MIRA INFORM REPORT

Report No. :	353597
Report Date :	17.12.2015

IDENTIFICATION DETAILS

Name :	LANDANGER
Registered Office :	13 Av De La Republique 75011 Paris 11
Country :	France
Financials (as on) :	31.08.2012
Date of Incorporation :	March 1997
Legal Form :	Public limited company with board of directors.
Line of Business :	Manufacturing Medico- surgical and dental equipment.
No. of Employee :	45 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 name and summary

Name	LANDANGER
Acronym	-
Trade name	-
Status	Economically active
Postal Address	LANDANGER 13 AV DE LA REPUBLIQUE 75011 PARIS 11
Share Capital	1,188,000 Euros
Telephone	03 25 02 10 10
Activity (APE)	Manufacturing Medico- surgical and dental equipment. (3250A)	RCS Registration	RCS Paris B 411 501 695
Formation Date	03/1997	EUR VAT Number	FR65411501695
Deregistration Date	-	Last account Date	31/08/2012
Court Registry Number	20 0 5B20929	Incorporiation Date	04/1997
Registration Court	Paris (75)	Fax	-
Nationality	France
		Legal form	Public limited company with board of directors
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/08/2012	13,052,216 €	6.99% Turnover	7,021,998 €	643,797 €	45 employees
31/08/2011	12,373,405 €	7.72% Turnover	6,378,201 €	893,736 €	47 employees
31/08/2010	11,521,027 €	5.80% Turnover	5,484,465 €	728,146 €	49 employees

Trends

Profitability

Liquidity

Net Worth

Directors

Current Directors

1

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	3250A	Activity	Manufacturing Medico- surgical and dental equipment.
Formation Date	03/2005	Reason for Formation	Purchase
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	13 AVENUE DE LA REPUBLIQUE 75011 PARIS 11	Department	Paris (75)
Location Surface	-	District	1
City	PARIS 11	Status	Economically active
Business Pages FT®	FABRICATION, INSTALLATION DE MATERIEL ET D'INSTRUMENTS MEDICO- CHIRURGICAUX	Region	Ile-de-France
		Area	99
		Size of Urban Area	Paris conglomeration

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 with multiple establishments having main activities in many divisions, which one activity grouping from 80 to 99% of workforce
Branches	2 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
LANDANGER	Head Office	3250A	Manufacturing Medico- surgical and dental equipment.	PARIS 11	75011
LANDANGER	Branch	3250A	Manufacturing Medico- surgical and dental equipment.	CHAUMONT	52000
LANDANGER	Branch	3250A	Manufacturing Medico- surgical and dental equipment.	CHAUMONT	52000

Workforces

Workforce at address

0 employee

Company workforce

20 to 49 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 latest account data is more than 3 years old, this has an impact on the rating. Please contact Creditsafe with your latest financial statements if you want the risk score to be recalculated

The decrease of tangible fixed assets over the last two accounting periods is 32 %

The stock to turnover ratio is 28.39

The sales to current assets ratio is 1.60

The liabilities are 2,461,900 €

Industry code with raised risk rating

The return on total assets employed is 7.20

The pre-tax profit is 732,410 €

The net turnover is 13,052,216 €

The net current assets are 8,168,432 €

The total assets are 10,170,810 €

The company has 1 director(s)

Department code with low risk rating

Low risk workforce size

The risk provisions are 540,467 €

The decrease in the gearing percentage over the last two accounting periods is 13 %

The creditor days are 36.83

The ratio total assets to total liabilities is 3.39

The shareholder's equity is 7,021,998 €

Industry comparison

Activity (APE)	Manufacturing Medico- surgical and dental equipment. (3250A)
Industry average credit rating	49
Industry average credit limit	12,502

Collective procedures

No judgment information 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

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company.

Shareholder(s)

Name	B
Name of representative
Manager position	President	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
Chairman of the Board	M. LANDANGER BENOÎT	01/07/1979 - CHAUMONT (52000)
Managing director	M. LANDANGER BENOÎT	01/07/1979 - CHAUMONT (52000)
Delegated managing director	M. LANDANGER BENOIT	-
Administrator	M. DEBLAIZE DIDIER	30/03/1961 - CHAUMONT (52000)
Administrator	M. LANDANGER PATRICK	15/05/1950 - MANDRES-LA-CÔTE (52800)
Administrator	Mme. VINTER MARIE-CLAIRE	12/07/1951 - ESCARO (66360)

