MIRA INFORM REPORT

Report Date :

10.10.2014

IDENTIFICATION DETAILS

Name :	EMBALL’ISO SA SIRET
Registered Office :	Emball'iso Sa, Zi Des Vernailles, 320 Rue De L'avenir, 69830 Saint Georges De Reneins
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	December 1990
Com. Reg. No.:	9 380 240 259
Legal Form :	Public Limited Company With Board of Directors
Line of Business :	Manufacture of plastic packaging (2222Z)
No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Unknown
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

EMBALL'ISO SA SIRET

SIRET

380 240 259 00057

Personal comment

company summary

EUR VAT Number	FR13380240259
Activity (APE)	Manufacture of plastic packaging (2222Z)	Legal form	Public limited company with board of directors
Phone	04 74 09 70 80	RCS Registration	RCS Villefranche sur Saone-Tarare 9 380 240 259
Fax
Address	Emball'iso Sa Zi Des Vernailles 320 Rue De L'avenir 69830 Saint Georges De Reneins	Incorporated Date	12/1990
Nationality	France	Status	Economically active

DIRECTORS/MANAGEMENT

DIRECTORS

Name	PIERRE CASOLI FINANCES
Name of representative	M CASOLI PIERRE
Manager position	Administrator	Date of birth	06/08/1962
Place of birth	L ARBRESLE
Type	Moral person	Name at birth

Name	M. CASOLI PIERRE MARIE FRANCOIS
Manager position	President, Managing director	Date of birth	06/08/1962
Place of birth	L'ARBRESLE(69)
Type	Individual	Name at birth

Name	Mme. CASOLI MAGDELEINE MARIE-FRANCOISE
Manager position	Administrator	Date of birth	29/12/1930
Place of birth	LYON(69)
Type	Individual	Name at birth

PREVIOUS DIRECTORS

View the directors history for this company
If you want to view the directors history, please click on the link view details.

Manager position	Title and name	Date of Birth/Place of Birth
President	M PIERRE CASOLI	8/6/1962 - L'ABRESLE
Chief Executive Officer	M PIERRE MARIE FRANCOIS CASOLI	8/6/1962 - L'ARBRESLE(69)
Chief Executive Officer	M PIERRE CASOLI	8/6/1962 - L'ABRESLE
Chief Executive Officer	M PIERRE CASOLI	8/6/1962 - L'ABRESLE
Administrator	MME MADELEINE CASOLI	12/29/1930 - LYON 07LE
Administrator	Mme MAGDELEINE MARIE-FRANCOISE CASOLI	12/29/1930 - LYON(69)
Administrator	M JEAN PICHOT	- - -
Administrator	PIERRE CASOLI FINANCES	8/6/1962 - L'ABRESLE
Administrator	PIERRE CASOLI FINANCES	8/6/1962 - L'ABRESLE
Administrator	PIERRE CASOLI FINANCES	8/6/1962 - L ARBRESLE
Administrator	PIERRE CASOLI FINANCES	8/6/1962 - L ARBRESLE

NEGATIVE INFORMATION

Judgements

Collective procedures

No judgment information for the company

SHARE & SHARE CAPITAL INFORMATION

Share capital

1,010,884 Euros

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company
	Company Name	Company number
	PIERRE CASOLI FINANCES	444659015

Ultimate Parent

1 ultimate parent company for this company > PIERRE CASOLI FINANCES - Fonds de placement et entités financières similaires (6430Z) in SAINT GEORGES DE RENEINS  (69830)

Company Name	SIREN	Parts	Last account published
PIERRE CASOLI FINANCES	444659015	-	31/12/2012
EMBALL'ISO SA	380240259	59.34%	31/12/2011
ISOPOR GMBH	HRB 33076	78%	31/12/2012
EMBALL'ISO CHINE	-	100%	-
M2 PRODUCTS LIMITED	05101687	97.66%	31/12/2013
EMBALL'ISO SINGAPOUR	-	Majority	-
EMBALL'ISO ESPAGNE	-	Majority	-
EMBALL'ISO USA	-	Majority	-
EMBALL'ISO DUBAI	-	Majority	-
EMBALL'ISO INDE	-	Majority	-
EMBALL'ISO BRÉSIL	-	Majority	-
BCD IMMO	503915829	51%	-

FINANCIAL INFORMATION

Trading to Date	12/31/2011	12/31/2008	12/31/2007
Turnover	8,744,819 €	8,592,378 €	9,235,075 €
Gross Operating Surplus	1.71 % Turnover	8.31 % Turnover	10.52 % Turnover
Shareholders’ equity	2,531,260 €	1,829,596 €	1,421,302 €
Net result	48,815 €	528,214 €	415,245 €

Accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	31/12/2011	31/12/2008	31/12/2007
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	20/06/2013	08/11/2010	-
Activity Code	2222Z	2222Z	2222Z
Employees	0	0	0

ACTIVE ACCOUNT

Annual Accounts	31/12/2011		31/12/2008		31/12/2007	Sector Median2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	2,516,521	71.3%	1,468,898	25.4%	1,171,080	464,043	442.3%
- Intangible assets	4,622	-34.3%	7,030	-49.4%	13,895	7,622	-39.4%
- Tangible assets	536,303	56.7%	342,347	-27.0%	469,221	351,480	52.6%
- Financial assets	1,975,596	76.5%	1,119,521	62.7%	687,962	6,900	28531.8%
Net current assets	2,680,757	-0.5%	2,694,522	-6.5%	2,881,057	1,729,231	55.0%
- Stocks	1,198,923	40.4%	854,008	-17.7%	1,037,452	405,450	195.7%
- Advanced payments	229,487	-0.5%	6,600	-73.7%	25,116	0	0%
- Receivables	1,161,444	-28.1%	1,615,914	-7.2%	1,742,200	780,351	48.8%
- Securities and cash	90,903	-58.3%	218,000	185.8%	76,289	113,269	-19.7%
- Prepaid expenses	-	-	-	-	-	605	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	5,197,278	24.8%	4,163,420	2.7%	4,052,137	2,267,398	129.2%

PASSIVE ACCOUNT

Annual Accounts	31/12/2011		31/12/2008		31/12/2007	Sector Median2011
Shareholders' equity	2,531,260	38.4%	1,829,596	28.7%	1,421,302	760,377	232.9%
Share capital	1,010,884	101.9%	500,686	0%	500,686	200,000	405.4%
Other capital resources	0	0%	0	0%	60,000	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	2,660,585	14.0%	2,333,824	-9.2%	2,570,835	1,184,548	124.6%
- Financial liabilities	1,034,202	33.5%	774,552	49.4%	518,539	194,764	431.0%
- Advanced payments received	0	0%	24,587	0%	0	0	0%
- Trade account payables	961,185	-11.6%	1,087,813	-19.0%	1,343,798	452,115	112.6%
- Tax and social liabilities	421,657	-2.6%	433,103	-15.5%	512,270	225,077	87.3%
- Other debts and fixed assets liabilities	248,972	1708.2%	13,769	-88.1%	116,045	24,000	937.4%
Account regularization	0	0%	0	0%	80,184	0	0%
Total liabilities	5,197,276	24.8%	4,163,420	2.7%	4,052,137	2,267,398	129.2%

