MIRA INFORM REPORT

Report No. :	354456
Report Date :	18.12.2015

IDENTIFICATION DETAILS

Name :	SOC RAYMOND BLOCH PIERR PREC87
Registered Office :	74 Rue La Fayette 75009 Paris 9
Country :	France
Financials (as on) :	30.04.2011
Date of Incorporation :	January 1964
Legal Form :	Plc with management board
Line of Business :	Wholesale (intercompany trade) of watches and jewelery.
No. of Employee :	14 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	SOC RAYMOND BLOCH PIERR PREC87
Acronym	-
Trade name	-
Status	Economically active
Postal Address	SOC RAYMOND BLOCH PIERR PREC87 74 RUE LA FAYETTE 75009 PARIS 9
Share Capital	376,000 Euros
Telephone	01 55 33 10 96
Activity (APE)	Wholesale (intercompany trade) of watches and jewelery (4648Z)	RCS Registration	RCS Paris B 642 013 999
Formation Date	01/1964	EUR VAT Number	FR18642013999
Deregistration Date	-	Last account Date	30/04/2011
Court Registry Number	19 6 4B01399	Incorporiation Date	03/1964
Registration Court	Paris (75)	Fax	-
Nationality	France
		Legal form	Plc with management board
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
30/04/2011	17,101,581 €	0.36% Turnover	7,875,822 €	187,613 €	14 employees
30/04/2010	11,223,652 €	-5.59% Turnover	7,702,797 €	-367,367 €	14 employees
30/04/2009	20,064,676 €	4.20% Turnover	8,220,164 €	118,263 €	10 to 19 employees

Trends

Profitability

Liquidity

Net Worth

Directors

Current Directors

2

Judgment and Preferential

Judgment	No judgement
Preferential Right	This company is not under monitoring

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4648Z	Activity	Wholesale (intercompany trade) of watches and jewelery
Formation Date	01/1984	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Store
Trading Address	74 RUE LA FAYETTE 75009 PARIS 9	Department	Paris (75)
Location Surface	From 300 m² to less than 400 m²	District	1
City	PARIS 9	Status	Economically active
Business Pages FT®	NEGOCE DE DIAMANTS, DE PIERRES PRECIEUSES ET DE PIERRES GEMMES	Region	Ile-de-France
		Area	99
		Size of Urban Area	Paris conglomeration

Other Establishment(s)

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

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
SOC RAYMOND BLOCH PIERR PREC87	Head Office	4648Z	Wholesale (intercompany trade) of watches and jewelery	PARIS 9	75009
SOC RAYMOND BLOCH PIERR PREC87	Branch	4648Z	Wholesale (intercompany trade) of watches and jewelery	PARIS 9	75009

Workforces

Workforce at address

10 to 19 employees

Company workforce

10 to 19 employees

Commentary

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

The latest account data is more than 4 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 17 %

The stock to turnover ratio is 26.73

The sales to current assets ratio is 1.60

The liabilities are 3,162,951 €

The return on total assets employed is 2.65

The pre-tax profit is 293,234 €

The net turnover is 17,101,581 €

The net current assets are 10,679,583 €

The total assets are 11,079,996 €

The risk provisions are 18,099 €

The company has 2 director(s)

Department code with low risk rating

Industry code with low risk rating

Low risk workforce size

The decrease in the gearing percentage over the last two accounting periods is 26 %

The creditor days are 36.06

The ratio total assets to total liabilities is 3.48

The shareholder's equity is 7,875,822 €

Industry comparison

Activity (APE)	Wholesale (intercompany trade) of watches and jewelery (4648Z)
Industry average credit rating	41
Industry average credit limit	25,962

Collective procedures

No judgment information for the company

Preferential rights details and history

Status of collection

This company is not under monitoring

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company.

Director(s)

Name	M. BLOCH LAURENT
Manager position	President of the management board	Date of birth	15/07/1970
Place of birth	NEUILLY-SUR-SEINE (92200)
Type	Individual	Name at birth
Name	M. BLOCH PHILIPPE
Manager position	President of the supervisory council	Date of birth	06/09/1938
Place of birth	SURESNES (92150)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President of the management board	M. BLOCH ROGER	10/05/1947 - BOULOGNE BILLANCOURT
President of the supervisory council	M. BLOCH PHILIPPE	06/09/1938 - SURESNES
President of the supervisory council	M. BLOCH PHILIPPE	06/09/1938 - SURESNES (92150)

