MIRA INFORM REPORT

Report No. :	334570
Report Date :	03.08.2015

IDENTIFICATION DETAILS

Name :	BAOBAG
Registered Office :	2 A 16, 2 BD DE Vintimille, 13015 Marseille 15
Country :	France
Financials (as on) :	31.12.2013
Date of Incorporation :	October 1974
Com. Reg. No.:	301 523 791
Legal Form :	Simplified joint stock company
Line of Business :	Wholesale (business to business) other intermediate products
No. of Employee :	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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 10.4% in the fourth quarter of 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% of GDP in 2014, while France's public debt rose from 68% of GDP to more than 95% in 2014, and may hit 100% by 2016. 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 name

BAOBAG

Enquiries Trend

SIRET	301 523 791 00038
Name	BAOBAG
Acronym	-
Trade name	-
Status	Economically active
Postal Address	BAOBAG 2 A 16 2 BD DE VINTIMILLE 13015 MARSEILLE 15
Share Capital	200,000 Euros
Incorporiation Date	10/1974
Activity (APE)	Wholesale (business to business) other intermediate products(4676Z)	RCS Registration	RCS Marseille B 301 523 791
Formation Date	01/1974	EUR VAT Number	FR19301523791
Deregistration Date	-	Last account Date	31/12/2013
Court Registry Number	19 7 4B00718	Telephone	04 91 62 77 19
Registration Court	Marseille (13)	Fax	04 91 84 56 12
Nationality	France	Safe Number	FR00466753
		Legal form	Simplified joint stock company
		Currency	Euros

Key Financials

YEAR TO DATE	TURNOVER	GROSS OPERATING SURPLUS	SHAREHOLDER'S EQUITY	NET RESULT	EMPLOYEES
31/12/2013	37,267,344 €	4.85% Turnover	8,205,027 €	1,067,580 €	10 to 19 employees
31/12/2012	34,496,530 €	3.58% Turnover	7,337,447 €	433,672 €	-
31/12/2011	34,104,251 €	3.28% Turnover	7,403,775 €	717,572 €	-

Directors

Current Directors

2

Preferential Right

No social security and tax office preferential right to date

Payment Information Summary – Trade Payment Data

Total number of Invoices available	132
Total number of Invoices paid within or up to 30 days after the due date	120
Total number of Invoices paid more than 30 days after the dues date	12
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

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4676Z	Activity	Wholesale (business to business) other intermediate products
Formation Date	01/1995	Reason for Formation	Other
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	2 BOULEVARD DE VINTIMILLE  13015 MARSEILLE 15	Department	Bouches-du-Rhône (13)
Location Surface	-	District	3
City	MARSEILLE 15	Status	Economically active
Business Pages FT®	STORES INTERIEURS, EXTERIEURS	Region	Côte d'Azur
		Area	99
		Size of Urban Area	Urban unit with 200 000 to 1 999 999 inhabitants

Other Establishment(s)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	1 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
BAOBAG	Head Office	4676Z	Wholesale (business to business) other intermediate products	MARSEILLE 15	13015
BAOBAG	Branch	4676Z	Wholesale (business to business) other intermediate products	CENON	33150

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 increase in the gearing percentage over the last two accounting periods is 35 %

The stock to turnover ratio is 15.16

The return on total assets employed is 9.35

The creditor days are 60.07

The ratio total assets to total liabilities is 1.89

The sales to current assets ratio is 2.51

The pre-tax profit is 1,636,215 €

The net turnover is 37,267,344 €

The net current assets are 14,873,004 €

The liabilities are 8,454,505 €

The total assets are 17,495,330 €

The company has 2 director(s)

Department code with low risk rating

Industry code with low risk rating

Low risk workforce size

The risk provisions are 814,339 €

The increase of tangible fixed assets over the last two accounting periods is 39 %

The shareholder's equity is 8,205,027 €

Industry comparison

Activity (APE)	Wholesale (business to business) other intermediate products (4676Z)
Industry average credit rating	44
Industry average credit limit	29,612

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	14/02/2008
Status of Monitoring	No social security and tax office preferential right to date

Linkages

No Linkages information available for the company.

Director(s)

Name	M. CAVALIER ALAIN
Manager position	President	Date of birth	23/10/1957
Place of birth	MARSEILLE
Type	Individual	Name at birth
Name	M. THIERRY SERGE CLAUDE
Manager position	Managing director	Date of birth	05/11/1961
Place of birth	TOULON
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M. THIERRY SERGE CLAUDE	05/11/1961 - TOULON
Managing director	M. CAVALIER ALAIN	23/10/1957 - MARSEILLE
Managing director	M. THIERRY SERGE	-

