MIRA INFORM REPORT

Report No. :	315721
Report Date :	06.04.2015

IDENTIFICATION DETAILS

Name :	MC DIFFUSION
Registered Office :	David Olivier Comag France, 27 Rue Popincourt, 75011 Paris 11
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	October 1984
Com. Reg. No.:	B 330 929 548
Legal Form :	Public limited company with board of directors
Line of Business :	Subject is engaged in wholesale (intercompany trade) of textiles
No. of Employee :	20 to 49

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

Company name

02/04/2015 09:58:22

MC DIFFUSION C A - E

SIRET	330 929 548 00023	Click to view full map.
Name	MC DIFFUSION
Acronym	-
Trade name	-
Type of Establishment	Head Office
Postal Address	MC DIFFUSION DAVID OLIVIER COMAG FRANCE 27 RUE POPINCOURT 75011 PARIS 11
Telephone	01 48 05 44 10
Share Capital	152,449 Euros
Incorporiation Date	10/1984	Nationality	France
APE/NAF Code	4641Z	Currency	Euros
Activity (APE)	Wholesale (intercompany trade) of textiles	Last account Date	31/12/2011
Formation Date	09/1984	Fax	-
Deregistration Date	-
EUR VAT Number	FR58330929548	Legal form	Public limited company with board of directors
Court Registry Number	19 8 4B10898
Registration Court	Paris (75)	RCS Registration	RCS Paris B 330 929 548

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2011	2,767,966 €	-4.78% Turnover	1,217,046 €	-200,352 €	20 to 49 employees
31/12/2010	3,500,034 €	-6.90% Turnover	1,417,398 €	-174,642 €	-
31/12/2009	5,037,561 €	-11.64% Turnover	1,592,040 €	595,999 €	-

Details

Directors

Current Directors

3

View Details

Payment Data Programme

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Preferential Right

No social security and tax office preferential right to date

Trends

Profitability

Liquidity

Net Worth

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4641Z	Activity	Wholesale (intercompany trade) of textiles
Formation Date	09/1984	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	27 RUE POPINCOURT 75011 PARIS 11	Department	Paris (75)
Location Surface	-	District	1
City	PARIS 11	Status	Economically active
Business Pages FT®	LINGE DE MAISON (FABRICATION, GROS)	Region	Ile-de-France
		Area	99
		Size of Urban Area	Paris conglomeration

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	1 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
MC DIFFUSION	Head Office	4641Z	Wholesale (intercompany trade) of textiles	PARIS 11	75011
MC DIFFUSION	Branch	4641Z	Wholesale (intercompany trade) of textiles	BOBIGNY	93000
MC DIFFUSION	Branch	4641Z	Wholesale (intercompany trade) of textiles	PANTIN	93500

Workforces

Workforce at address

10 to 19 employees

Company workforce

20 to 49 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 return on total assets employed is negative

The sales to current assets ratio is 1.11

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

The debtor days are 91.92

The ratio total assets to total liabilities is 1.88

The tangible fixed assets are 67,370 €

The company is 30 years old

Industry code with low risk rating

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

The liquidity acid test is more than 65%

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	05/08/2009
Status of Monitoring	No social security and tax office preferential right to date

Social security, pension funds preferential rights

Number of preferential rights	0
Total amount	-
Due remaining amount	-
Date of last preferential right	-

Historical

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

Hide

30711986

17/07/2007

02/09/2010

URSSAF DD PARIS 3

30,387 EUR

-

Reason for closure	Crossed Off
Paid off amount	26,558 EUR
Court	Paris
Creditor	URSSAF DD PARIS 3
Debtor	SA MC DIFFUSION 27 R POPINCOURT 75011 PARIS

Hide

30714754

17/08/2007

02/09/2010

URSSAF DD PARIS 3

30,202 EUR

-

Reason for closure	Crossed Off
Paid off amount	26,303 EUR
Court	Paris
Creditor	URSSAF DD PARIS 3
Debtor	SA MC DIFFUSION 27 R POPINCOURT 75011 PARIS

Hide

30718214

16/10/2007

02/09/2010

URSSAF DD PARIS 3

31,401 EUR

-

Reason for closure	Crossed Off
Paid off amount	28,547 EUR
Court	Paris
Creditor	URSSAF DD PARIS 3
Debtor	SA MC DIFFUSION 27 R POPINCOURT 75011 PARIS

Hide

30721238

21/11/2007

02/09/2010

URSSAF DD PARIS 1

26,397 EUR

-

Reason for closure	Crossed Off
Paid off amount	23,998 EUR
Court	Paris
Creditor	URSSAF DD PARIS 1
Debtor	SA MC DIFFUSION 27 R POPINCOURT 75011 PARIS

Hide

30722402

17/12/2007

26/08/2010

URSSAF DD PARIS 1

26,829 EUR

-

Reason for closure	Crossed Off
Paid off amount	23,340 EUR
Court	Paris
Creditor	URSSAF DD PARIS 1
Debtor	SA MC DIFFUSION 27 R POPINCOURT 75011 PARIS

Hide

30805368

18/03/2008

26/08/2010

URSSAF DD PARIS 1

26,710 EUR

-

Reason for closure	Crossed Off
Court	Paris
Creditor	URSSAF DD PARIS 1
Debtor	SA MC DIFFUSION 27 R POPINCOURT 75011 PARIS

Hide

30806040

01/04/2008

02/09/2010

URSSAF DD PARIS 1

18,236 EUR

-

Reason for closure	Crossed Off
Court	Paris
Creditor	URSSAF DD PARIS 1
Debtor	SA MC DIFFUSION 27 R POPINCOURT 75011 PARIS

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company.

Director(s)

Name	M. NEHAMA DAVID JACQUES
Manager position	Chairman of the Board, Managing director	Date of birth	06/07/1975
Place of birth	PARIS (75019)
Type	Individual	Name at birth
				View Details

Name	M. FRANCO ROBERT ISAAC
Manager position	Delegated managing director, Administrator	Date of birth	05/12/1934
Place of birth	PARIS (75012)
Type	Individual	Name at birth
				View Details

Name	Mme. FRANCO MARIE-FRANCE
Manager position	Administrator	Date of birth	29/01/1943
Place of birth	PARIS (75018)
Type	Individual	Name at birth	CASIEZ
				View Details

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Chairman of the Board	Mme. DAHAN MURIEL FANNY	25/06/1970 - PARIS (75017)	View Details
Managing director	Mme. DAHAN MURIEL FANNY	25/06/1970 - PARIS (75017)	View Details
Delegated managing director	M. FRANCO DAVID	09/07/1963 - PARIS (75012)	View Details
Administrator	M. FRANCO DAVID	09/07/1963 - PARIS (75012)	View Details

