MIRA INFORM REPORT

Report No. :	315398
Report Date :	01.04.2015

IDENTIFICATION DETAILS

Name :	I.M PRODUCTION
Registered Office :	I.M Production, 7 Rue Herold, 50 Rue Croix Des Petits Champs, 75001 Paris 1
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	December 1995
Com. Reg. No.:	19 9 5B16574
Legal Form :	Simplified joint stock company
Line of Business :	Wholesale (business to business) clothing and shoes Manufacture of outerwear
No. of Employee :	100 to 199

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

Summery

30/03/2015 13:14:53

SIRET	403 243 058 00076	Click to view full map.
Name	I.M PRODUCTION
Acronym	-
Trade name	-
Type of Establishment	Head Office
Postal Address	I.M PRODUCTION 7 RUE HEROLD 50 RUE CROIX DES PETITS CHAMPS 75001 PARIS 1
Telephone	-
Share Capital	550,000 Euros
Incorporiation Date	12/1995	Nationality	France
APE/NAF Code	4642Z	Currency	Euros
Activity (APE)	Wholesale (business to business) clothing and shoes	Last account Date	31/12/2010
Formation Date	06/1995	Fax	-
Deregistration Date	-
EUR VAT Number	FR88403243058	Legal form	Simplified joint stock company
Court Registry Number	19 9 5B16574
Registration Court	Paris (75)	RCS Registration	RCS Paris B 403 243 058

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2010	44,267,086 €	22.53% Turnover	14,004,994 €	6,116,232 €	100 to 199 employees
31/12/2008	25,329,236 €	16.86% Turnover	8,240,063 €	2,846,402 €	-
31/12/2007	19,728,130 €	18.75% Turnover	6,393,941 €	2,599,958 €	-

Details

Directors

Current Directors

1

View Details

Payment Data Programme

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referential Right

No social security and tax office preferential right to date

Payment Information Summary – Trade Payment Data

Total number of Invoices available	105
Total number of Invoices paid within or up to 30 days after the due date	86
Total number of Invoices paid more than 30 days after the dues date	13
Total number of Invoices currently outstanding where the due date has not yet been reached	6
Total number of Invoices currently outstanding beyond the due date	0

Trends

Profitability

Liquidity

Net Worth

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	1413Z	Activity	Manufacture of outerwear
Formation Date	10/2011	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	-
Trading Address	50 RUE CROIX DES PETITS CHAMPS 75001 PARIS 1	Department	-
Location Surface	-	District	-
City	PARIS 1	Status	Economically active
Business Pages FT®	-	Region	Ile-de-France
		Area	-
		Size of Urban Area	-

Other Establishment(s)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	5 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
I.M PRODUCTION	Head Office	4642Z	Wholesale (business to business) clothing and shoes	PARIS 1	75001
I.M PRODUCTION	Branch	4642Z	Wholesale (business to business) clothing and shoes	PARIS 11	75011
I.M PRODUCTION	Branch	4642Z	Wholesale (business to business) clothing and shoes	AUBERVILLIERS	93300
I.M PRODUCTION	Branch	4642Z	Wholesale (business to business) clothing and shoes	PARIS 11	75011
I.M PRODUCTION	Branch	4642Z	Wholesale (business to business) clothing and shoes	PARIS 11	75011

View Details

Workforces

Workforce at address

0 employee

Company workforce

100 to 199 employees

Commentary

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

The increase in the gearing percentage over the last two accounting periods is 144 %

The sales to current assets ratio is 1.70

High risk workforce size

The return on total assets employed is 33.43

The stock to turnover ratio is 12.53

The liabilities are 13,353,778 €

The company has 1 director(s)

The risk provisions are 4,300 €

Department code with low risk rating

Industry code with low risk rating

The total assets are 27,365,995 €

The pre-tax profit is 9,149,225 €

The net turnover is 44,267,086 €

The net current assets are 25,965,262 €

The increase of tangible fixed assets over the last two accounting periods is 111 %

The creditor days are 46.64

The ratio total assets to total liabilities is 2.05

The shareholder's equity is 14,004,994 €

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	27/03/2009
Status of Monitoring	No social security and tax office preferential right to date

Preferential rights details and history

Summary of preferential rights

Company monitored since	27/03/2009
Status of Monitoring	No social security and tax office preferential right to date

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company.

Shareholder(s)

Name	IM DEVELOPPEMENT
Name of representative
Manager position	President	Date of birth	-
Place of birth
Type	Moral person	Name at birth
				View Details

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	MME. MARANT ISABEL	12/04/1967 - BOULOGNE	View Details
President	Mme. MARANT ISABEL	12/04/1967 - BOULOGNE (92100)	View Details
Managing director	Mme. DURUFLE SOPHIE	10/05/1967 - ANTONY (92160)	View Details
President	IM DEVELOPPEMENT	-	View Details