RESULTS

Annual Accounts	31/12/2011		31/12/2008		31/12/2007	Sector Median2011
Sales of Goods	8,950,917	2.5%	8,736,136	-7.3%	9,428,110	4,014,207	123.0%
Net turnover	8,744,819	1.8%	8,592,378	-7.0%	9,235,075	3,961,768	120.7%
- of which net export turnover	3,625,697	16.1%	3,124,116	-20.3%	3,918,845	79,855	4440.4%
Operating charges	8,926,914	8.7%	8,211,783	-5.2%	8,666,367	3,819,004	133.7%
Operating profit/loss	24,003	-95.4%	524,353	-31.2%	761,742	71,319	-66.3%
Financial income	288,993	-36.1%	452,549	1499.2%	28,298	4,395	6475.5%
Financial charges	261,558	6.9%	244,705	62.2%	150,910	14,458	1709.1%
Financial profit/loss	27,435	-86.8%	207,844	269.5%	-122,612	-3,318	926.9%
Pretax net operating income	51,438	-93.0%	732,197	14.6%	639,130	61,483	-16.3%
Extraordinary income	15,263	-41.8%	26,239	-11.0%	29,477	15,159	0.7%
Extraordinary charges	54,595	-40.8%	92,227	1219.8%	6,988	13,762	296.7%
Extraordinary profit/loss	-39,332	40.4%	-65,988	-393.4%	22,489	0	0%
Net result	48,815	-90.8%	528,214	27.2%	415,245	53,347	-8.5%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2011	31/12/2008	31/12/2007
Months	12	12	12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2008		31/12/2007
Grand Total (I to VI)	Net	5,197,278	24.8%	4,163,420	2.7%	4,052,137
Gross	CO	6,957,082	14.6%	6,068,489	8.4%	5,599,572
Amortisation	1A	1,759,804	-7.6%	1,905,069	23.1%	1,547,435

Non declared distributed capital (I)

		31/12/2011		31/12/2008		31/12/2007
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	-	0

Active fixed asset (II)

		31/12/2011		31/12/2008		31/12/2007
Total Active fixed asset (II)	Net	2,516,521	71.3%	1,468,898	25.4%	1,171,080
Gross	BJ	4,260,102	26.5%	3,367,569	24.6%	2,702,863
Amortisation	BK	1,743,581	-8.2%	1,898,671	24.0%	1,531,783

Intangible fixed assets

			31/12/2011		31/12/2008		31/12/2007
	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	4,622	-34.3%	7,030	-49.4%	13,895
	Gross	AF	110,222	6.7%	103,306	0%	103,306
	Amortisation	AG	105,600	9.7%	96,276	7.7%	89,411
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	0	0%	0	0%	0
	Gross	AJ	0	0%	0	0%	0
	Amortisation	AK	0	0%	0	0%	0
	Pre-payments and downpayments	Net	0	0%	0	0%	0
	Gross	AL	0	0%	0	0%	0
	Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets		Net	4,622	-34.3%	7,030	-49.4%	13,895

Tangible fixed assets

		31/12/2011		31/12/2008		31/12/2007
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	250,453	-15.5%	296,257	-25.1%	395,520
Gross	AR	1,696,251	18.9%	1,426,232	4.5%	1,364,792
Amortisation	AS	1,445,798	27.9%	1,129,975	16.6%	969,272
Other tangible fixed assets	Net	285,850	599.1%	40,890	-44.5%	73,701
Gross	AT	478,033	54.2%	310,079	3.7%	298,960
Amortisation	AU	192,183	-28.6%	269,189	19.5%	225,259
Fixed assets in construction	Net	0	0%	5,200	0%	0
Gross	AV	0	0%	5,200	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	536,303		342,347		469,221

Financial assets

		31/12/2011		31/12/2008		31/12/2007
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	608,763	116.3%	281,408	38.1%	203,721
Gross	CU	608,763	24.8%	487,797	91.5%	254,721
Amortisation	CV	0	0%	206,389	304.7%	51,000
Inter-company receivables	Net	1,208,318	47.8%	817,481	84.1%	444,074
Gross	BB	1,208,318	19.1%	1,014,323	58.3%	640,917
Amortisation	BC	0	0%	196,842	0.0%	196,843
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	2,400	0%	0	0%	0
Gross	BF	2,400	0%	0	0%	0
Amortisation	BG	0		0		0
Other financial assets	Net	156,115	656.7%	20,632	-48.6%	40,167
Gross	BH	156,115	656.7%	20,632	-48.6%	40,167
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial Assets		1,975,596		1,119,521		687,962

Current Assets (III)

		31/12/2011		31/12/2008		31/12/2007
Total Assets	Net	2,680,757	-0.5%	2,694,522	-6.5%	2,881,057
Gross	CJ	2,696,980	-0.1%	2,700,920	-6.8%	2,896,708
Amortisation	CK	16,223	153.6%	6,398	-59.1%	15,652

Stocks

		31/12/2011		31/12/2008		31/12/2007
Raw materials	Net	691,634	72.8%	400,229	-30.1%	572,972
Gross	BL	691,634	72.8%	400,229	-30.1%	572,972
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	27,774	218.9%	8,710	-83.0%	51,294
Gross	BN	27,774	218.9%	8,710	-83.0%	51,294
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	412,997	6.6%	387,350	16.6%	332,126
Gross	BR	412,997	6.6%	387,350	13.8%	340,378
Amortisation	BS	0	0%	0	0%	8,252
Goods for resale	Net	66,518	15.2%	57,719	-28.8%	81,060
Gross	BT	66,518	15.2%	57,719	-28.8%	81,060
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	1,198,923	40.4%	854,008	-17.7%	1,037,452

Advance payments to suppliers

		31/12/2011		31/12/2008		31/12/2007
Advance payments to suppliers	Net	229,487	3377.1%	6,600	-73.7%	25,116
Gross	BV	229,487	3377.1%	6,600	-73.7%	25,116
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2011		31/12/2008		31/12/2007
Trade accounts receivable	Net	861,657	-35.0%	1,325,890	-4.1%	1,382,662
Gross	BX	877,880	-34.1%	1,332,288	-4.2%	1,390,062
Amortisation	BY	16,223	153.6%	6,398	-13.5%	7,400
Other debtors	Net	227,371	11.4%	204,054	-20.4%	256,288
Gross	BZ	227,371	11.4%	204,054	-20.4%	256,288
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	1,089,028	-28.8%	1,529,944	-6.7%	1,638,950

Divers

		31/12/2011		31/12/2008		31/12/2007
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	90,903	-58.3%	218,000	185.8%	76,289
Gross	CF	90,903	-58.3%	218,000	185.8%	76,289
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	90,903	-58.3%	218,000	185.8%	76,289