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	05/03/2014	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2535 - 330 929 548 RCS Paris. MC DIFFUSION. Forme : Société anonyme. Administration : Directeur général délégué partant : Franco, David. Capital : 152449.02 EUR. Activité : . Adresse du siège social : 27 rue Popincourt, 75011 Paris. Commentaires : modification survenue sur l'administration.
Hide	25/02/2014	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2121 - 330 929 548 RCS Paris. MC DIFFUSION. Forme : Société anonyme. Administration : Président du conseil d'administration et Directeur général partant : Franco, nom d'usage : Dahan, Muriel Fanny, nomination du Président du conseil d'administration et Directeur général : Nehama, David Jacques, modification du Directeur général délégué Franco, David. Capital : 152449.02 EUR. Activité : . Adresse du siège social : 27 rue Popincourt, 75011 Paris. Commentaires : modification survenue sur l'administration.
Hide	05/02/2014	JAL	Appointment of the social representative
Journal spécial des sociétés (Le) Date de décision : 31/10/2013 Société faisant l'objet d'une nomination : 330929548 - MC DIFFUSION, 27 RUE POPINCOURT, 75011 PARIS 11 Nominé : Monsieur David NEHAMA En la fonction de : Président Directeur Général Nominé : Monsieur David NEHAMA, 94100 ST MAUR DES FOSSES En la fonction de : Administrateur
Hide	05/02/2014	JAL	Resignation / Revocation of the social representative
Journal spécial des sociétés (Le) Date de décision : 31/10/2013 La société 330929548 - MC DIFFUSION, 27 RUE POPINCOURT, 75011 PARIS 11 Fait l'objet du départ de Monsieur David FRANCO, De Madame Muriel DAHAN, De Madame Muriel DAHAN, De Monsieur David FRANCO, De Madame Muriel DAHAN, De Monsieur David FRANCO
Hide	08/12/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6471 - 330929548 RCS. MC DIFFUSION. Forme : Société anonyme. Adresse : 27 rue Popincourt 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	28/11/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7341 - 330929548 RCS. MC DIFFUSION. Forme : Société anonyme. Adresse : 27 rue Popincourt 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
Hide	13/12/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8332 - 330929548 RCS. MC DIFFUSION. Forme : Société anonyme. Adresse : 27 R POPINCOURT 75011 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	28/10/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6780 - 330929548 RCS. MC DIFFUSION. Forme : Société anonyme. Adresse : 27 rue Popincourt 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	03/12/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 4964 - 330929548 RCS. MC DIFFUSION. Forme : Société anonyme. Adresse : 27 rue Popincourt 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	24/04/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6084 - 330929548 RCS. MC DIFFUSION. Forme : Société anonyme. Adresse : 27 rue Popincourt 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
Hide	17/04/2008	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 981 - 330 929 548 RCS Paris. MC DIFFUSION. Forme : Société anonyme. Administration : modification du Président du conseil d'administration et Directeur général Franco, nom d'usage : Dahan, Muriel Fanny, modification du Directeur général délègué et Administrateur Franco, Robert Isaac. Capital : 152449.02 EUR. Adresse du siège social : 27 rue Popincourt, 75011 Paris. Commentaires : modification survenue sur l'administration.
Hide	09/12/2007	Bodacc C	Avis de dépôt des comptes
7031 - 330 929 548. RCS Paris MC DIFFUSION. Forme: Société anonyme. Adresse du siège social: 27 rue Popincourt 75011 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Hide	17/01/2007	Bodacc C	Avis de dépôt des comptes
1699 - RCS Paris B 330 929 548. RC 84-B 10898. MC DIFFUSION. Forme: S.A. Adresse du siège social: 27, R Popincourt,Paris, 75011 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
Hide	17/03/2005	Bodacc C	Avis de dépôt des comptes
1812 - RCS Paris B 330 929 548. RC 84-B 10898. MC DIFFUSION. Forme: S.A. Adresse du siège social: 27, rue Popincourt,75011 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2003.
Hide	04/04/2003	Bodacc B	Modifications et mutations diverses
RCS Paris B 330929548 RC 84-B 10898 M.C. DIFFUSION. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : modification du président du conseil d' administration et directeur général : FRANCO (Robert, Isaac). Modification du directeur général délégué et administrateur : FRANCO (David). Nomination en qualité de directeur général délégué et administrateur : FRANCO (Muriel, Fanny) ( Nom d'usage : DAHAN).
Hide	03/05/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 330929548 RC 84-B 10898 M.C. DIFFUSION. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : modification du président du conseil d' administration : FRANCO (Robert, Isaac). Nomination du directeur général et administrateur : FRANCO (David). Modification d'un administrateur : Mme FRANCO, née CASIEZ (Marie-France). Administrateur partant : GUERCHON (Marc).
Hide	16/08/1997	Bodacc A	Création d'établissement
RCS Paris B 330 929 548 M.C. DIFFUSION. Forme : S.A. Capital : 1 000 000 de F. Adresse du siège social : 27 rue Popincourt 75011 Paris Etablissement principal: Activité : import-export et commerce en gros de linge de maison. Adresse : 8 bis rue Martel 75010 Paris Nom commercial: Comag France Cession du nom commercial dépendant de l' établissement principal au prix stipulé de 250 000 F. Date d'effet : 17 juillet 1997. Précédent propriétaire : SOCIETE COMAG FRANCE. RCS B 311 962 831 Publication légale: La Loi du 23 juillet 1997. Oppositions : Me Aubert, 11 rue Anatole-de-la-Forge, 75017 Paris.
Hide	22/01/1995	Bodacc B	Modifications et mutations diverses
RCS Paris B 330 929 548 RC 84-B 10898 M. C. DIFFUSION. Forme : S.A. Administration : P.-D.G. : FRANCO (Robert, Issac). Administrateurs : FRANCO, née CASIEZ ( Marie-France) GUERCHON (Marc). Commissaire aux comptes titulaire : S.A. R.L. COMAUDITEX. Commissaire aux comptes suppléant : CAUZOT (Jean-Claude). Commentaires : modification survenue sur l'administration.

Company events history

Date	Description
12/02/2015
05/03/2014	Bodacc B: Various editing or changing
25/02/2014	Bodacc B: Various editing or changing
20/02/2014	--
20/02/2014	--
10/02/2014	Amendment
10/02/2014	Changes to the Board of Directors
10/02/2014	Minutes of general meeting of shareholders
10/02/2014	Updated articles of association
10/02/2014	New chairman (CEO, CoB)
05/02/2014	Legal Gazette: Resignation / Revocation of the social representative
31/10/2013	Legal Gazette: Appointment of the social representative
20/10/2013	--
20/10/2013	--
15/10/2013	--
15/10/2013	--
18/07/2013	--
01/01/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
08/12/2012	Bodacc C : Deposit accounts notice
19/10/2012	Updated articles of association
19/10/2012	Amendment
31/12/2011	New accounts available
28/11/2011	Bodacc C : Deposit accounts notice
18/11/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
13/12/2010	Bodacc C : Deposit accounts notice
02/09/2010	Preferential right lapsed
26/08/2010	Preferential right lapsed
17/06/2010	A Social Security Preferential right lapsed
21/05/2010	A Social Security Preferential right lapsed
16/04/2010	A Social Security Preferential right lapsed
17/02/2010	A Social Security Preferential right lapsed
17/01/2010	A Social Security Preferential right lapsed
31/12/2009	New accounts available
28/10/2009	Bodacc C : Deposit accounts notice
05/08/2009	Collection of preferential rights activated for this company
31/12/2008	New accounts available
03/12/2008	Bodacc C : Deposit accounts notice
24/04/2008	Bodacc C : Deposit accounts notice
17/04/2008	Bodacc B: Various editing or changing
01/04/2008	New Filling of Social Security preferential right
01/04/2008	Unfiling of a Social Security preferential right
18/03/2008	New Filling of Social Security preferential right
18/03/2008	Unfiling of a Social Security preferential right
31/12/2007	New accounts available
17/12/2007	New Filling of Social Security preferential right
17/12/2007	Unfiling of a Social Security preferential right
26/11/2007	Minutes of general meeting of shareholders
26/11/2007	Minutes of Board meeting
26/11/2007	Changes to the Board of Directors
26/11/2007	Changes to the Board of Directors
26/11/2007	Appointment/resignation of company officers
26/11/2007	Appointment/resignation of company officers
26/11/2007	Amendment
26/11/2007	Minutes of general meeting of shareholders
26/11/2007	New chairman (CEO, CoB)
26/11/2007	Private document
21/11/2007	Unfiling of a Social Security preferential right
21/11/2007	New Filling of Social Security preferential right
16/10/2007	Unfiling of a Social Security preferential right
16/10/2007	New Filling of Social Security preferential right
17/08/2007	Unfiling of a Social Security preferential right
17/08/2007	New Filling of Social Security preferential right
17/07/2007	New Filling of Social Security preferential right
17/07/2007	Filling of Social Security Preferential Right
17/07/2007	Unfiling of a Social Security preferential right
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
25/03/2003	Minutes of Board meeting
25/03/2003	Minutes of general meeting of shareholders
25/03/2003	Private document
25/03/2003	Updated articles of association
25/03/2003	Changes to the Board of Directors
25/03/2003	Amendment
25/03/2003	Conversion of equity to euro
19/04/2001	Amendment
19/04/2001	Appointment/resignation of company officers
19/04/2001	Changes to the Board of Directors
19/04/2001	Minutes of Board meeting
19/04/2001	New chairman (CEO, CoB)
19/04/2001	Private document
19/04/2001	Minutes of general meeting of shareholders
09/12/1994	Minutes of general meeting of shareholders
09/12/1994	Changes to the Board of Directors
09/12/1994	Appointment/resignation of company officers
09/12/1994	Amendment
09/12/1994	New auditor

