,9%	30 669	53,5%	19 974
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	9 333	-82,7%	53 869	213,9%	17 162
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			30/06/2012		30/06/2011		30/06/2010
	Value at beginning 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)

			30/06/2012		30/06/2011		30/06/2010
	Value at beginning 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)

			30/06/2012		30/06/2011		30/06/2010
	Value at beginning of period	7B	12 801	-64,4%	36 002	8,5%	33 190
Increases		TY	659	-97,9%	30 669	53,5%	19 974
Decreases		TZ	9 333	-82,7%	53 869	213,9%	17 162
	Value at the end of period	UA	4 127	-67,8%	12 802	-64,4%	36 002

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

		30/06/2012		30/06/2011		30/06/2010
Gross value	VT	1 043 744	-50,7%	2 118 402	-10,6%	2 369 530
1 year at most	VU	1 043 744	-50,7%	2 118 402	-10,6%	2 369 530
More than one year	VV	0	0%	0	0%	0

State of loans

		30/06/2012		30/06/2011		30/06/2010
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	71 564	1,3%	70 627	22,2%	57 813
Other financial assets (1 year at most)	UV	71 564	1,3%	70 627	22,2%	57 813

Receivables statement of assets

		30/06/2012		30/06/2011		30/06/2010
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	895 197	-53,5%	1 926 636	-14,6%	2 256 461
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	13 739	130,8%	5 953	61,3%	3 690
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	38 021	-12,5%	43 476	1409,1%	2 881
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	13 518	-78,4%	62 658	81,1%	34 599

Prepaid

		30/06/2012		30/06/2011		30/06/2010
Prepaid	VS	11 702	29,3%	9 052	-35,7%	14 087

State Debt

			30/06/2012		30/06/2011		30/06/2010
	Total debt (gross)	VY	1 558 272	-30,1%	2 228 949	-6,8%	2 392 426
1 year at most		VZ2	1 463 094	-30,5%	2 105 370	-6,1%	2 241 964
More than 1 year and 5 years at most		VZ3	95 178	-23,0%	123 579	5,6%	116 980
More than 5 years		VZ4	0	0%	0	0%	33 482

Details

			30/06/2012		30/06/2011		30/06/2010
	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	486 422	-47,1%	919 907	-7,4%	993 665
1 year at most		VG2	486 422	-47,1%	919 907	-7,4%	993 665
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	123 578	-17,9%	150 462	-14,5%	175 911
1 year at most		VH2	28 400	5,6%	26 883	5,6%	25 449
More than 1 year and 5 years at most		VH3	95 178	-23,0%	123 579	5,6%	116 980
	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	576 412	-26,0%	778 898	19,5%	651 702
1 year at most		8B2	576 412	-26,0%	778 898	19,5%	651 702
More than 1 year and 5 years at most		8B3	576 412	-26,0%	778 898	19,5%	651 702
	Personnel and associated accounts (gross)	8C1	119 003	-4,4%	124 480	-2,4%	127 560
1 year at most		8C2	119 003	-4,4%	124 480	-2,4%	127 560
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	146 287	11,9%	130 745	0,7%	129 851
1 year at most		8D2	146 287	11,9%	130 745	0,7%	129 851
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	12 995	0%	12 995	-70,7%	44 357
1 year at most		8E2	12 995	0%	12 995	-70,7%	44 357
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	30 793	-76,5%	131 064
1 year at most		VW2	0	0%	30 793	-76,5%	131 064
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	29 097	-0,6%	29 274	-15,9%	34 814
1 year at most		VQ2	29 097	-0,6%	29 274	-15,9%	34 814
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	61 062	30,5%	46 790	-54,4%	102 517
1 year at most		VI2	61 062	30,5%	46 790	-54,4%	102 517
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	3 412	-25,9%	4 605	367,0%	986
1 year at most		8K2	3 412	-25,9%	4 605	367,0%	986
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

		30/06/2012		30/06/2011		30/06/2010
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	25 448	0%	0

