MIRA INFORM REPORT

Report No. :	335232
Report Date :	10.08.2015

IDENTIFICATION DETAILS

Name :	AMERICAN RETRO
Registered Office :	1 Rue Du Mail, 75002 Paris 2
Country :	France
Financials (as on) :	31.12.2014
Date of Incorporation :	May 2002
Com. Reg. No.:	441 940 723
Legal Form :	Limited Liability Company
Line of Business :	Subject is engaged in manufacturing over clothing
No. of Employee :	20 to 49

RATING & COMMENTS

MIRA’s Rating :

Ca

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – 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

AMERICAN RETRO

Enquiries Trend

SIRET	441 940 723 00055
Name	AMERICAN RETRO
Acronym	-
Trade name	-
Status	Economically active
Postal Address	AMERICAN RETRO 1 RUE DU MAIL 75002 PARIS 2
Share Capital	38,120 Euros
Incorporiation Date	05/2002
Activity (APE)	Manufacturing over clothing (1413Z)	RCS Registration	RCS Paris B 441 940 723
Formation Date	04/2002	EUR VAT Number	FR88441940723
Deregistration Date	-	Last account Date	31/12/2014
Court Registry Number	20 0 2B12124	Telephone	01 42 61 84 42
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
31/12/2014	6,197,748 €	-8.55% Turnover	2,084,302 €	-621,949 €	20 to 49 employees
31/12/2013	6,313,774 €	-6.18% Turnover	2,706,251 €	-34,374 €	-
31/12/2012	6,932,094 €	-12.72% Turnover	2,740,625 €	-424,743 €	-

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	90
Total number of Invoices paid within or up to 30 days after the due date	50
Total number of Invoices paid more than 30 days after the dues date	32
Total number of Invoices currently outstanding where the due date has not yet been reached	8
Total number of Invoices currently outstanding beyond the due date	0

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	1413Z	Activity	Manufacturing over clothing
Formation Date	09/2012	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	-
Trading Address	1 RUE DU MAIL  75002 PARIS 2	Department	-
Location Surface	-	District	-
City	PARIS 2	Status	Economically active
Business Pages FT®	IMPORT-EXPORT, SOCIETES DE COMMERCE INTERNATIONAL	Region	Ile-de-France
		Area	-
		Size of Urban Area	-

Other Establishment(s)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 80 to 99% of workforce
Branches	2 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
AMERICAN RETRO	Head Office	1413Z	Manufacturing over clothing	PARIS 2	75002
AMERICAN RETRO	Branch	1413Z	Manufacturing over clothing	PARIS 2	75002
AMERICAN RETRO	Branch	1413Z	Manufacturing over clothing	AUBERVILLIERS	93300

Workforces

Workforce at address

20 to 49 employees

Company workforce

20 to 49 employees

Industry comparison

Activity (APE)	Manufacturing over clothing (1413Z)
Industry average credit rating	46
Industry average credit limit	3,565

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	02/10/2009
Status of Monitoring	No social security and tax office preferential right to date

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company.

Director(s)

Name	M. PARIENTE GREGORY
Manager position	Manager	Date of birth	03/07/1975
Place of birth	VINCENNES (94300)
Type	Individual	Name at birth
Name	M. PARIENTE DAVID
Manager position	Manager	Date of birth	02/12/1979
Place of birth	NEUILLY SUR SEINE (92200)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Manager	M. PARIENTE GREGORY	03/07/1975