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	17/03/2015	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 244 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Président : CAVALIER Alain modification le 09 Mars 2015 Directeur général : THIERRY Serge Claude modification le 09 Mars 2015 Commissaire aux comptes suppléant : RIUZ Anne-Laure modification le 18 Février 2009 Commissaire aux comptes titulaire : GRANT THORNTON en fonction le 17 Juillet 2014. Activité : .  Commentaires : Modification de représentant.
	13/02/2015	JAL	Appointment of the social representative
Nouvelles Publications (Les) Date de décision : 29/12/2014 Société faisant l'objet d'une nomination : 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15  Nominé : Monsieur Alain CAVALIER, 13820 ENSUES LA REDONNE En la fonction de : Président Nominé : Monsieur Serge THIERRY, 33360 CAMBLANES ET MEYNAC En la fonction de : Directeur général
	13/02/2015	JAL	Resignation / Revocation of the social representative
Nouvelles Publications (Les) Date de décision : 29/12/2014 La société 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15  Fait l'objet du départ de Monsieur Serge THIERRY, 5 Chemin Paguemaou Domaine de Cerres, 33360, CAMBLANES ET MEYNAC,  De Monsieur Alain CAVALIER, Chemin de Besquens, 13820, ENSUES LA REDONNE
	31/07/2014	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1295 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	27/07/2014	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 121 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Directeur général : CAVALIER Alain modification le 20 Février 2014 Président : THIERRY Serge Claude modification le 20 Février 2014 Commissaire aux comptes suppléant : RIUZ Anne-Laure modification le 18 Février 2009 Commissaire aux comptes titulaire : GRANT THORNTON en fonction le 17 Juillet 2014. Activité : .  Commentaires : Modification de représentant.
	28/02/2014	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 200 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Directeur général : CAVALIER Alain modification le 20 Février 2014 Président : THIERRY Serge Claude modification le 20 Février 2014 Commissaire aux comptes suppléant : RIUZ Anne-Laure modification le 18 Février 2009 Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES modification le 18 Février 2009. Activité : .  Commentaires : Modification de représentant.
	14/02/2014	JAL	Resignation / Revocation of the social representative
Nouvelles Publications (Les) Date de décision : 20/12/2013 La société 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15  Fait l'objet du départ de Monsieur Alain CAVALIER, Chemin de Besquens, 13820, ENSUES LA REDONNE
	14/02/2014	JAL	Appointment of the social representative
Nouvelles Publications (Les) Date de décision : 20/12/2013 Société faisant l'objet d'une nomination : 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15  Nominé : Monsieur Serge THIERRY, 33360 CAMBLANES ET MEYNAC En la fonction de : Président Nominé : Monsieur Alain CAVALIER, 13820 ENSUES LA REDONNE En la fonction de : Directeur général
	05/09/2013	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1238 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	17/09/2012	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 701 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	28/02/2012	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 68 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Directeur général : CAVALIER Alain modification le 20 Février 2012 Président : THIERRY Serge Claude modification le 20 Février 2012 Commissaire aux comptes suppléant : RIUZ Anne-Laure modification le 18 Février 2009 Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES modification le 18 Février 2009. Activité : .  Commentaires : Modification de représentant.
	11/02/2012	JAL	Appointment of the social representative
Nouvelles Publications (Les) Date de décision : 31/12/2011 Société faisant l'objet d'une nomination : 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15  Nominé : Monsieur Serge THIERRY En la fonction de : Président Nominé : Monsieur Alain CAVALIER En la fonction de : Directeur général
	11/02/2012	JAL	Resignation / Revocation of the social representative
Nouvelles Publications (Les) Date de décision : 31/12/2011 La société 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15  Fait l'objet du départ de Monsieur Alain CAVALIER,  De Monsieur Serge THIERRY
	15/11/2011	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1061 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
	10/02/2011	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 247 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Président : CAVALIER Alain modification le 02 Février 2011 Directeur général : THIERRY Serge Claude modification le 02 Février 2011 Commissaire aux comptes suppléant : RIUZ Anne-Laure modification le 18 Février 2009 Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES modification le 18 Février 2009. Activité : .  Commentaires : Modification de représentant.
	04/09/2010	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1386 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	06/04/2010	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 160 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Directeur général : CAVALIER Alain modification le 25 Mars 2010 Président : THIERRY Serge Claude modification le 25 Mars 2010 Commissaire aux comptes suppléant : RIUZ Anne-Laure modification le 18 Février 2009 Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES modification le 18 Février 2009.  Commentaires : Modification de représentant.
	19/03/2010	JAL	Resignation / Revocation of the social representative
LES NOUVELLES PUBLICATIONS ECONOMIQUES ET JURIDIQUES Date de décision : 29/01/2010 La société 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15  Fait l'objet du départ de Monsieur Serge THIERRY