Synthesized Accounts

Annual Accounts

	31/12/2011	31/12/2010	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	28/12/2012	16/11/2011	01/11/2010
Activity Code	4641Z	4641Z	4641Z
Employees	0	13	18

Active account

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Sector Average 2011		Sector Median 2011
Capital not called	0 0 K	0%	0 0 K	0%	0 0 K	118.93 0.12 K	0%	0 0 K	0%
Total fixed assets	113,863 114 K	-17.2 %	137,519 138 K	0.1 %	137,418 137 K	225,189.30 225.19 K	-49.4 %	19,629 20 K	480.1 %
Intangible assets	38,112 38 K	-15.6 %	45,153 45 K	18.5 %	38,112 38 K	78,344.52 78.34 K	-51.4 %	0 0 K	0%
Tangible assets	67,370 67 K	-18.6 %	82,744 83 K	-7.7 %	89,684 90 K	55,292.05 55.29 K	21.8 %	4,781 5 K	1309.1 %
Financial assets	8,381 8 K	-12.9 %	9,622 10 K	0%	9,622 10 K	93,193.87 93.19 K	-91.0 %	1,744 2 K	380.6 %
Net current assets	2,488,312 2,488 K	-0.5 %	2,500,880 2,501 K	-25.9 %	3,375,891 3,376 K	1,061,213.32 1,061.21 K	134.5 %	193,500 194 K	1185.9 %
Stocks	1,787,497 1,787 K	40.6 %	1,271,666 1,272 K	5.6 %	1,203,984 1,204 K	355,248.91 355.25 K	403.2 %	38,677 39 K	4521.6 %
Advanced payments	0 0 K	0%	387 0 K	-76.8 %	1,671 2 K	4,734.28 4.73 K	0%	0 0 K	0%
Receivables	697,055 697 K	-38.7 %	1,136,293 1,136 K	-1.6 %	1,154,436 1,154 K	514,813.32 514.81 K	35.4 %	61,915 62 K	1025.8 %
Securities and cash	3,760 4 K	-95.9 %	92,534 93 K	-90.9 %	1,015,800 1,016 K	185,984.58 185.98 K	-98.0 %	25,380 25 K	-85.2 %
Prepaid expenses	- -	-	- -	-	- -	1,811.33 1.81 K	-	0 0 K	-
Accounts of regularization	0 0 K	0%	0 0 K	0%	1,738 2 K	3,570.60 3.57 K	0%	0 0 K	0%
Total Assets	2,602,176 2,602 K	-1.4 %	2,638,399 2,638 K	-24.9 %	3,515,048 3,515 K	1,289,212.04 1,289.21 K	101.8 %	251,374 251 K	935.2 %

Passive Account

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Sector Average 2011		Sector Median 2011
Shareholders' equity	1,217,046 1,217 K	-14.1 %	1,417,398 1,417 K	-11.0 %	1,592,040 1,592 K	548,088.99 548.09 K	122.1 %	62,662 63 K	1842.2 %
Share capital	152,449 152 K	0%	152,449 152 K	0%	152,449 152 K	203,812.52 203.81 K	-25.2 %	10,000 10 K	1424.5 %
Other capital resources	0 0 K	0%	0 0 K	0%	0 0 K	484.80 0.48 K	0%	0 0 K	0%
Risk Provisions	100,000 100 K	0%	100,000 100 K	-1.7 %	101,738 102 K	36,577.08 36.58 K	173.4 %	0 0 K	0%
Liabilities	1,285,131 1,285 K	14.6 %	1,121,002 1,121 K	-38.4 %	1,821,270 1,821 K	702,198.32 702.20 K	83.0 %	155,686 156 K	725.5 %
Financial liabilities	220,375 220 K	17063.2 %	1,284 1 K	20.2 %	1,068 1 K	175,817.93 175.82 K	25.3 %	15,583 16 K	1314.2 %
Advanced payments received	2,183 2 K	0%	0 0 K	0%	8,345 8 K	6,266.89 6.27 K	-65.2 %	0 0 K	0%
Trade account payables	953,148 953 K	-4.5 %	997,636 998 K	-38.3 %	1,616,665 1,617 K	370,508.91 370.51 K	157.3 %	48,022 48 K	1884.8 %
Tax and social liabilities	99,757 100 K	-8.3 %	108,845 109 K	-24.0 %	143,298 143 K	93,164.89 93.16 K	7.1 %	35,846 36 K	178.3 %
Other debts and fixed assets liabilities	9,668 10 K	-27.0 %	13,237 13 K	-74.5 %	51,894 52 K	79,700.43 79.70 K	-87.9 %	4,657 5 K	107.6 %
Account regularization	0 0 K	0%	0 0 K	0%	0 0 K	1,260.92 1.26 K	0%	0 0 K	0%
Total liabilities	2,602,176 2,602 K	-1.4 %	2,638,399 2,638 K	-24.9 %	3,515,048 3,515 K	1,289,225.43 1,289.23 K	101.8 %	251,373 251 K	935.2 %

Results

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Sector Average 2011		Sector Median 2011
Sales of Goods	2,852,762 2,853 K	-21.6 %	3,639,541 3,640 K	-28.9 %	5,118,882 5,119 K	2,031,139.06 2,031.14 K	40.5 %	402,583 403 K	608.6 %
Net turnover	2,767,966 2,768 K	-20.9 %	3,500,034 3,500 K	-30.5 %	5,037,561 5,038 K	1,962,988.63 1,962.99 K	41.0 %	397,383 397 K	596.5 %
of which net export turnover	912,952 913 K	29.9 %	702,821 703 K	-43.0 %	1,233,605 1,234 K	508,121.11 508.12 K	79.7 %	434 0 K	210257.6 %
Operating charges	3,009,509 3,010 K	-20.8 %	3,800,910 3,801 K	-35.1 %	5,859,704 5,860 K	1,960,574.23 1,960.57 K	53.5 %	398,595 399 K	655.0 %
Operating profit/loss	-156,747 -157 K	2.9 %	-161,369 -161 K	78.2 %	-740,822 -741 K	70,564.83 70.56 K	-322.1 %	6,007 6 K	-2709.4 %
Financial income	2,793 3 K	-53.1 %	5,956 6 K	-99.5 %	1,299,871 1,300 K	36,056.92 36.06 K	-92.3 %	34 0 K	8114.7 %
Financial charges	24,954 25 K	-33.9 %	37,753 38 K	-45.7 %	69,587 70 K	49,264.06 49.26 K	-49.3 %	1,211 1 K	1960.6 %
Financial profit/loss	-22,161 -22 K	30.3 %	-31,797 -32 K	-102.6 %	1,230,284 1,230 K	-13,207.14 -13.21 K	-67.8 %	-187 0 K	-11750.8 %
Pretax net operating income	-178,908 -179 K	7.4 %	-193,166 -193 K	-139.5 %	489,462 489 K	57,627.62 57.63 K	-410.5 %	4,841 5 K	-3795.7 %
Extraordinary income	0 0 K	0%	21,982 22 K	-89.5 %	209,269 209 K	44,012.66 44.01 K	0%	5 0 K	0%
Extraordinary charges	21,446 21 K	520.0 %	3,459 3 K	-96.6 %	102,731 103 K	29,210.10 29.21 K	-26.6 %	185 0 K	11492.4 %
Extraordinary profit/loss	-21,446 -21 K	-215.8 %	18,523 19 K	-82.6 %	106,538 107 K	14,802.55 14.80 K	-244.9 %	0 0 K	0%
Net result	-200,352 -200 K	-14.7 %	-174,642 -175 K	-129.3 %	595,999 596 K	50,792.20 50.79 K	-494.5 %	5,709 6 K	-3609.4 %

