MIRA INFORM REPORT

Report No. :	352785
Report Date :	10.12.2015

IDENTIFICATION DETAILS

Name :	SUBRENAT
Registered Office :	91 Rue De L Epinette 59420 Mouvaux
Country :	France
Financials (as on) :	31.12.2006
Date of Incorporation :	December 1990
Legal Form :	Simplified joint stock company
Line of Business :	Wholesale (business to business) textiles.
No. of Employee :	82 employees

RATING & COMMENTS

MIRA’s Rating :

Ca

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

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

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

FRANCE ECONOMIC OVERVIEW

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

Source : CIA

Company summary

Name	SUBRENAT
Acronym	-
Trade name	-
Status	Economically active
Postal Address	SUBRENAT 91 RUE DE L EPINETTE 59420 MOUVAUX
Share Capital	5,340,000 Euros
Telephone	03 20 27 90 29
Activity (APE)	Weaving (1320Z)	RCS Registration	RCS Roubaix-Tourcoing B 380 282 780
Formation Date	11/1990	EUR VAT Number	FR21380282780
Deregistration Date	-	Last account Date	31/12/2006
Court Registry Number	90 B 00966	Incorporiation Date	12/1990
Registration Court	Roubaix-Tourcoing (59)	Fax	-
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
31/12/2006	33,045,821 €	1.15% Turnover	8,138,431 €	672,112 €	82 employees
31/12/2005	0 €		825,646 €	15,609 €	50 to 99 employees
31/12/2004	30,735 €	7.33% Turnover	810,037 €	25,351 €	50 to 99 employees

Trends

Profitability

Liquidity

Net Worth

Directors

Current Directors

3

Judgment and Preferential

Judgment	No judgement
Preferential Right	No social security and tax office preferential right to date

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4641Z	Activity	Wholesale ( business to business ) textiles
Formation Date	12/1995	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	-
Trading Address	91 RUE DE L EPINETTE 59420 MOUVAUX	Department	Nord (59)
Location Surface	-	District	5
City	MOUVAUX	Status	Economically active
Business Pages FT®	TEXTILES: FOURNITURES ET ACCESSOIRES POUR LES INDUSTRIES (FABRICATION,NEGOCE)	Region	Nord-Pas-de-Calais
		Area	63
		Size of Urban Area	Urban unit with 200 000 to 1 999 999 inhabitants

Other Establishment(s)

Regionality	Legal unit with multiple establishments in many areas having at least 80% of workforce 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
SUBRENAT	Head Office	1320Z	Tissage	MOUVAUX	59420
SUBRENAT	Branch	1320Z	Tissage	LE LAMENTIN	97232

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.

The increase in the gearing percentage over the last two accounting periods is 998,472 %

The stock to turnover ratio is 19.24

High risk workforce size

The return on total assets employed is 5.85

The sales to current assets ratio is 2.15

The pre-tax profit is 912,488 €

The net turnover is 33,045,821 €

The net current assets are 15,367,439 €

The liabilities are 7,439,956 €

The total assets are 15,603,662 €

The risk provisions are 135 €

Department code with medium risk rating

Industry code with low risk rating

The company has 3 directors

The creditor days are 38.89

The ratio total assets to total liabilities is 2.10

The shareholder's equity is 8,138,431 €

Industry comparison

Activity (APE)	Weaving (1320Z)
Industry average credit rating	49
Industry average credit limit	54,926

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	13/12/2007
Status of Monitoring	No social security and tax office preferential right to date

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company.

Director(s)

Name	M. WIBAUX LAURENT
Manager position	Managing director	Date of birth	29/05/1971
Place of birth	TOURCOING
Type	Individual	Name at birth
Name	M. WIBAUX ETIENNE
Manager position	President of the supervisory council	Date of birth	24/10/1940
Place of birth	TOURCOING
Type	Individual	Name at birth

Name	M. MACAREZ OLIVIER
Manager position	President of the management board	Date of birth	29/11/1969
Place of birth	SAINT QUENTIN
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Manager	M. WIBAUX ETIENNE	24/10/1940 - TOURCOING
Managing director	M. WIBAUX LAURENT	-
President of the management board	M. MACAREZ OLIVIER	-