Table allocation results and other information
Dividends distributed

		30/06/2012		30/06/2011		30/06/2010
Dividends	ZE	0	0%	0	0%	0

Commitments

		30/06/2012		30/06/2011		30/06/2010
Commitments leasing furniture	YQ	147 858	0%	0	0%	57 577
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

		30/06/2012		30/06/2011		30/06/2010
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

		30/06/2012		30/06/2011		30/06/2010
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

		30/06/2012		30/06/2011		30/06/2010
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

		30/06/2012		30/06/2011		30/06/2010
Average number of employees	YP	0	0%	35	0%	0

Groups and Shareholders

		30/06/2012		30/06/2011		30/06/2010
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

	30/06/2012		30/06/2011		30/06/2010	Sector Median 2012
Fixed Asset Financing	1,99	-50,0%	3,98	1,8%	3,91	2,29	-13,1%
Global Debt	120 days	-22,6%	155 days	-12,4%	177 days	108,50 days	10,6%
Working Capital Fund overall net	59 days	34,1%	44 days	-13,7%	51 days	79 days	-25,3%
Financial independence	126,02%	142,6%	51,95%	13,6%	45,75%	635,33%	-80,2%
More ratios
Solvability	33,04%	65,5%	19,96%	9,2%	18,28%	41,80%	-21,0%
Capacity debt futures	149,32%	154,2%	58,73%	11,9%	52,50%	1702,57%	-91,2%
Coverage of current assets by net working capital overall	46,70%	96,7%	23,74%	-3,0%	24,48%	45%	3,8%
General Liquidity	0,71	-29,7%	1,01	-4,7%	1,06	0,87	-18,4%
Restricted Liquidity	0,76	-29,0%	1,07	0%	1,07	1,37	-44,5%

Management or rotation

	30/06/2012		30/06/2011		30/06/2010	Sector Median 2012
Need background in operating working capital	53 days	-45,9%	98 days	-19,0%	121 days	29 days	82,8%
Treasury	5 days	109,3%	-54 days	23,9%	-71 days	19 days	-73,7%
Inventory turnover of goods	days	-	days	-	days	11 days	-
Average length of credit granted to customers	69 days	-48,5%	134 days	-19,8%	167 days	68,50 days	0,7%
Average length of credit obtained suppliers	126 days	53,7%	82 days	13,9%	72 days	58 days	117,2%
More ratios
Inventory turnover of raw materials in industrial enterprises	days	-	69 days	15,0%	60 days	41 days	-
Inventory turnover of intermediate and finished products in the industrial enterprise	2556 days	-29,8%	3640 days	6,2%	3426 days	653 days	291,4%
Rotation tangible assets	2556,49%	-29,8%	3639,90%	6,2%	3425,93%	865,35%	195,4%

Profitability of the business

	30/06/2012		30/06/2011		30/06/2010	Sector Median 2012
Margin trading	0%	0%	0%	0%	0	0%	0%
Profitability of the business	5,83	116,7%	2,69	44,6%	1,86	5,66%	3,0%
Net profit	-5,13%	-1351,2%	0,41%	-8,9%	0,45%	2,89%	-277,5%
More ratios
Growth rate of turnover (excluding VAT)	-9,62%	-253,9%	6,25%	127,3%	2,75%	0%	0%
Rates integration	67,91%	109,7%	32,38%	-2,5%	33,22%	37,13%	82,9%
Rate leasing furniture	0%	0%	0,79%	25,4%	0,63%	0%	0%
Work Factor	35,50%	-59,7%	88,12%	-3,0%	90,88%	79,66%	-55,4%
Weight interests	0,73	-34,8%	1,12%	25,8%	0,89%	0,17%	329,4%

Return on capital

	30/06/2012		30/06/2011		30/06/2010	Sector Median 2012
Cash flow from the overall profitability	4,97%	1520,0%	-0,35%	-189,7%	0,39%	4,63%	7,3%
Rates of economic profitability	19%	137,5%	8%	60,0%	5%	18%	5,6%
Financial profitability	768723%	38,3%	556007%	3,9%	535076%	130064,50%	491,0%
Return on investment	-14,26%	-404,1%	4,69%	30,3%	3,60%	12,33%	-215,7%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	30/06/2012		30/06/2011		30/06/2010	Sector Median 2012
Turnover	4 665 714	-9,6%	5 162 428	6,2%	4 858 962	734 444 €	535,3%

