MIRA INFORM REPORT

Report Date :

15.09.2014

IDENTIFICATION DETAILS

Name :	SOC RAYMOND BLOCH PIERR PREC87
Registered Office :	PREC87, 74 Rue La Fayette, 75009 Paris 9
Country :	France
Financials (as on) :	30.04.2011
Date of Incorporation :	May 1964
Legal Form :	Plc with management board
Line of Business :	Wholesale (business to business) sale of watches and jewelery (4648Z)
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 01, 2014

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

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

FRANCE - ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 82 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that mitigate economic inequality. France's real GDP stagnated in 2012 and 2013. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.2% in 2013. Youth unemployment in metropolitan France decreased from a high of 25.4% in the fourth quarter of 2012 to 22.8% in the fourth quarter of 2013. Lower-than-expected growth and high spending have strained France's public finances. The budget deficit rose sharply from 3.3% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.1% of GDP in 2013, while France's public debt rose from 68% of GDP to nearly 94% over the same period. In accordance with its EU obligations, France is targeting a deficit of 3.6% of GDP in 2014 and 2.8% in 2015. The administration of President Francois HOLLANDE has implemented greater state support for employment, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, including a temporary 75% tax on wages over one million euros, and hiring an additional 60,000 teachers during his five-year term. In January 2014 HOLLANDE proposed a “Responsibility Pact” aimed primarily at lowering labor costs in return for businesses’ commitment to create jobs. Despite stagnant growth and fiscal challenges, France's borrowing costs have declined in recent years because investors remain attracted to the liquidity of France’s bonds

Source : CIA

Company name

SOC RAYMOND BLOCH PIERR PREC87

company summary

		EUR VAT Number	FR18642013999
Activity (APE)	Commerce de gros (commerce interentreprises) d'articles d'horlogerie et de bijouterie (4648Z)	Legal form	Plc with management board
Phone	01 55 33 10 96	RCS Registration	RCS Paris 6 642 013 999
Fax		Share capital	376,000 Euros
Address	SOC RAYMOND BLOCH PIERR PREC87 74 RUE LA FAYETTE 75009 PARIS 9	Incorporated Date	03/1964
Nationality	France	Status	Economically active

Top of Form

Personal comment

This company is not under monitoring

Current Directors

2

Trading to Date	04/30/2011	04/30/2010	04/30/2009
Turnover	17,101,581 €	11,223,652 €	20,064,676 €
Gross Operating Surplus	0.36 % Turnover	-5.59 % Turnover	4.20 % Turnover
Shareholders’ equity	7,875,822 €	7,702,797 €	8,220,164 €
Net result	187,613 €	-367,367 €	118,263 €
Employees	10 to 19 employees	-	-

Trends
Profitability
Liquidity
Net worth

company details

Company details

Activity (APE)	Commerce de gros (commerce interentreprises) d'articles d'horlogerie et de bijouterie (4648Z)
RCS Registration	RCS Paris 6 642 013 999	Share capital	376,000 Euros
Registration Court	Paris (75)	Legal form	Plc with management board
Court Registry Number	19 6 4B01399	EUR VAT Number	FR18642013999
Incorporation Date	03/1964	Formation Date	01/1964
Deregistration Date		Last account Date	30/04/2011
Nationality	France

Establishment details

Activity (APE)	Commerce de gros (commerce interentreprises) d'articles d'horlogerie et de bijouterie (4648Z)	Business Pages FT®	NEGOCE DE DIAMANTS, DE PIERRES PRECIEUSES ET DE PIERRES GEMMES
Postal Address	SOC RAYMOND BLOCH PIERR PREC87 74 RUE LA FAYETTE 75009 PARIS 9	Trading Address	74 RUE LA FAYETTE 75009 PARIS 9
Telephone	01 55 33 10 96
Fax

Type	Head office	Status	Economically active
Formation Date	01/1984	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Store
Location surface	From 300 m² to less than 400 m²	Seasonality

Department	Paris (75)	Region	Ile-de-France
District	1	Area	99
City	PARIS 9	Size of urban area	Paris conglomeration

Other establishments

Branches	1 branch entities in this company
Head office	> SOC RAYMOND BLOCH PIERR PREC87 <<< - Commerce de gros (commerce interentreprises) d'articles d'horlogerie et de bijouterie (4648Z) in PARIS 9 (75009)
Secondary establishments	> SOC RAYMOND BLOCH PIERR PREC87 - Commerce de gros (commerce interentreprises) d'articles d'horlogerie et de bijouterie (4648Z) in PARIS 9 (75009)

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

Workforces

Workforce at address

10 to 19 employees

Company workforce

10 to 19 employees

accounts

Active Account | Passive Account | Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	30/04/2011	30/04/2010	30/04/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	24/11/2011	27/12/2010	16/02/2010
Activity Code	4648Z	4648Z	4648Z
Employees	14	14	0

Active account

Annual Accounts	30/04/2011		30/04/2010		30/04/2009	Sector Median2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	382,315	-9.5%	422,505	76.0%	240,007	38,877.50	883.4%
- Intangible assets	181,125	0%	181,125	28.7%	140,725	3,014.50	5908.5%
- Tangible assets	174,453	-16.9%	209,892	188.3%	72,794	9,658	1706.3%
- Financial assets	26,737	-15.1%	31,488	18.9%	26,488	2,653	907.8%
Net current assets	10,679,583	2.4%	10,428,479	-2.8%	10,724,896	404,205.50	2542.1%
- Stocks	4,571,708	34.8%	3,392,267	2.8%	3,300,650	158,936.50	2776.4%
- Advanced payments	1,736	2.4%	1,983	0%	0	0	0%
- Receivables	3,419,896	-16.9%	4,114,372	11.2%	3,699,323	80,451.50	4150.9%
- Securities and cash	2,686,243	-8.0%	2,919,857	-21.6%	3,724,923	35,425.50	7482.8%
- Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	18,099	252.3%	5,137	577.7%	758	0	0%
Total Assets	11,079,996	2.1%	10,856,119	-1.0%	10,965,659	490,546.50	2158.7%

Passive Account

Annual Accounts	30/04/2011		30/04/2010		30/04/2009	Sector Median2011
Shareholders' equity	7,875,822	2.2%	7,702,797	-6.3%	8,220,164	102,596.50	7576.5%
Share capital	480,000	0%	480,000	0%	480,000	15,000	3100%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	18,099	252.3%	5,137	577.7%	758	0	0%
Liabilities	3,162,951	0.6%	3,144,033	14.6%	2,744,526	277,763	1038.7%
- Financial liabilities	788,946	-25.2%	1,054,411	49.5%	705,227	49,737	1486.2%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	1,689,757	5.8%	1,597,370	45.6%	1,097,306	86,004	1864.7%
- Tax and social liabilities	503,712	34.2%	375,453	-8.5%	410,346	62,293	708.6%
- Other debts and fixed assets liabilities	203,660	68.4%	120,951	-77.3%	531,859	11,465	1676.4%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	11,079,996	2.1%	10,856,119	-1.0%	10,965,659	490,546.50	2158.7%

