MIRA INFORM REPORT

Report No. :	353222
Report Date :	12.12.2015

IDENTIFICATION DETAILS

Name :	ETABLISSEMENTS CAILLAU
Registered Office :	28 Rue Ernest Renan 92130 Issy Les Moulineaux
Country :	France
Financials (as on) :	31.12.2014
Date of Incorporation :	January 1990
Legal Form :	Simplified joint stock company
Line of Business :	Subject is engaged in Other fabricated metal products.
No. of Employee :	394 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

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

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

FRANCE ECONOMIC OVERVIEW

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

Source : CIA

Company summary

SIRET	552 075 749 00044
Name	ETABLISSEMENTS CAILLAU
Acronym	-
Trade name	-
Status	Economically active
Postal Address	ETABLISSEMENTS CAILLAU 28 RUE ERNEST RENAN 92130 ISSY LES MOULINEAUX
Share Capital	3,750,000 Euros
Telephone	01 45 29 93 00
Activity (APE)	Other fabricated metal products (2599B)	RCS Registration	RCS Nanterre B 552 075 749
Formation Date	01/1900	EUR VAT Number	FR80552075749
Deregistration Date	-	Last account Date	31/12/2014
Court Registry Number	19 8 0B01223	Incorporiation Date	05/1955
Registration Court	Nanterre (92)	Fax	-
Nationality	France	Safe Number	FR11728007
		Legal form	Simplified joint stock company
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2014	61,296,128 €	13.44% Turnover	29,585,179 €	5,385,179 €	394 employees
31/12/2013	51,753,029 €	9.84% Turnover	25,155,439 €	2,750,510 €	404 employees
31/12/2012	49,093,484 €	9.83% Turnover	22,404,929 €	2,773,929 €	347 employees

Trends

Profitability

Liquidity

Net Worth

Directors

Current Directors

5

Ultimate Holding Company

Name	Country	Company Number
MARNIX INVEST		490246246
Affiliation links.

Judgment and Preferential

Judgment	Last Judgement 12/12/2008
Preferential Right	No social security and tax office preferential right to date

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	7010Z	Activity	Activities of head offices
Formation Date	01/1900	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	28 RUE ERNEST RENAN 92130 ISSY LES MOULINEAUX	Department	Hauts-de-Seine (92)
Location Surface	-	District	3
City	ISSY LES MOULINEAUX	Status	Economically active
Business Pages FT®	QUINCAILLERIE (FABRICATION)	Region	Ile-de-France
		Area	94
		Size of Urban Area	Paris conglomeration

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
MARNIX INVEST	Activities of head offices	6420Z	ISSY LES MOULINEAUX	92130

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	3 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
ETABLISSEMENTS CAILLAU	Head Office	2599B	Fabrication d'autres articles métalliques	ISSY LES MOULINEAUX	92130
ETABLISSEMENTS CAILLAU	Branch	2599B	Fabrication d'autres articles métalliques	ROMORANTIN LANTHENAY	41200
ETABLISSEMENTS CAILLAU	Branch	2599B	Fabrication d'autres articles métalliques	ROMORANTIN LANTHENAY	41200
ETABLISSEMENTS CAILLAU	Branch	2599B	Fabrication d'autres articles métalliques	LA FERTE SAINT AUBIN	45240

Workforces

Workforce at address

20 to 49 employees

Company workforce

250 to 499 employees

Commentary

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

The shareholder's equity is 29,585,179 €

The ratio total assets to total liabilities is 2.91

The creditor days are 35.68

The decrease in the gearing percentage over the last two accounting periods is 65 %

The net current assets are 32,841,156 €

The net turnover is 61,296,128 €

The pre-tax profit is 4,940,171 €

The total assets are 45,117,027 €

Low risk workforce size

The company has 5 directors

Industry code with low risk rating

Department code with low risk rating

The risk provisions are 175,588 €

The liabilities are 15,353,495 €

The return on total assets employed is 10.95

The sales to current assets ratio is 1.87

The stock to turnover ratio is 20.46

Industry comparison

Activity (APE)	Other fabricated metal products (2599B)
Industry average credit rating	47
Industry average credit limit	26,243

Collective procedures

Courts

No recent judgment publication in court sources for the company

Rncs

Judgment	Recovery Plan	Effective date	16/06/2004
Director	SCP BOURBOULOUX ME BOURBOULOUX HELENE	Position	Court-appointed reviewer of a proposal
Address
Judgment	Receivership	Effective date	01/07/2003
Director	LEGRAS DE GRANDCOURT PATRICK	Position	Creditors’ representative
Address
Director	BOURBOULOUX HÉLÈNE	Position	Official receiver
Address

Bodacc

Judgment	Rulings linked to the recovery plan	Effective date	12/12/2008
Court	Nanterre	Parution date from Gazette	12/12/2008
Extrait de jugement Jugement modifiant le plan de continuation
Judgment	Rulings linked to the recovery plan	Effective date	19/06/2008
Court	Nanterre	Parution date from Gazette	11/07/2008
Extrait de jugement Jugement modifiant le plan de continuation Jugement modifiant le plan de continuation.

Judgment	Recovery Plan	Effective date	08/07/2004
Court		Parution date from Gazette	08/07/2004
Date: 16 juin 2004. Jugement arretant le plan de continuation. RCS Nanterre B 552075749 RC 80-B 1223 ETABLISSEMENTS CAILLAU. Forme : SA à directoire et conseil de surveillance. Activité : fabrication de mécanique général, plus spécialement les accessoires autos colliers de serrage et attache fils, agent commercial. Adresse : 28, rue Ernest Renan, 92130 Issy-les-Moulineaux Ce jugement désigne Ads Ets Caillau comme tenu d'éxécuter le plan. Durée du plan 10 ans. Ce jugement met fin à la mission de l'administrateur : Bachelier- Bourbouloux mission conduite par Me Hélène Bourbouloux, 215 Ave Georges Clémenceau, 92024 Nanterre Cedex Ce jugement maintient Me Patrick Legras de Grandcourt en tant que représentant des créanciers. Commissaire à l'éxécution du plan: Bachelier-Bourbouloux mission conduite par Me Héléne Bourbouloux. Adresse : 215, av Georges Clémenceau, 92024 Nanterre Cedex.
Judgment	Receivership	Effective date	23/07/2003
Court		Parution date from Gazette	23/07/2003
Date: 1 e r juillet 2003. Jugement d' ouverture d'une procédure de redressement judiciaire régime général Numéro: 2003J00607. RCS Nanterre B 552075749 RC 80-B 1223 ETABLISSEMENTS CAILLAU. Forme : S.A. à directoire et conseil de surveillance. Activité : fabrication de mécanique en général et plus spécialement les accessoires autos, colliers de serrage, attache fils, agent commercial. Adresse : 28, rue Ernest Renan, 92130 Issy-les-Moulineaux. Date de cessation des paiements : 30 juin 2003 Administrateur judiciaire: S. C.P. Bachelier-Bourbouloux mission conduite par Me Bourbouloux (Hélène). Adresse : 215, avenue Georges Clemenceau, 92024 Nanterre-Cedex Mission: assister la société débitrice dans tous les actes de gestion et de disposition Représentant des créanciers: M e Legras de Grandcourt Patrick. Adresse : 57/63, rue Ernest Renan, 92000 Nanterre Les déclarations de créances sont à déposer dans un délai de deux mois suivant la présente publication auprès du représentant des créanciers Le représentant des créanciers devra déposer la liste des créances dans les 12 mois à compter du terme du délai de déclaration des créances.

