MIRA INFORM REPORT

Report No. :	318345
Report Date :	22.04.2015

IDENTIFICATION DETAILS

Name :	ANTHON B NILSEN
Registered Office :	Anthon B Nilsen, 29 Rue D'astorg, 75008 Paris 8
Country :	France
Financials (as on) :	31.12.2013
Date of Incorporation :	01/1956
Legal Form :	Simplified joint stock company
Line of Business :	Wholesale (business to business) other intermediate products
No of Employees :	10 to 19

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 Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

FRANCE ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With more than 84 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 increased by 0.4% in 2014. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.5% in 2014. Youth unemployment in metropolitan France decreased from a high of 25.4% in the fourth quarter of 2012 to 24.3% in the fourth quarter of 2014. 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 4.3% of GDP in 2014, while France's public debt rose from 68% of GDP to more than 92% over the same period. Elected on a conventionally leftist platform, President Francois HOLLANDE surprised and angered many supporters with a January 2014 speech announcing a sharp change in his economic policy, recasting himself as a liberalizing reformer. The government's budget for 2014 shifted the balance of fiscal consolidation from taxes to a total of $24 billion in spending cuts. In December 2014, HOLLANDE announced additional reforms, including a plan to extend commercial business hours, liberalize professional services and sell off $6.2-12.4 billion in state owned assets. France’s tax burden remains well above the EU average and income tax cuts over the past decade are being partly reversed, particularly for higher earners. The top rate of income tax is 41%. The government is allowing a 75% payroll tax on salaries over $1.24 million to lapse.

Source : CIA

Company details

SIRET	303 914 667 00017
Name	ANTHON B NILSEN
Acronym	-
Trade name	-
Type of Establishment	Head Office
Postal Address	ANTHON B NILSEN 29 RUE D'ASTORG 75008 PARIS 8
Telephone	01 42 66 39 50
Share Capital	589,600 Euros
Incorporiation Date	04/1956	Nationality	France
APE/NAF Code	4676Z	Currency	Euros
Activity (APE)	Wholesale (business to business) other intermediate products	Last account Date	31/12/2013
Formation Date	01/1956	Fax	01 40 35 00 42
Deregistration Date	-
EUR VAT Number	FR79303914667	Legal form	Simplified joint stock company
Court Registry Number	19 5 6B04908
Registration Court	Paris (75)	RCS Registration	RCS Paris B 303 914 667

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2013	49,259,059 €	-0.92% Turnover	2,875,522 €	-273,682 €	10 to 19 employees
31/12/2012	52,403,313 €	-0.52% Turnover	3,149,204 €	-513,970 €	-
31/12/2011	63,858,170 €	-0.07% Turnover	3,767,504 €	230,404 €	-

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

Trends

Profitability

Liquidity

Net Worth

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4676Z	Activity	Wholesale (business to business) other intermediate products
Formation Date	01/1956	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	29 RUE D'ASTORG 75008 PARIS 8	Department	Paris (75)
Location Surface	-	District	1
City	PARIS 8	Status	Economically active
Business Pages FT®	FABRICATION, IMPORTATION DE PATES A PAPIERS	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	2 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
ANTHON B NILSEN	Head Office	4676Z	Wholesale (business to business) other intermediate products	PARIS 8	75008
ANTHON B NILSEN	Branch	4676Z	Wholesale (business to business) other intermediate products	PARIS 8	75008

Workforces

Workforce at address

10 to 19 employees

Company workforce

10 to 19 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 decrease of tangible fixed assets over the last two accounting periods is 25 %

The return on total assets employed is -3

The pre-tax profit is -273,682 €

The ratio total assets to total liabilities is 1.41

The shareholder's equity is 2,875,522 €

The net current assets are 9,535,218 €

The liabilities are 6,777,876 €

The total assets are 9,899,935 €

The risk provisions are 221,627 €

The company has 1 director(s)

Department code with low risk rating

Industry code with low risk rating

Low risk workforce size

The net turnover is 49,259,059 €

The decrease in the gearing percentage over the last two accounting periods is 70 %

The stock to turnover ratio is 0.47

The creditor days are 48.40

The sales to current assets ratio is 5.17

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	10/09/2008
Status of Monitoring	No social security and tax office preferential right to date

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

Company Name	Siren	Last Account Published	Turnover
ANTHON B NILSEN U.K. LTD	04552106	31/12/2013	-

Director(s)

Name	M. LOEVENSKIOLD NICOLAI
Manager position	President	Date of birth	17/08/1962
Place of birth	OSLO(NORVEGE)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M. MOREAU PHILIPPE	15/09/1948 - CHAMPAGNÉ (72470)
Chairman of the Board	M. LOVENSKIOLD PEDER	21/08/1960 - OSLO NORVEGE

