MIRA INFORM REPORT

Report No. :	335903
Report Date :	10.08.2015

IDENTIFICATION DETAILS

Name :	VOICEVALE FRANCE
Registered Office :	Voicevale France 60 Av De New York 75116 Paris
Country :	France
Financials (as on) :	31.12.2014
Date of Incorporation :	December 1992
Legal Form :	Limited Liability Company
Line of Business :	Wholesale (business to business) various specialized food.
No. of Employee :	10 to 19 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
France	A1	A1

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

FRANCE ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With more than 84 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that mitigate economic inequality. France's real GDP increased by 0.4% in 2014. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.4% in the fourth quarter of 2014. Youth unemployment in metropolitan France decreased from a high of 25.4% in the fourth quarter of 2012 to 24.3% in the fourth quarter of 2014. Lower-than-expected growth and high spending have strained France's public finances. The budget deficit rose sharply from 3.3% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4% of GDP in 2014, while France's public debt rose from 68% of GDP to more than 95% in 2014, and may hit 100% by 2016. Elected on a conventionally leftist platform, President Francois HOLLANDE surprised and angered many supporters with a January 2014 speech announcing a sharp change in his economic policy, recasting himself as a liberalizing reformer. The government's budget for 2014 shifted the balance of fiscal consolidation from taxes to a total of $24 billion in spending cuts. In December 2014, HOLLANDE announced additional reforms, including a plan to extend commercial business hours, liberalize professional services, and sell off $6.2-12.4 billion in state owned assets. France’s tax burden remains well above the EU average and income tax cuts over the past decade are being partly reversed, particularly for higher earners. The top rate of income tax is 41%. The government is allowing a 75% payroll tax on salaries over $1.24 million to lapse.

Source : CIA

07/08/2015 07:04:31

Company summary

Name	VOICEVALE FRANCE
Acronym	-
Trade name	-
Status	Economically active
Postal Address	VOICEVALE FRANCE 60 AV DE NEW YORK 75116 PARIS
Share Capital	106,714 Euros
Incorporiation Date	01/1993
Activity (APE)	Wholesale ( business to business) various specialized food (4638B)	RCS Registration	RCS Paris B 389 540 824
Formation Date	12/1992	EUR VAT Number	FR46389540824
Deregistration Date	-	Last account Date	31/12/2014
Court Registry Number	93 B 00573	Telephone	01 40 50 24 88
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	86,589,100 €	2.14% Turnover	3,742,022 €	1,016,181 €	10 to 19 employees
31/12/2013	68,311,323 €	2.44% Turnover	3,225,841 €	851,818 €	-
31/12/2012	62,137,394 €	1.97% Turnover	2,756,023 €	637,026 €	-

Details

Directors

Current Directors

1

View Details

Payment Data Programme

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Preferential Right

No social security and tax office preferential right to date

Payment Information Summary – Trade Payment Data

Total number of Invoices available	64
Total number of Invoices paid within or up to 30 days after the due date	64
Total number of Invoices paid more than 30 days after the dues date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Trends

Profitability

Liquidity

Net Worth

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4638B	Activity	Wholesale ( business to business) various specialized food
Formation Date	12/2005	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	-
Trading Address	60 AVENUE DE NEW YORK 75116 PARIS 16	Department	Paris (75)
Location Surface	-	District	1
City	PARIS 16	Status	Economically active
Business Pages FT®	FRUITS ET LEGUMES SECS (GROS)	Region	Ile-de-France
		Area	30
		Size of Urban Area	Paris conglomeration

Other Establishment(s)

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

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
VOICEVALE FRANCE	Head Office	4638B	Wholesale ( business to business) various specialized food	PARIS 16	75116
VOICEVALE FRANCE	Branch	4638B	Wholesale ( business to business) various specialized food	PARIS 16	75016

Workforces

Workforce at address

10 to 19 employees

Company workforce

10 to 19 employees

Commentary

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

The shareholder's equity is 3,742,022 €

The creditor days are 55.16

The increase of tangible fixed assets over the last two accounting periods is 68 %

The decrease in the gearing percentage over the last two accounting periods is 22 %

The liabilities are 21,066,156 €

The net current assets are 24,442,361 €

The net turnover is 86,589,100 €

The total assets are 24,808,179 €

Low risk workforce size

Industry code with low risk rating

Department code with low risk rating

The company has 1 director(s)

The risk provisions are 0 €

The pre-tax profit is 1,522,730 €

The sales to current assets ratio is 3.54

The stock to turnover ratio is 13.76

The return on total assets employed is 6.14

The ratio total assets to total liabilities is 1.18

Industry comparison

Activity (APE)	Wholesale ( business to business) various specialized food (4638B)
Industry average credit rating	45
Industry average credit limit	22,925

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	24/04/2014
Status of Monitoring	No social security and tax office preferential right to date

Tax office preferential rights

Number of preferential rights	0
Total amount	-
Due remaining amount	-
Date of last preferential right	-

Historical

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

Hide

41304104

18/09/2013

16/09/2014

RECETTE REGIONALE DES DOUANES DE PARIS

479,908 EUR

-

Reason for closure	Crossed Off
Court	Paris
Creditor	RECETTE REGIONALE DES DOUANES DE PARIS
Debtor	SARL VOICEVALE FRANCE 60 AV DE NEW YORK 75016 PARIS

Preferential rights details and history

Summary of preferential rights

Company monitored since	24/04/2014
Status of Monitoring	No social security and tax office preferential right to date

Tax office preferential rights

Number of preferential rights	0
Total amount	-
Due remaining amount	-
Date of last preferential right	-

Historical

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

Hide

41304104

18/09/2013

16/09/2014

RECETTE REGIONALE DES DOUANES DE PARIS

479,908 EUR

-

Reason for closure	Crossed Off
Court	Paris
Creditor	RECETTE REGIONALE DES DOUANES DE PARIS
Debtor	SARL VOICEVALE FRANCE 60 AV DE NEW YORK 75016 PARIS

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. SUMAR ALEXIS
Manager position	Manager	Date of birth	01/03/1952
Place of birth	TURQUIE
Type	Individual	Name at birth
				View Details