Satus history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	28/08/2014	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1074 - 403 243 058 RCS Paris. IM PRODUCTION. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire partant : Naim, Laurent, nomination du Commissaire aux comptes titulaire : NS ASSOCIES. Capital : 550000 EUR. Activité : . Adresse du siège social : 7 rue Herold, 50 rue Croix des Petits Champs-, 75001 Paris. Commentaires : modification survenue sur l'administration.
Hide	24/08/2014	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2342 - 403 243 058 RCS Paris. IM PRODUCTION. Forme : Société par actions simplifiée. Administration : Président partant : Marant, Isabel, nomination du Président : IM DEVELOPPEMENT. Capital : 550000 EUR. Activité : . Adresse du siège social : 7 rue Herold, 50 rue Croix des Petits Champs-, 75001 Paris. Commentaires : modification survenue sur l'administration.
Hide	23/07/2014	JAL	Resignation / Revocation of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 30/04/2014 La société 403243058 - I.M PRODUCTION, 50 RUE CROIX DES PETITS CHAMPS, 7 RUE HEROLD, 75001 PARIS 1 Fait l'objet du départ de Madame Isabel MARANT, 123 Rue du Faubourg du Temple, 75010, PARIS 10, De Madame Sophie DURUFLE
Hide	23/07/2014	JAL	Appointment of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 30/04/2014 Société faisant l'objet d'une nomination : 403243058 - I.M PRODUCTION, 50 RUE CROIX DES PETITS CHAMPS, 7 RUE HEROLD, 75001 PARIS 1 Nominé : 801790577 - IM DEVELOPPEMENT, 7 RUE HEROLD, 75001 PARIS 1 En la fonction de : Président
Hide	22/05/2014	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 919 - 403 243 058 RCS Paris. IM PRODUCTION. Forme : Société par actions simplifiée. Administration : Directeur général partant : Durufle, Sophie. Capital : 550000 EUR. Activité : . Adresse du siège social : 7 rue Herold, 50 rue Croix des Petits Champs-, 75001 Paris. Commentaires : modification survenue sur l'administration.
Hide	30/04/2014	JAL	Resignation / Revocation of the social representative
Journal spécial des sociétés (Le) Date de décision : 27/03/2014 La société 403243058 - I.M PRODUCTION, 50 RUE CROIX DES PETITS CHAMPS, 7 RUE HEROLD, 75001 PARIS 1 Fait l'objet du départ de Madame Sophie DURUFLE, 13 Rue Taylor, 75010, PARIS 10
Hide	30/09/2013	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 730 - 403 243 058 RCS Paris. IM PRODUCTION. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire partant : Germon, Paul, nomination du Commissaire aux comptes titulaire : PAUL GERMON ET ASSOCIES, Commissaire aux comptes suppléant partant : Laboriaux, Yves, nomination du Commissaire aux comptes suppléant : SECNAZI SLAMA ET ASSOCIES AUDIT. Capital : 550000 EUR. Activité : . Adresse du siège social : 7 rue Herold, 50 rue Croix des Petits Champs-, 75001 Paris. Commentaires : modification survenue sur l'administration.
Hide	31/05/2012	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1293 - 403 243 058 RCS Paris. IM PRODUCTION. Forme : Société par actions simplifiée. Capital : 550000 EUR. Activité : Espace de réception et toutes activités connexes et annexes et, notamment, tous types de prestations à caractère évènementiel, bureaux, atelier limité à la confection de prototypes. Création et commercialisation de vêtements de prêt à porter, création et fabrication Dde bijouterie fantaisie, vente de parures, ornements, objets précieux fabriqués en tout ou partie en or et notamment en or, bracelets comportant un fermoir en or. Adresse de l’établissement principal : 7 rue Herold, 50 rue Croix des Petits Champs-, 75001 Paris. Adresse du siège social : 7 rue Herold, 50 rue Croix des Petits Champs-, 75001 Paris. Commentaires : modification survenue sur l'activité de l'établissement principal, l'adresse du siège et l'adresse de l'établissement.
Hide	03/04/2012	JAL	Head Office Transfer
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 21/02/2012 Transfert du siège social de la société 403243058 -  I.M PRODUCTION Adresse du nouveau siège : 50 RUE CROIX DES PETITS CHAMPS, 75001 PARIS Ancienne localisation : 3 PAS SAINT SEBASTIEN, 75011 PARIS 11 Date d'effet : 15/03/2012
Hide	15/10/2011	Bodacc C	Comptes annuels, consolidés et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 4137 - 403243058 RCS. IM PRODUCTION. Forme : Société par actions simplifiée. Adresse : 3 passage Saint-Sébastien 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
Hide	15/10/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 4136 - 403243058 RCS. IM PRODUCTION. Forme : Société par actions simplifiée. Adresse : 3 passage Saint-Sébastien 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
Hide	14/09/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7554 - 403243058 RCS. IM PRODUCTION. Forme : Société par actions simplifiée. Adresse : 3 PAS SAINT SEBASTIEN 75011 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	14/09/2010	Bodacc C	Comptes annuels, consolidés et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7555 - 403243058 RCS. IM PRODUCTION. Forme : Société par actions simplifiée. Adresse : 3 PAS SAINT SEBASTIEN 75011 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	22/08/2010	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1547 - 403 243 058 RCS Paris. IM PRODUCTION. Forme : Société par actions simplifiée. Administration : nomination du Directeur général : Durufle, Sophie. Capital : 550000 EUR. Adresse du siège social : 3 passage Saint-Sébastien, 75011 Paris. Commentaires : modification survenue sur l'administration.
Hide	05/07/2010	JAL	Appointment of the social representative
LES PETITES AFFICHES Société faisant objet d'une nomination : 403243058 - I.M PRODUCTION, 3 PAS SAINT SEBASTIEN, 75011 PARIS 11 Nominé : Mademoiselle Sophie DURUFLE, 13 RUE 13 RUE TAYLOR, 75010 PARIS En la fonction de : DG - Directeur Général
Hide	24/02/2010	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2520 - 403 243 058 RCS Paris. IM PRODUCTION. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire partant : ADVERTUS EXPERTISE, nomination du Commissaire aux comptes titulaire : Naim, Laurent, nomination du Commissaire aux comptes titulaire : Germon, Paul, Commissaire aux comptes suppléant partant : Hassan, Didier, nomination du Commissaire aux comptes suppléant : Naim, Jean Pierre, nomination du Commissaire aux comptes suppléant : Laboriaux, Yves. Capital : 550000 EUR. Adresse du siège social : 3 passage Saint-Sébastien, 75011 Paris. Commentaires : modification survenue sur le capital (augmentation) et l'administration.
Hide	15/01/2010	JAL	Resignation / Revocation of the social representative
LES PETITES AFFICHES Date de décision : 11/12/2009 La société 403243058 - I.M PRODUCTION, 3 PAS SAINT SEBASTIEN, 75011 PARIS 11 Fait l'objet du départ de La société ADEVERTUS EXPERTISE
Hide	15/01/2010	JAL	Resignation / Revocation of the social representative
LES PETITES AFFICHES Date de décision : 11/12/2009 La société 403243058 - I.M PRODUCTION, 3 PAS SAINT SEBASTIEN, 75011 PARIS 11 Fait l'objet du départ de Monsieur Didier HASSAN
Hide	15/01/2010	JAL	Appointment of the social representative
LES PETITES AFFICHES Société faisant objet d'une nomination : 403243058 - I.M PRODUCTION, 3 PAS SAINT SEBASTIEN, 75011 PARIS 11 Nominé : Monsieur Paul GERMON, 175 BOULEVARD 175 BOULEVARD MALESHERBES, 75017 PARIS En la fonction de : Commissaire au compte titulaire
Hide	15/01/2010	JAL	Appointment of the social representative
LES PETITES AFFICHES Société faisant objet d'une nomination : 403243058 - I.M PRODUCTION, 3 PAS SAINT SEBASTIEN, 75011 PARIS 11 Nominé : Monsieur Yves LABORIAUX, 41 AVENUE 41 AVENUE DE VILLENEUVE L ETANG, 78000 VERSAILLES En la fonction de : Commissaire au compte suppléant
Hide	15/01/2010	JAL	Appointment of the social representative
LES PETITES AFFICHES Société faisant objet d'une nomination : 403243058 - I.M PRODUCTION, 3 PAS SAINT SEBASTIEN, 75011 PARIS 11 Nominé : Monsieur Laurent NAIM, 1 AVENUE 1 AVENUE ALPHONSE XIII, 75016 PARIS En la fonction de : Commissaire au compte titulaire
Hide	15/01/2010	JAL	Appointment of the social representative
LES PETITES AFFICHES Société faisant objet d'une nomination : 403243058 - I.M PRODUCTION, 3 PAS SAINT SEBASTIEN, 75011 PARIS 11 Nominé : Monsieur Jean-Pierre NAIM, 199 BOULEVARD 199 BOULEVARD MALESHERBES, 75017 PARIS En la fonction de : Commissaire au compte suppléant
Hide	15/01/2010	JAL	Modification of the share capital
LES PETITES AFFICHES Date de décision : 11/12/2009 La société : 403243058 - I.M PRODUCTION, 3 PAS SAINT SEBASTIEN, 75011 PARIS 11 a subi une augmentation de son capital social désormais de 550 000 €
Hide	28/10/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7109 - 403243058 RCS. IM PRODUCTION. Forme : Société par actions simplifiée. Adresse : 3 passage Saint-Sébastien 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	20/02/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 3442 - 403 243 058 RCS Paris. IM PRODUCTION. Forme : Société par actions simplifiée. Capital : 330000 EUR. Adresse du siège social : 3 passage Saint-Sébastien, 75011 Paris. Commentaires : modification survenue sur le capital (augmentation).
Hide	26/09/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 3027 - 403243058 RCS. IM PRODUCTION. Forme : Société par actions simplifiée. Adresse : 3 passage Saint-Sébastien 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	18/12/2007	Bodacc C	Avis de dépôt des comptes
4791 - 403 243 058. RCS Paris IM PRODUCTION. Forme: Société par actions simplifiée. Adresse du siège social: 3 passage Saint-Sébastien 75011 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
Hide	29/10/2006	Bodacc C	Avis de dépôt des comptes
5260 - RCS Paris B 403 243 058. RC 95-B 16574. IM PRODUCTION. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 3, passage Saint Sébastien,Paris, 75011 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Hide	02/12/2005	Bodacc C	Avis de dépôt des comptes
2834 - RCS Paris B 403 243 058. RC 95-B 16574. IM PRODUCTION. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 3, passage Saint Sébastien,Paris, 75011 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
Hide	19/01/2005	Bodacc B	Modifications et mutations diverses
2004 - RCS Paris B 403 243 058. RC 95-B 16574. IM PRODUCTION. Forme : S.A.S. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : modification du président : MARANT (Isabel). Administrateurs partants : MARANT (Alexis) DURUFLE (Sophie).
Hide	19/01/2005	Bodacc C	Avis de dépôt des comptes
2420 - RCS Paris B 403 243 058. RC 95-B 16574. IM PRODUCTION. Forme: S.A. Adresse du siège social: 3, passage,Saint Sébastien, 75011 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2003.
Hide	03/10/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 403243058 RC 95-B 16574 IM PRODUCTION. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : commissaire aux comptes titulaire partant : URBAIN (Michel). Nomination d' un commissaire aux comptes titulaire : ADVERTUS EXPERTISE. Commissaire aux comptes suppléant partant : FAVERIS ( Jacques, Marie). Nomination d'un commissaire aux comptes suppléant : HASSAN (Didier).
Hide	14/12/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 403243058 RC 95-B 16574 I.M. PRODUCTION. Forme : S.A. Capital : 300 000 euros. Commentaires : modification survenue sur le capital (augmentation).
Hide	22/11/2000	Bodacc B	Modifications et mutations diverses
RCS Paris B 403243058 RC 95-B 16574 I.M. PRODUCTION. Forme : S.A. Capital : 1 500 000 F. Commentaires : modification survenue sur le capital (augmentation).
Hide	04/09/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 419 882 311 RC RC 98- B 11736 ISABEL MARANT DIFFUSION. Forme : S.A.R.L. Capital : 50 000 F. Activité : vente au détail dans la marque Isabel Marant, vetements, pret-à-porter, chaussures, bijoux fantaisie, parfum, produits de beauté et généralement de tous articles et accessoires de modes. Adresse du siège social : 3, passage Saint-Sébastien 75011 Paris. Administration : gérant : MARANT (Isabel) Fonds reçu en location-gérance Date de début d'activité: 1er juillet 1998 Propriétaire : I.M. PRODUCTION. RCS RCS B 403 243 058.
Hide	20/02/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 403 243 058 RC RC 95- B 16574 I.M. PRODUCTION. Forme : S.A. Administration : suppression : administrateurs : MARANT (Claude) MARANT (Patrick). Nomination en qualité d'administrateurs : MARANT ( Alexis) DURUFLE (Sophie). Commentaires : modification survenue sur l'administration.
Hide	05/08/1997	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 403 243 058 RC RC 95- B 16574 I.M. PRODUCTION. Forme : S.A. Adresse du siège social : 3, passage Saint-Sébastien 75011 Paris Etablissement principal: Adresse : 3, passage Saint-Sébastien 75011 Paris. Commentaires : modification survenue sur l'adresse du siège social et de l' établissement principal.
Hide	25/02/1996	Bodacc A	Création d'établissement
RCS Paris B 403 243 058 RC 95-B 16574 I. M. PRODUCTION. Forme : S.A. Capital : 830 000 F. Activité : création, commercialisation de vetements, de pret- à-porter création et fabrication de bijouterie fantaisie. Adresse du siège social : 6 rue de la Folie-Méricourt 75011 Paris. Administration : président du conseil d'administration : MARANT ( Isabel). Administrateurs : MARANT ( Claude) et MARANT (Patrick). Commissaire aux comptes titulaire : URBAIN (Michel). Commissaire aux comptes suppléant : FAVERIS (Jacques, Marie) Cette société se constitue Date de début d'activité: 30 juin 1995.