Sales of goods	0	0%	0	0%	0
- Purchase of goods	0	0%	0	0%	0
+/- Stock of goods variation	0	0%	0	0%	0
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 produced	4 665 714	-9,6%	5 162 428	6,2%	4 858 962
+/- Stocked production	149 492	356,1%	-58 377	-2007,7%	3 060
+ Self-constructed assets	0	0%	0	0%	0
Period production	4 815 206 €	-5,7%	5 104 051 €	5,0%	4 862 022 €	442 764 €	987,5%
	103,20 % CA	4,4%	98,87 % CA	-1,2%	100,06 % CA	99,67 % CA	3,5%

Trading margin	0	0%	0	0%	0	0	0%
+ Period Production	4 815 206	-5,7%	5 104 051	5,0%	4 862 022	442 764	987,5%
- Purchase of raw materials	0	0%	1 856 363	1,9%	1 822 048
+/- Change in stocks of raw materiels	1 634 274	3217,7%	-52 419	-12,9%	-46 422
- Other external purchases and charges	12 335	-99,2%	1 628 256	10,6%	1 472 282
Added value	3 168 597 €	89,5%	1 671 851 €	3,6%	1 614 114 €	261 872,50 €	1110,0%
	67,91 % CA	109,7%	32,38 % CA	-2,5%	33,22 % CA	37,13 % CA	82,9%

Added value	3 168 597 €	89,5%	1 671 851 €	3,6%	1 614 114 €	261 872,50 €	1110,0%
+ Operating grants	0	0%	816	-86,5%	6 035
- Tax, duty and similar payments	1 771 799	2815,6%	60 769	-2,9%	62 616
- Personal charges	1 124 701	-23,7%	1 473 187	0,4%	1 466 932
Gross operating surplus	272 097 €	96,2%	138 711 €	53,1%	90 601 €	32 190 €	745,3%
	5,83 % CA	116,7%	2,69 % CA	44,6%	1,86 % CA	5,66 % CA	3,0%

Gross operating surplus	272 097 €	96,2%	138 711 €	53,1%	90 601 €	32 190 €	745,3%
+ Release of reserves and provisions	2 328	-95,7%	53 869	213,9%	17 162
+ Other operating income	9 334	0%	0	0%	0
- Depreciation/Amortisation	485 407	954,6%	46 026	27,4%	36 132
- Other charges	7 850	-85,0%	52 384	1047580,0%	05
Operating result	-209 498 €	-322,5%	94 170 €	31,5%	71 626 €	23 999,50 €	-972,9%
	-4,49 % CA	-346,7%	1,82 % CA	23,8%	1,47 % CA	3,83 % CA	-217,2%

Operating result	-209 498 €	-322,5%	94 170 €	31,5%	71 626 €	23 999,50 €	-972,9%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	12 095	753,0%	1 418	2575,5%	53
- Financial charges	34 037	-40,9%	57 587	32,5%	43 447
Pre-tax result	-231 440 €	-709,0%	38 001 €	34,6%	28 232 €	22 376 €	-1134,3%
	-4,96 % CA	-770,3%	0,74 % CA	27,6%	0,58 % CA	3,52 % CA	-240,9%

Extraordinary income	4 786	114,3%	2 233	-91,0%	24 696	859,50	456,8%
- Extraordinary charges	12 630	100,3%	6 307	-63,5%	17 265
Extraordinary result	-7 844 €	-92,5%	-4 074 €	-154,8%	7 431 €	0 €	0%
	-0,17 % CA	-112,5%	-0,08 % CA	-153,3%	0 % CA	-00,01 % CA	-1600%

