MIRA INFORM REPORT

Report No. :	335578
Report Date :	08.08.2015

IDENTIFICATION DETAILS

Name :	MVL CONSEILS
Registered Office :	MVL Conseils 12 Rue Leonce Reynaud 75116 Paris
Country :	France
Financials (as on) :	31.12.2013
Date of Incorporation :	July 2010
Legal Form :	Limited Liability Company
Line of Business :	Wholesale (business to business) unskilled.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
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 summary

SIRET	527 600 332 00011	Click to view full map.
Name	MVL CONSEILS
Acronym	-
Trade name	-
Status	Economically active
Postal Address	MVL CONSEILS 12 RUE LEONCE REYNAUD 75116 PARIS
Share Capital	1,000 Euros
Incorporiation Date	10/2010
Activity (APE)	Wholesale (business to business) unskilled (4690Z)	RCS Registration	RCS Paris B 527 600 332
Formation Date	07/2010	EUR VAT Number	FR16527600332
Deregistration Date	-	Last account Date	31/12/2013
Court Registry Number	20 1 0B20931	Telephone	01 47 20 86 34
Registration Court	Paris (75)	Fax	-
Nationality	France	Legal form	Limited Liability Company
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2013	98,974 €	-3.06% Turnover	7,898 €	-2,829 €	0 employee
31/12/2011	53,574 €	26.14% Turnover	16,051 €	11,919 €	-

Details

Directors

Current Directors

1

View Details

Payment Data Programme

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Preferential Right

This company is not under monitoring

Establishment Details

Type of Establishment	Single (translated to H)	Production Role	-
APE/NAF Code	4690Z	Activity	Wholesale (business to business) unskilled
Formation Date	07/2010	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	Wholesale or intermediary of trade	Activity Location	On customer site
Trading Address	12 RUE LEONCE REYNAUD 75116 PARIS 16	Department	-
Location Surface	-	District	-
City	PARIS 16	Status	Economically active
Business Pages FT®	-	Region	Ile-de-France
		Area	-
		Size of Urban Area	-

Other Establishment(s)

Regionality	-
Mono-activity status	-
Branches	0 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
MVL CONSEILS	Head Office	4690Z	Wholesale (business to business) unskilled	PARIS 16	75116

Workforces

Workforce at address

0 employee

Company workforce

0 employee

Commentary

The comments are ordered according to the class of risk. Companies are compared with regard to other companies of the same type. Thus a positive comment for one category can be negative for another or can change depending on its value. This is a purely statistical decision.

The decrease in the pre-tax profit margin over the last two accounting periods is 141 %

The decrease in pre-tax profit over the last two accounting periods is 136 %

The decrease in the return on capital employed over the last two accounting periods is 176 %

The sales to current assets ratio is 4.85

The pre-tax profit is -2,829 €

The net current assets are 20,426 €

The tangible fixed assets are 0 €

The ratio total assets to total liabilities is 1.63

The net turnover is 98,974 €

The receivables value is 13,444 €

The company is 4 years old

Region code with low risk rating

Industry code with low risk rating

Low risk workforce size

The trade payables value is 802 €

The stocks value is 0 €

The financial liabilities are 0 €

Industry comparison

Activity (APE)

Wholesale (business to business) unskilled (4690Z)

Collective procedures

No judgment information for the company

Preferential rights details and history

Status of collection

This company is not under monitoring

Preferential rights details and history

Status of collection

This company is not under monitoring

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company

Director(s)

Name	Mme. LANDY-GOURDON MARTINE
Manager position	Manager	Date of birth	17/10/1948
Place of birth	BOULOGNE-BILLANCOURT (92100)
Type	Individual	Name at birth	LANDY

Previous Directors

No data about previous directors is available for this company

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	13/01/2015	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 10767 - 527600332 RCS. MVL CONSEILS. Forme : Société à responsabilité limitée. Adresse : 12 rue Léonce Reynaud 75116 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
Hide	13/08/2014	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 5342 - 527600332 RCS. MVL CONSEILS. Forme : Société à responsabilité limitée. Adresse : 12 rue Léonce Reynaud 75116 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
Hide	27/07/2013	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8822 - 527600332 RCS. MVL CONSEILS. Forme : Société à responsabilité limitée. Adresse : 12 rue Léonce Reynaud 75116 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	31/10/2010	Bodacc A	Création d'établissement
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 738 - 527 600 332 RCS Paris. MVL CONSEILS. Forme : Société à responsabilité limitée. Enseigne : MVL CONSEILS. Administration : Gérant : Landy, Martine, nom d'usage : Landy-Gourdon. Capital : 1000 EUR. Adresse : 12 rue Léonce Reynaud, 75116 Paris. Origine du fonds : Création d'un fonds de commerce. Etablissement : Etablissement principal. Activité : Achat vente ou la commercialisation pour le compte d'entreprises de tous produits haut de gamme tous produits non réglementés - le conseil en marketing - le management. Adresse : 12 rue Léonce Reynaud, 75116 Paris. A dater du : 14/10/2010. Date de commencement de l’activité : 01/07/2010. Descriptif : . Commentaires : Immatriculation d'une personne morale (B, C, D) suite à création d'un établissement principal.

Company events history

Date	Description
13/01/2015	Bodacc C : Deposit accounts notice
18/12/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
13/08/2014	Bodacc C : Deposit accounts notice
22/07/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2013	New accounts available
31/07/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
27/07/2013	Bodacc C : Deposit accounts notice
31/12/2012	New accounts available
31/12/2011	New accounts available
31/10/2010	Bodacc A : Establishment creation
14/10/2010	Amendment
14/10/2010	Appointment/resignation of company officers
14/10/2010	Articles of association
14/10/2010	Fund deposit certificate
01/07/2010	Formation of Company

Synthesized Accounts

Annual Accounts

	31/12/2013	31/12/2012	31/12/2011
Account period (month)	12	12	12
Account Type	Normal	Simple	Normal
Date of capture	17/12/2014	21/07/2014	22/07/2013
Activity Code	4690Z	4690Z	4690Z
Employees	0	0	0

