MIRA INFORM REPORT

Report No. :	316382
Report Date :	11.04.2015

IDENTIFICATION DETAILS

Name :	ELNO
Registered Office :	43 Rue Michel Carre 95100 Argenteuil
Country :	France
Financials (as on) :	31.03.2014
Date of Incorporation :	March, 1992
Com. Reg. No.:	RCS Pontoise B 384 894 978
Legal Form :	Simplified joint stock company
Line of Business :	Manufacture of communication equipment
No. of Employee :	50 to 99 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
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

summary

SIRET	384 894 978 00038
Name	ELNO
Acronym	-
Trade name	-
Type of Establishment	Head Office
Postal Address	ELNO 43 RUE MICHEL CARRE 95100 ARGENTEUIL
Telephone	01 39 98 44 44
Share Capital	1,000,000 Euros
Incorporiation Date	04/1992	Nationality	France
APE/NAF Code	2630Z	Currency	Euros
Activity (APE)	Manufacture of communication equipment	Last account Date	31/03/2014
Formation Date	03/1992	Fax	-
Deregistration Date	-
EUR VAT Number	FR50384894978	Legal form	Simplified joint stock company
Court Registry Number	19 9 2B00852
Registration Court	Pontoise (78)	RCS Registration	RCS Pontoise B 384 894 978

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/03/2014	17,256,440 €	2.53% Turnover	12,746,351 €	431,432 €	50 to 99 employees
31/03/2013	16,469,339 €	5.14% Turnover	12,431,825 €	70,795 €	-
31/03/2012	19,812,387 €	11.39% Turnover	12,361,030 €	-3,158,337 €	-

Ultimate Holding Company

Name	Country	Company Number
ECRIN SAS		377932595
Affiliation links.
1 company in 1 country.

Directors

Current Directors

1

Preferential Right

No social security and tax office preferential right to date

Payment Information Summary – Trade Payment Data

Total number of Invoices available	117
Total number of Invoices paid within or up to 30 days after the due date	111
Total number of Invoices paid more than 30 days after the dues date	5
Total number of Invoices currently outstanding where the due date has not yet been reached	1
Total number of Invoices currently outstanding beyond the due date	0

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	2630Z	Activity	Manufacture of communication equipment
Formation Date	04/2005	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	Other	Activity Location	Other
Trading Address	43 RUE MICHEL CARRE 95100 ARGENTEUIL	Department	Val-d'Oise (95)
Location Surface	-	District	1
City	ARGENTEUIL	Status	Economically active
Business Pages FT®	MATIERES PLASTIQUES: MATIERES PREMIERES (FABRICATION, NEGOCE)	Region	Ile-de-France
		Area	99
		Size of Urban Area	Paris conglomeration

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
ECRIN	Activités des sociétés holding	6420Z	POISSY	78300

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
ELNO	Head Office	2630Z	Manufacture of communication equipment	ARGENTEUIL	95100
ELNO	Branch	2630Z	Manufacture of communication equipment	ARGENTEUIL	95100
ELNO	Branch	2630Z	Manufacture of communication equipment	NEUVILLE EN FERRAIN	59960

Workforces

Workforce at address

50 to 99 employees

Company workforce

50 to 99 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 0

The stock to turnover ratio is 39.76

The sales to current assets ratio is 1.02

The pre-tax profit is -90,313 €

High risk workforce size

The creditor days are 61.70

The net turnover is 17,256,440 €

The net current assets are 16,945,838 €

The liabilities are 6,345,658 €

The company has 1 director(s)

Department code with low risk rating

Industry code with low risk rating

The total assets are 20,061,075 €

The risk provisions are 969,065 €

The ratio total assets to total liabilities is 2.74

The shareholder's equity is 12,746,351 €

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	23/12/2010
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company		ECRIN SAS
Direct parent		ECRIN SAS - 57 %
Group – Number of companies		6
Linkages – Number of companies		1
Number of countries		1
	Name		SIREN	Parts	Last account published
1	ECRIN		377932595	-	-
2	ELNO		384894978	57 %	31/03/2014
3	DEUTCHE ELNO GMBH		-	100 %	-
	L'OPTIQUE SCIENTIFIQUE NS		397431776	100 %	31/03/2004
	ELNO TECHNICAL		-	100 %	-
	ELNO MECCANICA - S.R.L. IN LIQUIDAZIONE		TO903833	100 %	31/03/2013
	INTERFACE CONCEPT		341722197	25 %	31/03/2012

Director(s)

Name	M. GAIFFE THIERRY
Manager position	President	Date of birth	04/02/1968
Place of birth	DOUAI
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	ECRIN	03/07/1942 - GRENOBLE
President	ECRIN	03/07/1942 - GRENOBLE
Managing director	M. FEDON JACQUES FRANCOIS RENE	19/07/1948 - 63 CLERMOND FERRAND
Managing director	FEDON JACQUES FRANCOIS RENE	19/07/1948 - 63 CLERMOND FERRAND
Managing director	M. FEDON JACQUES	19/07/1948 - CLERMONT FERRAND