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	11/08/2009	Bodacc A	Vente et cession : Acheteur
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1651 - 380 282 780 RCS Paris. SUBRENAT. Forme : Société par actions simplifiée. Capital : 5340000 EUR. Adresse : 91 rue de l'Epinette, 59420 Mouvaux. Origine du fonds : Fonds acquis par achat au prix stipulé de 130000,00 euros. Etablissement : Etablissement principal. Activité : Cession des éléments liés exclusivement à l'activité de vente de linge de lit et de toilette à durée de vie limitée (gamme Easytex). Adresse : 47 rue Servan, 75011 Paris. Précédent propriétaire : OPEN NET WAY. 454 018 854 RCS Paris. Date de commencement de l’activité : 21/07/2009. Publication légale : Les petites affiches du 28/07/2009. Oppositions : au fonds cédé 47 rue Servan 75011 Paris pour la validité , Cabinet Bignon Lebray 4 rue des Canonniers 59041 Lille pour la correspondance . Commentaires : Achat d'un fonds par une personne morale (insertion provisoire).
	08/06/2008	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE ROUBAIX-TOURCOING 3673 - 380282780 RCS. SUBRENAT. Forme : Société par actions simplifiée. Adresse : 91 rue de l'Epinette 59420 Mouvaux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
	31/05/2007	Bodacc C	Avis de dépôt des comptes
5951 - RCS Roubaix-Tourcoing B 380 282 780. RC 90-B 966. SUBRENAT. Forme: SAS . Adresse du siège social: 91, rue de l'Epinette,59420 Mouvaux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	12/12/2006	Bodacc B	Modifications et mutations diverses
0783 - Ancienne situation du siège social : RCS Roubaix-Tourcoing B 380 282 780. RC 90-B 966. NOFAL EXPLOITATION. Forme : S.A.S. Capital : 708 887,93 euros. Adresse : 91 rue de l'Epinette, 59420 Nouvelle situation du siège social - Dénomination : SUBRENAT. Capital : 5 340 000 euros. Etablissement principal - Activité : toutes opérations industrielles ou commerciales se rapportant à la création, à la fabrication et au négoce en gros ou au détail d'articles textiles ou analogues pour l'habillement, l'ameublement ou l'industrie et toutes opérations s'y rapportant, directement ou indirectement . Adresse : 91 rue de l'Epinette, 59420 Date d'effet : 2 novembre 2006.
	21/11/2006	Bodacc B	Modifications et mutations diverses
1275 - RCS Roubaix-Tourcoing B 380 282 780. RC 90-B 966. NOFAL EXPLOITATION. Forme : S.A.S. Capital : 708 887 euros. Adresse du siège social : 91 rue de l'Epinette,, 59420 Administration : président du directoire : MACAREZ (Olivier). Président du conseil de surveillance : WIBAUX (Etienne). Vice-président du conseil de surveillance : DEBERDT (Jean-Marie). Membres du conseil de surveillance : WIBAUX (Etienne) SOUFLET (Jean-Luc) DEBERDT (Jean-Marie). Directeur général : WIBAUX (Laurent). Commissaire aux comptes titulaire : COMEXPERT-S.A. D'EXPERTISE COMPTABLE ET DE COMMISSARIAT AUX COMPTES. Commissaire aux comptes suppléant : K.P.M.G. Ancienne administration : ancien gérant : WIBAUX (Etienne). Etablissement principal - Activité : toutes opérations industrielles ou commerciales se rapportant à la création, à la fabrication et au négoce en gros ou au détail d'articles textiles ou analogues pour l'habillement, l'ameublement ou l'industrie et toutes opérations s'y rapportant, directement ou indirectement . Adresse : 91 rue de l'Epinette, 59420 Commentaires : modification survenue sur la forme juridique. Ancienne : S.A.R.L. Date d'effet : 18 octobre 2006.
	18/10/2006	Bodacc B	Modifications et mutations diverses
1213 - RCS Roubaix-Tourcoing B 380 282 780. RC 90-B 966. NOFAL EXPLOITATION. Forme : S.A.R.L. Capital : 708 887 euros. Adresse du siège social : 91 rue de l'Epinette,, 59420 Administration : gérant : WIBAUX (Etienne). Nomination en qualité de commissaire aux comptes titulaire : COMEXPERT-S.A. D'EXPERTISE COMPTABLE ET DE COMMISSARIAT AUX COMPTES. Nomination en qualité de commissaire aux comptes suppléant : K.P.M.G. Etablissement principal - Activité : toutes opérations industrielles ou commerciales se rapportant à la création, la fabrication et au négoce en gros ou au détail d'articles textiles ou analogues pour l'habillement, l'ameublement ou l'industrie et toutes opérations s'y rapportant, directement ou indirectement . Adresse : 91 rue de l'Epinette, 59420 Date d'effet : 14 septembre 2006.
	22/08/2006	Bodacc C	Avis de dépôt des comptes
2273 - RCS Roubaix-Tourcoing B 380 282 780. RC 90-B 966. NOFAL EXPLOITATION. Forme: S.A.R.L. . Adresse du siège social: 91, rue de l'Epinette,59420 Mouvaux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	18/06/2005	Bodacc C	Avis de dépôt des comptes
2439 - RCS Roubaix-Tourcoing B 380 282 780. RC 90-B 966. NOFAL EXPLOITATION. Forme: S.A.R.L. . Adresse du siège social: 91, rue de l'Epinette,59420 Mouvaux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2002.
	18/06/2005	Bodacc C	Avis de dépôt des comptes
2440 - RCS Roubaix-Tourcoing B 380 282 780. RC 90-B 966. NOFAL EXPLOITATION. Forme: S.A.R.L. . Adresse du siège social: 91, rue de l'Epinette,59420 Mouvaux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2003.
	06/04/2000	Bodacc B	Modifications et mutations diverses
o. RCS Roubaix-Tourcoing B 380 282 780 RC 1990-B 966 NOFAL EXPLOITATION. Forme : S.A.R.L. Capital : 4 650 000 F. Adresse du siège social : 91, rue de l'Epinette 59420 Mouvaux. Commentaires : ancien capital : 50 000 F. Apport partiel d' actif de la branche d'activité de création, négoce en gros et au détail d' articles textiles ou analogues pour l' habillement, l'ameublement ou l' industrie par la société NOFAL, 91, rue de l'Epinette, 59420 Mouvaux,. RCS B 325 214 237 Etablissement principal: Activité : toutes les opérations industrielles et commerciales se rapportant à la création, fabrication et négoce en gros et au détail d' articles textiles ou analogues pour l' habillement, l'ameublement ou l' industrie et toutes opérations s'y rapportant directement ou indirectement. Adresse : 91, rue de l'Epinette 59420 Mouvaux. Date d'effet : 29 décembre 1999 Date de début d'activité: 28 décembre 1990.
	25/02/1996	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Roubaix-Tourcoing B 380 282 780 RC 90-B 966 NOFAL EXPLOITATION. Forme : S.A.R.L. Capital : 50 000 F. Adresse : 27 rue de la Fosse-aux-Chenes 59100 Roubaix Nouvelle situation du siège social. Adresse : 91 rue de l'Epinette 59420 Mouvaux Etablissement principal: Activité : toutes les opérations industrielles et commerciales se rapportant à la création, à la fabrication et au négoce en gros et au détail d'articles textiles ou analogues pour l' habillement, l'ameublement ou l' industrie. Toutes opérations s'y rapportant directement ou indirectement. Adresse : 91 rue de l'Epinette 59420 Mouvaux. Date d'effet : 15 décembre 1995.