Status history

Date	Description
10/09/2012	Economically active

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	08/07/2015	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 11721 - 441940723 RCS. AMERICAN RETRO. Forme : Société à responsabilité limitée. Adresse : 1 rue du Mail 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	30/08/2014	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6920 - 441940723 RCS. AMERICAN RETRO. Forme : Société à responsabilité limitée. Adresse : 1 rue du Mail 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	26/08/2013	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 5723 - 441940723 RCS. AMERICAN RETRO. Forme : Société à responsabilité limitée. Adresse : 1 rue du Mail 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	25/10/2012	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2519 - 441 940 723 RCS Paris. AMERICAN RETRO. Forme : Société à responsabilité limitée. Capital : 38120 EUR. Activité : . Adresse de l’établissement principal : 1 rue du Mail, 75002 Paris.  Adresse du siège social : 1 rue du Mail, 75002 Paris.  Commentaires : modification survenue sur l'adresse du siège.
	13/09/2012	JAL	Head Office Transfer
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 10/09/2012 Transfert du siège social de la société 441940723 -  AMERICAN RETRO  Adresse du nouveau siège : 1 RUE DU MAIL, 75002 PARIS Ancienne localisation : 32 RUE ETIENNE MARCEL, 75002 PARIS 2 Date d'effet : 10/09/2012
	08/09/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8045 - 441940723 RCS. AMERICAN RETRO. Forme : Société à responsabilité limitée. Adresse : 32 rue Étienne Marcel 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	06/03/2012	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1433 - 441 940 723 RCS Paris. AMERICAN RETRO. Forme : Société à responsabilité limitée. Capital : 38120 EUR. Activité : .  Adresse du siège social : 32 rue Étienne Marcel, 75002 Paris.  Commentaires : modification survenue sur le capital (augmentation).
	20/01/2012	JAL	Modification of the share capital
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 26/12/2011 La société : 441940723 - AMERICAN RETRO, 32 RUE ETIENNE MARCEL, 75002 PARIS 2 a subi une augmentation de son capital socialdésormais de 38 120 €  Date d'effet : 26/12/2011
	14/09/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9427 - 441940723 RCS. AMERICAN RETRO. Forme : Société à responsabilité limitée. Adresse : 32 R ETIENNE MARCEL 75002 PARIS. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	30/04/2010	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 3270 - 441 940 723 RCS Paris. AMERICAN RETRO. Forme : Société à responsabilité limitée. Administration : nomination du Gérant : Pariente, David. Capital :25000 EUR. Activité : .  Adresse du siège social : 32 rue Étienne Marcel, 75002 Paris.  Commentaires : modification survenue sur l'administration.
	22/03/2010	JAL	Appointment of the social representative
LES PETITES AFFICHES Société faisant objet d'une nomination : 441940723 - AMERICAN RETRO, 32 RUE ETIENNE MARCEL, 75002 PARIS 2  Nominé : Monsieur David PARIENTE, 53 AVENUE 53 AVENUE NIEL, 75017 PARIS En la fonction de : Gérant
	20/09/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6504 - 441940723 RCS. AMERICAN RETRO. Forme : Société à responsabilité limitée. Adresse : 32 rue Étienne Marcel 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	05/06/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 859 - 441 940 723 RCS Paris. AMERICAN RETRO. Forme : Société à responsabilité limitée. Capital : 25000 EUR.  Adresse du siège social : 32 rue Étienne Marcel, 75002 Paris.  Commentaires : modification survenue sur le capital (augmentation).
	29/09/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6805 - 441940723 RCS. AMERICAN RETRO. Forme : Société à responsabilité limitée. Adresse : 32 rue Étienne Marcel 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	04/03/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8661 - 441940723 RCS. AMERICAN RETRO. Forme : Société à responsabilité limitée. Adresse : 32 rue Étienne Marcel 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
	27/11/2007	Bodacc C	Avis de dépôt des comptes
7540 - 441 940 723. RCS Paris AMERICAN RETRO. Forme: Société à responsabilité limitée. Adresse du siège social: 32 rue Étienne Marcel 75002 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	21/10/2007	Bodacc B	Modifications et mutations diverses
2793 - RCS Paris B 441 940 723. RC 02-B 12124. AMERICAN RETRO. Forme : S.A.R.L. Capital : 10 000 euros. Adresse du siège social : 32 rue Etienne-Marcel,, 75002 Commentaires : modification survenue sur l'administration. Administration : nomination d'un commissaire aux comptes titulaire : LM AUDIT. Nomination d'un commissaire aux comptes suppléant : DESTRUEL BERNADET S.A.S.
	19/12/2006	Bodacc C	Avis de dépôt des comptes
7890 - RCS Paris B 441 940 723. RC 02-B 12124. AMERICAN RETRO. Forme: S.A.R.L.. Adresse du siège social: 32, R Etienne Marcel,Paris, 75002 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	13/09/2006	Bodacc C	Avis de dépôt des comptes
3982 - RCS Paris B 441 940 723. RC 02-B 12124. AMERICAN RETRO. Forme: S.A.R.L.. Adresse du siège social: 32, R Etienne Marcel,Paris, 75002 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	18/06/2005	Bodacc C	Avis de dépôt des comptes
4382 - RCS Paris B 441 940 723. RC 02-B 12124. AMERICAN RETRO. Forme: S.A.R.L.. Adresse du siège social: 32, rue Etienne Marcel,75002 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	10/02/2004	Bodacc B	Modifications et mutations diverses
RCS Paris B 441940723 RC 02-B 12124 AMERICAN RETRO. Forme : S.A.R.L. Adresse du siège social : 32 rue Etienne-Marcel, 75002 Paris. Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l'établissement principal Etablissement principal: Adresse : 32 rue Etienne-Marcel, 75002 Paris.
	16/08/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 441940723 RC 02-B 12124 AMERICAN RETRO. Forme : S.A.R.L. Capital : 10 000 euros. Activité : fabrication, vente de pret-à-porter, de chaussures, de maroquinerie, d'articles en cuir et en peaux plus généralement, toutes opérations se rattachant à cet objet. Adresse du siège social : 92 rue Réaumur, 75002 Paris. Administration : gérant : PARIENTE (Grégory). Commentaires : cette société transfère son siège du 6-10 boulevard Foch, 93800 Epinay-sur-Seine. Ancien RC : 02-B 1964. Date d'effet : 5 aout 2002.
	29/05/2002	Bodacc A	Création d'établissement
RCS Bobigny B 441940723 RC 02-B 1964 AMERICAN RETRO. Forme : S.A.R.L. Capital : 10 000 euros. Activité : fabrication, vente de pret-à-porter, de chaussures, de maroquinerie, d'articles en cuir et en peau plus généralement, toutes opérations se rattachant à cet objet. Adresse du siège social : 6-10 boulevard Foch, 93800 Epinay-sur-Seine. Administration : gérant : PARIENTE ( Grégory) Cette société se constitue Date de début d'activité: 22 avril 2002.