Other sources

No recent judgment publication in other sources for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	23/06/2008
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

30901837

15/04/2009

24/04/2009

ALTEA

48,184 EUR

-

Reason for closure	Crossed Off
Court	Nanterre
Description	COTISATION : 4EME TRIMESTRE 2008
Creditor	ALTEA 50 rte de la Reine 92100, BOULOGNE-BILLANCOURT
Debtor	ETS CAILLAU 26-28 RUE ERNEST RENAN 92130 ISSY LES MOULINEAUX

30901911

15/04/2009

24/04/2009

ALTEA

72,698 EUR

-

Reason for closure	Crossed Off
Court	Nanterre
Description	COTISATION : ANNEE 2003
Creditor	ALTEA 50 rte de la Reine 92100, BOULOGNE-BILLANCOURT
Debtor	ETS CAILLAU 26-28 RUE ERNEST RENAN 92130 ISSY LES MOULINEAUX

31100176

10/01/2011

18/01/2011

ALTEA

28,146 EUR

-

Reason for closure	Crossed Off
Court	Nanterre
Description	COTISATION : ANNEE 2004
Creditor	ALTEA 139/147 rue P Vaillant Couturier 92240, MALAKOFF
Debtor	ETS CAILLAU 26-28 RUE ERNEST RENAN 92130 ISSY LES MOULINEAUX

Tax office preferential rights

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

Historical

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

40404374

22/10/2004

22/10/2008

RECETTE D ISSY LES MOULINEAUX

279,198 EUR

-

Reason for closure	Void
Paid off amount	277,327 EUR
Date of the last refund	07/01/2005
Court	Nanterre
Mention of the partial radiation	montant radié 277.327,00 EUROS
Creditor	RECETTE D ISSY LES MOULINEAUX 1 PLCE D ALEMBERT 92131, ISSY LES MOULINEAUX
Debtor	ETS CAILLAU 28 RUE ERNEST RENAN 92130 ISSY LES MOULINEAUX

40501994

02/05/2005

28/07/2008

TRESORERIE D ISSY LES MOULINEAUX

87,284 EUR

-

Reason for closure	Crossed Off
Court	Nanterre
Creditor	TRESORERIE D ISSY LES MOULINEAUX 7 MAIL RAYMOND MENAND 92130, ISSY LES MOULINEAUX
Debtor	ETS CAILLAU 26-28 RUE ERNEST RENAN 92130 ISSY LES MOULINEAUX

Group Data

Ultimate parent company	MARNIX INVEST
Direct parent	MARNIX INVEST - 100 %
Group – Number of companies	3
Linkages – Number of companies	-
Number of countries	-

	Name	SIREN	Parts	Last account published
1	MARNIX INVEST	490246246	-	31/12/2014
2	ETABLISSEMENTS CAILLAU	552075749	100 %	31/12/2014
3	CAILLAU DO MERCOSUL LTDA	-	99.99 %	-
	2 JP FINANCES	490497385	20.70 %	31/12/2011

Linkages

No Linkages information available for the company.

Shareholder(s)

Name	FINANCIERE CORNIC
Name of representative
Manager position	President	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Statutory Auditor

Name	EQUATION
Name of representative
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth
Name	AMYOT EXCO GRANT THORNTON
Name of representative
Manager position	Deputy auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Name	M. LEBIT JEAN
Manager position	Deputy auditor	Date of birth	30/05/1960
Place of birth	BOULOGNE BILLANCOURT
Type	Individual	Name at birth
Name	CONSTANTIN ASSOCIES
Name of representative
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M. FERNANDEZ PIERRE	-
President	M. FERNANDEZ PIERRE ANDRE	27/06/1958 - MONTMORILLON
Managing director	M. CHAPDELAINE LAURENT	-
Managing director	M. DRIVON STEPHANE	-
President of the supervisory council	M. VIEILLARD JEAN	-