	19/03/2010	JAL	Resignation / Revocation of the social representative
LES NOUVELLES PUBLICATIONS ECONOMIQUES ET JURIDIQUES Date de décision : 29/01/2010 La société 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15  Fait l'objet du départ de Monsieur Alain CAVALIER
	19/03/2010	JAL	Appointment of the social representative
LES NOUVELLES PUBLICATIONS ECONOMIQUES ET JURIDIQUES Société faisant objet d'une nomination : 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15  Nominé : Monsieur Serge THIERRY En la fonction de : Président
	19/03/2010	JAL	Appointment of the social representative
LES NOUVELLES PUBLICATIONS ECONOMIQUES ET JURIDIQUES Société faisant objet d'une nomination : 301523791 - BAOBAG, 2 BD DE VINTIMILLE, 2 A 16, 13015 MARSEILLE 15  Nominé : Monsieur Alain CAVALIER En la fonction de : DG - Directeur Général
	09/12/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 775 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	07/04/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1546 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	01/03/2009	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 322 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Directeur général : CAVALIER Alain modification le 25 Janvier 2008. Président : THIERRY Serge Claude modification le 25 Janvier 2008. Commissaire aux comptes suppléant : RIUZ Anne-Laure en fonction le 18 Février 2009. Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES en fonction le 18 Février 2009.  Commentaires : Modification de représentant.
	01/03/2009	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 323 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Administration : Président : CAVALIER Alain modification le 18 Février 2009. Directeur général : THIERRY Serge Claude modification le 18 Février 2009. Commissaire aux comptes suppléant : RIUZ Anne-Laure modification le 18 Février 2009. Commissaire aux comptes titulaire : AUDITEURS ET COMMISSAIRES ASSOCIES modification le 18 Février 2009.  Commentaires : Modification de représentant.
	21/02/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1209 - 301523791 RCS. BAOBAG. Forme : Société par actions simplifiée. Adresse : 2/16 boulevard Vintimille 13015 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
	31/01/2008	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 173 - 301 523 791 RCS Marseille. BAOBAG. Forme : Société par actions simplifiée. Enseigne : SACHERIE DU MIDI. Administration : Directeur général : CAVALIER Alain modification le 25 Janvier 2008. Commissaire aux comptes titulaire : GADRAS Jean-Pierre modification le 25 Janvier 2008. Commissaire aux comptes suppléant : 3G AUDIT modification le 25 Janvier 2008. Président : THIERRY Serge Claude modification le 25 Janvier 2008 .  Commentaires : Modification de représentant.
	14/03/2007	Bodacc B	Modifications et mutations diverses
137 - RCS Marseille B 301 523 791. RC 74-B 718. BAOBAG. Forme : S.A.S. Capital : 200 000 euros. Commentaires : modification survenue sur la dénomination, le capital (augmentation) et l'administration. Administration : commissaire aux comptes titulaire partant : BURGUIERE (Hervé). Commissaire aux comptes suppléant partant : COMPAGNIE PHOCEENNE DE CONTROLE COMPTABLE ET DE REVISION INDICIAIRE COPHOTRI S.A. Nomination d'un commissaire aux comptes titulaire : GADRAS (Jean, Pierre). Nomination d'un commissaire aux comptes suppléant : 3G AUDIT. Nomination d'un directeur général : THIERRY (Serge, Claude, Roger).
	22/12/2006	Bodacc C	Avis de dépôt des comptes
1615 - RCS Marseille B 301 523 791. RC 74-B 718. SACHERIE DU MIDI. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 2/16, boulevard Vintimille,13015 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	21/10/2005	Bodacc C	Avis de dépôt des comptes
122 - RCS Marseille B 301 523 791. RC 74-B 718. SACHERIE DU MIDI. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 2/16, boulevard Vintimille,13015 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	24/02/2004	Bodacc B	Modifications et mutations diverses
RCS Marseille B 301523791 RC 74-B 718 SACHERIE DU MIDI. Forme : S.A.S Nom commercial: Sacherie du Midi. Commentaires : modification survenue sur la dénomination, la forme juridique, l' adresse de l'établissement principal et l'administration. Administration : modification du président : CAVALIER ( Alain) Etablissement principal: Adresse : 2-16 boulevard Vintimille, 13015 Marseille.
	10/03/2002	Bodacc B	Modifications et mutations diverses
RCS Marseille B 301523791 RC 74-B 718 S. A.R.L. SACHERIE DU MIDI. Forme : S.A.R.L. Capital : 100 000 euros Nom commercial: Sacherie du Midi. Commentaires : modification survenue sur le capital ( augmentation).
	15/04/1999	Bodacc B	Modifications et mutations diverses
RCS *. RCS Marseille B 301 523 791 RC RC 74-B 718 S.A.R.L. SACHERIE DU MIDI. Forme : S.A.R.L Nom commercial: Sacherie du Midi. Administration : nomination en qualité de commissaire aux comptes titulaire : BURGUIERE (Hervé). Nomination en qualité de commissaire aux comptes suppléant : COMPAGNIE PHOCEENNE DE CONTROLE COMPTABLE ET DE REVISION INDICIAIRE COPHOTRI S.A. Commentaires : modification survenue sur l'administration.
	19/03/1995	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Marseille B 301 523 791 RC 74-B 718 S.A. R.L. SACHERIE DU MIDI. Forme : S.A.R.L. Capital : 300 000 F (fixe) Nom commercial: Sacherie du Midi. Adresse : 39, rue Toussaint, 13003 Marseille Nouvelle situation du siège social. Adresse : 2-16, boulevard de Vintimille, 13015 Marseille Etablissement principal: Adresse : 39, rue Toussaint, 13003 Marseille ETABLISSEMENT PRINCIPAL nouvelle situation. Adresse : 2-16, boulevard de Vintimille, 13015 Marseille. Date d'effet : 20 janvier 1995.