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	15/09/2014	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 5218 - 303914667 RCS. ANTHON B NILSEN. Forme : Société par actions simplifiée. Adresse : 29 rue d'Astorg 75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	20/11/2013	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7637 - 303914667 RCS. ANTHON B NILSEN. Forme : Société par actions simplifiée. Adresse : 29 rue d'Astorg 75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	19/05/2013	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 666 - 303 914 667 RCS Paris. ANTHON B NILSEN. Forme : Société par actions simplifiée. Administration : Président partant : Moreau, Philippe, nomination du Président : Loevenskiold, Nicolai. Capital : 589600 EUR. Activité : . Adresse du siège social : 29 rue d'Astorg, 75008 Paris. Commentaires : modification survenue sur l'administration.
	26/04/2013	JAL	Appointment of the social representative
Journal spécial des sociétés (Le) Date de décision : 22/04/2013 Société faisant l'objet d'une nomination : 303914667 - ANTHON B NILSEN, 29 RUE D'ASTORG, 75008 PARIS 8 Nominé : Monsieur Nicolai Harald LOEVENSKIOLD, EIKSMARKA En la fonction de : Président
	05/11/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8550 - 303914667 RCS. ANTHON B NILSEN. Forme : Société par actions simplifiée. Adresse : 29 rue d'Astorg 75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	13/07/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2585 - 303 914 667 RCS Paris. ANTHON B NILSEN. Forme : Société par actions simplifiée. Administration : Membre du conseil de surveillance partant : Lovenskiold, Peder, Membre du conseil de surveillance partant : Lovenskiold, Nicolai, Membre du conseil de surveillance partant : Delforge, Marc, Membre du conseil de surveillance partant : Moreau, Philippe. Capital : 589600 EUR. Activité : . Adresse du siège social : 29 rue d'Astorg, 75008 Paris. Commentaires : modification survenue sur l'administration.
	05/07/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1837 - 303 914 667 RCS Paris. ANTHON B NILSEN. Forme : Société par actions simplifiée. Capital : 589600 EUR. Activité : . Adresse du siège social : 29 rue d'Astorg, 75008 Paris. Commentaires : modification survenue sur le capital (augmentation).
	24/06/2011	JAL	Resignation / Revocation of the social representative
Journal spécial des sociétés (Le) Date de décision : 29/04/2011 La société 303914667 - ANTHON B NILSEN, 29 RUE D'ASTORG, 75008 PARIS 8 Fait l'objet du départ de Date d'effet : 29/04/2011
	01/06/2011	JAL	Modification of the share capital
Journal spécial des sociétés (Le) Date de décision : 29/04/2011 La société : 303914667 - ANTHON B NILSEN, 29 RUE D'ASTORG, 75008 PARIS 8 a subi une augmentation de son capital social désormais de 589 600 € Date d'effet : 30/05/2011
	06/03/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 487 - 303 914 667 RCS Paris. ANTHON B NILSEN. Forme : Société par actions simplifiée. Administration : nomination du Président : Moreau, Philippe, modification du Membre du conseil de surveillance Lovenskiold, Peder, nomination du Membre du conseil de surveillance : Lovenskiold, Nicolai, nomination du Membre du conseil de surveillance : Delforge, Marc, nomination du Membre du conseil de surveillance : Moreau, Philippe. Capital : 512000 EUR. Activité : . Adresse du siège social : 29 rue d'Astorg, 75008 Paris. Commentaires : modification survenue sur l'administration.
	02/02/2011	JAL	Appointment of the social representative
Journal spécial des sociétés (Le) Société faisant l'objet d'une nomination : 303914667 - ANTHON B NILSEN, 29 RUE D'ASTORG, 75008 PARIS 8 Nominé : Monsieur Nicolai, Harald LOVENSKIOLD, ANKERVEIEN 201, N-1359 EIKSMARKA En la fonction de : Membre du Conseil de Surveillance Date d'effet : 13/12/2010
	28/12/2010	JAL	Resignation / Revocation of the social representative
Journal spécial des sociétés (Le) Date de décision : 24/11/2010 La société 303914667 - ANTHON B NILSEN, 29 RUE D'ASTORG, 75008 PARIS 8 Fait l'objet du départ de Date d'effet : 24/11/2010
	01/09/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 5325 - 303914667 RCS. ANTHON B NILSEN. Forme : Société par actions simplifiée. Adresse : 29 R D ASTORG 75008 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	18/11/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 5803 - 303914667 RCS. ANTHON B NILSEN. Forme : Société par actions simplifiée. Adresse : 29 rue d'Astorg 75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	11/06/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2103 - 303 914 667 RCS Paris. ANTHON B NILSEN. Forme : Société par actions simplifiée. Capital : 512000 EUR. Adresse du siège social : 29 rue d'Astorg, 75008 Paris. Commentaires : modification survenue sur le capital (augmentation).
	21/08/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 4900 - 303914667 RCS. ANTHON B NILSEN. Forme : Société par actions simplifiée. Adresse : 29 rue d'Astorg 75008 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	04/12/2007	Bodacc C	Avis de dépôt des comptes
1701 - 303 914 667. RCS PARIS ANTHON B NILSEN. Forme: Société par actions simplifiée. Adresse du siège social: 29 rue d'Astorg 75008 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	15/10/2006	Bodacc C	Avis de dépôt des comptes
1418 - RCS Paris B 303 914 667. RC 56-B 4908. ANTHON B NILSEN. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 29, R D Astorg,Paris, 75008 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	02/10/2005	Bodacc C	Avis de dépôt des comptes
1410 - RCS Paris B 303 914 667. RC 56-B 4908. ANTHON B NILSEN. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 29, R d'Astorg,Paris, 75008 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	22/07/2004	Bodacc B	Modifications et mutations diverses
RCS Paris B 303914667 RC 56-B 4908 ANTHON B NILSEN. Forme : S.A.S. Commentaires : modification survenue sur la dénomination, la forme juridique et l'administration. Administration : modification du président : LOVENSKIOLD (Peder). Administrateurs partants : JOYS (Einar) MERANTE (Joseph) LOVENSKIOLD (Nicolai, Harald).
	04/07/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 303914667 RC 56-B 4908 ANTHON B. NILSEN S.A. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : directeur général et administrateur partant : MOREAU (Philippe).
	04/07/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 303914667 RC 56-B 4908 ANTHON B. NILSEN S.A. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : nomination d'un administrateur : LOVENSKIOLD (Nicola, Harald).
	29/07/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 303914667 RC 56-B 4908 ANTHON B. NILSEN S.A. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification du président du conseil d' administration : LOVENSKIOLD (Peder). Modification d'un administrateur : JOYS (Einar).
	29/07/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 303914667 RC 56-B 4908 ANTHON B. NILSEN S.A. Forme : S.A. Capital : 320 000 euros. Commentaires : modification survenue sur le capital ( augmentation).
	11/04/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 303914667 RC 56-B 4908 ANTHON B. NILSEN S.A. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : administrateur partant : VIGDAL (Sven). Nomination d'un administrateur : LOVENSKIOLD (Peder).
	02/03/1997	Bodacc B	Modifications et mutations diverses
RCS Paris B 303 914 667 RC 56-B 4908 ANTHON B. NILSEN S.A. Forme : S.A. Capital : 2 000 000 de F. Commentaires : modification survenue sur le capital ( augmentation).
	08/02/1996	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 303 914 667 RC RC 56- B 4908 ANTHON B. NILSEN S.A. Forme : S.A. Administration : président du conseil d' administration : JOYS (Einar) Directeur général et administrateur : MOREAU (Philippe). Administrateurs : VIGDAL (Sven) MERANTE (Joseph). Commissaire aux comptes titulaire : BUTELOT (Daniel). Commissaire aux comptes suppléant : CADERAS (Martin). Commentaires : modification survenue sur la dénomination, la forme juridique et l'administration.
	27/01/1995	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 303 914 667 RC RC 56- B 4908 ANTHON B NILSEN S.A.R.L. Forme : S. A.R.L. Capital : 800 000 F. Commentaires : modification survenue sur le capital.