Company events history

Date	Description
09/01/2014
09/01/2014
31/12/2013	Update of Company Activity
20/10/2013
20/10/2013
15/10/2013
15/10/2013
31/12/2012	Modification of Company Activity
31/12/2012	Update of Company Workforce
31/12/2012	Update of Company Activity
11/08/2009	Bodacc A : Sale and transfer
08/06/2008	Bodacc C : Deposit accounts notice
13/12/2007	Collection of preferential rights activated for this company
31/12/2006	New accounts available
30/11/2006	Capital increase
30/11/2006	Capital reduction
30/11/2006	Declaration of conformity
30/11/2006	Minutes of general meeting of shareholders
30/11/2006	New company name
30/11/2006	Partial contribution
30/11/2006	Private document
30/11/2006	Updated articles of association
02/11/2006	Private document
02/11/2006	New legal form – no new category
02/11/2006	Minutes of general meeting of shareholders
02/11/2006	Capital reduction
02/11/2006	Appointment/resignation of company officers
02/11/2006	Updated articles of association
17/10/2006	Audit or Management Report
17/10/2006	Private document
11/10/2006	Private document
11/10/2006	Audit or Management Report
02/10/2006	Appointment/resignation of company officers
02/10/2006	Minutes of general meeting of shareholders
02/10/2006	Private document
28/09/2006	Private document
28/09/2006	Planned merger
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
22/03/2000	Amendment
22/03/2000	Capital increase
22/03/2000	Minutes of general meeting of shareholders
22/03/2000	Private document
22/03/2000	Updated articles of association
01/03/2000	Sale of shares
01/03/2000	Updated articles of association
01/03/2000	Private document
20/12/1999	Private document
20/12/1999	Audit or Management Report
25/11/1999	Private document
25/11/1999	Planned merger
12/02/1996	Registered office transferred inside jurisdiction of the Commercial Court
12/02/1996	Updated articles of association
12/02/1996	Minutes of general meeting of shareholders
15/12/1995	Update of Company Activity
15/12/1995	Reactivation of Company
15/12/1995	Modification of Company Activity
15/12/1995	Update of Company Concern status

Synthesized Accounts

Annual Accounts

	31/12/2006	31/12/2005	31/12/2004
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	-	-	-
Activity Code	1320Z	1320Z	1320Z
Employees	82	0	0

Active account

	31/12/2006	Variation	31/12/2005	Variation	31/12/2004	Sector Median 2006
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	236,088	0%	0	0%	0	122,586	92.6 %
Intangible assets	9,904	0%	0	0%	0	2,161	358.3 %
Tangible assets	208,267	0%	0	0%	0	68,916	202.2 %
Financial assets	17,916	0%	0	0%	0	3,640	392.2 %
Net current assets	15,367,439	1741.0 %	834,717	2.9 %	811,418	700,387	2094.1 %
Stocks	6,358,750	0%	0	0%	0	179,684	3438.9 %
Advanced payments	5,830	0%	0	0%	0	0	0%
Receivables	8,653,786	939.2 %	832,741	3.4 %	805,622	300,838	2776.6 %
Securities and cash	349,073	17565.6 %	1,976	-65.9 %	5,796	76,320	357.4 %
Prepaid expenses	-	-	-	-	-	25	-
Accounts of regularization	135	0%	0	0%	0	0	0%
Total Assets	15,603,662	1769.3 %	834,717	2.9 %	811,418	916,699	1602.2 %

Passive Account

	31/12/2006	Variation	31/12/2005	Variation	31/12/2004	Sector Median 2006
Shareholders' equity	8,138,431	885.7 %	825,646	1.9 %	810,037	367,163	2116.6 %
Share capital	5,340,000	653.3 %	708,888	0%	708,888	85,924	6114.8 %
Other capital resources	25,000	0%	0	0%	0	0	0%
Risk Provisions	135	0%	0	0%	0	0	0%
Liabilities	7,439,956	81919.1 %	9,071	556.8 %	1,381	492,170	1411.7 %
Financial liabilities	2,362,179	9842312.5 %	24	300.0 %	6	94,001	2412.9 %
Advanced payments received	0	0%	0	0%	0	0	0%
Trade account payables	3,521,363	82136.4 %	4,282	211.4 %	1,375	129,584	2617.4 %
Tax and social liabilities	1,330,757	27827.7 %	4,765	0%	0	120,420	1005.1 %
Other debts and fixed assets liabilities	225,797	0%	0	0%	0	9,204	2353.2 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	15,603,662	1769.3 %	834,717	2.9 %	811,418	916,699	1602.2 %