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	30/07/2014	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 14203 - 389540824 RCS. VOICEVALE FRANCE. Forme : Société à responsabilité limitée. Adresse : 60 avenue de New-York 75016 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
Hide	04/09/2013	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2876 - 389540824 RCS. VOICEVALE FRANCE. Forme : Société à responsabilité limitée. Adresse : 60 avenue de New-York 75016 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
Hide	06/07/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 12419 - 389540824 RCS. VOICEVALE FRANCE. Forme : Société à responsabilité limitée. Adresse : 60 avenue de New-York 75016 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	19/08/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 4176 - 389540824 RCS. VOICEVALE FRANCE. Forme : Société à responsabilité limitée. Adresse : 60 AV DE NEW YORK 75016 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	21/08/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 3679 - 389540824 RCS. VOICEVALE FRANCE. Forme : Société à responsabilité limitée. Adresse : 60 avenue de New-York 75016 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	02/09/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6911 - 389540824 RCS. VOICEVALE FRANCE. Forme : Société à responsabilité limitée. Adresse : 60 avenue de New-York 75016 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	21/02/2007	Bodacc B	Modifications et mutations diverses
1158 - RCS Paris B 389 540 824. RC 93-B 00573. VOICEVALE FRANCE. Forme : S.A.R.L. Capital : 106 714 euros. Adresse du siège social : 60 avenue de New-York,, 75016 Commentaires : modification survenue sur l'adresse du siège social.
Hide	13/09/2006	Bodacc C	Avis de dépôt des comptes
1650 - RCS Paris B 389 540 824. RC 93-B 573. VOICEVALE FRANCE. Forme: S.A.R.L.. Adresse du siège social: 60, avenue de New York,Paris, 75016 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Hide	02/10/2005	Bodacc C	Avis de dépôt des comptes
2744 - RCS Paris B 389 540 824. RC 93-B 573. VOICEVALE FRANCE. Forme: S.A.R.L.. Adresse du siège social: 33, R Raffet,Paris, 75016 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
Hide	11/08/1999	Bodacc B	Modifications et mutations diverses
RCS Paris B 389540824 RC 93-B 573 VOICEVALE FRANCE. Forme : S.A.R.L. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : DOLLON (Christophe). Nomination du commissaire aux comptes titulaire : AZULAY (Karine). Commissaire aux comptes suppléant partant : MESLIER (Gérard). Nomination du commissaire aux comptes suppléant : BOURLIONNE (Serge).
Hide	04/04/1997	Bodacc B	Modifications et mutations diverses
RCS Paris B 389 540 824 RC 93-B 573 VOICEVALE FRANCE. Forme : S.A.R.L. Commentaires : modification survenue sur l'administration. Administration : nomination du commissaire aux comptes titulaire : DOLLON (Christophe). Nomination du commissaire aux comptes suppléant : MESLIER (Gérard).
Hide	08/01/1995	Bodacc B	Modifications et mutations diverses
RCS Paris B 389 540 824 RC 93-B 573 VOICEVALE FRANCE. Forme : S.A.R.L. Adresse du siège social : 33 rue Raffet 75016 Paris Etablissement principal: Adresse : 33 rue Raffet 75016 Paris. Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l' établissement principal.

Company events history

Date	Description
01/08/2015
01/08/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2014	New accounts available
17/09/2014
17/09/2014
05/08/2014
05/08/2014
30/07/2014	Bodacc C : Deposit accounts notice
02/07/2014
02/07/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
21/06/2014	Payment incident closed
06/05/2014	Payment incident detected
28/04/2014	Collection of preferential rights activated for this company
26/04/2014
24/04/2014	Payment incident closed
24/04/2014	Collection of preferential rights activated for this company
20/04/2014
20/04/2014
05/04/2014	Payment incident detected
31/12/2013	New accounts available
31/12/2013	Update of Company Activity
20/10/2013
20/10/2013
15/10/2013
15/10/2013
18/09/2013	Unfiling of a Tax Office preferential right
18/09/2013	New Filling of Tax Office preferential right
04/09/2013	Bodacc C : Deposit accounts notice
06/08/2013
06/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2012	New accounts available
04/08/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
06/07/2012	Bodacc C : Deposit accounts notice
29/02/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	Update of Company Activity
31/12/2011	New accounts available
31/12/2011	Modification of Company Activity
07/09/2011	Bodacc C : Deposit accounts notice
31/12/2010	New accounts available
19/08/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
21/08/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
02/09/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
24/02/2006	Minutes of general meeting of shareholders
24/02/2006	Registered office transferred inside jurisdiction of the Commercial Court
24/02/2006	Updated articles of association
24/02/2006	Private document
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
12/01/2001	Updated articles of association
12/01/2001	Sale of shares
12/01/2001	Private document
28/07/1999	Minutes of general meeting of shareholders
28/07/1999	Private document
28/07/1999	New auditor
28/07/1999	Appointment/resignation of company officers
18/03/1997	Private document
18/03/1997	Minutes of general meeting of shareholders
18/03/1997	Appointment/resignation of company officers
23/12/1994	Registered office transferred inside jurisdiction of the Commercial Court
23/12/1994	Updated articles of association
23/12/1994	Minutes of general meeting of shareholders
05/07/1994	Minutes of general meeting of shareholders
05/07/1994	Appointment/resignation of company officers
05/07/1994	New manager
24/06/1994	Capital increase
24/06/1994	Minutes of general meeting of shareholders
24/06/1994	Updated articles of association
04/01/1993	Minutes of general meeting of shareholders
04/01/1993	Declaration of conformity
04/01/1993	Articles of association
04/01/1993	Appointment/resignation of company officers
04/01/1993	Company formation
04/01/1993	Private document

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	31/07/2015	30/06/2014	03/08/2013
Activity Code	4638B	4638B	4638B
Employees	0	0	0

Active account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Capital not called	0 0 K	0%	0 0 K	0%	0 0 K	0 0 K	0%
Total fixed assets	365,818 366 K	-10.7 %	409,874 410 K	-1.2 %	414,812 415 K	51,170 51 K	614.9 %
Intangible assets	1,875 2 K	0%	1,875 2 K	-8.3 %	2,045 2 K	511 1 K	266.9 %
Tangible assets	8,961 9 K	67.6 %	5,348 5 K	-21.8 %	6,839 7 K	17,517 18 K	-48.8 %
Financial assets	356,857 357 K	-11.8 %	404,525 405 K	-0.8 %	407,803 408 K	2,065 2 K	17181.2 %
Net current assets	24,442,361 24,442 K	33.8 %	18,263,219 18,263 K	22.7 %	14,883,224 14,883 K	444,311 444 K	5401.2 %
Stocks	11,912,353 11,912 K	18.3 %	10,067,473 10,067 K	22.1 %	8,244,638 8,245 K	59,316 59 K	19982.9 %
Advanced payments	0 0 K	0%	0 0 K	0%	0 0 K	0 0 K	0%
Receivables	12,251,750 12,252 K	62.7 %	7,528,042 7,528 K	20.2 %	6,263,061 6,263 K	204,641 205 K	5887.0 %
Securities and cash	278,258 278 K	-58.3 %	667,704 668 K	77.8 %	375,525 376 K	67,741 68 K	310.8 %
Prepaid expenses	- -	-	- -	-	- -	255 0 K	-
Accounts of regularization	0 0 K	0%	0 0 K	0%	0 0 K	0 0 K	0%
Total Assets	24,808,179 24,808 K	32.9 %	18,673,093 18,673 K	22.1 %	15,298,036 15,298 K	603,402 603 K	4011.4 %

