MIRA INFORM REPORT

Report No. :	302794
Report Date :	22.01.2015

IDENTIFICATION DETAILS

Name :	IGRECA
Registered Office :	Za Les Mulottieres 49140 Seiches Sur Le Loir
Country :	France
Financials (as on) :	31.12.2009
Date of Incorporation :	April 1957
Com. Reg. No.:	057 200 933
Legal Form :	Simplified Joint Stock Company
Line of Business :	Subject is manufacture of other food products
No. of Employees :	100 to 199 Employees

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
France	A1	A1

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

FRANCE - ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With 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 Summary

		EUR VAT Number	FR14057200933
Activity (APE)	Manufacture of other food products. (1089Z)	Legal form	Simplified joint stock company
Phone	02 41 21 14 00	RCS Registration	RCS Angers 9 057 200 933
Fax	02 41 21 14 00	Share capital	2,000,000 Euros
Address	IGRECA ZA LES MULOTTIERES 49140 SEICHES SUR LE LOIR	Incorporated Date	04/1957
Nationality	France	Status	Economically active

Ultimate Holding Company

Company Name Company number

IGRECA 057200933

Current Directors		2
Trading to Date Turnover Gross Operating Surplus Shareholders' equity Net result Employees	12/31/2009 70,705,278 € 6.86 % Turnover 17,799,194 € 2,488,220 € 100 to 199 employees	12/31/2008 78,162,487 € 12.25 % Turnover 16,998,026 € 5,089,687 € -	12/31/2007 63,509,034 € 6.57 % Turnover 13,297,665 € 2,418,945 € -

Company Information

Company details

Activity (APE)	Manufacture of other food products. (1089Z)
RCS Registration	RCS Angers 9 057 200 933	Share capital	2,000,000 Euros
Registration Court	Angers (49)	Legal form	Simplified joint stock
			company
Court Registry Number	19 9 8B40117	EUR VAT Number	FR14057200933
Incorporation Date	04/1957	Formation Date	01/1957
Deregistration Date		Last account Date	31/12/2009
Nationality	France

	2 ultimate parent company for this company
	> TERRENA - Commerce de gros (commerce interentreprises) d'animaux
Ultimate Parent	vivants (4623Z) in ANCENIS (44150)
	> IGRECA - Manufacture of other food products (1089Z) in SEICHES
	SUR LE LOIR (49140)

Establishment details

Activity (APE)	Manufacture of other food products (1089Z)	Business Pages FT®	OEUFS (PRODUCTION, GROS)
Postal Address	IGRECA ZA LES MULOTTIERES 49140 SEICHES SUR LE LOIR	Trading Address	ZA LES MULOTTIERES 49140 SEICHES SUR LE LOIR
Telephone	02 41 21 14 00
Fax	02 41 21 14 00
Type	Head office (one site company)	Status	Economically active
Formation Date	07/1997	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Maine-et-Loire (49)	Region	Pays de La Loire
District	1	Area	31
City	SEICHES SUR LE LOIR	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	> IGRECA <<< - Manufacture of other food products (1089Z) in SEICHES SUR LE LOIR (49140)
Secondary establishments

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

Workforces

Workforce at address

100 to 199 employees

Company workforce

100 to 199 employees

Accounts Synthesized Accounts

Display parameter
Currency	Euro
Comparison mode	Median

Annual Accounts	31/12/2009		31/12/2008	31/12/2007
Account period (month)		12	12		12
Account Type	Normal		Normal	Normal
Date of capture	13/10/2010		01/09/2010		-
Activity Code	1089Z		1089Z	1089Z
Employees		0	108		0

Active account

Annual Accounts	31/12/2009		31/12/2008	31/12/2007	Median 2009
Capital not called	0	0%	0 0%	0	0	0%
Total fixed assets	5,157,009	-4.5%	5,401,962 -6.8%	5,797,925	93,651	5406.6%
- Intangible assets	1,804	-7.2%	1,943 283.2%	507	3,659	-50.7%
- Tangible assets	4,666,622	-13.5%	5,397,697 -6.9%	5,795,095	58,212	7916.6%
- Financial assets	488,583	20941.5%	2,322 0%	2,322	1,500	32472.2%
Net current assets	23,139,921	-9.1%	25,449,043 33.3%	19,094,032	249,193	9185.9%
- Stocks	8,191,057	2.1%	8,024,472 2.1%	7,862,580	50,036	16270.3%
- Advanced payments	0	-9.1%	846 0%	0	0	0%
- Receivables	10,111,938	-8.3%	11,025,905 -0.3%	11,056,350	122,155	8178.0%
- Securities and cash	4,836,926	-24.4%	6,397,820 3553.8%	175,102	27,699	17362.5%
- Prepaid expenses	-	-	-	-	97.50	-
Accounts of regularization	0	0%	0 0%	0	0	0%
Total Assets	28,296,933	-8.3%	30,851,005 23.9%	24,891,957	400,572	6964.1%

Passive Account

						Sector
Annual Accounts	31/12/2009		31/12/2008		31/12/2007	Median 2009
Shareholders' equity	17,799,194	4.7%	16,998,026	27.8%	13,297,665	95,238	18589.2%
Share capital	2,000,000	0%	2,000,000	0%	2,000,000	37,350	5254.8%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	420,250	53.8%	273,250	55.2%	176,111	0	0%
Liabilities	10,077,488	-25.8%	13,579,728	18.9%	11,418,180	273,340	3586.8%
- Financial liabilities	2,466,998	-29.3%	3,490,303	-14.0%	4,058,978	65,232	3681.9%
- Advanced payments received	80,626	78.6%	45,145	410.5%	8,844	0	0%
- Trade account payables	5,623,975	-5.3%	5,936,851	14.4%	5,189,225	63,432	8766.1%
- Tax and social liabilities	1,532,762	-60.3%	3,859,313	99.3%	1,936,883	64,544	2274.8%
- Other debts and fixed assets liabilities	373,127	50.4%	248,116	10.6%	224,250	10,898	3323.8%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	28,296,933	-8.3%	30,851,005	23.9%	24,891,957	400,573	6964.1%

Results

Annual Accounts	31/12/2009		31/12/2008		31/12/2007	Sector Median 2009
Sales of Goods	70,942,098	-9.6%	78,461,604	20.2%	65,296,484	637,743	11023.9%
Net turnover	70,705,278	-9.5%	78,162,487	23.1%	63,509,034	574,073	12216.4%
- of which net export turnover	44,828,065	-10.1%	49,844,596	23.4%	40,387,503	0	0%
Operating charges	67,121,466	-4.1%	70,016,836	12.2%	62,415,020	646,421	10283.6%
Operating profit/loss	3,820,632	-54.8%	8,444,768	193.1%	2,881,464	11,656	32678.2%
Financial income	98,001	-23.0%	127,325	211.6%	40,868	27	362866.7%
Financial charges	138,832	-32.3%	204,948	-5.2%	216,145	3,448	3926.5%
Financial profit/loss	-40,831	47.4%	-77,623	55.7%	-175,277	-1,517	-2591.6%
Pretax net operating income	3,779,801	-54.8%	8,367,145	209.2%	2,706,187	9,375	40217.9%
Extraordinary income	173,430	67.7%	103,404	-93.8%	1,655,479	961	17946.8%
Extraordinary charges	172,850	30.8%	132,196	-70.4%	446,544	851	20211.4%
Extraordinary profit/loss	580	102.0%	-28,792	-102.4%	1,208,935	0	0%
Net result	2,488,220	-51.1%	5,089,687	110.4%	2,418,945	11,250	22017.5%

