MIRA INFORM REPORT

Report Date :

19.11.2014

IDENTIFICATION DETAILS

Name :	MMS INTERNATIONAL
Registered Office :	ZI Bois De Grasse BP 145, AV Maurice Chevalier 06334 Grasse Cedex
Country :	France
Financials (as on) :	31.03.2013
Date of Incorporation :	December, 1976
Com. Reg. No.:	7 307 336 727
Legal Form :	Public limited company with board of directors
Line of Business :	Manufacture of Consumer Goods of Plastics.
No. of Employees :	50 to 99 Employees

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
France	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	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	MMS INTERNATIONAL

Personal comment

Company summary

Trade name	MMS INTERNATIONAL
		EUR VAT Number	FR70307336727
Activity (APE)	Manufacture of consumer goods of plastics (2229B)	Legal form	Public limited company with board of directors
Phone	04 93 40 54 00	RCS Registration	RCS Grasse 7 307 336 727
Fax		Share capital	2,000,000 Euros
Address	MMS INTERNATIONAL ZI BOIS DE GRASSE BP 145 AV MAURICE CHEVALIER 06334 GRASSE CEDEX	Incorporated Date	12/1976
Nationality	France	Status	Economically active

DIRECTORS/MANAGEMENT

Directors

Name	M. FERNANDEZ-ORFILA GÉRALD
Manager position	Administrator	Date of birth	10/10/1980
Place of birth	AMBILLY
Type	Individual	Name at birth	FERNANDEZ

Name	M. TIZZANI GÉRARD
Manager position	Administrator	Date of birth	16/10/1953
Place of birth	LA TRONCHE
Type	Individual	Name at birth

Name	Mme. LO PRESTI ISABELLE
Manager position	Administrator, Chairman of the Board	Date of birth	23/11/1965
Place of birth	NEUILLY SUR SEINE
Type	Individual	Name at birth

Name	Mme. CRAPANZANO NATHALIE
Manager position	Administrator	Date of birth	03/07/1979
Place of birth	MOULINS
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M ALBERT LUCKY	- - -
Chairman of the Board	M LUCKY ALBERT DAVID	8/30/1938 - IXELLES (BELGIQUE)
Chairman of the Board	M ALBERT LUCKY	- - -
Managing director	LUCKY YVES RICHARD	5/14/1962 - PADOUE (ITALIE)
Managing director	M YVES LUCKY	- - -
Administrator	M PIERRE GATTLEN	- - -
Administrator	LUCKY	- - -
Administrator	LUCKY ARLETT	4/21/1943 - CHAMBERY - SAVOIE
Administrator	M LUCKY YVES RICHARD	5/14/1962 - PADOUE (ITALIE)
Administrator	ARLETT LUCKY	- - -
Administrator	M YVES LUCKY	- - -
Administrator	PCL SA GENEVE	- - -

NEGATIVE INFORMATION

Judgements

Collective procedures

Courts

No judgment information for the company coming from Court

Rncs

Judgment	Plan de continuation/Redressement	Effective date	22/01/2007
Director	ME EZAVIN PIERRE-LOUIS	Position	Court-appointed reviewer of a proposal
Address	06300 NICE

Judgment	Redressement judiciaire	Effective date	12/04/2006
Director	ME EZAVIN PIERRE-LOUIS	Position	Official receiver
Address	06300 NICE
Director	SELARL GAUTHIER-SOHM	Position	Representative judicial
Address	06560 VALBONNE SOPHIA-ANTIPOLIS

Bodacc

Judgment	Jugement lié au plan de continuation/redressement	Effective date	07/06/2010
Court	Grasse	Parution date from Gazette	23/06/2010
Extrait de jugement Jugement modifiant le plan de redressement Jugement modifiant le plan de redressement.

Judgment	Jugement lié aux créances	Effective date	28/06/2007
	Court	-	Parution date from Gazette	28/06/2007
	2161 - Avis de dépôt de la liste des créances nées après jugement d'ouverture . RCS Grasse B 307 336 727. MMS INTERNATIONAL. Forme : S.A. Adresse : Z.I. des Bois de Grasse, 06130 Grasse. La liste des créances nées après jugement d'ouverture a été déposée au greffe du tribunal de commerce de Grasse , où les contestations peuvent être faites par déclaration au greffe dans un délai de deux mois.

Judgment	Plan de continuation/Redressement	Effective date	05/04/2007
Court	-	Parution date from Gazette	05/04/2007
1645 - Date : 22 janvier 2007. Jugement arrêtant le plan de continuation et en fixant la durée à huit ans désignant LUCKY (Albert) et LUCKY (Yves) comme tenus d'exécuter le plan. RCS Grasse 307 336 727. RC 76-B 00111. MMS INTERNATIONAL. Forme : non précisée. Activité : commerce d'objets ou d'articles publicitaires, de gadgets et d'articles de Paris. Adresse : Z.I. Les Bois-de-Grasse, 06130 Grasse. Juge commissaire : Westrelin (Philippe). Commissaire à l'exécution du plan : Me Evazin. (Pierre-Louis). Adresse : 1 rue Alexandre-Mari, 06300 Nice. Ce même jugement maintient Me Evazin (Pierre-Louis), en qualité d'administrateur judiciaire

Judgment	Jugement lié aux créances	Effective date	06/02/2007
Court	-	Parution date from Gazette	06/02/2007
2159 - Avis de dépôt de l'état des créances . Numéro : 06 J 57. RCS Grasse B 307 336 727. RC 67-B 111. MMS INTERNATIONAL. Forme : S.A. Adresse : Z.I. Les Bois de Grasse, 06130 Grasse. Dépôt de l'état des créances au tribunal de commerce de : Grasse , où les réclamations seront recevables dans un délai de quinze jours à compter de la date de la présente publication.

Judgment	Redressement judiciaire	Effective date	07/05/2006
Court	-	Parution date from Gazette	07/05/2006
0733 - Date : 12 avril 2006. Jugement d'ouverture d'une procédure de redressement judiciaire . Numéro : 2006J00057. RCS Grasse B 307 336 727. RC 76-B 111. MMS INTERNATIONAL. Forme : S.A. Activité : commerce d'objets et articles publicitaires, gadgets, articles de Paris. Adresse : Z.I. les Bois de Grasse 06130 Grasse. Date de cessation des paiements : 12 avril 2006Ce jugement a désigné, juge commissaire M. WESTRELIN Philippe et juge commissaire suppléant M. GRAMARD Jean-Louis. Ce jugement a ouvert une période d'observation expirant le 12 octobre 2006. Administrateur judiciaire : Me EZAVIN (Pierre-Louis). Adresse : 1, rue Alexandre-Mari, 06300 Nice. Mandataire judiciaire : SELARL GAUTHIER-SOHM. Adresse : 630, route des Dolines - Ophira II, 06560 Les déclarations de créances sont à déposer dans un délai de deux mois .

Other sources

No recent judgment publication in other sources for the company.

