MIRA INFORM REPORT

Report No. :	337910
Report Date :	22.08.2015

IDENTIFICATION DETAILS

Name :	JL INTERNATIONAL ETS JEAN LABATU
Registered Office :	Styleco/Goldsmith/Pick Ouic/Via 28 VIT, Zone Activ Bordeaux Nord, 28 Rue Rene Magne, 33083 Bordeaux Cedex
Country :	France
Financials (as on) :	31.12.21013
Date of Incorporation :	September, 1957
Com. Reg. No.:	B 775 583 792
Legal Form :	Simplified Joint Stock Company
Line of Business :	Wholesale (Intercompany Trade) Clothing and Footwear
No. of Employees :	50 to 99 Employees

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Company in State of Failure
Payment Behaviour :	--
Litigation :	--

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 and Summary

Name	JL INTERNATIONAL ETS JEAN LABATUT
Acronym	-
Trade name	STYLECO
Status	Economically active
Postal Address	JL INTERNATIONAL ETS JEAN LABATUT STYLECO/GOLDSMITH/PICK OUIC/VIA 28 VIT ZONE ACTIV BORDEAUX NORD 28 RUE RENE MAGNE 33083 BORDEAUX CEDEX
Share Capital	2,000,000 Euros
Incorporation Date	09/1957

Activity (APE)	Wholesale (intercompany trade) Clothing and footwear (4642Z)	RCS Registration	RCS Bordeaux B 775 583 792
Formation Date	01/1900	EUR VAT Number	FR69775583792
Deregistration Date	-	Last account Date	31/12/2013
Court Registry Number	19 5 7B00575	Telephone	04 71 40 74 57
Registration Court	Bordeaux (33)	Fax	05 56 43 55 40
Nationality	France	Legal form	Simplified joint stock company
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2013	73,876,157 €	8.61% Turnover	10,915,408 €	682,625 €	50 to 99 employees
31/12/2012	69,687,627 €	12.25% Turnover	10,232,782 €	1,087,053 €	-
31/12/2011	83,912,900 €	7.99% Turnover	9,145,730 €	411,983 €	-

Ultimate Holding Company

Name	Country	Company Number
JL FINANCES		480959998
Affiliation links.

Directors

Current Directors

5

Preferential Right

Last published Judgment

10/08/2015

No social security and tax office preferential right to date

Payment Information Summary – Trade Payment Data

Total number of Invoices available	8
Total number of Invoices paid within or up to 30 days after the due date	5
Total number of Invoices paid more than 30 days after the dues date	1
Total number of Invoices currently outstanding where the due date has not yet been reached	2
Total number of Invoices currently outstanding beyond the due date	0

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4642Z	Activity	Wholesale (business to business) clothing and shoes
Formation Date	01/1900	Reason for Formation	-
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Store
Trading Address	28 RUE RENE MAGNE 33300 BORDEAUX	Department	Gironde (33)
Location Surface	From 300 m² to less than 400 m²	District	2
City	BORDEAUX	Status	Economically active
Business Pages FT®	IMPORT, EXPORT, NEGOCE DE MATIERES TEXTILES	Region	Aquitaine
		Area	97
		Size of Urban Area	Urban unit with 200 000 to 1 999 999 inhabitants

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
JL FINANCES	Activités des sociétés holding	6420Z	BORDEAUX	33300

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	4 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
JL INTERNATIONAL ETS JEAN LABATUT	Head Office	4642Z	Commerce de gros (commerce interentreprises) d'habillement et de chaussures	BORDEAUX	33300
JL INTERNATIONAL ETS JEAN LABATUT	Branch	4642Z	Commerce de gros (commerce interentreprises) d'habillement et de chaussures	SAINT MEEN LE GRAND	35290
JL INTERNATIONAL ETS JEAN LABATUT	Branch	4642Z	Commerce de gros (commerce interentreprises) d'habillement et de chaussures	MORDELLES	35310
JL INTERNATIONAL ETS JEAN LABATUT	Branch	4642Z	Commerce de gros (commerce interentreprises) d'habillement et de chaussures	BAIN DE BRETAGNE	35470
JL INTERNATIONAL ETS JEAN LABATUT	Branch	4642Z	Commerce de gros (commerce interentreprises) d'habillement et de chaussures	QUESTEMBERT	56230

Workforces

Workforce at address

50 to 99 employees

Company workforce

50 to 99 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.

Industry comparison

Activity (APE)	Wholesale (intercompany trade) Clothing and footwear (4642Z)
Industry average credit rating	44
Industry average credit limit	18,787

Collective procedures

Courts

Judgment	Receivership	Effective date	10/08/2015
Court	RENNES
Details Jugement du tribunal de commerce de BORDEAUX , prononce en date du 05/08/2015 , l'ouverture d'une procédure de redressement judiciaire sous le numéro 2015J00835 , date de cessation des paiements le 31 juillet 2015 désigne Administrateur SCP Laureau Jeannerot 23 Boulevard Pasteur 16000 Angoulême avec pour mission : assistance , Mandataire judiciaire Selarl Christophe Mandon 2 Rue de Caudéran BP 20709 33007 Bordeaux , Les déclarations des créances sont à déposer au mandataire judiciaire dans les deux mois à compter de la date de publication au Bodacc
Judgment	Receivership	Effective date	06/08/2015
Court	BORDEAUX
Details Jugement du tribunal de commerce de Bordeaux , prononce en date du 05/08/2015 , l'ouverture d'une procédure de redressement judiciaire sous le numéro 2015J00835 , date de cessation des paiements le 31/07/2015 désigne Administrateur SCP Laureau Jeannerot 23 Boulevard Pasteur 16000 Angoulême avec pour mission : assistance , Mandataire judiciaire Selarl Christophe Mandon 2 Rue de Caudéran BP 20709 33007 Bordeaux , Les déclarations des créances sont à déposer au mandataire judiciaire dans les deux mois à compter de la date de publication au Bodacc

Rncs

Judgment	Receivership	Effective date	05/08/2015
Director	SCP LAUREAU JEANNEROT	Position	Official receiver
Address	16000 ANGOULEME
Director	SELARL VINCENT MEQUINION	Position	Official receiver
Address	16000 ANGOULEME

Bodacc

Judgment	Homologation of Legal Settlement	Effective date	16/04/2014
Court	Bordeaux	Parution date from Gazette	04/05/2014
Extrait de jugement Jugement d'homologation de l'accord Jugement d'homologation de l'accord intervenu dans la procédure de conciliation. Le jugement est déposé au greffe où tout intéressé peut en prendre connaissance.
Judgment	Homologation of Legal Settlement	Effective date	16/05/2012
Court	Bordeaux	Parution date from Gazette	03/07/2012
Extrait de jugement Jugement d'homologation de l'accord Jugement d'homologation de l'accord intervenu dans la procédure de conciliation. Le jugement est déposé au greffe où tout intéressé peut en prendre connaissance.

Judgment	Homologation of Legal Settlement	Effective date	16/02/2011
Court	Bordeaux	Parution date from Gazette	04/03/2011
Extrait de jugement Jugement d'homologation de l'accord Jugement d'homologation de l'accord intervenu dans la procédure de conciliation. Le jugement est déposé au greffe où tout intéressé peut en prendre connaissance.

Other sources

Judgment	Homologation d'une procédure de conciliation débiteur / créancier	Effective date	16/02/2011
Court	BORDEAUX

Preferential rights details and history

Summary of preferential rights

Company monitored since	06/07/2012
Status of Monitoring	No social security and tax office preferential right to date

Social security, pension funds 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

31102202

26/09/2011

20/12/2013

URSSAF DE LA GIRONDE

85,786 EUR

-

Reason for closure	Crossed Off
Court	Bordeaux
Creditor	URSSAF DE LA GIRONDE QUARTIER DU LAC 33084, BORDEAUX CEDEX
Debtor	JL INTERNATIONAL ETS JEAN LABATUT C CAL DE GROS 28 RUE RENE MAGNE 33000 BORDEAUX

31102432

24/10/2011

20/12/2013

URSSAF DE LA GIRONDE

87,129 EUR

-

Reason for closure	Crossed Off
Court	Bordeaux
Creditor	URSSAF DE LA GIRONDE QUARTIER DU LAC 33084, BORDEAUX CEDEX
Debtor	JL INTERNATIONAL ETS JEAN LABATUT C CAL DE GROS 28 RUE RENE MAGNE 33000 BORDEAUX

31102903

23/11/2011

20/12/2013

URSSAF DE LA GIRONDE

99,796 EUR

-

Reason for closure	Crossed Off
Court	Bordeaux
Creditor	URSSAF DE LA GIRONDE QUARTIER DU LAC 33084, BORDEAUX CEDEX
Debtor	JL INTERNATIONAL ETS JEAN LABATUT C CAL DE GROS 28 RUE RENE MAGNE 33000 BORDEAUX