Passive Account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Shareholders' equity	3,742,022 3,742 K	16.0 %	3,225,841 3,226 K	17.0 %	2,756,023 2,756 K	179,046 179 K	1990.0 %
Share capital	106,714 107 K	0%	106,714 107 K	0%	106,714 107 K	30,000 30 K	255.7 %
Other capital resources	0 0 K	0%	0 0 K	0%	0 0 K	0 0 K	0%
Risk Provisions	0 0 K	0%	20,163 20 K	0%	0 0 K	0 0 K	0%
Liabilities	21,066,156 21,066 K	36.6 %	15,427,088 15,427 K	23.0 %	12,542,014 12,542 K	319,341 319 K	6496.8 %
Financial liabilities	6,530,328 6,530 K	-9.0 %	7,179,003 7,179 K	52.1 %	4,720,898 4,721 K	30,461 30 K	21338.7 %
Advanced payments received	0 0 K	0%	0 0 K	0%	0 0 K	0 0 K	0%
Trade account payables	13,086,497 13,086 K	81.6 %	7,204,687 7,205 K	-3.9 %	7,496,598 7,497 K	137,081 137 K	9446.6 %
Tax and social liabilities	830,703 831 K	-20.4 %	1,043,398 1,043 K	221.5 %	324,518 325 K	60,441 60 K	1274.4 %
Other debts and fixed assets liabilities	618,628 619 K	0%	0 0 K	0%	0 0 K	5,136 5 K	11944.9 %
Account regularization	0 0 K	0%	0 0 K	0%	0 0 K	0 0 K	0%
Total liabilities	24,808,178 24,808 K	32.9 %	18,673,092 18,673 K	22.1 %	15,298,035 15,298 K	603,402 603 K	4011.4 %

Results

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sales of Goods	86,689,401 86,689 K	26.7 %	68,417,709 68,418 K	10.0 %	62,177,981 62,178 K	1,401,622 1,402 K	6084.9 %
Net turnover	86,589,100 86,589 K	26.8 %	68,311,323 68,311 K	9.9 %	62,137,394 62,137 K	1,377,260 1,377 K	6187.1 %
of which net export turnover	0 0 K	0%	0 0 K	0%	0 0 K	0 0 K	0%
Operating charges	84,842,104 84,842 K	26.9 %	66,852,936 66,853 K	9.7 %	60,947,950 60,948 K	1,337,466 1,337 K	6243.5 %
Operating profit/loss	1,847,297 1,847 K	18.1 %	1,564,773 1,565 K	27.2 %	1,230,031 1,230 K	26,945 27 K	6755.9 %
Financial income	0 0 K	0%	0 0 K	0%	0 0 K	115 0 K	0%
Financial charges	308,810 309 K	31.3 %	235,215 235 K	-12.0 %	267,223 267 K	1,137 1 K	27060.1 %
Financial profit/loss	-308,810 -309 K	-31.3 %	-235,215 -235 K	12.0 %	-267,223 -267 K	-282 0 K	-109407.1 %
Pretax net operating income	1,538,487 1,538 K	15.7 %	1,329,558 1,330 K	38.1 %	962,808 963 K	25,414 25 K	5953.7 %
Extraordinary income	17,021 17 K	199.4 %	5,685 6 K	-93.8 %	91,576 92 K	155 0 K	10881.3 %
Extraordinary charges	32,779 33 K	-30.0 %	46,832 47 K	-48.4 %	90,724 91 K	443 0 K	7299.3 %
Extraordinary profit/loss	-15,758 -16 K	61.7 %	-41,147 -41 K	-4929.5 %	852 1 K	0 0 K	0%
Net result	1,016,181 1,016 K	19.3 %	851,818 852 K	33.7 %	637,026 637 K	23,740 24 K	4180.5 %

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	24,808,179 24,808 K	32.9 %	18,673,093 18,673 K	22.1 %	15,298,036 15,298 K
Gross	CO	24,969,667 24,970 K	32.7 %	18,809,711 18,810 K	21.5 %	15,485,071 15,485 K
Amortisation	1A	161,488 161 K	18.2 %	136,618 137 K	-27.0 %	187,035 187 K

Non declared distributed capital (I)

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

Active fixed asset (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Active fixed asset (II)	Net	365,818 366 K	-10.7 %	409,874 410 K	-1.2 %	414,812 415 K
Gross	BJ	425,627 426 K	-8.7 %	466,354 466 K	-11.9 %	529,108 529 K
Amortisation	BK	59,809 60 K	5.9 %	56,480 56 K	-50.6 %	114,296 114 K

Intangible fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Start-up cost	Net	1,875 2 K	0%	1,875 2 K	0%	1,875 2 K
Gross	AB	1,875 2 K	0%	1,875 2 K	0%	1,875 2 K
Amortisation	AC	1,875 2 K	0%	1,875 2 K	0%	1,875 2 K
R&D expenses	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CX	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AE	0 0 K	0%	0 0 K	0%	0 0 K
Distributorships, patents	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AF	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AG	0 0 K	0%	0 0 K	0%	0 0 K
Goodwill	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AH	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AI	0 0 K	0%	0 0 K	0%	0 0 K
Other intangible fixed assets	Net	0 0 K	0%	0 0 K	0%	170 0 K
Gross	AJ	0 0 K	0%	0 0 K	0%	12,798 13 K
Amortisation	AK	0 0 K	0%	0 0 K	0%	12,628 13 K
Pre-payments and downpayments	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AL	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AM	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Intangible asset	Net	1,875 2 K	0%	1,875 2 K	-8.3 %	2,045 2 K

Tangilble fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Lands	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AN	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AO	0 0 K	0%	0 0 K	0%	0 0 K
Buildings	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AP	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AQ	0 0 K	0%	0 0 K	0%	0 0 K
Plant	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AR	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AS	0 0 K	0%	0 0 K	0%	0 0 K
Other tangible fixed assets	Net	8,961 9 K	67.6 %	5,348 5 K	-21.8 %	6,839 7 K
Gross	AT	66,895 67 K	11.6 %	59,953 60 K	-43.8 %	106,632 107 K
Amortisation	AU	57,934 58 K	6.1 %	54,605 55 K	-45.3 %	99,793 100 K
Fixed assets in construction	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AV	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AW	0 0 K	0%	0 0 K	0%	0 0 K
Advances and payments on account	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AX	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AY	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Tangible asset	Net	8,961 9 K	67.6 %	5,348 5 K	-21.8 %	6,839 7 K

Financial assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Associates at equity	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CS	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CT	0 0 K	0%	0 0 K	0%	0 0 K
Other participations	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CU	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CV	0 0 K	0%	0 0 K	0%	0 0 K
Inter-company receivables	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BC	0 0 K	0%	0 0 K	0%	0 0 K
Other investment securities	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BE	0 0 K	0%	0 0 K	0%	0 0 K
Loans	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BF	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BG	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets	Net	356,857 357 K	-11.8 %	404,525 405 K	-0.8 %	407,803 408 K
Gross	BH	356,857 357 K	-11.8 %	404,525 405 K	-0.8 %	407,803 408 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	356,857 357 K	-11.8 %	404,525 405 K	-0.8 %	407,803 408 K