Results

	31/12/2006	Variation	31/12/2005	Variation	31/12/2004	Sector Median 2006
Sales of Goods	34,525,845	0%	0	0%	30,735	1,356,822	2444.6 %
Net turnover	33,045,821	0%	0	0%	30,735	1,317,391	2408.4 %
of which net export turnover	21,870,473	0%	0	0%	20,748	63,732	34216.3 %
Operating charges	33,833,307	337793.8 %	10,013	-64.8 %	28,482	1,378,589	2354.2 %
Operating profit/loss	692,538	7016.4 %	-10,013	-544.4 %	2,253	16,145	4189.5 %
Financial income	55,160	64.1 %	33,604	-7.6 %	36,380	3,478	1486.0 %
Financial charges	113,531	0%	0	0%	27	8,652	1212.2 %
Financial profit/loss	-58,371	-273.7 %	33,604	-7.6 %	36,353	-1,105	-5182.4 %
Pretax net operating income	634,167	2588.2 %	23,591	-38.9 %	38,606	14,242	4352.8 %
Extraordinary income	698,711	0%	0	0%	0	7,552	9152.6 %
Extraordinary charges	309,579	0%	0	0%	0	3,027	10128.9 %
Extraordinary profit/loss	389,132	0%	0	0%	0	0	0%
Net result	672,112	4205.9 %	15,609	-38.4 %	25,351	15,252	4306.7 %

Accounts – Active

Normal Account

	31/12/2006	31/12/2005	31/12/2004
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Grand Total (I to VI)	Net	15,603,662	1769.3 %	834,717	2.9 %	811,418
Gross	CO	20,358,818	2339.0 %	834,717	2.9 %	811,418
Amortisation	1A	4,755,156	0%	0	0%	0

Non declared distributed capital (I)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	-	-	-	-	-

Active fixed asset (II)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Total Active fixed asset (II)	Net	236,088	0%	0	0%	0
Gross	BJ	3,558,349	0%	0	0%	0
Amortisation	BK	3,322,261	0%	0	0%	0

Intangible fixed assets

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
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	CQ	0	0%	0	0%	0
Distributorships, patents	Net	2,282	0%	0	0%	0
Gross	AF	353,192	0%	0	0%	0
Amortisation	AG	350,910	0%	0	0%	0
Goodwill	Net	7,622	0%	0	0%	0
Gross	AH	7,622	0%	0	0%	0
Amortisation	AI	0	0%	0	0%	0
Other intangible fixed assets	Net	0	0%	0	0%	0
Gross	AJ	0	0%	0	0%	0
Amortisation	AK	0	0%	0	0%	0
Pre-payments and downpayments	Net	0	0%	0	0%	0
Gross	AL	0	0%	0	0%	0
Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible asset	Net	9,904	0%	0	0%	0

Tangilble fixed assets

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	0	0%	0	0%	0
Gross	AP	0	0%	0	0%	0
Amortisation	AQ	0	0%	0	0%	0
Plant	Net	182,483	0%	0	0%	0
Gross	AR	2,850,006	0%	0	0%	0
Amortisation	AS	2,667,523	0%	0	0%	0
Other tangible fixed assets	Net	25,784	0%	0	0%	0
Gross	AT	329,612	0%	0	0%	0
Amortisation	AU	303,828	0%	0	0%	0
Fixed assets in construction	Net	0	0%	0	0%	0
Gross	AV	0	0%	0	0%	0
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	0	0%	0	0%	0
Gross	AX	0	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	208,267	0%	0	0%	0

Financial assets

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	0	0%	0	0%	0
Gross	CU	0	0%	0	0%	0
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	17,916	0%	0	0%	0
Gross	BH	17,916	0%	0	0%	0
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	17,916	0%	0	0%	0

Current Assets (III)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Total Current Assets	Net	15,367,439	1741.0 %	834,717	2.9 %	811,418
Gross	CJ	16,800,334	1912.7 %	834,717	2.9 %	811,418
Amortisation	CK	1,432,895	0%	0	0%	0

Stocks

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Raw materials	Net	3,084,866	0%	0	0%	0
Gross	BL	3,728,994	0%	0	0%	0
Amortisation	BM	644,128	0%	0	0%	0
Work in progress (goods)	Net	405,110	0%	0	0%	0
Gross	BN	405,110	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	2,122,270	0%	0	0%	0
Gross	BR	2,742,969	0%	0	0%	0
Amortisation	BS	620,699	0%	0	0%	0
Goods for resale	Net	746,504	0%	0	0%	0
Gross	BT	813,795	0%	0	0%	0
Amortisation	BU	67,291	0%	0	0%	0
Sub Total Stocks	Net	6,358,750	0%	0	0%	0

Advance payments to suppliers

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Advance payments to suppliers	Net	5,830	0%	0	0%	0
Gross	BV	5,830	0%	0	0%	0
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Trade accounts receivable	Net	8,065,001	0%	0	0%	4,168
Gross	BX	8,165,777	0%	0	0%	4,168
Amortisation	BY	100,776	0%	0	0%	0
Other debtors	Net	571,701	-31.3 %	832,741	3.9 %	801,454
Gross	BZ	571,701	-31.3 %	832,741	3.9 %	801,454
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	8,636,702	937.1 %	832,741	3.4 %	805,622

Divers

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
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	349,073	17565.6 %	1,976	-65.9 %	5,796
Gross	CF	349,073	17565.6 %	1,976	-65.9 %	5,796
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	349,073	17565.6 %	1,976	-65.9 %	5,796