31200774

29/03/2012

20/12/2013

URSAFF

176,062 EUR

-

Reason for closure	Crossed Off
Court	Bordeaux
Creditor	URSAFF QUARTIER DU LAC 33084, BORDEAUX CEDEX
Debtor	JL INTERNATIONAL ETS JEAN LABATUT C CAL DE GROS 28 RUE RENE MAGNE 33000 BORDEAUX

31201295

25/05/2012

20/12/2013

URSSAF DE LA GIRONDE

78,516 EUR

-

Reason for closure	Crossed Off
Court	Bordeaux
Creditor	URSSAF DE LA GIRONDE QUARTIER DU LAC 33084, BORDEAUX CEDEX
Debtor	JL INTERNATIONAL ETS JEAN LABATUT C CAL DE GROS 28 RUE RENE MAGNE 33000 BORDEAUX

31201508

25/06/2012

20/12/2013

URSSAF DE LA GIRONDE

73,070 EUR

-

Reason for closure	Crossed Off
Court	Bordeaux
Creditor	URSSAF DE LA GIRONDE QUARTIER DU LAC 33084, BORDEAUX CEDEX
Debtor	JL INTERNATIONAL ETS JEAN LABATUT C CAL DE GROS 28 RUE RENE MAGNE 33000 BORDEAUX

31201674

28/06/2012

20/12/2013

URSSAF DE LA GIRONDE

97,038 EUR

-

Reason for closure	Crossed Off
Court	Bordeaux
Creditor	URSSAF DE LA GIRONDE QUARTIER DU LAC 33084, BORDEAUX CEDEX
Debtor	JL INTERNATIONAL ETS JEAN LABATUT C CAL DE GROS 28 RUE RENE MAGNE 33000 BORDEAUX

Group Data

Ultimate parent company	JL FINANCES
Direct parent	JL FINANCES - 100 %
Group – Number of companies	3
Linkages – Number of companies	-
Number of countries	-

	Name	Parts	Last account published
1	JL FINANCES	-	31/12/2013
2	JL INTERNATIONAL ETS JEAN LABATUT	100 %	31/12/2013
3	JL DISTRIBUTION	100 %	31/12/2013

Linkages

No Linkages information available for the company.

Shareholder(s)

Name	GFA AQUITAINE
Name of representative
Manager position	Deputy auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Director(s)

Name	M. PELLE JEAN-MICHEL
Manager position	Statutory auditor		Date of birth		-
Place of birth
Type	Individual		Name at birth
Name		M. VIGNAUD MICHEL
Manager position		President		Date of birth		19/06/1955
Place of birth		CHAMPAGNE MOUTON
Type		Individual		Name at birth

Name	M. LIU ZHIWEN
Manager position	Managing director	Date of birth	06/12/1979
Place of birth	ZHEJIANG(CHINE)
Type	Individual	Name at birth
Name	M. VIGNAUD DANIEL
Manager position	Managing director	Date of birth	12/04/1962
Place of birth	CHAMPAGNE MOUTON
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Chairman of the Board	M. LABATUT DANIEL	17/07/1932 - TALENCE
Chief Executive Officer	M. BARATTE JACQUES	30/07/1958 - BORDEAUX
Managing director	M. BARATTE JACQUES	30/07/1958 - BORDEAUX
Managing director	M. GRAFFIN PHILIPPE	27/10/1960 - PARIS 17
Managing director	M. SAELENS ALAIN	20/12/1952 - MAZAGAN MAROC