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	08/11/2014	Bodacc C	Comptes annuels et rapports
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 14695 - 384894978 RCS. ELNO. Forme : Société par actions simplifiée. Adresse : 43 rue Michel Carre 95100 Argenteuil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2014.
	21/02/2014	Bodacc C	Comptes annuels et rapports
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 13761 - 384894978 RCS. ELNO. Forme : Société par actions simplifiée. Adresse : 43 rue Michel Carre 95100 Argenteuil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2013.
	25/04/2013	Bodacc B	Modification et mutation diverse
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 2068 - 384 894 978 RCS Pontoise. ELNO SOCIETE NOUVELLE. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : SA CABINET BC VALLA en fonction le 28 Novembre 1997 Commissaire aux comptes suppléant : CABINET MAUGE, MICHEL & ASSOCIES - C M M A en fonction le 14 Avril 2011 Commissaire aux comptes titulaire : CABINET P CASTAGNET en fonction le 14 Avril 2011 Commissaire aux comptes suppléant : SALVA Francis en fonction le 08 Août 2011 Président : GAIFFE Thierry en fonction le 08 Août 2011 Membre du comité de direction : BERTIN Philippe en fonction le 08 Août 2011. Activité : . Commentaires : Modification de représentant.
	25/04/2013	Bodacc B	Modification et mutation diverse
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 2069 - 384 894 978 RCS Pontoise. ELNO. Forme : Société par actions simplifiée. Activité : . Commentaires : Modification de la dénomination.
	02/01/2013	Bodacc C	Comptes annuels, consolidés et rapports
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 14926 - 384894978 RCS. ELNO SOCIETE NOUVELLE. Forme : Société par actions simplifiée. Adresse : 43 rue Michel Carre 95100 Argenteuil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2012.
	31/01/2012	Bodacc C	Comptes annuels et rapports
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 13662 - 384894978 RCS. ELNO SOCIETE NOUVELLE. Forme : Société par actions simplifiée. Adresse : 43 rue Michel Carre 95100 Argenteuil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2011.
	16/08/2011	Bodacc B	Modification et mutation diverse
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 1848 - 384 894 978 RCS Pontoise. ELNO SOCIETE NOUVELLE. Forme : Société par actions simplifiée. Administration : Directeur général : FEDON JACQUES FRANCOIS RENE modification le 11 Décembre 2003 Commissaire aux comptes titulaire : SA CABINET BC VALLA en fonction le 28 Novembre 1997 Co-commissaire aux comptes suppléant : CABINET MAUGE, MICHEL & ASSOCIES - C M M A en fonction le 14 Avril 2011 Co-commissaire aux comptes titulaire : CABINET P CASTAGNET en fonction le 14 Avril 2011 Commissaire aux comptes suppléant : SALVA Francis en fonction le 08 Août 2011 Directeur membre du comité de direction : FEDON Jacques en fonction le 08 Août 2011 Président : GAIFFE Thierry en fonction le 08 Août 2011 Membre du comité de direction : BERTIN Philippe en fonction le 08 Août 2011. Activité : . Commentaires : Modification de représentant.
	29/07/2011	JAL	Resignation / Revocation of the social representative
Echo régional (L') Date de décision : 31/05/2011 La société 384894978 - ELNO SOCIETE NOUVELLE, 43 RUE MICHEL CARRE, 95100 ARGENTEUIL Fait l'objet du départ de Date d'effet : 31/05/2011
	22/04/2011	Bodacc B	Modification et mutation diverse
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 1221 - 384 894 978 RCS Pontoise. ELNO SOCIETE NOUVELLE. Forme : Société par actions simplifiée. Administration : Président : ECRIN représenté par BERTIN PHILIPPE modification le 11 Décembre 2003 Directeur général : FEDON JACQUES FRANCOIS RENE modification le 11 Décembre 2003 Commissaire aux comptes titulaire : SA CABINET BC VALLA en fonction le 28 Novembre 1997 Commissaire aux comptes suppléant : SA CABINET MAUGE MICHEL ET ASSOCIES (CMMA) modification le 11 Décembre 2003 Co-commissaire aux comptes suppléant : CABINET MAUGE, MICHEL & ASSOCIES - C M M A en fonction le 14 Avril 2011 Co-commissaire aux comptes titulaire : CABINET P CASTAGNET en fonction le 14 Avril 2011. Activité : . Commentaires : Modification de représentant.
	21/02/2011	Bodacc C	Comptes annuels et rapports
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 14770 - 384894978 RCS. ELNO SOCIETE NOUVELLE. Forme : Société par actions simplifiée. Adresse : 43 rue Michel Carre 95100 Argenteuil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2010.
	21/02/2011	Bodacc C	Comptes annuels, consolidés et rapports
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 14771 - 384894978 RCS. ELNO SOCIETE NOUVELLE. Forme : Société par actions simplifiée. Adresse : 43 rue Michel Carre 95100 Argenteuil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2010.
	29/12/2009	Bodacc C	Comptes annuels et rapports
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 10335 - 384894978 RCS. ELNO SOCIETE NOUVELLE. Forme : Société par actions simplifiée. Adresse : 43 rue Michel Carre 95100 Argenteuil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2009.
	18/12/2008	Bodacc C	Comptes annuels et rapports
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 11360 - 384894978 RCS. ELNO SOCIETE NOUVELLE. Forme : Société par actions simplifiée. Adresse : 43 rue Michel Carre 95100 Argenteuil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2008.
	07/03/2008	Bodacc C	Comptes annuels et rapports
95 - VAL-D'OISE GREFFE DU TRIBUNAL DE COMMERCE DE PONTOISE 12117 - 384894978 RCS. ELNO SOCIETE NOUVELLE. Forme : Société par actions simplifiée. Adresse : 43 rue Michel Carre 95100 Argenteuil. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/03/2007.
	19/01/2007	Bodacc C	Avis de dépôt des comptes
8826 - RCS Pontoise B 384 894 978. RC 92-B 852. ELNO SOCIETE NOUVELLE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 43, rue Michel Carre,95100 Argenteuil. Comptes annuels et rapports de l'exercice clos le: 31 mars 2006.
	23/12/2005	Bodacc C	Avis de dépôt des comptes
4893 - RCS Pontoise B 384 894 978. RC 92-B 852. ELNO SOCIETE NOUVELLE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 43, rue Michel Carre,95100 Argenteuil. Comptes annuels et rapports de l'exercice clos le: 31 mars 2005.
	07/07/2005	Bodacc B	Modifications et mutations diverses
1805 - RCS Pontoise B 384 894 978. RC 92-B 852. ELNO SOCIETE NOUVELLE. Forme : S.A.S. Adresse du siège social : 43 rue Michel-Carre,, 95100 Commentaires : modification survenue sur l'adresse du siège social.
	07/12/2004	Bodacc B	Modifications et mutations diverses
RCS Pontoise B 384894978 RC 92-B 852 ELNO SOCIETE NOUVELLE. Forme : S.A.S. Capital : 1 000 000 d'euros. Activité : toutes opérations commerciales, financières, industrielles, mobilières se rattachant directement à l'objet ci- dessus. Adresse du siège social : 17 rue Jean-Pierre-Timbaud, 95100 Argenteuil. Commentaires : fusion entre ELNO SN et OPTIQUE SCIENTIFIQUE. Date d'effet : 1 e r avril 2004 (avec effet rétroactif).
	23/12/2003	Bodacc B	Modifications et mutations diverses
RCS Pontoise B 384894978 RC 92-B 852 ELNO SOCIETE NOUVELLE. Forme : S.A.S. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : P.-D.G. partant : BERTIN (Philippe). Modification du président : ECRIN, représentée par BERTIN (Philippe). Administrateur partant : ORFIMAR, représentée par BRIAND (Alain, Jean). Modification d'un directeur général : FEDON (Jacques, François, René).
	16/03/2003	Bodacc B	Modifications et mutations diverses
RCS Pontoise B 384894978 RC 92-B 852 ELNO SOCIETE NOUVELLE. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification du P.-D.G. : BERTIN ( Philippe).
	06/03/2002	Bodacc B	Modifications et mutations diverses
RCS Pontoise B 384894978 RC 92-B 852 ELNO SOCIETE NOUVELLE. Forme : S.A. Capital : 1 000 000 d'euros. Commentaires : modification survenue sur le capital ( diminution) et l'administration. Administration : modification d'un administrateur : ECRIN, représentée par BERTIN (Philippe).
	14/12/1997	Bodacc B	Modifications et mutations diverses
RCS Pontoise B 384 894 978 RC 92-B 852 ELNO SOCIETE NOUVELLE. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : VALLA (Barthélémy). Nomination du commissaire aux comptes titulaire : S.A. CABINET B.C. VALLA. Commissaire aux comptes suppléant partant : CASTAGNET (Paul). Nomination du commissaire aux comptes suppléant : S.A. CABINET MAUGE MICHEL ET ASSOCIES-C. M.M.A.
	25/06/1995	Bodacc B	Modifications et mutations diverses
RCS Pontoise B 384 894 978 RC 92-B 852 ELNO SOCIETE NOUVELLE. Forme : S.A. Administration : président du conseil d' administration : BERTIN (Philippe). Directeur général et administrateur : FEDON (Jacques, François, René). Administrateurs : ECRIN ORFIMAR. Commissaire aux comptes titulaire : VALLA (Barthélémy). Commissaire aux comptes suppléant : CASTAGNET (Paul). Commentaires : modification survenue sur l'administration.

Company events history

Date	Description
08/11/2014	Bodacc C : Deposit accounts notice
03/11/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/03/2014	New accounts available
21/02/2014	Bodacc C : Deposit accounts notice
08/02/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
02/10/2013	Extension of term
02/10/2013	Application and court order
16/07/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
15/07/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
26/06/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
07/06/2013	Disengagement in other companies
25/04/2013	Bodacc B: Various editing or changing
17/04/2013	Updated articles of association
17/04/2013	New company name
17/04/2013	Minutes of general meeting of shareholders
01/04/2013	Modification to Company Identifier
01/04/2013	Update of Company Name
31/03/2013	New accounts available
01/03/2013	New shareholders detected
02/01/2013	Bodacc C : Deposit accounts notice
31/03/2012	New accounts available
31/01/2012	Bodacc C : Deposit accounts notice
16/08/2011	Bodacc B: Various editing or changing
08/08/2011	New chairman (CEO, CoB)
08/08/2011	New auditor
08/08/2011	Minutes of general meeting of shareholders
08/08/2011	Audit or Management Report
08/08/2011	Appointment/resignation of company officers
08/08/2011	Amendment
08/08/2011	Updated articles of association
08/08/2011	Changes to the Board of Directors
29/07/2011	Legal Gazette: Resignation / Revocation of the social representative
06/05/2011	New subsidiarie(s) detected
06/05/2011	New ultimate parent
06/05/2011	New parent detected
22/04/2011	Bodacc B: Various editing or changing
14/04/2011	New auditor
14/04/2011	Minutes of general meeting of shareholders
31/03/2011	New accounts available
21/02/2011	Bodacc C : Deposit accounts notice
23/12/2010	Collection of preferential rights activated for this company
14/12/2010	Modification of Company Activity
14/12/2010	Update of Company Activity
31/03/2010	New accounts available
31/03/2010	New consolidated accounts available
31/12/2009	Modification of Company Activity
31/12/2009	Update of Company Activity
29/12/2009	Bodacc C : Deposit accounts notice
31/03/2009	New accounts available
31/12/2008	Modification of Company Activity
31/12/2008	Update of Company Activity
18/12/2008	Bodacc C : Deposit accounts notice
31/03/2008	New accounts available
07/03/2008	Bodacc C : Deposit accounts notice
03/03/2008	Update of Company Activity
03/03/2008	Modification of Company Activity
31/03/2007	New accounts available
31/03/2006	New accounts available
22/06/2005	Registered office transferred inside jurisdiction of the Commercial Court
22/06/2005	Updated articles of association
22/06/2005	Registered office transferred inside jurisdiction of the Commercial Court
22/06/2005	Private document
22/06/2005	Minutes of general meeting of shareholders
22/06/2005	Minutes of general meeting of shareholders
22/06/2005	Updated articles of association
31/03/2005	New accounts available
19/11/2004	Amendment
19/11/2004	Planned merger
19/11/2004	Private document
19/11/2004	Merger
25/10/2004	Merger
25/10/2004	Audit or Management Report
25/10/2004	Audit or Management Report
25/10/2004	Private document
31/08/2004	Private document
31/08/2004	Private document
31/08/2004	Planned merger
31/08/2004	Planned merger
23/07/2004	Amendment
23/07/2004	Application and court order
31/03/2004	New accounts available
11/12/2003	Private document
11/12/2003	Updated articles of association
11/12/2003	Amendment
11/12/2003	Audit or Management Report
11/12/2003	Changes to the Board of Directors
11/12/2003	Minutes of general meeting of shareholders
11/12/2003	New chairman (CEO, CoB)
11/12/2003	New legal form – new category
31/03/2003	New accounts available
03/03/2003	Appointment/resignation of company officers
03/03/2003	Amendment
03/03/2003	Minutes of Board meeting
03/03/2003	Minutes of general meeting of shareholders
03/03/2003	Updated articles of association
03/03/2003	Private document
05/02/2002	Updated articles of association
05/02/2002	Private document
05/02/2002	Minutes of general meeting of shareholders
05/02/2002	Capital increase
05/02/2002	Conversion of equity to euro
27/11/1997	New auditor
27/11/1997	Minutes of general meeting of shareholders
27/11/1997	Appointment/resignation of company officers
27/11/1997	Private document
07/06/1995	Minutes of Board meeting
07/06/1995	Changes to the Board of Directors
07/06/1995	Appointment/resignation of company officers
07/06/1995	Amendment
15/03/1993	Declaration of conformity
15/03/1993	Updated articles of association
15/03/1993	Registered office transferred inside jurisdiction of the Commercial Court
15/03/1993	Minutes of general meeting of shareholders
15/03/1993	Minutes of Board meeting
15/03/1993	Changes to the Board of Directors
15/03/1993	Appointment/resignation of company officers
15/03/1993	Amendment
14/08/1992	Changes to the Board of Directors
14/08/1992	Appointment/resignation of company officers
14/08/1992	Amendment
14/08/1992	Minutes of Board meeting
23/04/1992	Private document
23/04/1992	Fund deposit certificate
23/04/1992	Declaration of conformity
23/04/1992	Company formation
23/04/1992	Articles of association