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	31/07/2015	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 1831 - 552 075 749 RCS Nanterre. ETABLISSEMENTS CAILLAU. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : EQUATION en fonction le 06 Juillet 2005 Commissaire aux comptes suppléant : AMYOT EXCO GRANT THORNTON en fonction le 06 Juillet 2005 Commissaire aux comptes suppléant : LEBIT Jean en fonction le 23 Juillet 2015 Président : FINANCIERE CORNIC en fonction le 23 Juillet 2015 Commissaire aux comptes titulaire : CONSTANTIN ASSOCIES en fonction le 23 Juillet 2015. Activité : . Commentaires : Modification de représentant.
	23/07/2015	JAL	Appointment of the social representative
Echos (Les) / Le Publicateur Légal - La Vie Judiciaire Date de décision : 09/07/2015 Société faisant l'objet d'une nomination : 552075749 - ETABLISSEMENTS CAILLAU, 28 RUE ERNEST RENAN, 92130 ISSY LES MOULINEAUX Nominé : 811663400 - FINANCIERE CORNIC, 19 AVENUE DE L OPERA, 75001 PARIS 1 En la fonction de : Président
	23/07/2015	JAL	Resignation / Revocation of the social representative
Echos (Les) / Le Publicateur Légal - La Vie Judiciaire Date de décision : 09/07/2015 La société 552075749 - ETABLISSEMENTS CAILLAU, 28 RUE ERNEST RENAN, 92130 ISSY LES MOULINEAUX Fait l'objet du départ de Monsieur Pierre-André FERNANDEZ
	18/05/2015	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 6057 - 552075749 RCS. ETABLISSEMENTS CAILLAU. Forme : Société par actions simplifiée. Adresse : 28 rue Ernest Renan 92130 Issy-les-Moulineaux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	31/07/2014	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 12199 - 552075749 RCS. ETABLISSEMENTS CAILLAU. Forme : Société par actions simplifiée. Adresse : 28 rue Ernest Renan 92130 Issy-les-Moulineaux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	18/08/2013	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 11046 - 552075749 RCS. ETABLISSEMENTS CAILLAU. Forme : Société par actions simplifiée. Adresse : 28 rue Ernest Renan 92130 Issy-les-Moulineaux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	31/03/2013	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 936 - 552 075 749 RCS Nanterre. ETABLISSEMENTS CAILLAU. Forme : Société par actions simplifiée. Administration : Président : FERNANDEZ Pierre Andre modification le 06 Juillet 2009 Commissaire aux comptes titulaire : EQUATION en fonction le 06 Juillet 2005 Commissaire aux comptes suppléant : AMYOT EXCO GRANT THORNTON en fonction le 06 Juillet 2005. Activité : . Commentaires : Modification de représentant.
	28/02/2013	JAL	Resignation / Revocation of the social representative
Affiches parisiennes (Les) Date de décision : 22/02/2013 La société 552075749 - ETABLISSEMENTS CAILLAU, 28 RUE ERNEST RENAN, 92130 ISSY LES MOULINEAUX Fait l'objet du départ de Monsieur Stéphane DRIVON, De Monsieur Laurent CHAPDELAINE
	20/07/2012	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 13214 - 552075749 RCS. ETABLISSEMENTS CAILLAU. Forme : Société par actions simplifiée. Adresse : 28 rue Ernest Renan 92130 Issy-les-Moulineaux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	19/08/2010	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 9081 - 552075749 RCS. ETABLISSEMENTS CAILLAU. Forme : Société par actions simplifiée. Adresse : 28 rue Ernest Renan 92130 Issy-les-Moulineaux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	25/07/2009	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 10543 - 552075749 RCS. ETABLISSEMENTS CAILLAU. Forme : Société par actions simplifiée. Adresse : 28 rue Ernest Renan 92130 Issy-les-Moulineaux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	12/12/2008	Bodacc A	Extrait de jugement
92 - HAUTS-DE-SEINE TRIBUNAL DE COMMERCE DE NANTERRE 2990 - Suppression. Parution avis précédent : BODACC A. Numéro de parution : 20080122. Date de parution : 11 juillet 2008. Numéro d’annonce : 1551. Cet avis est supprimé : Jugement modifiant le plan de continuation. 552 075 749 RCS Nanterre. ETABLISSEMENTS CAILLAU.
	12/08/2008	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 7376 - 552075749 RCS. ETABLISSEMENTS CAILLAU. Forme : Société par actions simplifiée. Adresse : 28 rue Ernest Renan 92130 Issy-les-Moulineaux. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	11/07/2008	Bodacc A	Extrait de jugement
92 - HAUTS-DE-SEINE TRIBUNAL DE COMMERCE DE NANTERRE 1551 - Date : 19 juin 2008. Jugement modifiant le plan de continuation. 552 075 749 RCS Nanterre. ETABLISSEMENTS CAILLAU. Forme : Société par actions simplifiée. Activité : fabrication de mécanique en général plus spécialement les accessoires autos; colliers de serrage et attache fils - agent commercial. Adresse : 28 rue Ernest Renan, 92130 Issy-les-Moulineaux. Complément de jugement : Jugement modifiant le plan de continuation.
	30/08/2007	Bodacc C	Avis de dépôt des comptes
6378 - 552 075 749. RCS Nanterre ETABLISSEMENTS CAILLAU. Forme: Société par actions simplifiée. Adresse du siège social: 28 rue Ernest Renan 92130 Issy-les-Moulineaux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	20/05/2007	Bodacc B	Modifications et mutations diverses
1049 - RCS Nanterre B 552 075 749. RC 80-B 1223. ETABLISSEMENTS CAILLAU. Forme : S.A.S. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : modification du président : FERNANDEZ (Pierre, André). Modification de directeurs généraux : CHAPDELAINE (Laurent) DRIVON (Stéphane). Vice-président et membre du conseil de surveillance partant : GUILLERMIT (Henri). Président et membre du conseil de surveillance partant : VIEILLARD (Jean, Pierre). Membre du conseil de surveillance partant : ING BELGIQUE, représentée par BOUSMANS (Tom).
	11/02/2007	Bodacc B	Modifications et mutations diverses
2391 - RCS Nanterre B 552 075 749. RC 80-B 1223. ETABLISSEMENTS CAILLAU. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l'administration. Administration : membres du conseil de surveillance partants : BELMON (Françoise) (Nom d'usage : BERNEDE) CARRASCO (Christophe) BERMENT (Olivier). Président du conseil de surveillance partant : STAUB (Michel). Nomination d'un vice-président et membre du conseil de surveillance : GUILLERMIT (Henri). Nomination du président et membre du conseil de surveillance : VIEILLARD (Jean, Pierre). Nomination d'un membre du conseil de surveillance : ING BELGIQUE-STE DE DROIT ETRANGER, représentée par BOUSMANS (Tom).
	30/07/2006	Bodacc B	Modifications et mutations diverses
2355 - RCS Nanterre B 552 075 749. RC 80-B 1223. ETABLISSEMENTS CAILLAU. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : LABORIAUX (Yves).
	19/07/2006	Bodacc C	Avis de dépôt des comptes
5058 - RCS Nanterre B 552 075 749. RC 80-B 1223. ETABLISSEMENTS CAILLAU. Forme: société anonyme à directoire et conseil de surveillance. Adresse du siège social: 28, rue Ernest Renan,92130 Issy-les-Moulineaux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	09/12/2005	Bodacc B	Modifications et mutations diverses
2486 - RCS Nanterre B 552 075 749. RC 80-B 1223. ETABLISSEMENTS CAILLAU. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l'administration. Administration : nomination d'un membre du directoire : DRIVON (Stéphane).
	07/08/2005	Bodacc B	Modifications et mutations diverses
1858 - RCS Nanterre B 552 075 749. RC 80-B 1223. ETABLISSEMENTS CAILLAU. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l'administration. Administration : modification d'un membre du conseil de surveillance : BERMENT (Olivier). Modification du président du conseil de surveillance : STAUB (Michel).
	24/07/2005	Bodacc B	Modifications et mutations diverses
817 - RCS Nanterre B 552 075 749. RC 80-B 1223. ETABLISSEMENTS CAILLAU. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l'administration. Administration : commissaires aux comptes suppléants partants : CHALONS (Jacques) DUDON (Daniel) HENGOAT (Gilles). Nomination d'un commissaire aux comptes titulaire : EQUATION. Nomination d'un commissaire aux comptes suppléant : AMYOT EXCO GRANT THORNTON.
	24/07/2005	Bodacc C	Avis de dépôt des comptes
5072 - RCS Nanterre B 552 075 749. RC 80-B 1223. ETABLISSEMENTS CAILLAU. Forme: société anonyme à directoire et conseil de surveillance. Adresse du siège social: 28, rue Ernest Renan,92130 Issy-les-Moulineaux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	24/07/2005	Bodacc B	Modifications et mutations diverses
818 - RCS Nanterre B 552 075 749. RC 80-B 1223. ETABLISSEMENTS CAILLAU. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l'administration. Administration : nomination d'un membre du conseil de surveillance : STAUB (Michel).
	25/11/2004	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 552075749 RC 80-B 1223 ETABLISSEMENTS CAILLAU. Forme : S.A. à directoire et conseil de surveillance. Capital : 3 750 000 euros. Commentaires : modification survenue sur le capital ( augmentation) et l'administration. Administration : président du conseil de surveillance partant : DAUVE (Liliane). Vice-président du conseil de surveillance partant : BELMON ( Françoise). Président du directoire partant : BERNEDE (Nicole). Directeur général, membre du directoire partant : CAILLAU (Michel). Membre du conseil de surveillance partant : DAUVE (Norbert). Nomination de membres du conseil de surveillance : BELMON (Françoise) ( Nom d'usage : BERNEDE) CARRASCO ( Christophe). Nomination du président du conseil de surveillance : BERMENT ( Oliver). Nomination du président du directoire : FERNANDEZ (Pierre, André). Nomination d'un membre du directoire : CHAPDELAINE (Laurent).
	08/07/2004	Bodacc A	Rétractation de jugement
Date: 16 juin 2004. Jugement arretant le plan de continuation. RCS Nanterre B 552075749 RC 80-B 1223 ETABLISSEMENTS CAILLAU. Forme : SA à directoire et conseil de surveillance. Activité : fabrication de mécanique général, plus spécialement les accessoires autos colliers de serrage et attache fils, agent commercial. Adresse : 28, rue Ernest Renan, 92130 Issy-les-Moulineaux Ce jugement désigne Ads Ets Caillau comme tenu d'éxécuter le plan. Durée du plan 10 ans. Ce jugement met fin à la mission de l'administrateur : Bachelier- Bourbouloux mission conduite par Me Hélène Bourbouloux, 215 Ave Georges Clémenceau, 92024 Nanterre Cedex Ce jugement maintient Me Patrick Legras de Grandcourt en tant que représentant des créanciers. Commissaire à l'éxécution du plan: Bachelier-Bourbouloux mission conduite par Me Héléne Bourbouloux. Adresse : 215, av Georges Clémenceau, 92024 Nanterre Cedex.
	23/07/2003	Bodacc A	Autres jugements et ordonnances
Date: 1 e r juillet 2003. Jugement d' ouverture d'une procédure de redressement judiciaire régime général Numéro: 2003J00607. RCS Nanterre B 552075749 RC 80-B 1223 ETABLISSEMENTS CAILLAU. Forme : S.A. à directoire et conseil de surveillance. Activité : fabrication de mécanique en général et plus spécialement les accessoires autos, colliers de serrage, attache fils, agent commercial. Adresse : 28, rue Ernest Renan, 92130 Issy-les-Moulineaux. Date de cessation des paiements : 30 juin 2003 Administrateur judiciaire: S. C.P. Bachelier-Bourbouloux mission conduite par Me Bourbouloux (Hélène). Adresse : 215, avenue Georges Clemenceau, 92024 Nanterre-Cedex Mission: assister la société débitrice dans tous les actes de gestion et de disposition Représentant des créanciers: M e Legras de Grandcourt Patrick. Adresse : 57/63, rue Ernest Renan, 92000 Nanterre Les déclarations de créances sont à déposer dans un délai de deux mois suivant la présente publication auprès du représentant des créanciers Le représentant des créanciers devra déposer la liste des créances dans les 12 mois à compter du terme du délai de déclaration des créances.
	16/02/2003	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 552075749 RC 80-B 1223 ETABLISSEMENTS CAILLAU. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l'administration. Administration : modification du président du conseil de surveillance : DAUVE (Liliane). Modification d'un vice-président du conseil de surveillance : BELMON ( Françoise). Président du conseil de surveillance partant : BERNEDE (Rémy). Nomination d'un membre du conseil de surveillance : DAUVE (Norbert).
	08/01/2002	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 552075749 RC 80-B 1223 ETABLISSEMENTS CAILLAU. Forme : S.A. à directoire et conseil de surveillance. Capital : 1 696 000 euros. Commentaires : modification survenue sur le capital ( augmentation).
	11/04/2001	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 552075749 RC 80-B 1223 ETABLISSEMENTS CAILLAU. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : DUDON (Daniel). Nomination du commissaire aux comptes titulaire : S.A. AMYOT EXCO. Commissaire aux comptes suppléant partant : STE INSTITUT DE GESTION ET D'EXPERTISE COMPTABLE. Nomination des commissaires aux comptes suppléants : DUDON (Daniel) HENGOAT ( Gilles).
	14/11/1995	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 552 075 749 RC 80-B 1223 ETABLISSEMENTS CAILLAU. Forme : S.A. à directoire. Administration : président du directoire : BERNEDE (Nicole). Directeur général et membre du directoire : CAILLAU (Michel). Président du conseil de surveillance : BERNEDE (Rémy). Vice-président et membre du conseil de surveillance : DAUVE (Liliane). Membre du conseil de surveillance : BELMON (Françoise). Commissaires aux comptes titulaires : DUDON (Daniel) LABORIAUX (Yves). Commissaires aux comptes suppléants : STE INSTITUT DE GESTION ET D'EXPERTISE COMPTABLE CHALONS (Jacques). Commentaires : modification survenue sur l'administration.