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	14/06/2013	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1220 - 642 013 999 RCS Paris. RAYMOND BLOCH SA. Forme : Société anonyme. Administration : Membre du Directoire partant : Bloch, Roger. Capital : 376000 EUR. Activité : . Adresse du siège social : 74 rue La Fayette, 75009 Paris. Commentaires : modification survenue sur l'administration.
	28/05/2013	JAL	Resignation / Revocation of the social representative
Affiches parisiennes (Les) Date de décision : 29/03/2013 La société 642013999 - SOC RAYMOND BLOCH PIERR PREC87, 74 RUE LA FAYETTE, 75009 PARIS 9 Fait l'objet du départ de Monsieur Denis BLOCH
	30/12/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9923 - 642013999 RCS. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 74 rue La Fayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/04/2011.
	01/12/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1365 - 642 013 999 RCS Paris. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Capital : 376000 EUR. Activité : . Adresse du siège social : 74 rue La Fayette, 75009 Paris. Commentaires : modification survenue sur le capital (diminution).
	01/07/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1116 - 642 013 999 RCS Paris. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Administration : Membre du Directoire partant : Bloch, Roger Denis. Capital : 480000 EUR. Activité : . Adresse du siège social : 74 rue La Fayette, 75009 Paris. Commentaires : modification survenue sur l'administration.
	01/07/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1117 - 642 013 999 RCS Paris. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Administration : nomination du Membre du Directoire : Bloch, Denis. Capital : 480000 EUR. Activité : . Adresse du siège social : 74 rue La Fayette, 75009 Paris. Commentaires : modification survenue sur l'administration.
	10/06/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2855 - 642 013 999 RCS Paris. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Administration : modification du Président du Directoire Bloch, Laurent, modification du Membre du Directoire Bloch, Roger Denis, nomination du Membre du Directoire : Bloch, nom d'usage : Bourdariat, Stephanie. Capital : 480000 EUR. Activité : . Adresse de l’établissement principal : 74 rue La Fayette, 75009 Paris. Adresse du siège social : 74 rue La Fayette, 75009 Paris. Commentaires : modification survenue sur l'adresse de l'établissement et l'administration.
	19/05/2011	JAL	Appointment of the social representative
Affiches parisiennes (Les) Société faisant l'objet d'une nomination : 642013999 - SOC RAYMOND BLOCH PIERR PREC87, 74 RUE LA FAYETTE, 75009 PARIS 9 Nominé : Monsieur Denis BLOCH, 16 Avenue du Parc Saint-James, 92200 NEUILLY SUR SEINE En la fonction de : Membre du Directoire Date d'effet : 13/05/2011
	10/05/2011	JAL	Appointment of the social representative
Affiches parisiennes (Les) Société faisant l'objet d'une nomination : 642013999 - SOC RAYMOND BLOCH PIERR PREC87, 74 RUE LA FAYETTE, 75009 PARIS 9 Nominé : Non renseignée PHILOS En la fonction de : Représentant légal Date d'effet : 28/04/2011
	10/05/2011	JAL	Resignation / Revocation of the social representative
Affiches parisiennes (Les) Date de décision : 25/04/2011 La société 642013999 - SOC RAYMOND BLOCH PIERR PREC87, 74 RUE LA FAYETTE, 75009 PARIS 9 Fait l'objet du départ de Date d'effet : 28/04/2011
	07/02/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 11520 - 642013999 RCS. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 74 R LA FAYETTE 75009 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/04/2010.
	05/02/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 10394 - 642013999 RCS. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 74 R LA FAYETTE 75009 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/04/2009.