Prepaid expenses

		31/12/2011		31/12/2008		31/12/2007
Prepaid expenses	Net	72,416	-15.8%	85,970	-16.7%	103,250
Gross	CH	72,416	-15.8%	85,970	-16.7%	103,250
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2011		31/12/2008		31/12/2007
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	-	-

References

		31/12/2011		31/12/2008		31/12/2007
Due within one year	CP	0	0%	0	0%	35,000
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		31/12/2011		31/12/2008		31/12/2007
Grand Total (I to V)	EE	5,197,276	24.8%	4,163,420	2.7%	4,052,137

Shareholder Equity (I)

		31/12/2011		31/12/2008		31/12/2007
Total shareholders' equity (Total I)	DL	2,531,260	38.4%	1,829,596	28.7%	1,421,302
Equity and shareholders' equity	DA	1,010,884	101.9%	500,686	0%	500,686
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	101,088	101.9%	50,069	0%	50,069
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	1,335,141	82.8%	730,492	66.1%	439,780
Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
Profits or losses brought forward	DH	0	0%	0	0%	0
Profit or loss for the period	DI	48,815	-90.8%	528,214	27.2%	415,245
Investment grants	DJ	35,332	75.5%	20,135	29.7%	15,523
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2011		31/12/2008		31/12/2007
Total other capital resources (Total II)	DO	0	0%	0	0%	60,000
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	0	0%	0	0%	60,000

Provisions for risks and charges (III)

		31/12/2011		31/12/2008		31/12/2007
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)

		31/12/2011		31/12/2008		31/12/2007
Total Liabilities (Total IV)	EC	2,660,585	14.0%	2,333,824	-9.2%	2,570,835
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	775,600	39.6%	555,515	13.4%	489,794
Sundry loans and financial liabilities	DV	258,602	18.1%	219,037	662.0%	28,745
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	0	0%	24,587	0%	0
Trade accounts payables	DX	961,185	-11.6%	1,087,813	-19.0%	1,343,798
Tax and social security liabilities	DY	421,657	-2.6%	433,103	-15.5%	512,270
Fixed asset liabilities	DZ	3,076	0%	0	0%	95,904
Other debts	EA	240,465	1646.4%	13,769	-31.6%	20,141

Translation loss (V)

		31/12/2011		31/12/2008		31/12/2007
Translation loss (Total V)	ED	5,431	0%	0	0%	0

Equalization accounts

		31/12/2011		31/12/2008		31/12/2007
Deferred income	EB	0	0%	0	0%	80,184

References

		31/12/2011		31/12/2008		31/12/2007
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	1,968,598	7.6%	1,829,315	-21.0%	2,316,703
Of which current bank facilities	EH	0	0%	21,131	1414.8%	1,395

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result(I-II)

		31/12/2011		31/12/2008		31/12/2007
Operating result (Total I-II)	GG	24,003	-95.4%	524,353	-31.2%	761,742

2 -Financial result(V - VI)

		31/12/2011		31/12/2008		31/12/2007
Financial result (Total V-VI)	GV	27,435	-86.8%	207,844	269.5%	-122,612

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

		31/12/2011		31/12/2008		31/12/2007
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	51,438	-93.0%	732,197	14.6%	639,130

4 -Extraordinary result(VII-VIII)

		31/12/2011		31/12/2008		31/12/2007
Extraordinary result (Total VII-VIII)	HI	-39,332	40.4%	-65,988	-393.4%	22,489

Profit or loss

		31/12/2011		31/12/2008		31/12/2007
Profit or loss	HN	48,815	-90.8%	528,214	27.2%	415,245

Total Income (I+III+V+VII)

		31/12/2011		31/12/2008		31/12/2007
Total Income (I+III+V+VII)	HL	9,255,173	0.4%	9,214,924	-2.9%	9,485,885

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

		31/12/2011		31/12/2008		31/12/2007
Total charges (Total II+IV+VI+VIII+IX+X)	HM	9,206,360	6.0%	8,686,711	-4.2%	9,070,640

Operating income(I)

		31/12/2011		31/12/2008		31/12/2007
Total operating income (Total I)	FR	8,950,917	2.5%	8,736,136	-7.3%	9,428,110

Operating income (details)

		31/12/2011		31/12/2008		31/12/2007
Sale of goods for resale	FC	269,067	-11.4%	303,615	-42.7%	530,157
France	FA	208,736	-5.8%	221,695	-19.2%	274,252
Export	FB	60,331	-26.4%	81,920	-68.0%	255,905
Sale of goods produced	FF	8,210,317	1.2%	8,110,313	-4.4%	8,486,316
France	FD	4,791,512	-7.5%	5,179,799	3.8%	4,990,389
Export	FE	3,418,805	16.7%	2,930,514	-16.2%	3,495,928
Sale of services	FI	265,435	48.7%	178,450	-18.4%	218,602
France	FG	118,874	78.0%	66,768	29.4%	51,590
Export	FH	146,561	31.2%	111,682	-33.1%	167,012
Net turnover	FL	8,744,819	1.8%	8,592,378	-7.0%	9,235,075
France	FJ	5,119,122	-6.4%	5,468,262	2.9%	5,316,231
Export	FK	3,625,697	16.1%	3,124,116	-20.3%	3,918,845
Stocked production	FM	162,020	3592.3%	4,388	-96.2%	116,467
Self-constructed assets	FN	3,795	0%	0	0%	0
Operating grants	FO	3,822	-95.4%	83,553	42.0%	58,848
Release of reserves and provisions	FP	36,456	-34.6%	55,777	215.0%	17,709
Other income	FQ	05	-87.5%	40	300%	10

Operating charges(II)

		31/12/2011		31/12/2008		31/12/2007
Total operating charges (Total II)	GF	8,926,914	8.7%	8,211,783	-5.2%	8,666,367

Exploitation charges

		31/12/2011		31/12/2008		31/12/2007
Purchase of goods for resale	FS	150,833	26.9%	118,862	-64.6%	335,387
Change in stocks of goods for resale	FT	-21,266	-191.1%	23,341	-59.8%	58,043
Purchase of raw materials	FU	4,301,112	30.9%	3,285,497	-17.7%	3,994,241
Change in stocks of raw materials	FV	-194,467	-212.6%	172,743	199.7%	-173,236
Other external purchases and charges	FW	2,604,676	8.6%	2,397,547	3.2%	2,324,021
Tax, duty and similar payments	FX	120,283	-20.5%	151,374	0.0%	151,403
Payroll	FY	1,236,848	-2.6%	1,269,594	4.6%	1,213,287
Social security costs	FZ	567,321	3.6%	547,412	2.2%	535,636