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	17/07/2014	03/09/2013	06/08/2014
Activity Code	4676Z	4676Z	4676Z
Employees	47	0	42

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	2,622,326	1.0 %	2,595,909	1.4 %	2,561,236	25,589	10147.9 %
Intangible assets	2,490,667	-0.1 %	2,492,175	1.7 %	2,451,281	0	0%
Tangible assets	107,041	39.0 %	77,014	-9.2 %	84,795	7,746	1281.9 %
Financial assets	24,618	-7.9 %	26,720	0%	26,720	1,110	2117.8 %
Net current assets	14,873,004	15.7 %	12,855,186	-4.1 %	13,411,541	308,938	4714.2 %
Stocks	5,649,372	22.9 %	4,596,193	-25.5 %	6,171,239	33,252	16889.6 %
Advanced payments	3,372	-38.5 %	5,485	0%	5,485	0	0%
Receivables	8,589,365	9.4 %	7,850,130	10.7 %	7,093,777	144,086	5861.3 %
Securities and cash	630,895	56.4 %	403,378	186.0 %	141,040	45,425	1288.9 %
Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	0	0%	0	0%	9,304	0	0%
Total Assets	17,495,330	13.2 %	15,451,095	-3.3 %	15,982,081	386,487	4426.8 %

Passive Account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Shareholders' equity	8,205,027	11.8 %	7,337,447	-0.9 %	7,403,775	122,677	6588.3 %
Share capital	200,000	0%	200,000	0%	200,000	22,867	774.6 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	814,339	0%	814,339	-35.9 %	1,270,180	0	0%
Liabilities	8,454,505	16.0 %	7,289,336	-0.3 %	7,307,875	186,749	4427.2 %
Financial liabilities	642,060	318.7 %	153,354	42.9 %	107,319	14,643	4284.8 %
Advanced payments received	0	0%	0	0%	0	0	0%
Trade account payables	6,133,148	20.7 %	5,083,139	-17.1 %	6,131,252	77,769	7786.4 %
Tax and social liabilities	1,656,269	51.2 %	1,095,172	9.4 %	1,001,204	55,493	2884.6 %
Other debts and fixed assets liabilities	44,486	-95.4 %	967,645	1315.7 %	68,352	4,471	895.0 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	17,495,329	13.2 %	15,451,095	-3.3 %	15,982,082	386,487	4426.8 %

Results

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Sales of Goods	37,682,230	8.9 %	34,613,214	1.1 %	34,240,040	663,339	5580.7 %
Net turnover	37,267,344	8.0 %	34,496,530	1.2 %	34,104,251	650,674	5627.5 %
of which net export turnover	3,493,247	27.8 %	2,733,226	-26.0 %	3,694,653	0	0%
Operating charges	35,914,604	7.4 %	33,452,236	1.0 %	33,133,640	644,170	5475.3 %
Operating profit/loss	1,767,626	52.3 %	1,160,978	4.9 %	1,106,400	15,888	11025.5 %
Financial income	119,631	-42.8 %	209,166	4.9 %	199,360	107	111704.7 %
Financial charges	158,233	3.8 %	152,378	-42.3 %	263,972	874	18004.5 %
Financial profit/loss	-38,602	-168.0 %	56,788	187.9 %	-64,612	-70	-55045.7 %
Pretax net operating income	1,729,024	42.0 %	1,217,766	16.9 %	1,041,788	15,376	11145.0 %
Extraordinary income	3,129	-99.2 %	401,463	163.4 %	152,442	1	312800.0 %
Extraordinary charges	95,937	-90.0 %	960,315	848.8 %	101,214	150	63858.0 %
Extraordinary profit/loss	-92,808	83.4 %	-558,852	-1190.9 %	51,228	0	0%
Net result	1,067,580	146.2 %	433,672	-39.6 %	717,572	14,091	7476.3 %

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	17,495,330	13.2 %	15,451,095	-3.3 %	15,982,081
Gross	CO	18,612,728	10.9 %	16,779,103	-2.2 %	17,161,238
Amortisation	1A	1,117,398	-15.9 %	1,328,008	12.6 %	1,179,157

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	2,622,326	1.0 %	2,595,909	1.4 %	2,561,236
Gross	BJ	3,510,568	2.3 %	3,431,540	1.8 %	3,371,250
Amortisation	BK	888,242	6.3 %	835,631	3.2 %	810,014

Intangible fixed assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Start-up cost	Net	0	0%	0	0%	1,950
Gross	AB	0	0%	0	0%	1,950
Amortisation	AC	0	0%	0	0%	1,560
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	41,553	-3.5 %	43,061	0%	0
Gross	AF	361,243	6.0 %	340,938	18.4 %	287,972
Amortisation	AG	319,690	7.3 %	297,877	3.4 %	287,972
Goodwill	Net	2,449,114	0%	2,449,114	0%	2,449,114
Gross	AH	2,449,114	0%	2,449,114	0%	2,449,114
Amortisation	AI	0	0%	0	0%	0
Other intangible fixed assets	Net	0	0%	0	0%	217
Gross	AJ	0	0%	0	0%	650
Amortisation	AK	0	0%	0	0%	433
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	2,490,667	-0.1 %	2,492,175	1.7 %	2,451,281

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	29,089	5286.9 %	540	-46.1 %	1,002
Gross	AR	79,223	51.8 %	52,182	-1.5 %	52,971
Amortisation	AS	50,134	-2.9 %	51,642	-0.6 %	51,969
Other tangible fixed assets	Net	77,952	1.9 %	76,474	31.4 %	58,193
Gross	AT	596,370	6.0 %	562,586	6.9 %	526,273
Amortisation	AU	518,418	6.6 %	486,112	3.9 %	468,080
Fixed assets in construction	Net	0	0%	0	0%	25,600
Gross	AV	0	0%	0	0%	25,600
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	107,041	39.0 %	77,014	-9.2 %	84,795

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	0	0%	0	0%	0
Gross	CU	0	0%	0	0%	0
Amortisation	CV	0	0%	0	0%	0
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	24,618	-7.9 %	26,720	0%	26,720
Gross	BH	24,618	-7.9 %	26,720	0%	26,720
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	24,618	-7.9 %	26,720	0%	26,720