Pre-tax result	-231 440 €	-709,0%	38 001 €	34,6%	28 232 €	22 376 €	-1134,3%
Extraordinary result	-7 844 €	-92,5%	-4 074 €	-154,8%	7 431 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	0	0%	12 995	-7,0%	13 978
Net result	-239 284 €	-1243,1%	20 932 €	-3,5%	21 685 €	20 956 €	-1241,8%
	-5,13 % CA	-1351,2%	0,41 % CA	-8,9%	0,45 % CA	2,89 % CA	-277,5%

ADDITIONAL INFORMATION

Company details

Activity (APE)	· Manufacturer of industrial cooling and ventilation equipment Manufacturer of industrial refrigeration.	Activity (APRM)	· Manufacturer of industrial cooling and ventilation equipment Manufacturer of industrial refrigeration.
RCS Registration	RCS Tarascon 9 400 033 486	Share capital	1,000,000 Euros
Registration Court	Tarascon (13)	Legal form	Simplified Joint Stock Company with Single Associate
Court Registry Number	19 9 5B40037	EUR VAT Number	FR77400033486
Incorporation Date	02/1995	Formation Date	01/1995
Deregistration Date		Last account Date	30/06/2012
Nationality	France

Establishment details

Activity (APE)	· Manufacturer of industrial cooling and ventilation equipment Manufacturer of industrial refrigeration.	Business Pages FT®	DISTRIBUTION DE MATERIEL POUR LA CLIMATISATION, L'AERATION, LA VENTILATION (FABRICATION, GROS)
Postal Address	UNITAIR ZI SUD RUE JEAN CHARCOT BP 137 13631 ARLES CEDEX	Trading Address	RUE JEAN CHARCOT 13200 ARLES
Telephone	04 90 49 99 26
Fax	04 90 49 50 05

Type	Head office (one site company)	Status	Economically active
Formation Date	01/1995	Reason for formation	Contribution
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	2	Area	98
City	ARLES	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	> UNITAIR <<<  - Fabrication d'équipements aérauliques et frigorifiques industriels (2825Z) in ARLES   (13200)
Secondary establishments

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

Workforces

Workforce at address

35 (30.06.2011)

Company workforce

35 (30.06.2011)

Preferential rights details and history

Summary of preferential rights

Company monitored since	29/10/2010
Status of Monitoring	No social security and tax office preferential right to date