Synthesized Accounts

Annual Accounts

	31/12/2014	31/12/2013	31/12/2012
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	13/07/2015	14/08/2014	24/07/2013
Activity Code	1413Z	1413Z	1413Z
Employees	22	33	31

Active account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	1,573,199	-2.9 %	1,620,835	-0.3 %	1,625,224	29,594	5215.9 %
Intangible assets	6,896	301.9 %	1,716	-70.8 %	5,875	1,838	275.3 %
Tangible assets	116,493	-20.1 %	145,871	-0.9 %	147,190	5,922	1867.1 %
Financial assets	1,449,811	-1.6 %	1,473,247	0.1 %	1,472,159	3,264	44325.0 %
Net current assets	4,071,109	-34.0 %	6,169,192	14.9 %	5,370,648	171,614	2272.2 %
Stocks	583,811	-62.8 %	1,571,232	13.2 %	1,387,989	26,045	2141.6 %
Advanced payments	0	0%	0	0%	0	0	0%
Receivables	3,407,063	8.5 %	3,140,248	12.1 %	2,801,997	71,646	4655.4 %
Securities and cash	80,235	-94.5 %	1,457,713	23.5 %	1,180,662	22,385	258.4 %
Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	7,401	1255.5 %	546	-91.3 %	6,275	0	0%
Total Assets	5,651,708	-27.5 %	7,790,573	11.3 %	7,002,146	240,140	2253.5 %

Passive Account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Shareholders' equity	2,084,302	-23.0 %	2,706,251	-1.3 %	2,740,625	62,731	3222.6 %
Share capital	38,120	0%	38,120	0%	38,120	13,750	177.2 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	7,401	-91.3 %	84,686	298.1 %	21,275	0	0%
Liabilities	3,556,799	-28.8 %	4,998,715	17.9 %	4,239,698	132,540	2583.6 %
Financial liabilities	1,578,461	-45.4 %	2,888,605	23.2 %	2,344,722	13,481	11609.2 %
Advanced payments received	374,437	-22.3 %	481,973	84.1 %	261,854	0	0%
Trade account payables	741,616	-38.9 %	1,214,619	-3.2 %	1,254,719	31,611	2246.1 %
Tax and social liabilities	534,336	77.0 %	301,882	-10.1 %	335,685	50,526	957.5 %
Other debts and fixed assets liabilities	331,157	194.2 %	112,558	160.2 %	43,266	4,859	6716.0 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	5,651,708	-27.5 %	7,790,573	11.3 %	7,002,147	240,140	2253.5 %

Results

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Sales of Goods	6,388,333	0.4 %	6,361,526	-20.0 %	7,948,044	363,299	1658.4 %
Net turnover	6,197,748	-1.8 %	6,313,774	-8.9 %	6,932,094	339,512	1725.5 %
of which net export turnover	2,714,880	-4.7 %	2,849,094	-6.8 %	3,057,634	0	0%
Operating charges	6,838,402	0.6 %	6,796,160	-13.8 %	7,886,378	369,836	1749.0 %
Operating profit/loss	-450,069	-3.6 %	-434,634	-804.8 %	61,666	4,209	-10794.3 %
Financial income	52,567	-21.4 %	66,837	-22.1 %	85,753	11	477781.8 %
Financial charges	135,753	4.6 %	129,776	-33.8 %	195,946	624	21655.3 %
Financial profit/loss	-83,186	-32.2 %	-62,939	42.9 %	-110,193	-149	-55917.5 %
Pretax net operating income	-533,255	-7.2 %	-497,573	-925.4 %	-48,527	3,661	-14667.8 %
Extraordinary income	76,178	-82.6 %	437,576	8999.1 %	4,809	0	0%
Extraordinary charges	164,872	-5.5 %	174,378	-54.2 %	381,023	224	73503.6 %
Extraordinary profit/loss	-88,693	-133.7 %	263,198	170.0 %	-376,214	0	0%
Net result	-621,949	-1709.4 %	-34,374	91.9 %	-424,743	4,464	-14032.5 %

Accounts – Active

Normal Account

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

Grand Total - Active Accounts (I to VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Grand Total (I to VI)	Net	5,651,708	-27.5 %	7,790,573	11.3 %	7,002,146
Gross	CO	6,183,057	-25.5 %	8,304,261	9.9 %	7,559,003
Amortisation	1A	531,348	3.4 %	513,688	-7.8 %	556,857

Non declared distributed capital (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Active fixed asset (II)	Net	1,573,199	-2.9 %	1,620,835	-0.3 %	1,625,224
Gross	BJ	1,894,429	-0.9 %	1,911,221	-2.3 %	1,955,344
Amortisation	BK	321,230	10.6 %	290,386	-12.0 %	330,120

Intangible fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Start-up cost	Net	0	0%	0	0%	0
Gross	AB	0	0%	0	0%	0
Amortisation	AC	0	0%	0	0%	0
R&D expenses	Net	0	0%	0	0%	0
Gross	CX	0	0%	0	0%	0
Amortisation	AE	0	0%	0	0%	0
Distributorships, patents	Net	1,601	-6.7 %	1,716	-70.8 %	5,875
Gross	AF	40,092	3.5 %	38,742	8.9 %	35,587
Amortisation	AG	38,492	4.0 %	37,026	24.6 %	29,712
Goodwill	Net	0	0%	0	0%	0
Gross	AH	0	0%	0	0%	0
Amortisation	AI	0	0%	0	0%	0
Other intangible fixed assets	Net	0	0%	0	0%	0
Gross	AJ	0	0%	0	0%	0
Amortisation	AK	0	0%	0	0%	0
Pre-payments and downpayments	Net	5,295	0%	0	0%	0
Gross	AL	5,295	0%	0	0%	0
Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible asset	Net	6,896	301.9 %	1,716	-70.8 %	5,875