Display parameter
Currency	Euro

Normal Account	31/12/2009	31/12/2008	31/12/2007
Months	12	12	12

Accounts - Active

Grand Total - Passive Accounts (I to IV)

		31/12/2009		31/12/2008		31/12/2007
Grand Total (I to VI)	Net	28,296,933	-8.3%	30,851,005	23.9%	24,891,957
Gross	CO	45,503,528	-3.5%	47,161,650	17.3%	40,213,817
Amortisation	1A	17,206,595	5.5%	16,310,645	6.5%	15,321,860

Non declared distributed capital (I)

		31/12/2009		31/12/2008		31/12/2007
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	-	0

Active fixed asset (II)

		31/12/2009		31/12/2008		31/12/2007
Total Active fixed asset (II) Net		5,157,009	-4.5%	5,401,962	-6.8%	5,797,925
Gross	BJ	22,155,116	2.9%	21,531,518	2.8%	20,955,207
Amortisation	BK	16,998,107	5.4%	16,129,556	6.4%	15,157,282

Intangible fixed assets

		31/12/2009		31/12/2008		31/12/2007
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	0	0%	0	0%	0
Gross	AF	0	0%	0	0%	0
Amortisation	AG	0	0%	0	0%	0
Goodwill	Net	457	0%	457	0%	457
Gross	AH	457	0%	457	0%	457
Amortisation	Al	0	0%	0	0%	0
Other intangible fixed assets	Net	1,347	-9.4%	1,486	2872.0%	50
Gross	AJ	145,192	1.4%	143,152	2.5%	139,693
Amortisation	AK	143,845	1.5%	141,666	1.4%	139,643
Pre-payments and downpayments	Net	0	0%	0	0%	0
Gross	AL	0	0%	0	0%	0
Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible Assets Net		1,804	-7.2%	1,943	283.2%	507

Tangible fixed assets

		31/12/2009		31/12/2008		31/12/2007
Lands	Net	35,773	-12.5%	40,879	-11.8%	46,324
Gross	AN	148,952	0%	148,952	0%	148,952
Amortisation	AO	113,179	4.7%	108,073	5.3%	102,628
Buildings	Net	1,714,364	-5.6%	1,815,479	-2.1%	1,854,434
Gross	AP	3,484,883	1.7%	3,425,464	3.4%	3,312,425
Amortisation	AQ	1,770,519	10.0%	1,609,985	10.4%	1,457,991
Plant	Net	2,855,761	-16.5%	3,421,129	-9.9%	3,796,500
Gross	AR	17,504,218	0.8%	17,357,298	2.5%	16,933,292
Amortisation	AS	14,648,457	5.1%	13,936,169	6.1%	13,136,792
Other tangible fixed assets	Net	57,570	127.0%	25,362	-32.6%	37,617
Gross	AT	373,569	5.9%	352,917	0.3%	351,737
Amortisation	AU	315,999	-3.5%	327,555	4.3%	314,120
Fixed assets in construction	Net	3,154	-96.7%	94,848	57.5%	60,220
Gross	AV	3,154	-96.7%	94,848	57.5%	60,220
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	4,666,622		5,397,697		5,795,095

Financial assets

		31/12/2009		31/12/2008		31/12/2007
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	486,261	0%	0	0%	0
Gross	CU	492,369	7961.1%	6,108	0%	6,108
Amortisation	CV	6,108	0%	6,108	0%	6,108
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0		0		0
Other financial assets	Net	2,322	0%	2,322	0%	2,322
Gross	BH	2,322	0%	2,322	0%	2,322
Amortisation	Bl	0	0%	0	0%	0
Sub Total Financial Assets		488,583		2,322		2,322

Current Assets (III)

		31/12/2009		31/12/2008		31/12/2007
Total Assets	Net	23,139,921	-9.1%	25,449,043	33.3%	19,094,032
Gross	CJ	23,348,411	-8.9%	25,630,131	33.1%	19,258,610
Amortisation	CK	208,490	15.1%	181,088	10.0%	164,578

Stocks

		31/12/2009		31/12/2008		31/12/2007
Raw materials	Net	946,423	3.3%	915,949	-7.3%	987,880
Gross	BL	946,423	3.3%	915,949	-7.3%	987,880
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	336,376	41.7%	237,416	8.6%	218,638
Gross	BN	336,376	41.7%	237,416	8.6%	218,638
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	6,908,258	0.5%	6,871,107	3.2%	6,656,062
Gross	BR	6,940,519	1.0%	6,871,107	3.1%	6,663,501
Amortisation	BS	32,261	0%	0	0%	7,439
Goods for resale	Net	0	0%	0	0%	0
Gross	BT	0	0%	0	0%	0
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	8,191,057	2.1%	8,024,472	2.1%	7,862,580

Advance payments to suppliers

		31/12/2009		31/12/2008		31/12/2007
Advance payments to suppliers	Net	0	0%	846	0%	0
Gross	BV	0	0%	846	0%	0
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2009		31/12/2008		31/12/2007
Trade accounts receivable	Net	9,088,876	-13.0%	10,452,694	0.8%	10,370,737
Gross	BX	9,261,452	-12.8%	10,622,319	1.1%	10,502,749
Amortisation	BY	172,576	1.7%	169,625	28.5%	132,012
Other debtors	Net	889,994	103.9%	436,436	-20.0%	545,214
Gross	BZ	893,647	99.5%	447,899	-21.5%	570,341
Amortisation	CA	3,653	-68.1%	11,463	-54.4%	25,127
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	9,978,870	-8.4%	10,889,130	-0.2%	10,915,951

Divers

		31/12/2009		31/12/2008		31/12/2007
Investment securities	Net	4,539,555	-22.4%	5,848,561	27087.4%	21,512
Gross	CD	4,539,555	-22.4%	5,848,561	27087.4%	21,512
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	297,371	-45.9%	549,259	257.6%	153,590
Gross	CF	297,371	-45.9%	549,259	257.6%	153,590
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	4,836,926	-24.4%	6,397,820	3553.8%	175,102

Prepaid expenses

		31/12/2009		31/12/2008		31/12/2007
Prepaid expenses	Net	133,068	-2.7%	136,775	-2.6%	140,399
Gross	CH	133,068	-2.7%	136,775	-2.6%	140,399
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2009		31/12/2008		31/12/2007
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	-	-

References

		31/12/2009		31/12/2008		31/12/2007
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Display parameter
Currency	Euro

Accounts - Passive

Grand Total - Passive Accounts (I to IV)

		31/12/2009		31/12/2008		31/12/2007
Grand Total (I to V)	EE	28,296,933	-8.3%	30,851,005	23.9%	24,891,957

Shareholder Equity (I)

		31/12/2009		31/12/2008		31/12/2007
Total shareholders' equity (Total I)	DL	17,799,194	4.7%	16,998,026	27.8%	13,297,665
Equity and shareholders' equity	DA	2,000,000	0%	2,000,000	0%	2,000,000
Issue and merger premiums	DB	0	0%	0	0%	0
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	200,000	0%	200,000	0%	200,000
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	12,616	0%	12,616	0%	12,616
Of which special reserve of
provisions for current	B1	0	0%	0	0%	0
fluctuation
Other reserves	DG	2,619,047	0%	2,619,047	0%	2,619,047
Of which reserve for buying
originals works from alive	EJ	0		0	0%	0
artists
Profits or losses brought forward	DH	10,118,146	51.5%	6,678,459	19.7%	5,579,511
Profit or loss for the period	Dl	2,488,220	-51.1%	5,089,687	110.4%	2,418,948
Investment grants	DJ	319,008	-9.8%	353,810	-16.0%	421,056
Special tax-allowable reserves	DK	42,157	-5.1%	44,407	-4.5%	46,487