Active account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Capital not called	0 0 K	-	- -	-	0 0 K	339.19 0.34 K	0%	0 0 K	0%
Total fixed assets	0 0 K	0%	0 0 K	0%	0 0 K	163,414.35 163.41 K	0%	7,190 7 K	0%
Intangible assets	0 0 K	0%	0 0 K	0%	0 0 K	35,136.60 35.14 K	0%	0 0 K	0%
Tangible assets	0 0 K	0%	0 0 K	0%	0 0 K	80,300.74 80.30 K	0%	2,200 2 K	0%
Financial assets	0 0 K	0%	0 0 K	0%	0 0 K	48,157.01 48.16 K	0%	132 0 K	0%
Net current assets	20,426 20 K	-51.7 %	42,322 42 K	76.4 %	23,998 24 K	702,597.94 702.60 K	-97.1 %	122,506 123 K	-83.3 %
Stocks	0 0 K	0%	0 0 K	0%	0 0 K	181,976.23 181.98 K	0%	10,091 10 K	0%
Advanced payments	0 0 K	0%	0 0 K	0%	0 0 K	4,718.98 4.72 K	0%	0 0 K	0%
Receivables	13,444 13 K	-62.7 %	36,013 36 K	93.1 %	18,647 19 K	401,297.96 401.30 K	-96.6 %	45,969 46 K	-70.8 %
Securities and cash	6,982 7 K	10.7 %	6,309 6 K	17.9 %	5,351 5 K	114,141.35 114.14 K	-93.9 %	19,483 19 K	-64.2 %
Prepaid expenses	- -	-	0 0 K	-	- -	1,326.34 1.33 K	-	0 0 K	-
Accounts of regularization	0 0 K	-	- -	-	0 0 K	427.51 0.43 K	0%	0 0 K	0%
Total Assets	20,426 20 K	-51.7 %	42,322 42 K	76.3 %	23,999 24 K	866,341.78 866.34 K	-97.6 %	148,278 148 K	-86.2 %

Passive Account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Shareholders' equity	7,898 8 K	-52.8 %	16,727 17 K	4.2 %	16,051 16 K	239,670.37 239.67 K	-96.7 %	38,599 39 K	-79.5 %
Share capital	1,000 1 K	0%	1,000 1 K	0%	1,000 1 K	103,926.80 103.93 K	-99.0 %	8,000 8 K	-87.5 %
Other capital resources	0 0 K	-	- -	-	0 0 K	503.15 0.50 K	0%	0 0 K	0%
Risk Provisions	0 0 K	0%	0 0 K	0%	0 0 K	12,673.07 12.67 K	0%	0 0 K	0%
Liabilities	12,528 13 K	-51.1 %	25,594 26 K	222.0 %	7,949 8 K	613,214.45 613.21 K	-98.0 %	93,189 93 K	-86.6 %
Financial liabilities	0 0 K	0%	0 0 K	0%	2,000 2 K	129,645.36 129.65 K	0%	7,734 8 K	0%
Advanced payments received	0 0 K	0%	0 0 K	0%	0 0 K	6,052.41 6.05 K	0%	0 0 K	0%
Trade account payables	802 1 K	-94.4 %	14,391 14 K	341.0 %	3,263 3 K	290,197.08 290.20 K	-99.7 %	23,958 24 K	-96.7 %
Tax and social liabilities	0 0 K	-	- -	-	2,686 3 K	119,530.51 119.53 K	0%	21,466 21 K	0%
Other debts and fixed assets liabilities	11,726 12 K	4.7 %	11,203 11 K	0%	0 0 K	105,256.07 105.26 K	-88.9 %	4,216 4 K	178.1 %
Account regularization	0 0 K	-	- -	-	0 0 K	7,135.66 7.14 K	0%	0 0 K	0%
Total liabilities	20,426 20 K	-51.7 %	42,321 42 K	76.3 %	23,999 24 K	866,228.34 866.23 K	-97.6 %	148,279 148 K	-86.2 %

Results

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Sales of Goods	99,188 99 K	-12.8 %	113,730 114 K	112.1 %	53,609 54 K	1,960,801.78 1,960.80 K	-94.9 %	244,942 245 K	-59.5 %
Net turnover	98,974 99 K	-13.0 %	113,725 114 K	112.3 %	53,574 54 K	1,941,281.48 1,941.28 K	-94.9 %	240,589 241 K	-58.9 %
of which net export turnover	0 0 K	0%	0 0 K	0%	16,719 17 K	370,795.17 370.80 K	0%	0 0 K	0%
Operating charges	102,017 102 K	-3.6 %	105,876 106 K	167.5 %	39,586 40 K	1,896,576.21 1,896.58 K	-94.6 %	241,042 241 K	-57.7 %
Operating profit/loss	-2,829 -3 K	-136.0 %	7,854 8 K	-44.0 %	14,023 14 K	64,226.06 64.23 K	-104.4 %	5,463 5 K	-151.8 %
Financial income	0 0 K	0%	0 0 K	0%	0 0 K	8,821.73 8.82 K	0%	0 0 K	0%
Financial charges	0 0 K	0%	0 0 K	0%	0 0 K	9,811.00 9.81 K	0%	270 0 K	0%
Financial profit/loss	0 0 K	0%	0 0 K	0%	0 0 K	-989.25 -0.99 K	0%	-25 0 K	0%
Pretax net operating income	-2,829 -3 K	-136.0 %	7,854 8 K	-44.0 %	14,023 14 K	63,284.91 63.28 K	-104.5 %	4,943 5 K	-157.2 %
Extraordinary income	0 0 K	0%	0 0 K	0%	0 0 K	18,096.53 18.10 K	0%	0 0 K	0%
Extraordinary charges	0 0 K	0%	0 0 K	0%	0 0 K	11,664.08 11.66 K	0%	60 0 K	0%
Extraordinary profit/loss	0 0 K	0%	0 0 K	0%	0 0 K	6,432.45 6.43 K	0%	0 0 K	0%
Net result	-2,829 -3 K	-142.4 %	6,677 7 K	-44.0 %	11,919 12 K	44,403.65 44.40 K	-106.4 %	5,040 5 K	-156.1 %

Accounts – Active

Normal Account

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

Grand Total - Active Accounts (I to VI)

		31/12/2013	Variation	31/12/2011
Grand Total (I to VI)	Net	20,426 20 K	-14.9 %	23,999 24 K
Gross	CO	20,426 20 K	-14.9 %	23,999 24 K
Amortisation	1A	0 0 K	0%	0 0 K

Non declared distributed capital (I)

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

Active fixed asset (II)

		31/12/2013	Variation	31/12/2011
Total Active fixed asset (II)	Net	0 0 K	0%	0 0 K
Gross	BJ	0 0 K	0%	0 0 K
Amortisation	BK	0 0 K	0%	0 0 K