Company events history

Date	Description
31/07/2015	Bodacc B: Various editing or changing
23/07/2015	Amendment
23/07/2015	Updated articles of association
23/07/2015	New chairman (CEO, CoB)
23/07/2015	New auditor
23/07/2015	Legal Gazette: Resignation / Revocation of the social representative
09/07/2015	Legal Gazette: Appointment of the social representative
20/05/2015	Update Rating
20/05/2015	Update Limit
20/05/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
18/05/2015	Bodacc C : Deposit accounts notice
31/12/2014	New accounts available
06/09/2014	Update Rating
06/09/2014	Update Limit
31/07/2014	Bodacc C : Deposit accounts notice
25/07/2014	Update Limit
25/07/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2013	New accounts available
01/11/2013	New subsidiarie(s) detected
01/11/2013	New ultimate parent
01/11/2013	New parent detected
18/08/2013	Bodacc C : Deposit accounts notice
13/08/2013	Update Limit
13/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/03/2013	Bodacc B: Various editing or changing
22/03/2013	Minutes of general meeting of shareholders
22/03/2013	Changes to the Board of Directors
28/02/2013	Legal Gazette: Resignation / Revocation of the social representative
31/12/2012	New accounts available
21/07/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
20/07/2012	Bodacc C : Deposit accounts notice
31/12/2011	New accounts available
26/07/2011	Bodacc C : Deposit accounts notice
16/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
18/01/2011	Preferential right lapsed
10/01/2011	New Filling of Social Security preferential right
10/01/2011	Unfiling of a Social Security preferential right
31/12/2010	New accounts available
19/08/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
25/07/2009	Bodacc C : Deposit accounts notice
24/04/2009	Preferential right lapsed
15/04/2009	New Filling of Social Security preferential right
15/04/2009	Unfiling of a Social Security preferential right
31/12/2008	New accounts available
12/12/2008	New collective procedure
12/12/2008	New Bodacc A ads detected
22/10/2008	A Tax Office Preferential right lapsed
12/08/2008	Bodacc C : Deposit accounts notice
28/07/2008	Preferential right lapsed
11/07/2008	New Bodacc A ads detected
11/07/2008	New collective procedure
23/06/2008	Filling of Tax Office Preferential Right
23/06/2008	Collection of preferential rights activated for this company
22/02/2008	Preferential right lapsed
31/12/2007	New accounts available
23/04/2007	Minutes of general meeting of shareholders
23/04/2007	Updated articles of association
23/04/2007	Appointment/resignation of company officers
23/04/2007	Audit or Management Report
23/04/2007	Audit or Management Report
23/04/2007	Minutes of general meeting of shareholders
23/04/2007	New legal form – new category
23/04/2007	New legal form – no new category
23/04/2007	Private document
23/04/2007	Updated articles of association
23/03/2007	Other modification of Establishment (error correction)
23/03/2007	Update of Company Legal Form
29/01/2007	Amendment
29/01/2007	Amendment
29/01/2007	Appointment/resignation of company officers
29/01/2007	Appointment/resignation of company officers
29/01/2007	Audit or Management Report
29/01/2007	Audit or Management Report
29/01/2007	Minutes of general meeting of shareholders
29/01/2007	Minutes of general meeting of shareholders
29/01/2007	Private document
29/01/2007	Updated articles of association
29/01/2007	Updated articles of association
31/12/2006	New accounts available
29/06/2006	New auditor
29/06/2006	Private document
29/06/2006	Amendment
29/06/2006	Minutes of general meeting of shareholders
29/06/2006	Minutes of general meeting of shareholders
31/12/2005	New accounts available
24/11/2005	Amendment
23/11/2005	Correction of a material error
23/11/2005	Minutes of general meeting of shareholders
23/11/2005	Private document
27/07/2005	Amendment
27/07/2005	Appointment/resignation of company officers
27/07/2005	Minutes of general meeting of shareholders
27/07/2005	Private document
06/07/2005	Appointment/resignation of company officers
06/07/2005	Amendment
06/07/2005	Capital increase
06/07/2005	New auditor
06/07/2005	Private document
06/07/2005	Reconstitution of net assets
06/07/2005	Minutes of general meeting of shareholders
02/05/2005	New Filling of Tax Office preferential right
02/05/2005	Unfiling of a Tax Office preferential right
31/12/2004	New accounts available
05/11/2004	Updated articles of association
05/11/2004	Private document
05/11/2004	New chairman (CEO, CoB)
05/11/2004	Fund deposit certificate
05/11/2004	Capital reduction
05/11/2004	Capital increase
05/11/2004	Appointment/resignation of company officers
05/11/2004	Amendment
05/11/2004	Minutes of general meeting of shareholders
22/10/2004	New Filling of Tax Office preferential right
08/07/2004	New collective procedure
21/06/2004	Application and court order
21/06/2004	Extension of term
31/12/2003	New accounts available
23/07/2003	New collective procedure
03/02/2003	Private document
03/02/2003	Minutes of general meeting of shareholders
03/02/2003	Changes to the Board of Directors
03/02/2003	Appointment/resignation of company officers
26/12/2001	Amendment
26/12/2001	Capital increase
26/12/2001	Conversion of equity to euro
26/12/2001	Office copy
26/12/2001	Updated articles of association
26/12/2001	Minutes of general meeting of shareholders
27/03/2001	New auditor
27/03/2001	Minutes of general meeting of shareholders
27/03/2001	Appointment/resignation of company officers
27/03/2001	Private document
16/01/2001	Sale of shares
16/01/2001	Office copy
16/01/2001	Amendment
20/10/1995	Minutes of Board meeting
20/10/1995	Changes to the Board of Directors
20/10/1995	Appointment/resignation of company officers
20/10/1995	Amendment
20/10/1995	New chairman (CEO, CoB)
20/10/1995	Minutes of general meeting of shareholders
06/07/1994	New legal form – no new category
06/07/1994	Minutes of general meeting of shareholders
06/07/1994	Minutes of Board meeting
06/07/1994	Appointment/resignation of company officers
06/07/1994	Amendment
06/07/1994	Updated articles of association
02/06/1994	Amendment

Synthesized Accounts

Annual Accounts

	31/12/2014	31/12/2013	31/12/2012
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	19/05/2015	24/07/2014	10/08/2013
Activity Code	2599B	2599B	2599B
Employees	394	404	347

Active account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	12,275,871	3.9 %	11,819,102	2.7 %	11,508,734	93,825	12983.8 %
Intangible assets	506,243	37.3 %	368,640	-42.5 %	641,440	4,225	11882.1 %
Tangible assets	10,399,271	3.9 %	10,007,765	2.3 %	9,783,029	58,132	17789.1 %
Financial assets	1,370,357	-5.0 %	1,442,697	33.1 %	1,084,265	3,800	35962.0 %
Net current assets	32,841,156	15.2 %	28,502,451	10.7 %	25,744,214	499,717	6472.0 %
Stocks	12,542,105	20.3 %	10,428,699	1.0 %	10,323,631	94,130	13224.2 %
Advanced payments	105,114	28.3 %	81,906	171.6 %	30,154	0	0%
Receivables	18,466,752	6.5 %	17,332,793	15.5 %	15,013,103	240,356	7583.1 %
Securities and cash	1,727,184	162.1 %	659,052	74.7 %	377,326	70,998	2332.7 %
Prepaid expenses	-	-	-	-	-	740	-
Accounts of regularization	0	0%	527	-96.6 %	15,423	0	0%
Total Assets	45,117,027	11.9 %	40,322,081	8.2 %	37,268,370	653,711	6801.7 %

Passive Account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Shareholders' equity	29,585,179	17.6 %	25,155,439	12.3 %	22,404,929	247,676	11845.1 %
Share capital	3,750,000	0%	3,750,000	0%	3,750,000	40,000	9275.0 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	175,588	3.6 %	169,405	3.3 %	163,926	0	0%
Liabilities	15,353,495	2.4 %	14,997,236	2.0 %	14,699,515	319,568	4704.5 %
Financial liabilities	1,341,307	-61.6 %	3,495,340	-16.7 %	4,197,641	55,545	2314.8 %
Advanced payments received	14,795	-85.1 %	99,242	-10.1 %	110,395	0	0%
Trade account payables	5,991,875	14.3 %	5,240,499	5.6 %	4,963,995	109,590	5367.5 %
Tax and social liabilities	5,800,998	41.0 %	4,113,849	44.4 %	2,849,099	104,859	5432.2 %
Other debts and fixed assets liabilities	1,924,917	-4.0 %	2,005,307	-20.4 %	2,517,685	6,213	30882.1 %
Account regularization	282,367	556.7 %	43,000	-29.2 %	60,700	0	0%
Total liabilities	45,117,027	11.9 %	40,322,081	8.2 %	37,268,371	653,711	6801.7 %