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	06/08/2015	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 3439 - 775583792 RCS. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : Société par actions simplifiée. Adresse : 28 rue René Magne Zone 33300 Bordeaux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	22/05/2015	JAL	Start of rent-management
7 jours - Les Petites affiches de Bretagne Date de décision : 11/05/2015 Bailleur : 479864803 - EURL E.D.B., 2 RUE ROUTE DE JANZE, 35500 VITRE Locataire gérant : 775583792 - JL INTERNATIONAL ETS JEAN LABATUT, STYLECO/GOLDSMITH/PICK OUIC/VIA 28 VITAM, 28 RUE RENE MAGNE, ZONE ACTIV BORDEAUX NORD, 33300 BORDEAUX Date d’effet : 11/05/2015 pour une durée de 10 mois
	16/08/2014	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 4680 - 775583792 RCS. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : Société par actions simplifiée. Adresse : 28 rue René Magne Zone 33300 Bordeaux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	04/05/2014	Bodacc A	Extrait de jugement
33 - GIRONDE TRIBUNAL DE COMMERCE DE BORDEAUX 1728 - Date : 16 avril 2014. Jugement d'homologation de l'accord. 775 583 792 RCS Bordeaux. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : Société par actions simplifiée. Activité : distribution, importation, exportation de tous textiles et de tous produits lies a l'équipement de la personne. Adresse : 28 rue René Magne Zone, d'Activités de Bordeaux Nord 33300 Bordeaux. Complément de jugement : Jugement d'homologation de l'accord intervenu dans la procédure de conciliation. Le jugement est déposé au greffe où tout intéressé peut en prendre connaissance.
	22/08/2013	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 3744 - 775583792 RCS. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : Société par actions simplifiée. Adresse : 28 rue René Magne Zone 33300 Bordeaux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	10/12/2012	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 3777 - 775583792 RCS. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : Société par actions simplifiée. Adresse : 28 rue René Magne Zone d'Activités de Bordeaux Nord 33300 Bordeaux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	03/07/2012	Bodacc A	Extrait de jugement
33 - GIRONDE TRIBUNAL DE COMMERCE DE BORDEAUX 1371 - Date : 16 mai 2012. Jugement d'homologation de l'accord. 775 583 792 RCS Bordeaux. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : Société par actions simplifiée. Activité : distribution, importation, exportation de tous textiles et de tous produits lies a l'équipement de la personne. Adresse : 28 rue René Magne Zone, d'Activités de Bordeaux Nord 33300 Bordeaux. Complément de jugement : Jugement d'homologation de l'accord intervenu dans la procédure de conciliation. Le jugement est déposé au greffe où tout intéressé peut en prendre connaissance.
	18/08/2011	Bodacc B	Modification et mutation diverse
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 632 - 775 583 792 RCS Bordeaux. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : PELLE Jean-Michel modification le 09 Août 2011 Commissaire aux comptes suppléant : GFA AQUITAINE en fonction le 19 Juillet 1999 Président : VIGNAUD Michel en fonction le 17 Août 2010 Directeur général : LIU Zhiwen en fonction le 17 Août 2010 Directeur général : VIGNAUD Daniel en fonction le 17 Août 2010. Activité : . Commentaires : Modification de représentant.
	04/03/2011	Bodacc A	Extrait de jugement
33 - GIRONDE TRIBUNAL DE COMMERCE DE BORDEAUX 1428 - Date : 16 février 2011. Jugement d'homologation de l'accord. 775 583 792 RCS Bordeaux. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : Société par actions simplifiée. Activité : distribution, importation, exportation de tous textiles et de tous produits lies a l'équipement de la personne. Adresse : 28 rue René Magne Zone, d'Activités de Bordeaux Nord 33300 Bordeaux. Complément de jugement : Jugement d'homologation de l'accord intervenu dans la procédure de conciliation. Le jugement est déposé au greffe où tout intéressé peut en prendre connaissance.
	26/08/2010	Bodacc B	Modification et mutation diverse
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 452 - 775 583 792 RCS Bordeaux. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : PELLE Jean-Michel en fonction le 19 Juillet 1999 Commissaire aux comptes suppléant : GFA AQUITAINE en fonction le 19 Juillet 1999 Directeur général : BARATTE Jacques modification le 17 Août 2010 Président : VIGNAUD Michel en fonction le 17 Août 2010 Directeur général : LIU Zhiwen en fonction le 17 Août 2010 Directeur général : VIGNAUD Daniel en fonction le 17 Août 2010. Commentaires : Modification de représentant.
	26/07/2010	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 3741 - 775583792 RCS. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : Société par actions simplifiée. Adresse : 28 rue René Magne Zone d'Activités de Bordeaux Nord 33300 Bordeaux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	09/07/2010	JAL	Resignation / Revocation of the social representative
GIRONDE Date de décision : 02/07/2010 La société 775583792 - JL INTERNATIONAL ETS JEAN LABATUT, STYLECO/GOLDSMITH/PICK OUIC/VIA 28 VITAM, 28 RUE RENE MAGNE, ZONE ACTIV BORDEAUX NORD, 33300 BORDEAUX Fait l'objet du départ de Monsieur Jacques BARATTE
	09/07/2010	JAL	Resignation / Revocation of the social representative
GIRONDE Date de décision : 02/07/2010 La société 775583792 - JL INTERNATIONAL ETS JEAN LABATUT, STYLECO/GOLDSMITH/PICK OUIC/VIA 28 VITAM, 28 RUE RENE MAGNE, ZONE ACTIV BORDEAUX NORD, 33300 BORDEAUX Fait l'objet du départ de Monsieur Philippe GRAFFIN
	09/07/2010	JAL	Resignation / Revocation of the social representative
GIRONDE Date de décision : 02/07/2010 La société 775583792 - JL INTERNATIONAL ETS JEAN LABATUT, STYLECO/GOLDSMITH/PICK OUIC/VIA 28 VITAM, 28 RUE RENE MAGNE, ZONE ACTIV BORDEAUX NORD, 33300 BORDEAUX Fait l'objet du départ de Monsieur Alain SAELENS
	09/07/2010	JAL	Appointment of the social representative
GIRONDE Société faisant objet d'une nomination : 775583792 - JL INTERNATIONAL ETS JEAN LABATUT, STYLECO/GOLDSMITH/PICK OUIC/VIA 28 VITAM, 28 RUE RENE MAGNE, ZONE ACTIV BORDEAUX NORD, 33300 BORDEAUX Nominé : Monsieur Daniel VIGNAUD, RUELLE RUELLE DU RAMPEAU, 16450 ST LAURENT DE CERIS En la fonction de : DG - Directeur Général
	09/07/2010	JAL	Appointment of the social representative
GIRONDE Société faisant objet d'une nomination : 775583792 - JL INTERNATIONAL ETS JEAN LABATUT, STYLECO/GOLDSMITH/PICK OUIC/VIA 28 VITAM, 28 RUE RENE MAGNE, ZONE ACTIV BORDEAUX NORD, 33300 BORDEAUX Nominé : Monsieur Zhiwen LIU, 9 RUE 9 RUE DU DOBROPOL, 75017 PARIS En la fonction de : DG - Directeur Général
	09/07/2010	JAL	Appointment of the social representative
GIRONDE Société faisant objet d'une nomination : 775583792 - JL INTERNATIONAL ETS JEAN LABATUT, STYLECO/GOLDSMITH/PICK OUIC/VIA 28 VITAM, 28 RUE RENE MAGNE, ZONE ACTIV BORDEAUX NORD, 33300 BORDEAUX Nominé : Monsieur Jacques BARATTE En la fonction de : DG - Directeur Général
	09/07/2010	JAL	Appointment of the social representative
GIRONDE Société faisant objet d'une nomination : 775583792 - JL INTERNATIONAL ETS JEAN LABATUT, STYLECO/GOLDSMITH/PICK OUIC/VIA 28 VITAM, 28 RUE RENE MAGNE, ZONE ACTIV BORDEAUX NORD, 33300 BORDEAUX Nominé : Monsieur Michel VIGNAUD, 1 BOULEVARD 1 BOULEVARD JEAN JAURES, 16500 CONFOLENS En la fonction de : Président
	10/09/2009	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 1692 - 775583792 RCS. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : Société par actions simplifiée. Adresse : 28 rue René Magne Zone d'Activités de Bordeaux Nord 33300 Bordeaux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	26/08/2008	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 3434 - 775583792 RCS. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : Société par actions simplifiée. Adresse : 28 rue René Magne Zone 33300 Bordeaux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	27/01/2008	Bodacc B	Modification et mutation diverse
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 981 - 775 583 792 RCS Bordeaux. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : Société par actions simplifiée. Enseigne : STYLECO GOLDSMITH PICK OUIC VIA 28 VITAMINES THREE MIXX CINTRE A CINTRE FRANCK COSTER. Administration : Commissaire aux comptes titulaire : PELLE Jean-Michel en fonction le 19 Juillet 1999. Commissaire aux comptes suppléant : GFA AQUITAINE en fonction le 19 Juillet 1999. Directeur général : GRAFFIN Philippe Marie Sylvain Patrick en fonction le 16 Janvier 2008. Président du conseil d'administration et directeur général : BARATTE Jacques en fonction le 16 Janvier 2008. Directeur général : SAELENS Alain Jean Pierre en fonction le 16 Janvier 2008. Commentaires : Modification de représentant.
	27/09/2007	Bodacc C	Avis de dépôt des comptes
748 - 775 583 792. RCS Bordeaux JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme: Société par actions simplifiée. Adresse du siège social: 28 rue René Magne Zone d'Activités de Bordeaux Nord , 33300 Bordeaux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	21/07/2006	Bodacc C	Avis de dépôt des comptes
1354 - RCS Bordeaux B 775 583 792. RC 57-B 575. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE - SAS. Adresse du siège social: 28, rue René Magne Zone,d'Activites de Bordeaux Nord, 33300 Bordeaux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	20/04/2006	Bodacc B	Modifications et mutations diverses
0421 - RCS Bordeaux B 775 583 792. RC 57-B 575. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : S.A.S. Nom commercial : Styléco Goldsmith Pick Ouic Via 28 Vitamines Three Mixx Cintre A Cintre Franck Coster. Commentaires : modification survenue sur le nom commercial. Etablissement principal - Adresse : Z.A. de Bordeaux Nord, 28 rue René-Magne, 33300
	31/07/2005	Bodacc B	Modifications et mutations diverses
836 - RCS Bordeaux B 775 583 792. RC 57-B 575. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : S.A.S. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : modification du président : LABATUT (Daniel, Jean). Administrateurs partants : S.A. CUADRADO, représentée par FONDON (Manuel, Joseph) LABATUT (Jean-Jacques) FRIBOURG (Pierre, Maurice, Roland). Nomination d'un directeur général : BARATTE (Jacques) (Nom d'usage : BARATTE).
	23/07/2005	Bodacc C	Avis de dépôt des comptes
1624 - RCS Bordeaux B 775 583 792. RC 57-B 575. JL INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme: S.A. Adresse du siège social: 28, rue René Magne Zone,d'Activites de Bordeaux Nord, 33300 Bordeaux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	23/06/2004	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 775583792 RC 57-B 575 J. L. INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : modification d'un administrateur : LABATUT (Jean-Jacques).
	21/07/2002	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 775583792 RC 57-B 575 J. L. INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : S.A. Adresse du siège social : Z.A. de Bordeaux Nord, 28 rue René-Magne, 33300 Bordeaux. Commentaires : modification survenue sur l'adresse du siège social, l'adresse de l' établissement principal et l' administration. Administration : modification d'un directeur général délégué et administrateur : LABATUT ( Jean-Jacques). Administrateur partant : MICUCCI (Leonardo) Etablissement principal: Adresse : Z.A. de Bordeaux Nord, 28 rue René-Magne, 33300 Bordeaux.
	02/08/2001	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 775583792 RC 57-B 575 J. L. INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : S.A. Capital : 2 000 000 d' euros. Commentaires : modification survenue sur le capital (augmentation).
	13/04/2000	Bodacc B	Modifications et mutations diverses
*. RCS Bordeaux B 775 583 792 RC 57-B 575 J.L. INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : modification : directeur général et administrateur : LABATUT (Jean, Claude).
	01/08/1999	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 775583792 RC 57-B 575 J. L. INTERNATIONAL-ETABLISSEMENTS JEAN LABATUT. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : administrateur partant : GEORGES ( Pierre, Antoine, Paul). Nomination d'un administrateur : MICUCCI (Léonardo). Commissaire aux comptes titulaire partant : CABINET J.-P. FAUCOUNAU ET ASSOCIES. Nomination du commissaire aux comptes titulaire : PELLE (Jean-Michel). Commissaire aux comptes suppléant partant : PEYROUX (Roland). Nomination du commissaire aux comptes suppléant : G.F.A. AQUITAINE.
	14/08/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Bordeaux B 775 583 792 RC RC 57-B 575 J.L. INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : S.A. Administration : suppression : administrateur : AUXITEX S.A. INSTITUT DE PARTICIPATION DU GRAND SUD-OUEST. Commentaires : modification survenue sur l'administration.
	23/06/1996	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 775 583 792 RC 57-B 575 J.L. INTERNATIONAL-ETABLISSEMENTS JEAN LABATUT. Forme : S.A. Administration : président du conseil d'administration : LABATUT (Daniel, Jean). Administrateurs S.A. CUADRADO LABATUT (Jean, Jacques) AUXITEX S.A. INSTITUT DE PARTICIPATION DU GRAND SUD-OUEST FRIBOURG (Pierre, Maurice, Roland) GEORGES (Pierre, Antoine, Paul). Commissaire aux comptes titulaire : CABINET J.-P. FAUCOUNAU ET ASSOCIES. Commissaire aux comptes suppléant : PEYROUX (Roland). Commentaires : modification survenue sur l'administration.
	07/07/1995	Bodacc B	Modifications et mutations diverses
RCS *. RCS Bordeaux B 775 583 792 RC RC 57-B 575 J.L. INTERNATIONAL ETABLISSEMENTS JEAN LABATUT. Forme : S.A. Administration : président du conseil d' administration : LABATUT (Daniel, Jean) Administrateurs : S.A. CUADRADO LABATUT (Jean-Jacques) AUXITEX S.A. INSTITUT DE PARTICIPATION DU GRAND SUD- OUEST FRIBOURG (Pierre, Maurice, Roland) GEORGES (Pierre, Antoine, Paul). Commissaires aux comptes titulaires : CABINET J.-P. FAUCOUNAU ET ASSOCIES. Commissaire aux comptes suppléant : PEYROUX (Roland). Commentaires : modification survenue sur l'administration.