	28/12/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9566 - 642013999 RCS. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 74 rue La Fayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/04/2008.
	13/01/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7812 - 642013999 RCS. LA SOCIETE RAYMOND BLOCH SA. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 74 rue La Fayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/04/2007.
	31/12/2006	Bodacc C	Avis de dépôt des comptes
6101 - RCS Paris B 642 013 999. RC 64-B 1399. LA SOCIETE RAYMOND BLOCH SA. Forme: société anonyme à directoire et conseil de surveillance. Adresse du siège social: 74, R la Fayette,Paris, 75009 Paris. Comptes annuels et rapports de l'exercice clos le: 30 avril 2006.
	17/01/2006	Bodacc C	Avis de dépôt des comptes
5601 - RCS Paris B 642 013 999. RC 64-B 1399. LA SOCIETE RAYMOND BLOCH SA. Forme: société anonyme à directoire et conseil de surveillance. Adresse du siège social: 74, R la Fayette,Paris, 75009 Paris. Comptes annuels et rapports de l'exercice clos le: 30 avril 2005.
	27/11/2003	Bodacc B	Modifications et mutations diverses
RCS Paris B 642013999 RC 64-B 1399 LA SOCIETE RAYMOND BLOCH S.A. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : modification du président du directoire : BLOCH (Roger, Denis). Modification du président du conseil de surveillance : BLOCH ( Philippe). Nomination d'un membre du directoire : BLOCH (Laurent). Modification d'un vice-président et membre du conseil de surveillance : BLOCH (Martine, Mathilde). Nomination d' un membre du conseil de surveillance : PHILOS S.C. Administrateurs partants : BLOCH, née KAHN (Simone) BOURDARIAT, née BLOCH (Stéphanie).
	27/12/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 642013999 RC 64-B 1399 LA SOCIETE RAYMOND BLOCH S.A. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification du président du conseil d' administration et directeur général : BLOCH (Philippe). Modification du directeur général délégué et administrateur : BLOCH (Roger, Denis).
	06/03/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 642013999 RC 64-B 1399 LA SOCIETE RAYMOND BLOCH S.A. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification d'un administrateur : BOURDARIAT, née BLOCH (Stéphanie).
	15/02/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 642013999 RC 64-B 1399 LA SOCIETE RAYMOND BLOCH S.A. Forme : S.A. Capital : 480 000 euros. Commentaires : modification survenue sur le capital ( augmentation) et l'administration. Administration : modification d' administrateurs : BLOCH (Roger, Denis) BLOCH (Stéphanie).
	11/03/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 642013999 RC 64-B 1399 LA SOCIETE RAYMOND BLOCH S.A. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification du président du conseil d' administration : BLOCH (Philippe). Modification du directeur général et administrateur : BLOCH (Roger, Denis). Commissaire aux comptes titulaire partant : BELAIS (Jacques). Nomination du commissaire aux comptes titulaire : SCOREX-STE DE COMMISSARIAT REVISION EXPERTISE. Commissaire aux comptes suppléant partant : GANANSIA (Charles). Nomination du commissaire aux comptes suppléant : MASSOUTRE (Patrick).
	28/12/1997	Bodacc B	Modifications et mutations diverses
RCS Paris B 642 013 999 RC 64-B 1399 SOCIETE RAYMOND BLOCH S.A. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification du président du conseil d' administration : BLOCH (Roger, Denis). Modification du directeur général et administrateur : BLOCH (Philippe).
	02/02/1995	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 642 013 999 RC RC 64- B 1399 LA SOCIETE RAYMOND BLOCH S.A. Forme : S.A. Administration : président du conseil d'administration : BLOCH ( Philippe) Directeur général et administrateur : BLOCH (Roger, Denis). Administrateurs : Mme BLOCH, née KAHN (Simone) BLOCH (Martine, Mathilde) BLOCH (Stéphanie). Commissaire aux comptes titulaire : BELAIS (Jacques). Commissaire aux comptes suppléant : GANANSIA (Charles). Commentaires : modification survenue sur l' administration.