Company events history

Date	Description
13/03/2015	Update Rating
13/03/2015	Update Limit
28/08/2014	Bodacc B: Various editing or changing
24/08/2014	Bodacc B: Various editing or changing
13/08/2014	New auditor
13/08/2014	Amendment
08/08/2014	Amendment
08/08/2014	New chairman (CEO, CoB)
08/08/2014	Changes to the Board of Directors
23/07/2014	Legal Gazette: Resignation / Revocation of the social representative
22/05/2014	Bodacc B: Various editing or changing
10/05/2014	Update Rating
10/05/2014	Update Limit
07/05/2014	Amendment
07/05/2014	Changes to the Board of Directors
30/04/2014	Legal Gazette: Appointment of the social representative
30/04/2014	Legal Gazette: Resignation / Revocation of the social representative
09/01/2014	Update Rating
09/01/2014	Update Limit
15/10/2013	Update Rating
15/10/2013	Update Limit
30/09/2013	Bodacc B: Various editing or changing
17/09/2013	Update Rating
13/09/2013	New auditor
13/09/2013	Amendment
31/05/2012	Bodacc B: Various editing or changing
15/05/2012	Updated articles of association
15/05/2012	Change to corporate purpose
15/05/2012	Amendment
15/05/2012	Registered office transferred inside jurisdiction of the Commercial Court
03/04/2012	Legal Gazette: Head Office Transfer
15/03/2012	Update of Company Head Office Identifier
15/03/2012	Transfer of Establishment
31/12/2011	Update of Company Activity
31/12/2011	Modification of Company Activity
18/10/2011	Formation of Establishment
15/10/2011	Bodacc C : Deposit accounts notice
10/08/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
14/09/2010	Bodacc C : Deposit accounts notice
22/08/2010	Bodacc B: Various editing or changing
05/08/2010	Minutes of general meeting of shareholders
05/08/2010	Changes to the Board of Directors
24/06/2010	Legal Gazette: Appointment of the social representative
24/02/2010	Bodacc B: Various editing or changing
03/02/2010	Updated articles of association
03/02/2010	New auditor
03/02/2010	Minutes of general meeting of shareholders
03/02/2010	Capital increase
15/01/2010	Legal Gazette: Resignation / Revocation of the social representative
31/12/2009	New accounts available
11/12/2009	Legal Gazette: Appointment of the social representative
11/12/2009	Legal Gazette: Modification of the share capital
28/10/2009	Bodacc C : Deposit accounts notice
27/03/2009	Collection of preferential rights activated for this company
20/02/2009	Bodacc B: Various editing or changing
20/02/2009	New Bodacc B ads detected
03/02/2009	Amendment
03/02/2009	Updated articles of association
03/02/2009	Capital increase
02/02/2009	Minutes of general meeting of shareholders
02/02/2009	Updated articles of association
02/02/2009	Capital increase
02/02/2009	Private document
31/12/2008	New accounts available
26/09/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
04/01/2005	Appointment/resignation of company officers
04/01/2005	Audit or Management Report
04/01/2005	Minutes of general meeting of shareholders
04/01/2005	New chairman (CEO, CoB)
04/01/2005	New legal form – new category
04/01/2005	New legal form – no new category
04/01/2005	Updated articles of association
04/01/2005	Private document
31/12/2004	New accounts available
31/12/2003	New accounts available
20/09/2002	Private document
20/09/2002	New auditor
20/09/2002	Minutes of general meeting of shareholders
20/09/2002	Appointment/resignation of company officers
03/12/2001	Updated articles of association
03/12/2001	Private document
03/12/2001	Conversion of equity to euro
03/12/2001	Capital reduction
03/12/2001	Capital increase
03/12/2001	Minutes of general meeting of shareholders
07/11/2000	Minutes of general meeting of shareholders
07/11/2000	Private document
07/11/2000	Capital increase
07/11/2000	Updated articles of association
03/02/1998	Appointment/resignation of company officers
03/02/1998	Minutes of general meeting of shareholders
03/02/1998	Private document
03/02/1998	Changes to the Board of Directors
21/07/1997	Registered office transferred inside jurisdiction of the Commercial Court
21/07/1997	Private document
21/07/1997	Minutes of general meeting of shareholders
21/07/1997	Updated articles of association
04/01/1996	Amendment
04/01/1996	Minutes of general meeting of shareholders
04/01/1996	New closing date
04/01/1996	Updated articles of association
04/01/1996	Private document
26/12/1995	Minutes of general meeting of shareholders
26/12/1995	Minutes of Board meeting
26/12/1995	Fund deposit certificate
26/12/1995	Company formation
26/12/1995	Articles of association
26/12/1995	Appointment/resignation of company officers
26/12/1995	Private document
27/10/1995	Application and court order

Synthesized Accounts

Annual Accounts

	31/12/2010	31/12/2008	31/12/2007
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	08/08/2011	-	-
Activity Code	4642Z	4642Z	4642Z
Employees	0	70	48

Active account

	31/12/2010	Variation	31/12/2008	Variation	31/12/2007	Sector Average 2010		Sector Median 2010
Capital not called	0 0 K	0%	0 0 K	0%	0 0 K	88.67 0.09 K	0%	0 0 K	0%
Total fixed assets	1,399,979 1,400 K	95.0 %	717,756 718 K	5.1 %	682,829 683 K	526,123.34 526.12 K	166.1 %	39,615 40 K	3434.0 %
Intangible assets	284,075 284 K	97.3 %	143,980 144 K	7.8 %	133,522 134 K	156,094.60 156.09 K	82.0 %	3,683 4 K	7614.2 %
Tangible assets	913,146 913 K	110.6 %	433,672 434 K	5.1 %	412,620 413 K	121,090.19 121.09 K	654.1 %	5,321 5 K	17062.8 %
Financial assets	202,754 203 K	44.7 %	140,101 140 K	2.5 %	136,688 137 K	250,326.99 250.33 K	-19.0 %	5,467 5 K	3608.7 %
Net current assets	25,965,262 25,965 K	102.0 %	12,851,903 12,852 K	24.8 %	10,296,375 10,296 K	1,830,401.78 1,830.40 K	1318.6 %	204,503 205 K	12596.8 %
Stocks	5,546,494 5,546 K	49.8 %	3,702,150 3,702 K	15.1 %	3,216,531 3,217 K	477,917.59 477.92 K	1060.6 %	48,926 49 K	11236.6 %
Advanced payments	143,838 144 K	80.1 %	79,846 80 K	0%	0 0 K	16,308.59 16.31 K	782.0 %	0 0 K	0%
Receivables	7,207,377 7,207 K	110.6 %	3,421,787 3,422 K	27.5 %	2,684,123 2,684 K	986,179.70 986.18 K	630.8 %	59,578 60 K	11997.4 %
Securities and cash	13,067,553 13,068 K	131.4 %	5,648,116 5,648 K	28.5 %	4,395,721 4,396 K	349,393.23 349.39 K	3640.1 %	32,774 33 K	39771.7 %
Prepaid expenses	- -	-	- -	-	- -	1,961.92 1.96 K	-	27 0 K	-
Accounts of regularization	753 1 K	0%	0 0 K	0%	0 0 K	8,717.92 8.72 K	-91.4 %	0 0 K	0%
Total Assets	27,365,995 27,366 K	101.7 %	13,569,660 13,570 K	23.6 %	10,979,205 10,979 K	2,362,585.17 2,362.59 K	1058.3 %	276,799 277 K	9786.6 %

Passive Account

	31/12/2010	Variation	31/12/2008	Variation	31/12/2007	Sector Average 2010		Sector Median 2010
Shareholders' equity	14,004,994 14,005 K	70.0 %	8,240,063 8,240 K	28.9 %	6,393,941 6,394 K	908,576.14 908.58 K	1441.4 %	53,768 54 K	25947.3 %
Share capital	550,000 550 K	66.7 %	330,000 330 K	10.0 %	300,000 300 K	252,091.68 252.09 K	118.2 %	8,000 8 K	6775.0 %
Other capital resources	0 0 K	0%	0 0 K	0%	0 0 K	292.69 0.29 K	0%	0 0 K	0%
Risk Provisions	4,300 4 K	0%	0 0 K	0%	64,551 65 K	50,286.43 50.29 K	-91.4 %	0 0 K	0%
Liabilities	13,353,778 13,354 K	150.7 %	5,326,314 5,326 K	17.8 %	4,520,713 4,521 K	1,401,381.23 1,401.38 K	852.9 %	193,192 193 K	6812.2 %
Financial liabilities	1,569,281 1,569 K	313.1 %	379,847 380 K	26481.3 %	1,429 1 K	411,480.28 411.48 K	281.4 %	16,088 16 K	9654.4 %
Advanced payments received	597,560 598 K	0%	0 0 K	0%	1,609 2 K	7,514.53 7.51 K	7852.1 %	0 0 K	0%
Trade account payables	5,655,990 5,656 K	113.8 %	2,645,808 2,646 K	17.4 %	2,253,735 2,254 K	656,310.80 656.31 K	761.8 %	68,313 68 K	8179.6 %
Tax and social liabilities	5,474,236 5,474 K	179.2 %	1,960,424 1,960 K	-12.5 %	2,241,398 2,241 K	218,346.27 218.35 K	2407.1 %	43,909 44 K	12367.2 %
Other debts and fixed assets liabilities	59,633 60 K	-82.6 %	343,516 344 K	1644.6 %	19,690 20 K	172,073.22 172.07 K	-65.3 %	8,918 9 K	568.7 %
Account regularization	0 0 K	0%	0 0 K	0%	2,852 3 K	8,682.78 8.68 K	0%	0 0 K	0%
Total liabilities	27,365,995 27,366 K	101.7 %	13,569,660 13,570 K	23.6 %	10,979,205 10,979 K	2,362,670.86 2,362.67 K	1058.3 %	276,798 277 K	9786.6 %

Results

	31/12/2010	Variation	31/12/2008	Variation	31/12/2007	Sector Average 2010		Sector Median 2010
Sales of Goods	45,251,224 45,251 K	65.5 %	27,343,069 27,343 K	30.8 %	20,910,155 20,910 K	3,950,614.49 3,950.61 K	1045.4 %	436,207 436 K	10273.8 %
Net turnover	44,267,086 44,267 K	74.8 %	25,329,236 25,329 K	28.4 %	19,728,130 19,728 K	3,801,286.92 3,801.29 K	1064.5 %	429,764 430 K	10200.3 %
of which net export turnover	27,702,533 27,703 K	102.3 %	13,692,974 13,693 K	35.2 %	10,130,512 10,131 K	946,958.25 946.96 K	2825.4 %	2,066 2 K	1341102.3 %
Operating charges	35,402,054 35,402 K	56.6 %	22,613,625 22,614 K	33.2 %	16,973,670 16,974 K	3,766,959.85 3,766.96 K	839.8 %	431,705 432 K	8100.5 %
Operating profit/loss	9,849,170 9,849 K	108.3 %	4,729,444 4,729 K	20.1 %	3,936,484 3,936 K	183,654.63 183.65 K	5262.9 %	9,154 9 K	107494.2 %
Financial income	192,734 193 K	205.4 %	63,111 63 K	436.7 %	11,760 12 K	64,896.42 64.90 K	197.0 %	3 0 K	6424366.7 %
Financial charges	320,279 320 K	198.3 %	107,373 107 K	-35.5 %	166,589 167 K	65,524.69 65.52 K	388.8 %	749 1 K	42660.9 %
Financial profit/loss	-127,545 -128 K	-188.2 %	-44,261 -44 K	71.4 %	-154,829 -155 K	-628.27 -0.63 K	-20201.0 %	-160 0 K	-79865.5 %
Pretax net operating income	9,721,625 9,722 K	107.5 %	4,685,182 4,685 K	23.9 %	3,781,655 3,782 K	180,861.22 180.86 K	5275.2 %	7,646 8 K	127046.5 %
Extraordinary income	180,693 181 K	50.7 %	119,866 120 K	229.8 %	36,350 36 K	55,573.20 55.57 K	225.1 %	1 0 K	18069200.0 %
Extraordinary charges	4,886 5 K	-98.3 %	285,801 286 K	2836.1 %	9,734 10 K	56,856.69 56.86 K	-91.4 %	241 0 K	1931.6 %
Extraordinary profit/loss	175,807 176 K	205.9 %	-165,935 -166 K	-723.4 %	26,616 27 K	-1,283.50 -1.28 K	13797.5 %	0 0 K	0%
Net result	6,116,232 6,116 K	114.9 %	2,846,402 2,846 K	9.5 %	2,599,958 2,600 K	112,619.69 112.62 K	5330.9 %	7,696 8 K	79372.9 %