Current Assets (III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Assets	Net	14,873,004	15.7 %	12,855,186	-4.1 %	13,411,541
Gross	CJ	15,102,160	13.1 %	13,347,563	-3.1 %	13,780,684
Amortisation	CK	229,156	-53.5 %	492,377	33.4 %	369,143

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	5,649,372	22.9 %	4,596,193	-25.5 %	6,171,239
Gross	BT	5,743,366	22.7 %	4,682,141	-24.2 %	6,177,295
Amortisation	BU	93,994	9.4 %	85,948	1319.2 %	6,056
Sub Total Stocks	Net	5,649,372	22.9 %	4,596,193	-25.5 %	6,171,239

Advance payments to suppliers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Advance payments to suppliers	Net	3,372	-38.5 %	5,485	0%	5,485
Gross	BV	3,372	-38.5 %	5,485	0%	5,485
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Trade accounts receivable	Net	8,348,652	13.5 %	7,355,421	9.2 %	6,732,984
Gross	BX	8,483,814	9.3 %	7,761,349	9.4 %	7,095,569
Amortisation	BY	135,162	-66.7 %	405,928	12.0 %	362,585
Other debtors	Net	213,611	-50.6 %	432,339	39.0 %	310,938
Gross	BZ	213,611	-50.6 %	432,840	39.0 %	311,440
Amortisation	CA	0	0%	501	-0.2 %	502
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	8,562,263	9.9 %	7,787,760	10.6 %	7,043,922

Divers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	630,895	56.4 %	403,378	186.0 %	141,040
Gross	CF	630,895	56.4 %	403,378	186.0 %	141,040
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	630,895	56.4 %	403,378	186.0 %	141,040

Prepaid expenses

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid expenses	Net	27,102	-56.5 %	62,370	25.1 %	49,855
Gross	CH	27,102	-56.5 %	62,370	25.1 %	49,855
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	0	0%	0	0%	9,304
Gross		0	0%	0	0%	9,304

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	17,495,329	13.2 %	15,451,095	-3.3 %	15,982,082

Shareholder Equity (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total shareholders' equity (Total I)	DL	8,205,027	11.8 %	7,337,447	-0.9 %	7,403,775
Equity and shareholders' equity	DA	200,000	0%	200,000	0%	200,000
Issue and merger premiums	DB	3,719,966	0%	3,719,966	0%	3,719,966
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	20,000	0%	20,000	0%	20,000
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	0	0%	0	0%	0
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	3,197,481	7.9 %	2,963,809	7.9 %	2,746,234
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	0	0%	0	0%	0
Profit or loss for the period	DI	1,067,580	146.2 %	433,672	-39.6 %	717,575
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	814,339	0%	814,339	-35.9 %	1,270,180
Risk provisions	DP	0	0%	0	0%	9,304
Reserves for charges	DQ	814,339	0%	814,339	-35.4 %	1,260,876

Liabilities (IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Liabilities (Total IV)	EC	8,454,505	16.0 %	7,289,336	-0.3 %	7,307,875
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	641,013	324.7 %	150,923	51.5 %	99,590
Sundry loans and financial liabilities	DV	1,047	-56.9 %	2,431	-68.5 %	7,729
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	0	0%	0	0%	0
Trade accounts payables	DX	6,133,148	20.7 %	5,083,139	-17.1 %	6,131,252
Tax and social security liabilities	DY	1,656,269	51.2 %	1,095,172	9.4 %	1,001,204
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	23,028	-97.6 %	957,671	1306.3 %	68,100

Translation loss (V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Translation loss (Total V)	ED	21,458	115.1 %	9,974	3857.9 %	252

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	1,767,626	52.3 %	1,160,978	4.9 %	1,106,400

2 - Financial result (V-VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Financial result (Total V-VI)	GV	-38,602	-168.0 %	56,788	187.9 %	-64,612

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	1,729,024	42.0 %	1,217,766	16.9 %	1,041,788

4 - Extraordinary result (VII-VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Extraordinary result (Total VII-VIII)	HI	-92,808	83.4 %	-558,852	-1190.9 %	51,228

Profit or loss

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Profit or loss	HN	1,067,580	146.2 %	433,672	-39.6 %	717,572

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	37,804,990	7.3 %	35,223,843	1.8 %	34,591,842

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	36,737,409	5.6 %	34,790,170	2.7 %	33,874,269

Operating income (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating income (Total I)	FR	37,682,230	8.9 %	34,613,214	1.1 %	34,240,040

Oerating income (details)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Sale of goods for resale	FC	37,107,038	8.0 %	34,364,766	1.2 %	33,944,368
France	FA	33,650,774	6.4 %	31,632,488	4.3 %	30,329,295
Export	FB	3,456,264	26.5 %	2,732,278	-24.4 %	3,615,073
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	160,306	21.7 %	131,764	-17.6 %	159,883
France	FG	123,323	-5.7 %	130,816	62.9 %	80,303
Export	FH	36,983	3801.2 %	948	-98.8 %	79,580
Net turnover	FL	37,267,344	8.0 %	34,496,530	1.2 %	34,104,251
France	FJ	33,774,097	6.3 %	31,763,304	4.5 %	30,409,598
Export	FK	3,493,247	27.8 %	2,733,226	-26.0 %	3,694,653
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	412,559	298.8 %	103,439	4.6 %	98,930
Other income	FQ	2,327	-82.4 %	13,245	-64.1 %	36,859

Operating charges (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating charges (Total II)	GF	35,914,604	7.4 %	33,452,236	1.0 %	33,133,640