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	21/11/2014	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1903 - 411 501 695 RCS Paris. LANDANGER. Forme : Société par actions simplifiée. Administration : Président du conseil d'administration et Directeur général partant : Landanger, Benoît, nomination du Président : B, Administrateur partant : Rajchowiak, nom d'usage : Vinter, Marie-Claire, Administrateur partant : Deblaize, Didier, Administrateur partant : Landanger, Patrick. Capital : 1188000 EUR. Activité : . Adresse de l’établissement principal : 9 boulevard M Lattre Tassigny, 52000 Chaumont. Adresse du siège social : 13 avenue de la République, 75011 Paris. Commentaires : modification survenue sur la forme juridique et l'administration.
	08/09/2014	JAL	Appointment of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 16/06/2014 Société faisant l'objet d'une nomination : 411501695 - LANDANGER, 13 AV DE LA REPUBLIQUE, 75011 PARIS 11 Nominé : 750182891 - B, 13 AV DE LA REPUBLIQUE, 75011 PARIS 11 En la fonction de : Président
	08/09/2014	JAL	Resignation / Revocation of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 16/06/2014 La société 411501695 - LANDANGER, 13 AV DE LA REPUBLIQUE, 75011 PARIS 11 Fait l'objet du départ de Monsieur Benoit LANDANGER, 29 Rue de Fontenis, 21490, RUFFEY LES ECHIREY, De Monsieur Benoit LANDANGER, 29 Rue de Fontenis, 21490, RUFFEY LES ECHIREY, De Madame Marie Claire VINTER, 8B Rue de la Suize, 52000, CHAUMONT, De Monsieur Didier DEBLAIZE, 6 Rue Praigney, 52000, VILLIERS LE SEC, De Monsieur Patrick LANDANGER, 85 Quai d'Orsay, 75007, PARIS 07, De Monsieur Benoit LANDANGER, 29 Rue de Fontenis, 21490, RUFFEY LES ECHIREY
	28/01/2014	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 10379 - 411501695 RCS. LANDANGER. Forme : Société anonyme. Adresse : 13 avenue de la République 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/08/2012.
	25/06/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9090 - 411501695 RCS. LANDANGER. Forme : Société anonyme. Adresse : 13 avenue de la République 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/08/2011.
	17/04/2012	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1062 - 411 501 695 RCS Paris. LANDANGER. Forme : Société anonyme. Administration : Administrateur partant : Landanger, Eric. Capital : 1188000 EUR. Activité : . Adresse du siège social : 13 avenue de la République, 75011 Paris. Commentaires : modification survenue sur l'administration.
	30/03/2012	JAL	Resignation / Revocation of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 27/02/2012 La société 411501695 - LANDANGER, 13 AV DE LA REPUBLIQUE, 75011 PARIS 11 Fait l'objet du départ de Monsieur Eric Landanger
	17/01/2012	Bodacc A	Vente et cession : Vendeur
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 763 - 530 696 624 RCS Paris. DELACROIX CHEVALIER. Forme : Société par actions simplifiée à associé unique. Capital : 20000 EUR. Adresse : 13 avenue de la République, 75011 Paris. Origine du fonds : Fonds acquis par achat au prix stipulé de 750000,00 euros. Etablissement : Etablissement principal. Activité : Un fonds de commerce se rapportant à l'activité de vente, à l'étranger, des produits de la gamme Delacroix-Chevalier et de la gamme Landanger et la marque Delacroix-Chevalier. Adresse : 13 avenue de la République, 75011 Paris. Précédent propriétaire : LANDANGER. 411 501 695 RCS Paris. Date de commencement de l’activité : 01/04/2011. Publication légale : Quotidien Juridique du 06/01/2012. Oppositions : Au fonds cédé 13 avenue de la République 75011 Paris pour la validité. Commentaires : Achat d'un fonds par une personne morale (insertion provisoire).
	06/01/2012	JAL	Activity or goodwill cession
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 23/12/2011 Cédant : 411501695 - LANDANGER, 13 AV DE LA REPUBLIQUE, 75011 PARIS 11 Cessionnaire : 530696624 - DELACROIX CHEVALIER, 13 AV DE LA REPUBLIQUE, 75011 PARIS 11 Prix de vente : 750000 € Date d’effet : 01/04/2011
	02/01/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8479 - 411501695 RCS. LANDANGER. Forme : Société anonyme. Adresse : 13 avenue de la République 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/08/2010.
	05/08/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 702 - 411 501 695 RCS Paris. LANDANGER. Forme : Société anonyme. Administration : Président directeur général partant : Landanger, Patrick, nomination du Président du conseil d'administration et Directeur général : Landanger, Benoît, Directeur général délégué et Administrateur partant : Landanger, Benoît, nomination de l'Administrateur : Landanger, Patrick. Capital : 1188000 EUR. Activité : . Adresse du siège social : 13 avenue de la République, 75011 Paris. Commentaires : modification survenue sur l'administration.
	05/07/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1942 - 411 501 695 RCS Paris. LANDANGER. Forme : Société anonyme. Administration : nomination de l'Administrateur : Rajchowiak, nom d'usage : Vinter, Marie-Claire, nomination de l'Administrateur : Deblaize, Didier. Capital : 1188000 EUR. Activité : . Adresse du siège social : 13 avenue de la République, 75011 Paris. Commentaires : modification survenue sur l'administration.
	25/05/2011	JAL	Resignation / Revocation of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 14/03/2011 La société 411501695 - LANDANGER, 13 AV DE LA REPUBLIQUE, 75011 PARIS 11 Fait l'objet du départ de Date d'effet : 01/04/2011
	25/05/2011	JAL	Appointment of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Société faisant l'objet d'une nomination : 411501695 - LANDANGER, 13 AV DE LA REPUBLIQUE, 75011 PARIS 11 Nominé : Monsieur Didier DEBLAIZE, 6 Rue Praigney, 52000 VILLIERS LE SEC En la fonction de : Administrateur Nominé : Madame Marie-Claire VINTER, 8B Rue de la Suize, 52000 CHAUMONT En la fonction de : Administrateur Date d'effet : 14/11/2011
	07/04/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 813 - 411 501 695 RCS Paris. LANDANGER. Forme : Société anonyme. Administration : modification du Directeur général délégué et Administrateur Landanger, Benoît, Administrateur partant : Camus, nom d'usage : Landanger, Renee, Administrateur partant : Landanger, Louis Marie Jean. Capital : 1188000 EUR. Activité : . Adresse du siège social : 13 avenue de la République, 75011 Paris. Commentaires : modification survenue sur l'administration.
	31/01/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7332 - 411501695 RCS. LANDANGER. Forme : Société anonyme. Adresse : 13 AV DE LA REPUBLIQUE 75011 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/08/2009.
	03/01/2011	JAL	Appointment of the social representative
Affiches parisiennes (Les) Société faisant l'objet d'une nomination : 411501695 - LANDANGER, 13 AV DE LA REPUBLIQUE, 75011 PARIS 11 Nominé : Monsieur Benoît LANDANGER, 29 Rue Fontenis, 21490 RUFFEY LES ECHIREY En la fonction de : Administrateur Date d'effet : 27/02/2009
	03/01/2011	JAL	Resignation / Revocation of the social representative
Affiches parisiennes (Les) Date de décision : 27/02/2009 La société 411501695 - LANDANGER, 13 AV DE LA REPUBLIQUE, 75011 PARIS 11 Fait l'objet du départ de Date d'effet : 27/02/2009