Accounts – Active

Normal Account

	31/12/2010	31/12/2008	31/12/2007
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Grand Total (I to VI)	Net	27,365,995 27,366 K	101.7 %	13,569,660 13,570 K	23.6 %	10,979,205 10,979 K
Gross	CO	29,393,055 29,393 K	90.1 %	15,461,831 15,462 K	24.3 %	12,442,232 12,442 K
Amortisation	1A	2,027,060 2,027 K	7.1 %	1,892,171 1,892 K	29.3 %	1,463,027 1,463 K

Non declared distributed capital (I)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Non declared distributed capital (I)	AA3	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AA	0 0 K	-	- -	-	- -

Active fixed asset (II)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Total Active fixed asset (II)	Net	1,399,979 1,400 K	95.0 %	717,756 718 K	5.1 %	682,829 683 K
Gross	BJ	2,368,975 2,369 K	56.2 %	1,517,049 1,517 K	11.9 %	1,356,273 1,356 K
Amortisation	BK	968,996 969 K	21.2 %	799,292 799 K	18.7 %	673,443 673 K

Intangible fixed assets

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Start-up cost	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AC	0 0 K	0%	0 0 K	0%	0 0 K
R&D expenses	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CX	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AE	0 0 K	0%	0 0 K	0%	0 0 K
Distributorships, patents	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AF	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AG	0 0 K	0%	0 0 K	0%	0 0 K
Goodwill	Net	126,532 127 K	0%	126,532 127 K	0.0 %	126,533 127 K
Gross	AH	126,532 127 K	0%	126,532 127 K	0.0 %	126,533 127 K
Amortisation	AI	0 0 K	0%	0 0 K	0%	0 0 K
Other intangible fixed assets	Net	157,543 158 K	802.9 %	17,448 17 K	149.6 %	6,989 7 K
Gross	AJ	243,051 243 K	253.3 %	68,800 69 K	74.7 %	39,381 39 K
Amortisation	AK	85,508 86 K	66.5 %	51,352 51 K	58.5 %	32,392 32 K
Pre-payments and downpayments	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AL	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AM	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Intangible asset	Net	284,075 284 K	97.3 %	143,980 144 K	7.8 %	133,522 134 K

Tangilble fixed assets

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Lands	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AN	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AO	0 0 K	0%	0 0 K	0%	0 0 K
Buildings	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AP	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AQ	0 0 K	0%	0 0 K	0%	0 0 K
Plant	Net	10,717 11 K	177.9 %	3,857 4 K	57.7 %	2,446 2 K
Gross	AR	40,183 40 K	31.6 %	30,544 31 K	10.6 %	27,613 28 K
Amortisation	AS	29,466 29 K	10.4 %	26,687 27 K	6.0 %	25,167 25 K
Other tangible fixed assets	Net	480,112 480 K	11.7 %	429,815 430 K	4.8 %	410,174 410 K
Gross	AT	1,334,134 1,334 K	15.9 %	1,151,068 1,151 K	12.2 %	1,026,058 1,026 K
Amortisation	AU	854,022 854 K	18.4 %	721,253 721 K	17.1 %	615,884 616 K
Fixed assets in construction	Net	422,317 422 K	0%	0 0 K	0%	0 0 K
Gross	AV	422,317 422 K	0%	0 0 K	0%	0 0 K
Amortisation	AW	0 0 K	0%	0 0 K	0%	0 0 K
Advances and payments on account	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AX	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AY	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Tangible asset	Net	913,146 913 K	110.6 %	433,672 434 K	5.1 %	412,620 413 K

Financial assets

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Associates at equity	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CS	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CT	0 0 K	0%	0 0 K	0%	0 0 K
Other participations	Net	8,966 9 K	17.9 %	7,607 8 K	0%	7,607 8 K
Gross	CU	8,966 9 K	17.9 %	7,607 8 K	0%	7,607 8 K
Amortisation	CV	0 0 K	0%	0 0 K	0%	0 0 K
Inter-company receivables	Net	42,314 42 K	0%	0 0 K	0%	0 0 K
Gross	BB	42,314 42 K	0%	0 0 K	0%	0 0 K
Amortisation	BC	0 0 K	0%	0 0 K	0%	0 0 K
Other investment securities	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BE	0 0 K	0%	0 0 K	0%	0 0 K
Loans	Net	2,107 2 K	-50.6 %	4,262 4 K	-29.1 %	6,012 6 K
Gross	BF	2,107 2 K	-50.6 %	4,262 4 K	-29.1 %	6,012 6 K
Amortisation	BG	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets	Net	149,367 149 K	16.5 %	128,232 128 K	4.2 %	123,069 123 K
Gross	BH	149,367 149 K	16.5 %	128,232 128 K	4.2 %	123,069 123 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	202,754 203 K	44.7 %	140,101 140 K	2.5 %	136,688 137 K

Current Assets (III)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Total Assets	Net	25,965,262 25,965 K	102.0 %	12,851,903 12,852 K	24.8 %	10,296,375 10,296 K
Gross	CJ	27,023,322 27,023 K	93.8 %	13,944,781 13,945 K	25.8 %	11,085,959 11,086 K
Amortisation	CK	1,058,060 1,058 K	-3.2 %	1,092,878 1,093 K	38.4 %	789,584 790 K

Stocks

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Raw materials	Net	1,865,938 1,866 K	91.6 %	973,634 974 K	-0.7 %	980,179 980 K
Gross	BL	2,601,825 2,602 K	48.9 %	1,747,324 1,747 K	18.0 %	1,481,305 1,481 K
Amortisation	BM	735,887 736 K	-4.9 %	773,690 774 K	54.4 %	501,126 501 K
Work in progress (goods)	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BN	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BO	0 0 K	0%	0 0 K	0%	0 0 K
Work in progress (services)	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BP	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BQ	0 0 K	0%	0 0 K	0%	0 0 K
Semi-finished and finished products	Net	3,680,556 3,681 K	34.9 %	2,728,516 2,729 K	22.0 %	2,236,352 2,236 K
Gross	BR	3,761,478 3,761 K	33.6 %	2,815,508 2,816 K	22.5 %	2,297,995 2,298 K
Amortisation	BS	80,922 81 K	-7.0 %	86,992 87 K	41.1 %	61,643 62 K
Goods for resale	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BT	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BU	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Stocks	Net	5,546,494 5,546 K	49.8 %	3,702,150 3,702 K	15.1 %	3,216,531 3,217 K

Advance payments to suppliers

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Advance payments to suppliers	Net	143,838 144 K	80.1 %	79,846 80 K	0%	0 0 K
Gross	BV	143,838 144 K	80.1 %	79,846 80 K	0%	0 0 K
Amortisation	BW	0 0 K	0%	0 0 K	0%	0 0 K

Debtors

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Trade accounts receivable	Net	5,792,966 5,793 K	140.7 %	2,406,545 2,407 K	96.1 %	1,227,437 1,227 K
Gross	BX	6,034,217 6,034 K	128.7 %	2,638,742 2,639 K	81.5 %	1,454,251 1,454 K
Amortisation	BY	241,251 241 K	3.9 %	232,197 232 K	2.4 %	226,814 227 K
Other debtors	Net	706,650 707 K	50.8 %	468,561 469 K	-51.9 %	974,151 974 K
Gross	BZ	706,650 707 K	50.8 %	468,561 469 K	-51.9 %	974,151 974 K
Amortisation	CA	0 0 K	0%	0 0 K	0%	0 0 K
Capital subscribed and called up	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CC	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total debtors	Net	6,499,616 6,500 K	126.1 %	2,875,106 2,875 K	30.6 %	2,201,588 2,202 K

Divers

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Investment securities	Net	4,110,907 4,111 K	23.9 %	3,319,069 3,319 K	225.7 %	1,019,070 1,019 K
Gross	CD	4,110,907 4,111 K	23.9 %	3,319,069 3,319 K	225.7 %	1,019,070 1,019 K
Amortisation	CE	0 0 K	0%	0 0 K	0%	0 0 K
Cash and cash equivalents	Net	8,956,646 8,957 K	284.6 %	2,329,047 2,329 K	-31.0 %	3,376,651 3,377 K
Gross	CF	8,956,646 8,957 K	284.6 %	2,329,047 2,329 K	-31.0 %	3,376,651 3,377 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	13,067,553 13,068 K	131.4 %	5,648,116 5,648 K	28.5 %	4,395,721 4,396 K

Prepaid expenses

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Prepaid expenses	Net	707,761 708 K	29.5 %	546,681 547 K	13.3 %	482,535 483 K
Gross	CH	707,761 708 K	29.5 %	546,681 547 K	13.3 %	482,535 483 K
Amortisation	CI	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts (IV to VI)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Multi-period charges	CW3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	-	- -	-	- -
Premiums on redemption of bonds	CM3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	-	- -	-	- -
Currency differential gain	CN3	753 1 K	0%	0 0 K	0%	0 0 K
Gross		753 1 K	-	- -	-	- -

References

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Due within one year	CP	0 0 K	0%	128,232 128 K	0%	0 0 K
Due after one year	CR	0 0 K	0%	268,461 268 K	11.9 %	239,992 240 K

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Grand Total (I to V)	EE	27,365,995 27,366 K	101.7 %	13,569,660 13,570 K	23.6 %	10,979,205 10,979 K

Shareholder Equity (I)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Total shareholders' equity (Total I)	DL	14,004,994 14,005 K	70.0 %	8,240,063 8,240 K	28.9 %	6,393,941 6,394 K
Equity and shareholders' equity	DA	550,000 550 K	66.7 %	330,000 330 K	10.0 %	300,000 300 K
Issue and merger premiums	DB	91 0 K	0%	91 0 K	0%	91 0 K
Revaluation differentials	DC	0 0 K	0%	0 0 K	0%	0 0 K
Of which equity differential	EK	0 0 K	0%	0 0 K	0%	0 0 K
Legal reserve	DD	55,000 55 K	83.3 %	30,000 30 K	0%	30,000 30 K
Statutory or contractual reserve	DE	0 0 K	0%	0 0 K	0%	0 0 K
Special regulated reserves	DF	0 0 K	0%	0 0 K	0%	0 0 K
Of which special reserve of provisions for current fluctuation	B1	0 0 K	0%	0 0 K	0%	0 0 K
Other reserves	DG	7,283,667 7,284 K	44.7 %	5,033,568 5,034 K	45.3 %	3,463,611 3,464 K
Of which reserve for buying originals works from alive artists	EJ	0 0 K	0%	0 0 K	0%	0 0 K
Profits or losses brought forward	DH	0 0 K	0%	0 0 K	0%	0 0 K
Profit or loss for the period	DI	6,116,236 6,116 K	114.9 %	2,846,402 2,846 K	9.5 %	2,599,958 2,600 K
Investment grants	DJ	0 0 K	0%	0 0 K	0%	280 0 K
Special tax-allowable reserves	DK	0 0 K	0%	0 0 K	0%	0 0 K