Results

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sales of Goods	63,892,447	20.1 %	53,204,171	5.2 %	50,561,802	1,036,921	6061.7 %
Net turnover	61,296,128	18.4 %	51,753,029	5.4 %	49,093,484	1,023,249	5890.3 %
of which net export turnover	43,943,105	20.9 %	36,345,927	7.8 %	33,726,209	0	0%
Operating charges	58,155,682	14.7 %	50,687,354	5.7 %	47,941,021	1,001,156	5708.9 %
Operating profit/loss	5,736,765	127.9 %	2,516,817	-4.0 %	2,620,781	27,802	20534.4 %
Financial income	33,605	-89.3 %	314,585	-4.3 %	328,864	205	16292.7 %
Financial charges	98,606	-47.1 %	186,374	-46.8 %	350,606	2,234	4313.9 %
Financial profit/loss	-65,001	-150.7 %	128,211	689.7 %	-21,742	-524	-12304.8 %
Pretax net operating income	5,671,764	114.4 %	2,645,028	1.8 %	2,599,039	25,988	21724.5 %
Extraordinary income	1,133,964	13.7 %	997,597	-36.1 %	1,562,303	1,322	85676.4 %
Extraordinary charges	1,413,921	-41.7 %	2,425,218	7.7 %	2,251,789	845	167227.9 %
Extraordinary profit/loss	-279,957	80.4 %	-1,427,621	-107.1 %	-689,486	0	0%
Net result	5,385,179	95.8 %	2,750,510	-0.8 %	2,773,929	26,451	20259.1 %

Accounts – Active

Normal Account

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

Grand Total - Active Accounts (I to VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Grand Total (I to VI)	Net	45,117,027	11.9 %	40,322,081	8.2 %	37,268,370
Gross	CO	84,163,392	8.2 %	77,760,968	6.9 %	72,711,058
Amortisation	1A	39,046,365	4.3 %	37,438,887	5.6 %	35,442,688

Non declared distributed capital (I)

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

Active fixed asset (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Active fixed asset (II)	Net	12,275,871	3.9 %	11,819,102	2.7 %	11,508,734
Gross	BJ	49,298,419	4.4 %	47,219,555	4.5 %	45,175,892
Amortisation	BK	37,022,546	4.6 %	35,400,453	5.1 %	33,667,158

Intangible fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Start-up cost	Net	0	0%	0	0%	0
Gross	AB	0	0%	0	0%	0
Amortisation	AC	0	0%	0	0%	0
R&D expenses	Net	0	0%	0	0%	0
Gross	CX	0	0%	0	0%	0
Amortisation	CQ	0	0%	0	0%	0
Distributorships, patents	Net	506,243	37.3 %	368,640	-42.5 %	641,440
Gross	AF	2,055,822	13.7 %	1,807,885	-5.5 %	1,913,989
Amortisation	AG	1,549,579	7.7 %	1,439,245	13.1 %	1,272,549
Goodwill	Net	0	0%	0	0%	0
Gross	AH	0	0%	0	0%	0
Amortisation	AI	0	0%	0	0%	0
Other intangible fixed assets	Net	0	0%	0	0%	0
Gross	AJ	0	0%	0	0%	0
Amortisation	AK	0	0%	0	0%	0
Pre-payments and downpayments	Net	0	0%	0	0%	0
Gross	AL	0	0%	0	0%	0
Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible asset	Net	506,243	37.3 %	368,640	-42.5 %	641,440

Tangilble fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Lands	Net	32,402	-22.3 %	41,677	-18.2 %	50,954
Gross	AN	92,758	0%	92,758	0%	92,758
Amortisation	AO	60,356	18.2 %	51,080	22.2 %	41,804
Buildings	Net	214,043	18.2 %	181,059	255.9 %	50,877
Gross	AP	860,797	6.5 %	808,273	20.4 %	671,438
Amortisation	AQ	646,754	3.1 %	627,214	1.1 %	620,561
Plant	Net	7,406,562	0.1 %	7,401,525	-4.5 %	7,753,864
Gross	AR	38,746,272	3.4 %	37,476,330	3.4 %	36,238,506
Amortisation	AS	31,339,710	4.2 %	30,074,805	5.6 %	28,484,642
Other tangible fixed assets	Net	763,587	21.1 %	630,565	25.0 %	504,624
Gross	AT	4,189,736	9.1 %	3,838,673	2.3 %	3,752,226
Amortisation	AU	3,426,149	6.8 %	3,208,109	-1.2 %	3,247,602
Fixed assets in construction	Net	1,785,975	4.6 %	1,707,818	28.4 %	1,329,581
Gross	AV	1,785,975	4.6 %	1,707,818	28.4 %	1,329,581
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	196,702	335.9 %	45,121	-51.6 %	93,129
Gross	AX	196,702	335.9 %	45,121	-51.6 %	93,129
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	10,399,271	3.9 %	10,007,765	2.3 %	9,783,029

Financial assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	464,665	0%	464,665	0%	464,665
Gross	CU	464,665	0%	464,665	0%	464,665
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	124,950	-58.4 %	300,000	0%	0
Gross	BB	124,950	-58.4 %	300,000	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	608,182	11.2 %	547,056	10.8 %	493,914
Gross	BF	608,182	11.2 %	547,056	10.8 %	493,914
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	172,560	31.7 %	130,976	4.2 %	125,686
Gross	BH	172,560	31.7 %	130,976	4.2 %	125,686
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	1,370,357	-5.0 %	1,442,697	33.1 %	1,084,265

Current Assets (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Current Assets	Net	32,841,156	15.2 %	28,502,451	10.7 %	25,744,214
Gross	CJ	34,864,973	14.2 %	30,540,886	11.0 %	27,519,743
Amortisation	CK	2,023,817	-0.7 %	2,038,434	14.8 %	1,775,529

Stocks

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Raw materials	Net	3,604,682	23.2 %	2,925,180	-0.9 %	2,951,945
Gross	BL	4,020,497	20.7 %	3,329,698	-0.3 %	3,338,858
Amortisation	BM	415,815	2.8 %	404,518	4.6 %	386,913
Work in progress (goods)	Net	206,680	19.7 %	172,681	-11.9 %	196,044
Gross	BN	206,680	19.7 %	172,681	-11.9 %	196,044
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	8,644,527	18.7 %	7,282,024	2.2 %	7,122,085
Gross	BR	9,921,167	14.6 %	8,660,645	3.3 %	8,380,109
Amortisation	BS	1,276,640	-7.4 %	1,378,621	9.6 %	1,258,024
Goods for resale	Net	86,216	76.6 %	48,814	-8.9 %	53,557
Gross	BT	270,821	236.4 %	80,496	-2.5 %	82,583
Amortisation	BU	184,605	482.7 %	31,682	9.2 %	29,026
Sub Total Stocks	Net	12,542,105	20.3 %	10,428,699	1.0 %	10,323,631

Advance payments to suppliers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Advance payments to suppliers	Net	105,114	28.3 %	81,906	171.6 %	30,154
Gross	BV	105,114	28.3 %	81,906	171.6 %	30,154
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Trade accounts receivable	Net	12,422,920	17.0 %	10,619,937	5.6 %	10,052,068
Gross	BX	12,569,677	15.9 %	10,843,551	6.8 %	10,153,634
Amortisation	BY	146,758	-34.4 %	223,613	120.2 %	101,566
Other debtors	Net	5,499,298	-9.2 %	6,059,601	39.3 %	4,350,119
Gross	BZ	5,499,296	-9.2 %	6,059,601	39.3 %	4,350,119
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	17,922,218	7.5 %	16,679,538	15.8 %	14,402,187

Divers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	1,727,184	162.1 %	659,052	74.7 %	377,326
Gross	CF	1,727,184	162.1 %	659,052	74.7 %	377,326
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	1,727,184	162.1 %	659,052	74.7 %	377,326

Prepaid expenses

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid expenses	Net	544,534	-16.6 %	653,255	6.9 %	610,916
Gross	CH	544,534	-16.6 %	653,255	6.9 %	610,916
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Expenses of loan issue to be spread	CW3	0	0%	0	0%	12,250
Gross		0	0%	0	0%	12,250
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	527	-83.4 %	3,173
Gross		0	0%	527	-83.4 %	3,173