	05/02/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2674 - 411501695 RCS. LANDANGER. Forme : Société anonyme. Adresse : 13 AV DE LA REPUBLIQUE 75011 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/08/2008.
	23/01/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6728 - 411501695 RCS. LANDANGER. Forme : Société anonyme. Adresse : 13 avenue de la République 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/08/2007.
	12/01/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7432 - 411501695 RCS. LANDANGER. Forme : Société anonyme. Adresse : 13 avenue de la République 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/08/2006.
	09/07/2008	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 848 - 411 501 695 RCS paris. LANDANGER. Forme : Société anonyme. Capital : 1188000 EUR. Adresse du siège social : 13 avenue de la République, 75011 Paris. Commentaires : modification survenue sur le capital (augmentation).
	17/04/2008	Bodacc B	Modification et mutation diverse
52 - HAUTE-MARNE GREFFE DU TRIBUNAL DE COMMERCE DE CHAUMONT 342 - 411 501 695 RCS Chaumont. LANDANGER. Forme : Société anonyme. Adresse de l’établissement principal : Zone Industrielle la Vendue, 52000 Chaumont. Commentaires : Transfert de l'établissement principal.
	03/10/2007	Bodacc B	Modifications et mutations diverses
1574 - RCS Paris B 411 501 695. RC 05-B 20929. LANDANGER. Forme : S.A. Capital : 788 000 euros. Adresse du siège social : 13 avenue de la République,, 75011 Commentaires : modification survenue sur l'administration. Administration : nomination d'un directeur général délégué : LANDANGER (Benoît).
	13/09/2006	Bodacc B	Modifications et mutations diverses
0970 - RCS Paris B 411 501 695. RC 05-B 20929. LANDANGER. Forme : S.A. Capital : 488 000 euros. Adresse du siège social : 13 avenue de la République,, 75011 Administration : nomination du P.-D.G. : LANDANGER (Patrick). Nomination d'administrateurs : LANDANGER (Eric) CAMUS (Renée) (Nom d'usage : LANDANGER) LANDANGER (Louis, Marie, Jean). Nomination d'un commissaire aux comptes titulaire : STE AUDIT ET CONSEIL UNION. Nomination d'un commissaire aux comptes suppléant : STE SOGEC. Etablissement principal - Activité : conception, fabrication, réparation et commercialisation de tous instruments de chirurgie. Adresse : 9 boulevard du Maréchal-de-Lattre-de-Tassigny, 52000 Commentaires : modification survenue sur l'activité et l'administration. Cette société transfère son siège social dans un établissement déjà existant, avec maintien de l'établissement principal hors ressort. Date de début d'activité : 1er avril 1997. Date d'effet : 1er avril 2006.
	04/08/2006	Bodacc B	Modifications et mutations diverses
0834 - RCS Chaumont B 411 501 695. RC 97-B 30. LANDANGER. Forme : S.A. Adresse du siège social : 9 boulevard du Maréchal-de-Lattre-de-Tassigny,, 52000 Commentaires : modification survenue sur l'administration. Administration : président directeur général : LANDANGER (Patrick) (Nom d'usage : LANDANGER). Directeur général délégué : LANDANGER (Benoît) (Nom d'usage : LANDANGER). Administrateurs : LANDANGER (Eric) (Nom d'usage : LANDANGER) CAMUS (Renée) (Nom d'usage : LANDANGER) LANDANGER (Louis, Marie, Jean) (Nom d'usage : LANDANGER). Commissaire aux comptes titulaire : STE AUDIT ET CONSEIL UNION. Commissaire aux comptes suppléant : STE SOGEC. Date d'effet : 1er mars 2006.
	28/04/2006	Bodacc B	Modifications et mutations diverses
1464 - RCS Chaumont B 411 501 695. RC 97-B 30. LANDANGER. Forme : S.A. Capital : 788 000 euros. Adresse du siège social : 9 boulevard du Maréchal-de-Lattre-de-Tassigny,, 52000 Commentaires : modification survenue sur le capital (augmentation). Date d'effet : 30 décembre 2005.
	24/01/2006	Bodacc C	Avis de dépôt des comptes
3147 - RCS Chaumont B 411 501 695. RC 97-B 30. LANDANGER. Forme: S.A. Adresse du siège social: 9, boulevard du Maréchal de Lattre de Tassigny,52000 Chaumont. Comptes annuels et rapports de l'exercice clos le: 31 août 2004.
	10/03/2002	Bodacc B	Modifications et mutations diverses
RCS Chaumont B 411501695 RC 97-B 30 LANDANGER. Forme : S.A. Capital : 488 000 euros. Adresse du siège social : 9 boulevard du Maréchal-de-Lattre-de- Tassigny, 52000 Chaumont. Commentaires : modification survenue sur le capital ( augmentation et conversion en euros) et l'administration. Administration : P.-D.G. LANDANGER (Patrick) ( Nom d'usage : LANDANGER). Administrateurs : LANDANGER (Eric) ( Nom d'usage : LANDANGER) CAMUS (Renée) ( Nom d'usage : LANDANGER) LANDANGER (Louis, Marie, Jean) ( Nom d'usage : LANDANGER). Commissaire aux comptes titulaire : STE AUDIT ET CONSEIL UNION. Commissaire aux comptes suppléant : STE SOGEC. Date d'effet : 5 janvier 2002.
	14/04/1998	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS RCS Chaumont B 411 501 695 RC RC 97-B 30 LANDANGER. Forme : S.A.R.L. Capital : 3 195 000 F (fixe). Adresse : 9, boulevard du Maréchal-de-Lattre-de-Tassigny 52000 Chaumont Nouvelle situation du siège social. Forme : S.A. Administration : nomination en qualité de président du conseil d'administration et administrateur : LANDANGER (Patrick) Nomination en qualité d'administrateurs LANDANGER (Eric) LANDANGER (Renée) LANDANGER (Louis). Date d'effet : 31 décembre 1997.
	17/03/1998	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Chaumont B 411 501 695 RC 97-B 30 LANDANGER. Forme : S.A.R.L. Capital : 2 195 000 F. Adresse : 9 boulevard du Maréchal- de-Lattre-de-Tassigny 52000 Chaumont Nouvelle situation du siège social. Capital : 3 195 000 F. Date d'effet : 23 décembre 1997.
	28/08/1997	Bodacc A	Création d'établissement
RCS Chaumont B 411 501 695 RC 97-B 30 LANDANGER. Forme : S.A.R.L. Capital : 2 195 000 F. Adresse du siège social : 9 boulevard du Maréchal-de-Lattre-de- Tassigny 52000 Chaumont Etablissement principal: Adresse : 9 boulevard du Maréchal-de-Lattre-de-Tassigny 52000 Chaumont. Activité : conception, fabrication, réparation et commercialisation de tous instruments de chirurgie Branche d'activité acquise par apport au montant évalué à 1 095 000 F. Commentaires : ancien capital : 1 100 000 F Date de début d'activité: 1er avril 1997. Précédent propriétaire : S.A. LANDANGER-LANDOS. RCS B 378 761 803 Publication légale: La Croix de la Haute-Marne du 10 mai 1997 déclaration de créances: au tribunal de commerce de Chaumont.
	03/08/1997	Bodacc B	Modifications et mutations diverses
RCS Chaumont B 411 501 695 RC 97-B 300 LANDANGER. Forme : S.A.R.L. Capital : 2 195 000 F (fixe). Adresse du siège social : 9 boulevard du Maréchal-de- Lattre-de-Tassigny, 52000 Chaumont. Administration : nomination en qualité de commissaire aux comptes titulaire de la société AUDIT ET CONSEIL UNION nomination en qualité de commissaire aux comptes suppléant de la société SOGEC. Date d'effet : 16 avril 1997.
	06/06/1997	Bodacc A	Création d'établissement
RCS B 411 501 695 A dater du: 3 avril 1997 RC 97-B 30 LANDANGER. Forme : S.A.R. L. Capital : 1 100 000 F (fixe). Adresse du siège social : 9 boulevard du Maréchal-de-Lattre-de-Tassigny, 52000 Chaumont. Administration : gérant : LANDANGER (Patrick) Cette société se constitue Cette société se constitue, mais n'exploite provisoirement aucun établissement.