Other capital resources (II)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Total other capital resources (Total II)	DO	0 0 K	0%	0 0 K	0%	0 0 K
Income from participating securities	DM	0 0 K	0%	0 0 K	0%	0 0 K
Conditional loans	DN	0 0 K	0%	0 0 K	0%	0 0 K

Provisions for risks and charges (III)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Total provisions for risks and charges (Total III)	DR	4,300 4 K	0%	0 0 K	0%	64,551 65 K
Risk provisions	DP	4,300 4 K	0%	0 0 K	0%	64,551 65 K
Reserves for charges	DQ	0 0 K	0%	0 0 K	0%	0 0 K

Liabilities (IV)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Total Liabilities (Total IV)	EC	13,353,778 13,354 K	150.7 %	5,326,314 5,326 K	17.8 %	4,520,713 4,521 K
Convertible debentures	DS	0 0 K	0%	0 0 K	0%	0 0 K
Other debentures	DT	0 0 K	0%	0 0 K	0%	0 0 K
Bank loans and liabilities	DU	1,342,050 1,342 K	108656.1 %	1,234 1 K	9.1 %	1,131 1 K
Sundry loans and financial liabilities	DV	227,231 227 K	-40.0 %	378,613 379 K	126951.3 %	298 0 K
Of which participating loans	EI	0 0 K	0%	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	597,560 598 K	0%	0 0 K	0%	1,609 2 K
Trade accounts payables	DX	5,655,990 5,656 K	113.8 %	2,645,808 2,646 K	17.4 %	2,253,735 2,254 K
Tax and social security liabilities	DY	5,474,236 5,474 K	179.2 %	1,960,424 1,960 K	-12.5 %	2,241,398 2,241 K
Fixed asset liabilities	DZ	0 0 K	0%	0 0 K	0%	0 0 K
Other debts	EA	56,711 57 K	-83.3 %	340,234 340 K	1628.0 %	19,690 20 K

Translation loss (V)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Translation loss (Total V)	ED	2,922 3 K	-11.0 %	3,282 3 K	0%	0 0 K

Equalization accounts

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Deferred income	EB	0 0 K	0%	0 0 K	0%	2,852 3 K

References

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	12,034,118 12,034 K	125.9 %	5,326,314 5,326 K	17.9 %	4,519,104 4,519 K
Of which current bank facilities	EH	0 0 K	0%	0 0 K	0%	1,131 1 K

Result account

1 - Operating result (I-II)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Operating result (Total I-II)	GG	9,849,170 9,849 K	108.3 %	4,729,444 4,729 K	20.1 %	3,936,484 3,936 K

2 - Financial result (V-VI)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Financial result (Total V-VI)	GV	-127,545 -128 K	-188.2 %	-44,261 -44 K	71.4 %	-154,829 -155 K

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

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	9,721,625 9,722 K	107.5 %	4,685,182 4,685 K	23.9 %	3,781,655 3,782 K

4 - Extraordinary result (VII-VIII)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Extraordinary result (Total VII-VIII)	HI	175,807 176 K	205.9 %	-165,935 -166 K	-723.4 %	26,616 27 K

Profit or loss

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Profit or loss	HN	6,116,232 6,116 K	114.9 %	2,846,402 2,846 K	9.5 %	2,599,958 2,600 K

Total Income (I+III+V+VII)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Total Income (Total I+III+V+VII)	HL	45,624,651 45,625 K	65.8 %	27,526,047 27,526 K	31.3 %	20,958,264 20,958 K

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

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	39,508,417 39,508 K	60.1 %	24,679,644 24,680 K	34.4 %	18,358,306 18,358 K

Operating income (I)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Total operating income (Total I)	FR	45,251,224 45,251 K	65.5 %	27,343,069 27,343 K	30.8 %	20,910,155 20,910 K

Operating income (details)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Sale of goods for resale	FC	0 0 K	0%	0 0 K	0%	0 0 K
France	FA	0 0 K	0%	0 0 K	0%	0 0 K
Export	FB	0 0 K	0%	0 0 K	0%	0 0 K
Sale of goods produced	FF	42,986,442 42,986 K	70.5 %	25,213,775 25,214 K	28.5 %	19,620,080 19,620 K
France	FD	15,620,470 15,620 K	35.6 %	11,520,756 11,521 K	21.4 %	9,489,855 9,490 K
Export	FE	27,365,972 27,366 K	99.9 %	13,693,019 13,693 K	35.2 %	10,130,225 10,130 K
Sale of services	FI	1,280,644 1,281 K	1009.2 %	115,460 115 K	6.9 %	108,051 108 K
France	FG	944,083 944 K	717.4 %	115,505 116 K	7.2 %	107,764 108 K
Export	FH	336,561 337 K	748013.3 %	-45 0 K	-115.7 %	287 0 K
Net turnover	FL	44,267,086 44,267 K	74.8 %	25,329,236 25,329 K	28.4 %	19,728,130 19,728 K
France	FJ	16,564,553 16,565 K	42.4 %	11,636,262 11,636 K	21.2 %	9,597,618 9,598 K
Export	FK	27,702,533 27,703 K	102.3 %	13,692,974 13,693 K	35.2 %	10,130,512 10,131 K
Stocked production	FM	107,353 107 K	-79.3 %	517,512 518 K	142.7 %	213,237 213 K
Self-constructed assets	FN	0 0 K	0%	0 0 K	0%	0 0 K
Operating grants	FO	0 0 K	0%	0 0 K	0%	0 0 K
Release of reserves and provisions	FP	874,710 875 K	-41.5 %	1,495,016 1,495 K	54.4 %	968,270 968 K
Other income	FQ	2,075 2 K	59.0 %	1,305 1 K	152.4 %	517 1 K

Operating charges (II)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Total operating charges (Total II)	GF	35,402,054 35,402 K	56.6 %	22,613,625 22,614 K	33.2 %	16,973,670 16,974 K

Exploitation charges

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Purchase of goods for resale	FS	0 0 K	0%	0 0 K	0%	0 0 K
Change in stocks of goods for resale	FT	0 0 K	0%	0 0 K	0%	0 0 K
Purchase of raw materials	FU	16,001,764 16,002 K	81.3 %	8,825,289 8,825 K	36.1 %	6,486,447 6,486 K
Change in stocks of raw materials	FV	-696,687 -697 K	-161.9 %	-266,019 -266 K	22.4 %	-342,957 -343 K
Other external purchases and charges	FW	11,069,010 11,069 K	40.6 %	7,872,465 7,872 K	46.3 %	5,380,232 5,380 K
Tax, duty and similar payments	FX	587,956 588 K	63.2 %	360,210 360 K	23.7 %	291,206 291 K
Payroll	FY	5,182,346 5,182 K	53.6 %	3,374,310 3,374 K	10.1 %	3,064,897 3,065 K
Social security costs	FZ	2,255,974 2,256 K	60.1 %	1,408,832 1,409 K	3.4 %	1,362,244 1,362 K

Depreciation

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Depreciation of fixed assets	GA	122,471 122 K	-3.5 %	126,915 127 K	10.8 %	114,561 115 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	831,439 831 K	-4.3 %	868,830 869 K	50.7 %	576,461 576 K
Provisions for risks and charges	GD	0 0 K	0%	0 0 K	0%	0 0 K

Other charges

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Other charges	GE	47,781 48 K	11.7 %	42,790 43 K	5.4 %	40,580 41 K

Operating charges (III-IV)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Share of joint-venture transferred to other partner(s) (Total III)	GH	0 0 K	0%	0 0 K	0%	0 0 K
Share of joint venture transferred from other partner(s) (Total IV)	GI	0 0 K	0%	0 0 K	0%	0 0 K

Financial income (V)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Total financial income (Total V)	GP	192,734 193 K	205.4 %	63,111 63 K	436.7 %	11,760 12 K
Share financial income	GJ	0 0 K	0%	0 0 K	0%	0 0 K
Other investment income & capitalised receivables	GK	0 0 K	0%	0 0 K	0%	0 0 K
Other interest and similar income	GL	44,045 44 K	-9.6 %	48,729 49 K	367.0 %	10,435 10 K
Released provisions and transferred charges	GM	0 0 K	0%	0 0 K	0%	0 0 K
Exchange gains	GN	56,851 57 K	295.3 %	14,381 14 K	985.4 %	1,325 1 K
Net income from disposal of investment securities	GO	91,838 92 K	0%	0 0 K	0%	0 0 K

Financial charge (VI)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Total financial charge (Total VI)	GU	320,279 320 K	198.3 %	107,373 107 K	-35.5 %	166,589 167 K
Financial reserves and provisions	GQ	753 1 K	0%	0 0 K	0%	0 0 K
Interest and similar charges	GR	306,140 306 K	208.6 %	99,209 99 K	-29.9 %	141,536 142 K
Exchange losses	GS	13,386 13 K	64.0 %	8,163 8 K	-67.4 %	25,054 25 K
Net loss from disposal of investment securities	GT	0 0 K	0%	0 0 K	0%	0 0 K

Extraordinary income (VII)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Total extraordinary income (Total VII)	HD	180,693 181 K	50.7 %	119,866 120 K	229.8 %	36,350 36 K
Extraordinary operating income	HA	180,693 181 K	233.1 %	54,247 54 K	57.4 %	34,467 34 K
Extraordinary income from capital transactions	HB	0 0 K	0%	1,067 1 K	-43.3 %	1,883 2 K
Released provisions and transferred charges	HC	0 0 K	0%	64,551 65 K	0%	0 0 K

Extraordinary charges (VIII)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Total extraordinary charges (Total VIII)	HH	4,886 5 K	-98.3 %	285,801 286 K	2836.1 %	9,734 10 K
Extraordinary operating charges	HE	1,339 1 K	-99.5 %	284,900 285 K	2826.9 %	9,734 10 K
Extraordinary charges from capital transactions	HF	0 0 K	0%	900 1 K	0%	0 0 K
Extraordinary reserves and provisions	HG	3,547 4 K	0%	0 0 K	0%	0 0 K

Employee profit sharing (IX)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Employee profit sharing (Total IX)	HJ	748,205 748 K	42.8 %	523,973 524 K	0%	0 0 K