Company events history

Date	Description
10/08/2015	New collective procedure
06/08/2015	Bodacc C : Deposit accounts notice
06/08/2015	New collective procedure
05/08/2015	New collective procedure
11/05/2015	Legal Gazette: Start of rent-management
06/10/2014	Payment incident closed
16/08/2014	Bodacc C : Deposit accounts notice
09/08/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
04/05/2014	New collective procedure
31/12/2013	New accounts available
22/08/2013	Bodacc C : Deposit accounts notice
06/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/07/2013	Disengagement of the group
05/07/2013	New subsidiarie(s) detected
05/07/2013	New ultimate parent
05/07/2013	New parent detected
18/01/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2012	New accounts available
31/12/2012	New digitalised balance sheet filled at creditsafe
10/12/2012	Bodacc C : Deposit accounts notice
06/07/2012	Collection of preferential rights activated for this company
03/07/2012	New collective procedure
28/06/2012	New Filling of Social Security preferential right
28/06/2012	Unfiling of a Social Security preferential right
25/06/2012	New Filling of Social Security preferential right
25/06/2012	Unfiling of a Social Security preferential right
25/05/2012	Unfiling of a Social Security preferential right
25/05/2012	New Filling of Social Security preferential right
29/03/2012	New Filling of Social Security preferential right
29/03/2012	Unfiling of a Social Security preferential right
31/12/2011	New accounts available
15/12/2011	Payment incident detected
23/11/2011	Unfiling of a Social Security preferential right
23/11/2011	New Filling of Social Security preferential right
24/10/2011	Unfiling of a Social Security preferential right
24/10/2011	New Filling of Social Security preferential right
26/09/2011	New Filling of Social Security preferential right
26/09/2011	Unfiling of a Social Security preferential right
18/08/2011	Bodacc B: Various editing or changing
09/08/2011	Changes to the Board of Directors
09/08/2011	Amendment
09/08/2011	Minutes of general meeting of shareholders
28/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
04/03/2011	New collective procedure
16/02/2011	New collective procedure
31/12/2010	New accounts available
03/09/2010	New shareholders detected
03/09/2010	New ultimate parent
03/09/2010	New parent detected
26/08/2010	Bodacc B: Various editing or changing
17/08/2010	Power of attorney
17/08/2010	Changes to the Board of Directors
17/08/2010	Amendment
17/08/2010	New chairman (CEO, CoB)
26/07/2010	Bodacc C : Deposit accounts notice
09/07/2010	Legal Gazette: Resignation / Revocation of the social representative
02/07/2010	Legal Gazette: Appointment of the social representative
31/12/2009	New accounts available
10/09/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
26/08/2008	Bodacc C : Deposit accounts notice
27/01/2008	New Bodacc B ads detected
27/01/2008	Bodacc B: Various editing or changing
16/01/2008	Minutes of general meeting of shareholders
16/01/2008	Minutes of general meeting of shareholders
16/01/2008	Power of attorney
16/01/2008	Private document
16/01/2008	Changes to the Board of Directors
16/01/2008	Appointment/resignation of company officers
16/01/2008	Appointment/resignation of company officers
16/01/2008	Amendment
16/01/2008	New chairman (CEO, CoB)
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
18/07/2005	Audit or Management Report
18/07/2005	New chairman (CEO, CoB)
18/07/2005	New legal form – new category
18/07/2005	New legal form – no new category
18/07/2005	Power of attorney
18/07/2005	Private document
18/07/2005	Updated articles of association
18/07/2005	Appointment/resignation of company officers
18/07/2005	Minutes of general meeting of shareholders
18/07/2005	Changes to the Board of Directors
26/04/2005	Application and court order
31/12/2004	New accounts available
08/06/2004	Private document
08/06/2004	Amendment
08/06/2004	Appointment/resignation of company officers
08/06/2004	Changes to the Board of Directors
08/06/2004	Minutes of Board meeting
31/12/2003	New accounts available
09/07/2002	Private document
09/07/2002	Power of attorney
09/07/2002	Minutes of general meeting of shareholders
09/07/2002	Minutes of Board meeting
09/07/2002	Changes to the Board of Directors
09/07/2002	Appointment/resignation of company officers
09/07/2002	Amendment
09/07/2002	Updated articles of association
18/07/2001	Private document
18/07/2001	Power of attorney
18/07/2001	Minutes of general meeting of shareholders
18/07/2001	Conversion of equity to euro
18/07/2001	Capital increase
18/07/2001	Updated articles of association
18/07/2001	Amendment
30/03/2000	Minutes of Board meeting
30/03/2000	Changes to the Board of Directors
30/03/2000	Appointment/resignation of company officers
30/03/2000	Amendment
30/03/2000	Private document
19/07/1999	Appointment/resignation of company officers
19/07/1999	Changes to the Board of Directors
19/07/1999	Private document
19/07/1999	Minutes of general meeting of shareholders
19/07/1999	New auditor
19/07/1999	Power of attorney
28/07/1998	Amendment
28/07/1998	Appointment/resignation of company officers
28/07/1998	Minutes of general meeting of shareholders
28/07/1998	Power of attorney
28/07/1998	Private document
28/07/1998	Changes to the Board of Directors
16/07/1997	Private document
16/07/1997	Minutes of general meeting of shareholders
16/07/1997	Updated articles of association
07/06/1996	Minutes of Board meeting
07/06/1996	Appointment/resignation of company officers
21/06/1995	Amendment
21/06/1995	Appointment/resignation of company officers
21/06/1995	Minutes of general meeting of shareholders
21/06/1995	Changes to the Board of Directors
23/06/1994	New auditor
23/06/1994	Appointment/resignation of company officers
23/06/1994	Minutes of general meeting of shareholders
22/11/1993	Minutes of Board meeting
22/11/1993	Updated articles of association
22/11/1993	Declaration of conformity
22/11/1993	Capital increase
23/12/1992	Capital increase
23/12/1992	Changes to the Board of Directors
23/12/1992	Minutes of Board meeting
23/12/1992	Updated articles of association
23/12/1992	Declaration of conformity
27/05/1992	Minutes of Board meeting
27/05/1992	Declaration of conformity
27/05/1992	Appointment/resignation of company officers
27/05/1992	Capital increase
27/05/1992	Updated articles of association

Synthesized Accounts

Annual Accounts

	31/12/2013	31/12/2012	31/12/2011
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	08/08/2014	03/08/2013	16/01/2013
Activity Code	4642Z	4642Z	4642Z
Employees	96	0	0

Active account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	4,158,282	32.8 %	3,132,378	-2.2 %	3,203,574	45,747	8989.7 %
Intangible assets	146,245	-4.9 %	153,845	0.7 %	152,726	5,987	2342.7 %
Tangible assets	758,623	-3.0 %	781,918	-8.6 %	855,585	5,674	13270.2 %
Financial assets	3,253,415	48.1 %	2,196,615	0.1 %	2,195,263	6,039	53773.4 %
Net current assets	46,603,060	-4.4 %	48,725,691	10.9 %	43,934,046	223,864	20717.6 %
Stocks	12,966,762	-2.3 %	13,277,463	35.9 %	9,767,070	56,254	22950.4 %
Advanced payments	42,156	0%	0	0%	0	0	0%
Receivables	33,508,012	-5.0 %	35,274,906	3.6 %	34,038,036	65,906	50742.1 %
Securities and cash	86,130	-50.3 %	173,322	34.4 %	128,940	36,234	137.7 %
Prepaid expenses	-	-	-	-	-	39	-
Accounts of regularization	518	673.1 %	67	0%	0	0	0%
Total Assets	50,761,859	-2.1 %	51,858,137	10.0 %	47,137,621	306,983	16435.7 %