Company events history

Date	Description
31/05/2015
31/05/2015
06/08/2014
06/08/2014
19/10/2013
19/10/2013
14/06/2013	Bodacc B: Various editing or changing
30/05/2013	Amendment
28/05/2013	Legal Gazette: Resignation / Revocation of the social representative
30/12/2011	Bodacc C : Deposit accounts notice
01/12/2011	Bodacc B: Various editing or changing
26/11/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
16/11/2011	Amendment
16/11/2011	Audit or Management Report
16/11/2011	Updated articles of association
16/11/2011	Capital reduction
04/11/2011	Other modification of Establishment
11/10/2011	Capital reduction
11/10/2011	Minutes of general meeting of shareholders
01/07/2011	Bodacc B: Various editing or changing
10/06/2011	Bodacc B: Various editing or changing
25/05/2011	Amendment
25/05/2011	Appointment/resignation of company officers
25/05/2011	Minutes of general meeting of shareholders
25/05/2011	New chairman (CEO, CoB)
13/05/2011	Legal Gazette: Appointment of the social representative
10/05/2011	Legal Gazette: Resignation / Revocation of the social representative
30/04/2011	New accounts available
25/04/2011	Legal Gazette: Appointment of the social representative
07/02/2011	Bodacc C : Deposit accounts notice
30/04/2010	New accounts available
05/02/2010	Bodacc C : Deposit accounts notice
27/11/2009	Amendment
27/11/2009	Minutes of general meeting of shareholders
30/04/2009	New accounts available
28/12/2008	Bodacc C : Deposit accounts notice
04/11/2008	Appointment/resignation of company officers
04/11/2008	Audit or Management Report
04/11/2008	Audit or Management Report
04/11/2008	Minutes of general meeting of shareholders
04/11/2008	Private document
04/11/2008	Updated articles of association
04/11/2008	Updated articles of association
04/11/2008	Minutes of general meeting of shareholders
10/09/2008	Application and court order
09/09/2008	Application and court order
09/09/2008	Amendment
30/04/2008	New accounts available
28/04/2008	Payment incident closed
26/02/2008	Payment incident detected
13/01/2008	Bodacc C : Deposit accounts notice
30/04/2007	New accounts available
08/11/2006	Amendment
08/11/2006	Amendment
08/11/2006	Minutes of general meeting of shareholders
08/11/2006	Minutes of general meeting of shareholders
08/11/2006	Private document
30/04/2006	New accounts available
30/04/2005	New accounts available
17/11/2003	Amendment
17/11/2003	Private document
17/11/2003	Updated articles of association
17/11/2003	Change to the administration of a public limited company
17/11/2003	Minutes of general meeting of shareholders
17/11/2003	Appointment/resignation of company officers
30/04/2003	New accounts available
16/12/2002	Amendment
16/12/2002	Changes to the Board of Directors
16/12/2002	Minutes of Board meeting
16/12/2002	Private document
16/12/2002	Updated articles of association
16/12/2002	Minutes of general meeting of shareholders
04/02/2002	Private document
04/02/2002	Minutes of general meeting of shareholders
04/02/2002	Conversion of equity to euro
04/02/2002	Capital increase
04/02/2002	Amendment
04/02/2002	Updated articles of association
26/02/2001	Private document
26/02/2001	New chairman (CEO, CoB)
26/02/2001	New auditor
26/02/2001	Minutes of Board meeting
26/02/2001	Changes to the Board of Directors
26/02/2001	Appointment/resignation of company officers
26/02/2001	Amendment
26/02/2001	Minutes of general meeting of shareholders
15/12/1997	Minutes of general meeting of shareholders
15/12/1997	New chairman (CEO, CoB)
15/12/1997	New closing date
15/12/1997	Minutes of Board meeting
15/12/1997	Private document
15/12/1997	Appointment/resignation of company officers
15/12/1997	Amendment
15/12/1997	Changes to the Board of Directors
16/01/1996	Amendment
16/01/1996	Minutes of general meeting of shareholders
17/01/1995	Amendment
17/01/1995	Appointment/resignation of company officers
17/01/1995	Changes to the Board of Directors
17/01/1995	Minutes of general meeting of shareholders
14/01/1992	Minutes of general meeting of shareholders
14/01/1992	Minutes of Board meeting
14/01/1992	Changes to the Board of Directors
14/01/1992	Appointment/resignation of company officers
14/01/1992	Amendment
14/01/1992	New chairman (CEO, CoB)

Synthesized Accounts

Annual Accounts

	30/04/2011	30/04/2010	30/04/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	24/11/2011	27/12/2010	16/02/2010
Activity Code	4648Z	4648Z	4648Z
Employees	14	14	0

Active account

	30/04/2011	Variation	30/04/2010	Variation	30/04/2009	Sector Median 2011
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	382,315	-9.5 %	422,505	76.0 %	240,007	46,501	722.2 %
Intangible assets	181,125	0%	181,125	28.7 %	140,725	2,838	6283.3 %
Tangible assets	174,453	-16.9 %	209,892	188.3 %	72,794	9,658	1706.3 %
Financial assets	26,737	-15.1 %	31,488	18.9 %	26,488	2,944	808.3 %
Net current assets	10,679,583	2.4 %	10,428,479	-2.8 %	10,724,896	447,019	2289.1 %
Stocks	4,571,708	34.8 %	3,392,267	2.8 %	3,300,650	167,564	2628.3 %
Advanced payments	1,736	-12.5 %	1,983	0%	0	0	0%
Receivables	3,419,896	-16.9 %	4,114,372	11.2 %	3,699,323	86,924	3834.4 %
Securities and cash	2,686,243	-8.0 %	2,919,857	-21.6 %	3,724,923	42,543	6214.2 %
Prepaid expenses	-	-	-	-	-	9	-
Accounts of regularization	18,099	252.3 %	5,137	577.7 %	758	0	0%
Total Assets	11,079,996	2.1 %	10,856,119	-1.0 %	10,965,659	510,102	2072.1 %