Current Assets (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Assets	Net	24,442,361 24,442 K	33.8 %	18,263,219 18,263 K	22.7 %	14,883,224 14,883 K
Gross	CJ	24,544,040 24,544 K	33.8 %	18,343,357 18,343 K	22.6 %	14,955,963 14,956 K
Amortisation	CK	101,679 102 K	26.9 %	80,138 80 K	10.2 %	72,739 73 K

Stocks

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Raw materials	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BL	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BM	0 0 K	0%	0 0 K	0%	0 0 K
Work in progress (goods)	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BN	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BO	0 0 K	0%	0 0 K	0%	0 0 K
Work in progress (services)	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BP	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BQ	0 0 K	0%	0 0 K	0%	0 0 K
Semi-finished and finished products	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BR	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BS	0 0 K	0%	0 0 K	0%	0 0 K
Goods for resale	Net	11,912,353 11,912 K	18.3 %	10,067,473 10,067 K	22.1 %	8,244,638 8,245 K
Gross	BT	12,014,032 12,014 K	18.4 %	10,147,611 10,148 K	22.6 %	8,278,064 8,278 K
Amortisation	BU	101,679 102 K	26.9 %	80,138 80 K	139.7 %	33,426 33 K
Sub Total Stocks	Net	11,912,353 11,912 K	18.3 %	10,067,473 10,067 K	22.1 %	8,244,638 8,245 K

Advance payments to suppliers

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

Debtors

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Trade accounts receivable	Net	11,582,622 11,583 K	72.8 %	6,703,911 6,704 K	48.8 %	4,506,530 4,507 K
Gross	BX	11,582,622 11,583 K	72.8 %	6,703,911 6,704 K	47.5 %	4,545,843 4,546 K
Amortisation	BY	0 0 K	0%	0 0 K	0%	39,313 39 K
Other debtors	Net	641,996 642 K	-19.5 %	797,019 797 K	-54.4 %	1,747,433 1,747 K
Gross	BZ	641,996 642 K	-19.5 %	797,019 797 K	-54.4 %	1,747,433 1,747 K
Amortisation	CA	0 0 K	0%	0 0 K	0%	0 0 K
Capital subscribed and called up	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CC	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total debtors	Net	12,224,618 12,225 K	63.0 %	7,500,930 7,501 K	19.9 %	6,253,963 6,254 K

Divers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Investment securities	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CE	0 0 K	0%	0 0 K	0%	0 0 K
Cash and cash equivalents	Net	278,258 278 K	-58.3 %	667,704 668 K	77.8 %	375,525 376 K
Gross	CF	278,258 278 K	-58.3 %	667,704 668 K	77.8 %	375,525 376 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	278,258 278 K	-58.3 %	667,704 668 K	77.8 %	375,525 376 K

Prepaid expenses

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid expenses	Net	27,132 27 K	0.1 %	27,112 27 K	198.0 %	9,098 9 K
Gross	CH	27,132 27 K	0.1 %	27,112 27 K	198.0 %	9,098 9 K
Amortisation	CI	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts (IV to VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Multi-period charges	CW3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Premiums on redemption of bonds	CM3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Currency differential gain	CN3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K

References

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

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	24,808,178 24,808 K	32.9 %	18,673,092 18,673 K	22.1 %	15,298,035 15,298 K

Shareholder Equity (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total shareholders' equity (Total I)	DL	3,742,022 3,742 K	16.0 %	3,225,841 3,226 K	17.0 %	2,756,023 2,756 K
Equity and shareholders' equity	DA	106,714 107 K	0%	106,714 107 K	0%	106,714 107 K
Issue and merger premiums	DB	0 0 K	0%	0 0 K	0%	0 0 K
Revaluation differentials	DC	0 0 K	0%	0 0 K	0%	0 0 K
Of which equity differential	EK	0 0 K	0%	0 0 K	0%	0 0 K
Legal reserve	DD	10,671 11 K	0%	10,671 11 K	0%	10,671 11 K
Statutory or contractual reserve	DE	0 0 K	0%	0 0 K	0%	0 0 K
Special regulated reserves	DF	0 0 K	0%	0 0 K	0%	0 0 K
Of which special reserve of provisions for current fluctuation	B1	0 0 K	0%	0 0 K	0%	0 0 K
Other reserves	DG	2,608,456 2,608 K	15.6 %	2,256,638 2,257 K	12.7 %	2,001,612 2,002 K
Of which reserve for buying originals works from alive artists	EJ	0 0 K	0%	0 0 K	0%	0 0 K
Profits or losses brought forward	DH	0 0 K	0%	0 0 K	0%	0 0 K
Profit or loss for the period	DI	1,016,181 1,016 K	19.3 %	851,818 852 K	33.7 %	637,026 637 K
Investment grants	DJ	0 0 K	0%	0 0 K	0%	0 0 K
Special tax-allowable reserves	DK	0 0 K	0%	0 0 K	0%	0 0 K

Other capital resources (II)

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

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	0 0 K	0%	20,163 20 K	0%	0 0 K
Risk provisions	DP	0 0 K	0%	20,163 20 K	0%	0 0 K
Reserves for charges	DQ	0 0 K	0%	0 0 K	0%	0 0 K

Liabilities (IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Liabilities (Total IV)	EC	21,066,156 21,066 K	36.6 %	15,427,088 15,427 K	23.0 %	12,542,014 12,542 K
Convertible debentures	DS	0 0 K	0%	0 0 K	0%	0 0 K
Other debentures	DT	0 0 K	0%	0 0 K	0%	0 0 K
Bank loans and liabilities	DU	6,530,328 6,530 K	-9.0 %	7,179,003 7,179 K	52.1 %	4,720,898 4,721 K
Sundry loans and financial liabilities	DV	0 0 K	0%	0 0 K	0%	0 0 K
Of which participating loans	EI	0 0 K	0%	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	0 0 K	0%	0 0 K	0%	0 0 K
Trade accounts payables	DX	13,086,497 13,086 K	81.6 %	7,204,687 7,205 K	-3.9 %	7,496,598 7,497 K
Tax and social security liabilities	DY	830,703 831 K	-20.4 %	1,043,398 1,043 K	221.5 %	324,518 325 K
Fixed asset liabilities	DZ	0 0 K	0%	0 0 K	0%	0 0 K
Other debts	EA	618,628 619 K	0%	0 0 K	0%	0 0 K

Translation loss (V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Translation loss (Total V)	ED	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts

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

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	0 0 K	0%	0 0 K	0%	0 0 K
Of which current bank facilities	EH	0 0 K	0%	0 0 K	0%	0 0 K

Result account

1 - Operating result (I-II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating result (Total I-II)	GG	1,847,297 1,847 K	18.1 %	1,564,773 1,565 K	27.2 %	1,230,031 1,230 K

2 - Financial result (V-VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Financial result (Total V-VI)	GV	-308,810 -309 K	-31.3 %	-235,215 -235 K	12.0 %	-267,223 -267 K

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	1,538,487 1,538 K	15.7 %	1,329,558 1,330 K	38.1 %	962,808 963 K