Passive Account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Shareholders' equity	10,915,408	6.7 %	10,232,782	11.9 %	9,145,730	66,812	16237.5 %
Share capital	2,000,000	0%	2,000,000	0%	2,000,000	9,000	22122.2 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	95,389	-21.2 %	120,985	201.3 %	40,156	0	0%
Liabilities	39,751,064	-4.2 %	41,504,353	9.4 %	37,950,276	204,740	19315.4 %
Financial liabilities	14,538,012	16.2 %	12,508,126	-13.8 %	14,504,846	13,812	105156.4 %
Advanced payments received	20,680	0%	0	0%	0	0	0%
Trade account payables	15,656,081	-9.8 %	17,355,529	0.6 %	17,248,998	71,978	21651.2 %
Tax and social liabilities	4,293,290	-28.4 %	5,998,409	84.4 %	3,253,532	42,893	9909.3 %
Other debts and fixed assets liabilities	5,243,000	-7.1 %	5,642,305	91.6 %	2,944,359	9,000	58155.6 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	50,761,861	-2.1 %	51,858,136	10.0 %	47,137,621	306,985	16435.6 %

Results

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Sales of Goods	74,265,374	6.2 %	69,933,461	-17.2 %	84,481,630	443,863	16631.6 %
Net turnover	73,876,157	6.0 %	69,687,627	-17.0 %	83,912,900	438,554	16745.4 %
of which net export turnover	2,641,951	13.1 %	2,335,124	-24.8 %	3,103,483	1,105	238990.6 %
Operating charges	68,570,980	8.3 %	63,339,530	-18.7 %	77,890,102	448,551	15187.2 %
Operating profit/loss	5,694,394	-13.6 %	6,593,931	0.0 %	6,591,528	7,247	78475.9 %
Financial income	1,648	-2.5 %	1,690	-78.1 %	7,724	1	164700.0 %
Financial charges	882,771	-8.2 %	962,095	-20.3 %	1,206,818	553	159533.1 %
Financial profit/loss	-881,123	8.3 %	-960,405	19.9 %	-1,199,094	-51	-1727592.2 %
Pretax net operating income	4,813,271	-14.6 %	5,633,526	4.5 %	5,392,434	5,912	81315.3 %
Extraordinary income	68,329	10037.8 %	674	5.1 %	641	0	0%
Extraordinary charges	3,821,617	-12.7 %	4,379,370	-3.1 %	4,520,147	199	1920310.6 %
Extraordinary profit/loss	-3,753,288	14.3 %	-4,378,696	3.1 %	-4,519,506	0	0%
Net result	682,625	-37.2 %	1,087,053	163.9 %	411,983	6,773	9978.6 %

Accounts - Active

Normal Account

	31/12/2013	31/12/2012	31/12/2011
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Grand Total (I to VI)	Net	50,761,859	-2.1 %	51,858,137	10.0 %	47,137,621
Gross	CO	54,190,753	-0.7 %	54,598,445	10.2 %	49,551,625
Amortisation	1A	3,428,894	25.1 %	2,740,308	13.5 %	2,414,004

Non declared distributed capital (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Active fixed asset (II)	Net	4,158,282	32.8 %	3,132,378	-2.2 %	3,203,574
Gross	BJ	6,449,891	22.4 %	5,268,646	-0.6 %	5,300,663
Amortisation	BK	2,291,609	7.3 %	2,136,268	1.9 %	2,097,089

Intangible fixed assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	103,559	-6.8 %	111,159	1.0 %	110,040
Gross	AF	619,555	2.2 %	606,395	1.0 %	600,667
Amortisation	AG	515,996	4.2 %	495,236	0.9 %	490,627
Goodwill	Net	42,686	0%	42,686	0%	42,686
Gross	AH	42,686	0%	42,686	0%	42,686
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	0	0%	0	0%	0
Gross	AL	0	0%	0	0%	0
Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible asset	Net	146,245	-4.9 %	153,845	0.7 %	152,726

Tangilble fixed assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Lands	Net	313,076	0%	313,076	0%	313,076
Gross	AN	313,076	0%	313,076	0%	313,076
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	219,175	-18.3 %	268,148	-24.4 %	354,733
Gross	AP	1,256,906	1.2 %	1,242,282	0%	1,242,282
Amortisation	AQ	1,037,731	6.5 %	974,134	9.8 %	887,549
Plant	Net	37,034	57.1 %	23,575	-33.2 %	35,275
Gross	AR	144,212	20.3 %	119,844	-3.1 %	123,701
Amortisation	AS	107,179	11.3 %	96,269	8.9 %	88,426
Other tangible fixed assets	Net	149,338	-6.2 %	159,272	4.4 %	152,501
Gross	AT	780,041	6.9 %	729,901	-6.8 %	782,988
Amortisation	AU	630,703	10.5 %	570,629	-9.5 %	630,487
Fixed assets in construction	Net	40,000	149.2 %	16,051	0%	0
Gross	AV	40,000	149.2 %	16,051	0%	0
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	0	0%	1,796	0%	0
Gross	AX	0	0%	1,796	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	758,623	-3.0 %	781,918	-8.6 %	855,585

Financial assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	3,235,003	48.3 %	2,181,003	0%	2,181,003
Gross	CU	3,235,003	48.3 %	2,181,003	0%	2,181,003
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	18,412	17.9 %	15,612	9.5 %	14,260
Gross	BH	18,412	17.9 %	15,612	9.5 %	14,260
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	3,253,415	48.1 %	2,196,615	0.1 %	2,195,263

Current Assets (III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Assets	Net	46,603,060	-4.4 %	48,725,691	10.9 %	43,934,046
Gross	CJ	47,740,344	-3.2 %	49,329,732	11.5 %	44,250,962
Amortisation	CK	1,137,285	88.3 %	604,041	90.6 %	316,916

Stocks

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Raw materials	Net	0	0%	0	0%	0
Gross	BL	0	0%	0	0%	0
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	0	0%	0	0%	0
Gross	BN	0	0%	0	0%	0
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	12,966,762	-2.3 %	13,277,463	35.9 %	9,767,070
Gross	BT	13,224,576	-2.5 %	13,563,024	36.4 %	9,943,806
Amortisation	BU	257,814	-9.7 %	285,561	61.6 %	176,736
Sub Total Stocks	Net	12,966,762	-2.3 %	13,277,463	35.9 %	9,767,070

Advance payments to suppliers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Advance payments to suppliers	Net	42,156	0%	0	0%	0
Gross	BV	42,156	0%	0	0%	0
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Trade accounts receivable	Net	21,868,427	-12.5 %	24,988,229	6.1 %	23,561,422
Gross	BX	22,747,898	-10.1 %	25,306,709	6.8 %	23,701,602
Amortisation	BY	879,471	176.1 %	318,480	127.2 %	140,180
Other debtors	Net	11,275,432	11.7 %	10,090,064	-0.5 %	10,135,877
Gross	BZ	11,275,432	11.7 %	10,090,064	-0.5 %	10,135,877
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	33,143,859	-5.5 %	35,078,293	4.1 %	33,697,299

Divers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	86,130	-50.3 %	173,322	34.4 %	128,940
Gross	CF	86,130	-50.3 %	173,322	34.4 %	128,940
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	86,130	-50.3 %	173,322	34.4 %	128,940

Prepaid expenses

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid expenses	Net	364,153	85.2 %	196,613	-42.3 %	340,737
Gross	CH	364,153	85.2 %	196,613	-42.3 %	340,737
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	518	673.1 %	67	0%	0
Gross		518	673.1 %	67	0%	0

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	4,687,042	0%	0	0%	0

Accounts - Passive

Grand Total - Passive Accounts (I to V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Grand Total (I to V)	EE	50,761,861	-2.1 %	51,858,136	10.0 %	47,137,621

Shareholder Equity (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total shareholders' equity (Total I)	DL	10,915,408	6.7 %	10,232,782	11.9 %	9,145,730
Equity and shareholders' equity	DA	2,000,000	0%	2,000,000	0%	2,000,000
Issue and merger premiums	DB	822,624	0%	822,624	0%	822,624
Revaluation differentials	DC	121,959	0%	121,959	0%	121,959
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	200,000	0%	200,000	0%	200,000
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	0	0%	0	0%	0
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	7,088,200	0%	0	0%	5,589,164
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	0	0%	6,001,146	0%	0
Profit or loss for the period	DI	682,625	-37.2 %	1,087,053	163.9 %	411,983
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total other capital resources (Total II)	DO	0	0%	0	0%	0
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total provisions for risks and charges (Total III)	DR	95,389	-21.2 %	120,985	201.3 %	40,156
Risk provisions	DP	95,389	0%	0	0%	40,156
Reserves for charges	DQ	0	0%	120,985	0%	0