Synthesized Accounts

Annual Accounts

	31/03/2014	31/03/2013	31/03/2012
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	20/10/2014	07/02/2014	25/06/2013
Activity Code	2630Z	2630Z	2630Z
Employees	105	72	0

Active account

	31/03/2014	Variation	31/03/2013	Variation	31/03/2012	Sector Median 2014
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	3,115,237	-7.9 %	3,380,711	-15.5 %	3,999,658	51,014	6006.6 %
Intangible assets	54,284	-25.3 %	72,718	-3.8 %	75,584	7,546	619.4 %
Tangible assets	3,028,585	-4.8 %	3,181,590	-5.3 %	3,360,054	18,343	16410.8 %
Financial assets	32,368	-74.4 %	126,403	-79.8 %	625,000	3,064	956.6 %
Net current assets	16,945,838	9.9 %	15,420,874	0.8 %	15,294,257	348,386	4764.1 %
Stocks	6,860,398	48.2 %	4,628,202	-4.9 %	4,866,828	30,815	22163.2 %
Advanced payments	522,463	1400.5 %	34,820	-57.0 %	80,978	0	0%
Receivables	7,902,737	-26.0 %	10,679,860	9.3 %	9,768,926	199,265	3866.0 %
Securities and cash	1,660,240	2028.7 %	77,992	-86.5 %	577,525	125,013	1228.1 %
Prepaid expenses	-	-	-	-	-	405	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	20,061,075	6.7 %	18,801,586	-2.6 %	19,293,918	450,292	4355.1 %

Passive Account

	31/03/2014	Variation	31/03/2013	Variation	31/03/2012	Sector Median 2014
Shareholders' equity	12,746,351	2.5 %	12,431,825	0.6 %	12,361,030	164,255	7660.1 %
Share capital	1,000,000	0%	1,000,000	0%	1,000,000	41,428	2313.8 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	969,065	15.2 %	841,096	27.8 %	658,076	0	0%
Liabilities	6,345,658	14.8 %	5,528,664	-11.9 %	6,274,812	273,936	2216.5 %
Financial liabilities	764,334	-15.3 %	902,450	-17.5 %	1,094,052	27,006	2730.3 %
Advanced payments received	559,468	-26.1 %	756,793	-39.0 %	1,241,039	0	0%
Trade account payables	2,916,826	39.3 %	2,093,904	6.6 %	1,964,477	72,993	3896.1 %
Tax and social liabilities	1,909,362	17.8 %	1,620,436	-1.7 %	1,648,530	122,198	1462.5 %
Other debts and fixed assets liabilities	195,668	26.2 %	155,081	-52.4 %	326,008	9,963	1864.0 %
Account regularization	0	0%	0	0%	706	0	0%
Total liabilities	20,061,074	6.7 %	18,801,586	-2.6 %	19,293,918	450,292	4355.1 %

Results

	31/03/2014	Variation	31/03/2013	Variation	31/03/2012	Sector Median 2014
Sales of Goods	17,835,523	6.4 %	16,764,868	-16.5 %	20,081,193	772,172	2209.8 %
Net turnover	17,256,440	4.8 %	16,469,339	-16.9 %	19,812,387	716,582	2308.2 %
of which net export turnover	1,990,862	-7.3 %	2,147,157	0%	0	0	0%
Operating charges	17,793,391	9.3 %	16,280,147	-10.7 %	18,239,362	708,477	2411.5 %
Operating profit/loss	42,132	-91.3 %	484,721	-73.7 %	1,841,831	7,321	475.5 %
Financial income	28,947	-57.3 %	67,825	0.7 %	67,377	379	7537.7 %
Financial charges	33,011	-34.0 %	50,018	-21.3 %	63,571	980	3270.2 %
Financial profit/loss	-4,064	-122.8 %	17,807	367.9 %	3,806	0	0%
Pretax net operating income	38,068	-92.4 %	502,528	-72.8 %	1,845,637	6,756	463.5 %
Extraordinary income	1,545,378	-64.9 %	4,407,375	75537.1 %	5,827	579	267035.4 %
Extraordinary charges	1,673,759	-68.2 %	5,269,569	-3.7 %	5,469,878	1,552	107745.3 %
Extraordinary profit/loss	-128,381	85.1 %	-862,194	84.2 %	-5,464,051	0	0%
Net result	431,432	509.4 %	70,795	102.2 %	-3,158,337	14,374	2901.5 %

Accounts - Active

Normal Account

	31/03/2014	31/03/2013	31/03/2012
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Grand Total (I to VI)	Net	20,061,075	6.7 %	18,801,586	-2.6 %	19,293,918
Gross	CO	25,474,826	3.9 %	24,509,052	-14.0 %	28,503,999
Amortisation	1A	5,413,751	-5.1 %	5,707,466	-38.0 %	9,210,081

Non declared distributed capital (I)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Total Active fixed asset (II)	Net	3,115,237	-7.9 %	3,380,711	-15.5 %	3,999,658
Gross	BJ	7,812,257	-9.1 %	8,593,748	-9.0 %	9,438,563
Amortisation	BK	4,697,020	-9.9 %	5,213,037	-4.2 %	5,438,905

Intangible fixed assets

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Start-up cost	Net	0	0%	0	0%	0
Gross	AB	0	0%	0	0%	0
Amortisation	AC	0	0%	0	0%	0
R&D expenses	Net	0	0%	0	0%	0
Gross	CX	0	0%	0	0%	0
Amortisation	AE	0	0%	0	0%	0
Distributorships, patents	Net	54,284	-25.3 %	72,718	0%	0
Gross	AF	377,414	-7.8 %	409,559	0%	0
Amortisation	AG	323,130	-4.1 %	336,841	0%	0
Goodwill	Net	0	0%	0	0%	60,980
Gross	AH	96,043	57.5 %	60,980	0%	60,980
Amortisation	AI	96,043	57.5 %	60,980	0%	60,980
Other intangible fixed assets	Net	0	0%	0	0%	14,604
Gross	AJ	0	0%	0	0%	345,748
Amortisation	AK	0	0%	0	0%	331,144
Pre-payments and downpayments	Net	0	0%	0	0%	0
Gross	AL	0	0%	0	0%	0
Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible asset	Net	54,284	-25.3 %	72,718	-3.8 %	75,584

Tangilble fixed assets

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Lands	Net	330,834	0%	330,834	0%	330,834
Gross	AN	330,834	0%	330,834	0%	330,834
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	2,144,971	-6.0 %	2,281,522	-6.8 %	2,447,358
Gross	AP	3,879,752	3.5 %	3,748,196	0.8 %	3,716,766
Amortisation	AQ	1,734,781	18.3 %	1,466,674	15.5 %	1,269,408
Plant	Net	421,851	-4.5 %	441,693	-2.0 %	450,554
Gross	AR	2,495,344	18.6 %	2,104,210	6.7 %	1,971,307
Amortisation	AS	2,073,493	24.7 %	1,662,517	9.3 %	1,520,753
Other tangible fixed assets	Net	119,419	-6.4 %	127,541	-2.9 %	131,308
Gross	AT	588,992	14.7 %	513,367	0.1 %	512,928
Amortisation	AU	469,573	21.7 %	385,826	1.1 %	381,620
Fixed assets in construction	Net	11,510	0%	0	0%	0
Gross	AV	11,510	0%	0	0%	0
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	0	0%	0	0%	0
Gross	AX	0	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	3,028,585	-4.8 %	3,181,590	-5.3 %	3,360,054