Tax on profits (X)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Tax on profits (Total X)	HK	3,032,993 3,033 K	164.0 %	1,148,872 1,149 K	-4.9 %	1,208,313 1,208 K

References

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Of which equipment leases	HP	7,886 8 K	15.9 %	6,802 7 K	-37.3 %	10,848 11 K
Of which property leases	HQ	0 0 K	0%	0 0 K	0%	0 0 K
Of which transferred charges	A1	17,609 18 K	-98.1 %	929,480 929 K	477.8 %	160,860 161 K
Of which trader's own contributions	A2	0 0 K	0%	0 0 K	0%	0 0 K
Of which royalties on licences and patents (income)	A3	0 0 K	0%	0 0 K	0%	0 0 K
Of which royalties on licences and patents (charges)	A4	43,988 44 K	20.7 %	36,438 36 K	67.8 %	21,715 22 K

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Gross value at begin of period	OG	0 0 K	0%	1,356,274 1,356 K	16.3 %	1,165,889 1,166 K
Increasess due to revaluation	OH	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess, acquisitions, creations, contributions	OJ	0 0 K	0%	169,413 169 K	-13.4 %	195,572 196 K
Decreasess by budget item transfer	OK1	27,954 28 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	OK2	84,070 84 K	873.5 %	8,636 9 K	66.5 %	5,188 5 K
Gross value at the end of period	OL	2,368,977 2,369 K	56.2 %	1,517,049 1,517 K	11.9 %	1,356,273 1,356 K

Research and development Charge (Total I)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Gross value at begin of period	CZ	0 0 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	KB	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KC	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	CO1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	CO2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	DO	0 0 K	0%	0 0 K	0%	0 0 K

Other budget item from Intangible fixed assets (Total II)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Gross value at begin of period	KD	211,034 211 K	27.2 %	165,914 166 K	11.2 %	149,142 149 K
Increasess due to revaluation	KE	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KF	158,551 159 K	438.9 %	29,420 29 K	75.4 %	16,771 17 K
Decreasess by budget item transfer	LV1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	LV2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	LW	369,585 370 K	89.2 %	195,332 195 K	17.7 %	165,913 166 K

Tangible fixed assets (Total III)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Gross value at begin of period	LN	1,290,884 1,291 K	22.5 %	1,053,672 1,054 K	19.1 %	884,590 885 K
Increasess due to revaluation	LO	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LP	589,823 590 K	354.0 %	129,909 130 K	-23.2 %	169,081 169 K
Decreasess by budget item transfer	NG1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NG2	84,070 84 K	4174.0 %	1,967 2 K	0%	0 0 K
Gross value at the end of period	NH	1,796,637 1,797 K	52.0 %	1,181,614 1,182 K	12.1 %	1,053,671 1,054 K

Financial assets (Total IV)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Gross value at begin of period	LQ	213,616 214 K	56.3 %	136,688 137 K	3.4 %	132,157 132 K
Increasess due to revaluation	LR	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LS	17,095 17 K	69.5 %	10,084 10 K	3.8 %	9,719 10 K
Decreasess by budget item transfer	NJ1	27,954 28 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NJ2	0 0 K	0%	6,669 7 K	28.5 %	5,188 5 K
Gross value at the end of period	NK	202,757 203 K	44.7 %	140,101 140 K	2.5 %	136,688 137 K

Reserve for depreciation

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

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Reserve for depreciation value at begin of period	ON	0 0 K	0%	673,442 673 K	20.5 %	558,882 559 K
Increases	OP	0 0 K	0%	126,915 127 K	10.8 %	114,561 115 K
Decreasess	OQ	0 0 K	0%	1,066 1 K	0%	0 0 K
Reserve for depreciation value at the end of period	OR	0 0 K	0%	799,291 799 K	18.7 %	673,443 673 K

Research and development charge (Total I)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Reserve for depreciation value at begin of period	CY	0 0 K	0%	0 0 K	0%	0 0 K
Increases	PB	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess	PC	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PD	0 0 K	0%	0 0 K	0%	0 0 K

Other intangible assets (Total II)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Reserve for depreciation value at begin of period	PE	75,649 76 K	133.5 %	32,391 32 K	58.8 %	20,398 20 K
Increases	PF	9,858 10 K	-48.0 %	18,960 19 K	58.1 %	11,993 12 K
Decreasess	PG	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PH	85,507 86 K	66.5 %	51,351 51 K	58.5 %	32,392 32 K

Total fixed assets amotisation (Total III)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Reserve for depreciation value at begin of period	QU	854,944 855 K	33.4 %	641,051 641 K	19.0 %	538,484 538 K
Increases	QV	112,611 113 K	4.3 %	107,955 108 K	5.3 %	102,568 103 K
Decreases	QW	84,070 84 K	7786.5 %	1,066 1 K	0%	0 0 K
Decreasess by budget item transfer	QX	883,485 883 K	18.1 %	747,940 748 K	16.7 %	641,052 641 K

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Gross value at begin of period	Z91	0 0 K	0%	0 0 K	0%	0 0 K
Increases	Z92	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	Z9	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	B1	0 0 K	0%	0 0 K	0%	0 0 K

Premium refund of obligations

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Net value at begin of period	SP1	0 0 K	0%	0 0 K	0%	0 0 K
Increases	SP2	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	SP	0 0 K	0%	0 0 K	0%	0 0 K
Net value at the end of period	SR	0 0 K	0%	0 0 K	0%	0 0 K

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Value at begining of period	7C	1,083,723 1,084 K	18.0 %	918,685 919 K	-15.3 %	1,085,084 1,085 K
Increases	UB	835,740 836 K	-3.8 %	868,830 869 K	50.7 %	576,461 576 K
Decreases	UC	857,100 857 K	23.4 %	694,638 695 K	-14.0 %	807,410 807 K
Value at the end of period	UD	1,062,363 1,062 K	-2.8 %	1,092,877 1,093 K	28.0 %	854,135 854 K

Includes Total allocations

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Operating	UE	831,439 831 K	-4.3 %	868,830 869 K	0%	0 0 K
Financial	UG	753 1 K	0%	0 0 K	0%	0 0 K
Exceptional	UJ	3,547 4 K	0%	0 0 K	0%	0 0 K

Includes Total Withdrawal

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Operating	UF	857,100 857 K	51.6 %	565,536 566 K	0%	0 0 K
Financial	UH	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UK	0 0 K	0%	64,551 65 K	0%	0 0 K

Total regulated provisions (Total I)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Value at begining of period	3Z	0 0 K	0%	0 0 K	0%	0 0 K
Increases	TS	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	TT	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	TU	0 0 K	0%	0 0 K	0%	0 0 K

Total risk and charge provisions (Total II)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Value at begining of period	5Z	0 0 K	0%	64,551 65 K	0%	64,551 65 K
Increases	TV	4,300 4 K	0%	0 0 K	0%	0 0 K
Decreases	TW	0 0 K	0%	64,551 65 K	0%	0 0 K
Value at the end of period	TX	4,300 4 K	0%	0 0 K	0%	64,551 65 K

Total Provision for depreciation (Total III)

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Value at begining of period	7B	1,083,722 1,084 K	26.9 %	854,134 854 K	-16.3 %	1,020,533 1,021 K
Increases	TY	831,439 831 K	-4.3 %	868,830 869 K	50.7 %	576,461 576 K
Decreases	TZ	857,101 857 K	36.0 %	630,087 630 K	-22.0 %	807,410 807 K
Value at the end of period	UA	1,058,060 1,058 K	-3.2 %	1,092,877 1,093 K	38.4 %	789,584 790 K

State deadlines claims and debts at the end of period

State claims

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Gross value	VT	7,786,257 7,786 K	101.4 %	3,866,329 3,866 K	27.2 %	3,040,019 3,040 K
1 year at most	VU	7,636,890 7,637 K	112.3 %	3,597,868 3,598 K	34.7 %	2,670,946 2,671 K
More than one year	VV	149,367 149 K	-44.4 %	268,461 268 K	-27.3 %	369,073 369 K

State of loans

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Claims related to holdings (gross)	UL	42,315 42 K	0%	0 0 K	0%	0 0 K
Claims related to shareholdings (1 year at most)	UM	42,315 42 K	0%	0 0 K	0%	0 0 K
Loans (gross)	UP	2,107 2 K	-50.6 %	4,263 4 K	-29.1 %	6,012 6 K
Loans (1 year at most)	UR	2,107 2 K	-50.6 %	4,263 4 K	0%	0 0 K
Other financial assets (gross)	UT	149,367 149 K	16.5 %	128,233 128 K	4.2 %	123,069 123 K
Other financial assets (1 year at most)	UV	0 0 K	0%	128,233 128 K	0%	0 0 K

Receivables statement of assets

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Customers doubtful or disputed	VA	252,016 252 K	-6.1 %	268,461 268 K	11.9 %	239,992 240 K
Other claims customer	UX	5,782,201 5,782 K	143.9 %	2,370,281 2,370 K	95.2 %	1,214,259 1,214 K
Receivables represent Loaned Securities	UU	1,272 1 K	0%	0 0 K	0%	0 0 K
Provision for depreciation previously established	UQ	0 0 K	0%	0 0 K	0%	0 0 K
Personnel and associated accounts	UY	0 0 K	0%	485 0 K	-66.7 %	1,457 1 K
Social Security and other social organizations	UZ	0 0 K	0%	0 0 K	0%	0 0 K
Income taxes	VM	0 0 K	0%	159,441 159 K	0%	0 0 K
Value added tax	VB	230,906 231 K	-24.0 %	303,727 304 K	113.8 %	142,052 142 K
Other taxes and payments assimilated	VN	0 0 K	0%	0 0 K	0%	0 0 K
State and other public - Miscellaneous	VP	0 0 K	0%	0 0 K	0%	0 0 K
Group and Associates	VC	4,091 4 K	2.3 %	4,000 4 K	-99.3 %	567,359 567 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	614,220 614 K	660.6 %	80,756 81 K	-69.3 %	263,284 263 K

Prepaid

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Prepaid	VS	707,762 708 K	29.5 %	546,682 547 K	13.3 %	482,535 483 K

State Debt

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Total debt (gross)	VY	13,353,780 13,354 K	150.7 %	5,326,313 5,326 K	17.9 %	4,519,104 4,519 K
1 year at most	VZ2	12,034,119 12,034 K	125.9 %	5,326,313 5,326 K	17.9 %	4,519,104 4,519 K
More than 1 year and 5 years at most	VZ3	789,630 790 K	0%	0 0 K	0%	0 0 K
More than 5 years	VZ4	530,031 530 K	0%	0 0 K	0%	0 0 K