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Due within one year	CP	133,726	-55.4 %	300,000	0%	0
Due after one year	CR	3,743,087	4.3 %	3,589,021	0%	0

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Grand Total (I to V)	EE	45,117,027	11.9 %	40,322,081	8.2 %	37,268,371

Shareholder Equity (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total shareholders' equity (Total I)	DL	29,585,179	17.6 %	25,155,439	12.3 %	22,404,929
Equity and shareholders' equity	DA	3,750,000	0%	3,750,000	0%	3,750,000
Issue and merger premiums	DB	0	0%	0	0%	0
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	375,000	0%	375,000	0%	375,000
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	20,075,000	9.8 %	18,279,929	17.9 %	15,506,000
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	5,385,179	95.8 %	2,750,510	-0.8 %	2,773,929
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

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

Provisions for risks and charges (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total provisions for risks and charges (Total III)	DR	175,588	3.6 %	169,405	3.3 %	163,926
Risk provisions	DP	0	0%	15,527	151.5 %	6,173
Reserves for charges	DQ	175,588	14.1 %	153,878	-2.5 %	157,753

Liabilities (IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Liabilities (Total IV)	EC	15,353,495	2.4 %	14,997,236	2.0 %	14,699,515
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	1,287,307	-61.8 %	3,369,340	-15.8 %	3,999,641
Sundry loans and financial liabilities	DV	54,000	-57.1 %	126,000	-36.4 %	198,000
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	14,795	-85.1 %	99,242	-10.1 %	110,395
Trade accounts payables	DX	5,991,875	14.3 %	5,240,499	5.6 %	4,963,995
Tax and social security liabilities	DY	5,800,998	41.0 %	4,113,849	44.4 %	2,849,099
Fixed asset liabilities	DZ	198,105	339.1 %	45,121	-51.6 %	93,129
Other debts	EA	1,724,047	-12.0 %	1,960,186	-19.2 %	2,424,556

Translation loss (V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Translation loss (Total V)	ED	2,765	0%	0	0%	0

Equalization accounts

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Deferred income	EB	282,367	556.7 %	43,000	-29.2 %	60,700

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	14,928,495	9.2 %	13,668,236	13.3 %	12,065,035
Of which current bank facilities	EH	6,780	-99.3 %	996,073	232.7 %	299,429

Result account

1 - Operating result (I-II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating result (Total I-II)	GG	5,736,765	127.9 %	2,516,817	-4.0 %	2,620,781

2 - Financial result (V-VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Financial result (Total V-VI)	GV	-65,001	-150.7 %	128,211	689.7 %	-21,742

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	5,671,764	114.4 %	2,645,028	1.8 %	2,599,039

4 - Extraordinary result (VII-VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Extraordinary result (Total VII-VIII)	HI	-279,957	80.4 %	-1,427,621	-107.1 %	-689,486

Profit or loss

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Profit or loss	HN	5,385,179	95.8 %	2,750,510	-0.8 %	2,773,929

Total Income (I+III+V+VII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Income (Total I+III+V+VII)	HL	65,060,017	19.3 %	54,516,353	3.9 %	52,452,969

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	59,674,838	15.3 %	51,765,843	4.2 %	49,679,039

Operating income (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating income (Total I)	FR	63,892,447	20.1 %	53,204,171	5.2 %	50,561,802

Operating income (details)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Sale of goods for resale	FC	298,285	-7.0 %	320,760	-44.7 %	580,519
France	FA	30,796	27.5 %	24,147	-34.6 %	36,921
Export	FB	267,489	-9.8 %	296,612	-45.4 %	543,598
Sale of goods produced	FF	60,770,804	18.7 %	51,193,553	5.6 %	48,472,657
France	FD	17,263,503	13.6 %	15,196,241	-0.7 %	15,306,643
Export	FE	43,507,301	20.9 %	35,997,312	8.5 %	33,166,014
Sale of services	FI	227,039	-4.9 %	238,716	492.2 %	40,308
France	FG	58,724	-68.5 %	186,713	687.5 %	23,711
Export	FH	168,315	223.7 %	52,003	213.3 %	16,597
Net turnover	FL	61,296,128	18.4 %	51,753,029	5.4 %	49,093,484
France	FJ	17,353,023	12.6 %	15,407,102	0.3 %	15,367,275
Export	FK	43,943,105	20.9 %	36,345,927	7.8 %	33,726,209
Stocked production	FM	1,294,521	403.4 %	257,173	12.0 %	229,653
Self-constructed assets	FN	891,374	6.1 %	840,175	4.5 %	803,750
Operating grants	FO	29,243	-33.0 %	43,631	-42.2 %	75,473
Release of reserves and provisions	FP	311,509	24.0 %	251,174	-12.0 %	285,470
Other income	FQ	69,671	18.1 %	58,988	-20.3 %	73,972

Operating charges (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating charges (Total II)	GF	58,155,682	14.7 %	50,687,354	5.7 %	47,941,021

Exploitation charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Purchase of goods for resale	FS	139,008	-11.8 %	157,681	-51.3 %	323,736
Change in stocks of goods for resale	FT	19,513	835.0 %	2,087	106.4 %	-32,835
Purchase of raw materials	FU	22,659,021	24.0 %	18,269,111	5.8 %	17,266,660
Change in stocks of raw materials	FV	-690,799	-7641.5 %	9,160	-89.9 %	90,476
Other external purchases and charges	FW	10,790,739	12.2 %	9,615,392	-4.3 %	10,045,186
Tax, duty and similar payments	FX	1,257,778	9.2 %	1,152,221	11.9 %	1,029,498
Payroll	FY	14,632,167	14.0 %	12,833,030	13.6 %	11,300,286
Social security costs	FZ	6,463,267	12.1 %	5,763,660	7.6 %	5,355,229

Depreciation

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Depreciation of fixed assets	GA	2,474,289	1.4 %	2,439,270	4.5 %	2,334,438
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	282,337	-19.5 %	350,852	67.0 %	210,070
Provisions for risks and charges	GD	35,339	0%	0	0%	0

Other charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Other charges	GE	93,024	-2.0 %	94,889	419.2 %	18,277

Operating charges (III-IV)

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

Financial income (V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial income (Total V)	GP	33,605	-89.3 %	314,585	-4.3 %	328,864
Share financial income	GJ	0	0%	300,000	-2.3 %	306,957
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	9,197	2925.3 %	304	-18.3 %	372
Released provisions and transferred charges	GM	527	-83.4 %	3,173	0%	0
Exchange gains	GN	23,881	115.0 %	11,108	-48.4 %	21,535
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial charge (VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial charge (Total VI)	GU	98,606	-47.1 %	186,374	-46.8 %	350,606
Financial reserves and provisions	GQ	0	0%	527	-83.4 %	3,173
Interest and similar charges	GR	92,346	-44.6 %	166,826	-49.2 %	328,631
Exchange losses	GS	6,260	-67.1 %	19,020	1.2 %	18,802
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary income (Total VII)	HD	1,133,964	13.7 %	997,597	-36.1 %	1,562,303
Extraordinary operating income	HA	20,603	-94.0 %	343,808	115.0 %	159,908
Extraordinary income from capital transactions	HB	1,095,336	86.2 %	588,390	-58.0 %	1,402,395
Released provisions and transferred charges	HC	18,025	-72.4 %	65,399	0%	0

Extraordinary charges (VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary charges (Total VIII)	HH	1,413,921	-41.7 %	2,425,218	7.7 %	2,251,789
Extraordinary operating charges	HE	286,258	-79.8 %	1,415,675	73.0 %	818,143
Extraordinary charges from capital transactions	HF	1,127,664	13.0 %	997,543	-30.4 %	1,433,646
Extraordinary reserves and provisions	HG	0	0%	12,000	0%	0

Employee profit sharing (IX)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Employee profit sharing (Total IX)	HJ	451,636	0%	0	0%	19,017

Tax on profits (X)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Tax on profits (Total X)	HK	-445,008	71.0 %	-1,533,103	-73.5 %	-883,394

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Of which equipment leases	HP	403,984	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	927	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	0	0%	0	0%	0

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	OG	0	0%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	69,036	0%	0	0%	0
Decreasess by transfers	OK2	6,117,826	0%	0	0%	0
Gross value at the end of period	OL	49,298,419	0%	0	0%	0

Research and development Charge (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	CZ	0	0%	0	0%	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)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	KD	1,807,886	0%	0	0%	0
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	311,718	0%	0	0%	0
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	63,782	0%	0	0%	0
Gross value at the end of period	LW	2,055,822	0%	0	0%	0