Financial assets

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	25,000	-80.0 %	124,801	0%	0
Gross	CU	25,000	-98.2 %	1,425,000	0%	0
Amortisation	CV	0	0%	1,300,199	0%	0
Inter-company receivables	Net	0	0%	0	0%	625,000
Gross	BB	0	0%	0	0%	2,500,000
Amortisation	BC	0	0%	0	0%	1,875,000
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	7,368	359.9 %	1,602	0%	0
Gross	BH	7,368	359.9 %	1,602	0%	0
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	32,368	-74.4 %	126,403	-79.8 %	625,000

Current Assets (III)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Total Assets	Net	16,945,838	9.9 %	15,420,874	0.8 %	15,294,257
Gross	CJ	17,662,569	11.0 %	15,915,304	-16.5 %	19,065,434
Amortisation	CK	716,731	45.0 %	494,430	-86.9 %	3,771,177

Stocks

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Raw materials	Net	4,605,100	46.7 %	3,140,130	-7.1 %	3,379,482
Gross	BL	5,201,389	43.9 %	3,615,279	-6.1 %	3,851,378
Amortisation	BM	596,289	25.5 %	475,149	0.7 %	471,896
Work in progress (goods)	Net	1,361,204	-7.0 %	1,464,030	-1.6 %	1,487,346
Gross	BN	1,361,204	-7.0 %	1,464,030	-1.6 %	1,487,346
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	211,052	885.6 %	21,414	0%	0
Gross	BP	211,052	885.6 %	21,414	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	656,059	0%	0	0%	0
Gross	BR	666,743	0%	0	0%	0
Amortisation	BS	10,684	0%	0	0%	0
Goods for resale	Net	26,983	926.8 %	2,628	0%	0
Gross	BT	27,470	945.3 %	2,628	0%	0
Amortisation	BU	487	0%	0	0%	0
Sub Total Stocks	Net	6,860,398	48.2 %	4,628,202	-4.9 %	4,866,828

Advance payments to suppliers

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Advance payments to suppliers	Net	522,463	1400.5 %	34,820	-57.0 %	80,978
Gross	BV	522,463	1400.5 %	34,820	-57.0 %	80,978
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Trade accounts receivable	Net	6,311,553	-4.2 %	6,590,874	-11.0 %	7,408,310
Gross	BX	6,420,824	-2.9 %	6,610,155	-11.0 %	7,427,591
Amortisation	BY	109,271	466.7 %	19,281	0%	19,281
Other debtors	Net	1,498,830	-62.5 %	3,996,676	82.3 %	2,191,946
Gross	BZ	1,498,830	-62.5 %	3,996,676	-27.0 %	5,471,946
Amortisation	CA	0	0%	0	0%	3,280,000
Capital subscribed and called up	Net	0	0%	0	0%	0
Gross	CB	0	0%	0	0%	0
Amortisation	CC	0	0%	0	0%	0
Sub Total debtors	Net	7,810,383	-26.2 %	10,587,550	10.3 %	9,600,256

Divers

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Investment securities	Net	599,992	0%	0	0%	0
Gross	CD	599,992	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	1,060,248	1259.4 %	77,992	-86.5 %	577,525
Gross	CF	1,060,248	1259.4 %	77,992	-86.5 %	577,525
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	1,660,240	2028.7 %	77,992	-86.5 %	577,525

Prepaid expenses

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Prepaid expenses	Net	92,354	0.0 %	92,310	-45.3 %	168,670
Gross	CH	92,354	0.0 %	92,310	-45.3 %	168,670
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Accounts - Passive

Grand Total - Passive Accounts (I to V)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Grand Total (I to V)	EE	20,061,074	6.7 %	18,801,586	-2.6 %	19,293,918

Shareholder Equity (I)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Total shareholders' equity (Total I)	DL	12,746,351	2.5 %	12,431,825	0.6 %	12,361,030
Equity and shareholders' equity	DA	1,000,000	0%	1,000,000	0%	1,000,000
Issue and merger premiums	DB	14,272	0%	14,272	0%	14,272
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	100,000	0%	100,000	0%	100,000
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	0	0%	0	0%	0
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	0	0%	0	0%	0
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	11,193,616	-0.4 %	11,239,727	-21.9 %	14,398,064
Profit or loss for the period	DI	431,432	509.4 %	70,795	102.2 %	-3,158,337
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	7,031	0%	7,031	0%	7,031

Other capital resources (II)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Total other capital resources (Total II)	DO	0	0%	0	0%	0
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Total provisions for risks and charges (Total III)	DR	969,065	15.2 %	841,096	27.8 %	658,076
Risk provisions	DP	327,068	151.3 %	130,144	0.0 %	130,180
Reserves for charges	DQ	641,997	-9.7 %	710,952	34.7 %	527,896

Liabilities (IV)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Total Liabilities (Total IV)	EC	6,345,658	14.8 %	5,528,664	-11.9 %	6,274,812
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	630,358	-11.8 %	714,447	-12.2 %	813,712
Sundry loans and financial liabilities	DV	133,976	-28.7 %	188,003	-32.9 %	280,340
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	559,468	-26.1 %	756,793	-39.0 %	1,241,039
Trade accounts payables	DX	2,916,826	39.3 %	2,093,904	6.6 %	1,964,477
Tax and social security liabilities	DY	1,909,362	17.8 %	1,620,436	-1.7 %	1,648,530
Fixed asset liabilities	DZ	0	0%	0	0%	125,980
Other debts	EA	195,668	26.2 %	155,081	-22.5 %	200,028

Translation loss (V)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Deferred income	EB	0	0%	0	0%	706

References

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	0	0%	0
Of which current bank facilities	EH	0	0%	0	0%	0

Result account

1 - Operating result (I-II)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Operating result (Total I-II)	GG	42,132	-91.3 %	484,721	-73.7 %	1,841,831

2 - Financial result (V-VI)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Financial result (Total V-VI)	GV	-4,064	-122.8 %	17,807	367.9 %	3,806

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

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	38,068	-92.4 %	502,528	-72.8 %	1,845,637

4 - Extraordinary result (VII-VIII)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Extraordinary result (Total VII-VIII)	HI	-128,381	85.1 %	-862,194	84.2 %	-5,464,051

Profit or loss

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Profit or loss	HN	431,432	509.4 %	70,795	102.2 %	-3,158,337

Total Income (I+III+V+VII)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Total Income (Total I+III+V+VII)	HL	19,409,848	-8.6 %	21,240,068	5.4 %	20,154,397

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

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	18,978,416	-10.3 %	21,169,271	-9.2 %	23,312,732

Operating income (I)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Total operating income (Total I)	FR	17,835,523	6.4 %	16,764,868	-16.5 %	20,081,193

Operating income (details)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Sale of goods for resale	FC	151,367	-87.5 %	1,215,571	-13.8 %	1,410,673
France	FA	140,115	-87.4 %	1,112,935	-21.1 %	1,410,673
Export	FB	11,252	-89.0 %	102,636	0%	0
Sale of goods produced	FF	15,346,200	4.9 %	14,627,713	-20.5 %	18,401,714
France	FD	13,965,586	10.1 %	12,685,894	-31.1 %	18,401,714
Export	FE	1,380,614	-28.9 %	1,941,819	0%	0
Sale of services	FI	1,758,873	180.9 %	626,055	0%	0
France	FG	1,159,877	121.6 %	523,353	0%	0
Export	FH	598,996	483.2 %	102,702	0%	0
Net turnover	FL	17,256,440	4.8 %	16,469,339	-16.9 %	19,812,387
France	FJ	15,265,578	6.6 %	14,322,182	-27.7 %	19,812,387
Export	FK	1,990,862	-7.3 %	2,147,157	0%	0
Stocked production	FM	141,127	7519.9 %	-1,902	91.8 %	-23,067
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	83,042	-52.7 %	175,670	57.7 %	111,424
Release of reserves and provisions	FP	354,895	191.5 %	121,740	0%	0
Other income	FQ	19	-9.5 %	21	-100.0 %	180,449

Operating charges (II)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Total operating charges (Total II)	GF	17,793,391	9.3 %	16,280,147	-10.7 %	18,239,362