Depreciation

		31/12/2011		31/12/2008		31/12/2007
Depreciation of fixed assets	GA	152,449	-33.7%	229,791	7.6%	213,574
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	9,034	2087.4%	413	-95.8%	9,865
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2011		31/12/2008		31/12/2007
Other charges	GE	91	-99.4%	15,209	266.8%	4,146

Operating charges (III-IV)

		31/12/2011		31/12/2008		31/12/2007
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income(V)

		31/12/2011		31/12/2008		31/12/2007
Total financial income (Total V)	GP	288,993	-36.1%	452,549	1499.2%	28,298
Share financial income	GJ	38,665	-90.8%	421,868	1848.3%	21,653
Other investment income & capitalised receivables	GK	0	0%	575	0%	0
Other interest and similar income	GL	1,914	-71.0%	6,592	134.0%	2,817
Released provisions and transferred charges	GM	247,842	11730.2%	2,095	-45.2%	3,820
Exchange gains	GN	572	-97.3%	21,419	267637.5%	08
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

		31/12/2011		31/12/2008		31/12/2007
Total financial charge (Total VI)	GU	261,558	6.9%	244,705	62.2%	150,910
Financial reserves and provisions	GQ	0	0%	155,389	0%	0
Interest and similar charges	GR	259,385	223.5%	80,188	-46.8%	150,754
Exchange losses	GS	2,173	-76.2%	9,128	5751.3%	156
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income(VII)

		31/12/2011		31/12/2008		31/12/2007
Total extraordinary income (Total VII)	HD	15,263	-41.8%	26,239	-11.0%	29,477
Extraordinary operating income	HA	6,571	17.1%	5,611	17.7%	4,769
Extraordinary income from capital transactions	HB	8,692	-57.9%	20,629	50.8%	13,681
Released provisions and transferred charges	HC	0	0%	0	0%	11,027

Extraordinary charges(VIII)

		31/12/2011		31/12/2008		31/12/2007
Total extraordinary charges (Total VIII)	HH	54,595	-40.8%	92,227	1219.8%	6,988
Extraordinary operating charges	HE	1,579	-98.1%	82,369	28303.1%	290
Extraordinary charges from capital transactions	HF	53,016	437.8%	9,858	47.2%	6,698
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing(IX)

		31/12/2011		31/12/2008		31/12/2007
Employee profit sharing (Total IX)	HJ	0	0%	45,908	-31.5%	67,019

Tax on profits(X)

		31/12/2011		31/12/2008		31/12/2007
Tax on profits (Total X)	HK	-36,707	-139.9%	92,089	-48.7%	179,356

References

		31/12/2011		31/12/2008		31/12/2007
Of which equipment leases	HP	0	0%	24,309	30.2%	18,676
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	46,111	176.6%	16,669
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

		31/12/2011		31/12/2008		31/12/2007
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%	0
Decreases 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)

		31/12/2011		31/12/2008		31/12/2007
Gross value at begin of period	CZ	0	0%	0	0%	0
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%	0	0%	0
Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets(Total II)

		31/12/2011		31/12/2008		31/12/2007
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	0	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	0	0%	0	0%	0

Tangible fixed assets (Total III)

		31/12/2011		31/12/2008		31/12/2007
Gross value at begin of period	LN	0	0%	0	0%	0
Increases due to revaluation	LO	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LP	0	0%	0	0%	0
Decreases by budget item transfer	NG1	0	0%	0	0%	0
Decreases by transfers	NG2	0	0%	0	0%	0
Gross value at the end of period	NH	0	0%	0	0%	0

Financial assets (Total IV)

		31/12/2011		31/12/2008		31/12/2007
Gross value at begin of period	LQ	0	0%	0	0%	0
Increases due to revaluation	LR	0	0%	0	0%	0
Increases, acquisitions, creations, contributions	LS	0	0%	0	0%	0
Decreases by budget item transfer	NJ1	0	0%	0	0%	0
Decreases 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)

			31/12/2011		31/12/2008		31/12/2007
	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)

			31/12/2011		31/12/2008		31/12/2007
	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)

			31/12/2011		31/12/2008		31/12/2007
	Reserve for depreciation value at begin of period	PE	0	0%	0	0%	0
Increases		PF	0	0%	0	0%	0
Decreases		PG	0	0%	0	0%	0
	Decreases by budget item transfer	PH	0	0%	0	0%	0

Total fixed assets amortisation(Total III)

			31/12/2011		31/12/2008		31/12/2007
	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
	Decreases 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

			31/12/2011		31/12/2008		31/12/2007
	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

			31/12/2011		31/12/2008		31/12/2007
	Net value at beginning 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)

			31/12/2011		31/12/2008		31/12/2007
	Value at beginning of period	7C	0	0%	0	0%	0
Increases		UB	0	0%	0	0%	0
Decreases		UC	0	0%	0	0%	0
	Value at the end of period	UD	0	0%	0	0%	0

Includes Total allocations

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

Includes Total Withdrawal

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

Total regulated provisions (Total I)

			31/12/2011		31/12/2008		31/12/2007
	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)

			31/12/2011		31/12/2008		31/12/2007
	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)

			31/12/2011		31/12/2008		31/12/2007
	Value at beginning of period	7B	0	0%	0	0%	0
Increases		TY	0	0%	0	0%	0
Decreases		TZ	0	0%	0	0%	0
	Value at the end of period	UA	0	0%	0	0%	0

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

		31/12/2011		31/12/2008		31/12/2007
Gross value	VT	0	0%	0	0%	0
1 year at most	VU	0	0%	0	0%	0
More than one year	VV	0	0%	0	0%	0

State of loans

		31/12/2011		31/12/2008		31/12/2007
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	0	0%	0	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2011		31/12/2008		31/12/2007
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	0%	0	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	0	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	0	0%	0

Prepaid

		31/12/2011		31/12/2008		31/12/2007
Prepaid	VS	0	0%	0	0%	0

State Debt

			31/12/2011		31/12/2008		31/12/2007
	Total debt (gross)	VY	0	0%	0	0%	0
1 year at most		VZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		VZ3	0	0%	0	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2011		31/12/2008		31/12/2007
	Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most		7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Y3	0	0%	0	0%	0
	Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most		7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most		7Z3	0	0%	0	0%	0
	Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	0	0%	0
1 year at most		VG2	0	0%	0	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	0	0%	0	0%	0
1 year at most		8B2	0	0%	0	0%	0
More than 1 year and 5 years at most		8B3	0	0%	0	0%	0
	Personnel and associated accounts (gross)	8C1	0	0%	0	0%	0
1 year at most		8C2	0	0%	0	0%	0
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	0	0%	0	0%	0
1 year at most		8D2	0	0%	0	0%	0
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	0	0%	0
1 year at most		VW2	0	0%	0	0%	0
More than 1 year and 5 years at most		VW3	0	0%	0	0%	0
	Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most		VX2	0	0%	0	0%	0
More than 1 year and 5 years at most		VX3	0	0%	0	0%	0
	Other taxes and assimilated (gross)	VQ1	0	0%	0	0%	0
1 year at most		VQ2	0	0%	0	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most		8J2	0	0%	0	0%	0
More than 1 year and 5 years at most		8J3	0	0%	0	0%	0
More than 5 years		8J4	0	0%	0	0%	0
	Groups and associates (gross)	VI1	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	0	0%	0	0%	0
1 year at most		8K2	0	0%	0	0%	0
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		31/12/2011		31/12/2008		31/12/2007
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information
Dividends distributed