Passive Account

	30/04/2011	Variation	30/04/2010	Variation	30/04/2009	Sector Median 2011
Shareholders' equity	7,875,822	2.2 %	7,702,797	-6.3 %	8,220,164	119,821	6473.0 %
Share capital	480,000	0%	480,000	0%	480,000	15,245	3048.6 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	18,099	252.3 %	5,137	577.7 %	758	0	0%
Liabilities	3,162,951	0.6 %	3,144,033	14.6 %	2,744,526	288,671	995.7 %
Financial liabilities	788,946	-25.2 %	1,054,411	49.5 %	705,227	50,851	1451.5 %
Advanced payments received	0	0%	0	0%	0	0	0%
Trade account payables	1,689,757	5.8 %	1,597,370	45.6 %	1,097,306	90,019	1777.1 %
Tax and social liabilities	503,712	34.2 %	375,453	-8.5 %	410,346	57,483	776.3 %
Other debts and fixed assets liabilities	203,660	68.4 %	120,951	-77.3 %	531,859	11,465	1676.4 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	11,079,996	2.1 %	10,856,119	-1.0 %	10,965,659	510,102	2072.1 %

Results

	30/04/2011	Variation	30/04/2010	Variation	30/04/2009	Sector Median 2011
Sales of Goods	17,424,883	53.2 %	11,370,769	-43.6 %	20,164,473	715,305	2336.0 %
Net turnover	17,101,581	52.4 %	11,223,652	-44.1 %	20,064,676	710,421	2307.2 %
of which net export turnover	9,643,628	70.1 %	5,669,765	-54.2 %	12,387,640	0	0%
Operating charges	17,290,508	44.2 %	11,986,670	-38.6 %	19,518,925	689,177	2408.9 %
Operating profit/loss	134,375	121.8 %	-615,901	-195.4 %	645,548	18,532	625.1 %
Financial income	409,580	104.1 %	200,665	-41.0 %	340,330	63	650027.0 %
Financial charges	288,759	120.6 %	130,882	-83.7 %	802,404	3,003	9515.7 %
Financial profit/loss	120,821	73.1 %	69,783	115.1 %	-462,074	-935	13022.0 %
Pretax net operating income	255,196	146.7 %	-546,118	-397.7 %	183,474	17,335	1372.2 %
Extraordinary income	38,037	55.4 %	24,484	-86.0 %	175,404	68	56251.1 %
Extraordinary charges	0	0%	19,617	-88.9 %	177,180	400	0%
Extraordinary profit/loss	38,037	681.5 %	4,867	374.0 %	-1,776	0	0%
Net result	187,613	151.1 %	-367,367	-410.6 %	118,263	13,201	1321.3 %

Accounts – Active

Normal Account

	30/04/2011	30/04/2010	30/04/2009
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Grand Total (I to VI)	Net	11,079,996	2.1 %	10,856,119	-1.0 %	10,965,659
Gross	CO	11,595,497	1.0 %	11,476,772	-0.9 %	11,584,621
Amortisation	1A	515,501	-16.9 %	620,653	0.3 %	618,962

Non declared distributed capital (I)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Total Active fixed asset (II)	Net	382,315	-9.5 %	422,505	76.0 %	240,007
Gross	BJ	769,940	-0.5 %	773,486	34.4 %	575,567
Amortisation	BK	387,625	10.4 %	350,981	4.6 %	335,560

Intangible fixed assets

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
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	129,803	0%	129,803	0%	129,803
Amortisation	CQ	129,803	0%	129,803	0%	129,803
Distributorships, patents	Net	0	0%	0	0%	0
Gross	AF	0	0%	0	0%	0
Amortisation	AG	0	0%	0	0%	0
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	181,125	0%	181,125	28.7 %	140,725
Gross	AJ	181,125	0%	181,125	28.7 %	140,725
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	181,125	0%	181,125	28.7 %	140,725

Tangilble fixed assets

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	0	0%	0	0%	0
Gross	AP	0	0%	0	0%	0
Amortisation	AQ	0	0%	0	0%	0
Plant	Net	6,043	-36.0 %	9,449	-26.5 %	12,855
Gross	AR	21,085	0%	21,085	0%	21,085
Amortisation	AS	15,042	29.3 %	11,636	41.4 %	8,230
Other tangible fixed assets	Net	163,092	-16.4 %	195,125	274.4 %	52,121
Gross	AT	405,872	0.3 %	404,667	62.1 %	249,648
Amortisation	AU	242,780	15.9 %	209,542	6.1 %	197,527
Fixed assets in construction	Net	5,318	0%	5,318	-32.0 %	7,818
Gross	AV	5,318	0%	5,318	-32.0 %	7,818
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	174,453	-16.9 %	209,892	188.3 %	72,794