Exploitation charges

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Purchase of goods for resale	FS	22,073	-97.7 %	958,141	-28.6 %	1,341,500
Change in stocks of goods for resale	FT	15,711	697.8 %	-2,628	0%	0
Purchase of raw materials	FU	6,138,527	15.1 %	5,331,594	-18.2 %	6,518,383
Change in stocks of raw materials	FV	-319,383	-235.3 %	236,099	147.8 %	-493,888
Other external purchases and charges	FW	4,480,633	8.1 %	4,145,615	-22.1 %	5,321,964
Tax, duty and similar payments	FX	460,015	9.5 %	420,248	24.4 %	337,832
Payroll	FY	4,341,760	34.8 %	3,220,381	0.8 %	3,195,616
Social security costs	FZ	1,904,268	28.1 %	1,486,457	4.5 %	1,422,973

Depreciation

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Depreciation of fixed assets	GA	474,666	12.4 %	422,406	-28.0 %	586,519
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	133,978	573.3 %	19,898	0%	0
Provisions for risks and charges	GD	116,299	177.4 %	41,925	0%	0

Other charges

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Other charges	GE	24,844	225754.5 %	11	-99.9 %	8,463

Operating charges (III-IV)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Total financial income (Total V)	GP	28,947	-57.3 %	67,825	0.7 %	67,377
Share financial income	GJ	13,645	-55.4 %	30,568	0%	0
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	7,641	-74.4 %	29,815	-55.7 %	67,377
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	7,661	501.3 %	1,274	0%	0
Net income from disposal of investment securities	GO	0	0%	6,168	0%	0

Financial charge (VI)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Total financial charge (Total VI)	GU	33,011	-34.0 %	50,018	-21.3 %	63,571
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	29,611	-33.6 %	44,615	-29.8 %	63,571
Exchange losses	GS	3,400	-37.1 %	5,403	0%	0
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Total extraordinary income (Total VII)	HD	1,545,378	-64.9 %	4,407,375	75537.1 %	5,827
Extraordinary operating income	HA	2,431	476.1 %	422	-92.8 %	5,827
Extraordinary income from capital transactions	HB	7,291	729200.0 %	-1	0%	0
Released provisions and transferred charges	HC	1,535,656	-65.2 %	4,406,954	0%	0

Extraordinary charges (VIII)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Total extraordinary charges (Total VIII)	HH	1,673,759	-68.2 %	5,269,569	-3.7 %	5,469,878
Extraordinary operating charges	HE	29,781	20.1 %	24,798	-99.5 %	5,469,878
Extraordinary charges from capital transactions	HF	1,524,304	-66.0 %	4,479,519	0%	0
Extraordinary reserves and provisions	HG	119,674	-84.4 %	765,252	0%	0

Employee profit sharing (IX)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Tax on profits (Total X)	HK	-521,745	-21.2 %	-430,463	6.4 %	-460,079

References

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	90,108	172.3 %	33,090	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Gross value at begin of period	OG	0	0%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	1,609,338	36.9 %	1,175,447	0%	0
Gross value at the end of period	OL	7,812,257	-9.1 %	8,593,747	0%	0

Research and development Charge (Total I)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Gross value at begin of period	CZ	0	0%	0	0%	0
Increasess due to revaluation	KB	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
Decreasess by budget item transfer	CO1	0	0%	0	0%	0
Decreasess by transfers	CO2	0	0%	0	0%	0
Gross value at the end of period	DO	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Gross value at begin of period	KD	470,539	15.7 %	406,728	0%	0
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	68,509	-9.3 %	75,507	0%	0
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	65,590	460.6 %	11,699	0%	0
Gross value at the end of period	LW	473,458	0.6 %	470,536	0%	0

Tangible fixed assets (Total III)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Gross value at begin of period	LN	6,696,607	2.5 %	6,531,836	0%	0
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	753,045	229.5 %	228,520	0%	0
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	143,221	124.7 %	63,748	0%	0
Gross value at the end of period	NH	7,306,431	9.1 %	6,696,608	0%	0

Financial assets (Total IV)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Gross value at begin of period	LQ	1,426,602	-42.9 %	2,500,000	0%	0
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	6,293	-76.3 %	26,602	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	1,400,527	27.3 %	1,100,000	0%	0
Gross value at the end of period	NK	32,368	-97.7 %	1,426,602	0%	0

Reserve for depreciation

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

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Reserve for depreciation value at begin of period	ON	0	0%	0	0%	0
Increases	OP	0	0%	0	0%	0
Decreasess	OQ	0	0%	0	0%	0
Reserve for depreciation value at the end of period	OR	0	0%	0	0%	0

Research and development charge (Total I)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases	PB	0	0%	0	0%	0
Decreasess	PC	0	0%	0	0%	0
Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Reserve for depreciation value at begin of period	PE	457,113	16.6 %	392,123	0%	0
Increases	PF	27,648	44.2 %	19,179	0%	0
Decreasess	PG	65,590	386.5 %	13,482	0%	0
Decreasess by budget item transfer	PH	419,171	5.4 %	397,820	0%	0

Total fixed assets amotisation (Total III)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Reserve for depreciation value at begin of period	QU	3,968,748	25.1 %	3,171,783	0%	0
Increases	QV	447,015	10.9 %	403,228	0%	0
Decreases	QW	137,916	129.9 %	59,993	0%	0
Decreasess by budget item transfer	QX	4,277,847	21.7 %	3,515,018	0%	0

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Gross value at begin of period	Z91	0	0%	0	0%	0
Increases	Z92	0	0%	0	0%	0
Depreciation of fixed assets during period	Z9	0	0%	0	0%	0
Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Net value at begin of period	SP1	0	0%	0	0%	0
Increases	SP2	0	0%	0	0%	0
Depreciation of fixed assets during period	SP	0	0%	0	0%	0
Net value at the end of period	SR	0	0%	0	0%	0

Provisions included in balance sheet

Grand Total (I-II-III)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Value at begining of period	7C	3,123,320	-50.5 %	6,311,283	0%	0
Increases	UB	369,951	-55.3 %	827,076	0%	0
Decreases	UC	1,800,444	-60.0 %	4,495,604	0%	0
Value at the end of period	UD	1,692,827	-35.9 %	2,642,755	0%	0

Includes Total allocations

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Operating	UE	250,277	0%	0	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	119,674	0%	0	0%	0

Includes Total Withdrawal

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Operating	UF	264,788	0%	0	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	1,535,656	0%	0	0%	0

Total regulated provisions (Total I)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Value at begining of period	3Z	7,031	0%	7,031	0%	0
Increases	TS	0	0%	0	0%	0
Decreases	TT	0	0%	0	0%	0
Value at the end of period	TU	7,031	0%	7,031	0%	0

Total risk and charge provisions (Total II)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Value at begining of period	5Z	1,167,209	77.4 %	658,076	0%	0
Increases	TV	235,973	-16.3 %	281,978	0%	0
Decreases	TW	434,117	338.7 %	98,958	0%	0
Value at the end of period	TX	969,065	15.2 %	841,096	0%	0

Total Provision for depreciation (Total III)

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Value at begining of period	7B	1,949,080	-65.5 %	5,646,177	0%	0
Increases	TY	133,978	-75.4 %	545,097	0%	0
Decreases	TZ	1,366,327	-68.9 %	4,396,645	0%	0
Value at the end of period	UA	716,731	-60.1 %	1,794,629	0%	0

State deadlines claims and debts at the end of period

State claims

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Gross value	VT	8,019,376	-25.1 %	10,700,743	0%	0
1 year at most	VU	8,012,008	-25.1 %	10,699,141	0%	0
More than one year	VV	7,368	359.9 %	1,602	0%	0

State of loans

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	7,368	359.9 %	1,602	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Customers doubtful or disputed	VA	110,323	378.4 %	23,061	0%	0
Other claims customer	UX	6,310,501	-4.2 %	6,587,095	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	5,408	561.1 %	818	0%	0
Social Security and other social organizations	UZ	0	0%	638	0%	0
Income taxes	VM	575,129	-14.6 %	673,811	0%	0
Value added tax	VB	33,645	140.7 %	13,976	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	178,860	916.4 %	17,598	0%	0
Group and Associates	VC	696,441	-77.6 %	3,114,595	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	9,347	-94.7 %	175,241	0%	0

Prepaid

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Prepaid	VS	92,354	0.0 %	92,310	0%	0

State Debt

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Total debt (gross)	VY	5,786,189	21.3 %	4,771,872	0%	0
1 year at most	VZ2	5,599,878	26.8 %	4,417,329	0%	0
More than 1 year and 5 years at most	VZ3	186,311	-47.5 %	354,543	0%	0
More than 5 years	VZ4	0	0%	0	0%	0