Company events history

Date	Description
12/09/2015
12/09/2015
12/02/2015	Invalid balance sheet
21/11/2014	Bodacc B: Various editing or changing
06/11/2014	Minutes of general meeting of shareholders
06/11/2014	Updated articles of association
06/11/2014	New legal form – new category
06/11/2014	Change to corporate purpose
06/11/2014	New chairman (CEO, CoB)
08/09/2014	Legal Gazette: Resignation / Revocation of the social representative
16/06/2014	Legal Gazette: Appointment of the social representative
28/01/2014	Bodacc C : Deposit accounts notice
31/12/2013
31/12/2013
31/12/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
20/10/2013
20/10/2013
16/10/2013
16/10/2013
17/07/2013
17/07/2013
31/08/2012	New accounts available
25/06/2012	Bodacc C : Deposit accounts notice
24/05/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
17/04/2012	Bodacc B: Various editing or changing
13/04/2012	Minutes of general meeting of shareholders
13/04/2012	Updated articles of association
30/03/2012	Amendment
30/03/2012	Changes to the Board of Directors
30/03/2012	Legal Gazette: Resignation / Revocation of the social representative
17/01/2012	Bodacc A : Sale and transfer
02/01/2012	Bodacc C : Deposit accounts notice
23/12/2011	Legal Gazette: Activity or goodwill cession
16/12/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
14/11/2011	Legal Gazette: Appointment of the social representative
31/08/2011	New accounts available
05/08/2011	Bodacc B: Various editing or changing
21/07/2011	Amendment
21/07/2011	Appointment/resignation of company officers
21/07/2011	Changes to the Board of Directors
21/07/2011	Minutes of Board meeting
21/07/2011	New chairman (CEO, CoB)
05/07/2011	Bodacc B: Various editing or changing
20/06/2011	Minutes of general meeting of shareholders
20/06/2011	Changes to the Board of Directors
25/05/2011	Legal Gazette: Resignation / Revocation of the social representative
07/04/2011	Bodacc B: Various editing or changing
23/03/2011	Amendment
23/03/2011	Minutes of general meeting of shareholders
23/03/2011	Changes to the Board of Directors
31/01/2011	Bodacc C : Deposit accounts notice
03/01/2011	Legal Gazette: Resignation / Revocation of the social representative
31/08/2010	New accounts available
05/02/2010	Bodacc C : Deposit accounts notice
31/08/2009	New accounts available
27/02/2009	Legal Gazette: Appointment of the social representative
23/01/2009	Bodacc C : Deposit accounts notice
12/01/2009	Bodacc C : Deposit accounts notice
31/08/2008	New accounts available
09/07/2008	New Bodacc B ads detected
09/07/2008	Bodacc B: Various editing or changing
23/06/2008	Collection of preferential rights activated for this company
17/04/2008	Bodacc B: Various editing or changing
20/03/2008	Minutes of Board meeting
20/03/2008	Minutes of general meeting of shareholders
20/03/2008	Minutes of general meeting of shareholders
20/03/2008	Private document
20/03/2008	Updated articles of association
20/03/2008	Updated articles of association
20/03/2008	Minutes of Board meeting
20/03/2008	Capital increase
20/03/2008	Capital increase
20/03/2008	Audit or Management Report
20/03/2008	Amendment
20/03/2008	Audit or Management Report
08/12/2007	Other modification of Establishment
31/08/2007	New accounts available
31/08/2006	New accounts available
29/06/2006	Changes to the Board of Directors
29/06/2006	Minutes of Board meeting
29/06/2006	Minutes of Board meeting
29/06/2006	Private document
29/06/2006	Amendment
29/06/2006	Amendment
11/05/2006	Registration after transfer
11/05/2006	Updated articles of association
11/05/2006	Updated articles of association
11/05/2006	Secondary registration becomes main registration
11/05/2006	Amendment
11/05/2006	Minutes of general meeting of shareholders
11/05/2006	Minutes of general meeting of shareholders
11/05/2006	Registered office transferred outside jurisdiction of the Commercial Court
11/05/2006	Private document
29/03/2006	Updated articles of association
29/03/2006	Updated articles of association
29/03/2006	Minutes of general meeting of shareholders
29/03/2006	Minutes of general meeting of shareholders
29/03/2006	Minutes of Board meeting
29/03/2006	Capital increase
29/03/2006	Capital increase
29/03/2006	Audit or Management Report
29/03/2006	Audit or Management Report
29/03/2006	Amendment
29/03/2006	Private document
31/08/2004	New accounts available
31/08/2003	New accounts available
04/02/2002	New chairman (CEO, CoB)
04/02/2002	Minutes of general meeting of shareholders
04/02/2002	Conversion of equity to euro
04/02/2002	Changes to the Board of Directors
04/02/2002	Capital increase
04/02/2002	Amendment
04/02/2002	Private document
04/02/2002	Updated articles of association
04/02/2002	Minutes of Board meeting
19/02/1998	Private document
19/02/1998	Updated articles of association
19/02/1998	New legal form – new category
19/02/1998	Minutes of general meeting of shareholders
19/02/1998	Minutes of Board meeting
19/02/1998	Changes to the Board of Directors
19/02/1998	Audit or Management Report
19/02/1998	Appointment/resignation of company officers
19/02/1998	Amendment
19/02/1998	New legal form – no new category
29/01/1998	Private document
29/01/1998	Minutes of general meeting of shareholders
29/01/1998	Capital increase
29/01/1998	Amendment
29/01/1998	Updated articles of association
19/01/1998	Amendment
19/01/1998	Sale of shares
19/01/1998	Private document
04/07/1997	Appointment/resignation of company officers
04/07/1997	Minutes of general meeting of shareholders
04/07/1997	Private document
04/07/1997	Updated articles of association
04/07/1997	Sale of shares
04/07/1997	Amendment
23/06/1997	Minutes of general meeting of shareholders
23/06/1997	Appointment/resignation of company officers
23/06/1997	Private document
17/06/1997	Audit or Management Report
17/06/1997	Capital increase
17/06/1997	Minutes of general meeting of shareholders
17/06/1997	Private document
17/06/1997	Updated articles of association
03/04/1997	Articles of association
03/04/1997	Company formation
03/04/1997	Private document

Synthesized Accounts

Annual Accounts

	31/08/2012	31/08/2011	31/08/2010
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	30/12/2013	22/05/2012	13/12/2011
Activity Code	3250A	3250A	3250A
Employees	45	47	49

Active account

	31/08/2012	Variation	31/08/2011	Variation	31/08/2010	Sector Median 2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	2,002,377	-4.6 %	2,097,863	2.0 %	2,056,962	54,855	3550.3 %
Intangible assets	7,165	-38.2 %	11,590	-81.4 %	62,165	12,196	-41.3 %
Tangible assets	196,036	-32.2 %	289,085	11.2 %	259,924	19,092	926.8 %
Financial assets	1,799,176	0.1 %	1,797,188	3.6 %	1,734,873	900	199808.4 %
Net current assets	8,168,432	-0.1 %	8,177,658	16.1 %	7,043,023	84,886	9522.8 %
Stocks	3,705,266	17.5 %	3,153,285	16.0 %	2,717,713	6,456	57292.6 %
Advanced payments	28,776	72.6 %	16,675	-88.4 %	143,808	0	0%
Receivables	4,279,967	-10.9 %	4,804,018	18.2 %	4,064,008	36,874	11507.0 %
Securities and cash	154,423	-24.2 %	203,680	73.4 %	117,494	26,396	485.0 %
Prepaid expenses	-	-	-	-	-	511	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	10,170,810	-1.0 %	10,275,521	12.9 %	9,099,985	156,882	6383.1 %

Passive Account

	31/08/2012	Variation	31/08/2011	Variation	31/08/2010	Sector Median 2012
Shareholders' equity	7,021,998	10.1 %	6,378,201	16.3 %	5,484,465	63,697	10924.1 %
Share capital	1,188,000	0%	1,188,000	0%	1,188,000	8,000	14750.0 %
Other capital resources	146,447	7.5 %	136,276	8.3 %	125,796	0	0%
Risk Provisions	540,467	-17.3 %	653,526	45.3 %	449,735	0	0%
Liabilities	2,461,900	-20.8 %	3,107,518	2.2 %	3,039,991	79,919	2980.5 %
Financial liabilities	305,041	34.1 %	227,512	61.6 %	140,770	23,085	1221.4 %
Advanced payments received	36,757	-64.6 %	103,736	36.0 %	76,282	0	0%
Trade account payables	1,316,856	-17.8 %	1,602,153	5.6 %	1,517,110	10,545	12388.0 %
Tax and social liabilities	755,610	-32.3 %	1,115,977	-8.7 %	1,222,115	37,215	1930.4 %
Other debts and fixed assets liabilities	47,636	-18.1 %	58,140	-30.5 %	83,714	4,230	1026.1 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	10,170,810	-1.0 %	10,275,521	12.9 %	9,099,985	156,883	6383.1 %

Results

	31/08/2012	Variation	31/08/2011	Variation	31/08/2010	Sector Median 2012
Sales of Goods	13,734,990	2.6 %	13,391,547	7.4 %	12,468,364	270,866	4970.8 %
Net turnover	13,052,216	5.5 %	12,373,405	7.4 %	11,521,027	268,527	4760.7 %
of which net export turnover	155,049	-93.9 %	2,547,459	-12.6 %	2,913,564	0	0%
Operating charges	13,016,174	2.9 %	12,646,819	6.3 %	11,894,560	255,219	5000.0 %
Operating profit/loss	718,816	-3.5 %	744,728	29.8 %	573,804	15,288	4601.8 %
Financial income	49,474	59.0 %	31,117	-90.5 %	326,862	4	1236750.0 %
Financial charges	36,427	13.6 %	32,055	-17.1 %	38,662	901	3943.0 %
Financial profit/loss	13,047	1490.9 %	-938	-100.3 %	288,200	-531	2557.1 %
Pretax net operating income	731,863	-1.6 %	743,788	-13.7 %	862,004	13,865	5178.5 %
Extraordinary income	122,941	-85.3 %	837,200	16.4 %	719,265	0	0%
Extraordinary charges	67,795	-52.3 %	142,034	-56.7 %	327,849	107	63259.8 %
Extraordinary profit/loss	55,146	-92.1 %	695,166	77.6 %	391,416	0	0%
Net result	643,797	-28.0 %	893,736	22.7 %	728,146	12,788	4934.4 %