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
19/03/2013	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE TARASCON-SUR-RHÔNE 1497 - 400033486 RCS. UNITAIR. Forme : Société par actions simplifiée. Adresse : rue Jean Charcot, Zone Industrielle Sud 13200 Arles. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2012.
23/04/2012	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE TARASCON-SUR-RHÔNE 1754 - 400033486 RCS. UNITAIR. Forme : Société par actions simplifiée. Adresse : rue Jean Charcot, Zone Industrielle Sud 13200 Arles. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2011.
20/01/2012	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE TARASCON-SUR-RHÔNE 258 - 400 033 486 RCS Tarascon. UNITAIR. Forme : Société par actions simplifiée. Administration : Président : BARACHINI Gerard Commissaire aux comptes titulaire : CABINET CHARNY (SAS) Commissaire aux comptes suppléant : MATHIEU Emmanuel. Capital : 1000000 EUR. Activité : Installation de réfrigération commerciale et industrielle, fabrication et pose d'appareils de climatisation technique. Commentaires : Modification survenue sur l'activité, la forme juridique, le capital, l'administration.
13/05/2011	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE TARASCON-SUR-RHÔNE 1691 - 400033486 RCS. UNITAIR. Forme : Société à responsabilité limitée. Adresse : rue Jean Charcot, Zone Industrielle Sud 13200 Arles. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2010.
25/05/2010	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE TARASCON-SUR-RHONE 1360 - 400033486 RCS. UNITAIR. Forme : Société à responsabilité limitée. Adresse : rue Jean Charcot, Zone Industrielle Sud 13200 Arles. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2009.
19/05/2010	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE TARASCON-SUR-RHONE 32 - 400 033 486 RCS Tarascon. UNITAIR. Forme : Société à responsabilité limitée. Administration : Gérant(e) : BARACHINI Gerard Commissaire aux comptes titulaire : CABINET CHARNY (SAS) Commissaire aux comptes suppléant : MATHIEU Emmanuel. Commentaires : Modification survenue sur l'administration.
28/05/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE TARASCON-SUR-RHONE 1010 - 400033486 RCS. UNITAIR. Forme : Société à responsabilité limitée. Adresse : rue Jean Charcot, Zone Industrielle Sud 13200 Arles. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2008.
07/04/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE TARASCON-SUR-RHONE 1869 - 400033486 RCS. UNITAIR. Forme : Société à responsabilité limitée. Adresse : rue Jean Charcot, Zone Industrielle Sud 13200 Arles. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/06/2007.
15/05/2007	Bodacc C	Avis de dépôt des comptes
1041 - RCS Arles B 400 033 486. RC 95-B 37. UNITAIR. Forme: S.A.R.L.. Adresse du siège social: rue Jean Charcot, Z.I Sud,13200 Arles. Comptes annuels et rapports de l'exercice clos le: 30 juin 2006.
06/01/2006	Bodacc C	Avis de dépôt des comptes
764 - RCS Arles B 400 033 486. RC 95-B 37. UNITAIR. Forme: S.A.R.L.. Adresse du siège social: rue Jean Charcot, Z.I Sud,13200 Arles. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2001.
06/01/2006	Bodacc C	Avis de dépôt des comptes
765 - RCS Arles B 400 033 486. RC 95-B 37. UNITAIR. Forme: S.A.R.L.. Adresse du siège social: rue Jean Charcot, Z.I Sud,13200 Arles. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2002.
06/01/2006	Bodacc C	Avis de dépôt des comptes
766 - RCS Arles B 400 033 486. RC 95-B 37. UNITAIR. Forme: S.A.R.L.. Adresse du siège social: rue Jean Charcot, Z.I Sud,13200 Arles. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2003.
06/01/2006	Bodacc C	Avis de dépôt des comptes
767 - RCS Arles B 400 033 486. RC 95-B 37. UNITAIR. Forme: S.A.R.L.. Adresse du siège social: rue Jean Charcot, Z.I Sud,13200 Arles. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
03/10/2001	Bodacc B	Modifications et mutations diverses
RCS Arles B 400033486 RC 95-B 37 UNITAIR. Forme : S.A.R.L. Capital : 80 000 euros. Adresse du siège social : Z.I. Sud, rue Jean-Charcot, 13200 Arles. Commentaires : modification survenue sur le capital (augmentation et conversion en euros). Date d'effet : 31 juillet 2001.
04/04/1995	Bodacc B	Modifications et mutations diverses
RCS Arles B 400033486 A dater du: 24 février 1995 RC 95-b 37 unitair. Forme : S.A.R.L. Capital : 100 000 F (fixe). Adresse du siège social : rue Jean- Charcot, Z.I. Sud, 13200 Arles. Administration : gérant : BARACHINI ( Gérard) Fonds principal reçu en location-gérance Etablissement principal: Activité : prise en location- gérance d'un fonds de commerce de fabrication d'appareils de climatisation technique. Adresse : rue Jean-Charcot, Z.I. Sud, 13200 Arles Date de début d'activité: 1 e r janvier 1995 Propriétaire BARACHINI Gérard. RCS Arles a 309746279 RC 77-A 59.