Other capital resources (II)

		31/12/2009		31/12/2008		31/12/2007
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)

		31/12/2009		31/12/2008		31/12/2007
Total provisions for risks and charges (Total III)	DR	420,250	53.8%	273,250	55.2%	176,111
Risk provisions	DP	0	0%	0	0%	0
Reserves for charges	DQ	420,250	53.8%	273,250	55.2%	176,111

Liabilities (IV)

		31/12/2009		31/12/2008		31/12/2007
Total Liabilities (Total IV)	EC	10,077,488	-25.8%	13,579,728	18.9%	11,418,180
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	2,466,998	-28.0%	3,427,982	-12.9%	3,934,336
Sundry loans and financial liabilities	DV	0	0%	62,321	-50.0%	124,642
Of which participating loans	El	0	0%	0	0%	0
Advance payments received for current orders	DW	80,626	78.6%	45,145	410.5%	8,844
Trade accounts payables	DX	5,623,975	-5.3%	5,936,851	14.4%	5,189,225
Tax and social security liabilities	DY	1,532,762	-60.3%	3,859,313	99.3%	1,936,883
Fixed asset liabilities	DZ	145,021	-3.4%	150,084	5.7%	141,937
Other debts	EA	228,106	132.7%	98,032	19.1%	82,313

Translation loss (V)

		31/12/2009		31/12/2008		31/12/2007
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2009		31/12/2008		31/12/2007
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2009		31/12/2008		31/12/2007
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

Display parameter
Currency	Euro

Result account

1- Operating result (l-ll)

		31/12/2009		31/12/2008		31/12/2007
Operating result (Total l-ll)	GG	3,820,632	-54.8%	8,444,768	193.1%	2,881,464

2 - Financial result (V - VI)

		31/12/2009		31/12/2008		31/12/2007
Financial result (Total V-VI)	GV	-40,831	47.4%	-77,623	55.7%	-175,277

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

		31/12/2009		31/12/2008	31/12/2007
Pre-tax net operating income (Total l-ll+ll-IV+V-VI)	GW	3,779,801	-54.8%	8,367,145 209.2%	2,706,187

4 - Extraordinary result (VII-VIII)

	31/12/2009		31/12/2008		31/12/2007
Extraordinary result (Total vi i-vi 11) ^Hl	580	102.0%	-28,792	-102.4%	1,208,935

Profit or loss
	31/12/2009		31/12/2008		31/12/2007
Profit or loss HN	2,488,220	-51.1%	5,089,687	110.4%	2,418,945

Total Income (l+lll+V+VII)
	31/12/2009		31/12/2008		31/12/2007
Total Income (l+lll+V+VII) HL	71,213,529	-9.5%	78,692,333	17.5%	66,992,831

Total charges (Total ll+IV+VI+VIIMX+X)
	31/12/2009		31/12/2008		31/12/2007
Total charges (Total ll+IV+VI+VIII+IX+X)	68,725,311	-6.6%	73,602,645	14.0%	64,573,886

Operating income (I)
	31/12/2009		31/12/2008		31/12/2007
Total operating income (Total I) ^FR	70,942,098	-9.6%	78,461,604	20.2%	65,296,484

Operating income (details)

		31/12/2009		31/12/2008		31/12/2007
Sale of goods for resale	FC	0	0%	0	0%	0
France	FA	0	0%	0	0%	0
Export	FB	0	0%	0	0%	0
Sale of goods produced	FF	70,600,351	-9.5%	78,053,552	23.4%	63,270,947
France	FD	25,790,230	-8.6%	28,208,956	23.2%	22,902,181
Export	FE	44,810,121	-10.1%	49,844,596	23.5%	40,368,766
Sale of services	Fl	104,927	-3.7%	108,935	-54.2%	238,087
France	FG	86,983	-20.2%	108,935	-50.3%	219,350
Export	FH	17,944	0%	0	0%	18,737
Net turnover	FL	70,705,278	-9.5%	78,162,487	23.1%	63,509,034
France	FJ	25,877,213	-8.6%	28,317,891	22.5%	23,121,531
Export	FK	44,828,065	-10.1%	49,844,596	23.4%	40,387,503
Stocked production	FM	168,372	-25.6%	226,384	-86.7%	1,705,589
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	11,000	0%	0
Release of reserves and provisions	FP	67,374	9.2%	61,720	-24.6%	81,858
Other income	FQ	1,074	8161.5%	13	333.3%	03

Operating charges (II)

		31/12/2009		31/12/2008		31/12/2007
Total operating charges (Total II)	GF	67,121,466	-4.1%	70,016,836	12.2%	62,415,020

Exploitation charges
		31/12/2009		31/12/2008		31/12/2007
Purchase of goods for resale	FS	83,308	-62.0%	219,409	-61.8%	574,041
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	54,437,936	-2.5%	55,837,028	13.2%	49,315,083
Change in stocks of raw materials	FV	-30,474	-142.4%	71,931	195.4%	-75,402
Other external purchases and charges	FW	6,959,904	-13.3%	8,023,202	15.6%	6,938,239
Tax, duty and similar payments	FX	940,383	5.4%	892,373	19.4%	747,338
Payroll	FY	2,628,498	-4.3%	2,746,246	7.1%	2,564,762
Social security costs	FZ	1,006,751	-3.0%	1,038,300	6.5%	974,933

Depreciation

		31/12/2009		31/12/2008		31/12/2007
Depreciation of fixed assets	GA	983,714	-11.0%	1,105,801	-15.4%	1,306,984
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	73,779	25.2%	58,947	2.8%	57,336
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2009		31/12/2008		31/12/2007
Other charges	GE	37,667	59.6%	23,599	101.6%	11,706

Operating charges (111-IV)

		31/12/2009		31/12/2008		31/12/2007
Share of joint-venture
transferred to other	GH	0	0%	0	0%	0
partner(s) (Total III)
Share of joint venture
transferred from other	Gl	0	0%	0	0%	0
partner(s) (Total IV)

Financial income (V)

		31/12/2009		31/12/2008		31/12/2007
Total financial income (Total V)	GP	98,001	-23.0%	127,325	211.6%	40,868
Share financial income	GJ	0	0%	0	0%	0
Other investment income £t capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	7,651	0%	0	0%	1,152
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	5,181	14.1%	4,540	0%	0
Net income from disposal of investment securities	GO	85,169	-30.6%	122,785	209.2%	39,716

Financial Charge (VI)

		31/12/2009		31/12/2008		31/12/2007
Total financial charge (Total VI)	GU	138,832	■32.3%	204,948	-5.2%	216,145
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	129,008	-14.6%	151,118	-11.5%	170,784
Exchange losses	GS	9,824	-81.7%	53,830	18.7%	45,361
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII

		31/12/2009		31/12/2008		31/12/2007
Total extraordinary income (Total VII)	HD	173,430	67.7%	103,404	-93.8%	1,655,479
Extraordinary operating income	HA	54,196	145.5%	22,078	-93.7%	353,213
Extraordinary income from capital transactions	HB	66,027	-11.7%	74,746	-58.0%	177,800
Released provisions and transferred charges	HC	53,207	708.6%	6,580	-99.4%	1,124,466