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

SHARE & SHARE CAPITAL INFORMATION

Shareholders

No Shareholders available for this company

PAYMENT INFORMATION

N/A

GROUP STRUCTURE & AFFILIATED COMPANIES

Group data

Group Structure

No group information available for the company

FINANCIAL INFORMATION

Trading to Date	03/31/2013	03/31/2012	03/31/2011
Turnover	7,068,410 €	7,284,067 €	7,971,898 €
Gross Operating Surplus	-7.20 % Turnover	-12 % Turnover	-16.44 % Turnover
Shareholders’ equity	474,398 €	399,713 €	-394,500 €
Net result	74,684 €	794,214 €	-599,616 €
Employees	50 to 99 employees	-	-

Accounts

Active Account | Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/03/2013	31/03/2012	31/03/2011
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	31/03/2014	25/01/2013	08/02/2012
Activity Code	2229B	2229B	2229B
Employees	0	0	78

Active account

Annual Accounts	31/03/2013		31/03/2012		31/03/2011	Sector Median2013
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	1,540,312	14.5%	1,344,820	-33.5%	2,022,054	94,463	1530.6%
- Intangible assets	314,465	172.0%	115,615	0.9%	114,634	5,000	6189.3%
- Tangible assets	377,572	-0.9%	380,930	-24.0%	501,145	47,437	695.9%
- Financial assets	848,275	0%	848,275	-39.7%	1,406,275	2,863	29528.9%
Net current assets	3,093,872	18.2%	2,618,383	-7.1%	2,818,600	410,010	654.6%
- Stocks	755,394	-19.1%	933,355	-15.1%	1,098,856	85,732	781.1%
- Advanced payments	0	18.2%	0	0%	0	0	0%
- Receivables	2,308,085	47.1%	1,568,845	-3.2%	1,621,192	185,625	1143.4%
- Securities and cash	30,393	-73.8%	116,183	17.9%	98,552	75,503	-59.7%
- Prepaid expenses	-	-	-	-	-	1,965	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	4,634,183	16.9%	3,963,201	-18.1%	4,840,654	574,995	706.0%

Passive Account

Annual Accounts	31/03/2013		31/03/2012		31/03/2011	Sector Median2013
Shareholders' equity	474,398	18.7%	399,713	201.3%	-394,500	229,083	107.1%
Share capital	2,000,000	0%	2,000,000	0%	2,000,000	50,000	3900%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	4,156,315	16.6%	3,563,488	-31.9%	5,235,154	256,903	1517.9%
- Financial liabilities	164,339	1483.1%	10,381	0%	10,381	56,878	188.9%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	1,319,296	34.2%	983,140	-33.7%	1,482,071	83,937	1471.8%
- Tax and social liabilities	775,236	51.3%	512,227	-7.8%	555,839	80,265.50	865.8%
- Other debts and fixed assets liabilities	1,883,124	-8.5%	2,057,740	-35.3%	3,181,343	3,677	51113.6%
Account regularization	17,790	0%	0	0%	5,520	0	0%
Total liabilities	4,634,183	16.9%	3,963,201	-18.1%	4,840,653	574,995	706.0%

Results

Annual Accounts	31/03/2013		31/03/2012		31/03/2011	Sector Median2013
Sales of Goods	7,154,287	-4.5%	7,492,950	-6.5%	8,014,657	894,846	699.5%
Net turnover	7,068,410	-3.0%	7,284,067	-8.6%	7,971,898	881,299	702.0%
- of which net export turnover	2,220,099	-10.1%	2,468,369	-8.7%	2,702,958	0	0%
Operating charges	8,021,501	-6.3%	8,562,223	-11.8%	9,704,415	865,238	827.1%
Operating profit/loss	-867,214	18.9%	-1,069,273	36.7%	-1,689,758	25,806	-3460.5%
Financial income	18,362	0%	0	0%	0	243	7456.4%
Financial charges	18,826	385.2%	3,880	6.2%	3,655	2,508	650.6%
Financial profit/loss	-464	88.0%	-3,880	-6.2%	-3,655	-597	22.3%
Pretax net operating income	-867,678	19.1%	-1,073,153	36.6%	-1,693,413	25,684	-3478.3%
Extraordinary income	962,671	-48.8%	1,879,904	42.4%	1,319,783	1,000	96167.1%
Extraordinary charges	60,310	381.1%	12,535	-94.5%	225,986	648	9207.1%
Extraordinary profit/loss	902,361	-51.7%	1,867,369	70.7%	1,093,797	0	0%
Net result	74,684	-90.6%	794,214	232.5%	-599,616	25,720	190.4%

Display parameter
Currency	Euro	Kilo Euro

Normal Account		31/03/2013		31/03/2012		31/03/2011
	Months		12		12		12

Accounts - Active
Current Assets | Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			31/03/2013		31/03/2012		31/03/2011
	Grand Total (I to VI)	Net	4,634,183	16.9%	3,963,201	-18.1%	4,840,654
	Gross	CO	7,599,643	12.4%	6,759,196	-10.1%	7,515,038
	Amortisation	1A	2,965,460	6.1%	2,795,995	4.5%	2,674,384

Non declared distributed capital (I)

		31/03/2013		31/03/2012		31/03/2011
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/03/2013		31/03/2012		31/03/2011
	Total Active fixed asset (II)	Net	1,540,312	14.5%	1,344,820	-33.5%	2,022,054
	Gross	BJ	4,299,630	7.9%	3,984,263	-12.0%	4,527,357
	Amortisation	BK	2,759,318	4.5%	2,639,443	5.4%	2,505,303

Intangilble fixed assets

			31/03/2013		31/03/2012		31/03/2011
	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	10,421	715.4%	1,278	330.3%	297
	Gross	AF	114,811	10.0%	104,355	-1.4%	105,833
	Amortisation	AG	104,390	1.3%	103,077	-2.3%	105,536
	Goodwill	Net	114,337	0%	114,337	0%	114,337
	Gross	AH	114,337	0%	114,337	0%	114,337
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	189,707	0%	0	0%	0
	Gross	AJ	189,707	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	314,465	172.0%	115,615	0.9%	114,634

Tangilble fixed assets

			31/03/2013		31/03/2012		31/03/2011
	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	225,326	16.8%	192,853	-31.4%	281,019
	Gross	AR	1,957,580	5.6%	1,853,509	0.5%	1,844,625
	Amortisation	AS	1,732,254	4.3%	1,660,656	6.2%	1,563,606
	Other tangible fixed assets	Net	152,246	-19.1%	188,077	-14.6%	220,126
	Gross	AT	1,074,920	1.0%	1,063,787	0.7%	1,056,287
	Amortisation	AU	922,674	5.4%	875,710	4.7%	836,161
	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	377,572		380,930		501,145

Financial assets

			31/03/2013		31/03/2012		31/03/2011
	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	848,275	0%	848,275	-39.7%	1,406,275
	Gross	BH	848,275	0%	848,275	-39.7%	1,406,275
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		848,275		848,275		1,406,275

Current Assets (III)

			31/03/2013		31/03/2012		31/03/2011
	Total Assets	Net	3,093,872	18.2%	2,618,383	-7.1%	2,818,600
	Gross	CJ	3,300,015	18.9%	2,774,934	-7.1%	2,987,682
	Amortisation	CK	206,143	31.7%	156,551	-7.4%	169,082