Prepaid expenses

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Prepaid expenses	Net	17,084	0%	0	0%	0
Gross	CH	17,084	0%	0	0%	0
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Expenses of loan issue to be spread	CW3	0	0%	0	0%	0
Gross		-	-	-	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		-	-	-	-	-
Currency differential gain	CN3	135	0%	0	0%	0
Gross		-	-	-	-	-

References

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	177,018	0%	0	0%	0

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Grand Total (I to V)	EE	15,603,662	1769.3 %	834,717	2.9 %	811,418

Shareholder Equity (I)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Total shareholders' equity (Total I)	DL	8,138,431	885.7 %	825,646	1.9 %	810,037
Equity and shareholders' equity	DA	5,340,000	653.3 %	708,888	0%	708,888
Issue and merger premiums	DB	2,037,915	1487429.2 %	137	0%	137
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	70,889	0%	70,889	0%	70,889
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	10,620	-64.7 %	30,122	531.4 %	4,771
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	0	0%	0	0%	0
Profit or loss for the period	DI	672,112	4205.9 %	15,609	-38.4 %	25,351
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	6,896	0%	0	0%	0

Other capital resources (II)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Total other capital resources (Total II)	DO	25,000	0%	0	0%	0
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	25,000	0%	0	0%	0

Provisions for risks and charges (III)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Total provisions for risks and charges (Total III)	DR	135	0%	0	0%	0
Risk provisions	DP	135	0%	0	0%	0
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Total Liabilities (Total IV)	EC	7,439,956	81919.1 %	9,071	556.8 %	1,381
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	184,815	0%	0	0%	0
Sundry loans and financial liabilities	DV	2,177,364	9072250.0 %	24	300.0 %	6
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	0	0%	0	0%	0
Trade accounts payables	DX	3,521,363	82136.4 %	4,282	211.4 %	1,375
Tax and social security liabilities	DY	1,330,757	27827.7 %	4,765	0%	0
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	225,657	0%	0	0%	0

Translation loss (V)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Translation loss (Total V)	ED	140	0%	0	0%	0

Equalization accounts

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	7,365,092	81093.8 %	9,071	556.8 %	1,381
Of which current bank facilities	EH	0	0%	0	0%	0

Result account

1 - Operating result (I-II)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Operating result (Total I-II)	GG	692,538	7016.4 %	-10,013	-544.4 %	2,253

2 - Financial result (V-VI)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Financial result (Total V-VI)	GV	-58,371	-273.7 %	33,604	-7.6 %	36,353

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

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	634,167	2588.2 %	23,591	-38.9 %	38,606

4 - Extraordinary result (VII-VIII)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Extraordinary result (Total VII-VIII)	HI	389,132	0%	0	0%	0

Profit or loss

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Profit or loss	HN	672,112	4205.9 %	15,609	-38.4 %	25,351

Total Income (I+III+V+VII)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Total Income (Total I+III+V+VII)	HL	35,279,716	104886.7 %	33,604	-49.9 %	67,115

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

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	34,607,603	192217.9 %	17,995	-56.9 %	41,764

Operating income (I)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Total operating income (Total I)	FR	34,525,845	0%	0	0%	30,735

Operating income (details)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Sale of goods for resale	FC	0	0%	0	0%	0
France	FA	0	0%	0	0%	0
Export	FB	0	0%	0	0%	0
Sale of goods produced	FF	32,917,791	0%	0	0%	30,735
France	FD	11,062,479	0%	0	0%	9,987
Export	FE	21,855,313	0%	0	0%	20,748
Sale of services	FI	128,029	0%	0	0%	0
France	FG	112,869	0%	0	0%	0
Export	FH	15,160	0%	0	0%	0
Net turnover	FL	33,045,821	0%	0	0%	30,735
France	FJ	11,175,348	0%	0	0%	9,987
Export	FK	21,870,473	0%	0	0%	20,748
Stocked production	FM	-563,014	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	46,828	0%	0	0%	0
Release of reserves and provisions	FP	1,920,048	0%	0	0%	0
Other income	FQ	76,162	0%	0	0%	1

Operating charges (II)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Total operating charges (Total II)	GF	33,833,307	337793.8 %	10,013	-64.8 %	28,482

Exploitation charges

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Purchase of goods for resale	FS	0	0%	0	0%	0
Change in stocks of goods for resale	FT	-9,774	0%	0	0%	0
Purchase of raw materials	FU	17,953,305	0%	0	0%	26,655
Change in stocks of raw materials	FV	33,143	0%	0	0%	0
Other external purchases and charges	FW	9,948,286	158590.2 %	6,269	297.5 %	1,577
Tax, duty and similar payments	FX	444,068	172019.4 %	258	3.6 %	249
Payroll	FY	2,612,939	0%	0	0%	0
Social security costs	FZ	1,167,532	0%	0	0%	0

Depreciation

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Depreciation of fixed assets	GA	157,745	0%	0	0%	0
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	1,424,393	0%	0	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Other charges	GE	101,670	2817.4 %	3,485	348400.0 %	1

Operating charges (III-IV)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
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)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Total financial income (Total V)	GP	55,160	64.1 %	33,604	-7.6 %	36,380
Share financial income	GJ	0	0%	33,604	-1.7 %	34,181
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	10,122	0%	0	0%	0
Released provisions and transferred charges	GM	1,243	0%	0	0%	0
Exchange gains	GN	18,288	0%	0	0%	0
Net income from disposal of investment securities	GO	25,507	0%	0	0%	2,199