Accounts – Active

Normal Account

	31/08/2012	31/08/2011	31/08/2010
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Grand Total (I to VI)	Net	10,170,810	-1.0 %	10,275,521	12.9 %	9,099,985
Gross	CO	11,789,490	1.4 %	11,624,469	10.4 %	10,526,949
Amortisation	1A	1,618,680	20.0 %	1,348,948	-5.5 %	1,426,964

Non declared distributed capital (I)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Total Active fixed asset (II)	Net	2,002,377	-4.6 %	2,097,863	2.0 %	2,056,962
Gross	BJ	2,733,096	-0.6 %	2,749,700	-0.6 %	2,767,383
Amortisation	BK	730,719	12.1 %	651,837	-8.2 %	710,421

Intangible fixed assets

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
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	0	0%	4,425	0%	0
Gross	AF	104,886	0%	104,886	5.0 %	99,886
Amortisation	AG	104,886	4.4 %	100,461	0.6 %	99,886
Goodwill	Net	7,165	0%	7,165	-88.5 %	62,165
Gross	AH	7,165	0%	7,165	-88.5 %	62,165
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	7,165	-38.2 %	11,590	-81.4 %	62,165

Tangilble fixed assets

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	82,548	-11.2 %	92,991	-14.6 %	108,895
Gross	AP	166,982	3.4 %	161,427	0%	161,427
Amortisation	AQ	84,434	23.4 %	68,436	30.3 %	52,532
Plant	Net	65,320	-44.4 %	117,583	76.9 %	66,458
Gross	AR	343,431	-6.9 %	368,931	26.8 %	290,883
Amortisation	AS	278,111	10.6 %	251,348	12.0 %	224,425
Other tangible fixed assets	Net	48,168	-38.6 %	78,511	-7.2 %	84,571
Gross	AT	311,456	0.4 %	310,103	-7.1 %	333,846
Amortisation	AU	263,288	13.7 %	231,592	-7.1 %	249,275
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	196,036	-32.2 %	289,085	11.2 %	259,924

Financial assets

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	1,791,740	0%	1,791,740	4.9 %	1,707,437
Gross	CU	1,791,740	0%	1,791,740	0%	1,791,740
Amortisation	CV	0	0%	0	0%	84,303
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	1,250	0%	0	0%	2,000
Gross	BF	1,250	0%	0	0%	2,000
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	6,186	13.5 %	5,448	-78.6 %	25,436
Gross	BH	6,186	13.5 %	5,448	-78.6 %	25,436
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	1,799,176	0.1 %	1,797,188	3.6 %	1,734,873

Current Assets (III)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Total Current Assets	Net	8,168,432	-0.1 %	8,177,658	16.1 %	7,043,023
Gross	CJ	9,056,394	2.0 %	8,874,769	14.4 %	7,759,566
Amortisation	CK	887,962	27.4 %	697,111	-2.7 %	716,543

Stocks

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Raw materials	Net	299,791	-0.4 %	300,993	90.1 %	158,375
Gross	BL	527,830	18.2 %	446,592	56.4 %	285,631
Amortisation	BM	228,039	56.6 %	145,599	14.4 %	127,256
Work in progress (goods)	Net	137,378	-39.9 %	228,476	85.2 %	123,372
Gross	BN	137,378	-39.9 %	228,476	85.2 %	123,372
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	3,268,097	24.6 %	2,623,816	7.7 %	2,435,966
Gross	BT	3,906,214	23.8 %	3,155,932	5.1 %	3,003,550
Amortisation	BU	638,117	19.9 %	532,116	-6.2 %	567,584
Sub Total Stocks	Net	3,705,266	17.5 %	3,153,285	16.0 %	2,717,713

Advance payments to suppliers

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Advance payments to suppliers	Net	28,776	72.6 %	16,675	-88.4 %	143,808
Gross	BV	28,776	72.6 %	16,675	-88.4 %	143,808
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Trade accounts receivable	Net	2,844,281	6.6 %	2,668,593	6.7 %	2,500,681
Gross	BX	2,866,087	6.6 %	2,687,989	6.6 %	2,522,384
Amortisation	BY	21,806	12.4 %	19,396	-10.6 %	21,703
Other debtors	Net	1,368,520	-33.2 %	2,049,450	36.5 %	1,500,921
Gross	BZ	1,368,520	-33.2 %	2,049,450	36.5 %	1,500,921
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	4,212,801	-10.7 %	4,718,043	17.9 %	4,001,602

Divers

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
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	154,423	-24.2 %	203,680	73.4 %	117,494
Gross	CF	154,423	-24.2 %	203,680	73.4 %	117,494
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	154,423	-24.2 %	203,680	73.4 %	117,494

Prepaid expenses

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Prepaid expenses	Net	67,166	-21.9 %	85,975	37.8 %	62,406
Gross	CH	67,166	-21.9 %	85,975	37.8 %	62,406
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Expenses of loan issue to be spread	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	21,805	0%	0	0%	0

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Grand Total (I to V)	EE	10,170,810	-1.0 %	10,275,521	12.9 %	9,099,985

Shareholder Equity (I)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Total shareholders' equity (Total I)	DL	7,021,998	10.1 %	6,378,201	16.3 %	5,484,465
Equity and shareholders' equity	DA	1,188,000	0%	1,188,000	0%	1,188,000
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	118,800	0%	118,800	50.8 %	78,800
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	5,071,401	21.4 %	4,177,665	19.7 %	3,489,519
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	643,797	-28.0 %	893,736	22.7 %	728,146
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Total other capital resources (Total II)	DO	146,447	7.5 %	136,276	8.3 %	125,796
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	146,447	7.5 %	136,276	8.3 %	125,796

Provisions for risks and charges (III)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Total provisions for risks and charges (Total III)	DR	540,467	-17.3 %	653,526	45.3 %	449,735
Risk provisions	DP	494,907	-17.3 %	598,521	47.7 %	405,344
Reserves for charges	DQ	45,560	-17.2 %	55,005	23.9 %	44,391

Liabilities (IV)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Total Liabilities (Total IV)	EC	2,461,900	-20.8 %	3,107,518	2.2 %	3,039,991
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	23,459	0%	0	0%	0
Sundry loans and financial liabilities	DV	281,582	23.8 %	227,512	61.6 %	140,770
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	36,757	-64.6 %	103,736	36.0 %	76,282
Trade accounts payables	DX	1,316,856	-17.8 %	1,602,153	5.6 %	1,517,110
Tax and social security liabilities	DY	755,610	-32.3 %	1,115,977	-8.7 %	1,222,115
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	47,636	-18.1 %	58,140	-30.5 %	83,714

Translation loss (V)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Deferred income	EB	0	0%	0	0%	0

References

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	0	0%	0
Of which current bank facilities	EH	0	0%	0	0%	0

Result account

1 - Operating result (I-II)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Operating result (Total I-II)	GG	718,816	-3.5 %	744,728	29.8 %	573,804

2 - Financial result (V-VI)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Financial result (Total V-VI)	GV	13,047	1490.9 %	-938	-100.3 %	288,200

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

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	731,863	-1.6 %	743,788	-13.7 %	862,004

4 - Extraordinary result (VII-VIII)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Extraordinary result (Total VII-VIII)	HI	55,146	-92.1 %	695,166	77.6 %	391,416

Profit or loss

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Profit or loss	HN	643,797	-28.0 %	893,736	22.7 %	728,146

Total Income (I+III+V+VII)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Total Income (Total I+III+V+VII)	HL	13,907,405	-2.5 %	14,259,864	5.5 %	13,514,491

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

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	13,263,608	-0.8 %	13,366,129	4.5 %	12,786,344