Financial assets

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	0	0%	0	0%	0
Gross	CU	0	0%	0	0%	0
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	26,737	-15.1 %	31,488	18.9 %	26,488
Gross	BH	26,737	-15.1 %	31,488	18.9 %	26,488
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	26,737	-15.1 %	31,488	18.9 %	26,488

Current Assets (III)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Total Current Assets	Net	10,679,583	2.4 %	10,428,479	-2.8 %	10,724,896
Gross	CJ	10,807,458	1.0 %	10,698,150	-2.8 %	11,008,297
Amortisation	CK	127,875	-52.6 %	269,671	-4.8 %	283,401

Stocks

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Raw materials	Net	0	0%	0	0%	0
Gross	BL	0	0%	0	0%	0
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	0	0%	0	0%	0
Gross	BN	0	0%	0	0%	0
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	4,571,708	34.8 %	3,392,267	2.8 %	3,300,650
Gross	BT	4,613,474	34.2 %	3,438,052	2.3 %	3,360,165
Amortisation	BU	41,766	-8.8 %	45,785	-23.1 %	59,515
Sub Total Stocks	Net	4,571,708	34.8 %	3,392,267	2.8 %	3,300,650

Advance payments to suppliers

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Advance payments to suppliers	Net	1,736	-12.5 %	1,983	0%	0
Gross	BV	1,736	-12.5 %	1,983	0%	0
Amortisation	BW	0	0%	0	0%	0

Debtors

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Trade accounts receivable	Net	2,706,776	-18.7 %	3,327,827	0.4 %	3,313,323
Gross	BX	2,792,885	-21.4 %	3,551,713	0.4 %	3,537,209
Amortisation	BY	86,109	-61.5 %	223,886	0%	223,886
Other debtors	Net	663,422	-10.0 %	736,742	118.7 %	336,929
Gross	BZ	663,422	-10.0 %	736,742	118.7 %	336,929
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	3,370,198	-17.1 %	4,064,569	11.4 %	3,650,252

Divers

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Investment securities	Net	1,501,667	-31.9 %	2,204,454	-23.7 %	2,890,628
Gross	CD	1,501,667	-31.9 %	2,204,454	-23.7 %	2,890,628
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	1,184,576	65.6 %	715,403	-14.3 %	834,295
Gross	CF	1,184,576	65.6 %	715,403	-14.3 %	834,295
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	2,686,243	-8.0 %	2,919,857	-21.6 %	3,724,923

Prepaid expenses

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Prepaid expenses	Net	49,698	-0.2 %	49,803	1.5 %	49,071
Gross	CH	49,698	-0.2 %	49,803	1.5 %	49,071
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
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	18,099	252.3 %	5,137	577.7 %	758
Gross		18,099	252.3 %	5,137	577.7 %	758

References

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Grand Total (I to V)	EE	11,079,996	2.1 %	10,856,119	-1.0 %	10,965,659

Shareholder Equity (I)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Total shareholders' equity (Total I)	DL	7,875,822	2.2 %	7,702,797	-6.3 %	8,220,164
Equity and shareholders' equity	DA	480,000	0%	480,000	0%	480,000
Issue and merger premiums	DB	1,072,233	0%	1,072,233	0%	1,072,233
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	48,000	0%	48,000	0%	48,000
Statutory or contractual reserve	DE	6,182,423	0%	6,182,423	-0.5 %	6,214,160
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	221	0%	221	0%	221
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	-367,367	0%	0	0%	0
Profit or loss for the period	DI	187,613	151.1 %	-367,367	-410.6 %	118,263
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	272,699	-5.1 %	287,287	0%	287,287

Other capital resources (II)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
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)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Total provisions for risks and charges (Total III)	DR	18,099	252.3 %	5,137	577.7 %	758
Risk provisions	DP	18,099	252.3 %	5,137	577.7 %	758
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Total Liabilities (Total IV)	EC	3,162,951	0.6 %	3,144,033	14.6 %	2,744,526
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	641,560	-34.4 %	977,924	59.5 %	613,202
Sundry loans and financial liabilities	DV	147,386	92.7 %	76,487	-16.9 %	92,025
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	0	0%	0	0%	0
Trade accounts payables	DX	1,689,757	5.8 %	1,597,370	45.6 %	1,097,306
Tax and social security liabilities	DY	503,712	34.2 %	375,453	-8.5 %	410,346
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	180,536	54.6 %	116,799	-78.0 %	531,647