Financial charge (VI)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Total financial charge (Total VI)	GU	113,531	0%	0	0%	27
Financial reserves and provisions	GQ	135	0%	0	0%	0
Interest and similar charges	GR	83,212	0%	0	0%	27
Exchange losses	GS	30,183	0%	0	0%	0
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Total extraordinary income (Total VII)	HD	698,711	0%	0	0%	0
Extraordinary operating income	HA	0	0%	0	0%	0
Extraordinary income from capital transactions	HB	103,201	0%	0	0%	0
Released provisions and transferred charges	HC	595,510	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Total extraordinary charges (Total VIII)	HH	309,579	0%	0	0%	0
Extraordinary operating charges	HE	288,352	0%	0	0%	0
Extraordinary charges from capital transactions	HF	17,233	0%	0	0%	0
Extraordinary reserves and provisions	HG	3,994	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Employee profit sharing (Total IX)	HJ	110,811	0%	0	0%	0

Tax on profits (X)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Tax on profits (Total X)	HK	240,376	2911.5 %	7,982	-39.8 %	13,255

References

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	9,414	0%	0	0%	0
Of which transferred charges	A1	132,888	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	116	0%	0	0%	0

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
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	4,866,888	0%	0	0%	0
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	1,308,539	0%	0	0%	0
Gross value at the end of period	OL	3,558,349	0%	0	0%	0

Research and development Charge (Total I)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
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)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Gross value at begin of period	KD	0	0%	0	0%	0
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	527,947	0%	0	0%	0
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	167,132	0%	0	0%	0
Gross value at the end of period	LW	360,815	0%	0	0%	0

Tangible fixed assets (Total III)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Gross value at begin of period	LN	0	0%	0	0%	0
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	4,318,736	0%	0	0%	0
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	1,139,118	0%	0	0%	0
Gross value at the end of period	NH	3,179,618	0%	0	0%	0

Financial assets (Total IV)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Gross value at begin of period	LQ	0	0%	0	0%	0
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	20,205	0%	0	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	2,289	0%	0	0%	0
Gross value at the end of period	NK	17,916	0%	0	0%	0

Reserve for depreciation

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

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Reserve for depreciation value at begin of period	ON	0	0%	0	0%	0
Increases	OP	157,745	0%	0	0%	0
Decreasess	OQ	1,224,988	0%	0	0%	0
Reserve for depreciation value at the end of period	OR	3,322,261	0%	0	0%	0

Research and development charge (Total I)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
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)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Reserve for depreciation value at begin of period	PE	0	0%	0	0%	0
Increases	PF	1,083	0%	0	0%	0
Decreasess	PG	103,104	0%	0	0%	0
Decreasess by budget item transfer	PH	350,910	0%	0	0%	0

Total fixed assets amotisation (Total III)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Reserve for depreciation value at begin of period	QU	0	0%	0	0%	0
Increases	QV	156,662	0%	0	0%	0
Decreases	QW	1,121,885	0%	0	0%	0
Decreasess by budget item transfer	QX	2,971,351	0%	0	0%	0

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
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

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
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)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Value at begining of period	7C	0	0%	0	0%	0
Increases	UB	1,428,522	0%	0	0%	0
Decreases	UC	2,383,913	0%	0	0%	0
Value at the end of period	UD	1,439,925	0%	0	0%	0

Includes Total allocations

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Operating	UE	1,424,393	0%	0	0%	0
Financial	UG	135	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Operating	UF	1,787,161	0%	0	0%	0
Financial	UH	1,243	0%	0	0%	0
Exceptional	UK	595,510	0%	0	0%	0

Total regulated provisions (Total I)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Value at begining of period	3Z	0	0%	0	0%	0
Increases	TS	3,994	0%	0	0%	0
Decreases	TT	595,510	0%	0	0%	0
Value at the end of period	TU	6,896	0%	0	0%	0

Total risk and charge provisions (Total II)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Value at begining of period	5Z	0	0%	0	0%	0
Increases	TV	135	0%	0	0%	0
Decreases	TW	1,243	0%	0	0%	0
Value at the end of period	TX	135	0%	0	0%	0

Total Provision for depreciation (Total III)

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Value at begining of period	7B	0	0%	0	0%	0
Increases	TY	1,424,393	0%	0	0%	0
Decreases	TZ	1,787,161	0%	0	0%	0
Value at the end of period	UA	1,432,895	0%	0	0%	0

State deadlines claims and debts at the end of period

State claims

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Gross value	VT	8,772,479	953.4 %	832,741	3.4 %	805,622
1 year at most	VU	8,592,704	931.9 %	832,741	3.4 %	805,622
More than one year	VV	179,775	0%	0	0%	0

State of loans

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
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	17,916	0%	0	0%	0
Other financial assets (1 year at most)	UV	15,160	0%	0	0%	0

Receivables statement of assets

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Customers doubtful or disputed	VA	177,018	0%	0	0%	4,168
Other claims customer	UX	7,988,759	0%	0	0%	0
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	19,036	0%	0	0%	0
Social Security and other social organizations	UZ	2,181	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	1,563
Value added tax	VB	393,310	18304.8 %	2,137	285.7 %	554
Other taxes and payments assimilated	VN	45,000	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	830,604	3.9 %	799,337
Accounts receivable (including claims relating to the operation of pension titles)	VR	112,173	0%	0	0%	0

Prepaid

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Prepaid	VS	17,084	0%	0	0%	0

State Debt

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Total debt (gross)	VY	7,439,956	81919.1 %	9,071	556.8 %	1,381
1 year at most	VZ2	7,365,092	81093.8 %	9,071	556.8 %	1,381
More than 1 year and 5 years at most	VZ3	74,864	0%	0	0%	0
More than 5 years	VZ4	0	0%	0	0%	0