Results

Annual Accounts	30/04/2011		30/04/2010		30/04/2009	Sector Median2011
Sales of Goods	17,424,883	53.2%	11,370,769	-43.6%	20,164,473	702,516.50	2380.4%
Net turnover	17,101,581	52.4%	11,223,652	-44.1%	20,064,676	673,595.50	2438.9%
- of which net export turnover	9,643,628	70.1%	5,669,765	-54.2%	12,387,640	0	0%
Operating charges	17,290,508	44.2%	11,986,670	-38.6%	19,518,925	640,917.50	2597.8%
Operating profit/loss	134,375	121.8%	-615,901	-195.4%	645,548	16,831	698.4%
Financial income	409,580	104.1%	200,665	-41.0%	340,330	25	1638220.0%
Financial charges	288,759	120.6%	130,882	-83.7%	802,404	2,882.50	9917.7%
Financial profit/loss	120,821	73.1%	69,783	115.1%	-462,074	-699	17384.8%
Pretax net operating income	255,196	146.7%	-546,118	-397.7%	183,474	15,864	1508.6%
Extraordinary income	38,037	55.4%	24,484	-86.0%	175,404	40	94992.5%
Extraordinary charges	0	0%	19,617	-88.9%	177,180	338.50	0%
Extraordinary profit/loss	38,037	681.5%	4,867	374.0%	-1,776	0	0%
Net result	187,613	151.1%	-367,367	-410.6%	118,263	11,830.50	1485.8%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	30/04/2011	30/04/2010	30/04/2009
Months	12	12	12

Accounts - Active
Current Assets | Equalization accounts | Reference

Grand Total - Passive Accounts (I to IV)

			30/04/2011		30/04/2010		30/04/2009
	Grand Total (I to VI)	Net	11,079,996	2.1%	10,856,119	-1.0%	10,965,659
	Gross	CO	11,595,497	1.0%	11,476,772	-0.9%	11,584,621
	Amortisation	1A	515,501	-16.9%	620,653	0.3%	618,962

Non declared distributed capital (I)

		30/04/2011		30/04/2010		30/04/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			30/04/2011		30/04/2010		30/04/2009
	Total Active fixed asset (II)	Net	382,315	-9.5%	422,505	76.0%	240,007
	Gross	BJ	769,940	-0.5%	773,486	34.4%	575,567
	Amortisation	BK	387,625	10.4%	350,981	4.6%	335,560

Intangilble fixed assets

			30/04/2011		30/04/2010		30/04/2009
	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	129,803	0%	129,803	0%	129,803
	Amortisation	AE	129,803	0%	129,803	0%	129,803
	Distributorships, patents	Net	0	0%	0	0%	0
	Gross	AF	0	0%	0	0%	0
	Amortisation	AG	0	0%	0	0%	0
	Goodwill	Net	0	0%	0	0%	0
	Gross	AH	0	0%	0	0%	0
	Amortisation	AI	0	0%	0	0%	0
	Other intangible fixed assets	Net	181,125	0%	181,125	28.7%	140,725
	Gross	AJ	181,125	0%	181,125	28.7%	140,725
	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	181,125	0%	181,125	28.7%	140,725

Tangilble fixed assets

			30/04/2011		30/04/2010		30/04/2009
	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	6,043	-36.0%	9,449	-26.5%	12,855
	Gross	AR	21,085	0%	21,085	0%	21,085
	Amortisation	AS	15,042	29.3%	11,636	41.4%	8,230
	Other tangible fixed assets	Net	163,092	-16.4%	195,125	274.4%	52,121
	Gross	AT	405,872	0.3%	404,667	62.1%	249,648
	Amortisation	AU	242,780	15.9%	209,542	6.1%	197,527
	Fixed assets in construction	Net	5,318	0%	5,318	-32.0%	7,818
	Gross	AV	5,318	0%	5,318	-32.0%	7,818
	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	174,453		209,892		72,794

Financial assets

			30/04/2011		30/04/2010		30/04/2009
	Associates at equity	Net	0	0%	0	0%	0
	Gross	CS	0	0%	0	0%	0
	Amortisation	CT	0	0%	0	0%	0
	Other participations	Net	0	0%	0	0%	0
	Gross	CU	0	0%	0	0%	0
	Amortisation	CV	0	0%	0	0%	0
	Inter-company receivables	Net	0	0%	0	0%	0
	Gross	BB	0	0%	0	0%	0
	Amortisation	BC	0	0%	0	0%	0
	Other investment securities	Net	0	0%	0	0%	0
	Gross	BD	0	0%	0	0%	0
	Amortisation	BE	0	0%	0	0%	0
	Loans	Net	0	0%	0	0%	0
	Gross	BF	0	0%	0	0%	0
	Amortisation	BG	0		0		0
	Other financial assets	Net	26,737	-15.1%	31,488	18.9%	26,488
	Gross	BH	26,737	-15.1%	31,488	18.9%	26,488
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		26,737		31,488		26,488

Current Assets (III)

			30/04/2011		30/04/2010		30/04/2009
	Total Assets	Net	10,679,583	2.4%	10,428,479	-2.8%	10,724,896
	Gross	CJ	10,807,458	1.0%	10,698,150	-2.8%	11,008,297
	Amortisation	CK	127,875	-52.6%	269,671	-4.8%	283,401

Stocks

			30/04/2011		30/04/2010		30/04/2009
	Raw materials	Net	0	0%	0	0%	0
	Gross	BL	0	0%	0	0%	0
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	0	0%	0	0%	0
	Gross	BN	0	0%	0	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	0	0%	0
	Gross	BP	0	0%	0	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	0	0%	0	0%	0
	Gross	BR	0	0%	0	0%	0
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	4,571,708	34.8%	3,392,267	2.8%	3,300,650
	Gross	BT	4,613,474	34.2%	3,438,052	2.3%	3,360,165
	Amortisation	BU	41,766	-8.8%	45,785	-23.1%	59,515
	Sub Total Stocks	Net	4,571,708	34.8%	3,392,267	2.8%	3,300,650

Advance payments to suppliers

			30/04/2011		30/04/2010		30/04/2009
	Advance payments to suppliers	Net	1,736	-12.5%	1,983	0%	0
	Gross	BV	1,736	-12.5%	1,983	0%	0
	Amortisation	BW	0	0%	0	0%	0