Accounts – Active

Normal Account

	31/12/2011	31/12/2010	31/12/2009
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Grand Total (I to VI)	Net	2,602,176 2,602 K	-1.4 %	2,638,399 2,638 K	-24.9 %	3,515,048 3,515 K
Gross	CO	2,848,935 2,849 K	-2.5 %	2,921,562 2,922 K	-24.5 %	3,869,621 3,870 K
Amortisation	1A	246,759 247 K	-12.9 %	283,163 283 K	-20.1 %	354,573 355 K

Non declared distributed capital (I)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Non declared distributed capital (I)	AA3	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AA	0 0 K	0%	0 0 K	0%	0 0 K

Active fixed asset (II)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total Active fixed asset (II)	Net	113,863 114 K	-17.2 %	137,519 138 K	0.1 %	137,418 137 K
Gross	BJ	320,426 320 K	0.0 %	320,482 320 K	-19.5 %	398,129 398 K
Amortisation	BK	206,563 207 K	12.9 %	182,963 183 K	-29.8 %	260,711 261 K

Intangible fixed assets

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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%	7,041 7 K	0%	0 0 K
Gross	AF	11,167 11 K	0%	11,167 11 K	95.8 %	5,703 6 K
Amortisation	AG	11,167 11 K	170.6 %	4,126 4 K	-27.7 %	5,703 6 K
Goodwill	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AH	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AI	0 0 K	0%	0 0 K	0%	0 0 K
Other intangible fixed assets	Net	38,112 38 K	0%	38,112 38 K	0%	38,112 38 K
Gross	AJ	38,112 38 K	0%	38,112 38 K	0%	38,112 38 K
Amortisation	AK	0 0 K	0%	0 0 K	0%	0 0 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	38,112 38 K	-15.6 %	45,153 45 K	18.5 %	38,112 38 K

Tangilble fixed assets

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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	0 0 K	0%	75 0 K	-93.5 %	1,151 1 K
Gross	AR	11,470 11 K	0%	11,470 11 K	0%	11,470 11 K
Amortisation	AS	11,470 11 K	0.7 %	11,395 11 K	10.4 %	10,319 10 K
Other tangible fixed assets	Net	67,370 67 K	-18.5 %	82,669 83 K	-6.6 %	88,533 89 K
Gross	AT	251,296 251 K	0.5 %	250,111 250 K	-24.9 %	333,222 333 K
Amortisation	AU	183,926 184 K	9.8 %	167,442 167 K	-31.6 %	244,689 245 K
Fixed assets in construction	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AV	0 0 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	67,370 67 K	-18.6 %	82,744 83 K	-7.7 %	89,684 90 K

Financial assets

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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	2,300 2 K	0%	2,300 2 K	0%	2,300 2 K
Gross	CU	2,300 2 K	0%	2,300 2 K	0%	2,300 2 K
Amortisation	CV	0 0 K	0%	0 0 K	0%	0 0 K
Inter-company receivables	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BB	0 0 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	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BF	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BG	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets	Net	6,081 6 K	-16.9 %	7,322 7 K	0%	7,322 7 K
Gross	BH	6,081 6 K	-16.9 %	7,322 7 K	0%	7,322 7 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	8,381 8 K	-12.9 %	9,622 10 K	0%	9,622 10 K

Current Assets (III)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total Assets	Net	2,488,312 2,488 K	-0.5 %	2,500,880 2,501 K	-25.9 %	3,375,891 3,376 K
Gross	CJ	2,528,508 2,529 K	-2.8 %	2,601,080 2,601 K	-25.0 %	3,469,754 3,470 K
Amortisation	CK	40,196 40 K	-59.9 %	100,200 100 K	6.8 %	93,863 94 K

Stocks

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Raw materials	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BL	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BM	0 0 K	0%	0 0 K	0%	0 0 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	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BR	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BS	0 0 K	0%	0 0 K	0%	0 0 K
Goods for resale	Net	1,787,497 1,787 K	40.6 %	1,271,666 1,272 K	5.6 %	1,203,984 1,204 K
Gross	BT	1,787,497 1,787 K	40.6 %	1,271,666 1,272 K	5.6 %	1,203,984 1,204 K
Amortisation	BU	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Stocks	Net	1,787,497 1,787 K	40.6 %	1,271,666 1,272 K	5.6 %	1,203,984 1,204 K

Advance payments to suppliers

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Advance payments to suppliers	Net	0 0 K	0%	387 0 K	-76.8 %	1,671 2 K
Gross	BV	0 0 K	0%	387 0 K	-76.8 %	1,671 2 K
Amortisation	BW	0 0 K	0%	0 0 K	0%	0 0 K

Debtors

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Trade accounts receivable	Net	509,950 510 K	-40.4 %	855,421 855 K	18.7 %	720,441 720 K
Gross	BX	550,146 550 K	-42.4 %	955,621 956 K	17.4 %	814,304 814 K
Amortisation	BY	40,196 40 K	-59.9 %	100,200 100 K	6.8 %	93,863 94 K
Other debtors	Net	101,885 102 K	-42.7 %	177,751 178 K	-54.1 %	387,540 388 K
Gross	BZ	101,885 102 K	-42.7 %	177,751 178 K	-54.1 %	387,540 388 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	611,835 612 K	-40.8 %	1,033,172 1,033 K	-6.8 %	1,107,981 1,108 K

Divers

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Investment securities	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CE	0 0 K	0%	0 0 K	0%	0 0 K
Cash and cash equivalents	Net	3,760 4 K	-95.9 %	92,534 93 K	-90.9 %	1,015,800 1,016 K
Gross	CF	3,760 4 K	-95.9 %	92,534 93 K	-90.9 %	1,015,800 1,016 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	3,760 4 K	-95.9 %	92,534 93 K	-90.9 %	1,015,800 1,016 K

Prepaid expenses

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Prepaid expenses	Net	85,220 85 K	-17.4 %	103,121 103 K	122.0 %	46,455 46 K
Gross	CH	85,220 85 K	-17.4 %	103,121 103 K	122.0 %	46,455 46 K
Amortisation	CI	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts (IV to VI)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Multi-period charges	CW3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Premiums on redemption of bonds	CM3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Currency differential gain	CN3	0 0 K	0%	0 0 K	0%	1,738 2 K
Gross		0 0 K	0%	0 0 K	0%	1,738 2 K

References

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Due within one year	CP	0 0 K	0%	0 0 K	0%	0 0 K
Due after one year	CR	109,887 110 K	-31.0 %	159,333 159 K	0%	0 0 K

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Grand Total (I to V)	EE	2,602,176 2,602 K	-1.4 %	2,638,399 2,638 K	-24.9 %	3,515,048 3,515 K