		31/12/2011		31/12/2008		31/12/2007
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2011		31/12/2008		31/12/2007
Commitments leasing furniture	YQ	0	0%	0	0%	39,795
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2011		31/12/2008		31/12/2007
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2011		31/12/2008		31/12/2007
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2011		31/12/2008		31/12/2007
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2011		31/12/2008		31/12/2007
Average number of employees	YP	0	0%	0	0%	0

Groups and Shareholders

		31/12/2011		31/12/2008		31/12/2007
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

	31/12/2011		31/12/2008		31/12/2007	Sector Median2011
Fixed Asset Financing	1.25	-6.0%	1.33	1.5%	1.31	1.34	-6.7%
Global Debt	110days	12.2%	98days	-2.0%	100days	110days	0%
Working Capital Fund overall net	43days	-8.5%	47days	46.9%	32days	61days	-29.5%
Financial independence	326.36%	-0.9%	329.35%	13.5%	290.18%	441.01%	-26.0%
More ratios
Solvability	48.70%	10.8%	43.94%	20.2%	36.56%	40.76%	19.5%
Capacity debt futures	%	-	%	-	%	1074.49%	-
Coverage of current assets by net working capital overall	39.97%	-6.2%	42.61%	43.9%	29.62%	43.12%	-7.3%
General Liquidity		-		-		0.83	-
Restricted Liquidity		-		-		1.04	-

Management or rotation

	31/12/2011		31/12/2008		31/12/2007	Sector Median2011
Need background in operating working capital	37days	5.7%	35days	25.0%	28days	42days	-11.9%
Treasury	4days	-50.0%	8days	166.7%	3days	11days	-63.6%
Inventory turnover of goods	185days	26.7%	146days	97.3%	74days	17days	988.2%
Average length of credit granted to customers	36days	-35.7%	56days	3.7%	54days	62days	-41.9%
Average length of credit obtained suppliers	51days	-21.5%	65days	-12.2%	74days	63days	-19.0%
More ratios
Inventory turnover of raw materials in industrial enterprises	57days	32.6%	43days	-12.2%	49days	49days	16.3%
Inventory turnover of intermediate and finished products in the industrial enterprise	days	-	days	-	days	212days	-
Rotation tangible assets	%	-	%	-	%	227.57%	-

Profitability of the business

		31/12/2011		31/12/2008		31/12/2007	Sector Median2011
Margin trading		1.60%	-14.9%	1.88%	27.0%	1.48	0.38%	321.1%
Profitability of the business		1.71	-79.4%	8.31	-21.0%	10.52	5.46%	-68.7%
Net profit		0.56%	-90.9%	6.15%	36.7%	4.50%	2.12%	-73.6%
More ratios
Growth rate of turnover (excluding VAT)		1.77%	125.4%	-6.96%	-274.4%	3.99%	6.90%	-74.3%
Rates integration		23.67%	-21.8%	30.25%	-0.7%	30.46%	28.82%	-17.9%
Rate leasing furniture		0%	0%	0.28%	40.0%	0.20%	0%	0%
Work Factor		87.17%	24.7%	69.92%	12.5%	62.17%	74.52%	17.0%
Weight interests		2.99	4.9%	2.85%	74.8%	1.63%	0.45%	564.4%

Return on capital

	31/12/2011		31/12/2008		31/12/2007	Sector Median2011
Cash flow from the overall profitability	2.81%	-73.2%	10.50%	56.0%	6.73%	4.79%	-41.3%
Rates of economic profitability	4%	-85.2%	27%	-44.9%	49%	16%	-75.0%
Financial profitability	2531260%	38.4%	1829596%	23.5%	1481302%	776752%	225.9%
Return on investment	8.70%	-70.7%	29.68%	4.8%	28.31%	7.83%	11.1%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	31/12/2011		31/12/2008		31/12/2007	Sector Median2011
Turnover	8,744,819	1.8%	8,592,378	-7.0%	9,235,075	3,961,768 €	120.7%

Sales of goods	269,067	-11.4%	303,615	-42.7%	530,157
- Purchase of goods	150,833	26.9%	118,862	-64.6%	335,387
+/- Stock of goods variation	-21,266	-191.1%	23,341	-59.8%	58,043
Trading margin	139,500 €	-13.6%	161,412 €	18.1%	136,727 €	14,853 €	839.2%
	1.60 % CA	-14.9%	1.88 % CA	27.0%	1.48 % CA	0.51 % CA	213.7%

Sale of goods produced	8,475,752	2.3%	8,288,763	-4.8%	8,704,918
+/- Stocked production	162,020	3592.3%	4,388	-96.2%	116,467
+ Self-constructed assets	3,795	0%	0	0%	0
Period production	8,641,567 €	4.2%	8,293,151 €	-6.0%	8,821,385 €	3,424,496 €	152.3%
	98.82 % CA	2.4%	96.52 % CA	1.0%	95.52 % CA	97.86 % CA	1.0%

Trading margin	139,500	-13.6%	161,412	18.1%	136,727	14,853	839.2%
+ Period Production	8,641,567	4.2%	8,293,151	-6.0%	8,821,385	3,424,496	152.3%
- Purchase of raw materials	4,301,112	30.9%	3,285,497	-17.7%	3,994,241
+/- Change in stocks of raw materiels	-194,467	-212.6%	172,743	199.7%	-173,236
- Other external purchases and charges	2,604,676	8.6%	2,397,547	3.2%	2,324,021
Added value	2,069,746 €	-20.4%	2,598,776 €	-7.6%	2,813,086 €	1,102,997 €	87.6%
	23.67 % CA	-21.8%	30.25 % CA	-0.7%	30.46 % CA	28.82 % CA	-17.9%

Added value	2,069,746 €	-20.4%	2,598,776 €	-7.6%	2,813,086 €	1,102,997 €	87.6%
+ Operating grants	3,822	-95.4%	83,553	42.0%	58,848
- Tax, duty and similar payments	120,283	-20.5%	151,374	0.0%	151,403
- Personal charges	1,804,169	-0.7%	1,817,006	3.9%	1,748,923
Gross operating surplus	149,116 €	-79.1%	713,949 €	-26.5%	971,608 €	139,883 €	6.6%
	1.71 % CA	-79.4%	8.31 % CA	-21.0%	10.52 % CA	5.46 % CA	-68.7%