Company events history

Date	Description
15/09/2014	Bodacc C : Deposit accounts notice
27/08/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2013	New accounts available
20/11/2013	Bodacc C : Deposit accounts notice
29/10/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
19/05/2013	Bodacc B: Various editing or changing
03/05/2013	New chairman (CEO, CoB)
03/05/2013	Amendment
22/04/2013	Legal Gazette: Appointment of the social representative
31/12/2012	Update of Company Activity
31/12/2012	New accounts available
31/12/2012	Modification of Company Activity
22/11/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/11/2012	Bodacc C : Deposit accounts notice
31/12/2011	New accounts available
13/07/2011	Bodacc B: Various editing or changing
12/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/07/2011	Bodacc B: Various editing or changing
28/06/2011	Updated articles of association
28/06/2011	Amendment
24/06/2011	Legal Gazette: Resignation / Revocation of the social representative
20/06/2011	Capital increase
20/06/2011	Amendment
20/06/2011	Fund deposit certificate
20/06/2011	Updated articles of association
20/06/2011	Minutes of general meeting of shareholders
30/05/2011	Update of Company Workforce
30/05/2011	Other modification of Establishment
29/04/2011	Legal Gazette: Modification of the share capital
06/03/2011	Bodacc B: Various editing or changing
18/02/2011	Appointment/resignation of company officers
18/02/2011	Appointment/resignation of company officers
18/02/2011	New chairman (CEO, CoB)
18/02/2011	New chairman (CEO, CoB)
18/02/2011	Amendment
31/12/2010	New accounts available
31/12/2010	Modification of Company Activity
31/12/2010	Update of Company Activity
28/12/2010	Legal Gazette: Resignation / Revocation of the social representative
13/12/2010	Legal Gazette: Appointment of the social representative
01/09/2010	Bodacc C : Deposit accounts notice
29/06/2010	Amendment
31/12/2009	New accounts available
18/11/2009	Bodacc C : Deposit accounts notice
11/06/2009	Bodacc B: Various editing or changing
27/05/2009	Minutes of general meeting of shareholders
27/05/2009	Fund deposit certificate
27/05/2009	Capital increase
27/05/2009	Capital increase
27/05/2009	Amendment
27/05/2009	Audit or Management Report
27/05/2009	Private document
27/05/2009	Updated articles of association
27/05/2009	Updated articles of association
27/05/2009	Minutes of general meeting of shareholders
01/04/2009	Other modification of Establishment
31/12/2008	New accounts available
10/09/2008	Collection of preferential rights activated for this company
21/08/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
06/07/2004	New chairman (CEO, CoB)
06/07/2004	Minutes of general meeting of shareholders
06/07/2004	Audit or Management Report
06/07/2004	Audit or Management Report
06/07/2004	Appointment/resignation of company officers
06/07/2004	Appointment/resignation of company officers
06/07/2004	Amendment
06/07/2004	New company name
06/07/2004	New company name
06/07/2004	New legal form – new category
06/07/2004	Private document
06/07/2004	Updated articles of association
06/07/2004	Updated articles of association
06/07/2004	Private document
06/07/2004	Minutes of general meeting of shareholders
31/12/2003	New accounts available
21/06/2002	Private document
21/06/2002	New chairman (CEO, CoB)
21/06/2002	Minutes of general meeting of shareholders
21/06/2002	Amendment
21/06/2002	Appointment/resignation of company officers
21/06/2002	Changes to the Board of Directors
13/07/2001	Updated articles of association
13/07/2001	Private document
13/07/2001	New chairman (CEO, CoB)
13/07/2001	Minutes of Board meeting
13/07/2001	Conversion of equity to euro
13/07/2001	Changes to the Board of Directors
13/07/2001	Capital increase
13/07/2001	Appointment/resignation of company officers
13/07/2001	Amendment
13/07/2001	Minutes of general meeting of shareholders
27/03/2001	Amendment
27/03/2001	Changes to the Board of Directors
27/03/2001	Appointment/resignation of company officers
27/03/2001	Private document
27/03/2001	Minutes of general meeting of shareholders
14/02/1997	Audit or Management Report
14/02/1997	Updated articles of association
14/02/1997	Private document
14/02/1997	Minutes of general meeting of shareholders
14/02/1997	Capital increase
23/01/1996	Amendment
23/01/1996	Appointment/resignation of company officers
23/01/1996	Minutes of Board meeting
23/01/1996	Minutes of general meeting of shareholders
23/01/1996	New legal form – new category
23/01/1996	Private document
23/01/1996	Sale of shares
23/01/1996	Updated articles of association
23/01/1996	New legal form – no new category
15/12/1995	Amendment
15/12/1995	Audit or Management Report
10/01/1995	Updated articles of association
10/01/1995	Minutes of general meeting of shareholders
10/01/1995	Capital increase
10/01/1995	Amendment