Shareholder Equity (I)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total shareholders' equity (Total I)	DL	1,217,046 1,217 K	-14.1 %	1,417,398 1,417 K	-11.0 %	1,592,040 1,592 K
Equity and shareholders' equity	DA	152,449 152 K	0%	152,449 152 K	0%	152,449 152 K
Issue and merger premiums	DB	0 0 K	0%	0 0 K	0%	0 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	15,245 15 K	0%	15,245 15 K	0%	15,245 15 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	1,249,704 1,250 K	-12.3 %	1,424,346 1,424 K	72.0 %	828,347 828 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	-200,352 -200 K	-14.7 %	-174,642 -175 K	-129.3 %	595,999 596 K
Investment grants	DJ	0 0 K	0%	0 0 K	0%	0 0 K
Special tax-allowable reserves	DK	0 0 K	0%	0 0 K	0%	0 0 K

Other capital resources (II)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total provisions for risks and charges (Total III)	DR	100,000 100 K	0%	100,000 100 K	-1.7 %	101,738 102 K
Risk provisions	DP	100,000 100 K	0%	100,000 100 K	-1.7 %	101,738 102 K
Reserves for charges	DQ	0 0 K	0%	0 0 K	0%	0 0 K

Liabilities (IV)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total Liabilities (Total IV)	EC	1,285,131 1,285 K	14.6 %	1,121,002 1,121 K	-38.4 %	1,821,270 1,821 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	1,375 1 K	7.1 %	1,284 1 K	20.2 %	1,068 1 K
Sundry loans and financial liabilities	DV	219,000 219 K	0%	0 0 K	0%	0 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	2,183 2 K	0%	0 0 K	0%	8,345 8 K
Trade accounts payables	DX	953,148 953 K	-4.5 %	997,636 998 K	-38.3 %	1,616,665 1,617 K
Tax and social security liabilities	DY	99,757 100 K	-8.3 %	108,845 109 K	-24.0 %	143,298 143 K
Fixed asset liabilities	DZ	0 0 K	0%	0 0 K	0%	0 0 K
Other debts	EA	9,668 10 K	-27.0 %	13,237 13 K	-74.5 %	51,894 52 K

Translation loss (V)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Translation loss (Total V)	ED	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Deferred income	EB	0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	1,285,131 1,285 K	14.6 %	1,121,001 1,121 K	-38.2 %	1,812,925 1,813 K
Of which current bank facilities	EH	199 0 K	0%	0 0 K	0%	0 0 K

Result account

1 - Operating result (I-II)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Operating result (Total I-II)	GG	-156,747 -157 K	2.9 %	-161,369 -161 K	78.2 %	-740,822 -741 K

2 - Financial result (V-VI)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Financial result (Total V-VI)	GV	-22,161 -22 K	30.3 %	-31,797 -32 K	-102.6 %	1,230,284 1,230 K

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

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-178,908 -179 K	7.4 %	-193,166 -193 K	-139.5 %	489,462 489 K

4 - Extraordinary result (VII-VIII)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Extraordinary result (Total VII-VIII)	HI	-21,446 -21 K	-215.8 %	18,523 19 K	-82.6 %	106,538 107 K

Profit or loss

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Profit or loss	HN	-200,352 -200 K	-14.7 %	-174,642 -175 K	-129.3 %	595,999 596 K

Total Income (I+III+V+VII)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total Income (Total I+III+V+VII)	HL	2,855,555 2,856 K	-22.1 %	3,667,479 3,667 K	-44.7 %	6,628,022 6,628 K

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

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	3,055,909 3,056 K	-20.5 %	3,842,122 3,842 K	-36.3 %	6,032,022 6,032 K

Operating income (I)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total operating income (Total I)	FR	2,852,762 2,853 K	-21.6 %	3,639,541 3,640 K	-28.9 %	5,118,882 5,119 K

Operating income (details)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Sale of goods for resale	FC	2,766,984 2,767 K	-20.8 %	3,495,441 3,495 K	-30.6 %	5,035,205 5,035 K
France	FA	1,854,427 1,854 K	-33.6 %	2,794,241 2,794 K	-26.5 %	3,801,868 3,802 K
Export	FB	912,557 913 K	30.1 %	701,200 701 K	-43.1 %	1,233,337 1,233 K
Sale of goods produced	FF	0 0 K	0%	0 0 K	0%	0 0 K
France	FD	0 0 K	0%	0 0 K	0%	0 0 K
Export	FE	0 0 K	0%	0 0 K	0%	0 0 K
Sale of services	FI	982 1 K	-78.6 %	4,593 5 K	94.9 %	2,356 2 K
France	FG	587 1 K	-80.2 %	2,972 3 K	42.3 %	2,088 2 K
Export	FH	395 0 K	-75.6 %	1,621 2 K	504.9 %	268 0 K
Net turnover	FL	2,767,966 2,768 K	-20.9 %	3,500,034 3,500 K	-30.5 %	5,037,561 5,038 K
France	FJ	1,855,014 1,855 K	-33.7 %	2,797,213 2,797 K	-26.5 %	3,803,956 3,804 K
Export	FK	912,952 913 K	29.9 %	702,821 703 K	-43.0 %	1,233,605 1,234 K
Stocked production	FM	0 0 K	0%	0 0 K	0%	0 0 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	76,449 76 K	271.9 %	20,558 21 K	-73.0 %	76,119 76 K
Other income	FQ	8,347 8 K	-93.0 %	118,948 119 K	2186.6 %	5,202 5 K

Operating charges (II)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total operating charges (Total II)	GF	3,009,509 3,010 K	-20.8 %	3,800,910 3,801 K	-35.1 %	5,859,704 5,860 K

Exploitation charges

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Purchase of goods for resale	FS	2,379,326 2,379 K	-7.6 %	2,575,371 2,575 K	-20.7 %	3,246,529 3,247 K
Change in stocks of goods for resale	FT	-515,831 -516 K	-662.1 %	-67,683 -68 K	-108.4 %	801,221 801 K
Purchase of raw materials	FU	0 0 K	0%	0 0 K	0%	0 0 K
Change in stocks of raw materials	FV	0 0 K	0%	0 0 K	0%	0 0 K
Other external purchases and charges	FW	505,849 506 K	-12.0 %	574,979 575 K	-28.4 %	803,278 803 K
Tax, duty and similar payments	FX	15,431 15 K	-44.5 %	27,820 28 K	-47.8 %	53,282 53 K
Payroll	FY	365,296 365 K	-21.3 %	464,230 464 K	-11.2 %	522,646 523 K
Social security costs	FZ	150,085 150 K	-10.1 %	166,855 167 K	-15.4 %	197,210 197 K

Depreciation

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Depreciation of fixed assets	GA	23,600 24 K	11.2 %	21,230 21 K	19.7 %	17,732 18 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	16,445 16 K	-0.8 %	16,580 17 K	-66.0 %	48,707 49 K
Provisions for risks and charges	GD	0 0 K	0%	0 0 K	0%	0 0 K

Other charges

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Other charges	GE	69,308 69 K	222.0 %	21,527 22 K	-87.3 %	169,099 169 K

Operating charges (III-IV)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total financial income (Total V)	GP	2,793 3 K	-53.1 %	5,956 6 K	-99.5 %	1,299,871 1,300 K
Share financial income	GJ	0 0 K	0%	0 0 K	0%	1,293,105 1,293 K
Other investment income & capitalised receivables	GK	0 0 K	0%	0 0 K	0%	0 0 K
Other interest and similar income	GL	10 0 K	-77.3 %	44 0 K	-36.2 %	69 0 K
Released provisions and transferred charges	GM	0 0 K	0%	1,738 2 K	150.1 %	695 1 K
Exchange gains	GN	2,783 3 K	-33.3 %	4,174 4 K	-30.5 %	6,002 6 K
Net income from disposal of investment securities	GO	0 0 K	0%	0 0 K	0%	0 0 K