Gross operating surplus	149,116 €	-79.1%	713,949 €	-26.5%	971,608 €	139,883 €	6.6%
+ Release of reserves and provisions	36,456	-34.6%	55,777	215.0%	17,709
+ Other operating income	05	-87.5%	40	300%	10
- Depreciation/Amortisation	161,483	-29.9%	230,204	3.0%	223,439
- Other charges	91	-99.4%	15,209	266.8%	4,146
Operating result	24,003 €	-95.4%	524,353 €	-31.2%	761,742 €	71,319 €	-66.3%
	0.27 % CA	-95.6%	6.10 % CA	-26.1%	8.25 % CA	2.74 % CA	-90.1%

Operating result	24,003 €	-95.4%	524,353 €	-31.2%	761,742 €	71,319 €	-66.3%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	288,993	-36.1%	452,549	1499.2%	28,298
- Financial charges	261,558	6.9%	244,705	62.2%	150,910
Pre-tax result	51,438 €	-93.0%	732,197 €	14.6%	639,130 €	61,484 €	-16.3%
	0.59 % CA	-93.1%	8.52 % CA	23.1%	6.92 % CA	2.73 % CA	-78.4%

Extraordinary income	15,263	-41.8%	26,239	-11.0%	29,477	15,159	0.7%
- Extraordinary charges	54,595	-40.8%	92,227	1219.8%	6,988
Extraordinary result	-39,332 €	40.4%	-65,988 €	-393.4%	22,489 €	0 €	0%
	-0.45 % CA	41.6%	-0.77 % CA	-420.8%	0 % CA	0 % CA	0%

Pre-tax result	51,438 €	-93.0%	732,197 €	14.6%	639,130 €	61,484 €	-16.3%
Extraordinary result	-39,332 €	40.4%	-65,988 €	-393.4%	22,489 €	0 €	0%
- Employee profit sharing	0	0%	45,908	-31.5%	67,019
- Tax on profits	-36,707	-139.9%	92,089	-48.7%	179,356
Net result	48,813 €	-90.8%	528,212 €	27.2%	415,244 €	53,347 €	-8.5%
	0.56 % CA	-90.9%	6.15 % CA	36.7%	4.50 % CA	2.12 % CA	-73.6%

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Company details

Activity (APE)	Fabrication d'emballages en matières plastiques (2222Z)
RCS Registration	RCS Villefranche sur Saone-Tarare 9 380 240 259	Share capital	1,010,884 Euros
Registration Court	Villefranche sur Saone-Tarare (69)	Legal form	Public limited company with board of directors
Court Registry Number	19 9 5B00033	EUR VAT Number	FR13380240259
Incorporation Date	12/1990	Formation Date	12/1990
Deregistration Date		Last account Date	31/12/2011
Nationality	France

Establishment details

Activity (APE)	Manufacture of plastic packaging (2222Z)	Business Pages FT®	ENTREPRISES DE CONDITIONNEMENT, EMBALLAGE A FACON
Postal Address	EMBALL'ISO SA ZI DES VERNAILLES 320 RUE DE L'AVENIR 69830 SAINT GEORGES DE RENEINS	Trading Address	320 RUE DE L'AVENIR 69830 SAINT GEORGES DE RENEINS
Telephone	04 74 09 70 80
Fax

Type	Head office	Status	Economically active
Formation Date	07/2009	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Rhône (69)	Region	Rhône-Alpes
District		Area
City	SAINT GEORGES DE RENEINS	Size of urban area

Other establishments

Branches	2 branch entities in this company
Head office	> EMBALL'ISO SA <<<  - Fabrication d'emballages en matières plastiques (2222Z) in SAINT GEORGES DE RENEINS  (69830)
Secondary establishments	>  EMBALL'ISO SA - Fabrication d'emballages en matières plastiques (2222Z) in LE MESNIL LE ROI  (78600) > EMBALL’ISO SA - Fabrication d'emballages en matières plastiques (2222Z) in SAINT GEORGES DE RENEINS  (69830)

Regionality	Legal unit with multiple establishments in many areas having at least 80% of workforce in same area
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