Establishment events history

Date	Description
31/12/2012	Modification of Head office
30/05/2011	Update of Establishment Workforce
31/12/2010	Modification of Head office
01/04/2009	Modification of Head office
25/01/2007	Update of phone numbers
21/01/2007	Update of phone numbers

Synthesized Accounts

Annual Accounts

	31/12/2013	31/12/2012	31/12/2011
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	26/08/2014	28/10/2013	20/11/2012
Activity Code	4676Z	4676Z	4676Z
Employees	10	0	11

Active account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	284,508	-16.6 %	341,210	-5.9 %	362,781	26,136	988.6 %
Intangible assets	3,247	-66.4 %	9,657	27.1 %	7,595	0	0%
Tangible assets	52,337	-24.5 %	69,332	-10.0 %	77,066	7,955	557.9 %
Financial assets	228,924	-13.3 %	264,127	-5.7 %	280,026	1,110	20523.8 %
Net current assets	9,535,218	-23.9 %	12,537,225	17.2 %	10,694,809	308,599	2989.8 %
Stocks	232,714	117.1 %	107,200	-34.0 %	162,331	32,543	615.1 %
Advanced payments	101,944	-19.8 %	127,133	-50.8 %	258,343	0	0%
Receivables	7,774,602	-24.1 %	10,244,818	29.2 %	7,930,416	141,883	5379.6 %
Securities and cash	1,425,958	-30.7 %	2,058,074	-12.2 %	2,343,719	43,892	3148.8 %
Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	80,210	-51.2 %	164,267	155.1 %	64,396	0	0%
Total Assets	9,899,935	-24.1 %	13,042,703	17.3 %	11,121,984	394,031	2412.5 %

Passive Account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Shareholders' equity	2,875,522	-8.7 %	3,149,204	-16.4 %	3,767,504	123,866	2221.5 %
Share capital	589,600	0%	589,600	0%	589,600	23,000	2463.5 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	221,627	-40.8 %	374,624	168.7 %	139,445	0	0%
Liabilities	6,777,876	-28.4 %	9,460,337	35.6 %	6,976,849	188,029	3504.7 %
Financial liabilities	17,026	-96.5 %	486,916	2575.1 %	18,202	14,851	14.6 %
Advanced payments received	918	-32.4 %	1,357	-50.1 %	2,717	0	0%
Trade account payables	6,531,887	-24.6 %	8,667,255	29.9 %	6,670,421	77,769	8299.1 %
Tax and social liabilities	228,045	-16.3 %	272,483	-0.3 %	273,289	54,978	314.8 %
Other debts and fixed assets liabilities	24,910	-72.6 %	90,866	-63.7 %	250,405	4,411	464.7 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	9,899,935	-24.1 %	13,042,703	17.3 %	11,121,984	394,031	2412.5 %

Results

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Sales of Goods	49,293,330	-6.1 %	52,477,436	-17.9 %	63,948,328	663,339	7331.1 %
Net turnover	49,259,059	-6.0 %	52,403,313	-17.9 %	63,858,170	650,674	7470.5 %
of which net export turnover	42,818,218	-11.1 %	48,173,572	-17.2 %	58,210,892	0	0%
Operating charges	49,737,034	-5.8 %	52,787,233	-17.4 %	63,933,158	644,170	7621.1 %
Operating profit/loss	-443,704	-43.2 %	-309,797	-2142.2 %	15,170	15,888	-2892.7 %
Financial income	901,789	15.6 %	779,885	-42.3 %	1,351,418	115	784064.3 %
Financial charges	725,085	-26.3 %	984,057	-1.7 %	1,000,682	877	82577.9 %
Financial profit/loss	176,704	186.5 %	-204,172	-158.2 %	350,736	-78	226643.6 %
Pretax net operating income	-267,000	48.1 %	-513,969	-240.5 %	365,906	15,288	-1846.5 %
Extraordinary income	0	0%	0	0%	0	2	0%
Extraordinary charges	6,682	0%	0	0%	62,250	155	4211.0 %
Extraordinary profit/loss	-6,682	0%	0	0%	-62,250	0	0%
Net result	-273,682	46.8 %	-513,970	-323.1 %	230,404	13,350	-2150.1 %

Accounts – Active

Normal Account

	31/12/2013	31/12/2012	31/12/2011
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Grand Total (I to VI)	Net	9,899,935	-24.1 %	13,042,703	17.3 %	11,121,984
Gross	CO	10,933,748	-22.4 %	14,083,316	16.1 %	12,126,395
Amortisation	1A	1,033,813	-0.7 %	1,040,613	3.6 %	1,004,411

Non declared distributed capital (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Active fixed asset (II)	Net	284,508	-16.6 %	341,210	-5.9 %	362,781
Gross	BJ	1,076,901	-3.2 %	1,112,104	0.2 %	1,110,410
Amortisation	BK	792,393	2.8 %	770,894	3.1 %	747,629

Intangible fixed assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	3,247	-58.1 %	7,751	36.3 %	5,686
Gross	AF	286,913	0%	286,913	2.5 %	279,805
Amortisation	AG	283,667	1.6 %	279,162	1.8 %	274,119
Goodwill	Net	0	0%	1,906	-0.2 %	1,909
Gross	AH	1,906	0%	1,906	-0.2 %	1,909
Amortisation	AI	1,906	0%	1,906	0%	1,906
Other intangible fixed assets	Net	0	0%	0	0%	0
Gross	AJ	0	0%	0	0%	0
Amortisation	AK	0	0%	0	0%	0
Pre-payments and downpayments	Net	0	0%	0	0%	0
Gross	AL	0	0%	0	0%	0
Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible asset	Net	3,247	-66.4 %	9,657	27.1 %	7,595