Stocks

			31/03/2013		31/03/2012		31/03/2011
	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	755,394	-19.1%	933,355	-15.1%	1,098,856
	Gross	BT	755,394	-19.1%	933,355	-18.3%	1,141,937
	Amortisation	BU	0	0%	0	0%	43,081
	Sub Total Stocks	Net	755,394	-19.1%	933,355	-15.1%	1,098,856

Advance payments to suppliers

			31/03/2013		31/03/2012		31/03/2011
	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

			31/03/2013		31/03/2012		31/03/2011
	Trade accounts receivable	Net	1,093,586	13.6%	962,710	11.8%	861,347
	Gross	BX	1,299,729	16.1%	1,119,261	13.4%	987,348
	Amortisation	BY	206,143	31.7%	156,551	24.2%	126,001
	Other debtors	Net	1,198,901	101.8%	594,126	-20.6%	748,608
	Gross	BZ	1,198,901	101.8%	594,126	-20.6%	748,608
	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	2,292,487	47.3%	1,556,836	-3.3%	1,609,955

Divers

			31/03/2013		31/03/2012		31/03/2011
	Investment securities	Net	0	0%	0	0%	0
	Gross	CD	0	0%	0	0%	0
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	30,393	-73.8%	116,183	17.9%	98,552
	Gross	CF	30,393	-73.8%	116,183	17.9%	98,552
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	30,393	-73.8%	116,183	17.9%	98,552

Prepaid expenses

			31/03/2013		31/03/2012		31/03/2011
	Prepaid expenses	Net	15,598	29.9%	12,009	6.9%	11,237
	Gross	CH	15,598	29.9%	12,009	6.9%	11,237
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/03/2013		31/03/2012		31/03/2011
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

		31/03/2013		31/03/2012		31/03/2011
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	261,443	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/03/2013		31/03/2012		31/03/2011
Grand Total (I to V)	EE	4,634,183	16.9%	3,963,201	-18.1%	4,840,653

Shareholder Equity (I)

			31/03/2013		31/03/2012		31/03/2011
	Total shareholders' equity (Total I)	DL	474,398	18.7%	399,713	201.3%	-394,500
	Equity and shareholders' equity	DA	2,000,000	0%	2,000,000	0%	2,000,000
	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	129,073	44.4%	89,362	0%	89,362
	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	315,268	0%	315,268	0%	315,268
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	-2,044,627	27.0%	-2,799,131	-27.3%	-2,199,514
	Profit or loss for the period	DI	74,684	-90.6%	794,214	232.5%	-599,616
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			31/03/2013		31/03/2012		31/03/2011
	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)

			31/03/2013		31/03/2012		31/03/2011
	Total provisions for risks and charges (Total III)	DR	0	0%	0	0%	0
	Risk provisions	DP	0	0%	0	0%	0
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			31/03/2013		31/03/2012		31/03/2011
	Total Liabilities (Total IV)	EC	4,156,315	16.6%	3,563,488	-31.9%	5,235,154
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	46,105	0%	0	0%	0
	Sundry loans and financial liabilities	DV	118,234	1038.9%	10,381	0%	10,381
	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	1,319,296	34.2%	983,140	-33.7%	1,482,071
	Tax and social security liabilities	DY	775,236	51.3%	512,227	-7.8%	555,839
	Fixed asset liabilities	DZ	5,408	-28.5%	7,564	520.0%	1,220
	Other debts	EA	1,874,246	-8.6%	2,050,176	-35.5%	3,180,123

Translation loss (V)

		31/03/2013		31/03/2012		31/03/2011
Translation loss (Total V)	ED	3,470	0%	0	0%	0

Equalization accounts

		31/03/2013		31/03/2012		31/03/2011
Deferred income	EB	17,790	0%	0	0%	5,520

References

		31/03/2013		31/03/2012		31/03/2011
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	3,552,382	38.6%	2,563,487	-6.2%	2,732,172
Of which current bank facilities	EH	46,105	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result(I-II)

		31/03/2013		31/03/2012		31/03/2011
Operating result (Total I-II)	GG	-867,214	18.9%	-1,069,273	36.7%	-1,689,758

2 -Financial result(V - VI)

		31/03/2013		31/03/2012		31/03/2011
Financial result (Total V-VI)	GV	-464	88.0%	-3,880	-6.2%	-3,655

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

		31/03/2013		31/03/2012		31/03/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-867,678	19.1%	-1,073,153	36.6%	-1,693,413

4 -Extraordinary result(VII-VIII)

		31/03/2013		31/03/2012		31/03/2011
Extraordinary result (Total VII-VIII)	HI	902,361	-51.7%	1,867,369	70.7%	1,093,797

Profit or loss

		31/03/2013		31/03/2012		31/03/2011
Profit or loss	HN	74,684	-90.6%	794,214	232.5%	-599,616

Total Income (I+III+V+VII)

		31/03/2013		31/03/2012		31/03/2011
Total Income (I+III+V+VII)	HL	8,135,320	-13.2%	9,372,854	0.4%	9,334,440

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

		31/03/2013		31/03/2012		31/03/2011
Total charges (Total II+IV+VI+VIII+IX+X)	HM	8,060,637	-6.0%	8,578,638	-13.6%	9,934,056

Operating income(I)

		31/03/2013		31/03/2012		31/03/2011
Total operating income (Total I)	FR	7,154,287	-4.5%	7,492,950	-6.5%	8,014,657

Operating income (details)

			31/03/2013		31/03/2012		31/03/2011
	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	6,430,009	-7.8%	6,970,409	-8.4%	7,606,476
	France	FD	4,322,471	-6.3%	4,613,877	-8.3%	5,033,992
	Export	FE	2,107,538	-10.6%	2,356,532	-8.4%	2,572,484
	Sale of services	FI	638,401	103.5%	313,658	-14.2%	365,422
	France	FG	525,840	160.5%	201,821	-14.1%	234,948
	Export	FH	112,561	0.6%	111,837	-14.3%	130,474
	Net turnover	FL	7,068,410	-3.0%	7,284,067	-8.6%	7,971,898
	France	FJ	4,848,311	0.7%	4,815,698	-8.6%	5,268,940
	Export	FK	2,220,099	-10.1%	2,468,369	-8.7%	2,702,958
	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	61,188	-41.5%	104,566	375.5%	21,993
	Other income	FQ	24,689	-76.3%	104,317	402.3%	20,766

Operating charges(II)

		31/03/2013		31/03/2012		31/03/2011
Total operating charges (Total II)	GF	8,021,501	-6.3%	8,562,223	-11.8%	9,704,415