Workforce unknown

Company workforce

20 to 49 employees

Preferential rights details and history

Summary of preferential rights

Company monitored since	20/05/2010
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
23/07/2013	Bodacc C	Comptes annuels et rapports
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE VILLEFRANCHE-TARARE 8878 - 380240259 RCS. EMBALL'ISO. Forme : Société Anonyme à Conseil d'Administration. Adresse : 320 rue de l'Avenir Zi des Vernailles 69830 Saint-Georges-de-Reneins. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
18/05/2011	Bodacc B	Modification et mutation diverse
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE VILLEFRANCHE-TARARE 2037 - 380 240 259 RCS Villefranche-Tarare. EMBALL'ISO. Forme : Société Anonyme à Conseil d'Administration. Enseigne : EMBALL'ISO. Capital : 1010884 EUR. Activité : . Commentaires : Modification du capital.
26/03/2011	JAL	Modification of the share capital
Tout Lyon (Le) - le Moniteur Date de décision : 24/02/2011 La société : 380240259 - EMBALL'ISO SA, 320 RUE DE L'AVENIR, ZI DES VERNAILLES, 69830 SAINT GEORGES DE RENEINS a subi une augmentation de son capital social désormais de 1 010 884 € Date d'effet : 24/02/2011
26/01/2011	Bodacc B	Modification et mutation diverse
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE VILLEFRANCHE-TARARE 3423 - 380 240 259 RCS Villefranche-Tarare. EMBALL'ISO. Forme : Société Anonyme à Conseil d'Administration. Enseigne : EMBALL'ISO. Capital : 810908 EUR. Activité : . Commentaires : Modification du capital.
25/12/2010	JAL	Modification of the share capital
Tout Lyon (Le) - le Moniteur Date de décision : 26/10/2010 La société : 380240259 - EMBALL'ISO SA, 320 RUE DE L'AVENIR, ZI DES VERNAILLES, 69830 SAINT GEORGES DE RENEINS a subi une augmentation de son capital social désormais de 800 686 € Date d'effet : 26/10/2010
23/11/2010	Bodacc C	Comptes annuels et rapports
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE VILLEFRANCHE-TARARE 10266 - 380240259 RCS. EMBALL'ISO. Forme : Société Anonyme à Conseil d'Administration. Adresse : 390 rue de l'Avenir Zi des Vernailles 69830 Saint-Georges-de-Reneins. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
21/08/2009	Bodacc B	Modification et mutation diverse
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE VILLEFRANCHE-TARARE 615 - 380 240 259 RCS Villefranche-Tarare. EMBALL'ISO. Forme : Société Anonyme à Conseil d'Administration. Enseigne : EMBALL'ISO. Adresse du siège social : 390 rue de l'Avenir, Zi des Vernailles, 69830 Saint-Georges-de-Reneins. Commentaires : Nouveau siège.
06/07/2008	Bodacc C	Comptes annuels et rapports
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE VILLEFRANCHE-TARARE 9285 - 380240259 RCS. EMBALL'ISO. Forme : Société Anonyme à Conseil d'Administration. Adresse : 196 boulevard Docteur Émile Guyot 69830 Saint-Georges-de-Reneins. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
04/07/2008	Bodacc B	Modification et mutation diverse
69 - RHONE GREFFE DU TRIBUNAL DE COMMERCE DE VILLEFRANCHE-TARARE 1454 - 380 240 259 RCS Villefranche-Tarare. EMBALL'ISO. Forme : Société Anonyme à Conseil d'Administration. Enseigne : EMBALL'ISO. Administration : PICHOT Jean Marcel Marie nom d'usage : PICHOT Jean Marcel n'est plus administrateur. Commentaires : Modification de l'administration.
20/07/2007	Bodacc C	Avis de dépôt des comptes
5695 - VillefrancheTarare B 380 240 259. RC 95-B 33. EMBALL'ISO. Forme: S.A. Adresse du siège social: 196, Boulevard Docteur Émile Guyot,69830 Saint-Georges-de-Reneins. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
25/08/2006	Bodacc B	Modifications et mutations diverses
2990 - RCS Villefranche-Tarare 380 240 259. RC 95-B 00033. EMBALL'ISO. Forme : S.A. à conseil d'administration. Capital : 500 685,53 euros. Nom commercial : Emball'iso. Adresse du siège social : 196 boulevard Emile-Guyon,, 69830 Commentaires : modification survenue sur le capital.
22/07/2006	Bodacc C	Avis de dépôt des comptes
2859 - RCS VillefrancheTarare B 380 240 259. RC 95-B 33. EMBALL'ISO. Forme: S.A. Adresse du siège social: 196, Boulevard Emile Guyot,69830 Saint-Georges-de-Reneins. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
13/11/2005	Bodacc B	Modifications et mutations diverses
1599 - RCS Villefranche-Tarare 380 240 259. RC 95-B 00033. EMBALL'ISO. Forme : S.A. à conseil d'administration. Nom commercial : Emball'iso. Adresse du siège social : 196 boulevard Emile-Guyot,, 69830 Administration : nomination d'un administrateur : S.A.S. PIERRE CASOLI FINANCES, représentée par CASOLI (Pierre). Date d'effet : 2 décembre 2004.
11/02/2005	Bodacc C	Avis de dépôt des comptes
5073 - RCS VillefrancheTarare B 380 240 259. RC 95-B 33. EMBALL'ISO. Forme: société anonyme à conseil d'administration. Adresse du siège social: 196, Boulevard Emile Guyot,69830 Saint-Georges-de-Reneins. Comptes annuels et rapports de l'exercice clos le: 30 juin 2004.
18/07/2003	Bodacc B	Modifications et mutations diverses
RCS Villefranche-Tarare 380240259 RC 95- B 00033 EMBALL'ISO. Forme : S.A. à conseil d'administration. Capital : 450 700,14 euros Nom commercial: Emball'iso. Adresse du siège social : 196 boulevard Emile-Guyot, 69830 Saint-Georges-de- Reneins. Commentaires : modification survenue sur le capital.
11/08/2002	Bodacc B	Modifications et mutations diverses
RCS Villefranche-Tarare 380240259 RC 95- B 00033 EMBALL'ISO. Forme : S.A. à conseil d'administration Nom commercial: Emball'iso. Adresse du siège social : 196 boulevard Emile-Guyot, 69830 Saint- Georges-de-Reneins. Administration : ancien commissaire aux comptes titulaire : S.A. COGES. Ancien commissaire aux comptes suppléant : BERTHIER (Michel). Nouveau commissaire aux comptes titulaire : FIDAUDIT FRANCE S.A. Nouveau commissaire aux comptes suppléant : GAMET (René).
03/04/2001	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Villefranche-Tarare 380240259 RC 95-B 00033 EMBALL'ISO. Forme : S.A. Capital : 2 240 000 F. Adresse : 196 boulevard Emile- Guyot, 69830 Saint-Georges-de-Reneins Nouvelle situation du siège social. Capital : 341 600 euros. Commentaires : conversion du capital en euros. Date d'effet : 19 décembre 2000.
16/03/1999	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Villefranche-Tarare B 380 240 259 RC 95- B 00033 EMBALL'ISO. Forme : S.A. Capital : 2 240 000 F. Adresse : Z.I. Les Sapins 69400 Liergues Nouvelle situation du siège social. Adresse : 196 boulevard Emile-Guyot 69830 Saint-Georges-de- Reneins Etablissement principal: Adresse : Z.I. Les Sapins 69400 Liergues ETABLISSEMENT PRINCIPAL nouvelle situation. Adresse : 196 boulevard Emile- Guyot 69830 Saint-Georges-de-Reneins. Date d'effet : 31 décembre 1998.
21/03/1998	Bodacc B	Modifications et mutations diverses
RCS Villefranche-Tarare B 380 240 259 RC 95-B 00033 EMBALL'ISO. Forme : S.A. Capital : 2 240 000 F. Adresse du siège social : Z.I. Les Sapins 69 - Liergues. Administration : ancien commissaire aux comptes titulaire : COFIRECO S.A. Nouveau commissaire aux comptes titulaire : COGES S.A. Ancien commissaire aux comptes suppléant : CHAVINAS (Jean). Nouveau commissaire aux comptes suppléant : BERTHIER ( Michel). Date d'effet : 19 décembre 1997.
23/03/1995	Bodacc B	Modifications et mutations diverses
RCS. RCS Bourg B 380 240 259 RC RC 90-B 887 EMBALL'ISO. Forme : S.A Nom commercial: Emball'Iso. Adresse du siège social : 181, route de Strasbourg Les Echets 01700 Miribel. Activité : confection, fabrication et commercialisation de tous types d' emballages ou autres, réalisation connexes et protection pouvant trouver des applications dans la transformation de matériaux divers isolants ou non Date de radiation: 15 février 1995. Commentaires : transfert du siège social et du principal établissement à 69400 Liergues.
17/03/1995	Bodacc B	Modifications et mutations diverses
RCS Villefranche-Tarare B 380240259 RC 95-B 33 EMBALL'ISO. Forme : S.A. Capital : 2 240 000 F. Adresse du siège social : Z. I. Les Sapins, 69400 Liergues. Commentaires : transfert du siège social de 181, route de Strasbourg, aux Echets, 01700 Miribel. Administration : président- directeur général : CASOLI (Pierre, Marie, François). Administrateurs : PICHOT (Jean, Marcel, Marie), CASOLI ( Madeleine, Marie-Françoise). Commissaire aux comptes titulaire : SOCIETE COFIRECO commissaire aux comptes suppléant : CHAVINAS (Jean) Etablissement principal: Activité : fabrication, emballages d'isotherm , négoce. Adresse : Z.I. Les Sapins, 69400 Liergues. Date d'effet : 6janvier1995.
13/01/1995	Bodacc B	Modifications et mutations diverses
RCS. RCS Bourg B 380 240 259 RC RC 90-B 887 EMBALL'ISO. Forme : S.A.R.L. Capital : 2 240 000 F (fixe) Nom commercial: Emball'Iso. Adresse du siège social : 181, route de Strasbourg Les Echets 01700 Miribel. Administration : ancien commissaire aux comptes titulaire : GUERPILLON (Jacques). Ancien commissaire aux comptes suppléant qui devient titulaire : SOCIETE COFIRECO. Nouveau commissaire aux comptes suppléant : CHAVINAS (Jean). Date d'effet : 30 septembre 1994.