Details

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most	7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Y3	0	0%	0	0%	0
Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most	7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Z3	0	0%	0	0%	0
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	630,358	0%	0	0%	0
1 year at most	VG2	444,047	0%	0	0%	0
More than 1 year and 5 years at most	VG3	186,311	0%	0	0%	0
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	714,447	0%	0
1 year at most	VH2	0	0%	359,904	0%	0
More than 1 year and 5 years at most	VH3	0	0%	354,543	0%	0
Loans and various financial liabilities (gross)	8A1	133,976	-22.6 %	173,049	0%	0
1 year at most	8A2	133,976	-22.6 %	173,049	0%	0
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	2,916,826	39.3 %	2,093,904	0%	0
1 year at most	8B2	2,916,826	39.3 %	2,093,904	0%	0
More than 1 year and 5 years at most	8B3	2,916,826	39.3 %	2,093,904	0%	0
Personnel and associated accounts (gross)	8C1	678,780	42.0 %	478,004	0%	0
1 year at most	8C2	678,780	42.0 %	478,004	0%	0
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	691,116	31.9 %	523,993	0%	0
1 year at most	8D2	691,116	31.9 %	523,993	0%	0
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most	8E2	0	0%	0	0%	0
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	400,034	-14.6 %	468,284	0%	0
1 year at most	VW2	400,034	-14.6 %	468,284	0%	0
More than 1 year and 5 years at most	VW3	0	0%	0	0%	0
Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most	VX2	0	0%	0	0%	0
More than 1 year and 5 years at most	VX3	0	0%	0	0%	0
Other taxes and assimilated (gross)	VQ1	139,431	-7.1 %	150,155	0%	0
1 year at most	VQ2	139,431	-7.1 %	150,155	0%	0
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most	8J2	0	0%	0	0%	0
More than 1 year and 5 years at most	8J3	0	0%	0	0%	0
More than 5 years	8J4	0	0%	0	0%	0
Groups and associates (gross)	VI1	0	0%	14,955	0%	0
1 year at most	VI2	0	0%	14,955	0%	0
More than 1 year and 5 years at most	VI3	0	0%	0	0%	0
More than 5 years	V14	0	0%	0	0%	0
Other liabilities (gross)	8K1	195,668	26.2 %	155,081	0%	0
1 year at most	8K2	195,668	26.2 %	155,081	0%	0
More than 1 year and 5 years at most	8K3	0	0%	0	0%	0
Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most	SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most	SZ3	0	0%	0	0%	0
Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most	8L2	0	0%	0	0%	0
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Loans made during the period	VJ	300,000	0%	0	0%	0
Debt repaid during the period	VK	359,905	0%	0	0%	0

Table allocation results and other information

Dividends distributed

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Subcontracting	YT	1,707,590	-1.8 %	1,739,722	0%	0
Rentals, rental charges and condominiums	XQ	123,411	98.2 %	62,259	0%	0
Staff outside the company	YU	678,982	92.9 %	351,924	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	263,631	-51.2 %	540,140	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	1,707,018	17.6 %	1,451,570	0%	0
Total Other purchases and external	ZJ	4,480,632	8.1 %	4,145,615	0%	0

Taxes and Fees

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Business tax	YW	113,650	-2.1 %	116,077	0%	0
Other taxes and payments assimilated	9Z	346,365	13.9 %	304,171	0%	0
Total taxes and fees	YX	460,015	9.5 %	420,248	0%	0

VAT

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Amount VAT collected	YY	2,845,101	-6.9 %	3,056,687	0%	0
Total VAT on goods and services	YZ	2,061,509	101.0 %	1,025,661	0%	0

Average number of employees

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Average number of employees	YP	105	45.8 %	72	0%	0

Groups and Shareholders

		31/03/2014	Variation	31/03/2013	Variation	31/03/2012
Groups and Shareholders	ZR	0	-	-	-	-

Ratios

Structure and Liquidity

	31/03/2014	Variation	31/03/2013	Variation	31/03/2012	Sector Median 2014
Fixed Asset Financing	2.45	8.4 %	2.26	9.2 %	2.07	2.08	17.8 %
Global Debt	132 days	9.1 %	121 days	6.1 %	114 days	130 days	1.5 %
Working Capital Fund overall net	237 days	0.4 %	236 days	28.3 %	184 days	103 days	130.1 %
Financial independence	1,667.64 %	21.1 %	1,377.56 %	21.9 %	1,129.84 %	380.03 %	338.8 %
Solvability	63.54 %	-3.9 %	66.12 %	3.2 %	64.07 %	41.89 %	51.7 %
Capacity debt futures	1,560.77 %	-54.8 %	3,454.21 %	-	-	3,322.60 %	-53.0 %
Coverage of current assets by net working capital overall	62.54 %	-8.3 %	68.22 %	27.5 %	53.52 %	47.17 %	32.6 %
General Liquidity	1.43	-40.9 %	2.42	-	-	0.90	58.9 %
Restricted Liquidity	1.73	-29.1 %	2.44	-	-	1.51	14.6 %

Management or rotation

	31/03/2014	Variation	31/03/2013	Variation	31/03/2012	Sector Median 2014
Need background in operating working capital	201 days	-13.4 %	232 days	36.5 %	170 days	34 days	491.2 %
Treasury	35 days	1650.0 %	2 days	-80.0 %	10 days	46 days	-23.9 %
Inventory turnover of goods	262 days	26100.0 %	1 days	0%	0 days	3 days	8633.3 %
Average length of credit granted to customers	115 days	-5.7 %	122 days	-9.6 %	135 days	76 days	51.3 %
Average length of credit obtained suppliers	85 days	32.8 %	64 days	14.3 %	56 days	62 days	37.1 %
Inventory turnover of raw materials in industrial enterprises	304 days	26.7 %	240 days	12.7 %	213 days	82 days	270.7 %
Inventory turnover of intermediate and finished products in the industrial enterprise	236 days	-4.1 %	246 days	-	-	907 days	-74.0 %
Rotation tangible assets	236.18 %	-4.0 %	245.94 %	-	-	820.81 %	-71.2 %

Profitability of the business

	31/03/2014	Variation	31/03/2013	Variation	31/03/2012	Sector Median 2014
Margin trading	0.66 %	-58.2 %	1.58 %	351.4 %	0.35 %	0.00 %	0%
Profitability of the business	2.53 %	-50.8 %	5.14 %	-54.9 %	11.39 %	4.62 %	-45.2 %
Net profit	2.50 %	481.4 %	0.43 %	102.7 %	-15.94 %	2.21 %	13.1 %
Growth rate of turnover (excluding VAT)	4.78 %	128.3 %	-16.87 %	-197.7 %	17.27 %	0.00 %	0%
Rates integration	40.91 %	16.2 %	35.21 %	-1.8 %	35.84 %	43.89 %	-6.8 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	88.47 %	9.0 %	81.17 %	24.8 %	65.04 %	83.05 %	6.5 %
Weight interests	0.19 %	-36.7 %	0.30 %	-6.3 %	0.32 %	0.08 %	137.5 %

Return on capital

	31/03/2014	Variation	31/03/2013	Variation	31/03/2012	Sector Median 2014
Cash flow from the overall profitability	4.30 %	-87.7 %	34.84 %	368.4 %	-12.98 %	4.30 %	0%
Rates of economic profitability	3.00 %	-50.0 %	6.00 %	-64.7 %	17.00 %	14.50 %	-79.3 %
Financial profitability	12,746,351.00 %	2.5 %	12,431,825.00 %	0.6 %	12,361,030.00 %	164,255.00 %	7660.1 %
Return on investment	3.44 %	278.0 %	0.91 %	104.0 %	-23.00 %	8.22 %	-58.2 %

Management intermediate balances

	31/03/2014		Variation		31/03/2013		Variation		31/03/2012		Sector Median 2014
Turnover	17,256,440		4.8 %		16,469,339		-16.9 %		19,812,387		716,582		2308.2 %
		31/03/2014		Variation		31/03/2013		Variation		31/03/2012		Sector Median 2014
Sales of goods		151,367		-87.5 %		1,215,571		-13.8 %		1,410,673				-
- Purchase of goods		22,073		-97.7 %		958,141		-28.6 %		1,341,500				-
+/- Stock of goods variation		15,711		697.8 %		-2,628		0%		0				-
Trading margin		113,583 €		-56.3 %		260,058 €		276.0 %		69,173 €		0 €		0%
		0.66 % CA		-58.2 %		1.58 % CA		351.4 %		0.35 % CA		0.00 % CA		0%