Liabilities (IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Liabilities (Total IV)	EC	39,751,064	-4.2 %	41,504,353	9.4 %	37,950,276
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	12,494,050	22.4 %	10,206,446	-17.7 %	12,403,191
Sundry loans and financial liabilities	DV	2,043,962	-11.2 %	2,301,680	9.5 %	2,101,655
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	20,680	0%	0	0%	0
Trade accounts payables	DX	15,656,081	-9.8 %	17,355,529	0.6 %	17,248,998
Tax and social security liabilities	DY	4,293,290	-28.4 %	5,998,409	84.4 %	3,253,532
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	5,243,000	-7.1 %	5,642,289	91.7 %	2,942,900

Translation loss (V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Translation loss (Total V)	ED	0	0%	16	-98.9 %	1,459

Equalization accounts

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	29,675,635	0%	0	0%	36,502,465
Of which current bank facilities	EH	0	0%	0	0%	10,101,213

Result account

1 - Operating result (I-II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating result (Total I-II)	GG	5,694,394	-13.6 %	6,593,931	0.0 %	6,591,528

2 - Financial result (V-VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Financial result (Total V-VI)	GV	-881,123	8.3 %	-960,405	19.9 %	-1,199,094

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	4,813,271	-14.6 %	5,633,526	4.5 %	5,392,434

4 - Extraordinary result (VII-VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Extraordinary result (Total VII-VIII)	HI	-3,753,288	14.3 %	-4,378,696	3.1 %	-4,519,506

Profit or loss

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Profit or loss	HN	682,625	-37.2 %	1,087,053	163.9 %	411,983

Total Income (I+III+V+VII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Income (Total I+III+V+VII)	HL	74,335,351	6.3 %	69,935,825	-17.2 %	84,489,995

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	73,652,726	7.0 %	68,848,771	-18.1 %	84,078,014

Operating income (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating income (Total I)	FR	74,265,374	6.2 %	69,933,461	-17.2 %	84,481,630

Operating income (details)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Sale of goods for resale	FC	71,413,366	5.8 %	67,508,629	-17.1 %	81,392,019
France	FA	68,771,415	5.5 %	65,173,505	-16.8 %	78,288,536
Export	FB	2,641,951	13.1 %	2,335,124	-24.8 %	3,103,483
Sale of goods produced	FF	0	0%	0	0%	0
France	FD	0	0%	0	0%	0
Export	FE	0	0%	0	0%	0
Sale of services	FI	2,462,791	13.0 %	2,178,998	-13.6 %	2,520,881
France	FG	2,462,791	13.0 %	2,178,998	-13.6 %	2,520,881
Export	FH	0	0%	0	0%	0
Net turnover	FL	73,876,157	6.0 %	69,687,627	-17.0 %	83,912,900
France	FJ	71,234,206	5.8 %	67,352,503	-16.7 %	80,809,417
Export	FK	2,641,951	13.1 %	2,335,124	-24.8 %	3,103,483
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	0
Release of reserves and provisions	FP	309,597	62.6 %	190,395	-35.7 %	296,153
Other income	FQ	79,620	43.6 %	55,439	-79.7 %	272,577

Operating charges (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating charges (Total II)	GF	68,570,980	8.3 %	63,339,530	-18.7 %	77,890,102

Exploitation charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Purchase of goods for resale	FS	46,729,159	-5.1 %	49,225,923	-13.9 %	57,181,779
Change in stocks of goods for resale	FT	338,448	109.4 %	-3,619,218	-219.5 %	3,029,031
Purchase of raw materials	FU	5,477,802	3.0 %	5,319,252	6.3 %	5,005,267
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	9,953,012	51.9 %	6,553,129	-0.9 %	6,614,570
Tax, duty and similar payments	FX	703,086	0%	0	0%	550,302
Payroll	FY	2,959,470	283.6 %	771,530	-76.0 %	3,210,010
Social security costs	FZ	1,352,054	-53.4 %	2,899,463	79.4 %	1,616,332

Depreciation

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Depreciation of fixed assets	GA	155,341	-89.0 %	1,408,375	572.5 %	209,418
Amortisation of fixed assets	GB	0	0%	175,902	0%	0
Depreciation/amortisation of current assets	GC	833,406	76.5 %	472,122	125.8 %	209,061
Provisions for risks and charges	GD	0	0%	0	0%	40,156

Other charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Other charges	GE	69,202	-48.0 %	133,052	-40.6 %	224,176

Operating charges (III-IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total financial income (Total V)	GP	1,648	-2.5 %	1,690	-78.1 %	7,724
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	0	0%	0	0%	6,360
Other interest and similar income	GL	1,581	-6.4 %	1,690	23.9 %	1,364
Released provisions and transferred charges	GM	67	0%	0	0%	0
Exchange gains	GN	0	0%	0	0%	0
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial charge (VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total financial charge (Total VI)	GU	882,771	-8.2 %	962,095	-20.3 %	1,206,818
Financial reserves and provisions	GQ	518	673.1 %	67	0%	0
Interest and similar charges	GR	882,253	-8.3 %	962,028	-20.3 %	1,206,818
Exchange losses	GS	0	0%	0	0%	0
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary income (Total VII)	HD	68,329	10037.8 %	674	5.1 %	641
Extraordinary operating income	HA	14,891	1651.9 %	850	32.6 %	641
Extraordinary income from capital transactions	HB	16,357	834.2 %	1,751	0%	0
Released provisions and transferred charges	HC	37,081	2024.3 %	-1,927	0%	0

Extraordinary charges (VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary charges (Total VIII)	HH	3,821,617	-12.7 %	4,379,370	-3.1 %	4,520,147
Extraordinary operating charges	HE	3,810,583	-11.4 %	4,298,933	-4.9 %	4,520,147
Extraordinary charges from capital transactions	HF	0	0%	697	0%	0
Extraordinary reserves and provisions	HG	11,034	-86.2 %	79,740	0%	0

Employee profit sharing (IX)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Employee profit sharing (Total IX)	HJ	24,382	0%	0	0%	0

Tax on profits (X)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Tax on profits (Total X)	HK	352,976	110.4 %	167,776	-63.6 %	460,947

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	9,435	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	2,500	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	63,661	0%	0	0%	0

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	OG	0	0%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	17,847	0%	0	0%	0
Decreasess by transfers	OK2	0	0%	138,707	12625.4 %	1,090
Gross value at the end of period	OL	6,449,892	22.4 %	5,268,645	-0.6 %	5,300,663

Research and development Charge (Total I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	CZ	0	0%	0	0%	0
Increasess due to revaluation	KB	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
Decreasess by budget item transfer	CO1	0	0%	0	0%	0
Decreasess by transfers	CO2	0	0%	0	0%	0
Gross value at the end of period	DO	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	KD	649,081	0.9 %	643,353	7.1 %	600,687
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	13,161	-33.2 %	19,701	-53.8 %	42,667
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	13,973	0%	0
Gross value at the end of period	LW	662,241	2.0 %	649,081	0.9 %	643,354

Tangible fixed assets (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LN	2,422,950	-1.6 %	2,462,046	3.1 %	2,388,467
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	129,133	50.8 %	85,636	16.4 %	73,579
Decreasess by budget item transfer	NG1	17,847	0%	0	0%	0
Decreasess by transfers	NG2	0	0%	124,734	0%	0
Gross value at the end of period	NH	2,534,235	4.6 %	2,422,948	-1.6 %	2,462,046

Financial assets (Total IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LQ	2,196,615	0.1 %	2,195,263	0.4 %	2,187,263
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	1,056,800	78065.7 %	1,352	-85.1 %	9,090
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	0	0%	1,090
Gross value at the end of period	NK	3,253,415	48.1 %	2,196,615	0.1 %	2,195,263

Reserve for depreciation

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	ON	0	0%	0	0%	0
Increases	OP	0	0%	0	0%	0
Decreasess	OQ	0	0%	0	0%	0
Reserve for depreciation value at the end of period	OR	0	0%	0	0%	0

Research and development charge (Total I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases	PB	0	0%	0	0%	0
Decreasess	PC	0	0%	0	0%	0
Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	PE	495,236	0.9 %	490,627	5.0 %	467,252
Increases	PF	20,760	11.7 %	18,582	-20.5 %	23,374
Decreasess	PG	0	0%	13,973	0%	0
Decreasess by budget item transfer	PH	515,996	4.2 %	495,236	0.9 %	490,626