4 - Extraordinary result (VII-VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Extraordinary result (Total VII-VIII)	HI	-15,758 -16 K	61.7 %	-41,147 -41 K	-4929.5 %	852 1 K

Profit or loss

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Profit or loss	HN	1,016,181 1,016 K	19.3 %	851,818 852 K	33.7 %	637,026 637 K

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	86,706,422 86,706 K	26.7 %	68,423,394 68,423 K	9.9 %	62,269,557 62,270 K

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	85,690,242 85,690 K	26.8 %	67,571,576 67,572 K	9.6 %	61,632,530 61,633 K

Operating income (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating income (Total I)	FR	86,689,401 86,689 K	26.7 %	68,417,709 68,418 K	10.0 %	62,177,981 62,178 K

Operating income (details)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Sale of goods for resale	FC	0 0 K	0%	68,334,127 68,334 K	9.9 %	62,153,709 62,154 K
France	FA	0 0 K	0%	68,334,127 68,334 K	9.9 %	62,153,709 62,154 K
Export	FB	0 0 K	0%	0 0 K	0%	0 0 K
Sale of goods produced	FF	86,580,250 86,580 K	0%	0 0 K	0%	0 0 K
France	FD	86,580,250 86,580 K	0%	0 0 K	0%	0 0 K
Export	FE	0 0 K	0%	0 0 K	0%	0 0 K
Sale of services	FI	8,850 9 K	138.8 %	-22,804 -23 K	-39.8 %	-16,315 -16 K
France	FG	8,850 9 K	138.8 %	-22,804 -23 K	-39.8 %	-16,315 -16 K
Export	FH	0 0 K	0%	0 0 K	0%	0 0 K
Net turnover	FL	86,589,100 86,589 K	26.8 %	68,311,323 68,311 K	9.9 %	62,137,394 62,137 K
France	FJ	86,589,100 86,589 K	26.8 %	68,311,323 68,311 K	9.9 %	62,137,394 62,137 K
Export	FK	0 0 K	0%	0 0 K	0%	0 0 K
Stocked production	FM	0 0 K	0%	0 0 K	0%	0 0 K
Self-constructed assets	FN	0 0 K	0%	0 0 K	0%	0 0 K
Operating grants	FO	0 0 K	0%	0 0 K	0%	0 0 K
Release of reserves and provisions	FP	0 0 K	0%	0 0 K	0%	0 0 K
Other income	FQ	100,301 100 K	-5.7 %	106,386 106 K	162.1 %	40,587 41 K

Operating charges (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating charges (Total II)	GF	84,842,104 84,842 K	26.9 %	66,852,936 66,853 K	9.7 %	60,947,950 60,948 K

Exploitation charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Purchase of goods for resale	FS	84,910,008 84,910 K	27.7 %	66,498,828 66,499 K	11.0 %	59,904,448 59,904 K
Change in stocks of goods for resale	FT	-1,866,421 -1,866 K	0.2 %	-1,869,547 -1,870 K	-379.1 %	-390,211 -390 K
Purchase of raw materials	FU	0 0 K	0%	0 0 K	0%	0 0 K
Change in stocks of raw materials	FV	0 0 K	0%	0 0 K	0%	0 0 K
Other external purchases and charges	FW	355,957 356 K	-0.1 %	356,428 356 K	-3.1 %	367,818 368 K
Tax, duty and similar payments	FX	99,601 100 K	-72.2 %	358,486 358 K	260.3 %	99,504 100 K
Payroll	FY	859,943 860 K	-4.9 %	903,920 904 K	41.4 %	639,219 639 K
Social security costs	FZ	378,007 378 K	-4.6 %	396,203 396 K	35.8 %	291,841 292 K

Depreciation

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Depreciation of fixed assets	GA	105,009 105 K	-23.0 %	136,360 136 K	286.0 %	35,331 35 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	0 0 K	0%	0 0 K	0%	0 0 K
Provisions for risks and charges	GD	0 0 K	0%	0 0 K	0%	0 0 K

Other charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Other charges	GE	0 0 K	0%	72,258 72 K	0%	0 0 K

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 K	0%	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	0%	0 0 K

Financial income (V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial income (Total V)	GP	0 0 K	0%	0 0 K	0%	0 0 K
Share financial income	GJ	0 0 K	0%	0 0 K	0%	0 0 K
Other investment income & capitalised receivables	GK	0 0 K	0%	0 0 K	0%	0 0 K
Other interest and similar income	GL	0 0 K	0%	0 0 K	0%	0 0 K
Released provisions and transferred charges	GM	0 0 K	0%	0 0 K	0%	0 0 K
Exchange gains	GN	0 0 K	0%	0 0 K	0%	0 0 K
Net income from disposal of investment securities	GO	0 0 K	0%	0 0 K	0%	0 0 K

Financial charge (VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial charge (Total VI)	GU	308,810 309 K	31.3 %	235,215 235 K	-12.0 %	267,223 267 K
Financial reserves and provisions	GQ	0 0 K	0%	0 0 K	0%	0 0 K
Interest and similar charges	GR	308,810 309 K	31.3 %	235,215 235 K	-12.0 %	267,223 267 K
Exchange losses	GS	0 0 K	0%	0 0 K	0%	0 0 K
Net loss from disposal of investment securities	GT	0 0 K	0%	0 0 K	0%	0 0 K

Extraordinary income (VII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary income (Total VII)	HD	17,021 17 K	199.4 %	5,685 6 K	-93.8 %	91,576 92 K
Extraordinary operating income	HA	17,021 17 K	199.4 %	5,685 6 K	-93.8 %	91,576 92 K
Extraordinary income from capital transactions	HB	0 0 K	0%	0 0 K	0%	0 0 K
Released provisions and transferred charges	HC	0 0 K	0%	0 0 K	0%	0 0 K

Extraordinary charges (VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary charges (Total VIII)	HH	32,779 33 K	-30.0 %	46,832 47 K	-48.4 %	90,724 91 K
Extraordinary operating charges	HE	32,779 33 K	-30.0 %	46,832 47 K	-48.4 %	90,724 91 K
Extraordinary charges from capital transactions	HF	0 0 K	0%	0 0 K	0%	0 0 K
Extraordinary reserves and provisions	HG	0 0 K	0%	0 0 K	0%	0 0 K

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Tax on profits (Total X)	HK	506,549 507 K	16.0 %	436,593 437 K	33.7 %	326,633 327 K

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Of which equipment leases	HP	0 0 K	0%	0 0 K	0%	0 0 K
Of which property leases	HQ	0 0 K	0%	0 0 K	0%	0 0 K
Of which transferred charges	A1	0 0 K	0%	0 0 K	0%	0 0 K
Of which trader's own contributions	A2	0 0 K	0%	0 0 K	0%	0 0 K
Of which royalties on licences and patents (income)	A3	0 0 K	0%	0 0 K	0%	0 0 K
Of which royalties on licences and patents (charges)	A4	0 0 K	0%	0 0 K	0%	0 0 K