Tangilble fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	875	-39.0 %	1,435	-48.4 %	2,779
Gross	AP	136,608	0%	136,608	0%	136,608
Amortisation	AQ	135,733	0.4 %	135,173	1.0 %	133,829
Plant	Net	464	-43.4 %	820	69.4 %	484
Gross	AR	3,570	0%	3,570	42.8 %	2,500
Amortisation	AS	3,106	12.9 %	2,750	36.4 %	2,016
Other tangible fixed assets	Net	115,154	-19.8 %	143,616	-0.2 %	143,927
Gross	AT	259,053	0%	259,053	-7.0 %	278,525
Amortisation	AU	143,899	24.7 %	115,437	-14.2 %	134,598
Fixed assets in construction	Net	0	0%	0	0%	0
Gross	AV	0	0%	0	0%	0
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	0	0%	0	0%	0
Gross	AX	0	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	116,493	-20.1 %	145,871	-0.9 %	147,190

Financial assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	1,428,812	0%	1,428,812	0%	1,428,812
Gross	CU	1,428,812	0%	1,428,812	-2.1 %	1,458,777
Amortisation	CV	0	0%	0	0%	29,965
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	20,999	-52.7 %	44,435	2.5 %	43,347
Gross	BH	20,999	-52.7 %	44,435	2.5 %	43,347
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	1,449,811	-1.6 %	1,473,247	0.1 %	1,472,159

Current Assets (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Assets	Net	4,071,109	-34.0 %	6,169,192	14.9 %	5,370,648
Gross	CJ	4,281,227	-33.0 %	6,392,494	14.2 %	5,597,385
Amortisation	CK	210,118	-5.9 %	223,302	-1.5 %	226,737

Stocks

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	213,825	-57.9 %	508,273	1.2 %	502,083
Gross	BR	213,825	-57.9 %	508,273	1.2 %	502,083
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	369,986	-65.2 %	1,062,959	20.0 %	885,906
Gross	BT	369,986	-65.2 %	1,062,959	20.0 %	885,906
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	583,811	-62.8 %	1,571,232	13.2 %	1,387,989

Advance payments to suppliers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Advance payments to suppliers	Net	0	0%	0	0%	0
Gross	BV	0	0%	0	0%	0
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Trade accounts receivable	Net	2,179,984	299.1 %	546,224	-24.8 %	726,451
Gross	BX	2,390,102	210.6 %	769,526	-19.3 %	953,188
Amortisation	BY	210,118	-5.9 %	223,302	-1.5 %	226,737
Other debtors	Net	661,459	-66.7 %	1,985,992	42.1 %	1,397,359
Gross	BZ	661,459	-66.7 %	1,985,992	42.1 %	1,397,359
Amortisation	CA	0	0%	0	0%	0
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	2,841,443	12.2 %	2,532,216	19.2 %	2,123,810

Divers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	80,235	-94.5 %	1,457,713	23.5 %	1,180,662
Gross	CF	80,235	-94.5 %	1,457,713	23.5 %	1,180,662
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	80,235	-94.5 %	1,457,713	23.5 %	1,180,662

Prepaid expenses

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid expenses	Net	565,620	-7.0 %	608,032	-10.3 %	678,187
Gross	CH	565,620	-7.0 %	608,032	-10.3 %	678,187
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	7,401	1255.5 %	546	-91.3 %	6,275
Gross		7,401	1255.5 %	546	-91.3 %	6,275

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Grand Total (I to V)	EE	5,651,708	-27.5 %	7,790,573	11.3 %	7,002,147

Shareholder Equity (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total shareholders' equity (Total I)	DL	2,084,302	-23.0 %	2,706,251	-1.3 %	2,740,625
Equity and shareholders' equity	DA	38,120	0%	38,120	0%	38,120
Issue and merger premiums	DB	2,296,080	0%	2,296,080	0%	2,296,080
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	1,000	0%	1,000	0%	1,000
Statutory or contractual reserve	DE	29,021	0%	29,021	0%	29,021
Special regulated reserves	DF	0	0%	0	0%	0
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	0	0%	0	0%	0
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	342,030	-9.1 %	376,404	-53.0 %	801,147
Profit or loss for the period	DI	-621,949	-1709.4 %	-34,374	91.9 %	-424,743
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total other capital resources (Total II)	DO	0	0%	0	0%	0
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total provisions for risks and charges (Total III)	DR	7,401	-91.3 %	84,686	298.1 %	21,275
Risk provisions	DP	7,401	-91.3 %	84,686	298.1 %	21,275
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Liabilities (Total IV)	EC	3,556,799	-28.8 %	4,998,715	17.9 %	4,239,698
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	780,831	-70.3 %	2,632,759	12.4 %	2,342,284
Sundry loans and financial liabilities	DV	797,630	211.8 %	255,846	10394.1 %	2,438
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	374,437	-22.3 %	481,973	84.1 %	261,854
Trade accounts payables	DX	741,616	-38.9 %	1,214,619	-3.2 %	1,254,719
Tax and social security liabilities	DY	534,336	77.0 %	301,882	-10.1 %	335,685
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	327,951	193.8 %	111,637	161.3 %	42,717

Translation loss (V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Translation loss (Total V)	ED	3,206	248.1 %	921	67.8 %	549

Equalization accounts

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	4,998,715	17.9 %	4,239,698
Of which current bank facilities	EH	0	0%	2,632,759	32.8 %	1,982,284

Result account

1 - Operating result (I-II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating result (Total I-II)	GG	-450,069	-3.6 %	-434,634	-804.8 %	61,666

2 - Financial result (V-VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Financial result (Total V-VI)	GV	-83,186	-32.2 %	-62,939	42.9 %	-110,193

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-533,255	-7.2 %	-497,573	-925.4 %	-48,527