Total fixed assets amotisation (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	QU	1,641,032	2.2 %	1,606,462	13.1 %	1,420,404
Increases	QV	134,581	-14.9 %	158,224	-15.0 %	186,058
Decreases	QW	0	0%	123,655	0%	0
Decreasess by budget item transfer	QX	1,775,613	8.2 %	1,641,031	2.2 %	1,606,462

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	Z91	0	0%	0	0%	0
Increases	Z92	0	0%	0	0%	0
Depreciation of fixed assets during period	Z9	0	0%	0	0%	0
Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Net value at begin of period	SP1	0	0%	0	0%	0
Increases	SP2	0	0%	0	0%	0
Depreciation of fixed assets during period	SP	0	0%	0	0%	0
Net value at the end of period	SR	0	0%	0	0%	0

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	7C	725,025	103.0 %	357,072	38.1 %	258,557
Increases	UB	844,958	53.3 %	551,024	121.1 %	249,217
Decreases	UC	337,309	84.3 %	183,071	21.5 %	150,702
Value at the end of period	UD	1,232,674	70.0 %	725,025	103.0 %	357,072

Includes Total allocations

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating	UE	833,406	76.5 %	472,122	89.4 %	249,217
Financial	UG	518	673.1 %	67	0%	0
Exceptional	UJ	11,034	-86.0 %	78,835	0%	0

Includes Total Withdrawal

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating	UF	300,162	62.3 %	184,998	22.8 %	150,702
Financial	UH	67	0%	0	0%	0
Exceptional	UK	37,081	2024.3 %	-1,927	0%	0

Total regulated provisions (Total I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	3Z	0	0%	0	0%	0
Increases	TS	0	0%	0	0%	0
Decreases	TT	0	0%	0	0%	0
Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	5Z	120,985	201.3 %	40,156	0%	0
Increases	TV	11,552	-85.4 %	78,902	96.5 %	40,156
Decreases	TW	37,148	2027.8 %	-1,927	0%	0
Value at the end of period	TX	95,389	-21.2 %	120,985	201.3 %	40,156

Total Provision for depreciation (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	7B	604,041	90.6 %	316,916	22.6 %	258,557
Increases	TY	833,406	76.5 %	472,122	125.8 %	209,061
Decreases	TZ	300,162	62.3 %	184,998	22.8 %	150,702
Value at the end of period	UA	1,137,285	88.3 %	604,040	90.6 %	316,916

State deadlines claims and debts at the end of period

State claims

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value	VT	34,405,894	-3.4 %	35,608,998	4.1 %	34,192,476
1 year at most	VU	29,700,441	-15.3 %	35,085,303	2.7 %	34,178,216
More than one year	VV	4,705,453	798.5 %	523,695	3572.5 %	14,260

State of loans

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	18,412	17.9 %	15,612	9.5 %	14,260
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Customers doubtful or disputed	VA	1,047,042	106.1 %	508,083	104.7 %	248,150
Other claims customer	UX	21,700,856	-12.5 %	24,798,626	5.7 %	23,453,452
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	10,802	58.8 %	6,802	-47.6 %	12,977
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	1,549,581	56.1 %	992,914	112.3 %	467,801
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	13,157	667.6 %	1,714	0%	0
Group and Associates	VC	2,972,236	-10.1 %	3,306,567	17.5 %	2,815,205
Accounts receivable (including claims relating to the operation of pension titles)	VR	6,729,655	16.4 %	5,782,067	-15.5 %	6,839,894

Prepaid

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid	VS	364,153	85.2 %	196,613	-42.3 %	340,737

State Debt

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total debt (gross)	VY	39,730,384	-4.3 %	41,504,353	9.4 %	37,950,276
1 year at most	VZ2	29,675,635	3.0 %	28,803,517	3.4 %	27,849,063
More than 1 year and 5 years at most	VZ3	10,054,749	-19.5 %	12,496,486	23.7 %	10,101,213
More than 5 years	VZ4	0	0%	204,350	0%	0

Details

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most	7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Y3	0	0%	0	0%	0
Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most	7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Z3	0	0%	0	0%	0
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	10,474,827	34.8 %	7,772,438	-23.1 %	10,101,213
1 year at most	VG2	420,078	410.7 %	82,263	0%	0
More than 1 year and 5 years at most	VG3	10,054,749	30.7 %	7,690,175	-23.9 %	10,101,213
Borrowing & debts to more than 1 year at the origin (gross)	VH1	2,019,223	-17.0 %	2,434,008	5.7 %	2,301,978
1 year at most	VH2	2,019,223	376.7 %	423,586	-81.6 %	2,301,978
More than 1 year and 5 years at most	VH3	0	0%	1,806,072	0%	0
Loans and various financial liabilities (gross)	8A1	689,340	10.8 %	622,058	130.1 %	270,361
1 year at most	8A2	689,340	656.1 %	91,170	-66.3 %	270,361
More than 1 year and 5 years at most	8A3	0	0%	530,888	0%	0
Suppliers and associated accounts (gross)	8B1	15,656,081	-9.8 %	17,355,529	0.6 %	17,248,998
1 year at most	8B2	15,656,081	-9.8 %	17,355,529	0.6 %	17,248,998
More than 1 year and 5 years at most	8B3	15,656,081	-9.8 %	17,355,529	0.6 %	17,248,998
Personnel and associated accounts (gross)	8C1	560,427	20.8 %	463,890	-8.6 %	507,595
1 year at most	8C2	560,427	20.8 %	463,890	-8.6 %	507,595
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	426,706	18.9 %	358,964	-51.2 %	735,818
1 year at most	8D2	426,706	18.9 %	358,964	-51.2 %	735,818
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most	8E2	0	0%	0	0%	0
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	554,879	820.7 %	60,265	-96.6 %	1,791,697
1 year at most	VW2	554,879	820.7 %	60,265	-96.6 %	1,791,697
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	2,751,278	-46.2 %	5,115,291	2241.9 %	218,422
1 year at most	VQ2	2,751,278	4.0 %	2,645,940	1111.4 %	218,422
More than 1 year and 5 years at most	VQ3	0	0%	2,469,351	0%	0
Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most	8J2	0	0%	0	0%	0
More than 1 year and 5 years at most	8J3	0	0%	0	0%	0
More than 5 years	8J4	0	0%	0	0%	0
Groups and associates (gross)	VI1	1,354,623	-19.3 %	1,679,623	-8.3 %	1,831,295
1 year at most	VI2	1,354,623	-19.3 %	1,679,623	-8.3 %	1,831,295
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	5,243,000	-7.1 %	5,642,289	91.7 %	2,942,900
1 year at most	8K2	5,243,000	-7.1 %	5,642,289	91.7 %	2,942,900
More than 1 year and 5 years at most	8K3	0	0%	0	0%	0
Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most	SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most	SZ3	0	0%	0	0%	0
Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most	8L2	0	0%	0	0%	0
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Loans made during the period	VJ	0	0%	0	0%	911,400
Debt repaid during the period	VK	399,039	477.7 %	69,078	-89.4 %	651,488

Table allocation results and other information

Dividends distributed

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Commitments leasing furniture	YQ	0	0%	0	0%	40,877
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Subcontracting	YT	858,823	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	111,421	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	3,539,717	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	5,443,051	0%	0	0%	0
Total Other purchases and external	ZJ	9,953,012	0%	0	0%	0

Taxes and Fees

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Business tax	YW	208,289	0%	0	0%	0
Other taxes and payments assimilated	9Z	494,797	0%	0	0%	0
Total taxes and fees	YX	703,086	0%	0	0%	0

VAT

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Amount VAT collected	YY	13,690,252	0%	0	0%	0
Total VAT on goods and services	YZ	11,720,412	0%	0	0%	0

Average number of employees

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Average number of employees	YP	96	0%	0	0%	0

Groups and Shareholders

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Groups and Shareholders	ZR	1	-	-	-	-

Ratios

Structure and Liquidity

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Fixed Asset Financing	4.32	-8.9 %	4.74	60.1 %	2.96	1.94	122.7 %
Global Debt	194 days	-9.3 %	214 days	31.3 %	163 days	140 days	38.6 %
Working Capital Fund overall net	104 days	2.0 %	102 days	126.7 %	45 days	47 days	121.3 %
Financial independence	75.08 %	-8.2 %	81.81 %	29.8 %	63.05 %	119.48 %	-37.2 %
Solvability	21.50 %	9.0 %	19.73 %	1.7 %	19.40 %	27.08 %	-20.6 %
Capacity debt futures	48.41 %	-24.8 %	64.41 %	58.5 %	40.64 %	1,253.33 %	-96.1 %
Coverage of current assets by net working capital overall	45.15 %	12.4 %	40.16 %	69.8 %	23.65 %	31.40 %	43.8 %
General Liquidity	1.00	-18.0 %	1.22	-0.8 %	1.23	0.41	143.9 %
Restricted Liquidity	1.00	-18.0 %	1.22	-0.8 %	1.23	0.73	37.0 %