Debtors

			30/04/2011		30/04/2010		30/04/2009
	Trade accounts receivable	Net	2,706,776	-18.7%	3,327,827	0.4%	3,313,323
	Gross	BX	2,792,885	-21.4%	3,551,713	0.4%	3,537,209
	Amortisation	BY	86,109	-61.5%	223,886	0%	223,886
	Other debtors	Net	663,422	-10.0%	736,742	118.7%	336,929
	Gross	BZ	663,422	-10.0%	736,742	118.7%	336,929
	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	3,370,198	-17.1%	4,064,569	11.4%	3,650,252

Divers

			30/04/2011		30/04/2010		30/04/2009
	Investment securities	Net	1,501,667	-31.9%	2,204,454	-23.7%	2,890,628
	Gross	CD	1,501,667	-31.9%	2,204,454	-23.7%	2,890,628
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	1,184,576	65.6%	715,403	-14.3%	834,295
	Gross	CF	1,184,576	65.6%	715,403	-14.3%	834,295
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	2,686,243	-8.0%	2,919,857	-21.6%	3,724,923

Prepaid expenses

			30/04/2011		30/04/2010		30/04/2009
	Prepaid expenses	Net	49,698	-0.2%	49,803	1.5%	49,071
	Gross	CH	49,698	-0.2%	49,803	1.5%	49,071
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		30/04/2011		30/04/2010		30/04/2009
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	18,099	252.3%	5,137	577.7%	758
Gross		18,099	252.3%	5,137	577.7%	758

References

		30/04/2011		30/04/2010		30/04/2009
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Grand Total - Passive Accounts (I to IV)

		30/04/2011		30/04/2010		30/04/2009
Grand Total (I to V)	EE	11,079,996	2.1%	10,856,119	-1.0%	10,965,659

Shareholder Equity (I)

			30/04/2011		30/04/2010		30/04/2009
	Total shareholders' equity (Total I)	DL	7,875,822	2.2%	7,702,797	-6.3%	8,220,164
	Equity and shareholders' equity	DA	480,000	0%	480,000	0%	480,000
	Issue and merger premiums	DB	1,072,233	0%	1,072,233	0%	1,072,233
	Revaluation differentials	DC	0	0%	0	0%	0
	Of which equity differential	EK	0	0%	0	0%	0
	Legal reserve	DD	48,000	0%	48,000	0%	48,000
	Statutory or contractual reserve	DE	6,182,423	0%	6,182,423	-0.5%	6,214,160
	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	221	0%	221	0%	221
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	-367,367	0%	0	0%	0
	Profit or loss for the period	DI	187,613	151.1%	-367,367	-410.6%	118,263
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	272,699	-5.1%	287,287	0%	287,287

Other capital resources (II)

			30/04/2011		30/04/2010		30/04/2009
	Total other capital resources (Total II)	DO	0	0%	0	0%	0
	Income from participating securities	DM	0	0%	0	0%	0
	Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

			30/04/2011		30/04/2010		30/04/2009
	Total provisions for risks and charges (Total III)	DR	18,099	252.3%	5,137	577.7%	758
	Risk provisions	DP	18,099	252.3%	5,137	577.7%	758
	Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

			30/04/2011		30/04/2010		30/04/2009
	Total Liabilities (Total IV)	EC	3,162,951	0.6%	3,144,033	14.6%	2,744,526
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	641,560	-34.4%	977,924	59.5%	613,202
	Sundry loans and financial liabilities	DV	147,386	92.7%	76,487	-16.9%	92,025
	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	1,689,757	5.8%	1,597,370	45.6%	1,097,306
	Tax and social security liabilities	DY	503,712	34.2%	375,453	-8.5%	410,346
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	180,536	54.6%	116,799	-78.0%	531,647

Translation loss (V)

		30/04/2011		30/04/2010		30/04/2009
Translation loss (Total V)	ED	23,124	456.9%	4,152	1858.5%	212

Equalization accounts

		30/04/2011		30/04/2010		30/04/2009
Deferred income	EB	0	0%	0	0%	0

References

		30/04/2011		30/04/2010		30/04/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	3,084,408	1.6%	3,036,094	10.6%	2,744,526
Of which current bank facilities	EH	532,823	-36.7%	841,662	37.3%	613,183

Display parameter
Currency	Euro	Kilo Euro

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

1- Operating result(I-II)

		30/04/2011		30/04/2010		30/04/2009
Operating result (Total I-II)	GG	134,375	121.8%	-615,901	-195.4%	645,548

2 -Financial result(V - VI)

		30/04/2011		30/04/2010		30/04/2009
Financial result (Total V-VI)	GV	120,821	73.1%	69,783	115.1%	-462,074

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

		30/04/2011		30/04/2010		30/04/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	255,196	146.7%	-546,118	-397.7%	183,474

4 -Extraordinary result(VII-VIII)

		30/04/2011		30/04/2010		30/04/2009
Extraordinary result (Total VII-VIII)	HI	38,037	681.5%	4,867	374.0%	-1,776

Profit or loss

		30/04/2011		30/04/2010		30/04/2009
Profit or loss	HN	187,613	151.1%	-367,367	-410.6%	118,263

Total Income (I+III+V+VII)

		30/04/2011		30/04/2010		30/04/2009
Total Income (I+III+V+VII)	HL	17,872,500	54.1%	11,595,918	-43.9%	20,680,207

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

		30/04/2011		30/04/2010		30/04/2009
Total charges (Total II+IV+VI+VIII+IX+X)	HM	17,684,888	47.8%	11,963,285	-41.8%	20,561,947

Operating income(I)

		30/04/2011		30/04/2010		30/04/2009
Total operating income (Total I)	FR	17,424,883	53.2%	11,370,769	-43.6%	20,164,473

Operating income (details)

			30/04/2011		30/04/2010		30/04/2009
	Sale of goods for resale	FC	16,994,797	52.6%	11,138,068	-44.4%	20,024,651
	France	FA	7,438,904	35.8%	5,476,874	-28.6%	7,671,127
	Export	FB	9,555,893	68.8%	5,661,194	-54.2%	12,353,524
	Sale of goods produced	FF	0	0%	0	0%	0
	France	FD	0	0%	0	0%	0
	Export	FE	0	0%	0	0%	0
	Sale of services	FI	106,784	24.8%	85,584	113.8%	40,025
	France	FG	19,049	-75.3%	77,013	1203.3%	5,909
	Export	FH	87,735	923.6%	8,571	-74.9%	34,116
	Net turnover	FL	17,101,581	52.4%	11,223,652	-44.1%	20,064,676
	France	FJ	7,457,953	34.3%	5,553,887	-27.7%	7,677,036
	Export	FK	9,643,628	70.1%	5,669,765	-54.2%	12,387,640
	Stocked production	FM	0	0%	0	0%	0
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	0	0%	10,332	0%	0
	Release of reserves and provisions	FP	323,059	136.4%	136,670	37.0%	99,759
	Other income	FQ	243	111.3%	115	202.6%	38