Exploitation charges

		31/03/2013		31/03/2012		31/03/2011
Purchase of goods for resale	FS	0	0%	0	0%	0
Change in stocks of goods for resale	FT	0	0%	208,582	-61.1%	536,841
Purchase of raw materials	FU	2,455,546	-17.4%	2,973,889	-17.8%	3,616,009
Change in stocks of raw materials	FV	177,961	0%	0	0%	0
Other external purchases and charges	FW	2,526,647	1.2%	2,495,464	-6.6%	2,672,731
Tax, duty and similar payments	FX	173,388	-2.9%	178,518	15.1%	155,118
Payroll	FY	1,570,638	-4.8%	1,649,241	-0.4%	1,655,927
Social security costs	FZ	672,805	3.1%	652,421	1.1%	645,575

Depreciation

		31/03/2013		31/03/2012		31/03/2011
Depreciation of fixed assets	GA	125,533	-21.3%	159,495	-21.6%	203,333
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	100,255	26.1%	79,481	41.0%	56,365
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/03/2013		31/03/2012		31/03/2011
Other charges	GE	218,728	32.5%	165,132	1.6%	162,516

Operating charges (III-IV)

		31/03/2013		31/03/2012		31/03/2011
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)

			31/03/2013		31/03/2012		31/03/2011
	Total financial income (Total V)	GP	18,362	0%	0	0%	0
	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	0	0%	0	0%	0
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	18,362	0%	0	0%	0
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/03/2013		31/03/2012		31/03/2011
	Total financial charge (Total VI)	GU	18,826	385.2%	3,880	6.2%	3,655
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	3,274	-14.4%	3,823	10.8%	3,451
	Exchange losses	GS	15,552	27184.2%	57	-72.1%	204
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income(VII)

			31/03/2013		31/03/2012		31/03/2011
	Total extraordinary income (Total VII)	HD	962,671	-48.8%	1,879,904	42.4%	1,319,783
	Extraordinary operating income	HA	901,606	83.3%	491,748	-50.5%	992,998
	Extraordinary income from capital transactions	HB	61,065	-95.6%	1,388,156	324.8%	326,785
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges(VIII)

			31/03/2013		31/03/2012		31/03/2011
	Total extraordinary charges (Total VIII)	HH	60,310	381.1%	12,535	-94.5%	225,986
	Extraordinary operating charges	HE	1,745	5.8%	1,650	-70.7%	5,624
	Extraordinary charges from capital transactions	HF	58,565	438.0%	10,885	-95.1%	220,362
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing(IX)

		31/03/2013		31/03/2012		31/03/2011
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits(X)

		31/03/2013		31/03/2012		31/03/2011
Tax on profits (Total X)	HK	-40,000	0%	0	0%	0

References

		31/03/2013		31/03/2012		31/03/2011
Of which equipment leases	HP	0	0%	60,056	0.3%	59,906
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	12,554	12.1%	11,196
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%	118,189	-16.3%	141,129

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			31/03/2013		31/03/2012		31/03/2011
	Gross value at begin of period	OG	0	0%	0	0%	0
	Increasess due to revaluation	OH	0	0%	0	0%	0
	Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
	Decreasess by budget item transfer	OK1	0	0%	0	0%	0
	Decreasess by transfers	OK2	0	0%	0	0%	0
	Gross value at the end of period	OL	0	0%	0	0%	0

Research and development Charge (Total I)

			31/03/2013		31/03/2012		31/03/2011
	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)

			31/03/2013		31/03/2012		31/03/2011
	Gross value at begin of period	KD	0	0%	0	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	0	0%	0	0%	0

Tangible fixed assets (Total III)

			31/03/2013		31/03/2012		31/03/2011
	Gross value at begin of period	LN	0	0%	0	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	0	0%	0	0%	0
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	0	0%	0	0%	0
	Gross value at the end of period	NH	0	0%	0	0%	0

Fiancial assets (Total IV)

		31/03/2013		31/03/2012		31/03/2011
Gross value at begin of period	LQ	0	0%	0	0%	0
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	0	0%	0
Gross value at the end of period	NK	0	0%	0	0%	0

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

			31/03/2013		31/03/2012		31/03/2011
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			31/03/2013		31/03/2012		31/03/2011
	Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases		PB	0	0%	0	0%	0
Decreasess		PC	0	0%	0	0%	0
	Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

			31/03/2013		31/03/2012		31/03/2011
	Reserve for depreciation value at begin of period	PE	0	0%	0	0%	0
Increases		PF	0	0%	0	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	0	0%	0	0%	0

Total fixed assets amotisation(Total III)

			31/03/2013		31/03/2012		31/03/2011
	Reserve for depreciation value at begin of period	QU	0	0%	0	0%	0
Increases		QV	0	0%	0	0%	0
Decreases		QW	0	0%	0	0%	0
	Decreasess by budget item transfer	QX	0	0%	0	0%	0

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			31/03/2013		31/03/2012		31/03/2011
	Gross value at begin of period	Z91	0	0%	0	0%	0
Increases		Z92	0	0%	0	0%	0
Depreciation of fixed assets during period		Z9	0	0%	0	0%	0
	Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

			31/03/2013		31/03/2012		31/03/2011
	Net value at begining of period	SP1	0	0%	0	0%	0
Increases		SP2	0	0%	0	0%	0
Depreciation of fixed assets during period		SP	0	0%	0	0%	0
	Net value at the end of period	SR	0	0%	0	0%	0

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

			31/03/2013		31/03/2012		31/03/2011
	Value at begining of period	7C	0	0%	0	0%	123,515
Increases		UB	0	0%	0	0%	56,365
Decreases		UC	0	0%	0	0%	10,797
	Value at the end of period	UD	0	0%	0	0%	169,083

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)

			31/03/2013		31/03/2012		31/03/2011
	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)

			31/03/2013		31/03/2012		31/03/2011
	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)

			31/03/2013		31/03/2012		31/03/2011
	Value at begining of period	7B	0	0%	0	0%	123,515
Increases		TY	0	0%	0	0%	56,365
Decreases		TZ	0	0%	0	0%	10,797
	Value at the end of period	UA	0	0%	0	0%	169,083

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

		31/03/2013		31/03/2012		31/03/2011
Gross value	VT	0	0%	0	0%	3,153,467
1 year at most	VU	0	0%	0	0%	1,747,192
More than one year	VV	0	0%	0	0%	1,406,275

State of loans

		31/03/2013		31/03/2012		31/03/2011
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	0	0%	0	0%	1,406,275
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/03/2013		31/03/2012		31/03/2011
Customers doubtful or disputed	VA	0	0%	0	0%	208,737
Other claims customer	UX	0	0%	0	0%	778,611
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%	1,940
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%	453,029
Group and Associates	VC	0	0%	0	0%	46,250
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	0	0%	247,389