Translation loss (V)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Translation loss (Total V)	ED	23,124	456.9 %	4,152	1858.5 %	212

Equalization accounts

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Deferred income	EB	0	0%	0	0%	0

References

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	3,084,408	1.6 %	3,036,094	10.6 %	2,744,526
Of which current bank facilities	EH	532,823	-36.7 %	841,662	37.3 %	613,183

Result account

1 - Operating result (I-II)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Operating result (Total I-II)	GG	134,375	121.8 %	-615,901	-195.4 %	645,548

2 - Financial result (V-VI)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Financial result (Total V-VI)	GV	120,821	73.1 %	69,783	115.1 %	-462,074

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

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	255,196	146.7 %	-546,118	-397.7 %	183,474

4 - Extraordinary result (VII-VIII)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Extraordinary result (Total VII-VIII)	HI	38,037	681.5 %	4,867	374.0 %	-1,776

Profit or loss

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Profit or loss	HN	187,613	151.1 %	-367,367	-410.6 %	118,263

Total Income (I+III+V+VII)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Total Income (Total I+III+V+VII)	HL	17,872,500	54.1 %	11,595,918	-43.9 %	20,680,207

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

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	17,684,888	47.8 %	11,963,285	-41.8 %	20,561,947

Operating income (I)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Total operating income (Total I)	FR	17,424,883	53.2 %	11,370,769	-43.6 %	20,164,473

Operating income (details)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Sale of goods for resale	FC	16,994,797	52.6 %	11,138,068	-44.4 %	20,024,651
France	FA	7,438,904	35.8 %	5,476,874	-28.6 %	7,671,127
Export	FB	9,555,893	68.8 %	5,661,194	-54.2 %	12,353,524
Sale of goods produced	FF	0	0%	0	0%	0
France	FD	0	0%	0	0%	0
Export	FE	0	0%	0	0%	0
Sale of services	FI	106,784	24.8 %	85,584	113.8 %	40,025
France	FG	19,049	-75.3 %	77,013	1203.3 %	5,909
Export	FH	87,735	923.6 %	8,571	-74.9 %	34,116
Net turnover	FL	17,101,581	52.4 %	11,223,652	-44.1 %	20,064,676
France	FJ	7,457,953	34.3 %	5,553,887	-27.7 %	7,677,036
Export	FK	9,643,628	70.1 %	5,669,765	-54.2 %	12,387,640
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	10,332	0%	0
Release of reserves and provisions	FP	323,059	136.4 %	136,670	37.0 %	99,759
Other income	FQ	243	111.3 %	115	202.6 %	38

Operating charges (II)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Total operating charges (Total II)	GF	17,290,508	44.2 %	11,986,670	-38.6 %	19,518,925

Exploitation charges

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Purchase of goods for resale	FS	15,551,044	63.5 %	9,509,488	-33.8 %	14,358,116
Change in stocks of goods for resale	FT	-1,175,421	-1409.1 %	-77,888	-103.8 %	2,073,441
Purchase of raw materials	FU	5,639	-51.8 %	11,711	470.4 %	2,053
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	664,124	14.3 %	581,102	-24.6 %	771,161
Tax, duty and similar payments	FX	110,896	12.9 %	98,193	-32.6 %	145,590
Payroll	FY	1,302,862	4.3 %	1,249,279	-4.6 %	1,308,946
Social security costs	FZ	581,464	18.7 %	489,953	-13.0 %	563,370

Depreciation

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Depreciation of fixed assets	GA	47,288	30.0 %	36,362	-29.8 %	51,787
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	41,766	-8.8 %	45,785	-76.8 %	197,292
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Other charges	GE	160,846	276.8 %	42,685	-9.5 %	47,169

Operating charges (III-IV)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
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)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Total financial income (Total V)	GP	409,580	104.1 %	200,665	-41.0 %	340,330
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	442	268.3 %	120	-98.9 %	11,031
Released provisions and transferred charges	GM	5,137	577.7 %	758	-98.4 %	46,358
Exchange gains	GN	387,407	104.6 %	189,342	-18.4 %	232,166
Net income from disposal of investment securities	GO	16,594	58.9 %	10,445	-79.4 %	50,775