Intangible fixed assets

		31/12/2013	Variation	31/12/2011
Start-up cost	Net	0 0 K	0%	0 0 K
Gross	AB	0 0 K	0%	0 0 K
Amortisation	AC	0 0 K	0%	0 0 K
R&D expenses	Net	0 0 K	0%	0 0 K
Gross	CX	0 0 K	0%	0 0 K
Amortisation	AE	0 0 K	0%	0 0 K
Distributorships, patents	Net	0 0 K	0%	0 0 K
Gross	AF	0 0 K	0%	0 0 K
Amortisation	AG	0 0 K	0%	0 0 K
Goodwill	Net	0 0 K	0%	0 0 K
Gross	AH	0 0 K	0%	0 0 K
Amortisation	AI	0 0 K	0%	0 0 K
Other intangible fixed assets	Net	0 0 K	0%	0 0 K
Gross	AJ	0 0 K	0%	0 0 K
Amortisation	AK	0 0 K	0%	0 0 K
Pre-payments and downpayments	Net	0 0 K	0%	0 0 K
Gross	AL	0 0 K	0%	0 0 K
Amortisation	AM	0 0 K	0%	0 0 K
Sub Total Intangible asset	Net	0 0 K	0%	0 0 K

Tangilble fixed assets

		31/12/2013	Variation	31/12/2011
Lands	Net	0 0 K	0%	0 0 K
Gross	AN	0 0 K	0%	0 0 K
Amortisation	AO	0 0 K	0%	0 0 K
Buildings	Net	0 0 K	0%	0 0 K
Gross	AP	0 0 K	0%	0 0 K
Amortisation	AQ	0 0 K	0%	0 0 K
Plant	Net	0 0 K	0%	0 0 K
Gross	AR	0 0 K	0%	0 0 K
Amortisation	AS	0 0 K	0%	0 0 K
Other tangible fixed assets	Net	0 0 K	0%	0 0 K
Gross	AT	0 0 K	0%	0 0 K
Amortisation	AU	0 0 K	0%	0 0 K
Fixed assets in construction	Net	0 0 K	0%	0 0 K
Gross	AV	0 0 K	0%	0 0 K
Amortisation	AW	0 0 K	0%	0 0 K
Advances and payments on account	Net	0 0 K	0%	0 0 K
Gross	AX	0 0 K	0%	0 0 K
Amortisation	AY	0 0 K	0%	0 0 K
Sub Total Tangible asset	Net	0 0 K	0%	0 0 K

Financial assets

		31/12/2013	Variation	31/12/2011
Associates at equity	Net	0 0 K	0%	0 0 K
Gross	CS	0 0 K	0%	0 0 K
Amortisation	CT	0 0 K	0%	0 0 K
Other participations	Net	0 0 K	0%	0 0 K
Gross	CU	0 0 K	0%	0 0 K
Amortisation	CV	0 0 K	0%	0 0 K
Inter-company receivables	Net	0 0 K	0%	0 0 K
Gross	BB	0 0 K	0%	0 0 K
Amortisation	BC	0 0 K	0%	0 0 K
Other investment securities	Net	0 0 K	0%	0 0 K
Gross	BD	0 0 K	0%	0 0 K
Amortisation	BE	0 0 K	0%	0 0 K
Loans	Net	0 0 K	0%	0 0 K
Gross	BF	0 0 K	0%	0 0 K
Amortisation	BG	0 0 K	0%	0 0 K
Other financial assets	Net	0 0 K	0%	0 0 K
Gross	BH	0 0 K	0%	0 0 K
Amortisation	BI	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	0 0 K	0%	0 0 K

Current Assets (III)

		31/12/2013	Variation	31/12/2011
Total Assets	Net	20,426 20 K	-14.9 %	23,998 24 K
Gross	CJ	20,426 20 K	-14.9 %	23,998 24 K
Amortisation	CK	0 0 K	0%	0 0 K

Stocks

		31/12/2013	Variation	31/12/2011
Raw materials	Net	0 0 K	0%	0 0 K
Gross	BL	0 0 K	0%	0 0 K
Amortisation	BM	0 0 K	0%	0 0 K
Work in progress (goods)	Net	0 0 K	0%	0 0 K
Gross	BN	0 0 K	0%	0 0 K
Amortisation	BO	0 0 K	0%	0 0 K
Work in progress (services)	Net	0 0 K	0%	0 0 K
Gross	BP	0 0 K	0%	0 0 K
Amortisation	BQ	0 0 K	0%	0 0 K
Semi-finished and finished products	Net	0 0 K	0%	0 0 K
Gross	BR	0 0 K	0%	0 0 K
Amortisation	BS	0 0 K	0%	0 0 K
Goods for resale	Net	0 0 K	0%	0 0 K
Gross	BT	0 0 K	0%	0 0 K
Amortisation	BU	0 0 K	0%	0 0 K
Sub Total Stocks	Net	0 0 K	0%	0 0 K

Advance payments to suppliers

		31/12/2013	Variation	31/12/2011
Advance payments to suppliers	Net	0 0 K	0%	0 0 K
Gross	BV	0 0 K	0%	0 0 K
Amortisation	BW	0 0 K	0%	0 0 K

Debtors

		31/12/2013	Variation	31/12/2011
Trade accounts receivable	Net	5,319 5 K	-66.4 %	15,849 16 K
Gross	BX	5,319 5 K	-66.4 %	15,849 16 K
Amortisation	BY	0 0 K	0%	0 0 K
Other debtors	Net	8,125 8 K	190.4 %	2,798 3 K
Gross	BZ	8,125 8 K	190.4 %	2,798 3 K
Amortisation	CA	0 0 K	0%	0 0 K
Capital subscribed and called up	Net	0 0 K	0%	0 0 K
Gross	CB	0 0 K	0%	0 0 K
Amortisation	CC	0 0 K	0%	0 0 K
Sub Total debtors	Net	13,444 13 K	-27.9 %	18,647 19 K

Divers

		31/12/2013	Variation	31/12/2011
Investment securities	Net	0 0 K	0%	0 0 K
Gross	CD	0 0 K	0%	0 0 K
Amortisation	CE	0 0 K	0%	0 0 K
Cash and cash equivalents	Net	6,982 7 K	30.5 %	5,351 5 K
Gross	CF	6,982 7 K	30.5 %	5,351 5 K
Amortisation	CG	0 0 K	0%	0 0 K
Sub Total Divers	Net	6,982 7 K	30.5 %	5,351 5 K

Prepaid expenses

		31/12/2013	Variation	31/12/2011
Prepaid expenses	Net	0 0 K	0%	0 0 K
Gross	CH	0 0 K	0%	0 0 K
Amortisation	CI	0 0 K	0%	0 0 K

Equalization accounts (IV to VI)