Operating income (I)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Total operating income (Total I)	FR	13,734,990	2.6 %	13,391,547	7.4 %	12,468,364

Operating income (details)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Sale of goods for resale	FC	8,003,860	1.8 %	7,864,348	1.9 %	7,716,985
France	FA	7,849,177	35.4 %	5,795,149	10.0 %	5,266,279
Export	FB	154,683	-92.5 %	2,069,199	-15.6 %	2,450,706
Sale of goods produced	FF	4,545,211	16.4 %	3,904,779	10.1 %	3,546,372
France	FD	4,546,013	30.7 %	3,479,253	11.2 %	3,130,015
Export	FE	-802	-100.2 %	425,526	2.2 %	416,357
Sale of services	FI	503,145	-16.7 %	604,278	134.5 %	257,670
France	FG	501,977	-9.0 %	551,544	161.2 %	211,169
Export	FH	1,168	-97.8 %	52,734	13.4 %	46,501
Net turnover	FL	13,052,216	5.5 %	12,373,405	7.4 %	11,521,027
France	FJ	12,897,167	31.3 %	9,825,946	14.2 %	8,607,463
Export	FK	155,049	-93.9 %	2,547,459	-12.6 %	2,913,564
Stocked production	FM	-91,098	-186.7 %	105,104	97.0 %	53,358
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	2,102	-92.4 %	27,563
Release of reserves and provisions	FP	715,886	-18.5 %	877,956	5.5 %	831,892
Other income	FQ	57,986	75.8 %	32,980	-4.5 %	34,524

Operating charges (II)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Total operating charges (Total II)	GF	13,016,174	2.9 %	12,646,819	6.3 %	11,894,560

Exploitation charges

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Purchase of goods for resale	FS	6,484,120	30.3 %	4,974,843	6.4 %	4,674,959
Change in stocks of goods for resale	FT	-750,282	-392.4 %	-152,382	11.9 %	-173,059
Purchase of raw materials	FU	1,199,461	32.3 %	906,845	39.7 %	649,105
Change in stocks of raw materials	FV	-81,238	49.5 %	-160,961	-245.5 %	110,630
Other external purchases and charges	FW	2,235,281	-22.2 %	2,872,133	6.0 %	2,708,898
Tax, duty and similar payments	FX	251,567	11.9 %	224,739	38.8 %	161,884
Payroll	FY	1,940,349	-5.4 %	2,050,649	1.1 %	2,029,056
Social security costs	FZ	769,763	-4.9 %	809,235	4.9 %	771,764

Depreciation

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Depreciation of fixed assets	GA	87,195	11.2 %	78,389	-23.6 %	102,609
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	871,920	28.1 %	680,736	-2.1 %	695,647
Provisions for risks and charges	GD	0	0%	352,232	253.5 %	99,650

Other charges

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Other charges	GE	8,038	-22.4 %	10,361	-83.7 %	63,417

Operating charges (III-IV)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
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%	2	0%	0

Financial income (V)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Total financial income (Total V)	GP	49,474	59.0 %	31,117	-90.5 %	326,862
Share financial income	GJ	11,004	-16.0 %	13,105	-39.5 %	21,679
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	2,206	-5.2 %	2,328	144.8 %	951
Released provisions and transferred charges	GM	6,170	-50.1 %	12,360	-95.4 %	265,889
Exchange gains	GN	30,094	805.4 %	3,324	-91.3 %	38,343
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial charge (VI)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Total financial charge (Total VI)	GU	36,427	13.6 %	32,055	-17.1 %	38,662
Financial reserves and provisions	GQ	0	0%	0	0%	14,594
Interest and similar charges	GR	11,408	-32.7 %	16,958	30.3 %	13,013
Exchange losses	GS	25,019	65.7 %	15,097	36.6 %	11,055
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Total extraordinary income (Total VII)	HD	122,941	-85.3 %	837,200	16.4 %	719,265
Extraordinary operating income	HA	0	0%	0	0%	11,928
Extraordinary income from capital transactions	HB	20,000	-97.4 %	781,800	21.0 %	646,338
Released provisions and transferred charges	HC	102,941	85.8 %	55,400	-9.2 %	60,999

Extraordinary charges (VIII)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Total extraordinary charges (Total VIII)	HH	67,795	-52.3 %	142,034	-56.7 %	327,849
Extraordinary operating charges	HE	44,171	1828.0 %	2,291	0%	0
Extraordinary charges from capital transactions	HF	18,127	-87.0 %	139,743	-31.0 %	202,449
Extraordinary reserves and provisions	HG	5,497	0%	0	0%	125,400

Employee profit sharing (IX)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Employee profit sharing (Total IX)	HJ	54,599	-65.0 %	155,969	-2.4 %	159,729

Tax on profits (X)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Tax on profits (Total X)	HK	88,613	-77.2 %	389,250	6.5 %	365,544

References

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	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)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Gross value at begin of period	OG	0	0%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	31,372	-80.2 %	158,236	-79.9 %	786,723
Gross value at the end of period	OL	2,733,096	-0.6 %	2,749,700	-0.6 %	2,767,383

Research and development Charge (Total I)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
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)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Gross value at begin of period	KD	112,051	-30.9 %	162,051	-1.7 %	164,851
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	5,000	0%	0
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	55,000	1864.3 %	2,800
Gross value at the end of period	LW	112,051	0%	112,051	-30.9 %	162,051

Tangible fixed assets (Total III)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Gross value at begin of period	LN	840,461	6.9 %	786,155	-46.8 %	1,478,165
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	11,908	-91.2 %	135,541	48.5 %	91,284
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	30,500	-62.5 %	81,236	-89.6 %	783,294
Gross value at the end of period	NH	821,869	-2.2 %	840,460	6.9 %	786,155

Financial assets (Total IV)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Gross value at begin of period	LQ	1,797,188	-1.2 %	1,819,176	0.1 %	1,817,807
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	2,860	23733.3 %	12	-99.4 %	2,000
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	872	-96.0 %	22,000	3392.1 %	630
Gross value at the end of period	NK	1,799,176	0.1 %	1,797,188	-1.2 %	1,819,177

Reserve for depreciation

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

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
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)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
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)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Reserve for depreciation value at begin of period	PE	100,461	0.6 %	99,886	-1.9 %	101,816
Increases	PF	4,425	669.6 %	575	-33.8 %	869
Decreasess	PG	0	0%	0	0%	2,800
Decreasess by budget item transfer	PH	104,886	4.4 %	100,461	0.6 %	99,885

Total fixed assets amotisation (Total III)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Reserve for depreciation value at begin of period	QU	551,376	4.8 %	526,232	-48.2 %	1,015,696
Increases	QV	82,771	6.4 %	77,817	-23.5 %	101,739
Decreases	QW	8,315	-84.2 %	52,672	-91.1 %	591,202
Decreasess by budget item transfer	QX	625,832	13.5 %	551,377	4.8 %	526,233

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
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

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
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)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Value at begining of period	7C	1,350,637	8.0 %	1,250,581	-13.4 %	1,443,872
Increases	UB	877,417	-15.1 %	1,032,967	10.4 %	935,291
Decreases	UC	799,625	-14.3 %	932,912	-17.3 %	1,128,582
Value at the end of period	UD	1,428,429	5.8 %	1,350,636	8.0 %	1,250,581

Includes Total allocations

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Operating	UE	0	0%	1,032,967	29.9 %	795,296
Financial	UG	0	0%	0	0%	14,594
Exceptional	UJ	0	0%	0	0%	125,400

Includes Total Withdrawal

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Operating	UF	0	0%	865,152	7.9 %	801,694
Financial	UH	0	0%	12,360	-95.4 %	265,889
Exceptional	UK	0	0%	55,400	-9.2 %	60,999