Operating charges(II)

		30/04/2011		30/04/2010		30/04/2009
Total operating charges (Total II)	GF	17,290,508	44.2%	11,986,670	-38.6%	19,518,925

Exploitation charges

		30/04/2011		30/04/2010		30/04/2009
Purchase of goods for resale	FS	15,551,044	63.5%	9,509,488	-33.8%	14,358,116
Change in stocks of goods for resale	FT	-1,175,421	-1409.1%	-77,888	-103.8%	2,073,441
Purchase of raw materials	FU	5,639	-51.8%	11,711	470.4%	2,053
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	664,124	14.3%	581,102	-24.6%	771,161
Tax, duty and similar payments	FX	110,896	12.9%	98,193	-32.6%	145,590
Payroll	FY	1,302,862	4.3%	1,249,279	-4.6%	1,308,946
Social security costs	FZ	581,464	18.7%	489,953	-13.0%	563,370

Depreciation

		30/04/2011		30/04/2010		30/04/2009
Depreciation of fixed assets	GA	47,288	30.0%	36,362	-29.8%	51,787
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	41,766	-8.8%	45,785	-76.8%	197,292
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		30/04/2011		30/04/2010		30/04/2009
Other charges	GE	160,846	276.8%	42,685	-9.5%	47,169

Operating charges (III-IV)

		30/04/2011		30/04/2010		30/04/2009
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income(V)

			30/04/2011		30/04/2010		30/04/2009
	Total financial income (Total V)	GP	409,580	104.1%	200,665	-41.0%	340,330
	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	442	268.3%	120	-98.9%	11,031
	Released provisions and transferred charges	GM	5,137	577.7%	758	-98.4%	46,358
	Exchange gains	GN	387,407	104.6%	189,342	-18.4%	232,166
	Net income from disposal of investment securities	GO	16,594	58.9%	10,445	-79.4%	50,775

Financial Charge (VI)

			30/04/2011		30/04/2010		30/04/2009
	Total financial charge (Total VI)	GU	288,759	120.6%	130,882	-83.7%	802,404
	Financial reserves and provisions	GQ	18,099	252.3%	5,137	577.7%	758
	Interest and similar charges	GR	21,069	57.2%	13,403	-48.2%	25,852
	Exchange losses	GS	249,591	122.2%	112,342	-85.5%	775,794
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income(VII)

			30/04/2011		30/04/2010		30/04/2009
	Total extraordinary income (Total VII)	HD	38,037	55.4%	24,484	-86.0%	175,404
	Extraordinary operating income	HA	23,449	-3.4%	24,284	-86.2%	175,404
	Extraordinary income from capital transactions	HB	0	0%	200	0%	0
	Released provisions and transferred charges	HC	14,588	0%	0	0%	0

Extraordinary charges(VIII)

			30/04/2011		30/04/2010		30/04/2009
	Total extraordinary charges (Total VIII)	HH	0	0%	19,617	-88.9%	177,180
	Extraordinary operating charges	HE	0	0%	17,393	-90.1%	175,463
	Extraordinary charges from capital transactions	HF	0	0%	381	0%	0
	Extraordinary reserves and provisions	HG	0	0%	1,843	7.3%	1,717

Employee profit sharing(IX)

		30/04/2011		30/04/2010		30/04/2009
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits(X)

		30/04/2011		30/04/2010		30/04/2009
Tax on profits (Total X)	HK	105,621	160.7%	-173,884	-374.1%	63,438

References

		30/04/2011		30/04/2010		30/04/2009
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	139,498	80.8%	77,155	536.5%	12,121
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	70	4.5%	67	0%	0

Display parameter
Currency	Euro	Kilo Euro

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

Fixed Assets
Grand Total Fixed Assets (I to IV)

			30/04/2011		30/04/2010		30/04/2009
	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	15,645	-39.0%	25,664	-1.3%	26,015
	Gross value at the end of period	OL	769,940	-0.5%	773,485	34.4%	575,566

Research and development Charge (Total I)

			30/04/2011		30/04/2010		30/04/2009
	Gross value at begin of period	CZ	129,803	0%	129,803	0%	129,803
	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	129,803	0%	129,803	0%	129,803

Other budget item from Intangible fixed assets(Total II)

			30/04/2011		30/04/2010		30/04/2009
	Gross value at begin of period	KD	181,125	28.7%	140,725	141.7%	58,225
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	40,400	-51.0%	82,500
	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	181,125	0%	181,125	28.7%	140,725

Tangible fixed assets (Total III)

			30/04/2011		30/04/2010		30/04/2009
	Gross value at begin of period	LN	431,067	54.8%	278,548	7.8%	258,441
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	11,850	-93.3%	178,183	286.3%	46,124
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	10,645	-58.5%	25,664	-1.3%	26,015
	Gross value at the end of period	NH	432,272	0.3%	431,067	54.8%	278,550

Fiancial assets (Total IV)

			30/04/2011		30/04/2010		30/04/2009
	Gross value at begin of period	LQ	31,487	18.9%	26,487	6.2%	24,941
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	249	-95.0%	5,000	223.2%	1,547
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	5,000	0%	0	0%	0
	Gross value at the end of period	NK	26,736	-15.1%	31,487	18.9%	26,488

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

			30/04/2011		30/04/2010		30/04/2009
	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)

			30/04/2011		30/04/2010		30/04/2009
	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)

			30/04/2011		30/04/2010		30/04/2009
	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)

			30/04/2011		30/04/2010		30/04/2009
	Reserve for depreciation value at begin of period	QU	221,179	7.5%	205,758	6.9%	192,489
Increases		QV	47,288	23.8%	38,205	-2.7%	39,283
Decreases		QW	10,645	-53.3%	22,784	-12.4%	26,014
	Decreasess by budget item transfer	QX	257,822	16.6%	221,179	7.5%	205,758

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			30/04/2011		30/04/2010		30/04/2009
	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

			30/04/2011		30/04/2010		30/04/2009
	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	129,803	0%	129,803	0%	129,803
	Net value at the end of period	SR	0	0%	0	0%	0

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

			30/04/2011		30/04/2010		30/04/2009
	Value at begining of period	7C	562,094	-1.6%	571,446	13.0%	505,675
Increases		UB	59,864	17.6%	50,922	-74.5%	199,767
Decreases		UC	203,286	237.3%	60,273	-55.0%	133,996
	Value at the end of period	UD	418,672	-25.5%	562,095	-1.6%	571,446