		31/12/2013	Variation	31/12/2011
Multi-period charges	CW3	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K
Premiums on redemption of bonds	CM3	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K
Currency differential gain	CN3	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K

References

		31/12/2013	Variation	31/12/2011
Due within one year	CP	0 0 K	0%	0 0 K
Due after one year	CR	0 0 K	0%	0 0 K

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/12/2013	Variation	31/12/2011
Grand Total (I to V)	EE	20,426 20 K	-14.9 %	23,999 24 K

Shareholder Equity (I)

		31/12/2013	Variation	31/12/2011
Total shareholders' equity (Total I)	DL	7,898 8 K	-50.8 %	16,051 16 K
Equity and shareholders' equity	DA	1,000 1 K	0%	1,000 1 K
Issue and merger premiums	DB	0 0 K	0%	0 0 K
Revaluation differentials	DC	0 0 K	0%	0 0 K
Of which equity differential	EK	0 0 K	0%	0 0 K
Legal reserve	DD	100 0 K	0%	100 0 K
Statutory or contractual reserve	DE	0 0 K	0%	0 0 K
Special regulated reserves	DF	0 0 K	0%	0 0 K
Of which special reserve of provisions for current fluctuation	B1	0 0 K	0%	0 0 K
Other reserves	DG	0 0 K	0%	0 0 K
Of which reserve for buying originals works from alive artists	EJ	0 0 K	0%	0 0 K
Profits or losses brought forward	DH	9,627 10 K	217.6 %	3,031 3 K
Profit or loss for the period	DI	-2,829 -3 K	-123.7 %	11,920 12 K
Investment grants	DJ	0 0 K	0%	0 0 K
Special tax-allowable reserves	DK	0 0 K	0%	0 0 K

Other capital resources (II)

		31/12/2013	Variation	31/12/2011
Total other capital resources (Total II)	DO	0 0 K	0%	0 0 K
Income from participating securities	DM	0 0 K	0%	0 0 K
Conditional loans	DN	0 0 K	0%	0 0 K

Provisions for risks and charges (III)

		31/12/2013	Variation	31/12/2011
Total provisions for risks and charges (Total III)	DR	0 0 K	0%	0 0 K
Risk provisions	DP	0 0 K	0%	0 0 K
Reserves for charges	DQ	0 0 K	0%	0 0 K

Liabilities (IV)

		31/12/2013	Variation	31/12/2011
Total Liabilities (Total IV)	EC	12,528 13 K	57.6 %	7,949 8 K
Convertible debentures	DS	0 0 K	0%	0 0 K
Other debentures	DT	0 0 K	0%	0 0 K
Bank loans and liabilities	DU	0 0 K	0%	0 0 K
Sundry loans and financial liabilities	DV	0 0 K	0%	2,000 2 K
Of which participating loans	EI	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	0 0 K	0%	0 0 K
Trade accounts payables	DX	802 1 K	-75.4 %	3,263 3 K
Tax and social security liabilities	DY	0 0 K	0%	2,686 3 K
Fixed asset liabilities	DZ	0 0 K	0%	0 0 K
Other debts	EA	11,726 12 K	0%	0 0 K

Translation loss (V)

		31/12/2013	Variation	31/12/2011
Translation loss (Total V)	ED	0 0 K	0%	0 0 K

Equalization accounts

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

References

		31/12/2013	Variation	31/12/2011
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	0 0 K	0%	0 0 K
Of which current bank facilities	EH	0 0 K	0%	0 0 K

Result account

1 - Operating result (I-II)

		31/12/2013	Variation	31/12/2011
Operating result (Total I-II)	GG	-2,829 -3 K	-120.2 %	14,023 14 K

2 - Financial result (V-VI)

		31/12/2013	Variation	31/12/2011
Financial result (Total V-VI)	GV	0 0 K	0%	0 0 K

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

		31/12/2013	Variation	31/12/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-2,829 -3 K	-120.2 %	14,023 14 K

4 - Extraordinary result (VII-VIII)

		31/12/2013	Variation	31/12/2011
Extraordinary result (Total VII-VIII)	HI	0 0 K	0%	0 0 K

Profit or loss

		31/12/2013	Variation	31/12/2011
Profit or loss	HN	-2,829 -3 K	-123.7 %	11,919 12 K

Total Income (I+III+V+VII)

		31/12/2013	Variation	31/12/2011
Total Income (Total I+III+V+VII)	HL	99,188 99 K	85.0 %	53,609 54 K

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

		31/12/2013	Variation	31/12/2011
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	102,017 102 K	144.7 %	41,690 42 K

Operating income (I)

		31/12/2013	Variation	31/12/2011
Total operating income (Total I)	FR	99,188 99 K	85.0 %	53,609 54 K

Operating income (details)

		31/12/2013	Variation	31/12/2011
Sale of goods for resale	FC	107,974 108 K	265.1 %	29,572 30 K
France	FA	107,974 108 K	277.5 %	28,605 29 K
Export	FB	0 0 K	0%	967 1 K
Sale of goods produced	FF	0 0 K	0%	0 0 K
France	FD	0 0 K	0%	0 0 K
Export	FE	0 0 K	0%	0 0 K
Sale of services	FI	-9,000 -9 K	-137.5 %	24,002 24 K
France	FG	-9,000 -9 K	-209.1 %	8,250 8 K
Export	FH	0 0 K	0%	15,752 16 K
Net turnover	FL	98,974 99 K	84.7 %	53,574 54 K
France	FJ	98,974 99 K	168.5 %	36,855 37 K
Export	FK	0 0 K	0%	16,719 17 K
Stocked production	FM	0 0 K	0%	0 0 K
Self-constructed assets	FN	0 0 K	0%	0 0 K
Operating grants	FO	0 0 K	0%	0 0 K
Release of reserves and provisions	FP	0 0 K	0%	0 0 K
Other income	FQ	214 0 K	511.4 %	35 0 K

Operating charges (II)

		31/12/2013	Variation	31/12/2011
Total operating charges (Total II)	GF	102,017 102 K	157.7 %	39,586 40 K

Exploitation charges

		31/12/2013	Variation	31/12/2011
Purchase of goods for resale	FS	77,754 78 K	290.2 %	19,925 20 K
Change in stocks of goods for resale	FT	0 0 K	0%	0 0 K
Purchase of raw materials	FU	0 0 K	0%	0 0 K
Change in stocks of raw materials	FV	0 0 K	0%	0 0 K
Other external purchases and charges	FW	24,131 24 K	23.3 %	19,573 20 K
Tax, duty and similar payments	FX	117 0 K	64.8 %	71 0 K
Payroll	FY	0 0 K	0%	0 0 K
Social security costs	FZ	0 0 K	0%	0 0 K