Extraordinary charges (VIII)

		31/12/2009		31/12/2008		31/12/2007
Total extraordinary charges (Total VIII)	HH	172,850	30.8%	132,196	-70.4%	446,544
Extraordinary operating charges	HE	25,850	-15.4%	30,557	-93.1%	443,933
Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
Extraordinary reserves and provisions	HG	147,000	44.6%	101,639	3792.7%	2,611

Employee profit sharing (IX

		31/12/2009		31/12/2008		31/12/2007
Employee profit sharing (Total IX)	HJ	205,116	-53.3%	438,948	59.6%	274,967

Tax on profits (X)

		31/12/2009		31/12/2008		31/12/2007
Tax on profits (Total X)	HK	1,087,047	-61.3%	2,809,717	130.1%	1,221,210

References

		31/12/2009		31/12/2008		31/12/2007
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

Display parameter
Currency	Euro

Other incomes tax return forms Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2009		31/12/2008		31/12/2007
Gross value at begin of period	OG	0	0%	0	0%	20,047,129
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	1,181,700
Decreasess by budget item transfer	OK1	94,848	0%	0	0%	37,700
Decreasess by transfers	OK2	115,165	-13.8%	133,526	-90.8%	1,458,820
Gross value at the end of period	OL	22,155,118	2.9%	21,531,519	2.8%	20,955,207

Research and development Charge (Total I)

		31/12/2009		31/12/2008		31/12/2007
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	C01	0	0%	0	0%	0
Decreasess by transfers	C02	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)

		31/12/2009		31/12/2008		31/12/2007
Gross value at begin of period	KD	143,610	2.5%	140,150	0%	140,150
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	4,432	8.9%	4,069	0%	0
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	2,392	292.1%	610	0%	0
Gross value at the end of period	LW	145,650	1.4%	143,609	2.5%	140,150

Tangible fixed assets (Total III)

		31/12/2009		31/12/2008		31/12/2007
Gross value at begin of period	LN	21,379,479	2.8%	20,806,625	4.6%	19,898,549
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	342,918	-51.4%	705,769	-40.3%	1,181,700
Decreasess by budget item transfer	NG1	94,848	0%	0	0%	37,700
Decreasess by transfers	NG2	112,774	-15.2%	132,916	-90.9%	1,458,820
Gross value at the end of period	NH	21,514,775	0.6%	21,379,478	2.8%	20,806,627

Financial assets (Total IV)

		31/12/2009		31/12/2008		31/12/2007
Gross value at begin of period	LQ	8,430	0%	8,430	0%	8,430
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	486,261	0%	0	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	0	0%	0
Gross value at the end of period	NK	494,691	5768.2%	8,430	0%	8,430

Reserve for depreciation

Situation and movement of reserve for depreciation Grand total (l-ll-lll)

		31/12/2009		31/12/2008		31/12/2007
Reserve for depreciation value at begin of period	ON	0	0%	0	0%	14,080,113
Increases	OP	0	0%	0	0%	1,306,983
Decreasess	0Q	0	0%	0	0%	235,923
Reserve for depreciation value at the end of period	OR	0	0%	0	0%	15,151,173

Research and development charge (Total I)

		31/12/2009		31/12/2008		31/12/2007
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)

		31/12/2009		31/12/2008		31/12/2007
Reserve for depreciation value at begin of period	PE	141,666	1.4%	139,643	16.4%	119,922
Increases	PF	4,570	73.6%	2,633	-86.6%	19,720
Decreasess	PG	2,392	292.1%	610	0%	0
Decreasess by budget item transfer	PH	143,844	1.5%	141,666	1.4%	139,642

Total fixed assets amotisation (Total III)

		31/12/2009		31/12/2008		31/12/2007
Reserve for depreciation value at begin of period	QU	15,981,782	6.5%	15,011,531	7.5%	13,960,191
Increases	QV	979,142	-11.2%	1,103,168	-14.3%	1,287,263
Decreases	QW	112,774	-15.2%	132,916	-43.7%	235,923
Decreasess by budget item transfer	QX	16,848,150	5.4%	15,981,783	6.5%	15,011,531

Movements during period affecting charge allocated over several period

Charges a repartir ou frais d'emission d'emprunt

		31/12/2009		31/12/2008		31/12/2007
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

		31/12/2009		31/12/2008		31/12/2007
Net value at begining of period	SP1	0	0%	0	0%	0
Increases	SP2	0	0%	0	0%	0
Depreciation of fixed assets during period	SP	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 (l-ll-lll)

			31/12/2009		31/12/2008		31/12/2007
	Value at begining of period	7C	498,746	28.8%	387,176	■74.5%	1,519,446
	Increases	UB	220,779	52.7%	144,623	141.3%	59,947
	Decreases	UC	48,627	47.1%	33,054	-97.2%	1,192,215
	Value at the end of period	UD	670,898	34.5%	498,745	28.8%	387,176
Includes Total allocations
	Operating	UE	0	0%	0	0%	0
	Financial	UG	0	0%	0	0%	0
	Exceptional	UJ	0	0%	0	0%	0
Includes Total Withdrawal
	Operating	UF	0	0%	0	0%	0
	Financial	UH	0	0%	0	0%	0
	Exceptional	UK	0	0%	0	0%	0
Total regulated provisions (Total I)
			31/12/2009		31/12/2008		31/12/2007
	Value at begining of period	3Z	44,407	■4.5%	46,487	5.9%	43,878
	Increases	TS	0	0%	0	0%	2,611
	Decreases	TT	2,250	8.2%	2,080	0%	0
	Value at the end of period	TU	42,157	■5.1%	44,407	■4.5%	46,487

Total risk and charge provisions (Total II)

		31/12/2009		31/12/2008		31/12/2007
Value at begining of period	51	273,250	55.2%	176,111	■86.5%	1,300,579
Increases	TV	147,000	51.3%	97,139	0%	0
Decreases	TW	0	0%	0	0%	1,124,468
Value at the end of period	TX	420,250	53.8%	273,250	55.2%	176,111

Total risk and charge provisions (Total II)

Total risk and charge provisions (Total II)
		31/12/2009		31/12/2008		31/12/2007
Value at begining of period	7B	181,088	10.0%	164,578	■5.9%	174,989
Increases	TY	73,779	55.4%	47,484	-17.2%	57,336
Decreases	TZ	46,377	49.7%	30,974	-54.3%	67,747
Value at the end of period	UA	208,490	15.1%	181,088	10.0%	164,578

State deadlines claims and debts at the end of period

State claims

		31/12/2009		31/12/2008		31/12/2007
Gross value	VT	1,563,235	11.6%	1,400,731	-87.5%	11,215,812
1 year at most	VU	1,356,994	19.9%	1,132,224	-89.8%	11,059,968
More than one year	W	206,241	-23.2%	268,507	72.3%	155,844

State of loans

		31/12/2009		31/12/2008		31/12/2007
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	2,322	0%	2,322	0%	2,322
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2009		31/12/2008		31/12/2007
Customers doubtful or disputed	VA	203,919	-23.4%	266,185	73.4%	153,522
Other claims customer	UX	330,280	-39.7%	547,551	-94.7%	10,349,227
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%	250
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	417,812	0%	0	0%	0
Value added tax	VB	209,554	-36.7%	330,828	50.7%	219,552
Other taxes and payments assimilated	VN	208,621	0%	0	0%	70,913
State and other public -Miscellaneous	VP	0	0%	0	0%	186,845
Group and Associates	VC	20,735	5.8%	19,603	43.2%	13,686
Accounts receivable
(including claims relating to the operation of pension titles)	VR	36,925	-62.1%	97,469	23.2%	79,086