Includes Total allocations

Operating	UE	41,766	-8.8%	45,785	-76.8%	197,292
Financial	UG	18,099	252.3%	5,137	577.7%	758
Exceptional	UJ	0	0%	0	0%	1,717

Includes Total Withdrawal

Operating	UF	183,561	208.4%	59,515	-32.1%	87,638
Financial	UH	5,137	577.7%	758	-98.4%	46,358
Exceptional	UK	14,588	0%	0	0%	0

Total regulated provisions (Total I)

			30/04/2011		30/04/2010		30/04/2009
	Value at begining of period	3Z	287,287	0%	287,287	0.6%	285,569
Increases		TS	0	0%	0	0%	1,717
Decreases		TT	14,588	0%	0	0%	0
	Value at the end of period	TU	272,699	-5.1%	287,287	0.0%	287,286

Total risk and charge provisions (Total II)

			30/04/2011		30/04/2010		30/04/2009
	Value at begining of period	5Z	5,137	577.7%	758	-98.4%	46,358
Increases		TV	18,099	252.3%	5,137	578.6%	757
Decreases		TW	5,137	577.7%	758	-98.4%	46,358
	Value at the end of period	TX	18,099	252.3%	5,137	578.6%	757

Total Provision for depreciation (Total III)

			30/04/2011		30/04/2010		30/04/2009
	Value at begining of period	7B	269,671	-4.8%	283,401	63.1%	173,747
Increases		TY	41,766	-8.8%	45,785	-76.8%	197,292
Decreases		TZ	183,562	208.4%	59,515	-32.1%	87,638
	Value at the end of period	UA	127,875	-52.6%	269,671	-4.8%	283,401

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

		30/04/2011		30/04/2010		30/04/2009
Gross value	VT	3,534,478	-19.1%	4,369,745	10.6%	3,949,697
1 year at most	VU	3,421,518	-13.0%	3,934,130	6.8%	3,684,642
More than one year	VV	112,960	-74.1%	435,615	64.3%	265,055

State of loans

		30/04/2011		30/04/2010		30/04/2009
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	26,737	-15.1%	31,488	18.9%	26,488
Other financial assets (1 year at most)	UV	0	0%	5,000	0%	0

Receivables statement of assets

		30/04/2011		30/04/2010		30/04/2009
Customers doubtful or disputed	VA	86,223	-63.9%	238,567	0%	238,567
Other claims customer	UX	2,706,662	-18.3%	3,313,146	0.4%	3,298,642
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%	2,705
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	81,729	-60.6%	207,463	477.8%	35,907
Value added tax	VB	257,332	37.2%	187,591	207.7%	60,972
Other taxes and payments assimilated	VN	0	0%	11,730	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	326,098	-1.2%	329,958	39.0%	237,345

Prepaid

		30/04/2011		30/04/2010		30/04/2009
Prepaid	VS	49,698	-0.2%	49,803	1.5%	49,071

State Debt

			30/04/2011		30/04/2010		30/04/2009
	Total debt (gross)	VY	3,162,951	0.6%	3,144,033	14.6%	2,744,526
1 year at most		VZ2	3,084,408	1.6%	3,036,094	10.6%	2,744,526
More than 1 year and 5 years at most		VZ3	78,543	-27.2%	107,939	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			30/04/2011		30/04/2010		30/04/2009
	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	532,943	-36.7%	841,680	37.3%	613,202
1 year at most		VG2	532,943	-36.7%	841,680	37.3%	613,202
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	108,617	-20.3%	136,244	0%	0
1 year at most		VH2	30,074	6.2%	28,305	0%	0
More than 1 year and 5 years at most		VH3	78,543	-27.2%	107,939	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	863	0%	0
1 year at most		8A2	0	0%	863	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	1,689,757	5.8%	1,597,370	45.6%	1,097,305
1 year at most		8B2	1,689,757	5.8%	1,597,370	45.6%	1,097,305
More than 1 year and 5 years at most		8B3	1,689,757	5.8%	1,597,370	45.6%	1,097,305
	Personnel and associated accounts (gross)	8C1	111,621	10.2%	101,246	-24.0%	133,271
1 year at most		8C2	111,621	10.2%	101,246	-24.0%	133,271
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	144,648	56.4%	92,496	-26.7%	126,251
1 year at most		8D2	144,648	56.4%	92,496	-26.7%	126,251
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	184,256	39.2%	132,326	34.8%	98,192
1 year at most		VW2	184,256	39.2%	132,326	34.8%	98,192
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	63,187	27.9%	49,385	-6.2%	52,632
1 year at most		VQ2	63,187	27.9%	49,385	-6.2%	52,632
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	147,386	94.9%	75,624	-17.8%	92,025
1 year at most		VI2	147,386	94.9%	75,624	-17.8%	92,025
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	180,536	54.6%	116,799	-78.0%	531,647
1 year at most		8K2	180,536	54.6%	116,799	-78.0%	531,647
More than 1 year and 5 years at most		8K3	0	0%	0	0%	0
	Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most		SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most		SZ3	0	0%	0	0%	0
	Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most		8L2	0	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		30/04/2011		30/04/2010		30/04/2009
Loans made during the period	VJ	0	0%	150,000	0%	0
Debt repaid during the period	VK	28,305	105.8%	13,756	0%	0

Table allocation results and other information
Dividends distributed

		30/04/2011		30/04/2010		30/04/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		30/04/2011		30/04/2010		30/04/2009
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

		30/04/2011		30/04/2010		30/04/2009
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		30/04/2011		30/04/2010		30/04/2009
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		30/04/2011		30/04/2010		30/04/2009
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		30/04/2011		30/04/2010		30/04/2009
Average number of employees	YP	14	0%	14	0%	0

Groups and Shareholders

		30/04/2011		30/04/2010		30/04/2009
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

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

Structure and Liquidity

		30/04/2011		30/04/2010		30/04/2009	Sector Median2011
Fixed Asset Financing		11.09	3.7%	10.69	-28.9%	15.03	2.95	275.9%
Global Debt		67days	-33.7%	101days	106.1%	49days	156days	-57.1%
Working Capital Fund overall net		164days	-32.0%	241days	66.2%	145days	91days	80.2%
Financial independence		1227.60%	55.9%	787.67%	-41.2%	1340.53%	424.61%	189.1%
More ratios
Solvability		71.08%	0.2%	70.95%	-5.3%	74.96%	34%	109.1%
Capacity debt futures		1398.86%	58.0%	885.39%	-34.0%	1340.53%	884.69%	58.1%
Coverage of current assets by net working capital overall		63.36%	8.6%	58.34%	0.1%	58.29%	48.80%	29.8%
General Liquidity		1.11	-14.6%	1.30	-3.0%	1.34	0.48	131.2%
Restricted Liquidity		1.98	-12.4%	2.26	-16.3%	2.70	0.82	141.5%