4 - Extraordinary result (VII-VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Extraordinary result (Total VII-VIII)	HI	-88,693	-133.7 %	263,198	170.0 %	-376,214

Profit or loss

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Profit or loss	HN	-621,949	-1709.4 %	-34,374	91.9 %	-424,743

Total Income (I+III+V+VII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Income (Total I+III+V+VII)	HL	6,517,078	-5.1 %	6,865,939	-14.6 %	8,038,606

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	7,139,027	3.5 %	6,900,314	-18.5 %	8,463,347

Operating income (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating income (Total I)	FR	6,388,333	0.4 %	6,361,526	-20.0 %	7,948,044

Operating income (details)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Sale of goods for resale	FC	6,158,924	-2.0 %	6,285,980	-8.9 %	6,901,958
France	FA	3,453,086	0.2 %	3,446,774	-10.5 %	3,853,062
Export	FB	2,705,838	-4.7 %	2,839,206	-6.9 %	3,048,896
Sale of goods produced	FF	128	0%	0	0%	0
France	FD	0	0%	0	0%	0
Export	FE	126	0%	0	0%	0
Sale of services	FI	38,697	39.2 %	27,794	-7.8 %	30,136
France	FG	29,780	66.3 %	17,906	-16.3 %	21,398
Export	FH	8,916	-9.8 %	9,888	13.2 %	8,738
Net turnover	FL	6,197,748	-1.8 %	6,313,774	-8.9 %	6,932,094
France	FJ	3,482,866	0.5 %	3,464,679	-10.6 %	3,874,460
Export	FK	2,714,880	-4.7 %	2,849,094	-6.8 %	3,057,634
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	9,380	100.8 %	4,671	10.3 %	4,234
Release of reserves and provisions	FP	148,154	861.7 %	15,405	-98.5 %	1,003,804
Other income	FQ	33,051	19.4 %	27,676	249.8 %	7,912

Operating charges (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating charges (Total II)	GF	6,838,402	0.6 %	6,796,160	-13.8 %	7,886,378

Exploitation charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Purchase of goods for resale	FS	1,992,657	-9.5 %	2,202,424	-34.3 %	3,353,870
Change in stocks of goods for resale	FT	692,973	491.4 %	-177,053	-93.2 %	-91,658
Purchase of raw materials	FU	497,858	-43.9 %	886,721	50.0 %	591,144
Change in stocks of raw materials	FV	294,448	4856.8 %	-6,190	96.6 %	-180,078
Other external purchases and charges	FW	1,713,800	-15.2 %	2,021,363	-11.7 %	2,290,331
Tax, duty and similar payments	FX	70,284	-11.0 %	79,015	6.2 %	74,387
Payroll	FY	1,061,499	-12.4 %	1,211,506	-3.0 %	1,248,572
Social security costs	FZ	413,657	-15.7 %	490,742	-7.7 %	531,793

Depreciation

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Depreciation of fixed assets	GA	30,844	-25.5 %	41,425	-15.5 %	49,026
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	5,113	-56.0 %	11,621	188.4 %	4,030
Provisions for risks and charges	GD	0	0%	9,140	0%	0

Other charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Other charges	GE	65,268	156.5 %	25,446	70.1 %	14,961

Operating charges (III-IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial income (Total V)	GP	52,567	-21.4 %	66,837	-22.1 %	85,753
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	622	0%	0	0%	4,394
Released provisions and transferred charges	GM	546	-98.5 %	36,240	177.6 %	13,054
Exchange gains	GN	51,399	68.0 %	30,598	-50.7 %	62,066
Net income from disposal of investment securities	GO	0	0%	0	0%	6,239

Financial charge (VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial charge (Total VI)	GU	135,753	4.6 %	129,776	-33.8 %	195,946
Financial reserves and provisions	GQ	7,401	1255.5 %	546	-98.5 %	36,240
Interest and similar charges	GR	43,216	-39.2 %	71,041	37.2 %	51,761
Exchange losses	GS	85,137	46.3 %	58,189	-46.1 %	107,946
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary income (Total VII)	HD	76,178	-82.6 %	437,576	8999.1 %	4,809
Extraordinary operating income	HA	1,178	-23.2 %	1,533	0%	0
Extraordinary income from capital transactions	HB	0	0%	421,043	8655.3 %	4,809
Released provisions and transferred charges	HC	75,000	400.0 %	15,000	0%	0

Extraordinary charges (VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary charges (Total VIII)	HH	164,872	-5.5 %	174,378	-54.2 %	381,023
Extraordinary operating charges	HE	164,872	143.8 %	67,619	-74.7 %	266,786
Extraordinary charges from capital transactions	HF	0	0%	31,759	560.4 %	4,809
Extraordinary reserves and provisions	HG	0	0%	75,000	-31.5 %	109,428

Employee profit sharing (IX)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Tax on profits (Total X)	HK	0	0%	-200,000	0%	0

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	350	-100.0 %	970,739
Of which trader's own contributions	A2	0	0%	34,213	11.8 %	30,593
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)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	OG	0	0%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	0	0%	0	0%	11,095
Decreasess by transfers	OK2	23,520	-71.6 %	82,953	9.4 %	75,809
Gross value at the end of period	OL	1,894,430	-0.9 %	1,911,221	-2.3 %	1,955,343

Research and development Charge (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	CZ	0	0%	0	0%	71,000
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%	71,000
Gross value at the end of period	DO	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	KD	38,742	8.9 %	35,587	10.5 %	32,192
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	6,645	110.6 %	3,155	-7.1 %	3,395
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	45,387	17.2 %	38,742	8.9 %	35,587