Management or rotation

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Need background in operating working capital	102 days	2.0 %	100 days	16.3 %	86 days	11 days	827.3 %
Treasury	0 days	0%	1 days	102.3 %	-43 days	8 days	0%
Inventory turnover of goods	101 days	-5.6 %	107 days	81.4 %	59 days	91 days	11.0 %
Average length of credit granted to customers	94 days	-28.2 %	131 days	28.4 %	102 days	33 days	189.2 %
Average length of credit obtained suppliers	76 days	-30.3 %	109 days	26.7 %	86 days	63 days	20.6 %
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	1,484 days	-
Rotation tangible assets	2,915.13 %	1.4 %	2,876.15 %	-15.6 %	3,408.26 %	1,957.90 %	48.9 %

Profitability of the business

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Margin trading	32.95 %	4.8 %	31.43 %	24.5 %	25.24 %	32.14 %	2.5 %
Profitability of the business	8.61 %	-29.7 %	12.25 %	53.3 %	7.99 %	2.50 %	244.4 %
Net profit	0.92 %	-41.0 %	1.56 %	218.4 %	0.49 %	1.53 %	-39.9 %
Growth rate of turnover (excluding VAT)	6.01 %	135.5 %	-16.95 %	-142.6 %	39.83 %	0.00 %	0%
Rates integration	15.40 %	-12.1 %	17.52 %	21.7 %	14.40 %	17.76 %	-13.3 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	37.89 %	26.0 %	30.07 %	-24.7 %	39.95 %	69.98 %	-45.9 %
Weight interests	1.19 %	-13.8 %	1.38 %	-4.2 %	1.44 %	0.16 %	643.8 %

Return on capital

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Cash flow from the overall profitability	0.67 %	-81.8 %	3.68 %	557.1 %	0.56 %	2.11 %	-68.2 %
Rates of economic profitability	25.00 %	-34.2 %	38.00 %	35.7 %	28.00 %	12.00 %	108.3 %
Financial profitability	10,915,408.00 %	6.7 %	10,232,782.00 %	11.9 %	9,145,730.00 %	35,595.00 %	30565.6 %
Return on investment	6.15 %	-31.7 %	9.01 %	31.7 %	6.84 %	9.43 %	-34.8 %

Management intermediate balances

	31/12/2013	Variation	31/12/2012		Variation		31/12/2011		Sector Median 2013
Turnover	73,876,157	6.0 %	69,687,627		-17.0 %		83,912,900		438,554	16745.4 %
		31/12/2013	Variation	31/12/2012		Variation		31/12/2011	Sector Median 2013
Sales of goods		71,413,366	5.8 %	67,508,629		-17.1 %		81,392,019		-
- Purchase of goods		46,729,159	-5.1 %	49,225,923		-13.9 %		57,181,779		-
+/- Stock of goods variation		338,448	109.4 %	-3,619,218		-219.5 %		3,029,031		-
Trading margin		24,345,759 €	11.2 %	21,901,924 €		3.4 %		21,181,209 €	125,668 €	19273.1 %
		32.95 % CA	4.8 %	31.43 % CA		24.5 %		25.24 % CA	33.33 % CA	-1.1 %

		31/12/2013		Variation		31/12/2012		Variation		31/12/2011		Sector Median 2013
Sale of goods produced		2,462,791		13.0 %		2,178,998		-13.6 %		2,520,881			-
+/- Stocked production		0		0%		0		0%		0			-
+ Self-constructed assets		0		0%		0		0%		0			-
Period production		2,462,791 €		13.0 %		2,178,998 €		-13.6 %		2,520,881 €		2,315 €	106284.1 %
		3.33 % CA		6.4 %		3.13 % CA		4.3 %		3.00 % CA		1.01 % CA	229.7 %
	31/12/2013		Variation		31/12/2012		Variation		31/12/2011		Sector Median 2013
Trading margin	24,345,759		11.2 %		21,901,924		3.4 %		21,181,209		125,668		19273.1 %
+ Period Production	2,462,791		13.0 %		2,178,998		-13.6 %		2,520,881		2,315		106284.1 %
- Purchase of raw materials	5,477,802		3.0 %		5,319,252		6.3 %		5,005,267				-
+/- Change in stocks of raw materiels	0		0%		0		0%		0				-
- Other external purchases and charges	9,953,012		51.9 %		6,553,129		-0.9 %		6,614,570				-
Added value	11,377,736 €		-6.8 %		12,208,541 €		1.0 %		12,082,253 €		87,826 €		12854.9 %
	15.40 % CA		-12.1 %		17.52 % CA		21.7 %		14.40 % CA		17.76 % CA		-13.3 %

	31/12/2013	Variation	31/12/2012		Variation		31/12/2011		Sector Median 2013
Added value	11,377,736 €	-6.8 %	12,208,541 €		1.0 %		12,082,253 €		87,826 €	12854.9 %
+ Operating grants	0	0%	0		0%		0			-
- Tax, duty and similar payments	703,086	0%	0		0%		550,302			-
- Personal charges	4,311,524	17.4 %	3,670,993		-23.9 %		4,826,342			-
Gross operating surplus	6,363,126 €	-25.5 %	8,537,548 €		27.3 %		6,705,609 €		9,279 €	68475.6 %
	8.61 % CA	-29.7 %	12.25 % CA		53.3 %		7.99 % CA		2.50 % CA	244.4 %
		31/12/2013	Variation	31/12/2012		Variation		31/12/2011	Sector Median 2013
Gross operating surplus		6,363,126 €	-25.5 %	8,537,548 €		27.3 %		6,705,609 €	9,279 €	68475.6 %
+ Release of reserves and provisions		309,597	62.6 %	190,395		-35.7 %		296,153		-
+ Other operating income		79,620	43.6 %	55,439		-79.7 %		272,577		-
- Depreciation/ Amortisation		988,747	-51.9 %	2,056,399		348.4 %		458,635		-
- Other charges		69,202	-48.0 %	133,052		-40.6 %		224,176		-
Operating result		5,694,394 €	-13.6 %	6,593,931 €		0.0 %		6,591,528 €	7,247 €	78475.9 %
		7.71 % CA	-18.5 %	9.46 % CA		20.4 %		7.86 % CA	1.99 % CA	287.4 %

	31/12/2013	Variation	31/12/2012		Variation		31/12/2011		Sector Median 2013
Operating result	5,694,394 €	-13.6 %	6,593,931 €		0.0 %		6,591,528 €		7,247 €	78475.9 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0		0%		0			-
+ Financial income	1,648	-2.5 %	1,690		-78.1 %		7,724			-
- Financial charges	882,771	-8.2 %	962,095		-20.3 %		1,206,818			-
Pre-tax result	4,813,271 €	-14.6 %	5,633,526 €		4.5 %		5,392,434 €		5,912 €	81315.3 %
	6.52 % CA	-19.3 %	8.08 % CA		25.7 %		6.43 % CA		1.64 % CA	297.6 %
		31/12/2013	Variation	31/12/2012		Variation		31/12/2011	Sector Median 2013
Extraordinary income		68,329	10037.8 %	674		5.1 %		641	0	0%
- Extraordinary charges		3,821,617	-12.7 %	4,379,370		-3.1 %		4,520,147		-
Extraordinary result		-3,753,288 €	14.3 %	-4,378,696 €		3.1 %		-4,519,506 €	0 €	0%
		-5.08 % CA	19.1 %	-6.28 % CA		-16.5 %		-5.39 % CA	0.00 % CA	0%

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Pre-tax result	4,813,271 €	-14.6 %	5,633,526 €	4.5 %	5,392,434 €	5,912 €	81315.3 %
Extraordinary result	-3,753,288 €	14.3 %	-4,378,696 €	3.1 %	-4,519,506 €	0 €	0%
- Employee profit sharing	24,382	0%	0	0%	0		-
- Tax on profits	352,976	110.4 %	167,776	-63.6 %	460,947		-
Net result	682,625 €	-37.2 %	1,087,054 €	163.9 %	411,981 €	6,816 €	9915.0 %
	0.92 % CA	-41.0 %	1.56 % CA	218.4 %	0.49 % CA	1.53 % CA	-39.9 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.83
UK Pound	1	Rs.103.39
Euro	1	Rs.74.27

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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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