Total regulated provisions (Total I)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
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)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Value at begining of period	5Z	653,526	45.3 %	449,735	-0.6 %	452,595
Increases	TV	5,497	-98.4 %	352,232	47.0 %	239,644
Decreases	TW	118,556	-20.1 %	148,440	-38.8 %	242,504
Value at the end of period	TX	540,467	-17.3 %	653,527	45.3 %	449,735

Total Provision for depreciation (Total III)

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Value at begining of period	7B	697,111	-13.0 %	800,846	-19.2 %	991,277
Increases	TY	871,920	28.1 %	680,736	-2.1 %	695,647
Decreases	TZ	681,068	-13.2 %	784,472	-11.5 %	886,077
Value at the end of period	UA	887,963	27.4 %	697,110	-13.0 %	800,847

State deadlines claims and debts at the end of period

State claims

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Gross value	VT	4,309,210	-10.8 %	4,828,862	17.4 %	4,113,148
1 year at most	VU	4,279,786	-10.9 %	4,801,577	18.3 %	4,059,127
More than one year	VV	29,424	7.8 %	27,285	-49.5 %	54,021

State of loans

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
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	1,250	0%	0	0%	2,000
Loans (1 year at most)	UR	1,250	0%	0	0%	2,000
Other financial assets (gross)	UT	6,186	13.5 %	5,448	-78.6 %	25,436
Other financial assets (1 year at most)	UV	860	0%	0	0%	0

Receivables statement of assets

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Customers doubtful or disputed	VA	24,098	10.4 %	21,837	-11.2 %	24,585
Other claims customer	UX	2,841,989	6.6 %	2,666,153	6.7 %	2,497,800
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	24,500	-20.9 %	30,966	-3.4 %	32,050
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	280,926	176.5 %	101,619	-15.2 %	119,844
Value added tax	VB	7,192	-93.6 %	112,295	74.8 %	64,259
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	1,024,494	-2.7 %	1,053,163	-15.7 %	1,249,082
Accounts receivable (including claims relating to the operation of pension titles)	VR	31,409	-95.8 %	751,407	2005.6 %	35,686

Prepaid

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Prepaid	VS	67,166	-21.9 %	85,975	37.8 %	62,406

State Debt

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Total debt (gross)	VY	2,425,142	-19.3 %	3,003,782	1.4 %	2,963,709
1 year at most	VZ2	2,169,555	-22.6 %	2,803,510	-0.9 %	2,827,839
More than 1 year and 5 years at most	VZ3	255,587	27.6 %	200,272	47.4 %	135,870
More than 5 years	VZ4	0	0%	0	0%	0

Details

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
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	23,459	0%	0	0%	0
1 year at most	VG2	23,459	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	0	0%	0	0%	0
1 year at most	VH2	0	0%	0	0%	0
More than 1 year and 5 years at most	VH3	0	0%	0	0%	0
Loans and various financial liabilities (gross)	8A1	281,582	23.8 %	227,512	61.6 %	140,770
1 year at most	8A2	25,995	-4.6 %	27,240	455.9 %	4,900
More than 1 year and 5 years at most	8A3	255,587	27.6 %	200,272	47.4 %	135,870
Suppliers and associated accounts (gross)	8B1	1,316,856	-17.8 %	1,602,153	5.6 %	1,517,110
1 year at most	8B2	1,316,856	-17.8 %	1,602,153	5.6 %	1,517,110
More than 1 year and 5 years at most	8B3	1,316,856	-17.8 %	1,602,153	5.6 %	1,517,110
Personnel and associated accounts (gross)	8C1	322,555	-37.7 %	517,901	3.4 %	500,668
1 year at most	8C2	322,555	-37.7 %	517,901	3.4 %	500,668
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	242,010	24.1 %	195,090	-24.1 %	257,014
1 year at most	8D2	242,010	24.1 %	195,090	-24.1 %	257,014
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	0	0%	206,030	-42.6 %	358,953
1 year at most	8E2	0	0%	206,030	-42.6 %	358,953
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	72,367	-26.9 %	99,041	350.1 %	22,004
1 year at most	VW2	72,367	-26.9 %	99,041	350.1 %	22,004
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	118,677	21.2 %	97,915	17.3 %	83,475
1 year at most	VQ2	118,677	21.2 %	97,915	17.3 %	83,475
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	30,090	-9.6 %	33,278	-43.4 %	58,778
1 year at most	VI2	30,090	-9.6 %	33,278	-43.4 %	58,778
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	17,546	-29.4 %	24,862	-0.3 %	24,936
1 year at most	8K2	17,546	-29.4 %	24,862	-0.3 %	24,936
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

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	187,347

Table allocation results and other information

Dividends distributed

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Commitments leasing furniture	YQ	0	0%	258,125	48.1 %	174,238
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

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
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

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
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

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
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

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Average number of employees	YP	45	-4.3 %	47	-4.1 %	49

Groups and Shareholders

		31/08/2012	Variation	31/08/2011	Variation	31/08/2010
Groups and Shareholders	ZR	-	-	-	-	-

Ratios

Structure and Liquidity

	31/08/2012	Variation	31/08/2011	Variation	31/08/2010	Sector Median 2012
Fixed Asset Financing	3.20	9.2 %	2.93	17.2 %	2.50	1.34	138.8 %
Global Debt	68 days	-24.4 %	90 days	-5.3 %	95 days	98 days	-30.6 %
Working Capital Fund overall net	166 days	7.8 %	154 days	19.4 %	129 days	53 days	213.2 %
Financial independence	2,301.98 %	-17.9 %	2,803.46 %	-28.0 %	3,896.05 %	154.34 %	1391.5 %
Solvability	70.48 %	11.2 %	63.40 %	2.8 %	61.65 %	45.85 %	53.7 %
Capacity debt futures	29,933.07 %	-	-	-	-	1,209.06 %	2375.7 %
Coverage of current assets by net working capital overall	66.88 %	10.9 %	60.28 %	12.0 %	53.84 %	45.80 %	46.0 %
General Liquidity	1.97	15.2 %	1.71	18.8 %	1.44	0.59	233.9 %
Restricted Liquidity	2.04	14.0 %	1.79	20.9 %	1.48	1.14	78.9 %

Management or rotation

	31/08/2012	Variation	31/08/2011	Variation	31/08/2010	Sector Median 2012
Need background in operating working capital	160 days	9.6 %	146 days	17.7 %	124 days	6 days	2566.7 %
Treasury	4 days	-33.3 %	6 days	50.0 %	4 days	4 days	0%
Inventory turnover of goods	245 days	3.8 %	236 days	-1.7 %	240 days	53 days	362.3 %
Average length of credit granted to customers	79 days	1.3 %	78 days	-1.3 %	79 days	39 days	102.6 %
Average length of credit obtained suppliers	52 days	-23.5 %	68 days	-1.4 %	69 days	40 days	30.0 %
Inventory turnover of raw materials in industrial enterprises	140 days	159.3 %	54 days	63.6 %	33 days	62 days	125.8 %
Inventory turnover of intermediate and finished products in the industrial enterprise	1,588 days	7.9 %	1,472 days	0.5 %	1,465 days	382 days	315.7 %
Rotation tangible assets	1,588.11 %	7.9 %	1,472.22 %	0.5 %	1,465.49 %	369.00 %	330.4 %