Tangible fixed assets (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LN	399,231	-4.4 %	417,633	46.0 %	286,113
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	0	0%	34,587	-74.6 %	136,329
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	0	0%	52,988	1001.9 %	4,809
Gross value at the end of period	NH	399,231	0.0 %	399,232	-4.4 %	417,633

Financial assets (Total IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LQ	1,473,247	-1.9 %	1,502,123	-0.6 %	1,511,344
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	84	-92.3 %	1,089	-41.9 %	1,874
Decreasess by budget item transfer	NJ1	0	0%	0	0%	11,095
Decreasess by transfers	NJ2	23,520	-21.5 %	29,965	0%	0
Gross value at the end of period	NK	1,449,811	-1.6 %	1,473,247	-1.9 %	1,502,123

Reserve for depreciation

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	ON	0	0%	0	0%	0
Increases	OP	0	0%	0	0%	0
Decreasess	OQ	0	0%	0	0%	0
Reserve for depreciation value at the end of period	OR	0	0%	0	0%	0

Research and development charge (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases	PB	0	0%	0	0%	0
Decreasess	PC	0	0%	0	0%	0
Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	PE	37,026	24.6 %	29,712	24.2 %	23,914
Increases	PF	1,465	-80.0 %	7,314	26.1 %	5,799
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	38,492	4.0 %	37,026	24.6 %	29,713

Total fixed assets amotisation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	QU	253,360	-6.3 %	270,443	19.0 %	227,215
Increases	QV	29,379	-13.9 %	34,111	-21.1 %	43,227
Decreases	QW	0	0%	51,194	0%	0
Decreasess by budget item transfer	QX	282,739	11.6 %	253,360	-6.3 %	270,442

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	Z91	0	0%	0	0%	0
Increases	Z92	0	0%	0	0%	0
Depreciation of fixed assets during period	Z9	0	0%	0	0%	0
Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Net value at begin of period	SP1	0	0%	0	0%	0
Increases	SP2	0	0%	0	0%	71,000
Depreciation of fixed assets during period	SP	0	0%	0	0%	0
Net value at the end of period	SR	0	0%	0	0%	0

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	7C	307,988	10.8 %	277,977	59.4 %	174,397
Increases	UB	12,514	-87.0 %	96,307	-35.7 %	149,698
Decreases	UC	102,983	55.3 %	66,295	43.7 %	46,119
Value at the end of period	UD	217,518	-29.4 %	307,989	10.8 %	277,976

Includes Total allocations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UE	5,113	-75.4 %	20,760	0%	0
Financial	UG	7,401	1255.5 %	546	0%	0
Exceptional	UJ	0	0%	75,000	0%	0

Includes Total Withdrawal

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UF	27,437	82.2 %	15,055	0%	0
Financial	UH	546	-98.5 %	36,240	0%	0
Exceptional	UK	75,000	400.0 %	15,000	0%	0

Total regulated provisions (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	5Z	84,686	298.1 %	21,275	63.0 %	13,054
Increases	TV	7,401	-91.3 %	84,686	298.1 %	21,275
Decreases	TW	84,686	298.1 %	21,275	63.0 %	13,054
Value at the end of period	TX	7,401	-91.3 %	84,686	298.1 %	21,275

Total Provision for depreciation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	7B	223,302	-13.0 %	256,702	59.1 %	161,343
Increases	TY	5,113	-56.0 %	11,621	-91.0 %	128,424
Decreases	TZ	18,298	-59.4 %	45,020	36.2 %	33,065
Value at the end of period	UA	210,118	-5.9 %	223,303	-13.0 %	256,702

State deadlines claims and debts at the end of period

State claims

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value	VT	3,638,180	6.8 %	3,407,984	10.9 %	3,072,081
1 year at most	VU	3,617,181	7.5 %	3,363,549	11.1 %	3,028,734
More than one year	VV	20,999	-52.7 %	44,435	2.5 %	43,347

State of loans

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	20,999	-52.7 %	44,435	2.5 %	43,347
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Customers doubtful or disputed	VA	222,959	-8.9 %	244,815	-7.8 %	265,601
Other claims customer	UX	2,167,143	313.0 %	524,711	-23.7 %	687,587
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	1,334	12027.3 %	11
Social Security and other social organizations	UZ	0	0%	0	0%	18,477
Income taxes	VM	0	0%	247,005	0%	0
Value added tax	VB	64,570	-2.8 %	66,455	-34.9 %	102,016
Other taxes and payments assimilated	VN	4,942	0%	0	0%	9,352
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	536,596	-61.2 %	1,382,857	20.1 %	1,151,087
Accounts receivable (including claims relating to the operation of pension titles)	VR	55,351	-80.8 %	288,340	147.7 %	116,417

Prepaid

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid	VS	565,620	-7.0 %	608,032	-10.3 %	678,187