Depreciation

		31/12/2013	Variation	31/12/2011
Depreciation of fixed assets	GA	0 0 K	0%	0 0 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	0 0 K	0%	0 0 K
Provisions for risks and charges	GD	0 0 K	0%	0 0 K

Other charges

		31/12/2013	Variation	31/12/2011
Other charges	GE	15 0 K	-11.8 %	17 0 K

Operating charges (III-IV)

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

Financial income (V)

		31/12/2013	Variation	31/12/2011
Total financial income (Total V)	GP	0 0 K	0%	0 0 K
Share financial income	GJ	0 0 K	0%	0 0 K
Other investment income & capitalised receivables	GK	0 0 K	0%	0 0 K
Other interest and similar income	GL	0 0 K	0%	0 0 K
Released provisions and transferred charges	GM	0 0 K	0%	0 0 K
Exchange gains	GN	0 0 K	0%	0 0 K
Net income from disposal of investment securities	GO	0 0 K	0%	0 0 K

Financial charge (VI)

		31/12/2013	Variation	31/12/2011
Total financial charge (Total VI)	GU	0 0 K	0%	0 0 K
Financial reserves and provisions	GQ	0 0 K	0%	0 0 K
Interest and similar charges	GR	0 0 K	0%	0 0 K
Exchange losses	GS	0 0 K	0%	0 0 K
Net loss from disposal of investment securities	GT	0 0 K	0%	0 0 K

Extraordinary income (VII)

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

Extraordinary charges (VIII)

		31/12/2013	Variation	31/12/2011
Total extraordinary charges (Total VIII)	HH	0 0 K	0%	0 0 K
Extraordinary operating charges	HE	0 0 K	0%	0 0 K
Extraordinary charges from capital transactions	HF	0 0 K	0%	0 0 K
Extraordinary reserves and provisions	HG	0 0 K	0%	0 0 K

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2013	Variation	31/12/2011
Tax on profits (Total X)	HK	0 0 K	0%	2,104 2 K

References

		31/12/2013	Variation	31/12/2011
Of which equipment leases	HP	0 0 K	0%	0 0 K
Of which property leases	HQ	0 0 K	0%	0 0 K
Of which transferred charges	A1	0 0 K	0%	0 0 K
Of which trader's own contributions	A2	0 0 K	0%	0 0 K
Of which royalties on licences and patents (income)	A3	0 0 K	0%	0 0 K
Of which royalties on licences and patents (charges)	A4	0 0 K	0%	0 0 K

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2013	Variation	31/12/2011
Gross value at begin of period	OG	0 0 K	0%	0 0 K
Increasess due to revaluation	OH	0 0 K	0%	0 0 K
Decreasess, acquisitions, creations, contributions	OJ	0 0 K	0%	0 0 K
Decreasess by budget item transfer	OK1	0 0 K	0%	0 0 K
Decreasess by transfers	OK2	0 0 K	0%	0 0 K
Gross value at the end of period	OL	0 0 K	0%	0 0 K

Research and development Charge (Total I)

		31/12/2013	Variation	31/12/2011
Gross value at begin of period	CZ	0 0 K	0%	0 0 K
Increasess due to revaluation	KB	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KC	0 0 K	0%	0 0 K
Decreasess by budget item transfer	CO1	0 0 K	0%	0 0 K
Decreasess by transfers	CO2	0 0 K	0%	0 0 K
Gross value at the end of period	DO	0 0 K	0%	0 0 K

Other budget item from Intangible fixed assets (Total II)

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

Tangible fixed assets (Total III)

		31/12/2013	Variation	31/12/2011
Gross value at begin of period	LN	0 0 K	0%	0 0 K
Increasess due to revaluation	LO	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LP	0 0 K	0%	0 0 K
Decreasess by budget item transfer	NG1	0 0 K	0%	0 0 K
Decreasess by transfers	NG2	0 0 K	0%	0 0 K
Gross value at the end of period	NH	0 0 K	0%	0 0 K

Financial assets (Total IV)

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

Reserve for depreciation

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

		31/12/2013	Variation	31/12/2011
Reserve for depreciation value at begin of period	ON	0 0 K	0%	0 0 K
Increases	OP	0 0 K	0%	0 0 K
Decreasess	OQ	0 0 K	0%	0 0 K
Reserve for depreciation value at the end of period	OR	0 0 K	0%	0 0 K

Research and development charge (Total I)

		31/12/2013	Variation	31/12/2011
Reserve for depreciation value at begin of period	CY	0 0 K	0%	0 0 K
Increases	PB	0 0 K	0%	0 0 K
Decreasess	PC	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PD	0 0 K	0%	0 0 K

Other intangible assets (Total II)

		31/12/2013	Variation	31/12/2011
Reserve for depreciation value at begin of period	PE	0 0 K	0%	0 0 K
Increases	PF	0 0 K	0%	0 0 K
Decreasess	PG	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PH	0 0 K	0%	0 0 K

Total fixed assets amotisation (Total III)

		31/12/2013	Variation	31/12/2011
Reserve for depreciation value at begin of period	QU	0 0 K	0%	0 0 K
Increases	QV	0 0 K	0%	0 0 K
Decreases	QW	0 0 K	0%	0 0 K
Decreasess by budget item transfer	QX	0 0 K	0%	0 0 K

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2013	Variation	31/12/2011
Gross value at begin of period	Z91	0 0 K	0%	0 0 K
Increases	Z92	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	Z9	0 0 K	0%	0 0 K
Decreasess by budget item transfer	B1	0 0 K	0%	0 0 K

Premium refund of obligations

		31/12/2013	Variation	31/12/2011
Net value at begin of period	SP1	0 0 K	0%	0 0 K
Increases	SP2	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	SP	0 0 K	0%	0 0 K
Net value at the end of period	SR	0 0 K	0%	0 0 K

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2013	Variation	31/12/2011
Value at begining of period	7C	0 0 K	0%	0 0 K
Increases	UB	0 0 K	0%	0 0 K
Decreases	UC	0 0 K	0%	0 0 K
Value at the end of period	UD	0 0 K	0%	0 0 K

Includes Total allocations

		31/12/2013	Variation	31/12/2011
Operating	UE	0 0 K	0%	0 0 K
Financial	UG	0 0 K	0%	0 0 K
Exceptional	UJ	0 0 K	0%	0 0 K