Prepaid

		31/12/2009		31/12/2008		31/12/2007
Prepaid	VS	133,068	-2.7%	136,775	-2.6%	140,399

State Debt

			31/12/2009				31/12/2008					31/12/2007
Total debt (gross)		VY	9,996,862		-26.0%		13,514,445			18.7%		11,389,198
1 year at most		VZ2	8,385,940		-24.3%		11,072,468			31.3%		8,430,459
More than 1 year and 5 years at most		VZ3	1,610,922		-25.1%		2,150,635			-21.8%		2,750,307
More than 5 years		VZ4	0		0%		291,342			39.8%		208,432
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
1 year at most		VG2	0		0%		0			0%		78,108
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		VH1	2,466,998		-28.0%		3,427,982			-11.1%		3,856,228
(gross)
1 year at most		VH2	856,076		-13.2%		986,007			2.7%		959,771
More than 1 year and 5 years at
			1,610,922		-25.1%		2,150,633			-20.0%		2,688,026
most		VH3
Loans and various financial
							62,321			-50.0%		124,642
liabilities (gross)		8A1	0		0%
1 year at most		8A2	0		0%		62,321			-0.1%		62,361
More than 1 year and 5 years at
												62,281
most		8A3	0		0%		0			0%
Suppliers and associated			5,623,975		-5.3%		5,936,851			14.4%		5,189,225
accounts (gross)		8B1
1 year at most		8B2	5,623,975		-5.3%		5,936,851			14.4%		5,189,225
More than 1 year and 5 years at
			5,623,975		-5.3%		5,936,851
most		8B3								0%		0
Personnel and associated
			805,760		-29.1%		1,136,381			33.3%		852,219
accounts (gross)		8C1
1 year at most		8C2	805,760		-29.1%		1,136,381			33.3%		852,219
More than 1 year and 5 years at
most		8C3	0		0%		0			0%		0
Social Security and other
			507,615				489,413			17.3%		417,187
social organizations (gross)		8D1			3.7%
1 year at most		8D2	507,615		3.7%		489,413			17.3%		417,187
More than 1 year and 5 years at
most		8D3	0		0%		0			0%		0
Taxes on profits (gross)		8E1	0		0%		2,060,749			385.2%		424,704
1 year at most		8E2	0		0%		2,060,749			385.2%		424,704
More than 1 year and 5 years at
most		8E3	0		0%		0			0%		0
VAT (gross)		VW1	0		0%		02			-100.0%		5,053
1 year at most		VW2	0		0%		02			-100.0%		5,053
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			219,387		43.7%		152,629	■29.9%		217,581
1 year at most	VQ2			219,387		43.7%		152,629	-29.9%		217,581
More than 1 year and 5 years at most	VQ3			0		0%		0	0%		0
Assets and liabilities
associated accounts	8J1			145,021		■3.4%		150,084	5.7%		141,937
(gross)
1 year at most	8J2			145,021		-3.4%		150,084	5.7%		141,937
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)	V11			0		0%		0	0%		0
1 year at most	VI2			0		0%		0	0%		0
More than 1 year and 5 years at most	VI3			0		0%		0	0%		0
More 5 years	VI4			0		0%		0	0%		0
Other liabilities (gross)	8K1			228,106		132.7%		98,032	19.1%		82,313
1 year at most	8K2			228,106		132.7%		98,032	19.1%		82,313
More than 1 year and 5 years at most	8K3			0		0%		0	0%		0
Debt representative of
borrowed securities	SZ1			0		0%		0	0%		0
(gross)
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

		31/12/2009		31/12/2008		31/12/2007
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

		31/12/2009		31/12/2008		31/12/2007
Dividends	ZE	0	0%	0	0%	0
lommitments
		31/12/2009		31/12/2008		31/12/2007
Commitments leasing furniture	YQ	1,565,404	-9.7%	1,733,883	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	2,465,562
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2009		31/12/2008		31/12/2007
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
faxes and Fees
		31/12/2009		31/12/2008		31/12/2007
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	91	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0
/AT
		31/12/2009		31/12/2008		31/12/2007
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

		31/12/2009		31/12/2008		31/12/2007
Average number of employees	YP	0	0%	108	0%	0

Groups and Shareholders

		31/12/2009	31/12/2008	31/12/2007
Groups and Shareholders	ZR	0	0	-

Display parameter
Comparison mode	Median

Ratios

Structure and Liquidity

	31/12/2009		31/12/2008		31/12/2007	Sector Median 2009
Fixed Asset Financing	1.70	-0.6%	1.71	9.6%	1.56	1.33	27.8%
Global Debt	51 days	-19.0%	63 days	-3.1%	65 days	128.50 days	-60.3%
Working
Capital Fund	79 days	11.3%	71 days	6.0%	67 days	49.50 days	59.6%
overall net
Financial independence	721.49%	48.1%	487.01%	48.7%	327.61%	103.99%	593.8%
Solvability	62.90%	14.2%	55.10%	3.1%	53.42%	29.87%	110.6%
Capacity debt futures	2079.16%	20.6%	1723.93%	34.6%	1281.23%	565.05%	268.0%
Coverage of
current
assets by net working	55.95%	14.2%	49.01%	-20.1%	61.31%	37.28%	50.1%
capital
overall
General Liquidity	0.16	60.0%	0.10	-92.4%	1.31	0.57	-71.9%
Restricted Liquidity	0.74	8.8%	0.68	-48.9%	1.33	0.81	-8.6%

Management or rotation

	31/12/2009		31/12/2008		31/12/2007	Sector Median 2009
Need
background
in operating	54 days	31.7%	41 days	-36.9%	65 days	16 days	237.5%
working
capital
Treasury	25 days	-13.8%	29 days	2800%	1 days	4 days	525.0%
Inventory
turnover of	0 days	0%	0 days	0%	0 days	18.50 days	0%
goods
Average
length of
credit	47 days	-4.1%	49 days	-18.3%	60 days	42 days	11.9%
granted to
customers
Average
length of
credit	33 days	0%	33 days	0%	33 days	53 days	-37.7%
obtained
suppliers
Inventory
turnover of
raw materials in	6 days	0%	6 days	-14.3%	7 days	40 days	-85.0%
industrial
enterprises
Inventory
turnover of
intermediate
and finished products in	329 days	-10.1%	366 days	20.0%	305 days	309 days	6.5%
the
industrial
enterprise
Rotation
tangible	328.64%	-10.1%	365.60%	19.8%	305.23%	329.98%	-0.4%
assets

Profitability of the business

	31/12/2009		31/12/2008		31/12/2007	Sector Median 2009
Margin trading	-0.12%	57.1%	-0.28%	68.9%	-0.90	0%	0%
Profitability
of the	6.86	-44.0%	12.25	86.5%	6.57	5.03%	36.4%
business
Net profit	3.52%	-45.9%	6.51%	70.9%	3.81%	2.11%	66.8%
Growth
rate of
turnover	-9.54%	-141.4%	23.07%	81.2%	12.73%	-0.30%	-3080.0%
(excluding
VAT)
Rates integration	13.33%	-26.8%	18.22%	36.7%	13.33%	30.20%	-55.9%
Rate leasing furniture	0%	0%	0%	0%	0%	0%	0%
Work Factor	38.58%	45.1%	26.58%	-36.5%	41.83%	71.22%	-45.8%
Weight interests	0.20	-23.1%	0.26%	-23.5%	0.34%	0.46%	-56.5%
Return on capital
	31/12/2009		31/12/2008		31/12/2007	Sector Median 2009
Cash flow
from the overall	5.02%	-36.9%	7.96%	42.4%	5.59%	4.82%	4.1%
profitability
Rates of
economic	24%	-48.9%	47%	95.8%	24%	17%	41.2%
profitability
Financial profitability	17799194%	4.7%	16998026%	27.8%	13297665%	69927%	25354.0%
Return on investment	12.96%	-49.8%	25.84%	70.2%	15.18%	9.43%	37.4%