Tangilble fixed assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	0	0%	0	0%	0
Gross	AP	0	0%	0	0%	0
Amortisation	AQ	0	0%	0	0%	0
Plant	Net	0	0%	0	0%	0
Gross	AR	0	0%	0	0%	0
Amortisation	AS	0	0%	0	0%	0
Other tangible fixed assets	Net	52,337	-24.5 %	69,332	-10.0 %	77,066
Gross	AT	478,800	0%	478,800	2.2 %	468,312
Amortisation	AU	426,463	4.2 %	409,468	4.7 %	391,246
Fixed assets in construction	Net	0	0%	0	0%	0
Gross	AV	0	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	52,337	-24.5 %	69,332	-10.0 %	77,066

Financial assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	170,426	0%	170,426	0%	170,426
Gross	CU	250,784	0%	250,784	0%	250,784
Amortisation	CV	80,358	0%	80,358	0%	80,358
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	58,498	-37.6 %	93,701	-14.5 %	109,600
Gross	BH	58,498	-37.6 %	93,701	-14.5 %	109,600
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	228,924	-13.3 %	264,127	-5.7 %	280,026

Current Assets (III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Assets	Net	9,535,218	-23.9 %	12,537,225	17.2 %	10,694,809
Gross	CJ	9,776,637	-23.7 %	12,806,946	16.9 %	10,951,592
Amortisation	CK	241,420	-10.5 %	269,721	5.0 %	256,783

Stocks

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Raw materials	Net	0	0%	0	0%	0
Gross	BL	0	0%	0	0%	0
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	0	0%	0	0%	0
Gross	BN	0	0%	0	0%	0
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	232,714	117.1 %	107,200	-34.0 %	162,331
Gross	BT	248,841	105.6 %	121,038	-31.3 %	176,169
Amortisation	BU	16,128	16.5 %	13,838	0%	13,838
Sub Total Stocks	Net	232,714	117.1 %	107,200	-34.0 %	162,331

Advance payments to suppliers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Advance payments to suppliers	Net	101,944	-19.8 %	127,133	-50.8 %	258,343
Gross	BV	101,944	-19.8 %	127,133	-50.8 %	258,343
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Trade accounts receivable	Net	7,075,396	-23.2 %	9,210,533	29.3 %	7,122,212
Gross	BX	7,075,396	-23.2 %	9,210,533	29.3 %	7,122,212
Amortisation	BY	0	0%	0	0%	0
Other debtors	Net	629,636	-37.7 %	1,010,775	28.3 %	787,703
Gross	BZ	854,928	-32.5 %	1,266,658	22.9 %	1,030,648
Amortisation	CA	225,292	-12.0 %	255,883	5.3 %	242,945
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	7,705,032	-24.6 %	10,221,308	29.2 %	7,909,915

Divers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Investment securities	Net	0	0%	300,000	0%	300,000
Gross	CD	0	0%	300,000	0%	300,000
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	1,425,958	-18.9 %	1,758,074	-14.0 %	2,043,719
Gross	CF	1,425,958	-18.9 %	1,758,074	-14.0 %	2,043,719
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	1,425,958	-30.7 %	2,058,074	-12.2 %	2,343,719

Prepaid expenses

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid expenses	Net	69,570	195.9 %	23,510	14.7 %	20,501
Gross	CH	69,570	195.9 %	23,510	14.7 %	20,501
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	80,210	-51.2 %	164,267	155.1 %	64,396
Gross		80,210	-51.2 %	164,267	155.1 %	64,396

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Grand Total (I to V)	EE	9,899,935	-24.1 %	13,042,703	17.3 %	11,121,984

Shareholder Equity (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total shareholders' equity (Total I)	DL	2,875,522	-8.7 %	3,149,204	-16.4 %	3,767,504
Equity and shareholders' equity	DA	589,600	0%	589,600	0%	589,600
Issue and merger premiums	DB	710,555	0%	710,555	0%	710,555
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	58,960	0%	58,960	24.9 %	47,200
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	274,408	0%	274,408	0%	0
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	0	0%	0	0%	274,408
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	1,515,680	-25.3 %	2,029,651	6.0 %	1,915,337
Profit or loss for the period	DI	-273,682	46.8 %	-513,970	-323.1 %	230,404
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total provisions for risks and charges (Total III)	DR	221,627	-40.8 %	374,624	168.7 %	139,445
Risk provisions	DP	221,627	-40.8 %	374,624	168.7 %	139,445
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Liabilities (Total IV)	EC	6,777,876	-28.4 %	9,460,337	35.6 %	6,976,849
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	2,914	-99.4 %	472,804	10241.3 %	4,572
Sundry loans and financial liabilities	DV	14,112	0%	14,112	3.5 %	13,630
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	918	-32.4 %	1,357	-50.1 %	2,717
Trade accounts payables	DX	6,531,887	-24.6 %	8,667,255	29.9 %	6,670,421
Tax and social security liabilities	DY	228,045	-16.3 %	272,483	-0.3 %	273,289
Fixed asset liabilities	DZ	0	0%	16,353	0%	0
Other debts	EA	0	0%	15,973	30.7 %	12,220

Translation loss (V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Translation loss (Total V)	ED	24,910	-57.4 %	58,540	-75.4 %	238,185

Equalization accounts

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating result (Total I-II)	GG	-443,704	-43.2 %	-309,797	-2142.2 %	15,170

2 - Financial result (V-VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Financial result (Total V-VI)	GV	176,704	186.5 %	-204,172	-158.2 %	350,736

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-267,000	48.1 %	-513,969	-240.5 %	365,906

4 - Extraordinary result (VII-VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Extraordinary result (Total VII-VIII)	HI	-6,682	0%	0	0%	-62,250