Prepaid

		31/03/2013		31/03/2012		31/03/2011
Prepaid	VS	0	0%	0	0%	11,237

State Debt

			31/03/2013		31/03/2012		31/03/2011
	Total debt (gross)	VY	0	0%	0	0%	5,235,154
1 year at most		VZ2	0	0%	0	0%	2,732,172
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	2,502,982
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/03/2013		31/03/2012		31/03/2011
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	0	0%	0
1 year at most		VG2	0	0%	0	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	0	0%	0	0%	1,482,071
1 year at most		8B2	0	0%	0	0%	1,482,071
More than 1 year and 5 years at most		8B3	0	0%	0	0%	1,482,071
	Personnel and associated accounts (gross)	8C1	0	0%	0	0%	199,764
1 year at most		8C2	0	0%	0	0%	199,764
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	0	0%	0	0%	356,075
1 year at most		8D2	0	0%	0	0%	356,075
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	0	0%	0
1 year at most		VW2	0	0%	0	0%	0
More than 1 year and 5 years at most		VW3	0	0%	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most		VX2	0	0%	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0	0%	0
	Other taxes and assimilated (gross)	VQ1	0	0%	0	0%	0
1 year at most		VQ2	0	0%	0	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	1,220
1 year at most		8J2	0	0%	0	0%	1,220
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%	10,381
1 year at most		VI2	0	0%	0	0%	10,381
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	0	0%	0	0%	3,180,123
1 year at most		8K2	0	0%	0	0%	677,141
More than 1 year and 5 years at most		8K3	0	0%	0	0%	2,502,982
	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%	5,520
1 year at most		8L2	0	0%	0	0%	5,520
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/03/2013		31/03/2012		31/03/2011
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

		31/03/2013		31/03/2012		31/03/2011
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/03/2013		31/03/2012		31/03/2011
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

		31/03/2013		31/03/2012		31/03/2011
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

		31/03/2013		31/03/2012		31/03/2011
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

		31/03/2013		31/03/2012		31/03/2011
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

		31/03/2013		31/03/2012		31/03/2011
Average number of employees	YP	0	0%	0	0%	78

Groups and Shareholders

		31/03/2013		31/03/2012		31/03/2011
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		31/03/2013		31/03/2012		31/03/2011	Sector Median2013
Fixed Asset Financing		0.78	1.3%	0.77	63.8%	0.47	1.60	-51.2%
Global Debt		212days	20.5%	176days	-25.4%	236days	113.50days	86.8%
Working Capital Fund overall net		-48days	-4.3%	-46days	57.8%	-109days	100.50days	-147.8%
Financial independence		288.67%	-92.5%	3850.43%	201.3%	-3800.21%	334.59%	-13.7%
More ratios
Solvability		10.24%	1.5%	10.09%	223.8%	-8.15%	49.13%	-79.2%
Capacity debt futures		%	-	%	-	%	1442.84%	-
Coverage of current assets by net working capital overall		-28.85%	14.7%	-33.83%	58.2%	-80.84%	51.25%	-156.3%
General Liquidity			-		-	0.64	0.85	-
Restricted Liquidity			-		-	0.68	1.30	-

Management or rotation

		31/03/2013		31/03/2012		31/03/2011	Sector Median2013
Need background in operating working capital		-47days	11.3%	-53days	53.1%	-113days	46days	-202.2%
Treasury		-1days	-116.7%	6days	50.0%	4days	25days	-104.0%
Inventory turnover of goods		days	-	1611days	110.3%	766days	0days	-
Average length of credit granted to customers		66days	20.0%	55days	22.2%	45days	66days	0%
Average length of credit obtained suppliers		92days	48.4%	62days	-20.5%	78days	61days	50.8%
More ratios
Inventory turnover of raw materials in industrial enterprises		0days	0%	0days	0%	0days	68days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	260days	-
Rotation tangible assets		%	-	%	-	%	260.63%	-

Profitability of the business

		31/03/2013		31/03/2012		31/03/2011	Sector Median2013
Margin trading		0%	0%	-2.86%	57.5%	-6.73	0%	0%
Profitability of the business		-7.20	40.0%	-12	27.0%	-16.44	5.60%	-228.6%
Net profit		1.06%	-90.3%	10.90%	244.9%	-7.52%	2.62%	-59.5%
More ratios
Growth rate of turnover (excluding VAT)		-2.96%	65.7%	-8.63%	49.4%	-17.06%	0%	0%
Rates integration		27%	22.4%	22.05%	53.3%	14.38%	37.21%	-27.4%
Rate leasing furniture		0%	0%	0.82%	9.3%	0.75%	0%	0%
Work Factor		117.57%	-18.0%	143.30%	-28.6%	200.77%	78.13%	50.5%
Weight interests		0.27	440.0%	0.05%	0%	0.05%	0.32%	-15.6%

Return on capital

		31/03/2013		31/03/2012		31/03/2011	Sector Median2013
Cash flow from the overall profitability		2.80%	148.2%	-5.81%	7.9%	-6.31%	5.07%	-44.8%
Rates of economic profitability		-80%	62.4%	-213%	-162.5%	341%	13%	-715.4%
Financial profitability		474398%	18.7%	399713%	201.3%	-394500%	226136%	109.8%
Return on investment		14.64%	-92.5%	194.61%	25.4%	155.15%	8.13%	80.1%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

oldes Intermédiaires de Gestion

	31/03/2013		31/03/2012		31/03/2011	Sector Median2013
Turnover	7,068,410	-3.0%	7,284,067	-8.6%	7,971,898	881,299 €	702.0%

Sales of goods	0	0%	0	0%	0
- Purchase of goods	0	0%	0	0%	0
+/- Stock of goods variation	0	0%	208,582	-61.1%	536,841
Trading margin	0 €	0%	-208,582 €	61.1%	-536,841 €	0 €	0%
	0.00 % CA	0%	-2.86 % CA	57.5%	-6.73 % CA	0 % CA	0%

Sale of goods produced	7,068,410	-3.0%	7,284,067	-8.6%	7,971,898
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	7,068,410 €	-3.0%	7,284,067 €	-8.6%	7,971,898 €	738,960 €	856.5%
	100.00 % CA	0%	100.00 % CA	0%	100.00 % CA	99.86 % CA	0.1%

Trading margin	0	0%	-208,582	61.1%	-536,841	0	0%
+ Period Production	7,068,410	-3.0%	7,284,067	-8.6%	7,971,898	738,960	856.5%
- Purchase of raw materials	2,455,546	-17.4%	2,973,889	-17.8%	3,616,009
+/- Change in stocks of raw materiels	177,961	0%	0	0%	0
- Other external purchases and charges	2,526,647	1.2%	2,495,464	-6.6%	2,672,731
Added value	1,908,256 €	18.8%	1,606,132 €	40.1%	1,146,317 €	330,399 €	477.6%
	27.00 % CA	22.4%	22.05 % CA	53.3%	14.38 % CA	37.21 % CA	-27.4%

Added value	1,908,256 €	18.8%	1,606,132 €	40.1%	1,146,317 €	330,399 €	477.6%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	173,388	-2.9%	178,518	15.1%	155,118
- Personal charges	2,243,443	-2.5%	2,301,662	0.0%	2,301,502
Gross operating surplus	-508,575 €	41.8%	-874,048 €	33.3%	-1,310,303 €	44,071 €	-1254.0%
	-7.20 % CA	40.0%	-12.00 % CA	27.0%	-16.44 % CA	5.60 % CA	-228.6%