Display parameter
Currency	Euro
Comparison mode	Median

Soldes Intermediaires de Gestion

Turnover	31/12/2009 70,705,278	-9.5%	31/12/2008 78,162,487	23.1%	31/12/2007 63,509,034	Sector Median 2009 574,073 €	12216.4%
Sales of goods	0	0%	0	0%	0	|

Purchase	83,308	-62.0%	219,409	-61.8%	574,041
of goods
+/-
Stock of goods	0	0%	0	0%	0
variation
Trading margin	-83,308 €	62.0%	-219,409 €	61.8%	-574,041 €	0€	0%
	-0.12%CA	57.1%	-0.28 %CA	68.9%	-0.90 %CA	0.26 %CA	-146.2%

Sale of
goods	70,705,278	-9.5%	78,162,487	23.1%	63,509,034
produced
+/-Stocked production	168,372	-25.6%	226,384	-86.7%	1,705,589
+ Self-
constructed	0	0%	0	0%	0
assets
Period production	70,873,650 €	-9.6%	78,388,871 €	20.2%	65,214,623 €	338,622 €	20830.0%
	100.24 %CA	0.0%	100.29 %CA	-2.3%	102.69 %CA	99.60 %CA	0.6%

Trading margin	-83,308	62.0%	-219,409	61.8%	-574,041	0	0%
+ Period Production	70,873,650	-9.6%	78,388,871	20.2%	65,214,623	338,622	20830.0%
- Purchase
of raw	54,437,936	-2.5%	55,837,028	13.2%	49,315,083
materials
+/- Change
in stocks of raw	-30,474	-142.4%	71,931	195.4%	-75,402
materiels
- Other
external purchases	6,959,904	-13.3%	8,023,202	15.6%	6,938,239
and
charges
Added value	9,422,976 €	-33.8%	14,237,301 €	68.2%	8,462,662 €	201,957 €	4565.8%
	13.33%CA	-26.8%	18.22%CA	36.7%	13.33%CA	30.20 %CA	-55.9%

Added value	9,422,976 €	-33.8% 14,237,301 €	68.2%	8,462,662 €	201,957 €	4565.8%
+ Operating	0	0% 11,000	0%	0
grants
- Tax,
duty and similar	940,383	5.4% 892,373	19.4%	747,338

payments
- Personal charges	3,635,249	-3.9%	3,784,546	6.9% 3,539,695
Gross
operating	4,847,344 €	-49.4%	9,571,382 €	129.2% 4,175,629 €	26,137€ 18445.9%
surplus
	6.86 %CA	-44.0%	12.25%CA	86.5% 6.57% CA	5.03 % CA 36.4%

Gross operating surplus	4,847,344		9.571.382		€ 4.175.629	26,137 €	18445.9%
+ Release of reserves and provisions	67,374	9.2%	61,720	-24.6%	81,858
+ Other operating income	1,074	8161.5%	13	333.3%	03
Depreciation/Amortisation	1,057,493	-9.2%	1,164,748	-14.6%	1,364,320
- Other charges	37,667	59.6%	23,599	101.6%	11,706
Operating result	3,820,632					11,656 €	32678.2%
			8.444.768		2.881.464	2.57% CA
	5.40 % CA	-50.0%	10.80 %CA	137.9%	4.54%CA		110.1%

Operating result	3,820,632 €	-54.8%	8,444,768 €	193.1%	2,881,464 €	11,656 €	32678.2%
+/- Result
of joint-
venture
transferred	0	0%	0	0%	0
from /to
other
partners
+ Financial income	98,001	-23.0%	127,325	211.6%	40,868
- Financial charges	138,832	-32.3%	204,948	-5.2%	216,145
Pre-tax result	3,779,801 €	-54.8%	8,367,145 €	209.2%	2,706,187 €	9,375 €	40217.9%
	5.35%CA	-50.0%	10.70 %CA	151.2%	4.26 %CA	1.74%CA	207.5%

Extraordinary income	173,430	67.7%	103,404	-93.8%	1,655,479	961	17946.8%
Extraordinary charges	172,850	30.8%	132,196	-70.4%	446,544
Extraordinary result	580 €	102.0%	-28,792 €	-102.4%	1,208,935 €	0€	0%
	0.00 %CA	0%	-0.04 %CA	-102.1%	2%CA	0%CA	0%

Pre-tax result	3,779,801 €	-54.8% 8,367,145 €	209.2% 2,706,187 €	9,375 €	40217.9%
Extraordinary result	580 €	102.0% -28,792 €	-102.4% 1,208,935 €	0€	0%

- Employee profit sharing	205,116	-53.3%	438,948	59.6%	274,967
- Tax on profits	1,087,047	-61.3%	2,809,717	130.1%	1,221,210
Net result	2,488,218 €	-51.1%	5,089,688 €	110.4%	2,418,945 €	11,250 €	22017.5%
	3.52 %CA	-45.9%	6.51 %CA	70.9%	3.81 %CA	2.11 %CA	66.8%

Judgements

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	06/04/2009
Status of Monitoring	No social security and tax office preferential right to date

Group data

Unlimited parent company IGRECA

Direct parent -

Group – Number of companies 2

Linkages – Number of companies 1

Number of countries 1

Parent ` TERRENA

Direct parent TERRENA-41.33 %

Group - Number of companies 110

Linkages - Number of companies 1

Number of countries 1

Group Structure

Company Name SIREN Parts Last account published

IGRECA 057200933 - 31.12.2009

SOCIETE DU RONCERAY 481881589 Min 30.06.2013

Linkages

Unlimited parent company IGRECA

Direct parent -

Group – Number of companies 2

Linkages – number of companies 1

Number of countries 1

Parent TERRENA

Direct parent TERRENA – 41.33%

Group - Number of companies 110

Linkages - Number of companies 1

Number of countries 1

Company Name SIREN Last account Turnover

Gastronome SA - - -

Event History

Status history

No Status History

Recent publications in Gazettes

Publication date Gazette Name Description

03/04/2013 Bodacc B Modification et mutation diverse

49 - MAINE-ET-LOIRE GREFFE DU TRIBUNAL DE COMMERCE D'ANGERS

770 - 057 200 933 RCS Angers. IGRECA. Forme : SociStS par actions simplifiSe. Administration : President: SOCIETE DU RONCERAY REPRESENTES PAR MATTHIEU ET LUDOVIC JUSTEAU (SARL) Commissaire aux comptes titulaire : SOCIETE SOVECO represents par CAMPORA Philippe Commissaire aux comptes suppleant: GOILANDEAU Luc President du conseil de surveillance : JUSTEAU Jean-Yves Membre du conseil de surveillance : JUSTEAU Annie ne(e) AUBOIN Membre du conseil de surveillance : TERRENA represents par GUILLEMIN Alain. Activite : . Commentaires : Modification survenue sur I'administration.