	31/03/2014		Variation		31/03/2013		Variation		31/03/2012		Sector Median 2014
Sale of goods produced	17,105,073		12.1 %		15,253,768		-17.1 %		18,401,714				-
+/- Stocked production	141,127		7519.9 %		-1,902		91.8 %		-23,067				-
+ Self-constructed assets	0		0%		0		0%		0				-
Period production	17,246,200 €		13.1 %		15,251,866 €		-17.0 %		18,378,647 €		510,451 €		3278.6 %
	99.94 % CA		7.9 %		92.61 % CA		-0.2 %		92.76 % CA		100.00 % CA		-0.1 %
		31/03/2014		Variation		31/03/2013		Variation		31/03/2012		Sector Median 2014
Trading margin		113,583		-56.3 %		260,058		276.0 %		69,173		0	0%
+ Period Production		17,246,200		13.1 %		15,251,866		-17.0 %		18,378,647		510,451	3278.6 %
- Purchase of raw materials		6,138,527		15.1 %		5,331,594		-18.2 %		6,518,383			-
+/- Change in stocks of raw materiels		-319,383		-235.3 %		236,099		147.8 %		-493,888			-
- Other external purchases and charges		4,480,633		8.1 %		4,145,615		-22.1 %		5,321,964			-
Added value		7,060,006 €		21.8 %		5,798,616 €		-18.3 %		7,101,361 €		313,349 €	2153.1 %
		40.91 % CA		16.2 %		35.21 % CA		-1.8 %		35.84 % CA		43.89 % CA	-6.8 %

	31/03/2014		Variation		31/03/2013		Variation		31/03/2012		Sector Median 2014
Added value	7,060,006 €		21.8 %		5,798,616 €		-18.3 %		7,101,361 €		313,349 €		2153.1 %
+ Operating grants	83,042		-52.7 %		175,670		57.7 %		111,424				-
- Tax, duty and similar payments	460,015		9.5 %		420,248		24.4 %		337,832				-
- Personal charges	6,246,028		32.7 %		4,706,838		1.9 %		4,618,589				-
Gross operating surplus	437,005 €		-48.4 %		847,200 €		-62.5 %		2,256,364 €		31,612 €		1282.4 %
	2.53 % CA		-50.8 %		5.14 % CA		-54.9 %		11.39 % CA		4.62 % CA		-45.2 %
		31/03/2014		Variation		31/03/2013		Variation		31/03/2012		Sector Median 2014
Gross operating surplus		437,005 €		-48.4 %		847,200 €		-62.5 %		2,256,364 €		31,612 €		1282.4 %
+ Release of reserves and provisions		354,895		191.5 %		121,740		0%		0				-
+ Other operating income		19		-9.5 %		21		-100.0 %		180,449				-
- Depreciation/ Amortisation		724,943		49.7 %		484,229		-17.4 %		586,519				-
- Other charges		24,844		225754.5 %		11		-99.9 %		8,463				-
Operating result		42,132 €		-91.3 %		484,721 €		-73.7 %		1,841,831 €		7,322 €		475.5 %
		0.24 % CA		-91.8 %		2.94 % CA		-68.4 %		9.30 % CA		1.98 % CA		-87.9 %

		31/03/2014		Variation		31/03/2013		Variation		31/03/2012		Sector Median 2014
Operating result		42,132 €		-91.3 %		484,721 €		-73.7 %		1,841,831 €		7,322 €		475.5 %
+/- Result of joint-venture transferred from/to other partners		0		0%		0		0%		0				-
+ Financial income		28,947		-57.3 %		67,825		0.7 %		67,377				-
- Financial charges		33,011		-34.0 %		50,018		-21.3 %		63,571				-
Pre-tax result		38,068 €		-92.4 %		502,528 €		-72.8 %		1,845,637 €		6,756 €		463.5 %
		0.22 % CA		-92.8 %		3.05 % CA		-67.3 %		9.32 % CA		1.73 % CA		-87.3 %
	31/03/2014		Variation		31/03/2013		Variation		31/03/2012		Sector Median 2014
Extraordinary income	1,545,378		-64.9 %		4,407,375		75537.1 %		5,827		579		267035.4 %
- Extraordinary charges	1,673,759		-68.2 %		5,269,569		-3.7 %		5,469,878				-
Extraordinary result	-128,381 €		85.1 %		-862,194 €		84.2 %		-5,464,051 €		0 €		0%
	-0.74 % CA		85.9 %		-5.24 % CA		81.0 %		-27.58 % CA		-0.02 % CA		-3600.0 %

	31/03/2014	Variation	31/03/2013	Variation	31/03/2012	Sector Median 2014
Pre-tax result	38,068 €	-92.4 %	502,528 €	-72.8 %	1,845,637 €	6,756 €	463.5 %
Extraordinary result	-128,381 €	85.1 %	-862,194 €	84.2 %	-5,464,051 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	-521,745	-21.2 %	-430,463	6.4 %	-460,079		-
Net result	431,432 €	509.4 %	70,797 €	102.2 %	-3,158,335 €	14,375 €	2901.3 %
	2.50 % CA	481.4 %	0.43 % CA	102.7 %	-15.94 % CA	2.21 % CA	13.1 %

Synthesized Accounts

	31/03/2010
Account period (month)	12
Account Type	Consolidated
Activity Code	2630Z

Active account

	31/03/2010
Capital not called	0
Total fixed assets	4,724,251
Intangible assets	54,828
Tangible assets	3,728,497
Financial assets	179,638
Net current assets	23,342,712
Stocks	8,017,942
Advanced payments	220,574
Receivables	13,835,789
Securities and cash	1,268,407
Accounts of regularization	2,491
Total Assets	28,069,454

Passive account

	31/03/2010
Shareholders' equity	16,104,851
Share capital	1,000,000
Other capital resources	0
Risk Provisions	1,158,486
Liabilities	10,806,111
Financial liabilities	1,457,730
Advanced payments received	1,474,174
Trade account payables	4,955,094
Tax and social liabilities	2,801,167
Other debts and fixed assets liabilities	112,389
Account regularization	5,563
Total liabilities	28,069,454

Results

	31/03/2010
Sales of Goods	30,030,878
Net turnover	29,851,999
of which net export turnover	15,529,775
Operating charges	28,777,937
Operating profit/loss	1,252,941
Financial income	30,493
Financial charges	165,310
Financial profit/loss	-134,817
Pretax net operating income	1,118,124
Extraordinary income	519,324
Extraordinary charges	727,410
Extraordinary profit/loss	-208,086

Consolidation

	31/03/2010
Net result before amortisation of goodwill	972,531
Goodwill amortisation allocation	-142,478
Net result of equity affiliates companies	0
Net result of integrated companies	0
Group result (consolidated net result)	830,053
Share of minority interest (Result except group)	0
Net result - group share (part of parent company)	830,053

Accounts - Active

Normal Account

	31/03/2010
Account period (month)	12

Grand Total - Active Accounts (I to VI)

		31/03/2010
Grand Total (I to VI)	Net	28,069,454
Gross	CO	33,635,097
Amortisation	1A	5,565,643

Capital subscribed not called (I)

		31/03/2010
Capital suscribed not called (I)	AA3	0

Active fixed asset (II)

		31/03/2010
Total Active fixed asset (II)	Net	4,724,251
Gross	BJ	9,670,398
Amortisation	BK	4,946,147

Intangible fixed assets

		31/03/2010
Start-up cost	Net	0
Gross	AB	0
Amortisation	AC	0
R&D expenses	Net	0
Gross	CX	0
Amortisation	AE	0
Distributorships, patents	Net	28,030
Gross	AF	399,201
Amortisation	AG	371,171
Goodwill	Net	0
Gross	AH	96,043
Amortisation	AI	96,043
Other intangible fixed assets	Net	26,798
Gross	AJ	49,302
Amortisation	AK	22,504
Pre-payments and downpayments	Net	0
Gross	AL	0
Amortisation	AM	0
Sub Total Intangible asset	Net	54,828

Tangible fixed assets

		31/03/2010
Acquisition difference	Net	761,288
Gross	A11	1,892,942
Amortisation	A12	1,131,654
Goodwill	Net	0
Gross	A21	0
Amortisation	A22	0
Difference from the first consolidation	Net	0
Gross	A31	0
Amortisation	A32	0
Lands	Net	330,834
Gross	AN	330,834
Amortisation	AO	0
Buildings	Net	2,710,629
Gross	AP	3,645,328
Amortisation	AQ	934,699
Plant	Net	527,832
Gross	AR	2,388,001
Amortisation	AS	1,860,169
Other tangible fixed assets	Net	159,202
Gross	AT	689,109
Amortisation	AU	529,907
Fixed assets in construction	Net	0
Gross	AV	0
Amortisation	AW	0
Advances and payments on account	Net	0
Gross	AX	0
Amortisation	AY	0
Sub Total Tangible asset	Net	4,489,785

Financial assets

		31/03/2010
Associates at equity	Net	0
Gross	CS	0
Amortisation	CT	0
Other participations	Net	0
Gross	CU	0
Amortisation	CV	0
Inter-company receivables	Net	0
Gross	BB	0
Amortisation	BC	0
Other investment securities	Net	170,653
Gross	BD	170,653
Amortisation	BE	0
Loans	Net	0
Gross	BF	0
Amortisation	BG	0
Other financial assets	Net	8,985
Gross	BH	8,985
Amortisation	BI	0
Other financial assets	Net	0
Gross	A41	0
Amortisation	A42	0
Sub Total Financial assets	Net	179,638