Includes Total Withdrawal

		31/12/2013	Variation	31/12/2011
Operating	UF	0 0 K	0%	0 0 K
Financial	UH	0 0 K	0%	0 0 K
Exceptional	UK	0 0 K	0%	0 0 K

Total regulated provisions (Total I)

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

Total risk and charge provisions (Total II)

		31/12/2013	Variation	31/12/2011
Value at begining of period	5Z	0 0 K	0%	0 0 K
Increases	TV	0 0 K	0%	0 0 K
Decreases	TW	0 0 K	0%	0 0 K
Value at the end of period	TX	0 0 K	0%	0 0 K

Total Provision for depreciation (Total III)

		31/12/2013	Variation	31/12/2011
Value at begining of period	7B	0 0 K	0%	0 0 K
Increases	TY	0 0 K	0%	0 0 K
Decreases	TZ	0 0 K	0%	0 0 K
Value at the end of period	UA	0 0 K	0%	0 0 K

State deadlines claims and debts at the end of period

State claims

		31/12/2013	Variation	31/12/2011
Gross value	VT	13,443 13 K	0%	0 0 K
1 year at most	VU	13,443 13 K	0%	0 0 K
More than one year	VV	0 0 K	0%	0 0 K

State of loans

		31/12/2013	Variation	31/12/2011
Claims related to holdings (gross)	UL	0 0 K	0%	0 0 K
Claims related to shareholdings (1 year at most)	UM	0 0 K	0%	0 0 K
Loans (gross)	UP	0 0 K	0%	0 0 K
Loans (1 year at most)	UR	0 0 K	0%	0 0 K
Other financial assets (gross)	UT	0 0 K	0%	0 0 K
Other financial assets (1 year at most)	UV	0 0 K	0%	0 0 K

Receivables statement of assets

		31/12/2013	Variation	31/12/2011
Customers doubtful or disputed	VA	0 0 K	0%	0 0 K
Other claims customer	UX	5,319 5 K	0%	0 0 K
Receivables represent Loaned Securities	UU	0 0 K	0%	0 0 K
Provision for depreciation previously established	UQ	0 0 K	0%	0 0 K
Personnel and associated accounts	UY	0 0 K	0%	0 0 K
Social Security and other social organizations	UZ	0 0 K	0%	0 0 K
Income taxes	VM	196 0 K	0%	0 0 K
Value added tax	VB	4,053 4 K	0%	0 0 K
Other taxes and payments assimilated	VN	0 0 K	0%	0 0 K
State and other public - Miscellaneous	VP	0 0 K	0%	0 0 K
Group and Associates	VC	0 0 K	0%	0 0 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	3,875 4 K	0%	0 0 K

Prepaid

		31/12/2013	Variation	31/12/2011
Prepaid	VS	0 0 K	0%	0 0 K

State Debt

		31/12/2013	Variation	31/12/2011
Total debt (gross)	VY	12,528 13 K	0%	0 0 K
1 year at most	VZ2	12,528 13 K	0%	0 0 K
More than 1 year and 5 years at most	VZ3	0 0 K	0%	0 0 K
More than 5 years	VZ4	0 0 K	0%	0 0 K

Details

		31/12/2013	Variation	31/12/2011
Convertible bonds (gross)	7Y1	0 0 K	0%	0 0 K
1 year at most	7Y2	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Y3	0 0 K	0%	0 0 K
Other bonds (gross)	7Z1	0 0 K	0%	0 0 K
1 year at most	7Z2	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Z3	0 0 K	0%	0 0 K
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0 0 K	0%	0 0 K
1 year at most	VG2	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VG3	0 0 K	0%	0 0 K
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0 0 K	0%	0 0 K
1 year at most	VH2	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VH3	0 0 K	0%	0 0 K
Loans and various financial liabilities (gross)	8A1	0 0 K	0%	0 0 K
1 year at most	8A2	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8A3	0 0 K	0%	0 0 K
Suppliers and associated accounts (gross)	8B1	802 1 K	0%	0 0 K
1 year at most	8B2	802 1 K	0%	0 0 K
More than 1 year and 5 years at most	8B3	802 1 K	0%	0 0 K
Personnel and associated accounts (gross)	8C1	0 0 K	0%	0 0 K
1 year at most	8C2	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8C3	0 0 K	0%	0 0 K
Social Security and other social organizations (gross)	8D1	0 0 K	0%	0 0 K
1 year at most	8D2	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8D3	0 0 K	0%	0 0 K
Taxes on profits (gross)	8E1	0 0 K	0%	0 0 K
1 year at most	8E2	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8E3	0 0 K	0%	0 0 K
VAT (Gross)	VW1	247 0 K	0%	0 0 K
1 year at most	VW2	247 0 K	0%	0 0 K
More than 1 year and 5 years at most	VW3	0 0 K	0%	0 0 K
Backed Obligations (gross)	VX1	0 0 K	0%	0 0 K
1 year at most	VX2	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VX3	0 0 K	0%	0 0 K
Other taxes and assimilated (gross)	VQ1	0 0 K	0%	0 0 K
1 year at most	VQ2	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VQ3	0 0 K	0%	0 0 K
Assets and liabilities associated accounts (gross)	8J1	0 0 K	0%	0 0 K
1 year at most	8J2	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8J3	0 0 K	0%	0 0 K
More than 5 years	8J4	0 0 K	0%	0 0 K
Groups and associates (gross)	VI1	8,134 8 K	0%	0 0 K
1 year at most	VI2	8,134 8 K	0%	0 0 K
More than 1 year and 5 years at most	VI3	0 0 K	0%	0 0 K
More than 5 years	V14	0 0 K	0%	0 0 K
Other liabilities (gross)	8K1	3,345 3 K	0%	0 0 K
1 year at most	8K2	3,345 3 K	0%	0 0 K
More than 1 year and 5 years at most	8K3	0 0 K	0%	0 0 K
Debt representative of borrowed securities (gross)	SZ1	0 0 K	0%	0 0 K
1 year at most	SZ2	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	SZ3	0 0 K	0%	0 0 K
Products in advance (gross)	8L1	0 0 K	0%	0 0 K
1 year at most	8L2	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8L3	0 0 K	0%	0 0 K

References

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

Table allocation results and other information

Dividends distributed

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

Commitments

		31/12/2013	Variation	31/12/2011
Commitments leasing furniture	YQ	0 0 K	0%	0 0 K
Commitments Real Estate Leasing	YR	0 0 K	0%	0 0 K
Effects brought to the discount and unmatured	YS	0 0 K	0%	0 0 K