13/03/2013 JAL Appointment of the social representative

Ouest France/Edition du Maine et Loire

Date de decision : 19/12/2012

ISociete faisant lobjet dune nomination : 057200933 - IGRECA, ZA LES MULOTTIERES, 49140 SEICHES SUR LE LOIR Nomine : 481881589 - SOCIETE DU RONCERAY, 8 QUAI DES CARMES, 49100 ANGERS En la fonction de : President

19/06/2012 Bodacc B Modification et mutation diverse

49 - MAINE-ET-LOIRE GREFFE DU TRIBUNAL DE COMMERCE D'ANGERS

638 - 057 200 933 RCS Angers. IGRECA. Forme : Societe par actions simplifiee. Administration : President: JUSTEAU Matthieu Membre du Directoire : JUSTEAU Ludovic Commissaire aux comptes titulaire : SOCIETE SOVECO represents par CAMPORA Philippe Commissaire aux comptes suppleant: GOILANDEAU Luc President du Conseil de Surveillance : JUSTEAU Jean-Yves Membre du Conseil de Surveillance : JUSTEAU Annie nS(e) AUBOIN Membre du Conseil de Surveillance : TERRENA represents par GUILLEMIN Alain. Activite : . \Commentaires : Modification survenue sur I'administration.

29/10/2010 Bodacc C Comptes annuels et rapports

49 - MAINE-ET-LOIRE GREFFE DU TRIBUNAL DE COMMERCE D'ANGERS

6530 - 057200933 RCS. IGRECA. Forme : SociStS par actions simplifiSe. Adresse : Zone Artisanale les Mulotieres 49140 Seiches sur-le-loir. Commentaires : Comptes annuels et rapports de I'exercice clos le : 31/12/2009.

09/12/2009 Bodacc C Comptes annuels et rapports

49 - MAINE-ET-LOIRE GREFFE DU TRIBUNAL DE COMMERCE D'ANGERS

4775 - 057200933 RCS. IGRECA. Forme : SociStS par actions simplifiSe. Adresse : Zone Artisanale les Mulotieres 49140 Seiches sur-le-loir. Commentaires : Comptes annuels et rapports de I'exercice clos le : 31/12/2008.

24/06/2009 Bodacc C Comptes annuels et rapports

49 - MAINE-ET-LOIRE GREFFE DU TRIBUNAL DE COMMERCE D'ANGERS

4586 - 057200933 RCS. IGRECA. Forme : SociStS par actions simplifiSe. Adresse : Zone Artisanale les Mulotieres, 49140 Seiches sur-le-loir. Commentaires : Comptes annuels et rapports de I'exercice clos le : 31/12/2007.

23/01/2009 Bodacc B Modification et mutation diverse

49 - MAINE-ET-LOIRE GREFFE DU TRIBUNAL DE COMMERCE D'ANGERS

1135 - 057 200 933 RCS Angers. IGRECA. Forme : SociStS par actions simplifiee. Administration : President: JUSTEAU Matthieu. Commissaire aux comptes titulaire : SOCIETE SOVECO represents par CAMPORA Philippe. Commissaire aux comptes suppleant: GOILANDEAU Luc. President du Conseil de Surveillance : JUSTEAU Jean-Yves. Membre du Conseil de Surveillance : JUSTEAU Annie nS(e) AUBOIN. Membre du Conseil de Surveillance : TERRENA represents par LEBEAU Pascal. Commentaires : Modification survenue sur I'administration.

04/10/2007 Bodacc C Avis de dSpot des comptes

5373 - 057 200 933. RCS Saumur IGRECA. Forme: SociStS par actions simplifiSe. Adresse du siege social: Zone Artisanale les Mulotieres, 49140 Seiches sur-le-loir. Comptes annuels et rapports de I'exercice clos le: 31 dScembre 2006.

04/10/2006 Bodacc C Avis de dSpot des comptes

2669 - RCS Saumur B 057 200 933. RC98-B117. IGRECA. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siege social: Zone artisanale les Mulotieres,49140 Seiches-sur-le-Loir. Comptes annuels et rapports de I'exercice clos le: 31 dScembre 2005.

27/01 /2006 Bodacc C Avis de dSpot des comptes

2561 - RCS Saumur B 057 200 933. RC98-B117. IGRECA. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siege social: Zone artisanale les Mulotieres,49140 Seiches-sur-le-Loir. Comptes annuels et rapports de I'exercice clos le: 31 dScembre 2004.

13/09/2005 Bodacc B Modifications et mutations diverses

1396 - RCS Saumur B 057 200 933. RC 98-B 117. IGRECA. Forme : S.A.S. Adresse du siege social: zone artisanale Les Mulotieres,, 49140 Commentaires : modification survenue sur la forme juridique et I'administration. Administration : president: JUSTEAU (Ludovic) (Norn d'usage : JUSTEAU). Commissaire aux comptes titulaire : STE SOVECO, reprSsentSe par CAMPORA (Philippe) (Norn d'usage : CAMPORA). Commissaire aux comptes supplSant: GOILANDEAU (Luc) (Norn d'usage : GOILANDEAU). Date d'effet: 2 juin 2005.

25/08/2005 Bodacc B Modifications et mutations diverses

805 - RCS Saumur B 057 200 933. RC 98-B 117. IGRECA. Forme : S.A. Adresse du siege social : zone artisanale Les Mulotieres,, 49140 Commentaires : modification survenue sur I'administration. Administration : president directeur gSnSral: JUSTEAU (Jean, Yves) (Norn d'usage : JUSTEAU). Administrateurs : AUBOIN (Annie) (Norn d'usage : JUSTEAU) COOPERATIVE AGRICOLE LA NOELLE-CANA-ANCENIS, reprSsentSe par HUBERT (Jacques) (Norn d'usage : HUBERT). Commissaire aux comptes titulaire : STE SOVECO, reprSsentSe par CAMPORA (Philippe) (Norn d'usage : CAMPORA). Commissaire aux comptes supplSant: GOILANDEAU (Luc) (Norn d'usage : GOILANDEAU). Date d'effet: 22 fSvrier 2005.

22/08/2001 Bodacc B Modifications et mutations diverses

RCS Saumur B 057200933 RC 98-B 117 IGRECA. Forme : S.A. Capital: 2 000 000 d' euros. Adresse du siege social: Z.A. Les Mulotieres, 49140 Seiches-sur-le-Loir. Commentaires : modification survenue sur le capital (augmentation et conversion en euros). Date d'effet: 22 mai 2001.

20/02/2000 Bodacc B Modifications et mutations diverses

RCS Saumur B 057200933 RC 98-B 117 IGRECA. Forme : S.A. Capital: 12 375 000 F. Adresse du siege social: Z.A. Les Mulotieres, 49140 Seiches-sur-le-Loir. Commentaires : modification survenue sur le capital (augmentation), I'adresse du siege social, I'adresse de I' Stablissement principal et I' administration. Administration : P.-D.G. : JUSTEAU (Jean, Yves) ( Norn d'usage : JUSTEAU). Administrateurs : AGRINOVA, reprSsentSe par LEGENDRE (Gabriel) ( Norn d'usage : LEGENDRE) AUBOIN ( Annie) ( Norn d'usage : JUSTEAU) COOPERATIVE AGRICOLE LA NOELLE CANA ANCENIS, reprSsentSe par HUBERT ( Jacques) ( Norn d'usage : HUBERT). Commissaire aux comptes titulaire : STE SOVECO, reprSsentSe par CAMPORA ( Philippe) ( Norn d'usage : CAMPORA). Commissaire aux comptes supplSant: GOILANDEAU (Luc) ( Norn d'usage : GOILANDEAU) Etablissement principal: Adresse : Z.A. Les Mulotieres, 49140 Seiches-sur-le-Loir. Date d'effet: 18 dScembre 1999.