State Debt

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total debt (gross)	VY	3,182,364	-29.5 %	4,516,743	13.5 %	3,977,844
1 year at most	VZ2	3,182,364	-29.5 %	4,516,743	13.5 %	3,977,844
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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most	7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Y3	0	0%	0	0%	0
Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most	7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Z3	0	0%	0	0%	0
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	780,831	-70.3 %	2,632,759	32.8 %	1,982,284
1 year at most	VG2	780,831	-70.3 %	2,632,759	32.8 %	1,982,284
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%	360,000
1 year at most	VH2	0	0%	0	0%	360,000
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	741,616	-38.9 %	1,214,619	-3.2 %	1,254,719
1 year at most	8B2	741,616	-38.9 %	1,214,619	-3.2 %	1,254,719
More than 1 year and 5 years at most	8B3	741,616	-38.9 %	1,214,619	-3.2 %	1,254,719
Personnel and associated accounts (gross)	8C1	122,347	70.4 %	71,799	-24.2 %	94,728
1 year at most	8C2	122,347	70.4 %	71,799	-24.2 %	94,728
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	127,505	-3.1 %	131,640	-21.1 %	166,832
1 year at most	8D2	127,505	-3.1 %	131,640	-21.1 %	166,832
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	6,525	0%	0	0%	0
1 year at most	8E2	6,525	0%	0	0%	0
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	256,972	388.8 %	52,575	5.3 %	49,927
1 year at most	VW2	256,972	388.8 %	52,575	5.3 %	49,927
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	20,987	-54.2 %	45,868	89.6 %	24,197
1 year at most	VQ2	20,987	-54.2 %	45,868	89.6 %	24,197
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	797,630	211.8 %	255,846	10394.1 %	2,438
1 year at most	VI2	797,630	211.8 %	255,846	10394.1 %	2,438
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	327,951	193.8 %	111,637	161.3 %	42,717
1 year at most	8K2	327,951	193.8 %	111,637	161.3 %	42,717
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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	360,000	-25.0 %	480,000

Table allocation results and other information

Dividends distributed

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Subcontracting	YT	0	0%	0	0%	553,399
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	280,600
Staff outside the company	YU	0	0%	0	0%	32,181
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	380,140
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	1,044,010
Total Other purchases and external	ZJ	0	0%	0	0%	2,290,330

Taxes and Fees

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Business tax	YW	0	0%	0	0%	9,663
Other taxes and payments assimilated	9Z	0	0%	0	0%	64,724
Total taxes and fees	YX	0	0%	0	0%	74,387

VAT

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Amount VAT collected	YY	0	0%	0	0%	749,231
Total VAT on goods and services	YZ	0	0%	0	0%	334,149

Average number of employees

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Average number of employees	YP	22	-33.3 %	33	6.5 %	31

Groups and Shareholders

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Groups and Shareholders	ZR	0	-	-	-	-

Ratios

Structure and Liquidity

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Fixed Asset Financing	2.11	20.6 %	1.75	-1.1 %	1.77	2.00	5.5 %
Global Debt	207 days	-27.4 %	285 days	29.5 %	220 days	138 days	50.0 %
Working Capital Fund overall net	122 days	50.6 %	81 days	3.8 %	78 days	82 days	48.8 %
Financial independence	132.05 %	40.9 %	93.69 %	-19.8 %	116.88 %	152.81 %	-13.6 %
Solvability	36.88 %	6.2 %	34.74 %	-11.2 %	39.14 %	39.03 %	-5.5 %
Capacity debt futures	266.93 %	159.7 %	102.79 %	-12.2 %	117.01 %	1,272.89 %	-79.0 %
Coverage of current assets by net working capital overall	56.44 %	129.0 %	24.65 %	-19.1 %	30.47 %	44.17 %	27.8 %
General Liquidity	1.14	54.1 %	0.74	-2.6 %	0.76	0.57	100.0 %
Restricted Liquidity	1.16	8.4 %	1.07	0.9 %	1.06	0.96	20.8 %

Management or rotation

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Need background in operating working capital	84 days	-26.3 %	114 days	35.7 %	84 days	33 days	154.5 %
Treasury	5 days	107.5 %	-67 days	-59.5 %	-42 days	13 days	-61.5 %
Inventory turnover of goods	50 days	-73.5 %	189 days	92.9 %	98 days	81 days	-37.9 %
Average length of credit granted to customers	139 days	215.9 %	44 days	-2.2 %	45 days	39 days	256.4 %
Average length of credit obtained suppliers	51 days	-42.7 %	89 days	23.6 %	72 days	48 days	6.3 %
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	0%	0 days	56 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	1,552 days	-	-	-	-	819 days	89.6 %
Rotation tangible assets	1,552.42 %	-1.8 %	1,581.48 %	-4.7 %	1,659.85 %	818.82 %	89.6 %

Profitability of the business

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Margin trading	56.04 %	-17.0 %	67.48 %	28.5 %	52.51 %	0.00 %	0%
Profitability of the business	-8.55 %	-38.3 %	-6.18 %	51.4 %	-12.72 %	2.63 %	-425.1 %
Net profit	-10.04 %	-1759.3 %	-0.54 %	91.2 %	-6.13 %	2.49 %	-503.2 %
Growth rate of turnover (excluding VAT)	-1.84 %	79.4 %	-8.92 %	0%	0.00 %	0.00 %	0%
Rates integration	16.23 %	-26.1 %	21.96 %	57.2 %	13.97 %	26.37 %	-38.5 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	146.63 %	21.9 %	120.30 %	-33.4 %	180.67 %	69.17 %	112.0 %
Weight interests	2.19 %	6.3 %	2.06 %	-27.2 %	2.83 %	0.28 %	682.1 %

Return on capital

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Cash flow from the overall profitability	-11.08 %	-87.5 %	-5.91 %	-78.0 %	-3.32 %	2.96 %	-474.3 %
Rates of economic profitability	-14.00 %	-100.0 %	-7.00 %	58.8 %	-17.00 %	8.60 %	-262.8 %
Financial profitability	2,084,302.00 %	-23.0 %	2,706,251.00 %	-1.3 %	2,740,625.00 %	44,167.00 %	4619.1 %
Return on investment	-13.27 %	-876.0 %	1.71 %	138.0 %	-4.50 %	9.04 %	-246.8 %