Gross operating surplus	-508,575 €	41.8%	-874,048 €	33.3%	-1,310,303 €	44,071 €	-1254.0%
+ Release of reserves and provisions	61,188	-41.5%	104,566	375.5%	21,993
+ Other operating income	24,689	-76.3%	104,317	402.3%	20,766
- Depreciation/Amortisation	225,788	-5.5%	238,976	-8.0%	259,698
- Other charges	218,728	32.5%	165,132	1.6%	162,516
Operating result	-867,214 €	18.9%	-1,069,273 €	36.7%	-1,689,758 €	25,806 €	-3460.5%
	-12.27 % CA	16.4%	-14.68 % CA	30.8%	-21.20 % CA	3.18 % CA	-485.8%

Operating result	-867,214 €	18.9%	-1,069,273 €	36.7%	-1,689,758 €	25,806 €	-3460.5%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	18,362	0%	0	0%	0
- Financial charges	18,826	385.2%	3,880	6.2%	3,655
Pre-tax result	-867,678 €	19.1%	-1,073,153 €	36.6%	-1,693,413 €	25,684 €	-3478.3%
	-12.28 % CA	16.6%	-14.73 % CA	30.6%	-21.24 % CA	2.82 % CA	-535.5%

Extraordinary income	962,671	-48.8%	1,879,904	42.4%	1,319,783	1,000	96167.1%
- Extraordinary charges	60,310	381.1%	12,535	-94.5%	225,986
Extraordinary result	902,361 €	-51.7%	1,867,369 €	70.7%	1,093,797 €	0 €	0%
	12.77 % CA	-50.2%	25.64 % CA	86.9%	14 % CA	0 % CA	0%

Pre-tax result	-867,678 €	19.1%	-1,073,153 €	36.6%	-1,693,413 €	25,684 €	-3478.3%
Extraordinary result	902,361 €	-51.7%	1,867,369 €	70.7%	1,093,797 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	-40,000	0%	0	0%	0
Net result	74,683 €	-90.6%	794,216 €	232.5%	-599,616 €	25,721 €	190.4%
	1.06 % CA	-90.3%	10.90 % CA	244.9%	-7.52 % CA	2.70 % CA	-60.7%

FOREIGN EXCHANGE RATES

N/A

ADDITIONAL INFORMATION

Company details

Activity (APE)	Fabrication de produits de consommation courante en matières plastiques (2229B)
RCS Registration	RCS Grasse 7 307 336 727	Share capital	2,000,000 Euros
Registration Court	Grasse (06)	Legal form	Public limited company with board of directors
Court Registry Number	19 7 6B00111	EUR VAT Number	FR70307336727
Incorporation Date	12/1976	Formation Date	01/1976
Deregistration Date		Last account Date	31/03/2013
Nationality	France

Establishment details

Trade name	MMS INTERNATIONAL
Activity (APE)	Fabrication de produits de consommation courante en matières plastiques (2229B)	Business Pages FT®	PUBLICITE PAR L'OBJET
Postal Address	MMS INTERNATIONAL ZI BOIS DE GRASSE BP 145 AV MAURICE CHEVALIER 06334 GRASSE CEDEX	Trading Address	AVENUE MAURICE CHEVALIER 06130 GRASSE
Telephone	04 93 40 54 00
Fax

Type	Head office	Status	Economically active
Formation Date	01/1900	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Alpes-Maritimes (06)	Region	Côte d'Azur
District	1	Area	94
City	GRASSE	Size of urban area	Urban unit with 200 000 to 1 999 999 inhabitants

ther establishments

Branches	2 branch entities in this company
Head office	> MMS INTERNATIONAL <<<  - Fabrication de produits de consommation courante en matières plastiques (2229B)  in GRASSE  (06130)
Secondary establishments	>  MMS INTERNATIONAL - Fabrication de produits de consommation courante en matières plastiques (2229B)  in GRASSE   (06130)

Regionality

Legal unit with all establishments in same area

Mono-activity status

Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 80 to 99% of workforce

Workforces

Workforce at address

50 to 99 employees

Company workforce

50 to 99 employees

Preferential rights details and history

Summary of preferential rights

Company monitored since	10/12/2010
Status of Monitoring	No social security and tax office preferential right to date