Details

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Convertible bonds (gross)	7Y1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Y2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Y3	0 0 K	0%	0 0 K	0%	0 0 K
Other bonds (gross)	7Z1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Z2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Z3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	1,901 2 K	0%	0 0 K	0%	1,131 1 K
1 year at most	VG2	1,901 2 K	0%	0 0 K	0%	1,131 1 K
More than 1 year and 5 years at most	VG3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to more than 1 year at the origin (gross)	VH1	1,340,149 1,340 K	108502.0 %	1,234 1 K	0%	0 0 K
1 year at most	VH2	112,783 113 K	9039.6 %	1,234 1 K	0%	0 0 K
More than 1 year and 5 years at most	VH3	697,335 697 K	0%	0 0 K	0%	0 0 K
Loans and various financial liabilities (gross)	8A1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8A2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8A3	0 0 K	0%	0 0 K	0%	0 0 K
Suppliers and associated accounts (gross)	8B1	5,655,991 5,656 K	113.8 %	2,645,808 2,646 K	17.4 %	2,253,735 2,254 K
1 year at most	8B2	5,655,991 5,656 K	113.8 %	2,645,808 2,646 K	17.4 %	2,253,735 2,254 K
More than 1 year and 5 years at most	8B3	5,655,991 5,656 K	0%	0 0 K	0%	0 0 K
Personnel and associated accounts (gross)	8C1	2,249,095 2,249 K	99.9 %	1,125,215 1,125 K	21.8 %	923,503 924 K
1 year at most	8C2	2,249,095 2,249 K	99.9 %	1,125,215 1,125 K	21.8 %	923,503 924 K
More than 1 year and 5 years at most	8C3	0 0 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations (gross)	8D1	1,287,364 1,287 K	130.5 %	558,600 559 K	-31.8 %	818,714 819 K
1 year at most	8D2	1,195,069 1,195 K	113.9 %	558,600 559 K	-31.8 %	818,714 819 K
More than 1 year and 5 years at most	8D3	92,295 92 K	0%	0 0 K	0%	0 0 K
Taxes on profits (gross)	8E1	1,499,111 1,499 K	0%	0 0 K	0%	368,425 368 K
1 year at most	8E2	1,499,111 1,499 K	0%	0 0 K	0%	368,425 368 K
More than 1 year and 5 years at most	8E3	0 0 K	0%	0 0 K	0%	0 0 K
VAT (Gross)	VW1	217,331 217 K	7.1 %	202,975 203 K	185.0 %	71,222 71 K
1 year at most	VW2	217,331 217 K	7.1 %	202,975 203 K	185.0 %	71,222 71 K
More than 1 year and 5 years at most	VW3	0 0 K	0%	0 0 K	0%	0 0 K
Backed Obligations (gross)	VX1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VX2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VX3	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and assimilated (gross)	VQ1	221,335 221 K	200.6 %	73,634 74 K	23.7 %	59,534 60 K
1 year at most	VQ2	221,335 221 K	200.6 %	73,634 74 K	23.7 %	59,534 60 K
More than 1 year and 5 years at most	VQ3	0 0 K	0%	0 0 K	0%	0 0 K
Assets and liabilities associated accounts (gross)	8J1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8J2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8J3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	8J4	0 0 K	0%	0 0 K	0%	0 0 K
Groups and associates (gross)	VI1	227,351 227 K	-40.0 %	378,733 379 K	126991.6 %	298 0 K
1 year at most	VI2	227,351 227 K	-40.0 %	378,733 379 K	126991.6 %	298 0 K
More than 1 year and 5 years at most	VI3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	V14	0 0 K	0%	0 0 K	0%	0 0 K
Other liabilities (gross)	8K1	654,152 654 K	92.3 %	340,114 340 K	1627.3 %	19,690 20 K
1 year at most	8K2	654,152 654 K	92.3 %	340,114 340 K	1627.3 %	19,690 20 K
More than 1 year and 5 years at most	8K3	0 0 K	0%	0 0 K	0%	0 0 K
Debt representative of borrowed securities (gross)	SZ1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	SZ2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	SZ3	0 0 K	0%	0 0 K	0%	0 0 K
Products in advance (gross)	8L1	0 0 K	0%	0 0 K	0%	2,852 3 K
1 year at most	8L2	0 0 K	0%	0 0 K	0%	2,852 3 K
More than 1 year and 5 years at most	8L3	0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Loans made during the period	VJ	1,400,000 1,400 K	0%	0 0 K	0%	0 0 K
Debt repaid during the period	VK	61,558 62 K	0%	0 0 K	0%	0 0 K

Table allocation results and other information

Dividends distributed

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Dividends	ZE	0 0 K	0%	0 0 K	0%	0 0 K

Commitments

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Commitments leasing furniture	YQ	0 0 K	0%	0 0 K	0%	0 0 K
Commitments Real Estate Leasing	YR	0 0 K	0%	0 0 K	0%	0 0 K
Effects brought to the discount and unmatured	YS	0 0 K	0%	0 0 K	0%	0 0 K

Other charges Externes

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Subcontracting	YT	0 0 K	0%	0 0 K	0%	0 0 K
Rentals, rental charges and condominiums	XQ	0 0 K	0%	0 0 K	0%	0 0 K
Staff outside the company	YU	0 0 K	0%	0 0 K	0%	0 0 K
Remuneration intermediaries and fees (excluding fees)	SS	0 0 K	0%	0 0 K	0%	0 0 K
Fees, commissions and brokerage	YV	0 0 K	0%	0 0 K	0%	0 0 K
Other accounts	ST	0 0 K	0%	0 0 K	0%	0 0 K
Total Other purchases and external	ZJ	0 0 K	0%	0 0 K	0%	0 0 K

Taxes and Fees

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Business tax	YW	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and payments assimilated	9Z	0 0 K	0%	0 0 K	0%	0 0 K
Total taxes and fees	YX	0 0 K	0%	0 0 K	0%	0 0 K

VAT

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Amount VAT collected	YY	0 0 K	0%	0 0 K	0%	0 0 K
Total VAT on goods and services	YZ	0 0 K	0%	0 0 K	0%	0 0 K

Average number of employees

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Average number of employees	YP	0 0 K	0%	70 0 K	45.8 %	48 0 K

Groups and Shareholders

		31/12/2010	Variation	31/12/2008	Variation	31/12/2007
Groups and Shareholders	ZR	0 0 K	-	- -	-	- -

Ratios

Structure and Liquidity

	31/12/2010	Variation	31/12/2008	Variation	31/12/2007	Sector Average 2010		Sector Median 2010
Fixed Asset Financing	6.99	12.6 %	6.21	18.1 %	5.26	51.04	-86.3 %	1.87	273.8 %
Global Debt	109 days	43.4 %	76 days	-7.3 %	82 days	-378.01 days	128.8 %	142 days	-23.2 %
Working Capital Fund overall net	115 days	2.7 %	112 days	6.7 %	105 days	1,235.03 days	-90.7 %	44 days	161.4 %
Financial independence	892.45 %	-58.9 %	2,169.31 %	-99.5 %	447,441.64 %	269,013.55 %	-99.7 %	103.56 %	761.8 %
Solvability	51.18 %	-15.7 %	60.72 %	4.3 %	58.24 %	2,021.83 %	-97.5 %	24.91 %	105.5 %
Capacity debt futures	12,211.81 %	-98.2 %	667,752.27 %	18.1 %	565,335.19 %	107,987.29 %	-88.7 %	760.46 %	1505.8 %
Coverage of current assets by net working capital overall	46.60 %	-1.4 %	47.27 %	-4.9 %	49.70 %	-151.34 %	130.8 %	30.78 %	51.4 %
General Liquidity	0.63	-7.4 %	0.68	15.3 %	0.59	11.33	-94.4 %	0.42	50.0 %
Restricted Liquidity	1.72	-1.1 %	1.74	11.5 %	1.56	24.64	-93.0 %	0.74	132.4 %

Management or rotation

	31/12/2010	Variation	31/12/2008	Variation	31/12/2007	Sector Average 2010		Sector Median 2010
Need background in operating working capital	3 days	-87.5 %	24 days	50.0 %	16 days	538.36 days	-99.4 %	9 days	-66.7 %
Treasury	106 days	32.5 %	80 days	0%	80 days	628.38 days	-83.1 %	7 days	1414.3 %
Inventory turnover of goods	-	-	-	-	-	641.55 days	-	81 days	-
Average length of credit granted to customers	49 days	28.9 %	38 days	40.7 %	27 days	246.78 days	-80.1 %	32 days	53.1 %
Average length of credit obtained suppliers	77 days	32.8 %	58 days	-17.1 %	70 days	161.45 days	-52.3 %	62 days	24.2 %
Inventory turnover of raw materials in industrial enterprises	59 days	-16.9 %	71 days	-13.4 %	82 days	275.35 days	-78.6 %	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	2,464 days	14.9 %	2,144 days	14.5 %	1,872 days	7,035.46 days	-65.0 %	2,399 days	2.7 %
Rotation tangible assets	2,463.89 %	14.9 %	2,143.61 %	14.5 %	1,872.32 %	-109,824.36 %	102.2 %	2,160.33 %	14.1 %

Profitability of the business

	31/12/2010	Variation	31/12/2008	Variation	31/12/2007	Sector Average 2010		Sector Median 2010
Margin trading	0.00 %	0%	0.00 %	0%	0.00 %	24.84 %	0%	31.50 %	0%
Profitability of the business	22.53 %	33.6 %	16.86 %	-10.1 %	18.75 %	-86.69 %	126.0 %	3.06 %	636.3 %
Net profit	13.82 %	23.0 %	11.24 %	-14.7 %	13.18 %	-24.24 %	157.0 %	1.74 %	694.3 %
Growth rate of turnover (excluding VAT)	0.00 %	0%	28.39 %	-0.8 %	28.61 %	7,914.36 %	0%	0.39 %	0%
Rates integration	40.66 %	9.4 %	37.17 %	-12.9 %	42.67 %	-32.59 %	224.8 %	18.55 %	119.2 %
Rate leasing furniture	0.02 %	-33.3 %	0.03 %	-40.0 %	0.05 %	0.08 %	-75.0 %	0.00 %	0%
Work Factor	41.32 %	-18.7 %	50.80 %	-3.4 %	52.59 %	242.04 %	-82.9 %	68.29 %	-39.5 %
Weight interests	0.72 %	71.4 %	0.42 %	-50.0 %	0.84 %	3.28 %	-78.0 %	0.21 %	242.9 %