20/02/2000 Bodacc B Modifications et mutations diverses

RCS Angers B 057200933 RC 57-B 53 IGRECA. Forme : S.A. Adresse du siege social: Le Bourg de Paille, 49070 BeaucouzS Date de radiation: 18 dScembre 1999. Commentaires : radiation pour cause de transfert.

10/11/1999 Bodacc B Modifications et mutations diverses

RCS Angers B 057200933 RC 57-B 53 IGRECA. Forme : S.A. Adresse du siege social: Le bourg de Paille, 49070

Beaucouze. Commentaires : modification survenue sur I'administration. Administration : P.-D.G. : JUSTEAU (Jean, Yves) ( Norn d'usage : JUSTEAU). Administrateurs : AGRlNOVA, representee par LEGENDRE (Gabriel) ( Norn d'usage : LEGENDRE) AUBOIN (Annie) ( Norn d' usage : JUSTEAU) COOPERATIVE AGRICOLE LA NOELLE-CANA, representee par HUBERT (Jacques) ( Norn d'usage : HUBERT). Commissaire aux comptes titulaire : STE SOVECO, representee par CAMPORA (Philippe) ( Norn d'usage : CAMPORA). Commissaire aux comptes suppleant: GOILANDEAU (Luc) ( Norn d' usage : GOILANDEAU). Date d'effet: 2 juin 1995.

17/09/1998 Bodacc B Modifications et mutations diverses

RCS Angers B 057 200 933 RC 57-B 53 IGRECA. Forme : S.A. Capital: 12 375 000 F (fixe). Adresse du siege social: Le Bourg-de-Paille, 49070 Beaucouze. Administration : nomination en qualite d' administrateur de la SOCIETE AG Rl NOVA- PARIS, representee par: LEGENDRE ( Gabriel). Date d'effet: 19 mai 1998.

Company events history

Date	Description
03/04/2013	Bodacc B: Various editing or changing
13/03/2013	Minutes of general meeting of shareholders
13/03/2013	New chairman (CEO, CoB)
13/03/2013	Updated articles of association
19/12/2012	Legal Gazette: Appointment of the social representative
19/06/2012	Bodacc B: Various editing or changing
25/05/2012	Minutes of general meeting of shareholders
03/02/2012	New subsidiarie(s) detected
11/05/2011	Modification to Establishment Address or Identifier
29/10/2010	Bodacc C : Deposit accounts notice
02/03/2010	New ultimate parent
02/03/2010	New parent detected
31/12/2009	New accounts available
09/12/2009	Bodacc C : Deposit accounts notice
24/06/2009	Bodacc C : Deposit accounts notice
06/04/2009	Collection of preferential rights activated for this company
23/01/2009	Bodacc B: Various editing or changing
23/01/2009	New Bodacc B ads detected
31/12/2008	New accounts available
12/12/2008	Private document
12/12/2008	Appointment/resignation of company officers
12/12/2008	Minutes of general meeting of shareholders
12/12/2008	Acte modificatif
12/12/2008	Changement de President (PDG, PCA)
01/01/2008	Modification of Company Activity
01/01/2008	Update of Company Activity
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
26/08/2005	New legal form - no new category
26/08/2005	Acte sous seing prive
26/08/2005	Private document
26/08/2005	Private document
26/08/2005	Appointment/resignation of company officers
26/08/2005	Nomination/demission des organes de gestion
26/08/2005	Appointment/resignation of company officers
26/08/2005	Minutes of general meeting of shareholders
26/08/2005	PV d'Assemblee
26/08/2005	Minutes of general meeting of shareholders
26/08/2005	Statuts mis a jour
26/08/2005	Updated articles of association
26/08/2005	Updated articles of association
26/08/2005	Audit or Management Report
26/08/2005	Rapport des Commissaires ou du Gerant
26/08/2005	Audit or Management Report
26/08/2005	Changement de Forme Juridique sans changement de categorie
26/08/2005	New legal form - no new category
25/08/2005	Changement de Forme Juridique avec changement de categorie
25/08/2005	PV d'Assemblee
25/08/2005	Statuts mis a jour
25/08/2005	Rapport des Commissaires ou du Gerant
25/08/2005	Acte modificatif
09/08/2005	Appointment/resignation of company officers
09/08/2005	Acte modificatif
09/08/2005	Minutes of Board meeting
09/08/2005	PV du Conseil d'Administration
09/08/2005	Minutes of Board meeting
09/08/2005	Acte sous seing prive
09/08/2005	Modification du Conseil d'Administration
09/08/2005	Nomination/demission des organes de gestion
09/08/2005	Appointment/resignation of company officers
09/08/2005	Private document
09/08/2005	Private document
31/12/2004	New accounts available
31/12/2003	New accounts available
03/06/2002	Expedition acte notarie
01/01/2002	Expedition acte notarie
01/01/2002	Donation/Partage
30/07/2001	Acte modificatif
30/07/2001	Statuts mis a jour
30/07/2001	PV d'Assemblee
01/01/2001	Augmentation de Capital
01/01/2001	Acte sous seing prive
01/01/2001	Conversion du Capital Social en Euros
01/01/2001	PV d'Assemblee
01/01/2001	Statuts mis a jour
14/01/2000	Statuts mis a jour
14/01/2000	Transfert du Siege dans le ressort du Tribunal de Commerce
14/01/2000	Acte modificatif
01/01/2000	Statuts mis a jour
01/01/2000	PV d'Assemblee
01/01/2000	Immatriculation secondaire devient principale
01/01/2000	Acte sous seing prive
12/10/1999	Nomination/demission des organes de gestion
12/10/1999	Acte sous seing prive
28/07/1998	Nomination/demission des organes de gestion
28/07/1998	Modification du Conseil d'Administration
28/07/1998	PV d'Assemblee
28/07/1998	Acte sous seing prive
07/11/1996	Augmentation de Capital
07/11/1996	PV d'Assemblee
07/11/1996	Statuts mis a jour
07/11/1996	Acte sous seing prive
30/06/1993	PV du Conseil d'Administration
30/06/1993	PV d'Assemblee
30/06/1993	Acte modificatif

Directors

Shareholder(s)

Name	SOCIETE DU RONCERAY
Name of representative	JUSTEAU MATTHIEU
Manager position	President Date of birth	06/07/1972
Place of birth	ANGERS (49)
Type	Moral person Name at birth
Name	M. JUSTEAU JEAN-YVES
Manager position	President of the Date of birth supervisory council	01/05/1940
Place of birth	ANGERS (49)
Type	Individual Name at birth
Previous Directors
Manager position	Title and name	Date of Birth/Place of Birth
President	SOCIETE DU RONCERAY REPRESENTES PAR MATTHIEU ET LUDOVIC JUSTEAU	—
President of the supervisory council	M JEAN-YVES JUSTEAU	—
President of the supervisory council	M LUDOVIC JUSTEAU	5/1/1940-ANGERS
President of the supervisory council	M JEAN-YVES JUSTEAU	5/1/1940-ANGERS (49)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.61
UK Pound	1	Rs. 93.49
Euro	1	Rs. 71.37

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

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