Other charges Externes

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

Taxes and Fees

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

VAT

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

Average number of employees

		31/12/2013	Variation	31/12/2011
Average number of employees	YP	0 0 K	0%	0 0 K

Groups and Shareholders

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

Ratios

Structure and Liquidity

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Fixed Asset Financing	-	-	-	-	-	35.87	-	3.09	-
Global Debt	46 days	-43.2 %	81 days	52.8 %	53 days	905.56 days	-94.9 %	119 days	-61.3 %
Working Capital Fund overall net	29 days	-45.3 %	53 days	-56.2 %	121 days	304.20 days	-90.5 %	57 days	-49.1 %
Financial independence	-	-	149.31 %	-81.4 %	802.55 %	25,961.84 %	-	115.79 %	-
Solvability	38.67 %	-2.2 %	39.52 %	-40.9 %	66.88 %	-184.92 %	120.9 %	29.54 %	30.9 %
Capacity debt futures	-	-	-	-	-	74,214.38 %	-	897.74 %	-
Coverage of current assets by net working capital overall	38.67 %	-2.2 %	39.52 %	-47.5 %	75.22 %	-55.11 %	170.2 %	39.87 %	-3.0 %
General Liquidity	1.07	-24.1 %	1.41	-	-	107.03	-99.0 %	0.60	78.3 %
Restricted Liquidity	1.63	-1.2 %	1.65	-	-	110.66	-98.5 %	1.04	56.7 %

Management or rotation

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Need background in operating working capital	3 days	-90.9 %	33 days	-61.2 %	85 days	-49.30 days	106.1 %	16 days	-81.3 %
Treasury	25 days	0%	0 days	0%	36 days	169.15 days	-85.2 %	6 days	316.7 %
Inventory turnover of goods	0 days	0%	0 days	0%	0 days	3,060.30 days	0%	44 days	0%
Average length of credit granted to customers	19 days	-75.3 %	77 days	-28.0 %	107 days	125.52 days	-84.9 %	45 days	-57.8 %
Average length of credit obtained suppliers	3 days	-94.0 %	50 days	66.7 %	30 days	299.22 days	-99.0 %	49 days	-93.9 %
Inventory turnover of raw materials in industrial enterprises	-	-	-	-	0 days	350.12 days	-	0 days	-
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	16,509.50 days	-	1,993 days	-
Rotation tangible assets	-	-	-	-	-	10,794.54 %	-	2,076.24 %	-

Profitability of the business

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Margin trading	30.53 %	45.7 %	20.95 %	16.3 %	18.01 %	23.88 %	27.8 %	23.13 %	32.0 %
Profitability of the business	-3.06 %	-144.0 %	6.96 %	-73.4 %	26.14 %	-32.28 %	90.5 %	3.31 %	-192.4 %
Net profit	-2.86 %	-148.7 %	5.87 %	-73.6 %	22.25 %	-32.05 %	91.1 %	1.87 %	-252.9 %
Growth rate of turnover (excluding VAT)	84.74 %	-	-	-	-	52.08 %	62.7 %	0.00 %	0%
Rates integration	-2.94 %	-134.0 %	8.65 %	-67.1 %	26.27 %	1.80 %	-263.3 %	17.55 %	-116.8 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.18 %	0%	0.00 %	0%
Work Factor	0.00 %	0%	0.00 %	0%	0.00 %	77.60 %	0%	57.79 %	0%
Weight interests	0.00 %	0%	0.00 %	0%	0.00 %	5.18 %	0%	0.10 %	0%

Return on capital

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Cash flow from the overall profitability	-2.86 %	-148.7 %	5.87 %	-73.6 %	22.25 %	-21.89 %	86.9 %	2.86 %	-200.0 %
Rates of economic profitability	-38.00 %	-180.3 %	47.32 %	-39.3 %	78.00 %	26.67 %	-242.5 %	16.00 %	-337.5 %
Financial profitability	7,898.00 %	19684.6 %	39.92 %	-99.8 %	16,051.00 %	225,889.78 %	-96.5 %	10,110.00 %	-21.9 %
Return on investment	-35.82 %	-189.7 %	39.92 %	-39.5 %	66.03 %	24.73 %	-244.8 %	11.79 %	-403.8 %

Management intermediate balances

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Sector Average 2013

Sector Median 2013

Turnover

98,974 99 K

-13.0 %

113,725 114 K

112.3 %

53,574 54 K

1,941,281.48 1,941.28 K

-94.9 %

240,589 241 K

-58.9 %

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Sector Average 2013

Sector Median 2013

Sales of goods

107,974 108 K

4.1 %

103,725 104 K

250.8 %

29,572 30 K

-

-

- Purchase of goods

77,754 78 K

-2.7 %

79,901 80 K

301.0 %

19,925 20 K

-

-

+/- Stock of goods variation

0 0 K

0%

0 0 K

0%

0 0 K

-

-

Trading margin

30,220 € 30 K €

26.8 %

23,824 € 24 K €

147.0 %

9,647 € 10 K €

421,093.98 € 421.09 K €

-92.8 %

42,931 € 43 K €

-29.6 %

30.53 % CA 30.53 % CA

45.7 %

20.95 % CA 20.95 % CA

16.3 %

18.01 % CA 18.01 % CA

25.74 % CA 25.74 % CA

18.6 %

25.45 % CA 25.45 % CA

20.0 %

		31/12/2013		Variation		31/12/2012		Variation		31/12/2011	Sector Average 2013		Sector Median 2013
Sale of goods produced		-9,000 -9 K		-190.0 %		10,000 10 K		-58.3 %		24,002 24 K		-		-
+/- Stocked production		0 0 K		0%		0 0 K		0%		0 0 K		-		-
+ Self-constructed assets		0 0 K		0%		0 0 K		0%		0 0 K		-		-
Period production		-9,000 € -9 K €		-190.0 %		10,000 € 10 K €		-58.3 %		24,002 € 24 K €	202,578.72 € 202.58 K €	-104.4 %	9,253 € 9 K €	-197.3 %
		-9.09 % CA -9.09 % CA		-203.4 %		8.79 % CA 8.79 % CA		-80.4 %		44.80 % CA 44.80 % CA	34.40 % CA 34.40 % CA	-126.4 %	5.95 % CA 5.95 % CA	-252.8 %
	31/12/2013		Variation		31/12/2012		Variation		31/12/2011		Sector Average 2013		Sector Median 2013
Trading margin	30,220 30 K		26.8 %		23,824 24 K		147.0 %		9,647 10 K		421,093.98 421.09 K	-92.8 %	42,931 43 K	-29.6 %
+ Period Production	-9,000 -9 K		-190.0 %		10,000 10 K		-58.3 %		24,002 24 K		202,578.72 202.58 K	-104.4 %	9,253 9 K	-197.3 %
- Purchase of raw materials	0 0 K		0%		0 0 K		0%		0 0 K			-		-
+/- Change in stocks of raw materiels	0 0 K		0%		0 0 K		0%		0 0 K			-		-
- Other external purchases and charges	24,131 24 K		0.6 %		23,987 24 K		22.6 %		19,573 20 K			-		-
Added value	-2,911 € -3 K €		-129.6 %		9,837 € 10 K €		-30.1 %		14,076 € 14 K €		293,083.67 € 293.08 K €	-101.0 %	47,754 € 48 K €	-106.1 %
	-2.94 % CA -2.94 % CA		-134.0 %		8.65 % CA 8.65 % CA		-67.1 %		26.27 % CA 26.27 % CA		1.80 % CA 1.80 % CA	-263.3 %	17.55 % CA 17.55 % CA	-116.8 %