Company events history

Date	Description
22/10/2013	Update Rating
22/10/2013	Update Limit
15/10/2013	Update Limit
15/10/2013	Update Rating
29/07/2013	Updated articles of association
29/07/2013	New closing date
29/07/2013	Amendment
17/07/2013	Update Rating
17/07/2013	Update Limit
20/03/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
19/03/2013	Bodacc C : Deposit accounts notice
07/12/2012	New parent detected
30/06/2012	New accounts available
25/04/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
23/04/2012	Bodacc C : Deposit accounts notice
20/01/2012	Bodacc B: Various editing or changing
05/01/2012	Amendment
05/01/2012	Audit or Management Report
05/01/2012	Updated articles of association
05/01/2012	Change to corporate purpose
05/01/2012	New legal form – new category
05/01/2012	Capital increase
10/12/2011	Other modification of Establishment (error correction)
10/12/2011	Update of Company Legal Form
02/12/2011	Audit or Management Report
04/08/2011	Amendment
04/08/2011	Application and court order
30/06/2011	New accounts available
13/05/2011	Bodacc C : Deposit accounts notice
24/04/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
29/10/2010	Collection of preferential rights activated for this company
30/06/2010	New accounts available
25/05/2010	Bodacc C : Deposit accounts notice
19/05/2010	Bodacc B: Various editing or changing
30/04/2010	Amendment
30/04/2010	Acte modificatif
30/04/2010	New auditor
30/04/2010	Changement de Commissaire aux Comptes
30/06/2009	New accounts available
28/05/2009	Bodacc C : Deposit accounts notice
07/04/2009	Bodacc C : Deposit accounts notice
30/06/2008	New accounts available
30/06/2007	New accounts available
05/04/2007	Acte modificatif
30/06/2006	New accounts available
31/12/2005	New accounts available
22/12/2005	Statuts mis à jour
22/12/2005	Updated articles of association
22/12/2005	New closing date
22/12/2005	Acte modificatif
22/12/2005	Changement de date de clôture
22/12/2005	Minutes of general meeting of shareholders
22/12/2005	Private document
13/12/2005	Acte modificatif
31/12/2004	New accounts available
31/12/2003	New accounts available
14/09/2001	Augmentation de Capital
14/09/2001	Statuts mis à jour
14/09/2001	Conversion du Capital Social en Euros
14/09/2001	Acte modificatif
14/09/2001	PV d'Assemblée
14/09/2001	Acte sous seing privé
30/08/2001	Prorogation de durée
30/08/2001	Acte modificatif
21/11/1996	Requête et Ordonnance
21/11/1996	Prorogation de durée
21/11/1996	Acte modificatif
13/11/1995	Changement de date de clôture
13/11/1995	Acte modificatif
13/11/1995	Statuts mis à jour
13/11/1995	PV d'Assemblée
24/02/1995	Acte modificatif
24/02/1995	Statuts
24/02/1995	Formation de Société
24/02/1995	Acte sous seing privé

Establishment events history

Date	Description
09/03/2014	Update Rating
09/03/2014	Update Limit
20/03/2013	Update Rating
20/03/2013	Update Limit
02/03/2013	Update Rating
02/03/2013	Update Limit
26/07/2012	Update of phone numbers
25/04/2012	Update Rating
02/04/2012	Update Rating
02/04/2012	Update Limit
07/01/2012	Update Rating
10/12/2011	Modification of Head office
15/10/2011	Update Rating
24/04/2011	Update Rating
24/04/2011	Update Limit
04/05/2010	Update Limit
04/05/2010	Update Rating
07/03/2010	Update Limit
06/03/2010	Update Rating
21/01/2010	Update of phone numbers
30/12/2009	Update Rating
13/05/2009	Update Limit
13/05/2009	Update Rating
03/03/2008	Update Rating
03/03/2008	Update Limit
16/12/2007	Update Limit
10/12/2007	Update Limit
14/06/2007	Update Limit
14/06/2007	Update Rating

NOTES & COMMENTS

Commentary

The comments are ordered according to the class of risk. Companies are compared with regard to other companies of the same type. Thus a positive comment for one category can be negative for another or can change depending on its value. This is a purely statistical decision.

The return on total assets employed is negative

The liquidity acid test is less than 65%

The pre-tax profit is less than 25,000€

Region code with high risk rating

The debtor days are 75.73

The ratio total assets to total liabilities is 1,49

The sales to current assets ratio is 2,81

The tangible fixed assets are 75,318 €

The company is 19 years old

Industry code with low risk rating

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.33

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

RATING EXPLANATIONS

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

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

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

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

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.