Profit or loss

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Profit or loss	HN	-273,682	46.8 %	-513,970	-323.1 %	230,404

Total Income (I+III+V+VII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Income (Total I+III+V+VII)	HL	50,195,119	-5.7 %	53,257,321	-18.4 %	65,299,746

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	50,468,801	-6.1 %	53,771,290	-17.4 %	65,069,343

Operating income (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating income (Total I)	FR	49,293,330	-6.1 %	52,477,436	-17.9 %	63,948,328

Operating income (details)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Sale of goods for resale	FC	49,259,059	-6.0 %	52,403,313	-17.9 %	63,858,170
France	FA	6,440,841	52.3 %	4,229,741	-25.1 %	5,647,278
Export	FB	42,818,218	-11.1 %	48,173,572	-17.2 %	58,210,892
Sale of goods produced	FF	0	0%	0	0%	0
France	FD	0	0%	0	0%	0
Export	FE	0	0%	0	0%	0
Sale of services	FI	0	0%	0	0%	0
France	FG	0	0%	0	0%	0
Export	FH	0	0%	0	0%	0
Net turnover	FL	49,259,059	-6.0 %	52,403,313	-17.9 %	63,858,170
France	FJ	6,440,841	52.3 %	4,229,741	-25.1 %	5,647,278
Export	FK	42,818,218	-11.1 %	48,173,572	-17.2 %	58,210,892
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	0
Release of reserves and provisions	FP	12,668	-26.6 %	17,250	-66.0 %	50,705
Other income	FQ	21,604	-62.0 %	56,873	44.2 %	39,453

Operating charges (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating charges (Total II)	GF	49,737,034	-5.8 %	52,787,233	-17.4 %	63,933,158

Exploitation charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Purchase of goods for resale	FS	37,756,694	-3.7 %	39,202,359	-22.4 %	50,545,513
Change in stocks of goods for resale	FT	-127,803	-331.8 %	55,131	-85.9 %	391,496
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	10,977,363	-9.0 %	12,062,485	3.4 %	11,667,084
Tax, duty and similar payments	FX	106,171	-10.6 %	118,698	-4.7 %	124,528
Payroll	FY	640,458	-22.2 %	823,038	3.4 %	796,168
Social security costs	FZ	360,343	-13.5 %	416,526	10.8 %	375,895

Depreciation

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Depreciation of fixed assets	GA	21,500	-7.9 %	23,341	-0.9 %	23,559
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	2,290	0%	0	0%	974
Provisions for risks and charges	GD	0	0%	82,246	0%	0

Other charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Other charges	GE	18	-99.5 %	3,409	-57.1 %	7,941

Operating charges (III-IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total financial income (Total V)	GP	901,789	15.6 %	779,885	-42.3 %	1,351,418
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	44,847	130.9 %	19,420	19.0 %	16,313
Released provisions and transferred charges	GM	183,522	0%	0	0%	166,956
Exchange gains	GN	673,420	-11.4 %	760,465	-34.9 %	1,168,149
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial charge (VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total financial charge (Total VI)	GU	725,085	-26.3 %	984,057	-1.7 %	1,000,682
Financial reserves and provisions	GQ	0	0%	165,870	0%	0
Interest and similar charges	GR	24,640	36.7 %	18,027	-42.6 %	31,393
Exchange losses	GS	700,445	-12.5 %	800,160	-17.4 %	969,289
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary income (Total VII)	HD	0	0%	0	0%	0
Extraordinary operating income	HA	0	0%	0	0%	0
Extraordinary income from capital transactions	HB	0	0%	0	0%	0
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary charges (Total VIII)	HH	6,682	0%	0	0%	62,250
Extraordinary operating charges	HE	6,682	0%	0	0%	0
Extraordinary charges from capital transactions	HF	0	0%	0	0%	62,250
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Tax on profits (Total X)	HK	0	0%	0	0%	73,253

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	0	0%	0	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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	114,253	0%	0	0%	148,502
Gross value at the end of period	OL	1,076,901	0%	0	0%	1,110,407

Research and development Charge (Total I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	KD	288,819	0%	0	0%	281,710
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	0
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	288,819	0%	0	0%	281,710

Tangible fixed assets (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LN	478,800	0%	0	0%	453,309
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	0	0%	0	0%	15,003
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	0	0%	0	0%	0
Gross value at the end of period	NH	478,800	0%	0	0%	468,312

Financial assets (Total IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LQ	344,485	0%	0	0%	504,180
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	79,050	0%	0	0%	4,707
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	114,253	0%	0	0%	148,502
Gross value at the end of period	NK	309,282	0%	0	0%	360,385

Reserve for depreciation

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	PE	281,067	0%	0	0%	271,708
Increases	PF	4,505	0%	0	0%	4,317
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	285,572	0%	0	0%	276,025

Total fixed assets amotisation (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	QU	409,468	0%	0	0%	372,004
Increases	QV	16,995	0%	0	0%	19,242
Decreases	QW	0	0%	0	0%	0
Decreasess by budget item transfer	QX	426,463	0%	0	0%	391,246

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	7C	724,702	0%	0	0%	676,022
Increases	UB	2,290	0%	0	0%	974
Decreases	UC	183,588	0%	0	0%	200,411
Value at the end of period	UD	543,404	0%	0	0%	476,585

Includes Total allocations

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating	UE	2,290	0%	0	0%	974
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating	UF	65	0%	0	0%	33,455
Financial	UH	183,522	0%	0	0%	166,956
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	3Z	0	0%	0	0%	0
Increases	TS	0	0%	0	0%	0
Decreases	TT	0	0%	0	0%	0
Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	5Z	374,624	0%	0	0%	223,585
Increases	TV	0	0%	0	0%	0
Decreases	TW	152,997	0%	0	0%	84,140
Value at the end of period	TX	221,627	0%	0	0%	139,445