	31/12/2013		Variation		31/12/2012		Variation		31/12/2011		Sector Average 2013		Sector Median 2013
Added value	-2,911 € -3 K €		-129.6 %		9,837 € 10 K €		-30.1 %		14,076 € 14 K €		293,083.67 € 293.08 K €	-101.0 %	47,754 € 48 K €	-106.1 %
+ Operating grants	0 0 K		0%		0 0 K		0%		0 0 K			-		-
- Tax, duty and similar payments	117 0 K		-93.9 %		1,922 2 K		2607.0 %		71 0 K			-		-
- Personal charges	0 0 K		0%		0 0 K		0%		0 0 K			-		-
Gross operating surplus	-3,028 € -3 K €		-138.3 %		7,915 € 8 K €		-43.5 %		14,005 € 14 K €		82,341.86 € 82.34 K €	-103.7 %	7,950 € 8 K €	-138.1 %
	-3.06 % CA -3.06 % CA		-144.0 %		6.96 % CA 6.96 % CA		-73.4 %		26.14 % CA 26.14 % CA		-32.28 % CA -32.28 % CA	90.5 %	3.31 % CA 3.31 % CA	-192.4 %
		31/12/2013		Variation		31/12/2012		Variation		31/12/2011	Sector Average 2013		Sector Median 2013
Gross operating surplus		-3,028 € -3 K €		-138.3 %		7,915 € 8 K €		-43.5 %		14,005 € 14 K €	82,341.86 € 82.34 K €	-103.7 %	7,950 € 8 K €	-138.1 %
+ Release of reserves and provisions		0 0 K		-		- -		-		0 0 K		-		-
+ Other operating income		214 0 K		4180.0 %		5 0 K		-85.7 %		35 0 K		-		-
- Depreciation/ Amortisation		0 0 K		0%		0 0 K		0%		0 0 K		-		-
- Other charges		15 0 K		-77.3 %		66 0 K		288.2 %		17 0 K		-		-
Operating result		-2,829 € -3 K €		-136.0 %		7,854 € 8 K €		-44.0 %		14,023 € 14 K €	64,182.61 € 64.18 K €	-104.4 %	5,447 € 5 K €	-151.9 %
		-2.86 % CA -2.86 % CA		-141.4 %		6.91 % CA 6.91 % CA		-73.6 %		26.18 % CA 26.18 % CA	-39.00 % CA -39.00 % CA	92.7 %	2.35 % CA 2.35 % CA	-221.7 %

	31/12/2013		Variation		31/12/2012		Variation		31/12/2011		Sector Average 2013		Sector Median 2013
Operating result	-2,829 € -3 K €		-136.0 %		7,854 € 8 K €		-44.0 %		14,023 € 14 K €		64,182.61 € 64.18 K €	-104.4 %	5,447 € 5 K €	-151.9 %
+/- Result of joint-venture transferred from/to other partners	0 0 K		-		- -		-		0 0 K			-		-
+ Financial income	0 0 K		0%		0 0 K		0%		0 0 K			-		-
- Financial charges	0 0 K		0%		0 0 K		0%		0 0 K			-		-
Pre-tax result	-2,829 € -3 K €		-136.0 %		7,854 € 8 K €		-44.0 %		14,023 € 14 K €		63,241.96 € 63.24 K €	-104.5 %	4,941 € 5 K €	-157.3 %
	-2.86 % CA -2.86 % CA		-141.4 %		6.91 % CA 6.91 % CA		-73.6 %		26.18 % CA 26.18 % CA		-41.01 % CA -41.01 % CA	93.0 %	2.09 % CA 2.09 % CA	-236.8 %
		31/12/2013		Variation		31/12/2012		Variation		31/12/2011	Sector Average 2013		Sector Median 2013
Extraordinary income		0 0 K		0%		0 0 K		0%		0 0 K	18,096.53 18.10 K	0%	0 0 K	0%
- Extraordinary charges		0 0 K		0%		0 0 K		0%		0 0 K		-		-
Extraordinary result		0 € 0 K €		0%		0 € 0 K €		0%		0 € 0 K €	6,432.46 € 6.43 K €	0%	0 € 0 K €	0%
		0.00 % CA 0.00 % CA		-		- -		-		0.00 % CA 0.00 % CA	10.19 % CA 10.19 % CA	0%	0.00 % CA 0.00 % CA	0%

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Pre-tax result	-2,829 € -3 K €	-136.0 %	7,854 € 8 K €	-44.0 %	14,023 € 14 K €	63,241.96 € 63.24 K €	-104.5 %	4,941 € 5 K €	-157.3 %
Extraordinary result	0 € 0 K €	0%	0 € 0 K €	0%	0 € 0 K €	6,432.46 € 6.43 K €	0%	0 € 0 K €	0%
- Employee profit sharing	0 0 K	-	- -	-	0 0 K		-		-
- Tax on profits	0 0 K	0%	1,178 1 K	-44.0 %	2,104 2 K		-		-
Net result	-2,829 € -3 K €	-142.4 %	6,676 € 7 K €	-44.0 %	11,919 € 12 K €	44,424.99 € 44.42 K €	-106.4 %	5,030 € 5 K €	-156.2 %
	-2.86 % CA -2.86 % CA	-148.7 %	5.87 % CA 5.87 % CA	-73.6 %	22.25 % CA 22.25 % CA	-32.13 % CA -32.13 % CA	91.1 %	1.87 % CA 1.87 % CA	-252.9 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.81
UK Pound	1	Rs.98.93
Euro	1	Rs.69.66

INFORMATION DETAILS

Analysis Done by :	KAS
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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