Return on capital

	31/12/2010	Variation	31/12/2008	Variation	31/12/2007	Sector Average 2010		Sector Median 2010
Cash flow from the overall profitability	12.17 %	31.6 %	9.25 %	-32.7 %	13.75 %	-73.77 %	116.5 %	2.24 %	443.3 %
Rates of economic profitability	64.00 %	28.0 %	50.00 %	-13.8 %	58.00 %	25.51 %	150.9 %	15.00 %	326.7 %
Financial profitability	14,004,994.00 %	70.0 %	8,240,063.00 %	28.9 %	6,393,941.00 %	901,730.77 %	1453.1 %	22,881.00 %	61108.0 %
Return on investment	41.33 %	20.6 %	34.27 %	-20.8 %	43.26 %	28.69 %	44.1 %	12.26 %	237.1 %

Management intermediate balances

	31/12/2010	Variation	31/12/2008	Variation	31/12/2007	Sector Average 2010		Sector Median 2010
Turnover	44,267,086 44,267 K	74.8 %	25,329,236 25,329 K	28.4 %	19,728,130 19,728 K	3,801,286.92 3,801.29 K	1064.5 %	429,764 430 K	10200.3 %

	31/12/2010	Variation	31/12/2008	Variation	31/12/2007	Sector Average 2010		Sector Median 2010
Sales of goods	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Purchase of goods	0 0 K	0%	0 0 K	0%	0 0 K		-		-
+/- Stock of goods variation	0 0 K	0%	0 0 K	0%	0 0 K		-		-
Trading margin	0 € 0 K €	0%	0 € 0 K €	0%	0 € 0 K €	979,299.77 € 979.30 K €	0%	110,564 € 111 K €	0%
	0.00 % CA 0.00 % CA	0%	0.00 % CA 0.00 % CA	0%	0.00 % CA 0.00 % CA	27.82 % CA 27.82 % CA	0%	32.99 % CA 32.99 % CA	0%

	31/12/2010	Variation	31/12/2008	Variation	31/12/2007	Sector Average 2010		Sector Median 2010
Sale of goods produced	44,267,086 44,267 K	74.8 %	25,329,235 25,329 K	28.4 %	19,728,131 19,728 K		-		-
+/- Stocked production	107,353 107 K	-79.3 %	517,512 518 K	142.7 %	213,237 213 K		-		-
+ Self-constructed assets	0 0 K	0%	0 0 K	0%	0 0 K		-		-
Period production	44,374,439 € 44,374 K €	71.7 %	25,846,747 € 25,847 K €	29.6 %	19,941,368 € 19,941 K €	912,544.15 € 912.54 K €	4762.7 %	2,243 € 2 K €	1978693.3 %
	100.24 % CA 100.24 % CA	-1.8 %	102.04 % CA 102.04 % CA	0.9 %	101.08 % CA 101.08 % CA	29.08 % CA 29.08 % CA	244.7 %	1.11 % CA 1.11 % CA	8930.6 %

	31/12/2010	Variation	31/12/2008	Variation	31/12/2007	Sector Average 2010		Sector Median 2010
Trading margin	0 0 K	0%	0 0 K	0%	0 0 K	979,299.77 979.30 K	0%	110,564 111 K	0%
+ Period Production	44,374,439 44,374 K	71.7 %	25,846,747 25,847 K	29.6 %	19,941,368 19,941 K	912,544.15 912.54 K	4762.7 %	2,243 2 K	1978693.3 %
- Purchase of raw materials	16,001,764 16,002 K	81.3 %	8,825,289 8,825 K	36.1 %	6,486,447 6,486 K		-		-
+/- Change in stocks of raw materiels	-696,687 -697 K	-161.9 %	-266,019 -266 K	22.4 %	-342,957 -343 K		-		-
- Other external purchases and charges	11,069,010 11,069 K	40.6 %	7,872,465 7,872 K	46.3 %	5,380,232 5,380 K		-		-
Added value	18,000,352 € 18,000 K €	91.2 %	9,415,012 € 9,415 K €	11.8 %	8,417,646 € 8,418 K €	663,195.70 € 663.20 K €	2614.2 %	84,162 € 84 K €	21287.9 %
	40.66 % CA 40.66 % CA	9.4 %	37.17 % CA 37.17 % CA	-12.9 %	42.67 % CA 42.67 % CA	-32.66 % CA -32.66 % CA	224.5 %	18.55 % CA 18.55 % CA	119.2 %

	31/12/2010	Variation	31/12/2008	Variation	31/12/2007	Sector Average 2010		Sector Median 2010
Added value	18,000,352 € 18,000 K €	91.2 %	9,415,012 € 9,415 K €	11.8 %	8,417,646 € 8,418 K €	663,195.70 € 663.20 K €	2614.2 %	84,162 € 84 K €	21287.9 %
+ Operating grants	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Tax, duty and similar payments	587,956 588 K	63.2 %	360,210 360 K	23.7 %	291,206 291 K		-		-
- Personal charges	7,438,320 7,438 K	55.5 %	4,783,142 4,783 K	8.0 %	4,427,141 4,427 K		-		-
Gross operating surplus	9,974,076 € 9,974 K €	133.5 %	4,271,660 € 4,272 K €	15.5 %	3,699,299 € 3,699 K €	227,174.14 € 227.17 K €	4290.5 %	11,217 € 11 K €	88819.3 %
	22.53 % CA 22.53 % CA	33.6 %	16.86 % CA 16.86 % CA	-10.1 %	18.75 % CA 18.75 % CA	-86.75 % CA -86.75 % CA	126.0 %	3.05 % CA 3.05 % CA	638.7 %

	31/12/2010	Variation	31/12/2008	Variation	31/12/2007	Sector Average 2010		Sector Median 2010
Gross operating surplus	9,974,076 € 9,974 K €	133.5 %	4,271,660 € 4,272 K €	15.5 %	3,699,299 € 3,699 K €	227,174.14 € 227.17 K €	4290.5 %	11,217 € 11 K €	88819.3 %
+ Release of reserves and provisions	874,710 875 K	-41.5 %	1,495,016 1,495 K	54.4 %	968,270 968 K		-		-
+ Other operating income	2,075 2 K	59.0 %	1,305 1 K	152.4 %	517 1 K		-		-
- Depreciation/ Amortisation	953,910 954 K	-4.2 %	995,745 996 K	44.1 %	691,022 691 K		-		-
- Other charges	47,781 48 K	11.7 %	42,790 43 K	5.4 %	40,580 41 K		-		-
Operating result	9,849,170 € 9,849 K €	108.3 %	4,729,446 € 4,729 K €	20.1 %	3,936,484 € 3,936 K €	179,000.90 € 179.00 K €	5402.3 %	9,106 € 9 K €	108061.3 %
	22.25 % CA 22.25 % CA	19.2 %	18.67 % CA 18.67 % CA	-6.4 %	19.95 % CA 19.95 % CA	-80.29 % CA -80.29 % CA	127.7 %	2.37 % CA 2.37 % CA	838.8 %

	31/12/2010	Variation	31/12/2008	Variation	31/12/2007	Sector Average 2010		Sector Median 2010
Operating result	9,849,170 € 9,849 K €	108.3 %	4,729,446 € 4,729 K €	20.1 %	3,936,484 € 3,936 K €	179,000.90 € 179.00 K €	5402.3 %	9,106 € 9 K €	108061.3 %
+/- Result of joint-venture transferred from/to other partners	0 0 K	0%	0 0 K	0%	0 0 K		-		-
+ Financial income	192,734 193 K	205.4 %	63,111 63 K	436.7 %	11,760 12 K		-		-
- Financial charges	320,279 320 K	198.3 %	107,373 107 K	-35.5 %	166,589 167 K		-		-
Pre-tax result	9,721,625 € 9,722 K €	107.5 %	4,685,184 € 4,685 K €	23.9 %	3,781,655 € 3,782 K €	178,537.27 € 178.54 K €	5345.2 %	7,591 € 8 K €	127967.8 %
	21.96 % CA 21.96 % CA	18.7 %	18.50 % CA 18.50 % CA	-3.5 %	19.17 % CA 19.17 % CA	-79.72 % CA -79.72 % CA	127.5 %	1.88 % CA 1.88 % CA	1068.1 %

	31/12/2010	Variation	31/12/2008	Variation	31/12/2007	Sector Average 2010		Sector Median 2010
Extraordinary income	180,693 181 K	50.7 %	119,866 120 K	229.8 %	36,350 36 K	55,573.20 55.57 K	225.1 %	1 0 K	18069200.0 %
- Extraordinary charges	4,886 5 K	-98.3 %	285,801 286 K	2836.1 %	9,734 10 K		-		-
Extraordinary result	175,807 € 176 K €	205.9 %	-165,935 € -166 K €	-723.4 %	26,616 € 27 K €	-1,283.50 € -1.28 K €	13797.5 %	0 € 0 K €	0%
	0.40 % CA 0.40 % CA	160.6 %	-0.66 % CA -0.66 % CA	-607.7 %	0.13 % CA 0.13 % CA	73.13 % CA 73.13 % CA	-99.5 %	0.00 % CA 0.00 % CA	0%

	31/12/2010	Variation	31/12/2008	Variation	31/12/2007	Sector Average 2010		Sector Median 2010
Pre-tax result	9,721,625 € 9,722 K €	107.5 %	4,685,184 € 4,685 K €	23.9 %	3,781,655 € 3,782 K €	178,537.27 € 178.54 K €	5345.2 %	7,591 € 8 K €	127967.8 %
Extraordinary result	175,807 € 176 K €	205.9 %	-165,935 € -166 K €	-723.4 %	26,616 € 27 K €	-1,283.50 € -1.28 K €	13797.5 %	0 € 0 K €	0%
- Employee profit sharing	748,205 748 K	42.8 %	523,973 524 K	0%	0 0 K		-		-
- Tax on profits	3,032,993 3,033 K	164.0 %	1,148,872 1,149 K	-4.9 %	1,208,313 1,208 K		-		-
Net result	6,116,234 € 6,116 K €	114.9 %	2,846,404 € 2,846 K €	9.5 %	2,599,958 € 2,600 K €	108,660.10 € 108.66 K €	5528.8 %	7,641 € 8 K €	79944.9 %
	13.82 % CA 13.82 % CA	23.0 %	11.24 % CA 11.24 % CA	-14.7 %	13.18 % CA 13.18 % CA	-24.36 % CA -24.36 % CA	156.7 %	1.73 % CA 1.73 % CA	698.8 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ASH

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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