Linkages

No Linkages information available for the company

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
24/10/2014	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 257 - 307 336 727 RCS Grasse. MMS INTERNATIONAL. Forme : Société anonyme. Administration : Commissaire aux comptes suppléant : ALC représenté par OLLIER Pierre Jean en fonction le 19 Avril 2000 Commissaire aux comptes titulaire : DEREPAS SASSO ORGANISATION (DSO) en fonction le 28 Novembre 2007 Administrateur : FERNANDEZ Gérald en fonction le 15 Octobre 2014 Administrateur : TIZZANI Gérard en fonction le 15 Octobre 2014 Président du conseil d'administration Administrateur : LO PRESTI Isabelle en fonction le 15 Octobre 2014 Administrateur : CRAPANZANO Nathalie en fonction le 15 Octobre 2014. Activité : . Commentaires : Modification de représentant.
03/10/2014	JAL	Resignation / Revocation of the social representative
Avenir Côte d azur (L ) Date de décision : 09/06/2014 La société 307336727 - MMS INTERNATIONAL, MMS INTERNATIONAL, AV MAURICE CHEVALIER, ZI BOIS DE GRASSE BP 145, 06130 GRASSE Fait l'objet du départ de Madame Arlete LUCKY, De Monsieur Albert LUCKY, De Monsieur Yves LUCKY, Villa Stelina Allée des Iris, 06210, MANDELIEU LA NAPOULE
03/10/2014	JAL	Resignation / Revocation of the social representative
Avenir Côte d azur (L ) Date de décision : 09/06/2014 La société 307336727 - MMS INTERNATIONAL, MMS INTERNATIONAL, AV MAURICE CHEVALIER, ZI BOIS DE GRASSE BP 145, 06130 GRASSE Fait l'objet du départ de Monsieur Albert LUCKY, De Monsieur Yves LUCKY, Villa Stelina Allée des Iris, 06210, MANDELIEU LA NAPOULE
03/10/2014	JAL	Appointment of the social representative
Avenir Côte d azur (L ) Date de décision : 09/06/2014 Société faisant l'objet d'une nomination : 307336727 - MMS INTERNATIONAL, MMS INTERNATIONAL, AV MAURICE CHEVALIER, ZI BOIS DE GRASSE BP 145, 06130 GRASSE Nominé : Monsieur Gérard TIZZANI, 13600 LA CIOTAT En la fonction de : Administrateur Nominé : Madame Nathalie CRAPANZANO, 83000 TOULON En la fonction de : Administrateur Nominé : Monsieur Gérard FERNANDEZ-ORFILA, 83000 TOULON En la fonction de : Administrateur Nominé : Madame Isabelle LO PRESTI, 13600 LA CIOTAT En la fonction de : Administrateur
03/10/2014	JAL	Appointment of the social representative
Avenir Côte d azur (L ) Date de décision : 09/06/2014 Société faisant l'objet d'une nomination : 307336727 - MMS INTERNATIONAL, MMS INTERNATIONAL, AV MAURICE CHEVALIER, ZI BOIS DE GRASSE BP 145, 06130 GRASSE Nominé : Madame Isabelle LO PRESTI, 13600 LA CIOTAT En la fonction de : Président du Conseil d'Administration
18/07/2014	JAL	Appointment of the social representative
Avenir Côte d azur (L ) Date de décision : 09/06/2014 Société faisant l'objet d'une nomination : 307336727 - MMS INTERNATIONAL, MMS INTERNATIONAL, AV MAURICE CHEVALIER, ZI BOIS DE GRASSE BP 145, 06130 GRASSE Nominé : Monsieur Gérard TIZZANI, 13600 LA CIOTAT En la fonction de : Administrateur Nominé : Madame Nathalie CRAPANZANO, 83000 TOULON En la fonction de : Administrateur Nominé : Monsieur Gérard FERNANDEZ-ORFILA, 83000 TOULON En la fonction de : Administrateur
18/07/2014	JAL	Resignation / Revocation of the social representative
Avenir Côte d azur (L ) Date de décision : 09/06/2014 La société 307336727 - MMS INTERNATIONAL, MMS INTERNATIONAL, AV MAURICE CHEVALIER, ZI BOIS DE GRASSE BP 145, 06130 GRASSE Fait l'objet du départ de Madame Arlett LUCKY, De Monsieur Yves LUCKY, De Monsieur Albert LUCKY
22/04/2014	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 474 - 307336727 RCS. MMS INTERNATIONAL. Forme : Société anonyme. Adresse : 6130 Grasse. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2013.
18/12/2012	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 229 - 307336727 RCS. MMS INTERNATIONAL. Forme : Société anonyme. Adresse : Zone Industrielle les Bois de Grasse 6130 Grasse. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2012.
27/02/2012	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 689 - 307336727 RCS. MMS INTERNATIONAL. Forme : Société anonyme. Adresse : Zone Industrielle les Bois de Grasse 6130 Grasse. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2011.
10/01/2011	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 169 - 307336727 RCS. MMS INTERNATIONAL. Forme : Société anonyme. Adresse : Zone Industrielle les Bois de Grasse 6130 Grasse. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2010.
23/06/2010	Bodacc A	Extrait de jugement
06 - ALPES-MARITIMES TRIBUNAL DE COMMERCE DE GRASSE 1612 - Date : 7 juin 2010. Jugement modifiant le plan de redressement. 307 336 727 RCS Grasse. MMS INTERNATIONAL. Forme : Société anonyme. Activité : commerce d'objets et articles publicitaires, gadgets, articles de Paris. Adresse : Zone Industrielle les Bois de Grasse, 6130 Grasse. Complément de jugement : Jugement modifiant le plan de redressement.
16/12/2009	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 288 - 307336727 RCS. MMS INTERNATIONAL. Forme : Société anonyme. Adresse : Zone Industrielle les Bois de Grasse 6130 Grasse. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2009.
10/07/2009	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 15 - 307 336 727 RCS Grasse. MMS INTERNATIONAL. Forme : Société anonyme. Administration : Président du conseil d'administration : LUCKY ALBERT DAVID. Directeur général et administrateur : LUCKY YVES RICHARD. Administrateur : LUCKY ARLETT. Commissaire aux comptes suppléant : ALC représenté par OLLIER Pierre Jean en fonction le 19 Avril 2000. Commissaire aux comptes titulaire : DEREPAS SASSO ORGANISATION (DSO) en fonction le 28 Novembre 2007. Commentaires : Modification de représentant.
11/03/2009	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 284 - 307336727 RCS. MMS INTERNATIONAL. Forme : Société anonyme. Adresse : 6130 Grasse. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2008.
29/12/2007	Bodacc C	Avis de dépôt des comptes
199 - 307 336 727. RCS Grasse MMS INTERNATIONAL. Forme: Société anonyme. Adresse du siège social: Zone Industrielle Les Bois de Grasse , 06130 Grasse. Comptes annuels et rapports de l'exercice clos le: 31 mars 2007.
25/12/2007	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 5 - 307 336 727 RCS Grasse. MMS INTERNATIONAL. Forme : Société anonyme. Administration : Commissaire aux comptes titulaire : SASSO Albert radiation le 28 Novembre 2007. Commissaire aux comptes titulaire : DEREPAS SASSO ORGANISATION (DSO) représenté par en fonction le 28 Novembre 2007. Commentaires : Modification de représentant.
28/06/2007	Bodacc A	Jugement lié aux créances
2161 - Avis de dépôt de la liste des créances nées après jugement d'ouverture . RCS Grasse B 307 336 727. MMS INTERNATIONAL. Forme : S.A. Adresse : Z.I. des Bois de Grasse, 06130 Grasse. La liste des créances nées après jugement d'ouverture a été déposée au greffe du tribunal de commerce de Grasse , où les contestations peuvent être faites par déclaration au greffe dans un délai de deux mois.
05/04/2007	Bodacc A	Rétractation de jugement
1645 - Date : 22 janvier 2007. Jugement arrêtant le plan de continuation et en fixant la durée à huit ans désignant LUCKY (Albert) et LUCKY (Yves) comme tenus d'exécuter le plan. RCS Grasse 307 336 727. RC 76-B 00111. MMS INTERNATIONAL. Forme : non précisée. Activité : commerce d'objets ou d'articles publicitaires, de gadgets et d'articles de Paris. Adresse : Z.I. Les Bois-de-Grasse, 06130 Grasse. Juge commissaire : Westrelin (Philippe). Commissaire à l'exécution du plan : Me Evazin. (Pierre-Louis). Adresse : 1 rue Alexandre-Mari, 06300 Nice. Ce même jugement maintient Me Evazin (Pierre-Louis), en qualité d'administrateur judiciaire
17/02/2007	Bodacc C	Avis de dépôt des comptes
215 - RCS Grasse B 307 336 727. RC 76-B 111. MMS INTERNATIONAL. Forme: S.A. Adresse du siège social: Z.I. les Bois de Grasse, 06130 Grasse. Comptes annuels et rapports de l'exercice clos le: 31 mars 2006.
06/02/2007	Bodacc A	Jugement lié aux créances
2159 - Avis de dépôt de l'état des créances . Numéro : 06 J 57. RCS Grasse B 307 336 727. RC 67-B 111. MMS INTERNATIONAL. Forme : S.A. Adresse : Z.I. Les Bois de Grasse, 06130 Grasse. Dépôt de l'état des créances au tribunal de commerce de : Grasse , où les réclamations seront recevables dans un délai de quinze jours à compter de la date de la présente publication.
04/06/2006	Bodacc B	Modifications et mutations diverses
0035 - RCS Grasse B 307 336 727. RC 76-B 111. M.M.S. INTERNATIONAL. Forme : S.A. Capital : 2 000 000 d'euros. Commentaires : modification survenue sur le capital (augmentation).
07/05/2006	Bodacc A	Redressement judiciaire
0733 - Date : 12 avril 2006. Jugement d'ouverture d'une procédure de redressement judiciaire . Numéro : 2006J00057. RCS Grasse B 307 336 727. RC 76-B 111. MMS INTERNATIONAL. Forme : S.A. Activité : commerce d'objets et articles publicitaires, gadgets, articles de Paris. Adresse : Z.I. les Bois de Grasse 06130 Grasse. Date de cessation des paiements : 12 avril 2006Ce jugement a désigné, juge commissaire M. WESTRELIN Philippe et juge commissaire suppléant M. GRAMARD Jean-Louis. Ce jugement a ouvert une période d'observation expirant le 12 octobre 2006. Administrateur judiciaire : Me EZAVIN (Pierre-Louis). Adresse : 1, rue Alexandre-Mari, 06300 Nice. Mandataire judiciaire : SELARL GAUTHIER-SOHM. Adresse : 630, route des Dolines - Ophira II, 06560 Les déclarations de créances sont à déposer dans un délai de deux mois .
16/02/2006	Bodacc C	Avis de dépôt des comptes
170 - RCS Grasse B 307 336 727. RC 76-B 111. MMS INTERNATIONAL. Forme: S.A. Adresse du siège social: Z.I. les Bois de Grasse, 06130 Grasse. Comptes annuels et rapports de l'exercice clos le: 31 mars 2005.
12/02/2005	Bodacc C	Avis de dépôt des comptes
303 - RCS Grasse B 307 336 727. RC 76-B 111. MMS INTERNATIONAL. Forme: S.A. Adresse du siège social: Z.I. les Bois de Grasse, 06130 Grasse. Comptes annuels et rapports de l'exercice clos le: 31 mars 2004.
07/03/2002	Bodacc B	Modifications et mutations diverses
RCS Grasse B 307336727 RC 76-B 111 M.M. S. INTERNATIONAL. Forme : S.A. Capital : 2 000 000 d'euros. Commentaires : modification survenue sur le capital ( augmentation).
07/05/2000	Bodacc B	Modifications et mutations diverses
RCS Grasse B 307336727 RC 76-B 111 M.M. S. INTERNATIONAL. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : nomination du commissaire aux comptes titulaire : SASSO (Albert). Nomination du commissaire aux comptes suppléant : A.L.C.
07/05/2000	Bodacc B	Modifications et mutations diverses
RCS Grasse B 307336727 RC 76-B 111 M.M. S. INTERNATIONAL. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : RIPOLL (Pierre). Commissaire aux comptes suppléant partant : PALMIERI (Bernard).