Details

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
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	150	0%	0	0%	0
1 year at most	VG2	150	0%	0	0%	0
More than 1 year and 5 years at most	VG3	0	0%	0	0%	0
Borrowing & debts to more than 1 year at the origin (gross)	VH1	184,665	0%	0	0%	0
1 year at most	VH2	109,801	0%	0	0%	0
More than 1 year and 5 years at most	VH3	74,864	0%	0	0%	0
Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most	8A2	0	0%	0	0%	0
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	3,521,363	82136.4 %	4,282	211.4 %	1,375
1 year at most	8B2	3,521,363	82136.4 %	4,282	211.4 %	1,375
More than 1 year and 5 years at most	8B3	0	0%	0	0%	0
Personnel and associated accounts (gross)	8C1	491,037	0%	0	0%	0
1 year at most	8C2	491,037	0%	0	0%	0
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	485,673	0%	0	0%	0
1 year at most	8D2	485,673	0%	0	0%	0
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	232,512	4779.6 %	4,765	0%	0
1 year at most	8E2	232,512	4779.6 %	4,765	0%	0
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	116,678	0%	0	0%	0
1 year at most	VW2	116,678	0%	0	0%	0
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	4,856	0%	0	0%	0
1 year at most	VQ2	4,856	0%	0	0%	0
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most	8J2	0	0%	0	0%	0
More than 1 year and 5 years at most	8J3	0	0%	0	0%	0
More than 5 years	8J4	0	0%	0	0%	0
Groups and associates (gross)	VI1	2,177,364	9072250.0 %	24	300.0 %	6
1 year at most	VI2	2,177,364	9072250.0 %	24	300.0 %	6
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	225,657	0%	0	0%	0
1 year at most	8K2	225,657	0%	0	0%	0
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

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	470,223	0%	0	0%	0

Table allocation results and other information

Dividends distributed

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Commitments leasing furniture	YQ	8,628	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Average number of employees	YP	82	0%	0	0%	0

Groups and Shareholders

		31/12/2006	Variation	31/12/2005	Variation	31/12/2004
Groups and Shareholders	ZR	-	-	-	-	-

Ratios

Structure and Liquidity

	31/12/2006	Variation	31/12/2005	Variation	31/12/2004	Sector Median 2006
Fixed Asset Financing	3.89	-	-	-	-	1.74	123.6 %
Global Debt	81 days	-	-	-	16 days	121 days	-33.1 %
Working Capital Fund overall net	112 days	-	-	-	9,488 days	109 days	2.8 %
Financial independence	344.53 %	-100.0 %	3,440,191.67 %	-74.5 %	13,500,616.67 %	295.90 %	16.4 %
Solvability	52.32 %	-47.1 %	98.91 %	-0.9 %	99.83 %	48.54 %	7.8 %
Capacity debt futures	7,401.87 %	-	-	-	-	1,684.05 %	339.5 %
Coverage of current assets by net working capital overall	61.31 %	-38.0 %	98.92 %	-0.9 %	99.83 %	47.95 %	27.9 %
General Liquidity	1.17	-98.7 %	91.80	-84.3 %	583.36	0.76	53.9 %
Restricted Liquidity	1.21	-98.7 %	92.02	-84.3 %	587.56	1.26	-4.0 %

Management or rotation

	31/12/2006	Variation	31/12/2005	Variation	31/12/2004	Sector Median 2006
Need background in operating working capital	108 days	-	-	-	9,420 days	67 days	61.2 %
Treasury	4 days	-	-	-	68 days	21 days	-81.0 %
Inventory turnover of goods	-29,974 days	-	-	-	-	2 days	-1498800.0 %
Average length of credit granted to customers	89 days	-	-	-	49 days	74 days	20.3 %
Average length of credit obtained suppliers	45 days	-81.7 %	246 days	1266.7 %	18 days	75 days	-40.0 %
Inventory turnover of raw materials in industrial enterprises	75 days	-	-	-	0 days	75 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	1,039 days	-	-	-	-	296 days	251.6 %
Rotation tangible assets	1,039.30 %	-	-	-	-	282.65 %	267.7 %

Profitability of the business

	31/12/2006	Variation	31/12/2005	Variation	31/12/2004	Sector Median 2006
Margin trading	0.03 %	-	-	-	0.00 %	0.00 %	0%
Profitability of the business	1.15 %	-	-	-	7.33 %	3.94 %	-70.8 %
Net profit	2.03 %	-	-	-	82.48 %	1.77 %	14.7 %
Growth rate of turnover (excluding VAT)	0.00 %	0%	-100.00 %	-1.6 %	-98.43 %	-1.29 %	0%
Rates integration	13.79 %	-	-	-	8.14 %	35.52 %	-61.2 %
Rate leasing furniture	0.00 %	-	-	-	0.00 %	0.00 %	0%
Work Factor	82.94 %	0%	0.00 %	0%	0.00 %	78.30 %	5.9 %
Weight interests	0.34 %	-	-	-	0.09 %	0.78 %	-56.4 %