Total Provision for depreciation (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	7B	350,078	0%	0	0%	452,436
Increases	TY	2,290	0%	0	0%	974
Decreases	TZ	30,591	0%	0	0%	116,271
Value at the end of period	UA	321,778	0%	0	0%	337,139

State deadlines claims and debts at the end of period

State claims

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value	VT	8,058,391	0%	0	0%	8,282,961
1 year at most	VU	7,813,754	0%	0	0%	8,020,478
More than one year	VV	244,637	0%	0	0%	262,483

State of loans

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	58,498	0%	0	0%	109,600
Other financial assets (1 year at most)	UV	0	0%	0	0%	29,840

Receivables statement of assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	7,075,396	0%	0	0%	7,122,212
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	1,425	0%	0	0%	5,239
Income taxes	VM	186,139	0%	0	0%	182,723
Value added tax	VB	297,940	0%	0	0%	575,021
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	15,950	0%	0	0%	0
Group and Associates	VC	353,473	0%	0	0%	267,664
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	0	0%	0

Prepaid

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid	VS	69,570	0%	0	0%	20,501

State Debt

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total debt (gross)	VY	6,776,957	0%	0	0%	6,974,132
1 year at most	VZ2	6,776,957	0%	0	0%	6,974,132
More than 1 year and 5 years at most	VZ3	0	0%	0	0%	0
More than 5 years	VZ4	0	0%	0	0%	0

Details

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	2,914	0%	0	0%	4,572
1 year at most	VG2	2,914	0%	0	0%	4,572
More than 1 year and 5 years at most	VG3	0	0%	0	0%	0
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most	VH2	0	0%	0	0%	0
More than 1 year and 5 years at most	VH3	0	0%	0	0%	0
Loans and various financial liabilities (gross)	8A1	14,112	0%	0	0%	0
1 year at most	8A2	14,112	0%	0	0%	0
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	6,531,887	0%	0	0%	6,670,421
1 year at most	8B2	6,531,887	0%	0	0%	6,670,421
More than 1 year and 5 years at most	8B3	6,531,887	0%	0	0%	6,670,421
Personnel and associated accounts (gross)	8C1	72,987	0%	0	0%	73,780
1 year at most	8C2	72,987	0%	0	0%	73,780
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	119,337	0%	0	0%	114,098
1 year at most	8D2	119,337	0%	0	0%	114,098
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most	8E2	0	0%	0	0%	0
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	0	0%	0	0%	10,437
1 year at most	VW2	0	0%	0	0%	10,437
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	35,720	0%	0	0%	74,974
1 year at most	VQ2	35,720	0%	0	0%	74,974
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most	8J2	0	0%	0	0%	0
More than 1 year and 5 years at most	8J3	0	0%	0	0%	0
More than 5 years	8J4	0	0%	0	0%	0
Groups and associates (gross)	VI1	0	0%	0	0%	13,630
1 year at most	VI2	0	0%	0	0%	13,630
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	0	0%	0	0%	12,220
1 year at most	8K2	0	0%	0	0%	12,220
More than 1 year and 5 years at most	8K3	0	0%	0	0%	0
Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most	SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most	SZ3	0	0%	0	0%	0
Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most	8L2	0	0%	0	0%	0
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information

Dividends distributed

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Average number of employees	YP	10	0%	0	0%	11

Groups and Shareholders

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Groups and Shareholders	ZR	0	-	-	-	-

Ratios

Structure and Liquidity

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Fixed Asset Financing	3.63	-15.6 %	4.30	2.1 %	4.21	2.72	33.5 %
Global Debt	50 days	-23.1 %	65 days	66.7 %	39 days	96 days	-47.9 %
Working Capital Fund overall net	21 days	-16.0 %	25 days	25.0 %	20 days	65 days	-67.7 %
Financial independence	16,889.01 %	2511.3 %	646.77 %	-96.9 %	20,698.30 %	237.99 %	6996.5 %
Solvability	29.05 %	20.3 %	24.15 %	-28.7 %	33.87 %	39.59 %	-26.6 %
Capacity debt futures	98,679.55 %	-	-	-	82,403.85 %	1,874.40 %	5164.6 %
Coverage of current assets by net working capital overall	29.15 %	3.9 %	28.05 %	-11.6 %	31.72 %	46.74 %	-37.6 %
General Liquidity	1.15	-	-	-	1.15	0.80	43.8 %
Restricted Liquidity	1.36	-	-	-	1.49	1.17	16.2 %

Management or rotation

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Need background in operating working capital	9 days	-10.0 %	10 days	25.0 %	8 days	30 days	-69.5 %
Treasury	10 days	-28.6 %	14 days	7.7 %	13 days	13 days	-23.1 %
Inventory turnover of goods	2 days	100.0 %	1 days	0%	1 days	45 days	-95.6 %
Average length of credit granted to customers	52 days	-17.5 %	63 days	57.5 %	40 days	58 days	-10.3 %
Average length of credit obtained suppliers	48 days	-21.3 %	61 days	60.5 %	38 days	55 days	-11.9 %
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	822 days	-
Rotation tangible assets	10,288.02 %	-	-	-	13,635.82 %	1,691.77 %	508.1 %

Profitability of the business

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Margin trading	23.61 %	-5.9 %	25.09 %	24.0 %	20.23 %	25.29 %	-6.6 %
Profitability of the business	-0.92 %	-76.9 %	-0.52 %	-642.9 %	-0.07 %	3.54 %	-126.0 %
Net profit	-0.56 %	42.9 %	-0.98 %	-372.2 %	0.36 %	2.04 %	-127.5 %
Growth rate of turnover (excluding VAT)	-6.00 %	66.6 %	-17.94 %	-241.8 %	12.65 %	-0.68 %	-782.4 %
Rates integration	1.33 %	-35.7 %	2.07 %	5.6 %	1.96 %	18.14 %	-92.7 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	153.31 %	34.0 %	114.42 %	22.4 %	93.46 %	66.20 %	131.6 %
Weight interests	1.47 %	-21.8 %	1.88 %	19.7 %	1.57 %	0.17 %	764.7 %