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 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	OH	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess, acquisitions, creations, contributions	OJ	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	OK1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	OK2	0 0 K	0%	0 0 K	0%	4,356 4 K
Gross value at the end of period	OL	0 0 K	0%	0 0 K	0%	529,109 529 K

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 K	0%	0 0 K	0%	1,875 2 K
Increasess due to revaluation	KB	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KC	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	CO1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	CO2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	DO	0 0 K	0%	0 0 K	0%	1,875 2 K

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	0 0 K	0%	0 0 K	0%	12,798 13 K
Increasess due to revaluation	KE	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KF	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	LV1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	LV2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	LW	0 0 K	0%	0 0 K	0%	12,798 13 K

Tangible fixed assets (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LN	0 0 K	0%	0 0 K	0%	103,840 104 K
Increasess due to revaluation	LO	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LP	0 0 K	0%	0 0 K	0%	7,150 7 K
Decreasess by budget item transfer	NG1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NG2	0 0 K	0%	0 0 K	0%	4,358 4 K
Gross value at the end of period	NH	0 0 K	0%	0 0 K	0%	106,632 107 K

Financial assets (Total IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LQ	0 0 K	0%	0 0 K	0%	374,220 374 K
Increasess due to revaluation	LR	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LS	0 0 K	0%	0 0 K	0%	33,583 34 K
Decreasess by budget item transfer	NJ1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NJ2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	NK	0 0 K	0%	0 0 K	0%	407,803 408 K

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 K	0%	0 0 K	0%	0 0 K
Increases	OP	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess	OQ	0 0 K	0%	0 0 K	0%	0 0 K
Reserve for depreciation value at the end of period	OR	0 0 K	0%	0 0 K	0%	0 0 K

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 K	0%	0 0 K	0%	0 0 K
Increases	PB	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess	PC	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PD	0 0 K	0%	0 0 K	0%	0 0 K

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	0 0 K	0%	0 0 K	0%	12,545 13 K
Increases	PF	0 0 K	0%	0 0 K	0%	83 0 K
Decreasess	PG	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PH	0 0 K	0%	0 0 K	0%	12,628 13 K

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	0 0 K	0%	0 0 K	0%	102,327 102 K
Increases	QV	0 0 K	0%	0 0 K	0%	1,823 2 K
Decreases	QW	0 0 K	0%	0 0 K	0%	4,356 4 K
Decreasess by budget item transfer	QX	0 0 K	0%	0 0 K	0%	99,794 100 K

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 K	0%	0 0 K	0%	0 0 K
Increases	Z92	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	Z9	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	B1	0 0 K	0%	0 0 K	0%	0 0 K

Premium refund of obligations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Net value at begin of period	SP1	0 0 K	0%	0 0 K	0%	0 0 K
Increases	SP2	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	SP	0 0 K	0%	0 0 K	0%	1,875 2 K
Net value at the end of period	SR	0 0 K	0%	0 0 K	0%	0 0 K

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	0 0 K	0%	0 0 K	0%	0 0 K
Increases	UB	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	UC	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	UD	0 0 K	0%	0 0 K	0%	0 0 K

Includes Total allocations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UE	0 0 K	0%	0 0 K	0%	0 0 K
Financial	UG	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UJ	0 0 K	0%	0 0 K	0%	0 0 K

Includes Total Withdrawal

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UF	0 0 K	0%	0 0 K	0%	0 0 K
Financial	UH	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UK	0 0 K	0%	0 0 K	0%	0 0 K

Total regulated provisions (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	3Z	0 0 K	0%	0 0 K	0%	0 0 K
Increases	TS	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	TT	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	TU	0 0 K	0%	0 0 K	0%	0 0 K

Total risk and charge provisions (Total II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	5Z	0 0 K	0%	0 0 K	0%	0 0 K
Increases	TV	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	TW	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	TX	0 0 K	0%	0 0 K	0%	0 0 K

Total Provision for depreciation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	7B	0 0 K	0%	0 0 K	0%	0 0 K
Increases	TY	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	TZ	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	UA	0 0 K	0%	0 0 K	0%	0 0 K

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	0 0 K	0%	0 0 K	0%	6,710,177 6,710 K
1 year at most	VU	0 0 K	0%	0 0 K	0%	6,710,177 6,710 K
More than one year	VV	0 0 K	0%	0 0 K	0%	0 0 K

State of loans

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Claims related to holdings (gross)	UL	0 0 K	0%	0 0 K	0%	0 0 K
Claims related to shareholdings (1 year at most)	UM	0 0 K	0%	0 0 K	0%	0 0 K
Loans (gross)	UP	0 0 K	0%	0 0 K	0%	0 0 K
Loans (1 year at most)	UR	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets (gross)	UT	0 0 K	0%	0 0 K	0%	407,803 408 K
Other financial assets (1 year at most)	UV	0 0 K	0%	0 0 K	0%	407,803 408 K

Receivables statement of assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Customers doubtful or disputed	VA	0 0 K	0%	0 0 K	0%	0 0 K
Other claims customer	UX	0 0 K	0%	0 0 K	0%	4,545,843 4,546 K
Receivables represent Loaned Securities	UU	0 0 K	0%	0 0 K	0%	0 0 K
Provision for depreciation previously established	UQ	0 0 K	0%	0 0 K	0%	0 0 K
Personnel and associated accounts	UY	0 0 K	0%	0 0 K	0%	8,060 8 K
Social Security and other social organizations	UZ	0 0 K	0%	0 0 K	0%	2,488 2 K
Income taxes	VM	0 0 K	0%	0 0 K	0%	21,955 22 K
Value added tax	VB	0 0 K	0%	0 0 K	0%	160,544 161 K
Other taxes and payments assimilated	VN	0 0 K	0%	0 0 K	0%	0 0 K
State and other public - Miscellaneous	VP	0 0 K	0%	0 0 K	0%	0 0 K
Group and Associates	VC	0 0 K	0%	0 0 K	0%	0 0 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	0 0 K	0%	0 0 K	0%	1,554,386 1,554 K

Prepaid

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid	VS	0 0 K	0%	0 0 K	0%	9,098 9 K

State Debt

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total debt (gross)	VY	0 0 K	0%	0 0 K	0%	12,542,013 12,542 K
1 year at most	VZ2	0 0 K	0%	0 0 K	0%	12,542,013 12,542 K
More than 1 year and 5 years at most	VZ3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	VZ4	0 0 K	0%	0 0 K	0%	0 0 K