Financial charge (VI)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total financial charge (Total VI)	GU	24,954 25 K	-33.9 %	37,753 38 K	-45.7 %	69,587 70 K
Financial reserves and provisions	GQ	0 0 K	0%	0 0 K	0%	1,738 2 K
Interest and similar charges	GR	20,413 20 K	-27.9 %	28,297 28 K	-54.9 %	62,680 63 K
Exchange losses	GS	4,541 5 K	-51.7 %	9,410 9 K	82.0 %	5,169 5 K
Net loss from disposal of investment securities	GT	0 0 K	0%	46 0 K	0%	0 0 K

Extraordinary income (VII)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total extraordinary income (Total VII)	HD	0 0 K	0%	21,982 22 K	-89.5 %	209,269 209 K
Extraordinary operating income	HA	0 0 K	0%	8,982 9 K	-83.3 %	53,687 54 K
Extraordinary income from capital transactions	HB	0 0 K	0%	13,000 13 K	766.7 %	1,500 2 K
Released provisions and transferred charges	HC	0 0 K	0%	0 0 K	0%	154,082 154 K

Extraordinary charges (VIII)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total extraordinary charges (Total VIII)	HH	21,446 21 K	520.0 %	3,459 3 K	-96.6 %	102,731 103 K
Extraordinary operating charges	HE	21,446 21 K	520.0 %	3,459 3 K	-96.6 %	101,895 102 K
Extraordinary charges from capital transactions	HF	0 0 K	0%	0 0 K	0%	836 1 K
Extraordinary reserves and provisions	HG	0 0 K	0%	0 0 K	0%	0 0 K

Employee profit sharing (IX)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Employee profit sharing (Total IX)	HJ	0 0 K	0%	0 0 K	0%	0 0 K

Tax on profits (X)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Tax on profits (Total X)	HK	0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Of which equipment leases	HP	0 0 K	0%	218 0 K	-94.7 %	4,131 4 K
Of which property leases	HQ	0 0 K	0%	0 0 K	0%	0 0 K
Of which transferred charges	A1	0 0 K	0%	10,316 10 K	0%	0 0 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	0 0 K	0%	11,166 11 K	-40.8 %	18,846 19 K

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Gross value at begin of period	OG	0 0 K	0%	0 0 K	0%	0 0 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%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	OK1	1,241 1 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	OK2	0 0 K	0%	98,977 99 K	0%	0 0 K
Gross value at the end of period	OL	320,427 320 K	0.0 %	320,483 320 K	0%	0 0 K

Research and development Charge (Total I)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Gross value at begin of period	KD	49,279 49 K	12.5 %	43,815 44 K	0%	0 0 K
Increasess due to revaluation	KE	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KF	0 0 K	0%	11,167 11 K	0%	0 0 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%	5,703 6 K	0%	0 0 K
Gross value at the end of period	LW	49,279 49 K	0%	49,279 49 K	0%	0 0 K

Tangible fixed assets (Total III)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Gross value at begin of period	LN	261,582 262 K	-24.1 %	344,692 345 K	0%	0 0 K
Increasess due to revaluation	LO	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LP	1,185 1 K	-88.3 %	10,164 10 K	0%	0 0 K
Decreasess by budget item transfer	NG1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NG2	0 0 K	0%	93,275 93 K	0%	0 0 K
Gross value at the end of period	NH	262,767 263 K	0.5 %	261,581 262 K	0%	0 0 K

Financial assets (Total IV)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Gross value at begin of period	LQ	9,622 10 K	0%	9,622 10 K	0%	0 0 K
Increasess due to revaluation	LR	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LS	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	NJ1	1,241 1 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NJ2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	NK	8,381 8 K	-12.9 %	9,622 10 K	0%	0 0 K

Reserve for depreciation

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

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Reserve for depreciation value at begin of period	ON	0 0 K	0%	0 0 K	0%	0 0 K
Increases	OP	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess	OQ	0 0 K	0%	0 0 K	0%	0 0 K
Reserve for depreciation value at the end of period	OR	0 0 K	0%	0 0 K	0%	0 0 K

Research and development charge (Total I)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Reserve for depreciation value at begin of period	PE	4,126 4 K	-27.7 %	5,703 6 K	0%	0 0 K
Increases	PF	0 0 K	0%	4,126 4 K	0%	0 0 K
Decreasess	PG	0 0 K	0%	5,703 6 K	0%	0 0 K
Decreasess by budget item transfer	PH	4,126 4 K	0%	4,126 4 K	0%	0 0 K

Total fixed assets amotisation (Total III)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Reserve for depreciation value at begin of period	QU	178,837 179 K	-29.9 %	255,008 255 K	0%	0 0 K
Increases	QV	0 0 K	0%	17,104 17 K	0%	0 0 K
Decreases	QW	0 0 K	0%	93,275 93 K	0%	0 0 K
Decreasess by budget item transfer	QX	178,837 179 K	0%	178,837 179 K	0%	0 0 K

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Value at begining of period	7C	200,200 200 K	2.4 %	195,601 196 K	0%	0 0 K
Increases	UB	0 0 K	0%	16,580 17 K	0%	0 0 K
Decreases	UC	0 0 K	0%	11,981 12 K	0%	0 0 K
Value at the end of period	UD	200,200 200 K	0%	200,200 200 K	0%	0 0 K

Includes Total allocations

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Operating	UE	0 0 K	0%	16,580 17 K	0%	0 0 K
Financial	UG	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UJ	0 0 K	0%	0 0 K	0%	0 0 K

Includes Total Withdrawal

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Operating	UF	0 0 K	0%	10,242 10 K	0%	0 0 K
Financial	UH	0 0 K	0%	1,738 2 K	0%	0 0 K
Exceptional	UK	0 0 K	0%	0 0 K	0%	0 0 K

Total regulated provisions (Total I)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Value at begining of period	5Z	100,000 100 K	-1.7 %	101,738 102 K	0%	0 0 K
Increases	TV	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	TW	0 0 K	0%	1,738 2 K	0%	0 0 K
Value at the end of period	TX	100,000 100 K	0%	100,000 100 K	0%	0 0 K

Total Provision for depreciation (Total III)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Value at begining of period	7B	100,200 100 K	6.8 %	93,863 94 K	0%	0 0 K
Increases	TY	0 0 K	0%	16,580 17 K	0%	0 0 K
Decreases	TZ	0 0 K	0%	10,243 10 K	0%	0 0 K
Value at the end of period	UA	100,200 100 K	0%	100,200 100 K	0%	0 0 K

State deadlines claims and debts at the end of period

State claims

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Gross value	VT	0 0 K	0%	1,243,815 1,244 K	0%	0 0 K
1 year at most	VU	0 0 K	0%	1,077,160 1,077 K	0%	0 0 K
More than one year	VV	0 0 K	0%	166,655 167 K	0%	0 0 K

State of loans

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Claims related to holdings (gross)	UL	0 0 K	0%	0 0 K	0%	0 0 K
Claims related to shareholdings (1 year at most)	UM	0 0 K	0%	0 0 K	0%	0 0 K
Loans (gross)	UP	0 0 K	0%	0 0 K	0%	0 0 K
Loans (1 year at most)	UR	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets (gross)	UT	0 0 K	0%	7,322 7 K	0%	0 0 K
Other financial assets (1 year at most)	UV	0 0 K	0%	0 0 K	0%	0 0 K

Receivables statement of assets

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Customers doubtful or disputed	VA	0 0 K	0%	159,333 159 K	0%	0 0 K
Other claims customer	UX	0 0 K	0%	796,288 796 K	0%	0 0 K
Receivables represent Loaned Securities	UU	0 0 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%	137 0 K	0%	0 0 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%	0 0 K	0%	0 0 K
Value added tax	VB	0 0 K	0%	14,759 15 K	0%	0 0 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	0 0 K	0%	0 0 K	0%	0 0 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	0 0 K	0%	162,856 163 K	0%	0 0 K

Prepaid

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Prepaid	VS	0 0 K	0%	103,121 103 K	0%	0 0 K