Exploitation charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Purchase of goods for resale	FS	30,625,656	15.7 %	26,466,590	-14.2 %	30,859,404
Change in stocks of goods for resale	FT	-1,061,225	-194.5 %	1,122,507	135.2 %	-3,184,859
Purchase of raw materials	FU	46,830	36.0 %	34,445	210.3 %	-31,226
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	2,359,839	4.9 %	2,248,543	5.5 %	2,130,799
Tax, duty and similar payments	FX	260,171	3.3 %	251,883	-7.6 %	272,509
Payroll	FY	2,304,661	2.1 %	2,258,143	5.6 %	2,138,127
Social security costs	FZ	922,115	5.0 %	878,475	9.8 %	799,942

Depreciation

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Depreciation of fixed assets	GA	56,971	50.4 %	37,885	107.3 %	18,278
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	108,005	-23.2 %	140,720	180.6 %	50,157
Provisions for risks and charges	GD	0	0%	4,113	-49.9 %	8,216

Other charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Other charges	GE	291,581	3164.5 %	8,932	-87.6 %	72,293

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	119,631	-42.8 %	209,166	4.9 %	199,360
Share financial income	GJ	535	89.0 %	283	-51.0 %	578
Other investment income & capitalised receivables	GK	0	0%	0	0%	113
Other interest and similar income	GL	8,643	-54.6 %	19,047	412.8 %	3,714
Released provisions and transferred charges	GM	0	0%	9,304	0%	0
Exchange gains	GN	110,453	-38.8 %	180,532	-7.4 %	194,955
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	158,233	3.8 %	152,378	-42.3 %	263,972
Financial reserves and provisions	GQ	0	0%	0	0%	9,304
Interest and similar charges	GR	26,619	-21.7 %	33,988	-0.5 %	34,149
Exchange losses	GS	131,614	11.2 %	118,390	-46.3 %	220,519
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	3,129	-99.2 %	401,463	163.4 %	152,442
Extraordinary operating income	HA	3,129	113.9 %	1,463	-92.7 %	20,052
Extraordinary income from capital transactions	HB	0	0%	0	0%	881
Released provisions and transferred charges	HC	0	0%	400,000	204.2 %	131,509

Extraordinary charges (VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary charges (Total VIII)	HH	95,937	-90.0 %	960,315	848.8 %	101,214
Extraordinary operating charges	HE	31,716	-96.7 %	960,153	848.6 %	101,214
Extraordinary charges from capital transactions	HF	64,221	39542.6 %	162	0%	0
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	568,635	152.5 %	225,241	-40.0 %	375,443

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	6,462	0%	0	0%	333
Gross value at the end of period	OL	3,510,568	0%	0	0%	3,371,250

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%	1,950
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%	1,950

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	2,790,052	0%	0	0%	2,736,520
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	20,305	0%	0	0%	1,216
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	2,810,357	0%	0	0%	2,737,736

Tangible fixed assets (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LN	614,768	0%	0	0%	579,476
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	65,186	0%	0	0%	25,701
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	4,360	0%	0	0%	333
Gross value at the end of period	NH	675,594	0%	0	0%	604,844

Financial assets (Total IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LQ	26,720	0%	0	0%	26,720
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	2,102	0%	0	0%	0
Gross value at the end of period	NK	24,618	0%	0	0%	26,720

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	297,877	0%	0	0%	286,693
Increases	PF	21,813	0%	0	0%	1,712
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	319,690	0%	0	0%	288,405

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	537,754	0%	0	0%	503,872
Increases	QV	35,160	0%	0	0%	16,177
Decreases	QW	4,360	0%	0	0%	0
Decreasess by budget item transfer	QX	568,554	0%	0	0%	520,049

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%	1,950
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	1,306,716	0%	0	0%	1,736,866
Increases	UB	108,005	0%	0	0%	67,677
Decreases	UC	371,225	0%	0	0%	165,221
Value at the end of period	UD	1,043,496	0%	0	0%	1,639,322

Includes Total allocations

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating	UE	108,005	0%	0	0%	0
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	371,225	0%	0	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

		31/12/2013	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	814,339	0%	0	0%	1,384,169
Increases	TV	0	0%	0	0%	17,520
Decreases	TW	0	0%	0	0%	131,509
Value at the end of period	TX	814,339	0%	0	0%	1,270,180

Total Provision for depreciation (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	7B	492,377	0%	0	0%	352,697
Increases	TY	108,004	0%	0	0%	50,157
Decreases	TZ	371,225	0%	0	0%	33,712
Value at the end of period	UA	229,156	0%	0	0%	369,142

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	8,749,145	0%	0	0%	7,483,586
1 year at most	VU	8,722,564	0%	0	0%	7,456,866
More than one year	VV	26,581	0%	0	0%	26,720

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	24,618	0%	0	0%	26,720
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Customers doubtful or disputed	VA	1,963	0%	0	0%	108,858
Other claims customer	UX	8,481,851	0%	0	0%	6,986,711
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	5,215	0%	0	0%	5,608
Social Security and other social organizations	UZ	3,820	0%	0	0%	2,703
Income taxes	VM	2,628	0%	0	0%	0
Value added tax	VB	149,659	0%	0	0%	98,533
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	2,195	0%	0	0%	8,452
Group and Associates	VC	504	0%	0	0%	83,357
Accounts receivable (including claims relating to the operation of pension titles)	VR	49,590	0%	0	0%	112,789