Profitability of the business

	31/08/2012	Variation	31/08/2011	Variation	31/08/2010	Sector Median 2012
Margin trading	17.39 %	-29.3 %	24.58 %	-11.9 %	27.91 %	0.00 %	0%
Profitability of the business	6.99 %	-9.5 %	7.72 %	33.1 %	5.80 %	8.61 %	-18.8 %
Net profit	4.93 %	-31.7 %	7.22 %	14.2 %	6.32 %	4.59 %	7.4 %
Growth rate of turnover (excluding VAT)	5.49 %	-25.8 %	7.40 %	30.3 %	5.68 %	1.59 %	245.3 %
Rates integration	29.68 %	-9.0 %	32.63 %	4.3 %	31.28 %	61.85 %	-52.0 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	69.96 %	-1.2 %	70.82 %	-8.9 %	77.72 %	78.25 %	-10.6 %
Weight interests	0.28 %	7.7 %	0.26 %	-23.5 %	0.34 %	0.31 %	-9.7 %

Return on capital

	31/08/2012	Variation	31/08/2011	Variation	31/08/2010	Sector Median 2012
Cash flow from the overall profitability	5.63 %	215.6 %	-4.87 %	6.7 %	-5.22 %	7.74 %	-27.3 %
Rates of economic profitability	12.00 %	-14.3 %	14.00 %	16.7 %	12.00 %	21.88 %	-45.2 %
Financial profitability	7,168,445.00 %	10.0 %	6,514,477.00 %	16.1 %	5,610,261.00 %	21,562.00 %	33145.7 %
Return on investment	9.10 %	-33.7 %	13.73 %	3.0 %	13.33 %	13.64 %	-33.3 %

Management intermediate balances

	31/08/2012	Variation	31/08/2011	Variation	31/08/2010	Sector Median 2012
Turnover	13,052,216	5.5 %	12,373,405	7.4 %	11,521,027	268,527	4760.7 %

	31/08/2012	Variation	31/08/2011	Variation	31/08/2010	Sector Median 2012
Sales of goods	8,003,860	1.8 %	7,864,348	1.9 %	7,716,985		-
- Purchase of goods	6,484,120	30.3 %	4,974,843	6.4 %	4,674,959		-
+/- Stock of goods variation	-750,282	-392.4 %	-152,382	11.9 %	-173,059		-
Trading margin	2,270,022 €	-25.4 %	3,041,887 €	-5.4 %	3,215,085 €	0 €	0%
	17.39 % CA	-29.3 %	24.58 % CA	-11.9 %	27.91 % CA	0.00 % CA	0%

	31/08/2012	Variation	31/08/2011	Variation	31/08/2010	Sector Median 2012
Sale of goods produced	5,048,356	12.0 %	4,509,057	18.5 %	3,804,042		-
+/- Stocked production	-91,098	-186.7 %	105,104	97.0 %	53,358		-
+ Self-constructed assets	0	0%	0	0%	0		-
Period production	4,957,258 €	7.4 %	4,614,161 €	19.6 %	3,857,400 €	232,720 €	2030.1 %
	37.98 % CA	1.9 %	37.29 % CA	11.4 %	33.48 % CA	100.00 % CA	-62.0 %

	31/08/2012	Variation	31/08/2011	Variation	31/08/2010	Sector Median 2012
Trading margin	2,270,022	-25.4 %	3,041,887	-5.4 %	3,215,085	0	0%
+ Period Production	4,957,258	7.4 %	4,614,161	19.6 %	3,857,400	232,720	2030.1 %
- Purchase of raw materials	1,199,461	32.3 %	906,845	39.7 %	649,105		-
+/- Change in stocks of raw materiels	-81,238	49.5 %	-160,961	-245.5 %	110,630		-
- Other external purchases and charges	2,235,281	-22.2 %	2,872,133	6.0 %	2,708,898		-
Added value	3,873,776 €	-4.1 %	4,038,031 €	12.0 %	3,603,852 €	163,072 €	2275.5 %
	29.68 % CA	-9.0 %	32.63 % CA	4.3 %	31.28 % CA	61.84 % CA	-52.0 %

	31/08/2012	Variation	31/08/2011	Variation	31/08/2010	Sector Median 2012
Added value	3,873,776 €	-4.1 %	4,038,031 €	12.0 %	3,603,852 €	163,072 €	2275.5 %
+ Operating grants	0	0%	2,102	-92.4 %	27,563		-
- Tax, duty and similar payments	251,567	11.9 %	224,739	38.8 %	161,884		-
- Personal charges	2,710,112	-5.2 %	2,859,884	2.1 %	2,800,820		-
Gross operating surplus	912,097 €	-4.5 %	955,510 €	42.9 %	668,711 €	21,798 €	4084.3 %
	6.99 % CA	-9.5 %	7.72 % CA	33.1 %	5.80 % CA	8.61 % CA	-18.8 %

	31/08/2012	Variation	31/08/2011	Variation	31/08/2010	Sector Median 2012
Gross operating surplus	912,097 €	-4.5 %	955,510 €	42.9 %	668,711 €	21,798 €	4084.3 %
+ Release of reserves and provisions	715,886	-18.5 %	877,956	5.5 %	831,892		-
+ Other operating income	57,986	75.8 %	32,980	-4.5 %	34,524		-
- Depreciation/ Amortisation	959,115	-13.7 %	1,111,357	23.8 %	897,906		-
- Other charges	8,038	-22.4 %	10,361	-83.7 %	63,417		-
Operating result	718,816 €	-3.5 %	744,728 €	29.8 %	573,804 €	15,283 €	4603.4 %
	5.51 % CA	-8.5 %	6.02 % CA	20.9 %	4.98 % CA	5.66 % CA	-2.7 %

	31/08/2012	Variation	31/08/2011	Variation	31/08/2010	Sector Median 2012
Operating result	718,816 €	-3.5 %	744,728 €	29.8 %	573,804 €	15,283 €	4603.4 %
+/- Result of joint-venture transferred from/to other partners	0	0%	-2	0%	0		-
+ Financial income	49,474	59.0 %	31,117	-90.5 %	326,862		-
- Financial charges	36,427	13.6 %	32,055	-17.1 %	38,662		-
Pre-tax result	731,863 €	-1.6 %	743,788 €	-13.7 %	862,004 €	13,862 €	5179.6 %
	5.61 % CA	-6.7 %	6.01 % CA	-19.7 %	7.48 % CA	5.20 % CA	7.9 %

	31/08/2012	Variation	31/08/2011	Variation	31/08/2010	Sector Median 2012
Extraordinary income	122,941	-85.3 %	837,200	16.4 %	719,265	0	0%
- Extraordinary charges	67,795	-52.3 %	142,034	-56.7 %	327,849		-
Extraordinary result	55,146 €	-92.1 %	695,166 €	77.6 %	391,416 €	0 €	0%
	0.42 % CA	-92.5 %	5.62 % CA	65.3 %	3.40 % CA	0.00 % CA	0%

	31/08/2012	Variation	31/08/2011	Variation	31/08/2010	Sector Median 2012
Pre-tax result	731,863 €	-1.6 %	743,788 €	-13.7 %	862,004 €	13,862 €	5179.6 %
Extraordinary result	55,146 €	-92.1 %	695,166 €	77.6 %	391,416 €	0 €	0%
- Employee profit sharing	54,599	-65.0 %	155,969	-2.4 %	159,729		-
- Tax on profits	88,613	-77.2 %	389,250	6.5 %	365,544		-
Net result	643,797 €	-28.0 %	893,735 €	22.7 %	728,147 €	12,788 €	4934.4 %
	4.93 % CA	-31.7 %	7.22 % CA	14.2 %	6.32 % CA	4.58 % CA	7.6 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.85
UK Pound	1	Rs.100.58
Euro	1	Rs.73.16
EUR	1	Rs.72.34

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

INFORMATION DETAILS

Analysis Done by :	KAS
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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