Company events history

Date	Description
24/10/2014	Bodacc B: Various editing or changing
15/10/2014	Amendment
15/10/2014	Changes to the Board of Directors
15/10/2014	New chairman (CEO, CoB)
03/10/2014	Legal Gazette: Resignation / Revocation of the social representative
25/08/2014	Application and court order
25/08/2014	Extension of term
18/07/2014	Legal Gazette: Resignation / Revocation of the social representative
09/06/2014	Legal Gazette: Appointment of the social representative
22/04/2014	Bodacc C : Deposit accounts notice
01/04/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
26/11/2013	Application and court order
26/11/2013	Extension of term
19/09/2013	Extension of term
19/09/2013	Application and court order
31/03/2013	New accounts available
29/01/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
18/12/2012	Bodacc C : Deposit accounts notice
31/03/2012	New accounts available
27/02/2012	Bodacc C : Deposit accounts notice
21/02/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
11/10/2011	Requête et Ordonnance
11/10/2011	Application and court order
11/10/2011	Extension of term
11/10/2011	Prorogation de durée
31/03/2011	New accounts available
10/01/2011	Bodacc C : Deposit accounts notice
10/12/2010	Collection of preferential rights activated for this company
23/06/2010	New collective procedure
31/03/2010	New accounts available
16/12/2009	Bodacc C : Deposit accounts notice
10/07/2009	Bodacc B: Various editing or changing
30/06/2009	Private document
30/06/2009	Modification du Conseil d'Administration
30/06/2009	Continuation of business despite loss of equity
30/06/2009	Acte modificatif
30/06/2009	Minutes of general meeting of shareholders
30/06/2009	Changes to the Board of Directors
31/03/2009	New accounts available
11/03/2009	Bodacc C : Deposit accounts notice
31/03/2008	New accounts available
25/12/2007	Bodacc B: Various editing or changing
25/12/2007	New Bodacc B ads detected
27/11/2007	Appointment/resignation of company officers
27/11/2007	Minutes of general meeting of shareholders
27/11/2007	Changement de Commissaire aux Comptes
27/11/2007	PV d'Assemblée
27/11/2007	Private document
27/11/2007	New auditor
28/06/2007	New collective procedure
05/04/2007	New collective procedure
31/03/2007	New accounts available
06/02/2007	New collective procedure
22/01/2007	New collective procedure
10/05/2006	Acte sous seing privé
10/05/2006	Private document
10/05/2006	Rapport des Commissaires ou du Gérant
10/05/2006	Audit or Management Report
10/05/2006	Updated articles of association
10/05/2006	Statuts mis à jour
10/05/2006	Réduction de Capital
10/05/2006	PV d'Assemblée
10/05/2006	Minutes of general meeting of shareholders
10/05/2006	Capital reduction
10/05/2006	Capital increase
10/05/2006	Certificat de dépôt des fonds
10/05/2006	Augmentation de Capital
07/05/2006	New collective procedure
12/04/2006	New collective procedure
31/03/2006	New accounts available
19/05/2005	Minutes of general meeting of shareholders
19/05/2005	PV d'Assemblée
19/05/2005	Continuation malgré perte supérieure à la moitié du capital
19/05/2005	Continuation of business despite loss of equity
19/05/2005	Private document
19/05/2005	Acte sous seing privé
31/03/2005	New accounts available
22/09/2004	Prorogation de durée
22/09/2004	Requête et Ordonnance
31/03/2004	New accounts available
31/03/2003	New accounts available
19/04/2002	Requête et Ordonnance
20/02/2002	Conversion du Capital Social en Euros
20/02/2002	Augmentation de Capital
20/02/2002	Acte sous seing privé
20/02/2002	Statuts mis à jour
20/02/2002	PV d'Assemblée
16/10/2001	Requête et Ordonnance
16/10/2001	Prorogation de durée
18/04/2000	Nomination/démission des organes de gestion
18/04/2000	PV d'Assemblée
18/04/2000	Changement de Commissaire aux Comptes
18/04/2000	Acte sous seing privé
13/07/1994	PV d'Assemblée
13/07/1994	Augmentation de Capital
13/07/1994	Statuts mis à jour
25/04/1994	PV du Conseil d'Administration
25/04/1994	PV d'Assemblée
25/04/1994	Certificat de dépôt des fonds
25/04/1994	Déclaration de conformité
25/04/1994	Augmentation de Capital
25/04/1994	Statuts mis à jour
09/12/1991	PV d'Assemblée
02/12/1991	PV d'Assemblée
02/12/1991	PV du Conseil d'Administration

NOTES & COMMENTS

N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.81
UK Pound	1	Rs.96.77
Euro	1	Rs.77.09

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

RATING EXPLANATIONS

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

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

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

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

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