COMPANY EVENTS HISTORY

Date	Description
04/10/2013	New subsidiarie(s) detected
04/10/2013	New ultimate parent
04/10/2013	New parent detected
23/07/2013	Bodacc C : Deposit accounts notice
21/06/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
18/05/2011	Bodacc B: Various editing or changing
04/05/2011	Amendment
04/05/2011	Updated articles of association
04/05/2011	Minutes of Board meeting
24/02/2011	Other modification of Establishment
24/02/2011	Legal Gazette: Modification of the share capital
26/01/2011	Bodacc B: Various editing or changing
13/01/2011	Minutes of general meeting of shareholders
13/01/2011	Updated articles of association
23/11/2010	Bodacc C : Deposit accounts notice
26/10/2010	Other modification of Establishment
26/10/2010	Legal Gazette: Modification of the share capital
20/05/2010	Collection of preferential rights activated for this company
21/08/2009	Bodacc B: Various editing or changing
10/08/2009	Updated articles of association
10/08/2009	Private document
10/08/2009	Minutes of Board meeting
10/08/2009	Registered office transferred inside jurisdiction of the Commercial Court
09/07/2009	Power of attorney
09/07/2009	Minutes of general meeting of shareholders
09/07/2009	Updated articles of association
09/07/2009	Amendment
09/07/2009	Update of Company Head Office Identifier
09/07/2009	Transfer of Establishment
09/07/2009	Private document
31/12/2008	New accounts available
06/07/2008	Bodacc C : Deposit accounts notice
04/07/2008	New Bodacc B ads detected
04/07/2008	Bodacc B: Various editing or changing
19/06/2008	PV d'Assemblée
19/06/2008	Appointment/resignation of company officers
19/06/2008	Private document
19/06/2008	Minutes of general meeting of shareholders
19/06/2008	Changes to the Board of Directors
31/12/2007	New accounts available
31/12/2006	New accounts available
20/07/2006	Updated articles of association
20/07/2006	Statuts mis à jour
20/07/2006	Private document
20/07/2006	PV d'Assemblée
20/07/2006	PV du Conseil d'Administration
20/07/2006	Minutes of Board meeting
20/07/2006	Rapport des Commissaires ou du Gérant
20/07/2006	Audit or Management Report
20/07/2006	Acte sous seing privé
26/01/2006	Updated articles of association
26/01/2006	Statuts mis à jour
26/01/2006	PV d'Assemblée
26/01/2006	Minutes of general meeting of shareholders
26/01/2006	Private document
26/01/2006	Acte sous seing privé
26/01/2006	New closing date
26/01/2006	Changement de date de clôture
31/12/2005	New accounts available
13/10/2005	Private document
13/10/2005	PV d'Assemblée
13/10/2005	Nomination/démission des organes de gestion
13/10/2005	Minutes of general meeting of shareholders
13/10/2005	Acte sous seing privé
13/10/2005	Appointment/resignation of company officers
10/10/2005	Augmentation de Capital
10/10/2005	Capital increase
10/10/2005	Acte sous seing privé
10/10/2005	Private document
10/10/2005	Minutes of general meeting of shareholders
10/10/2005	PV d'Assemblée
30/06/2004	New accounts available
30/06/2003	New accounts available
25/06/2003	Acte modificatif
25/06/2003	Statuts mis à jour
25/06/2003	Augmentation de Capital
25/06/2003	PV du Conseil d'Administration
25/06/2003	PV d'Assemblée
25/06/2003	Acte sous seing privé
03/06/2002	Nomination/démission des organes de gestion
03/06/2002	Changement de Commissaire aux Comptes
03/06/2002	Acte sous seing privé
03/06/2002	PV d'Assemblée
22/05/2002	PV d'Assemblée
09/03/2001	Acte modificatif
09/03/2001	Statuts mis à jour
09/03/2001	Statuts
09/03/2001	Acte sous seing privé
09/03/2001	Conversion du Capital Social en Euros
09/03/2001	Augmentation de Capital
09/03/2001	PV d'Assemblée
17/02/1999	Transfert du Siège dans le ressort du Tribunal de Commerce
17/02/1999	PV d'Assemblée
17/02/1999	Statuts mis à jour
17/02/1999	Statuts
17/02/1999	Acte sous seing privé
17/02/1999	Acte modificatif
19/02/1998	PV d'Assemblée
19/02/1998	Acte modificatif
19/02/1998	Acte sous seing privé
12/02/1998	Acte sous seing privé
12/02/1998	Nomination/démission des organes de gestion
12/02/1998	PV d'Assemblée
12/02/1998	Changement de Commissaire aux Comptes
12/02/1998	Acte modificatif
09/02/1995	Statuts mis à jour
09/02/1995	PV du Conseil d'Administration
09/02/1995	Statuts
09/02/1995	Immatriculation suite à transfert
09/02/1995	Acte modificatif
18/01/1995	Transfert du Siège hors du ressort du Tribunal de Commerce
18/01/1995	Transfert du Siège dans le ressort du Tribunal de Commerce
18/01/1995	PV du Conseil d'Administration
19/12/1994	PV d'Assemblée
19/12/1994	Changement de Commissaire aux Comptes
17/03/1994	Augmentation de Capital
17/03/1994	Déclaration de conformité
17/03/1994	Statuts mis à jour
17/03/1994	PV du Conseil d'Administration
18/11/1993	Augmentation de Capital
18/11/1993	PV d'Assemblée
31/08/1993	Modification du Conseil d'Administration
31/08/1993	PV d'Assemblée
31/08/1993	Nomination/démission des organes de gestion
18/02/1993	Continuation malgré perte supérieure à la moitié du capital
18/02/1993	PV d'Assemblée
22/01/1993	Déclaration de conformité
22/01/1993	Changement de date de clôture
22/01/1993	PV d'Assemblée
22/01/1993	Statuts mis à jour
21/05/1992	Statuts mis à jour
21/05/1992	Déclaration de conformité
21/05/1992	Rapport des Commissaires ou du Gérant
21/05/1992	Augmentation de Capital
21/05/1992	Acte modificatif
21/05/1992	PV d'Assemblée
21/05/1992	Modification du Conseil d'Administration
16/01/1992	PV d'Assemblée
16/01/1992	Acte modificatif
16/01/1992	Statuts mis à jour
16/01/1992	Déclaration de conformité
16/01/1992	Changement de date de clôture

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.04
UK Pound	1	Rs.98.64
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TPT

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.