Prepaid

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid	VS	27,102	0%	0	0%	49,855

State Debt

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total debt (gross)	VY	8,454,506	0%	0	0%	7,307,875
1 year at most	VZ2	8,454,506	0%	0	0%	7,307,875
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	641,013	0%	0	0%	99,590
1 year at most	VG2	641,013	0%	0	0%	99,590
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%	609,999
More than 1 year and 5 years at most	VH3	0	0%	0	0%	0
Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most	8A2	0	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	6,133,148	0%	0	0%	6,131,252
1 year at most	8B2	6,133,148	0%	0	0%	6,131,252
More than 1 year and 5 years at most	8B3	6,133,148	0%	0	0%	6,131,252
Personnel and associated accounts (gross)	8C1	711,314	0%	0	0%	609,999
1 year at most	8C2	711,314	0%	0	0%	609,999
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	358,194	0%	0	0%	261,058
1 year at most	8D2	358,194	0%	0	0%	261,058
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	305,250	0%	0	0%	53,348
1 year at most	8E2	305,250	0%	0	0%	53,348
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	211,969	0%	0	0%	3,450
1 year at most	VW2	211,969	0%	0	0%	3,450
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	69,542	0%	0	0%	73,349
1 year at most	VQ2	69,542	0%	0	0%	73,349
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	1,047	0%	0	0%	7,729
1 year at most	VI2	1,047	0%	0	0%	7,729
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	23,028	0%	0	0%	68,100
1 year at most	8K2	23,028	0%	0	0%	68,100
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	47	0%	0	0%	42

Groups and Shareholders

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

Ratios

Structure and Liquidity

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Fixed Asset Financing	3.01	13.2 %	2.66	-6.7 %	2.85	2.73	10.3 %
Global Debt	82 days	7.9 %	76 days	-1.3 %	77 days	96 days	-14.6 %
Working Capital Fund overall net	68 days	13.3 %	60 days	-9.1 %	66 days	64 days	6.3 %
Financial independence	1,277.92 %	-73.3 %	4,784.65 %	-30.6 %	6,897.03 %	239.57 %	433.4 %
Solvability	46.90 %	-1.2 %	47.49 %	2.5 %	46.33 %	39.04 %	20.1 %
Capacity debt futures	1,280.01 %	-	-	-	1,043.39 %	1,853.26 %	-30.9 %
Coverage of current assets by net working capital overall	46.69 %	8.7 %	42.97 %	-5.1 %	45.30 %	46.23 %	1.0 %
General Liquidity	1.03	-	-	-	1.02	0.81	27.2 %
Restricted Liquidity	1.11	-	-	-	1.04	1.16	-4.3 %

Management or rotation

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Need background in operating working capital	62 days	12.7 %	55 days	-14.1 %	64 days	29 days	113.8 %
Treasury	6 days	50.0 %	4 days	300.0 %	1 days	13 days	-53.8 %
Inventory turnover of goods	70 days	14.8 %	61 days	-23.8 %	80 days	44 days	59.1 %
Average length of credit granted to customers	82 days	1.2 %	81 days	8.0 %	75 days	58 days	41.4 %
Average length of credit obtained suppliers	69 days	13.1 %	61 days	-17.6 %	74 days	55 days	25.5 %
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	-	-	-	-	-	862 days	-
Rotation tangible assets	5,516.23 %	-	-	-	5,638.52 %	1,723.18 %	220.1 %

Profitability of the business

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Margin trading	20.24 %	3.1 %	19.64 %	6.9 %	18.38 %	25.39 %	-20.3 %
Profitability of the business	4.85 %	35.5 %	3.58 %	9.1 %	3.28 %	3.55 %	36.6 %
Net profit	2.86 %	127.0 %	1.26 %	-40.0 %	2.10 %	2.08 %	37.5 %
Growth rate of turnover (excluding VAT)	8.03 %	598.3 %	1.15 %	-93.2 %	16.94 %	-0.55 %	1560.0 %
Rates integration	14.21 %	6.0 %	13.41 %	5.6 %	12.70 %	18.00 %	-21.1 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	60.93 %	-10.2 %	67.83 %	0.0 %	67.85 %	66.01 %	-7.7 %
Weight interests	0.42 %	-4.5 %	0.44 %	-42.9 %	0.77 %	0.17 %	147.1 %

Return on capital

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Cash flow from the overall profitability	2.19 %	59.9 %	1.37 %	-37.2 %	2.18 %	2.92 %	-25.0 %
Rates of economic profitability	20.00 %	25.0 %	16.00 %	6.7 %	15.00 %	14.00 %	42.9 %
Financial profitability	8,205,027.00 %	11.8 %	7,337,447.00 %	-0.9 %	7,403,775.00 %	99,282.00 %	8164.4 %
Return on investment	13.86 %	77.2 %	7.82 %	-40.2 %	13.07 %	10.57 %	31.1 %

Management intermediate balances

	31/12/2013		Variation		31/12/2012		Variation		31/12/2011		SECTOR MEDIAN 2013
Turnover	37,267,344		8.0 %		34,496,530		1.2 %		34,104,251		650,674		5627.5 %
		31/12/2013		Variation		31/12/2012		Variation		31/12/2011		SECTOR MEDIAN 2013
Sales of goods		37,107,038		8.0 %		34,364,766		1.2 %		33,944,368				-
- Purchase of goods		30,625,656		15.7 %		26,466,590		-14.2 %		30,859,404				-
+/- Stock of goods variation		-1,061,225		-194.5 %		1,122,507		135.2 %		-3,184,859				-
Trading margin		7,542,607 €		11.3 %		6,775,669 €		8.1 %		6,269,823 €		142,213 €		5203.7 %
		20.24 % CA		3.1 %		19.64 % CA		6.9 %		18.38 % CA		26.65 % CA		-24.1 %