Current Assets (III)

		31/03/2010
Total Assets	Net	23,342,712
Gross	CJ	23,962,208
Amortisation	CK	619,496

Stocks

		31/03/2010
Raw materials	Net	4,688,392
Gross	BL	5,158,344
Amortisation	BM	469,952
Work in progress (goods)	Net	1,739,031
Gross	BN	1,779,031
Amortisation	BO	40,000
Work in progress (services)	Net	502,631
Gross	BP	502,631
Amortisation	BQ	0
Semi-finished and finished products	Net	193,050
Gross	BR	219,396
Amortisation	BS	26,346
Goods for resale	Net	894,838
Gross	BT	947,639
Amortisation	BU	52,801
Sub Total Stocks	Net	8,017,942

Advance payments to suppliers

		31/03/2010
Advance payments to suppliers	Net	220,574
Gross	BV	220,574
Amortisation	BW	0

Debtors

		31/03/2010
Trade accounts receivable	Net	11,896,840
Gross	BX	11,927,237
Amortisation	BY	30,397
Other debtors	Net	1,753,840
Gross	BZ	1,753,840
Amortisation	CA	0
Capital subscribed and called up	Net	0
Gross	CB	0
Amortisation	CC	0
Sub Total debtors	Net	13,650,680

Divers

		31/03/2010
Investment securities	Net	0
Gross	CD	0
Amortisation	CE	0
Cash and cash equivalents	Net	1,268,407
Gross	CF	1,268,407
Amortisation	CG	0
Sub Total Divers	Net	0

Prepaid expenses

		31/03/2010
Prepaid expenses	Net	185,109
Gross	CH	185,109
Amortisation	CI	0

Equalization accounts (IV to VI)

		31/03/2010
Multi-period charges	CW3	0
Premiums on redemption of bonds	CM3	0
Currency differential gain	CN3	2,491

References

		31/03/2010
Due within one year	CP	0
Due after one year	CR	0

Accounts - Passive

Grand Total - Passive Accounts (I to IV)

		31/03/2010
Grand Total (I to IV)	EE	28,069,454

Shareholder Equity (I)

		31/03/2010
Total shareholders' equity (Total I)	DL	16,104,851
Equity and shareholders' equity	DA	1,000,000
Issue and merger premiums	DB	14,272
Revaluation differentials	DC	0
Of which equity differential	EK	0
Legal reserve	DD	100,000
Statutory or contractual reserve	DE	0
Special regulated reserves	DF	0
Other reserves	DG	924,678
Profits or losses brought forward	DH	13,235,848
Conversion differences	P1	0
Net result - group part	P2	830,053
Investment grants	DJ	0
Special tax-allowable reserves	DK	0

Other capital resources (II)

		31/03/2010
Total other capital resources (Total II)	DO	0
Income from participating securities	DM	0
Conditional loans	DN	0
Others	P3	0

Provisions for risks and charges (III)

		31/03/2010
Total provisions for risks and charges (Total III)	DR	1,158,486
Conversion differences	P4	0
In reserves	P5	0
In results	P6	0
Total III	P7	0
Delayed tax	P8	2,344
Acquisition differences	P9	0
Risk provisions	DP	114,741
Reserves for charges	DQ	1,041,401

Liabilities (IV)

		31/03/2010
Total Liabilities (Total IV)	EC	10,806,111
Convertible debentures	DS	0
Other debentures	DT	0
Bank loans and liabilities	DU	1,383,979
Sundry loans and financial liabilities	DV	73,751
Of which participating loans	EI	0
Advance payments received for current orders	DW	1,474,174
Trade accounts payables	DX	4,955,094
Tax and social security liabilities	DY	2,801,167
Fixed asset liabilities	DZ	0
Other debts	EA	112,383

Translation loss (V)

		31/03/2010
Translation loss (Total V)	ED	6

Equalization accounts

		31/03/2010
Deferred income	EB	5,563

References

		31/03/2010
Of which tax-allowable reserve	EF	0
Deferred income and liabilities	EG	0
Of which current bank facilities	EH	0

Result account

1- Operating result (I-II)

		31/03/2010
Operating result (Total I-II)	GG	1,252,941

2 - Financial result (V - VI)

		31/03/2010
Financial result (Total V-VI)	GV	-134,817

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

		31/03/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	1,118,124

4 - Extraordinary result (VII-VIII)

		31/03/2010
Extraordinary result (Total VII-VIII)	HI	-208,086

Consolidation

		31/03/2010
Delayed tax	R1	-26,791
Net result before amortisation of acquisition differences	R2	972,531
Endowment to amortisation of acquisition differences	R3	-142,478
Net result of companies set in equivalence	R4	0
Net result of integrated companies	R5	0
Group result (consolidated net result)	R6	830,053
Cross-reference : equipment leasing	R7	0
Cross-reference : property leasing	R8	830,053

Operating income (I)

		31/03/2010
Total operating income (Total I)	FR	30,030,878

Operating income (details)

		31/03/2010
Sale of goods for resale	FC	1,209,648
France	FA	930,774
Export	FB	278,874
Sale of goods produced	FF	27,584,051
France	FD	12,424,419
Export	FE	15,159,632
Sale of services	FI	1,058,300
France	FG	967,031
Export	FH	91,269
Net turnover	FL	29,851,999
France	FJ	14,322,224
Export	FK	15,529,775
Stocked production	FM	42,099
Self-constructed assets	FN	0
Operating grants	FO	11,398
Release of reserves and provisions	FP	125,284
Other income	FQ	98

Operating charges (II)

		31/03/2010
Total operating charges (Total II)	GF	28,777,937

Exploitation charges

		31/03/2010
Purchase of goods for resale	FS	119,111
Change in stocks of goods for resale	FT	-20,622
Purchase of raw materials	FU	8,907,558
Change in stocks of raw materials	FV	395,299
Other external purchases and charges	FW	9,565,088
Tax, duty and similar payments	FX	445,739
Payroll	FY	6,389,967
Social security costs	FZ	2,308,741

Depreciation

		31/03/2010
Depreciation of fixed assets	GA	409,852
Amortisation of fixed assets	GB	0
Depreciation/amortisation of current assets	GC	133,889
Provisions for risks and charges	GD	53,537

Other charges

		31/03/2010
Other charges	GE	69,778

Operating charges (III-IV)

		31/03/2010
Share of joint-venture transferred to other partner(s) (Total III)	GH	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0

Financial income (V)

		31/03/2010
Total financial income (Total V)	GP	30,493
Share financial income	GJ	95
Other investment income & capitalised receivables	GK	0
Other interest and similar income	GL	7,940
Released provisions and transferred charges	GM	0
Exchange gains	GN	19,204
Net income from disposal of investment securities	GO	3,254

Financial charge (VI)

		31/03/2010
Total financial charge (Total VI)	GU	165,310
Financial reserves and provisions	GQ	2,488
Interest and similar charges	GR	151,726
Exchange losses	GS	11,096
Net loss from disposal of investment securities	GT	0

Extraordinary income (VII)

		31/03/2010
Total extraordinary income (Total VII)	HD	519,324
Extraordinary operating income	HA	2,897
Extraordinary income from capital transactions	HB	501,427
Released provisions and transferred charges	HC	15,000

Extraordinary charges (VIII)

		31/03/2010
Total extraordinary charges (Total VIII)	HH	727,410
Extraordinary operating charges	HE	158,008
Extraordinary charges from capital transactions	HF	515,381
Extraordinary reserves and provisions	HG	54,021

Employee profit sharing (IX)

		31/03/2010
Employee profit sharing (Total IX)	HJ	0

Tax on profits (X)

		31/03/2010
Tax on profits (Total X)	HK	-35,702

References

		31/03/2010
Of which equipment leases	HP	0
Of which property leases	HQ	0

Ratios

Structure and Liquidity

	31/03/2010
Fixed Asset Financing	2.45
Global Debt	130.32 days
Working Capital Fund overall net	168.79 days
Financial independence	1,163.66 %
Solvability	57.38 %

Management or rotation

	31/03/2010
Need background in operating working capital	151.30 days
Treasury	15.30 days
Inventory turnover of goods	3,463.84 days
Inventory turnover of raw materials in industrial enterprises	202.15 days
Inventory turnover of intermediate and finished products in the industrial enterprise	0.00 days

Profitability of the business

	31/03/2010
Margin trading	1,209,647.67 %
Profitability of the business	6.01 %
Rates integration	36.61 %
Rate leasing furniture	0.00 %
Weight interests	0.55 %

Return on capital

	31/03/2010
Rates of economic profitability	10.22 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.36
UK Pound	1	Rs.91.60
Euro	1	Rs.66.98

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SDA

RATING EXPLANATIONS

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

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

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

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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