Return on capital

	31/12/2006	Variation	31/12/2005	Variation	31/12/2004	Sector Median 2006
Cash flow from the overall profitability	-4.95 %	-	-	-	82.48 %	3.30 %	-250.0 %
Rates of economic profitability	4.00 %	500.0 %	-1.00 %	0%	0.00 %	8.00 %	-50.0 %
Financial profitability	8,163,431.00 %	888.7 %	825,646.00 %	1.9 %	810,037.00 %	367,162.50 %	2123.4 %
Return on investment	7.46 %	294.7 %	1.89 %	-39.6 %	3.13 %	6.41 %	16.4 %

Management intermediate balances

	31/12/2006	Variation	31/12/2005	Variation	31/12/2004	Sector Median 2006
Turnover	33,045,821	0%	0	0%	30,735	1,317,391	2408.4 %

	31/12/2006	Variation	31/12/2005	Variation	31/12/2004	Sector Median 2006
Sales of goods	0	0%	0	0%	0		-
- Purchase of goods	0	0%	0	0%	0		-
+/- Stock of goods variation	-9,774	0%	0	0%	0		-
Trading margin	9,774 €	0%	0 €	0%	0 €	0 €	0%
	0.03 % CA	-	-	-	0.00 % CA	0.00 % CA	0%

	31/12/2006	Variation	31/12/2005	Variation	31/12/2004	Sector Median 2006
Sale of goods produced	33,045,820	0%	0	0%	30,735		-
+/- Stocked production	-563,014	0%	0	0%	0		-
+ Self-constructed assets	0	0%	0	0%	0		-
Period production	32,482,806 €	0%	0 €	0%	30,735 €	1,085,386 €	2892.7 %
	98.30 % CA	-	-	-	100.00 % CA	99.60 % CA	-1.3 %

	31/12/2006	Variation	31/12/2005	Variation	31/12/2004	Sector Median 2006
Trading margin	9,774	0%	0	0%	0	0	0%
+ Period Production	32,482,806	0%	0	0%	30,735	1,085,386	2892.7 %
- Purchase of raw materials	17,953,305	0%	0	0%	26,655		-
+/- Change in stocks of raw materiels	33,143	0%	0	0%	0		-
- Other external purchases and charges	9,948,286	158590.2 %	6,269	297.5 %	1,577		-
Added value	4,557,846 €	72804.5 %	-6,269 €	-350.5 %	2,503 €	461,245 €	888.2 %
	13.79 % CA	-	-	-	8.14 % CA	35.52 % CA	-61.2 %

	31/12/2006	Variation	31/12/2005	Variation	31/12/2004	Sector Median 2006
Added value	4,557,846 €	72804.5 %	-6,269 €	-350.5 %	2,503 €	461,245 €	888.2 %
+ Operating grants	46,828	0%	0	0%	0		-
- Tax, duty and similar payments	444,068	172019.4 %	258	3.6 %	249		-
- Personal charges	3,780,471	0%	0	0%	0		-
Gross operating surplus	380,135 €	5924.0 %	-6,527 €	-389.6 %	2,254 €	32,385 €	1073.8 %
	1.15 % CA	-	-	-	7.33 % CA	3.94 % CA	-70.8 %

	31/12/2006	Variation	31/12/2005	Variation	31/12/2004	Sector Median 2006
Gross operating surplus	380,135 €	5924.0 %	-6,527 €	-389.6 %	2,254 €	32,385 €	1073.8 %
+ Release of reserves and provisions	1,920,048	0%	0	0%	0		-
+ Other operating income	76,162	0%	0	0%	1		-
- Depreciation/ Amortisation	1,582,138	0%	0	0%	0		-
- Other charges	101,670	2817.4 %	3,485	348400.0 %	1		-
Operating result	692,537 €	7017.1 %	-10,012 €	-544.2 %	2,254 €	16,145 €	4189.6 %
	2.10 % CA	-	-	-	7.33 % CA	2.14 % CA	-1.9 %

	31/12/2006	Variation	31/12/2005	Variation	31/12/2004	Sector Median 2006
Operating result	692,537 €	7017.1 %	-10,012 €	-544.2 %	2,254 €	16,145 €	4189.6 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0		-
+ Financial income	55,160	64.1 %	33,604	-7.6 %	36,380		-
- Financial charges	113,531	0%	0	0%	27		-
Pre-tax result	634,166 €	2588.1 %	23,592 €	-38.9 %	38,607 €	14,244 €	4352.2 %
	1.92 % CA	-	-	-	125.61 % CA	1.94 % CA	-1.0 %

	31/12/2006	Variation	31/12/2005	Variation	31/12/2004	Sector Median 2006
Extraordinary income	698,711	0%	0	0%	0	7,552	9152.6 %
- Extraordinary charges	309,579	0%	0	0%	0		-
Extraordinary result	389,132 €	0%	0 €	0%	0 €	0 €	0%
	1.18 % CA	-	-	-	0.00 % CA	0.00 % CA	0%

	31/12/2006	Variation	31/12/2005	Variation	31/12/2004	Sector Median 2006
Pre-tax result	634,166 €	2588.1 %	23,592 €	-38.9 %	38,607 €	14,244 €	4352.2 %
Extraordinary result	389,132 €	0%	0 €	0%	0 €	0 €	0%
- Employee profit sharing	110,811	0%	0	0%	0		-
- Tax on profits	240,376	2911.5 %	7,982	-39.8 %	13,255		-
Net result	672,111 €	4205.6 %	15,610 €	-38.4 %	25,352 €	15,255 €	4306.0 %
	2.03 % CA	-	-	-	82.49 % CA	1.77 % CA	14.7 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.75
UK Pound	1	Rs.100.29
Euro	1	Rs.72.89
EUR	1	Rs.73.43

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

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