Management intermediate balances

	31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Turnover	6,197,748		-1.8 %		6,313,774		-8.9 %		6,932,094		339,512		1725.5 %
		31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Sales of goods		6,158,924		-2.0 %		6,285,980		-8.9 %		6,901,958				-
- Purchase of goods		1,992,657		-9.5 %		2,202,424		-34.3 %		3,353,870				-
+/- Stock of goods variation		692,973		491.4 %		-177,053		-93.2 %		-91,658				-
Trading margin		3,473,294 €		-18.5 %		4,260,609 €		17.1 %		3,639,746 €		0 €		0%
		56.04 % CA		-17.0 %		67.48 % CA		28.5 %		52.51 % CA		0.00 % CA		0%

	31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Sale of goods produced	38,825		39.7 %		27,794		-7.8 %		30,136				-
+/- Stocked production	0		0%		0		0%		0				-
+ Self-constructed assets	0		0%		0		0%		0				-
Period production	38,825 €		39.7 %		27,794 €		-7.8 %		30,136 €		136,094 €		-71.5 %
	0.63 % CA		43.2 %		0.44 % CA		2.3 %		0.43 % CA		100.00 % CA		-99.4 %
		31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Trading margin		3,473,294		-18.5 %		4,260,609		17.1 %		3,639,746		0		0%
+ Period Production		38,825		39.7 %		27,794		-7.8 %		30,136		136,094		-71.5 %
- Purchase of raw materials		497,858		-43.9 %		886,721		50.0 %		591,144				-
+/- Change in stocks of raw materiels		294,448		4856.8 %		-6,190		96.6 %		-180,078				-
- Other external purchases and charges		1,713,800		-15.2 %		2,021,363		-11.7 %		2,290,331				-
Added value		1,006,013 €		-27.4 %		1,386,509 €		43.2 %		968,485 €		80,087 €		1156.2 %
		16.23 % CA		-26.1 %		21.96 % CA		57.2 %		13.97 % CA		26.37 % CA		-38.5 %

	31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Added value	1,006,013 €		-27.4 %		1,386,509 €		43.2 %		968,485 €		80,087 €		1156.2 %
+ Operating grants	9,380		100.8 %		4,671		10.3 %		4,234				-
- Tax, duty and similar payments	70,284		-11.0 %		79,015		6.2 %		74,387				-
- Personal charges	1,475,156		-13.3 %		1,702,248		-4.4 %		1,780,365				-
Gross operating surplus	-530,047 €		-35.9 %		-390,083 €		55.8 %		-882,033 €		5,466 €		-9798.1 %
	-8.55 % CA		-38.3 %		-6.18 % CA		51.4 %		-12.72 % CA		2.63 % CA		-425.1 %
		31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Gross operating surplus		-530,047 €		-35.9 %		-390,083 €		55.8 %		-882,033 €		5,466 €		-9798.1 %
+ Release of reserves and provisions		148,154		861.7 %		15,405		-98.5 %		1,003,804				-
+ Other operating income		33,051		19.4 %		27,676		249.8 %		7,912				-
- Depreciation/ Amortisation		35,957		-42.2 %		62,186		17.2 %		53,056				-
- Other charges		65,268		156.5 %		25,446		70.1 %		14,961				-
Operating result		-450,067 €		-3.6 %		-434,634 €		-804.8 %		61,666 €		4,209 €		-10793.0 %
		-7.26 % CA		-5.5 %		-6.88 % CA		-873.0 %		0.89 % CA		2.04 % CA		-455.9 %

			31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Operating result			-450,067 €	-3.6 %	-434,634 €	-804.8 %	61,666 €	4,209 €	-10793.0 %
+/- Result of joint-venture transferred from/to other partners			0	0%	0	0%	0		-
+ Financial income			52,567	-21.4 %	66,837	-22.1 %	85,753		-
- Financial charges			135,753	4.6 %	129,776	-33.8 %	195,946		-
Pre-tax result			-533,253 €	-7.2 %	-497,573 €	-925.4 %	-48,527 €	3,661 €	-14667.8 %
			-8.60 % CA	-9.1 %	-7.88 % CA	-1025.7 %	-0.70 % CA	1.99 % CA	-532.2 %
	31/12/2014	Variation		31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Extraordinary income	76,178	-82.6 %		437,576	8999.1 %	4,809	0			0%
- Extraordinary charges	164,872	-5.5 %		174,378	-54.2 %	381,023				-
Extraordinary result	-88,694 €	-133.7 %		263,198 €	170.0 %	-376,214 €	0 €			0%
	-1.43 % CA	-134.3 %		4.17 % CA	176.8 %	-5.43 % CA	0.00 % CA			0%

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Pre-tax result	-533,253 €	-7.2 %	-497,573 €	-925.4 %	-48,527 €	3,661 €	-14667.8 %
Extraordinary result	-88,694 €	-133.7 %	263,198 €	170.0 %	-376,214 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	0	0%	-200,000	0%	0		-
Net result	-621,947 €	-1709.3 %	-34,375 €	91.9 %	-424,741 €	4,464 €	-14032.5 %
	-10.04 % CA	-1759.3 %	-0.54 % CA	91.2 %	-6.13 % CA	2.50 % CA	-501.6 %

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 :	DIV
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%)

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

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