Tangible fixed assets (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LN	43,968,973	0%	0	0%	0
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	7,851,298	0%	0	0%	0
Decreasess by budget item transfer	NG1	69,036	0%	0	0%	0
Decreasess by transfers	NG2	5,878,994	0%	0	0%	0
Gross value at the end of period	NH	45,872,240	0%	0	0%	0

Financial assets (Total IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LQ	1,442,698	0%	0	0%	0
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	102,710	0%	0	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	175,050	0%	0	0%	0
Gross value at the end of period	NK	1,370,358	0%	0	0%	0

Reserve for depreciation

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

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

Research and development charge (Total I)

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

Other intangible assets (Total II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	PE	1,439,245	13.1 %	1,272,549	3.8 %	1,226,322
Increases	PF	168,145	0.9 %	166,696	3.5 %	161,102
Decreasess	PG	57,811	0%	0	0%	114,875
Decreasess by budget item transfer	PH	1,549,579	7.7 %	1,439,245	13.1 %	1,272,549

Total fixed assets amotisation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	QU	33,961,208	4.8 %	32,394,610	6.0 %	30,570,787
Increases	QV	2,372,299	5.0 %	2,260,324	4.0 %	2,173,335
Decreases	QW	860,538	24.0 %	693,727	98.5 %	349,513
Decreasess by budget item transfer	QX	35,472,969	4.5 %	33,961,207	4.8 %	32,394,609

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

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

Premium refund of obligations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Net value at begin of period	SP1	0	0%	0	0%	0
Increases	SP2	0	0%	0	0%	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)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	7C	2,207,839	13.8 %	1,939,455	0%	0
Increases	UB	317,676	-12.6 %	363,379	0%	0
Decreases	UC	326,110	243.3 %	94,995	0%	0
Value at the end of period	UD	2,199,405	-0.4 %	2,207,839	0%	0

Includes Total allocations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UE	317,676	-9.5 %	350,852	0%	0
Financial	UG	0	0%	527	0%	0
Exceptional	UJ	0	0%	12,000	0%	0

Includes Total Withdrawal

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UF	310,583	238.2 %	91,822	0%	0
Financial	UH	527	-83.4 %	3,173	0%	0
Exceptional	UK	15,000	0%	0	0%	0

Total regulated provisions (Total I)

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

Total risk and charge provisions (Total II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	5Z	169,405	3.3 %	163,926	0%	0
Increases	TV	35,339	182.1 %	12,527	0%	0
Decreases	TW	29,156	313.7 %	7,048	0%	0
Value at the end of period	TX	175,588	3.6 %	169,405	0%	0

Total Provision for depreciation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	7B	2,038,434	14.8 %	1,775,529	0%	0
Increases	TY	282,337	-19.5 %	350,852	0%	0
Decreases	TZ	296,954	237.7 %	87,947	0%	0
Value at the end of period	UA	2,023,817	-0.7 %	2,038,434	0%	0

State deadlines claims and debts at the end of period

State claims

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value	VT	19,519,202	5.3 %	18,534,440	17.8 %	15,734,269
1 year at most	VU	15,004,148	4.2 %	14,398,363	13.5 %	12,688,101
More than one year	VV	4,515,054	9.2 %	4,136,077	35.8 %	3,046,168

State of loans

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Claims related to holdings (gross)	UL	124,950	-58.4 %	300,000	0%	0
Claims related to shareholdings (1 year at most)	UM	124,950	-58.4 %	300,000	0%	0
Loans (gross)	UP	608,182	11.2 %	547,056	10.8 %	493,914
Loans (1 year at most)	UR	0	0%	0	0%	1,350
Other financial assets (gross)	UT	172,560	31.7 %	130,976	4.2 %	125,686
Other financial assets (1 year at most)	UV	8,776	-93.3 %	130,976	4.2 %	125,686

Receivables statement of assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Customers doubtful or disputed	VA	34,601	-12.9 %	39,742	-7.0 %	42,743
Other claims customer	UX	12,535,076	16.0 %	10,803,809	6.9 %	10,110,890
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	44,802	-18.3 %	54,810	0.1 %	54,749
Social Security and other social organizations	UZ	5,914	-94.8 %	114,512	-47.7 %	219,064
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	709,983	16.9 %	607,291	-4.1 %	633,402
Other taxes and payments assimilated	VN	7,461	0%	0	0%	0
State and other public - Miscellaneous	VP	37,200	-31.2 %	54,096	-4.1 %	56,400
Group and Associates	VC	4,398,172	-5.6 %	4,658,840	38.8 %	3,355,699
Accounts receivable (including claims relating to the operation of pension titles)	VR	295,766	-48.1 %	570,054	1750.5 %	30,805

Prepaid

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid	VS	544,534	-16.6 %	653,255	6.9 %	610,916

State Debt

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total debt (gross)	VY	15,338,700	3.0 %	14,897,994	2.1 %	14,589,121
1 year at most	VZ2	14,913,700	9.9 %	13,568,994	13.5 %	11,954,640
More than 1 year and 5 years at most	VZ3	425,000	-68.0 %	1,329,000	-49.6 %	2,634,481
More than 5 years	VZ4	0	0%	0	0%	0

Details

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most	7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Y3	0	0%	0	0%	0
Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most	7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Z3	0	0%	0	0%	0
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	6,780	-99.3 %	996,073	232.7 %	299,429
1 year at most	VG2	6,780	-99.3 %	996,073	232.7 %	299,429
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	1,280,527	-46.0 %	2,373,267	-35.9 %	3,700,213
1 year at most	VH2	855,527	-22.1 %	1,098,267	-18.1 %	1,341,732
More than 1 year and 5 years at most	VH3	425,000	-66.7 %	1,275,000	-45.9 %	2,358,481
Loans and various financial liabilities (gross)	8A1	54,000	-57.1 %	126,000	-36.4 %	198,000
1 year at most	8A2	54,000	-25.0 %	72,000	0%	72,000
More than 1 year and 5 years at most	8A3	0	0%	54,000	-57.1 %	126,000
Suppliers and associated accounts (gross)	8B1	5,991,875	14.3 %	5,240,499	5.6 %	4,963,995
1 year at most	8B2	5,991,875	14.3 %	5,240,499	5.6 %	4,963,995
More than 1 year and 5 years at most	8B3	5,991,875	14.3 %	5,240,499	5.6 %	4,963,995
Personnel and associated accounts (gross)	8C1	3,134,561	51.1 %	2,074,324	55.7 %	1,331,843
1 year at most	8C2	3,134,561	51.1 %	2,074,324	55.7 %	1,331,843
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	2,180,424	30.8 %	1,667,446	41.0 %	1,182,232
1 year at most	8D2	2,180,424	30.8 %	1,667,446	41.0 %	1,182,232
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	6,841	6.6 %	6,416	-68.5 %	20,361
1 year at most	VW2	6,841	6.6 %	6,416	-68.5 %	20,361
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	479,172	31.0 %	365,662	16.2 %	314,664
1 year at most	VQ2	479,172	31.0 %	365,662	16.2 %	314,664
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	198,105	339.1 %	45,121	-51.6 %	93,129
1 year at most	8J2	198,105	339.1 %	45,121	-51.6 %	93,129
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	0	0%	1,575,829	-24.2 %	2,078,976
1 year at most	VI2	0	0%	1,575,829	-18.3 %	1,928,976
More than 1 year and 5 years at most	VI3	0	0%	0	0%	150,000
More than 5 years	V14	0	0%	0	0%	0
Other liabilities (gross)	8K1	1,724,048	348.6 %	384,357	11.2 %	345,581
1 year at most	8K2	1,724,048	348.6 %	384,357	11.2 %	345,581
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	282,367	556.7 %	43,000	-29.2 %	60,700
1 year at most	8L2	282,367	556.7 %	43,000	-29.2 %	60,700
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	1,155,481	0%	0	0%	0

Table allocation results and other information

Dividends distributed

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

Commitments

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

Other charges Externes

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Subcontracting	YT	0	0%	0	0%	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

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

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Average number of employees	YP	394	-2.5 %	404	16.4 %	347