Management or rotation

		30/04/2011		30/04/2010		30/04/2009	Sector Median2011
Need background in operating working capital		117days	-32.0%	172days	95.5%	88days	59days	98.3%
Treasury		45days	-32.8%	67days	19.6%	56days	9days	400%
Inventory turnover of goods		116days	-11.5%	131days	77.0%	74days	199days	-41.7%
Average length of credit granted to customers		59days	-48.2%	114days	81.0%	63days	41days	43.9%
Average length of credit obtained suppliers		40days	-29.8%	57days	147.8%	23days	59days	-32.2%
More ratios
Inventory turnover of raw materials in industrial enterprises		0days	0%	0days	0%	0days	0days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		days	-	days	-	days	1042days	-
Rotation tangible assets		3956.21%	51.9%	2603.69%	-63.9%	7203.26%	1557.47%	154.0%

Profitability of the business

		30/04/2011		30/04/2010		30/04/2009	Sector Median2011
Margin trading		15.32%	0.8%	15.20%	-15.1%	17.91	38.96%	-60.7%
Profitability of the business		0.36	106.4%	-5.59	-233.1%	4.20	3.81%	-90.6%
Net profit		1.10%	133.6%	-3.27%	-654.2%	0.59%	2.05%	-46.3%
More ratios
Growth rate of turnover (excluding VAT)		52.37%	218.9%	-44.06%	-117.7%	-20.24%	3.79%	1281.8%
Rates integration		12.02%	12.5%	10.68%	-25.1%	14.25%	21.02%	-42.8%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		91.64%	-36.8%	145.03%	121.5%	65.47%	66.64%	37.5%
Weight interests		1.69	44.4%	1.17%	-70.8%	4%	0.52%	225.0%

Return on capital

		30/04/2011		30/04/2010		30/04/2009	Sector Median2011
Cash flow from the overall profitability		0.29%	108.5%	-3.42%	-1900%	0.19%	2.68%	-89.2%
Rates of economic profitability		1%	114.3%	-7%	-177.8%	9%	11%	-90.9%
Financial profitability		7875822%	2.2%	7702797%	-6.3%	8220164%	82684%	9425.2%
Return on investment		5.50%	303.7%	-2.70%	-126.2%	10.32%	9.02%	-39.0%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	30/04/2011		30/04/2010		30/04/2009	Sector Median2011
Turnover	17,101,581	52.4%	11,223,652	-44.1%	20,064,676	673,596 €	2438.9%

Sales of goods	16,994,797	52.6%	11,138,068	-44.4%	20,024,651
- Purchase of goods	15,551,044	63.5%	9,509,488	-33.8%	14,358,116
+/- Stock of goods variation	-1,175,421	-1409.1%	-77,888	-103.8%	2,073,441
Trading margin	2,619,174 €	53.5%	1,706,468 €	-52.5%	3,593,094 €	251,254.50 €	942.4%
	15.32 % CA	0.8%	15.20 % CA	-15.1%	17.91 % CA	39.61 % CA	-61.3%

Sale of goods produced	106,784	24.8%	85,584	113.8%	40,025
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	106,784 €	24.8%	85,584 €	113.8%	40,025 €	11,215.50 €	852.1%
	0.62 % CA	-18.4%	0.76 % CA	280.0%	0.20 % CA	1.66 % CA	-62.7%

Trading margin	2,619,174	53.5%	1,706,468	-52.5%	3,593,094	251,254.50	942.4%
+ Period Production	106,784	24.8%	85,584	113.8%	40,025	11,215.50	852.1%
- Purchase of raw materials	5,639	-51.8%	11,711	470.4%	2,053
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	664,124	14.3%	581,102	-24.6%	771,161
Added value	2,056,195 €	71.5%	1,199,239 €	-58.1%	2,859,905 €	147,583 €	1293.2%
	12.02 % CA	12.5%	10.68 % CA	-25.1%	14.25 % CA	21.02 % CA	-42.8%

Added value	2,056,195 €	71.5%	1,199,239 €	-58.1%	2,859,905 €	147,583 €	1293.2%
+ Operating grants	0	0%	10,332	0%	0
- Tax, duty and similar payments	110,896	12.9%	98,193	-32.6%	145,590
- Personal charges	1,884,326	8.3%	1,739,232	-7.1%	1,872,316
Gross operating surplus	60,973 €	109.7%	-627,854 €	-174.6%	841,999 €	18,726.50 €	225.6%
	0.36 % CA	106.4%	-5.59 % CA	-233.1%	4.20 % CA	3.81 % CA	-90.6%

Gross operating surplus	60,973 €	109.7%	-627,854 €	-174.6%	841,999 €	18,726.50 €	225.6%
+ Release of reserves and provisions	323,059	136.4%	136,670	37.0%	99,759
+ Other operating income	243	111.3%	115	202.6%	38
- Depreciation/Amortisation	89,054	8.4%	82,147	-67.0%	249,079
- Other charges	160,846	276.8%	42,685	-9.5%	47,169
Operating result	134,375 €	121.8%	-615,901 €	-195.4%	645,548 €	16,831 €	698.4%
	0.79 % CA	114.4%	-5.49 % CA	-270.5%	3.22 % CA	2.76 % CA	-71.4%

Operating result	134,375 €	121.8%	-615,901 €	-195.4%	645,548 €	16,831 €	698.4%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	409,580	104.1%	200,665	-41.0%	340,330
- Financial charges	288,759	120.6%	130,882	-83.7%	802,404
Pre-tax result	255,196 €	146.7%	-546,118 €	-397.7%	183,474 €	15,864 €	1508.6%
	1.49 % CA	130.6%	-4.87 % CA	-635.2%	0.91 % CA	2.44 % CA	-38.9%

Extraordinary income	38,037	55.4%	24,484	-86.0%	175,404	40	94992.5%
- Extraordinary charges	0	0%	19,617	-88.9%	177,180
Extraordinary result	38,037 €	681.5%	4,867 €	374.0%	-1,776 €	0 €	0%
	0.22 % CA	450.0%	0.04 % CA	500%	0 % CA	0 % CA	0%