State Debt

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total debt (gross)	VY	0 0 K	0%	1,121,001 1,121 K	0%	0 0 K
1 year at most	VZ2	0 0 K	0%	1,121,001 1,121 K	0%	0 0 K
More than 1 year and 5 years at most	VZ3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	VZ4	0 0 K	0%	0 0 K	0%	0 0 K

Details

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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	0 0 K	0%	1,284 1 K	0%	0 0 K
1 year at most	VG2	0 0 K	0%	1,284 1 K	0%	0 0 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	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VH2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VH3	0 0 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	0 0 K	0%	997,636 998 K	0%	0 0 K
1 year at most	8B2	0 0 K	0%	997,636 998 K	0%	0 0 K
More than 1 year and 5 years at most	8B3	0 0 K	0%	997,636 998 K	0%	0 0 K
Personnel and associated accounts (gross)	8C1	0 0 K	0%	37,831 38 K	0%	0 0 K
1 year at most	8C2	0 0 K	0%	37,831 38 K	0%	0 0 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	0 0 K	0%	51,140 51 K	0%	0 0 K
1 year at most	8D2	0 0 K	0%	51,140 51 K	0%	0 0 K
More than 1 year and 5 years at most	8D3	0 0 K	0%	0 0 K	0%	0 0 K
Taxes on profits (gross)	8E1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8E2	0 0 K	0%	0 0 K	0%	0 0 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	0 0 K	0%	8,270 8 K	0%	0 0 K
1 year at most	VW2	0 0 K	0%	8,270 8 K	0%	0 0 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	0 0 K	0%	11,604 12 K	0%	0 0 K
1 year at most	VQ2	0 0 K	0%	11,604 12 K	0%	0 0 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	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VI2	0 0 K	0%	0 0 K	0%	0 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	0 0 K	0%	13,237 13 K	0%	0 0 K
1 year at most	8K2	0 0 K	0%	13,237 13 K	0%	0 0 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%	0 0 K
1 year at most	8L2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8L3	0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Loans made during the period	VJ	0 0 K	0%	0 0 K	0%	0 0 K
Debt repaid during the period	VK	0 0 K	0%	0 0 K	0%	0 0 K

Table allocation results and other information

Dividends distributed

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Dividends	ZE	0 0 K	0%	0 0 K	0%	0 0 K

Commitments

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Average number of employees	YP	0 0 K	0%	13 0 K	-27.8 %	18 0 K

Groups and Shareholders

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Groups and Shareholders	ZR	0 0 K	-	- -	-	- -

Ratios

Structure and Liquidity

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Sector Average 2011		Sector Median 2011
Fixed Asset Financing	5.44	2.4 %	5.31	8.1 %	4.91	4.84	12.4 %	2.75	97.8 %
Global Debt	167 days	45.2 %	115 days	-11.5 %	130 days	398.15 days	-58.1 %	127 days	31.5 %
Working Capital Fund overall net	185 days	30.3 %	142 days	27.9 %	111 days	318.04 days	-41.8 %	74 days	151.7 %
Financial independence	552.26 %	-99.5 %	110,389.25 %	-25.9 %	149,067.42 %	22,548.89 %	-97.6 %	152.35 %	262.5 %
Solvability	46.77 %	-12.9 %	53.72 %	18.6 %	45.29 %	15.54 %	201.0 %	33.79 %	38.4 %
Capacity debt futures	-	-	110,389.25 %	-	-	61,183.40 %	-	972.47 %	-
Coverage of current assets by net working capital overall	58.26 %	5.4 %	55.29 %	21.5 %	45.49 %	13.84 %	321.0 %	42.33 %	37.6 %
General Liquidity	-	-	0.96	-	-	408.88	-	0.58	-
Restricted Liquidity	-	-	1.04	-	-	561.05	-	0.94	-

Management or rotation

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Sector Average 2011		Sector Median 2011
Need background in operating working capital	174 days	42.6 %	122 days	248.6 %	35 days	129.66 days	34.2 %	31 days	461.3 %
Treasury	0 days	0%	10 days	-86.3 %	73 days	160.59 days	0%	11 days	0%
Inventory turnover of goods	345 days	88.5 %	183 days	71.0 %	107 days	691.01 days	-50.1 %	86 days	301.2 %
Average length of credit granted to customers	72 days	-26.5 %	98 days	69.0 %	58 days	130.56 days	-44.9 %	51 days	41.2 %
Average length of credit obtained suppliers	145 days	23.9 %	117 days	-2.5 %	120 days	1,594.50 days	-90.9 %	59 days	145.8 %
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	0%	0 days	3,590.13 days	0%	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	7,191.05 days	-	1,052 days	-
Rotation tangible assets	1,053.39 %	-21.3 %	1,338.03 %	-	-	8,337.28 %	-87.4 %	1,818.82 %	-42.1 %

Profitability of the business

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Sector Average 2011		Sector Median 2011
Margin trading	32.64 %	15.7 %	28.22 %	44.0 %	19.60 %	27.90 %	17.0 %	29.17 %	11.9 %
Profitability of the business	-4.78 %	30.7 %	-6.90 %	40.7 %	-11.64 %	-10.35 %	53.8 %	2.99 %	-259.9 %
Net profit	-7.24 %	-45.1 %	-4.99 %	-142.2 %	11.83 %	-15.22 %	52.4 %	1.47 %	-592.5 %
Growth rate of turnover (excluding VAT)	-20.92 %	31.5 %	-30.52 %	29.7 %	-43.43 %	80.03 %	-126.1 %	0.37 %	-5754.1 %
Rates integration	14.40 %	20.8 %	11.92 %	222.2 %	3.70 %	13.29 %	8.4 %	19.65 %	-26.7 %
Rate leasing furniture	0.00 %	0%	0.01 %	-87.5 %	0.08 %	0.09 %	0%	0.00 %	0%
Work Factor	129.29 %	-14.5 %	151.21 %	-60.8 %	385.91 %	193.65 %	-33.2 %	66.75 %	93.7 %
Weight interests	0.90 %	-16.7 %	1.08 %	-21.7 %	1.38 %	4.70 %	-80.9 %	0.34 %	164.7 %

Return on capital

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Sector Average 2011		Sector Median 2011
Cash flow from the overall profitability	-6.39 %	-25.3 %	-5.10 %	-141.8 %	12.20 %	-5.98 %	-6.9 %	2.16 %	-395.8 %
Rates of economic profitability	-9.00 %	47.1 %	-17.00 %	54.1 %	-37.00 %	112.30 %	-108.0 %	10.00 %	-190.0 %
Financial profitability	1,217,046.00 %	-14.1 %	1,417,398.00 %	-11.0 %	1,592,040.00 %	540,469.83 %	125.2 %	45,253.50 %	2589.4 %
Return on investment	-12.20 %	-26.4 %	-9.65 %	-123.1 %	41.78 %	107.10 %	-111.4 %	8.15 %	-249.7 %

Management intermediate balances

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Sector Average 2011		Sector Median 2011
Turnover	2,767,966 2,768 K	-20.9 %	3,500,034 3,500 K	-30.5 %	5,037,561 5,038 K	1,962,988.63 1,962.99 K	41.0 %	397,383 397 K	596.5 %

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Sector Average 2011		Sector Median 2011
Sales of goods	2,766,984 2,767 K	-20.8 %	3,495,441 3,495 K	-30.6 %	5,035,205 5,035 K		-		-
- Purchase of goods	2,379,326 2,379 K	-7.6 %	2,575,371 2,575 K	-20.7 %	3,246,529 3,247 K		-		-
+/- Stock of goods variation	-515,831 -516 K	-662.1 %	-67,683 -68 K	-108.4 %	801,221 801 K		-		-
Trading margin	903,489 € 903 K €	-8.5 %	987,753 € 988 K €	0.0 %	987,455 € 987 K €	459,319.64 € 459.32 K €	96.7 %	80,511 € 81 K €	1022.2 %
	32.64 % CA 32.64 % CA	15.7 %	28.22 % CA 28.22 % CA	44.0 %	19.60 % CA 19.60 % CA	29.45 % CA 29.45 % CA	10.8 %	31.04 % CA 31.04 % CA	5.2 %