Details

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Convertible bonds (gross)	7Y1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Y2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Y3	0 0 K	0%	0 0 K	0%	0 0 K
Other bonds (gross)	7Z1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Z2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Z3	0 0 K	0%	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	0%	4,720,898 4,721 K
1 year at most	VG2	0 0 K	0%	0 0 K	0%	4,720,898 4,721 K
More than 1 year and 5 years at most	VG3	0 0 K	0%	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	0%	0 0 K
1 year at most	VH2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VH3	0 0 K	0%	0 0 K	0%	0 0 K
Loans and various financial liabilities (gross)	8A1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8A2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8A3	0 0 K	0%	0 0 K	0%	0 0 K
Suppliers and associated accounts (gross)	8B1	0 0 K	0%	0 0 K	0%	7,496,598 7,497 K
1 year at most	8B2	0 0 K	0%	0 0 K	0%	7,496,598 7,497 K
More than 1 year and 5 years at most	8B3	0 0 K	0%	0 0 K	0%	7,496,598 7,497 K
Personnel and associated accounts (gross)	8C1	0 0 K	0%	0 0 K	0%	84,945 85 K
1 year at most	8C2	0 0 K	0%	0 0 K	0%	84,945 85 K
More than 1 year and 5 years at most	8C3	0 0 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations (gross)	8D1	0 0 K	0%	0 0 K	0%	157,263 157 K
1 year at most	8D2	0 0 K	0%	0 0 K	0%	157,263 157 K
More than 1 year and 5 years at most	8D3	0 0 K	0%	0 0 K	0%	0 0 K
Taxes on profits (gross)	8E1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8E2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8E3	0 0 K	0%	0 0 K	0%	0 0 K
VAT (Gross)	VW1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VW2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VW3	0 0 K	0%	0 0 K	0%	0 0 K
Backed Obligations (gross)	VX1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VX2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VX3	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and assimilated (gross)	VQ1	0 0 K	0%	0 0 K	0%	82,310 82 K
1 year at most	VQ2	0 0 K	0%	0 0 K	0%	82,310 82 K
More than 1 year and 5 years at most	VQ3	0 0 K	0%	0 0 K	0%	0 0 K
Assets and liabilities associated accounts (gross)	8J1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8J2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8J3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	8J4	0 0 K	0%	0 0 K	0%	0 0 K
Groups and associates (gross)	VI1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VI2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VI3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	V14	0 0 K	0%	0 0 K	0%	0 0 K
Other liabilities (gross)	8K1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8K2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8K3	0 0 K	0%	0 0 K	0%	0 0 K
Debt representative of borrowed securities (gross)	SZ1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	SZ2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	SZ3	0 0 K	0%	0 0 K	0%	0 0 K
Products in advance (gross)	8L1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8L2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8L3	0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Loans made during the period	VJ	0 0 K	0%	0 0 K	0%	0 0 K
Debt repaid during the period	VK	0 0 K	0%	0 0 K	0%	0 0 K

Table allocation results and other information

Dividends distributed

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

Commitments

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

Other charges Externes

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Subcontracting	YT	0 0 K	0%	0 0 K	0%	0 0 K
Rentals, rental charges and condominiums	XQ	0 0 K	0%	0 0 K	0%	0 0 K
Staff outside the company	YU	0 0 K	0%	0 0 K	0%	0 0 K
Remuneration intermediaries and fees (excluding fees)	SS	0 0 K	0%	0 0 K	0%	0 0 K
Fees, commissions and brokerage	YV	0 0 K	0%	0 0 K	0%	0 0 K
Other accounts	ST	0 0 K	0%	0 0 K	0%	0 0 K
Total Other purchases and external	ZJ	0 0 K	0%	0 0 K	0%	0 0 K

Taxes and Fees

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Business tax	YW	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and payments assimilated	9Z	0 0 K	0%	0 0 K	0%	0 0 K
Total taxes and fees	YX	0 0 K	0%	0 0 K	0%	0 0 K

VAT

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Amount VAT collected	YY	0 0 K	0%	0 0 K	0%	0 0 K
Total VAT on goods and services	YZ	0 0 K	0%	0 0 K	0%	0 0 K

Average number of employees

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Average number of employees	YP	0 0 K	0%	0 0 K	0%	0 0 K

Groups and Shareholders

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

Ratios

Structure and Liquidity

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Fixed Asset Financing	24.28	8.0 %	22.48	56.7 %	14.35	2.34	937.6 %
Global Debt	88 days	8.6 %	81 days	11.0 %	73 days	78 days	12.8 %
Working Capital Fund overall net	41 days	-22.6 %	53 days	29.3 %	41 days	46 days	-10.9 %
Financial independence	57.27 %	27.5 %	44.91 %	-23.0 %	58.34 %	248.47 %	-77.0 %
Solvability	15.08 %	-12.7 %	17.28 %	-4.1 %	18.02 %	38.30 %	-60.6 %
Capacity debt futures	-	-	-	-	58.38 %	1,500.09 %	-
Coverage of current assets by net working capital overall	40.41 %	-26.1 %	54.68 %	15.7 %	47.25 %	41.99 %	-3.8 %
General Liquidity	-	-	-	-	0.54	0.75	-
Restricted Liquidity	-	-	-	-	0.56	1.12	-

Management or rotation

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Need background in operating working capital	40 days	-18.4 %	49 days	25.6 %	39 days	17 days	135.3 %
Treasury	1 days	-75.0 %	4 days	100.0 %	2 days	12 days	-91.7 %
Inventory turnover of goods	52 days	-8.8 %	57 days	14.0 %	50 days	31 days	67.7 %
Average length of credit granted to customers	48 days	37.1 %	35 days	34.6 %	26 days	42 days	14.3 %
Average length of credit obtained suppliers	56 days	40.0 %	40 days	-11.1 %	45 days	45 days	24.4 %
Inventory turnover of raw materials in industrial enterprises	-	-	-	-	-	0 days	-
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	912 days	-
Rotation tangible assets	-	-	-	-	58,272.75 %	1,718.35 %	-

Profitability of the business

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Margin trading	-95.91 %	-1869.6 %	5.42 %	27.5 %	4.25 %	24.06 %	-498.6 %
Profitability of the business	2.14 %	-12.3 %	2.44 %	23.9 %	1.97 %	3.41 %	-37.2 %
Net profit	1.17 %	-6.4 %	1.25 %	21.4 %	1.03 %	1.97 %	-40.6 %
Growth rate of turnover (excluding VAT)	26.76 %	169.2 %	9.94 %	46.8 %	6.77 %	1.72 %	1455.8 %
Rates integration	3.68 %	-24.4 %	4.87 %	34.2 %	3.63 %	15.39 %	-76.1 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	38.81 %	-0.7 %	39.09 %	-5.3 %	41.28 %	66.61 %	-41.7 %
Weight interests	0.36 %	5.9 %	0.34 %	-20.9 %	0.43 %	0.10 %	260.0 %

Return on capital

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Cash flow from the overall profitability	1.29 %	-11.0 %	1.45 %	34.3 %	1.08 %	2.62 %	-50.8 %
Rates of economic profitability	18.00 %	12.5 %	16.00 %	0%	16.00 %	17.00 %	5.9 %
Financial profitability	3,742,022.00 %	16.0 %	3,225,841.00 %	17.0 %	2,756,023.00 %	160,058.50 %	2237.9 %
Return on investment	12.90 %	23.4 %	10.45 %	-13.6 %	12.09 %	11.58 %	11.4 %