Pre-tax result	255,196 €	146.7%	-546,118 €	-397.7%	183,474 €	15,864 €	1508.6%
Extraordinary result	38,037 €	681.5%	4,867 €	374.0%	-1,776 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	105,621	160.7%	-173,884	-374.1%	63,438
Net result	187,612 €	151.1%	-367,367 €	-410.6%	118,260 €	11,603 €	1516.9%
	1.10 % CA	133.6%	-3.27 % CA	-654.2%	0.59 % CA	1.97 % CA	-44.2%

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Status of collection

This company is not under monitoring

Group data

Group Structure

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
14/06/2013	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1220 - 642 013 999 RCS Paris. RAYMOND BLOCH SA. Forme : Société anonyme. Administration : Membre du Directoire partant : Bloch, Roger. Capital : 376000 EUR. Activité : . Adresse du siège social : 74 rue La Fayette, 75009 Paris. Commentaires : modification survenue sur l'administration.
28/05/2013	JAL	Resignation / Revocation of the social representative
Affiches parisiennes (Les) Date de décision : 29/03/2013 La société 642013999 - SOC RAYMOND BLOCH PIERR PREC87, 74 RUE LA FAYETTE, 75009 PARIS 9 Fait l'objet du départ de Monsieur Denis BLOCH
30/12/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9923 - 642013999 RCS. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 74 rue La Fayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/04/2011.
01/12/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1365 - 642 013 999 RCS Paris. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Capital : 376000 EUR. Activité : . Adresse du siège social : 74 rue La Fayette, 75009 Paris. Commentaires : modification survenue sur le capital (diminution).
01/07/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1116 - 642 013 999 RCS Paris. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Administration : Membre du Directoire partant : Bloch, Roger Denis. Capital : 480000 EUR. Activité : . Adresse du siège social : 74 rue La Fayette, 75009 Paris. Commentaires : modification survenue sur l'administration.
01/07/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1117 - 642 013 999 RCS Paris. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Administration : nomination du Membre du Directoire : Bloch, Denis. Capital : 480000 EUR. Activité : . Adresse du siège social : 74 rue La Fayette, 75009 Paris. Commentaires : modification survenue sur l'administration.
10/06/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2855 - 642 013 999 RCS Paris. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Administration : modification du Président du Directoire Bloch, Laurent, modification du Membre du Directoire Bloch, Roger Denis, nomination du Membre du Directoire : Bloch, nom d'usage : Bourdariat, Stephanie. Capital : 480000 EUR. Activité : . Adresse de l’établissement principal : 74 rue La Fayette, 75009 Paris. Adresse du siège social : 74 rue La Fayette, 75009 Paris. Commentaires : modification survenue sur l'adresse de l'établissement et l'administration.
19/05/2011	JAL	Appointment of the social representative
Affiches parisiennes (Les) Société faisant l'objet d'une nomination : 642013999 - SOC RAYMOND BLOCH PIERR PREC87, 74 RUE LA FAYETTE, 75009 PARIS 9 Nominé : Monsieur Denis BLOCH, 16 Avenue du Parc Saint-James, 92200 NEUILLY SUR SEINE En la fonction de : Membre du Directoire Date d'effet : 13/05/2011
10/05/2011	JAL	Appointment of the social representative
Affiches parisiennes (Les) Société faisant l'objet d'une nomination : 642013999 - SOC RAYMOND BLOCH PIERR PREC87, 74 RUE LA FAYETTE, 75009 PARIS 9 Nominé : Non renseignée PHILOS En la fonction de : Représentant légal Date d'effet : 28/04/2011
10/05/2011	JAL	Resignation / Revocation of the social representative
Affiches parisiennes (Les) Date de décision : 25/04/2011 La société 642013999 - SOC RAYMOND BLOCH PIERR PREC87, 74 RUE LA FAYETTE, 75009 PARIS 9 Fait l'objet du départ de Date d'effet : 28/04/2011
07/02/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 11520 - 642013999 RCS. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 74 R LA FAYETTE 75009 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/04/2010.
05/02/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 10394 - 642013999 RCS. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 74 R LA FAYETTE 75009 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/04/2009.
28/12/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9566 - 642013999 RCS. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 74 rue La Fayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/04/2008.
13/01/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7812 - 642013999 RCS. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 74 rue La Fayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/04/2007.
31/12/2006	Bodacc C	Avis de dépôt des comptes
6101 - RCS Paris B 642 013 999. RC 64-B 1399. LA SOCIETE RAYMOND BLOCH SA. Forme: société anonyme à directoire et conseil de surveillance. Adresse du siège social: 74, R la Fayette,Paris, 75009 Paris. Comptes annuels et rapports de l'exercice clos le: 30 avril 2006.
17/01/2006	Bodacc C	Avis de dépôt des comptes
5601 - RCS Paris B 642 013 999. RC 64-B 1399. LA SOCIETE RAYMOND BLOCH SA. Forme: société anonyme à directoire et conseil de surveillance. Adresse du siège social: 74, R la Fayette,Paris, 75009 Paris. Comptes annuels et rapports de l'exercice clos le: 30 avril 2005.
27/11/2003	Bodacc B	Modifications et mutations diverses
RCS Paris B 642013999 RC 64-B 1399 LA SOCIETE RAYMOND BLOCH S.A. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : modification du président du directoire : BLOCH (Roger, Denis). Modification du président du conseil de surveillance : BLOCH ( Philippe). Nomination d'un membre du directoire : BLOCH (Laurent). Modification d'un vice-président et membre du conseil de surveillance : BLOCH (Martine, Mathilde). Nomination d' un membre du conseil de surveillance : PHILOS S.C. Administrateurs partants : BLOCH, née KAHN (Simone) BOURDARIAT, née BLOCH (Stéphanie).
27/12/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 642013999 RC 64-B 1399 LA SOCIETE RAYMOND BLOCH S.A. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification du président du conseil d' administration et directeur général : BLOCH (Philippe). Modification du directeur général délégué et administrateur : BLOCH (Roger, Denis).
06/03/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 642013999 RC 64-B 1399 LA SOCIETE RAYMOND BLOCH S.A. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification d'un administrateur : BOURDARIAT, née BLOCH (Stéphanie).
15/02/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 642013999 RC 64-B 1399 LA SOCIETE RAYMOND BLOCH S.A. Forme : S.A. Capital : 480 000 euros. Commentaires : modification survenue sur le capital ( augmentation) et l'administration. Administration : modification d' administrateurs : BLOCH (Roger, Denis) BLOCH (Stéphanie).
11/03/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 642013999 RC 64-B 1399 LA SOCIETE RAYMOND BLOCH S.A. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification du président du conseil d' administration : BLOCH (Philippe). Modification du directeur général et administrateur : BLOCH (Roger, Denis). Commissaire aux comptes titulaire partant : BELAIS (Jacques). Nomination du commissaire aux comptes titulaire : SCOREX-STE DE COMMISSARIAT REVISION EXPERTISE. Commissaire aux comptes suppléant partant : GANANSIA (Charles). Nomination du commissaire aux comptes suppléant : MASSOUTRE (Patrick).
28/12/1997	Bodacc B	Modifications et mutations diverses
RCS Paris B 642 013 999 RC 64-B 1399 SOCIETE RAYMOND BLOCH S.A. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification du président du conseil d' administration : BLOCH (Roger, Denis). Modification du directeur général et administrateur : BLOCH (Philippe).
02/02/1995	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 642 013 999 RC RC 64- B 1399 LA SOCIETE RAYMOND BLOCH S.A. Forme : S.A. Administration : président du conseil d'administration : BLOCH ( Philippe) Directeur général et administrateur : BLOCH (Roger, Denis). Administrateurs : Mme BLOCH, née KAHN (Simone) BLOCH (Martine, Mathilde) BLOCH (Stéphanie). Commissaire aux comptes titulaire : BELAIS (Jacques). Commissaire aux comptes suppléant : GANANSIA (Charles). Commentaires : modification survenue sur l' administration.