Groups and Shareholders

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

Ratios

Structure and Liquidity

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Fixed Asset Financing	1.38	3.0 %	1.34	0.8 %	1.33	1.72	-19.8 %
Global Debt	90 days	-13.5 %	104 days	-3.7 %	108 days	109 days	-17.4 %
Working Capital Fund overall net	111 days	0%	111 days	0.9 %	110 days	86 days	29.1 %
Financial independence	2,205.70 %	206.5 %	719.69 %	34.8 %	533.75 %	279.08 %	690.3 %
Solvability	65.57 %	5.1 %	62.39 %	3.8 %	60.12 %	47.10 %	39.2 %
Capacity debt futures	3,430.93 %	185.6 %	1,201.12 %	-12.0 %	1,365.19 %	2,259.03 %	51.9 %
Coverage of current assets by net working capital overall	54.83 %	2.4 %	53.55 %	-3.7 %	55.59 %	50.93 %	7.7 %
General Liquidity	1.01	-4.7 %	1.06	0%	1.06	0.80	26.3 %
Restricted Liquidity	1.12	0.9 %	1.11	1.8 %	1.09	1.26	-11.1 %

Management or rotation

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Need background in operating working capital	99 days	-9.2 %	109 days	3.8 %	105 days	42 days	138.6 %
Treasury	10 days	600.0 %	-2 days	-300.0 %	1 days	13 days	-23.1 %
Inventory turnover of goods	615 days	239.8 %	181 days	77.5 %	102 days	53 days	1060.4 %
Average length of credit granted to customers	74 days	-1.3 %	75 days	1.4 %	74 days	65 days	13.8 %
Average length of credit obtained suppliers	66 days	-1.5 %	67 days	3.1 %	65 days	56 days	17.9 %
Inventory turnover of raw materials in industrial enterprises	63 days	-3.1 %	65 days	-3.0 %	67 days	68 days	-7.4 %
Inventory turnover of intermediate and finished products in the industrial enterprise	134 days	-	-	-	-	384 days	-65.1 %
Rotation tangible assets	133.62 %	-	-	-	-	388.71 %	-65.6 %

Profitability of the business

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Margin trading	0.23 %	-25.8 %	0.31 %	-47.5 %	0.59 %	0.00 %	0%
Profitability of the business	13.44 %	36.6 %	9.84 %	0.1 %	9.83 %	6.50 %	106.8 %
Net profit	8.79 %	65.5 %	5.31 %	-6.0 %	5.65 %	3.80 %	131.3 %
Growth rate of turnover (excluding VAT)	18.44 %	240.2 %	5.42 %	76.0 %	3.08 %	0.57 %	3135.1 %
Rates integration	49.86 %	4.1 %	47.91 %	4.8 %	45.70 %	39.48 %	26.3 %
Rate leasing furniture	0.66 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	69.02 %	-8.0 %	75.00 %	1.0 %	74.24 %	78.63 %	-12.2 %
Weight interests	0.16 %	-55.6 %	0.36 %	-49.3 %	0.71 %	0.20 %	-20.0 %

Return on capital

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Cash flow from the overall profitability	12.34 %	15.8 %	10.66 %	1.7 %	10.48 %	5.87 %	110.2 %
Rates of economic profitability	27.00 %	50.0 %	18.00 %	0%	18.00 %	17.00 %	58.8 %
Financial profitability	29,585,179.00 %	17.6 %	25,155,439.00 %	12.3 %	22,404,929.00 %	219,359.00 %	13387.1 %
Return on investment	17.73 %	73.0 %	10.25 %	-12.8 %	11.75 %	10.87 %	63.1 %

Management intermediate balances

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Turnover	61,296,128	18.4 %	51,753,029	5.4 %	49,093,484	1,023,249	5890.3 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sales of goods	298,285	-7.0 %	320,760	-44.7 %	580,519		-
- Purchase of goods	139,008	-11.8 %	157,681	-51.3 %	323,736		-
+/- Stock of goods variation	19,513	835.0 %	2,087	106.4 %	-32,835		-
Trading margin	139,764 €	-13.2 %	160,992 €	-44.4 %	289,618 €	0 €	0%
	0.23 % CA	-25.8 %	0.31 % CA	-47.5 %	0.59 % CA	0.00 % CA	0%

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sale of goods produced	60,997,843	18.6 %	51,432,269	6.0 %	48,512,965		-
+/- Stocked production	1,294,521	403.4 %	257,173	12.0 %	229,653		-
+ Self-constructed assets	891,374	6.1 %	840,175	4.5 %	803,750		-
Period production	63,183,738 €	20.3 %	52,529,617 €	6.0 %	49,546,368 €	789,872 €	7899.2 %
	103.08 % CA	1.6 %	101.50 % CA	0.6 %	100.92 % CA	99.63 % CA	3.5 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Trading margin	139,764	-13.2 %	160,992	-44.4 %	289,618	0	0%
+ Period Production	63,183,738	20.3 %	52,529,617	6.0 %	49,546,368	789,872	7899.2 %
- Purchase of raw materials	22,659,021	24.0 %	18,269,111	5.8 %	17,266,660		-
+/- Change in stocks of raw materiels	-690,799	-7641.5 %	9,160	-89.9 %	90,476		-
- Other external purchases and charges	10,790,739	12.2 %	9,615,392	-4.3 %	10,045,186		-
Added value	30,564,541 €	23.3 %	24,796,946 €	10.5 %	22,433,664 €	360,525 €	8377.8 %
	49.86 % CA	4.1 %	47.91 % CA	4.8 %	45.70 % CA	39.48 % CA	26.3 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Added value	30,564,541 €	23.3 %	24,796,946 €	10.5 %	22,433,664 €	360,525 €	8377.8 %
+ Operating grants	29,243	-33.0 %	43,631	-42.2 %	75,473		-
- Tax, duty and similar payments	1,257,778	9.2 %	1,152,221	11.9 %	1,029,498		-
- Personal charges	21,095,434	13.4 %	18,596,690	11.7 %	16,655,515		-
Gross operating surplus	8,240,572 €	61.8 %	5,091,666 €	5.5 %	4,824,124 €	44,752 €	18313.9 %
	13.44 % CA	36.6 %	9.84 % CA	0.1 %	9.83 % CA	6.50 % CA	106.8 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Gross operating surplus	8,240,572 €	61.8 %	5,091,666 €	5.5 %	4,824,124 €	44,752 €	18313.9 %
+ Release of reserves and provisions	311,509	24.0 %	251,174	-12.0 %	285,470		-
+ Other operating income	69,671	18.1 %	58,988	-20.3 %	73,972		-
- Depreciation/ Amortisation	2,791,965	0.1 %	2,790,122	9.7 %	2,544,508		-
- Other charges	93,024	-2.0 %	94,889	419.2 %	18,277		-
Operating result	5,736,763 €	127.9 %	2,516,817 €	-4.0 %	2,620,781 €	27,803 €	20533.6 %
	9.36 % CA	92.6 %	4.86 % CA	-9.0 %	5.34 % CA	4.17 % CA	124.5 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Operating result	5,736,763 €	127.9 %	2,516,817 €	-4.0 %	2,620,781 €	27,803 €	20533.6 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0		-
+ Financial income	33,605	-89.3 %	314,585	-4.3 %	328,864		-
- Financial charges	98,606	-47.1 %	186,374	-46.8 %	350,606		-
Pre-tax result	5,671,762 €	114.4 %	2,645,028 €	1.8 %	2,599,039 €	25,988 €	21724.5 %
	9.25 % CA	81.0 %	5.11 % CA	-3.4 %	5.29 % CA	4.06 % CA	127.8 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Extraordinary income	1,133,964	13.7 %	997,597	-36.1 %	1,562,303	1,322	85676.4 %
- Extraordinary charges	1,413,921	-41.7 %	2,425,218	7.7 %	2,251,789		-
Extraordinary result	-279,957 €	80.4 %	-1,427,621 €	-107.1 %	-689,486 €	0 €	0%
	-0.46 % CA	83.3 %	-2.76 % CA	-97.1 %	-1.40 % CA	0.00 % CA	0%

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Pre-tax result	5,671,762 €	114.4 %	2,645,028 €	1.8 %	2,599,039 €	25,988 €	21724.5 %
Extraordinary result	-279,957 €	80.4 %	-1,427,621 €	-107.1 %	-689,486 €	0 €	0%
- Employee profit sharing	451,636	0%	0	0%	19,017		-
- Tax on profits	-445,008	71.0 %	-1,533,103	-73.5 %	-883,394		-
Net result	5,385,177 €	95.8 %	2,750,510 €	-0.8 %	2,773,930 €	26,450 €	20259.8 %
	8.79 % CA	65.5 %	5.31 % CA	-6.0 %	5.65 % CA	3.75 % CA	134.4 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.79
UK Pound	1	Rs.101.37
Euro	1	Rs.73.46
EUR	1	Rs.73.46

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

INFORMATION DETAILS

Analysis Done by :	HNA
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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