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Sector Average 2011		Sector Median 2011
Sale of goods produced	982 1 K	-78.6 %	4,593 5 K	94.9 %	2,356 2 K		-		-
+/- Stocked production	0 0 K	0%	0 0 K	0%	0 0 K		-		-
+ Self-constructed assets	0 0 K	0%	0 0 K	0%	0 0 K		-		-
Period production	982 € 1 K €	-78.6 %	4,593 € 5 K €	94.9 %	2,356 € 2 K €	473,024.74 € 473.02 K €	-99.8 %	8,770 € 9 K €	-88.8 %
	0.04 % CA 0.04 % CA	-69.2 %	0.13 % CA 0.13 % CA	160.0 %	0.05 % CA 0.05 % CA	31.50 % CA 31.50 % CA	-99.9 %	2.63 % CA 2.63 % CA	-98.5 %

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Sector Average 2011		Sector Median 2011
Trading margin	903,489 903 K	-8.5 %	987,753 988 K	0.0 %	987,455 987 K	459,319.64 459.32 K	96.7 %	80,511 81 K	1022.2 %
+ Period Production	982 1 K	-78.6 %	4,593 5 K	94.9 %	2,356 2 K	473,024.74 473.02 K	-99.8 %	8,770 9 K	-88.8 %
- Purchase of raw materials	0 0 K	0%	0 0 K	0%	0 0 K		-		-
+/- Change in stocks of raw materiels	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Other external purchases and charges	505,849 506 K	-12.0 %	574,979 575 K	-28.4 %	803,278 803 K		-		-
Added value	398,622 € 399 K €	-4.5 %	417,367 € 417 K €	123.7 %	186,533 € 187 K €	318,048.86 € 318.05 K €	25.3 %	82,585 € 83 K €	382.7 %
	14.40 % CA 14.40 % CA	20.8 %	11.92 % CA 11.92 % CA	222.2 %	3.70 % CA 3.70 % CA	13.29 % CA 13.29 % CA	8.4 %	19.65 % CA 19.65 % CA	-26.7 %

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Sector Average 2011		Sector Median 2011
Added value	398,622 € 399 K €	-4.5 %	417,367 € 417 K €	123.7 %	186,533 € 187 K €	318,048.86 € 318.05 K €	25.3 %	82,585 € 83 K €	382.7 %
+ Operating grants	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Tax, duty and similar payments	15,431 15 K	-44.5 %	27,820 28 K	-47.8 %	53,282 53 K		-		-
- Personal charges	515,381 515 K	-18.3 %	631,085 631 K	-12.3 %	719,856 720 K		-		-
Gross operating surplus	-132,190 € -132 K €	45.3 %	-241,538 € -242 K €	58.8 %	-586,605 € -587 K €	65,452.30 € 65.45 K €	-302.0 %	8,943 € 9 K €	-1578.1 %
	-4.78 % CA -4.78 % CA	30.7 %	-6.90 % CA -6.90 % CA	40.7 %	-11.64 % CA -11.64 % CA	-10.35 % CA -10.35 % CA	53.8 %	2.99 % CA 2.99 % CA	-259.9 %

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Sector Average 2011		Sector Median 2011
Gross operating surplus	-132,190 € -132 K €	45.3 %	-241,538 € -242 K €	58.8 %	-586,605 € -587 K €	65,452.30 € 65.45 K €	-302.0 %	8,943 € 9 K €	-1578.1 %
+ Release of reserves and provisions	76,449 76 K	271.9 %	20,558 21 K	-73.0 %	76,119 76 K		-		-
+ Other operating income	8,347 8 K	-93.0 %	118,948 119 K	2186.6 %	5,202 5 K		-		-
- Depreciation/ Amortisation	40,045 40 K	5.9 %	37,810 38 K	-43.1 %	66,439 66 K		-		-
- Other charges	69,308 69 K	222.0 %	21,527 22 K	-87.3 %	169,099 169 K		-		-
Operating result	-156,747 € -157 K €	2.9 %	-161,369 € -161 K €	78.2 %	-740,822 € -741 K €	70,564.88 € 70.56 K €	-322.1 %	6,007 € 6 K €	-2709.4 %
	-5.66 % CA -5.66 % CA	-22.8 %	-4.61 % CA -4.61 % CA	68.7 %	-14.71 % CA -14.71 % CA	-13.78 % CA -13.78 % CA	58.9 %	1.96 % CA 1.96 % CA	-388.8 %

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Sector Average 2011		Sector Median 2011
Operating result	-156,747 € -157 K €	2.9 %	-161,369 € -161 K €	78.2 %	-740,822 € -741 K €	70,564.88 € 70.56 K €	-322.1 %	6,007 € 6 K €	-2709.4 %
+/- Result of joint-venture transferred from/to other partners	0 0 K	0%	0 0 K	0%	0 0 K		-		-
+ Financial income	2,793 3 K	-53.1 %	5,956 6 K	-99.5 %	1,299,871 1,300 K		-		-
- Financial charges	24,954 25 K	-33.9 %	37,753 38 K	-45.7 %	69,587 70 K		-		-
Pre-tax result	-178,908 € -179 K €	7.4 %	-193,166 € -193 K €	-139.5 %	489,462 € 489 K €	57,627.67 € 57.63 K €	-410.5 %	4,841 € 5 K €	-3795.7 %
	-6.46 % CA -6.46 % CA	-17.0 %	-5.52 % CA -5.52 % CA	-156.8 %	9.72 % CA 9.72 % CA	-16.45 % CA -16.45 % CA	60.7 %	1.73 % CA 1.73 % CA	-473.4 %

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Sector Average 2011		Sector Median 2011
Extraordinary income	0 0 K	0%	21,982 22 K	-89.5 %	209,269 209 K	44,012.66 44.01 K	0%	5 0 K	0%
- Extraordinary charges	21,446 21 K	520.0 %	3,459 3 K	-96.6 %	102,731 103 K		-		-
Extraordinary result	-21,446 € -21 K €	-215.8 %	18,523 € 19 K €	-82.6 %	106,538 € 107 K €	14,802.56 € 14.80 K €	-244.9 %	0 € 0 K €	0%
	-0.77 % CA -0.77 % CA	-245.3 %	0.53 % CA 0.53 % CA	-74.9 %	2.11 % CA 2.11 % CA	2.23 % CA 2.23 % CA	-134.5 %	0.00 % CA 0.00 % CA	0%

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Sector Average 2011		Sector Median 2011
Pre-tax result	-178,908 € -179 K €	7.4 %	-193,166 € -193 K €	-139.5 %	489,462 € 489 K €	57,627.67 € 57.63 K €	-410.5 %	4,841 € 5 K €	-3795.7 %
Extraordinary result	-21,446 € -21 K €	-215.8 %	18,523 € 19 K €	-82.6 %	106,538 € 107 K €	14,802.56 € 14.80 K €	-244.9 %	0 € 0 K €	0%
- Employee profit sharing	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Tax on profits	0 0 K	0%	0 0 K	0%	0 0 K		-		-
Net result	-200,354 € -200 K €	-14.7 %	-174,643 € -175 K €	-129.3 %	596,000 € 596 K €	50,686.51 € 50.69 K €	-495.3 %	5,696 € 6 K €	-3617.5 %
	-7.24 % CA -7.24 % CA	-45.1 %	-4.99 % CA -4.99 % CA	-142.2 %	11.83 % CA 11.83 % CA	-15.30 % CA -15.30 % CA	52.7 %	1.46 % CA 1.46 % CA	-595.9 %

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 :	RAS
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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