Return on capital

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Cash flow from the overall profitability	-0.88 %	-41.9 %	-0.62 %	-444.4 %	0.18 %	2.89 %	-130.4 %
Rates of economic profitability	-16.00 %	-100.0 %	-8.00 %	-700.0 %	-1.00 %	14.00 %	-214.3 %
Financial profitability	2,875,522.00 %	-8.7 %	3,149,204.00 %	-16.4 %	3,767,504.00 %	99,282.00 %	2796.3 %
Return on investment	15.61 %	20.7 %	12.93 %	-60.2 %	32.52 %	10.54 %	48.1 %

Management intermediate balances

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Turnover	49,259,059	-6.0 %	52,403,313	-17.9 %	63,858,170	650,674	7470.5 %

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Sales of goods	49,259,059	-6.0 %	52,403,313	-17.9 %	63,858,170		-
- Purchase of goods	37,756,694	-3.7 %	39,202,359	-22.4 %	50,545,513		-
+/- Stock of goods variation	-127,803	-331.8 %	55,131	-85.9 %	391,496		-
Trading margin	11,630,168 €	-11.5 %	13,145,823 €	1.7 %	12,921,161 €	142,213 €	8078.0 %
	23.61 % CA	-5.9 %	25.09 % CA	24.0 %	20.23 % CA	26.42 % CA	-10.6 %

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Sale of goods produced	0	0%	0	0%	0		-
+/- Stocked production	0	0%	0	0%	0		-
+ Self-constructed assets	0	0%	0	0%	0		-
Period production	0 €	0%	0 €	0%	0 €	16,280 €	0%
	0.00 % CA	0%	0.00 % CA	0%	0.00 % CA	2.37 % CA	0%

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Trading margin	11,630,168	-11.5 %	13,145,823	1.7 %	12,921,161	142,213	8078.0 %
+ Period Production	0	0%	0	0%	0	16,280	0%
- Purchase of raw materials	0	0%	0	0%	0		-
+/- Change in stocks of raw materiels	0	0%	0	0%	0		-
- Other external purchases and charges	10,977,363	-9.0 %	12,062,485	3.4 %	11,667,084		-
Added value	652,805 €	-39.7 %	1,083,338 €	-13.6 %	1,254,077 €	132,023 €	394.5 %
	1.33 % CA	-35.7 %	2.07 % CA	5.6 %	1.96 % CA	18.14 % CA	-92.7 %

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Added value	652,805 €	-39.7 %	1,083,338 €	-13.6 %	1,254,077 €	132,023 €	394.5 %
+ Operating grants	0	0%	0	0%	0		-
- Tax, duty and similar payments	106,171	-10.6 %	118,698	-4.7 %	124,528		-
- Personal charges	1,000,801	-19.3 %	1,239,564	5.8 %	1,172,063		-
Gross operating surplus	-454,167 €	-65.2 %	-274,924 €	-546.7 %	-42,514 €	20,438 €	-2322.2 %
	-0.92 % CA	-76.9 %	-0.52 % CA	-642.9 %	-0.07 % CA	3.54 % CA	-126.0 %

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Gross operating surplus	-454,167 €	-65.2 %	-274,924 €	-546.7 %	-42,514 €	20,438 €	-2322.2 %
+ Release of reserves and provisions	12,668	-26.6 %	17,250	-66.0 %	50,705		-
+ Other operating income	21,604	-62.0 %	56,873	44.2 %	39,453		-
- Depreciation/ Amortisation	23,790	-77.5 %	105,587	330.4 %	24,533		-
- Other charges	18	-99.5 %	3,409	-57.1 %	7,941		-
Operating result	-443,703 €	-43.2 %	-309,797 €	-2142.2 %	15,170 €	15,888 €	-2892.7 %
	-0.90 % CA	-52.5 %	-0.59 % CA	-3050.0 %	0.02 % CA	2.62 % CA	-134.4 %

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Operating result	-443,703 €	-43.2 %	-309,797 €	-2142.2 %	15,170 €	15,888 €	-2892.7 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0		-
+ Financial income	901,789	15.6 %	779,885	-42.3 %	1,351,418		-
- Financial charges	725,085	-26.3 %	984,057	-1.7 %	1,000,682		-
Pre-tax result	-266,999 €	48.1 %	-513,969 €	-240.5 %	365,906 €	15,288 €	-1846.5 %
	-0.54 % CA	44.9 %	-0.98 % CA	-271.9 %	0.57 % CA	2.52 % CA	-121.4 %

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Extraordinary income	0	0%	0	0%	0	2	0%
- Extraordinary charges	6,682	0%	0	0%	62,250		-
Extraordinary result	-6,682 €	0%	0 €	0%	-62,250 €	0 €	0%
	-0.01 % CA	0%	0.00 % CA	0%	-0.10 % CA	0.00 % CA	0%

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Pre-tax result	-266,999 €	48.1 %	-513,969 €	-240.5 %	365,906 €	15,288 €	-1846.5 %
Extraordinary result	-6,682 €	0%	0 €	0%	-62,250 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	0	0%	0	0%	73,253		-
Net result	-273,681 €	46.8 %	-513,969 €	-323.1 %	230,403 €	13,239 €	-2167.2 %
	-0.56 % CA	42.9 %	-0.98 % CA	-372.2 %	0.36 % CA	2.03 % CA	-127.6 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.92
UK Pound	1	Rs. 93.57
Euro	1	Rs. 67.34

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	DPT

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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