	31/12/2013		Variation		31/12/2012		Variation		31/12/2011		SECTOR MEDIAN 2013
Sale of goods produced	160,306		21.7 %		131,764		-17.6 %		159,883				-
+/- Stocked production	0		0%		0		0%		0				-
+ Self-constructed assets	0		0%		0		0%		0				-
Period production	160,306 €		21.7 %		131,764 €		-17.6 %		159,883 €		16,024 €		900.4 %
	0.43 % CA		13.2 %		0.38 % CA		-19.1 %		0.47 % CA		2.36 % CA		-81.8 %
		31/12/2013		Variation		31/12/2012		Variation		31/12/2011		SECTOR MEDIAN 2013
Trading margin		7,542,607		11.3 %		6,775,669		8.1 %		6,269,823		142,213		5203.7 %
+ Period Production		160,306		21.7 %		131,764		-17.6 %		159,883		16,024		900.4 %
- Purchase of raw materials		46,830		36.0 %		34,445		210.3 %		-31,226				-
+/- Change in stocks of raw materiels		0		0%		0		0%		0				-
- Other external purchases and charges		2,359,839		4.9 %		2,248,543		5.5 %		2,130,799				-
Added value		5,296,244 €		14.5 %		4,624,445 €		6.8 %		4,330,133 €		131,516 €		3927.1 %
		14.21 % CA		6.0 %		13.41 % CA		5.6 %		12.70 % CA		18.00 % CA		-21.1 %

	31/12/2013		Variation		31/12/2012		Variation		31/12/2011		SECTOR MEDIAN 2013
Added value	5,296,244 €		14.5 %		4,624,445 €		6.8 %		4,330,133 €		131,516 €		3927.1 %
+ Operating grants	0		0%		0		0%		0				-
- Tax, duty and similar payments	260,171		3.3 %		251,883		-7.6 %		272,509				-
- Personal charges	3,226,776		2.9 %		3,136,618		6.8 %		2,938,069				-
Gross operating surplus	1,809,297 €		46.4 %		1,235,944 €		10.4 %		1,119,555 €		20,007 €		8943.3 %
	4.85 % CA		35.5 %		3.58 % CA		9.1 %		3.28 % CA		3.55 % CA		36.6 %
		31/12/2013		Variation		31/12/2012		Variation		31/12/2011		SECTOR MEDIAN 2013
Gross operating surplus		1,809,297 €		46.4 %		1,235,944 €		10.4 %		1,119,555 €		20,007 €		8943.3 %
+ Release of reserves and provisions		412,559		298.8 %		103,439		4.6 %		98,930				-
+ Other operating income		2,327		-82.4 %		13,245		-64.1 %		36,859				-
- Depreciation/ Amortisation		164,976		-9.7 %		182,718		138.4 %		76,651				-
- Other charges		291,581		3164.5 %		8,932		-87.6 %		72,293				-
Operating result		1,767,626 €		52.3 %		1,160,978 €		4.9 %		1,106,400 €		15,888 €		11025.5 %
		4.74 % CA		40.7 %		3.37 % CA		4.0 %		3.24 % CA		2.66 % CA		78.2 %

			31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Operating result			1,767,626 €	52.3 %	1,160,978 €	4.9 %	1,106,400 €	15,888 €		11025.5 %
+/- Result of joint-venture transferred from/to other partners			0	0%	0	0%	0			-
+ Financial income			119,631	-42.8 %	209,166	4.9 %	199,360			-
- Financial charges			158,233	3.8 %	152,378	-42.3 %	263,972			-
Pre-tax result			1,729,024 €	42.0 %	1,217,766 €	16.9 %	1,041,788 €	15,376 €		11145.0 %
			4.64 % CA	31.4 %	3.53 % CA	15.7 %	3.05 % CA	2.58 % CA		79.8 %
	31/12/2013	Variation		31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Extraordinary income	3,129	-99.2 %		401,463	163.4 %	152,442	1		312800.0 %
- Extraordinary charges	95,937	-90.0 %		960,315	848.8 %	101,214			-
Extraordinary result	-92,808 €	83.4 %		-558,852 €	-1190.9 %	51,228 €	0 €		0%
	-0.25 % CA	84.6 %		-1.62 % CA	-1180.0 %	0.15 % CA	0.00 % CA		0%

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Pre-tax result	1,729,024 €	42.0 %	1,217,766 €	16.9 %	1,041,788 €	15,376 €	11145.0 %
Extraordinary result	-92,808 €	83.4 %	-558,852 €	-1190.9 %	51,228 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	568,635	152.5 %	225,241	-40.0 %	375,443		-
Net result	1,067,581 €	146.2 %	433,673 €	-39.6 %	717,573 €	14,050 €	7498.4 %
	2.86 % CA	127.0 %	1.26 % CA	-40.0 %	2.10 % CA	2.07 % CA	38.2 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.01
UK Pound	1	Rs.99.84
Euro	1	Rs.70.16

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ASH

RATING EXPLANATIONS

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

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

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

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

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