Management intermediate balances

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Turnover	86,589,100 86,589 K	26.8 %	68,311,323 68,311 K	9.9 %	62,137,394 62,137 K	1,377,260 1,377 K	6187.1 %
	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sales of goods	0 0 K	0%	68,334,127 68,334 K	9.9 %	62,153,709 62,154 K		-
- Purchase of goods	84,910,008 84,910 K	27.7 %	66,498,828 66,499 K	11.0 %	59,904,448 59,904 K		-
+/- Stock of goods variation	-1,866,421 -1,866 K	0.2 %	-1,869,547 -1,870 K	-379.1 %	-390,211 -390 K		-
Trading margin	-83,043,587 € -83,044 K €	-2341.5 %	3,704,846 € 3,705 K €	40.4 %	2,639,472 € 2,639 K €	304,517 € 305 K €	-27370.6 %
	-95.91 % CA -95.91 % CA	-1869.6 %	5.42 % CA 5.42 % CA	27.5 %	4.25 % CA 4.25 % CA	24.82 % CA 24.82 % CA	-486.4 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sale of goods produced	86,589,100 86,589 K	379810.1 %	-22,804 -23 K	-39.8 %	-16,315 -16 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	86,589,100 € 86,589 K €	379810.1 %	-22,804 € -23 K €	-39.8 %	-16,315 € -16 K €	7,678 € 8 K €	1127655.9 %
	100.00 % CA 100.00 % CA	333433.3 %	-0.03 % CA -0.03 % CA	0%	-0.03 % CA -0.03 % CA	0.67 % CA 0.67 % CA	14825.4 %
	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Trading margin	-83,043,587 -83,044 K	-2341.5 %	3,704,846 3,705 K	40.4 %	2,639,472 2,639 K	304,517 305 K	-27370.6 %
+ Period Production	86,589,100 86,589 K	379810.1 %	-22,804 -23 K	-39.8 %	-16,315 -16 K	7,678 8 K	1127655.9 %
- 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	355,957 356 K	-0.1 %	356,428 356 K	-3.1 %	367,818 368 K		-
Added value	3,189,556 € 3,190 K €	-4.1 %	3,325,614 € 3,326 K €	47.5 %	2,255,339 € 2,255 K €	196,550 € 197 K €	1522.8 %
	3.68 % CA 3.68 % CA	-24.4 %	4.87 % CA 4.87 % CA	34.2 %	3.63 % CA 3.63 % CA	15.39 % CA 15.39 % CA	-76.1 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Added value	3,189,556 € 3,190 K €	-4.1 %	3,325,614 € 3,326 K €	47.5 %	2,255,339 € 2,255 K €	196,550 € 197 K €	1522.8 %
+ Operating grants	0 0 K	0%	0 0 K	0%	0 0 K		-
- Tax, duty and similar payments	99,601 100 K	-72.2 %	358,486 358 K	260.3 %	99,504 100 K		-
- Personal charges	1,237,950 1,238 K	-4.8 %	1,300,123 1,300 K	39.6 %	931,060 931 K		-
Gross operating surplus	1,852,005 € 1,852 K €	11.1 %	1,667,005 € 1,667 K €	36.1 %	1,224,775 € 1,225 K €	38,956 € 39 K €	4654.1 %
	2.14 % CA 2.14 % CA	-12.3 %	2.44 % CA 2.44 % CA	23.9 %	1.97 % CA 1.97 % CA	3.41 % CA 3.41 % CA	-37.2 %
	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Gross operating surplus	1,852,005 € 1,852 K €	11.1 %	1,667,005 € 1,667 K €	36.1 %	1,224,775 € 1,225 K €	38,956 € 39 K €	4654.1 %
+ Release of reserves and provisions	0 0 K	0%	0 0 K	0%	0 0 K		-
+ Other operating income	100,301 100 K	-5.7 %	106,386 106 K	162.1 %	40,587 41 K		-
- Depreciation/ Amortisation	105,009 105 K	-23.0 %	136,360 136 K	286.0 %	35,331 35 K		-
- Other charges	0 0 K	0%	72,258 72 K	0%	0 0 K		-
Operating result	1,847,297 € 1,847 K €	18.1 %	1,564,773 € 1,565 K €	27.2 %	1,230,031 € 1,230 K €	26,948 € 27 K €	6755.2 %
	2.13 % CA 2.13 % CA	-7.0 %	2.29 % CA 2.29 % CA	15.7 %	1.98 % CA 1.98 % CA	2.32 % CA 2.32 % CA	-8.2 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Operating result	1,847,297 € 1,847 K €	18.1 %	1,564,773 € 1,565 K €	27.2 %	1,230,031 € 1,230 K €	26,948 € 27 K €	6755.2 %
+/- Result of joint-venture transferred from/to other partners	0 0 K	0%	0 0 K	0%	0 0 K		-
+ Financial income	0 0 K	0%	0 0 K	0%	0 0 K		-
- Financial charges	308,810 309 K	31.3 %	235,215 235 K	-12.0 %	267,223 267 K		-
Pre-tax result	1,538,487 € 1,538 K €	15.7 %	1,329,558 € 1,330 K €	38.1 %	962,808 € 963 K €	25,091 € 25 K €	6031.8 %
	1.78 % CA 1.78 % CA	-8.7 %	1.95 % CA 1.95 % CA	25.8 %	1.55 % CA 1.55 % CA	2.27 % CA 2.27 % CA	-21.6 %
	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Extraordinary income	17,021 17 K	199.4 %	5,685 6 K	-93.8 %	91,576 92 K	155 0 K	10881.3 %
- Extraordinary charges	32,779 33 K	-30.0 %	46,832 47 K	-48.4 %	90,724 91 K		-
Extraordinary result	-15,758 € -16 K €	61.7 %	-41,147 € -41 K €	-4929.5 %	852 € 1 K €	0 € 0 K €	0%
	-0.02 % CA -0.02 % CA	66.7 %	-0.06 % CA -0.06 % CA	0%	0.00 % CA 0.00 % CA	0.00 % CA 0.00 % CA	0%

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Pre-tax result	1,538,487 € 1,538 K €	15.7 %	1,329,558 € 1,330 K €	38.1 %	962,808 € 963 K €	25,091 € 25 K €	6031.8 %
Extraordinary result	-15,758 € -16 K €	61.7 %	-41,147 € -41 K €	-4929.5 %	852 € 1 K €	0 € 0 K €	0%
- Employee profit sharing	0 0 K	0%	0 0 K	0%	0 0 K		-
- Tax on profits	506,549 507 K	16.0 %	436,593 437 K	33.7 %	326,633 327 K		-
Net result	1,016,180 € 1,016 K €	19.3 %	851,818 € 852 K €	33.7 %	637,027 € 637 K €	23,637 € 24 K €	4199.1 %
	1.17 % CA 1.17 % CA	-6.4 %	1.25 % CA 1.25 % CA	21.4 %	1.03 % CA 1.03 % CA	1.97 % CA 1.97 % CA	-40.6 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.81
UK Pound	1	Rs.98.92
Euro	1	Rs.69.66

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	ANK

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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