Company events history

Date	Description
06/08/2014	Update Limit
06/08/2014	Update Rating
19/10/2013	Update Limit
19/10/2013	Update Rating
14/06/2013	Bodacc B: Various editing or changing
30/05/2013	Amendment
28/05/2013	Legal Gazette: Resignation / Revocation of the social representative
30/12/2011	Bodacc C : Deposit accounts notice
01/12/2011	Bodacc B: Various editing or changing
26/11/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
16/11/2011	Amendment
16/11/2011	Audit or Management Report
16/11/2011	Updated articles of association
16/11/2011	Capital reduction
04/11/2011	Other modification of Establishment
11/10/2011	Capital reduction
11/10/2011	Minutes of general meeting of shareholders
01/07/2011	Bodacc B: Various editing or changing
10/06/2011	Bodacc B: Various editing or changing
25/05/2011	Appointment/resignation of company officers
25/05/2011	Minutes of general meeting of shareholders
25/05/2011	New chairman (CEO, CoB)
25/05/2011	Amendment
13/05/2011	Legal Gazette: Appointment of the social representative
10/05/2011	Legal Gazette: Resignation / Revocation of the social representative
30/04/2011	New accounts available
25/04/2011	Legal Gazette: Appointment of the social representative
07/02/2011	Bodacc C : Deposit accounts notice
30/04/2010	New accounts available
05/02/2010	Bodacc C : Deposit accounts notice
27/11/2009	Minutes of general meeting of shareholders
27/11/2009	PV d'Assemblée
27/11/2009	Acte modificatif
30/04/2009	New accounts available
28/12/2008	Bodacc C : Deposit accounts notice
04/11/2008	Minutes of general meeting of shareholders
04/11/2008	Statuts mis à jour
04/11/2008	Rapport des Commissaires ou du Gérant
04/11/2008	Audit or Management Report
04/11/2008	Private document
04/11/2008	PV d'Assemblée
04/11/2008	Appointment/resignation of company officers
04/11/2008	Updated articles of association
10/09/2008	Application and court order
09/09/2008	Acte modificatif
09/09/2008	Application and court order
09/09/2008	Requête et Ordonnance
30/04/2008	New accounts available
28/04/2008	Payment incident closed
26/02/2008	Payment incident detected
13/01/2008	Bodacc C : Deposit accounts notice
30/04/2007	New accounts available
08/11/2006	Private document
08/11/2006	PV d'Assemblée
08/11/2006	Minutes of general meeting of shareholders
08/11/2006	Acte modificatif
08/11/2006	Amendment
30/04/2006	New accounts available
30/04/2005	New accounts available
17/11/2003	Acte sous seing privé
17/11/2003	Modification du système d'administration des S.A.
17/11/2003	Nomination/démission des organes de gestion
17/11/2003	PV d'Assemblée
17/11/2003	Statuts mis à jour
17/11/2003	Acte modificatif
30/04/2003	New accounts available
16/12/2002	Modification du Conseil d'Administration
16/12/2002	Acte sous seing privé
16/12/2002	Acte modificatif
16/12/2002	PV du Conseil d'Administration
16/12/2002	Statuts mis à jour
16/12/2002	PV d'Assemblée
04/02/2002	Augmentation de Capital
04/02/2002	Conversion du Capital Social en Euros
04/02/2002	Acte sous seing privé
04/02/2002	PV d'Assemblée
04/02/2002	Statuts mis à jour
04/02/2002	Acte modificatif
26/02/2001	Nomination/démission des organes de gestion
26/02/2001	Acte sous seing privé
26/02/2001	Changement de Président (PDG, PCA)
26/02/2001	PV du Conseil d'Administration
26/02/2001	PV d'Assemblée
26/02/2001	Changement de Commissaire aux Comptes
26/02/2001	Modification du Conseil d'Administration
26/02/2001	Acte modificatif
15/12/1997	Acte sous seing privé
15/12/1997	Changement de date de clôture
15/12/1997	Modification du Conseil d'Administration
15/12/1997	Changement de Président (PDG, PCA)
15/12/1997	Acte modificatif
15/12/1997	PV du Conseil d'Administration
15/12/1997	PV d'Assemblée
15/12/1997	Nomination/démission des organes de gestion
16/01/1996	Acte modificatif
16/01/1996	PV d'Assemblée
17/01/1995	Modification du Conseil d'Administration
17/01/1995	PV d'Assemblée
17/01/1995	Acte modificatif
17/01/1995	Nomination/démission des organes de gestion
14/01/1992	Acte modificatif
14/01/1992	Nomination/démission des organes de gestion
14/01/1992	PV d'Assemblée
14/01/1992	Changement de Président (PDG, PCA)
14/01/1992	PV du Conseil d'Administration
14/01/1992	Modification du Conseil d'Administration

directors

Name	M. BLOCH LAURENT
Manager position	President of the management board	Date of birth	15/07/1970
Place of birth	NEUILLY-SUR-SEINE (92200)
Type	Individual	Name at birth

Name	M. BLOCH PHILIPPE
Manager position	President of the supervisory council	Date of birth	06/09/1938
Place of birth	SURESNES (92150)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President of the management board	M ROGER BLOCH	5/10/1947 - BOULOGNE BILLANCOURT
President of the supervisory council	M PHILIPPE BLOCH	9/6/1938 - SURESNES
President of the supervisory council	M PHILIPPE BLOCH	9/6/1938 - SURESNES (92150)

Bottom of Form

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.84
UK Pound	1	Rs.98.72
Euro	1	Rs.78.64

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	PDT

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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