Financial charge (VI)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Total financial charge (Total VI)	GU	288,759	120.6 %	130,882	-83.7 %	802,404
Financial reserves and provisions	GQ	18,099	252.3 %	5,137	577.7 %	758
Interest and similar charges	GR	21,069	57.2 %	13,403	-48.2 %	25,852
Exchange losses	GS	249,591	122.2 %	112,342	-85.5 %	775,794
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Total extraordinary income (Total VII)	HD	38,037	55.4 %	24,484	-86.0 %	175,404
Extraordinary operating income	HA	23,449	-3.4 %	24,284	-86.2 %	175,404
Extraordinary income from capital transactions	HB	0	0%	200	0%	0
Released provisions and transferred charges	HC	14,588	0%	0	0%	0

Extraordinary charges (VIII)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Total extraordinary charges (Total VIII)	HH	0	0%	19,617	-88.9 %	177,180
Extraordinary operating charges	HE	0	0%	17,393	-90.1 %	175,463
Extraordinary charges from capital transactions	HF	0	0%	381	0%	0
Extraordinary reserves and provisions	HG	0	0%	1,843	7.3 %	1,717

Employee profit sharing (IX)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Tax on profits (Total X)	HK	105,621	160.7 %	-173,884	-374.1 %	63,438

References

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
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	139,498	80.8 %	77,155	536.5 %	12,121
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	70	4.5 %	67	0%	0

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
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	15,645	-39.0 %	25,664	-1.3 %	26,015
Gross value at the end of period	OL	769,940	-0.5 %	773,485	34.4 %	575,566

Research and development Charge (Total I)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Gross value at begin of period	CZ	129,803	0%	129,803	0%	129,803
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	129,803	0%	129,803	0%	129,803

Other budget item from Intangible fixed assets (Total II)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Gross value at begin of period	KD	181,125	28.7 %	140,725	141.7 %	58,225
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	40,400	-51.0 %	82,500
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	181,125	0%	181,125	28.7 %	140,725

Tangible fixed assets (Total III)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Gross value at begin of period	LN	431,067	54.8 %	278,548	7.8 %	258,441
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	11,850	-93.3 %	178,183	286.3 %	46,124
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	10,645	-58.5 %	25,664	-1.3 %	26,015
Gross value at the end of period	NH	432,272	0.3 %	431,067	54.8 %	278,550

Financial assets (Total IV)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Gross value at begin of period	LQ	31,487	18.9 %	26,487	6.2 %	24,941
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	249	-95.0 %	5,000	223.2 %	1,547
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	5,000	0%	0	0%	0
Gross value at the end of period	NK	26,736	-15.1 %	31,487	18.9 %	26,488

Reserve for depreciation

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

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
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)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
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)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Reserve for depreciation value at begin of period	PE	0	0%	0	0%	0
Increases	PF	0	0%	0	0%	0
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	0	0%	0	0%	0

Total fixed assets amotisation (Total III)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Reserve for depreciation value at begin of period	QU	221,179	7.5 %	205,758	6.9 %	192,489
Increases	QV	47,288	23.8 %	38,205	-2.7 %	39,283
Decreases	QW	10,645	-53.3 %	22,784	-12.4 %	26,014
Decreasess by budget item transfer	QX	257,822	16.6 %	221,179	7.5 %	205,758

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
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

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
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	129,803	0%	129,803	0%	129,803
Net value at the end of period	SR	0	0%	0	0%	0

Provisions included in balance sheet

Grand Total (I-II-III)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Value at begining of period	7C	562,094	-1.6 %	571,446	13.0 %	505,675
Increases	UB	59,864	17.6 %	50,922	-74.5 %	199,767
Decreases	UC	203,286	237.3 %	60,273	-55.0 %	133,996
Value at the end of period	UD	418,672	-25.5 %	562,095	-1.6 %	571,446

Includes Total allocations

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Operating	UE	41,766	-8.8 %	45,785	-76.8 %	197,292
Financial	UG	18,099	252.3 %	5,137	577.7 %	758
Exceptional	UJ	0	0%	0	0%	1,717

Includes Total Withdrawal

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Operating	UF	183,561	208.4 %	59,515	-32.1 %	87,638
Financial	UH	5,137	577.7 %	758	-98.4 %	46,358
Exceptional	UK	14,588	0%	0	0%	0

Total regulated provisions (Total I)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Value at begining of period	3Z	287,287	0%	287,287	0.6 %	285,569
Increases	TS	0	0%	0	0%	1,717
Decreases	TT	14,588	0%	0	0%	0
Value at the end of period	TU	272,699	-5.1 %	287,287	0.0 %	287,286

Total risk and charge provisions (Total II)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Value at begining of period	5Z	5,137	577.7 %	758	-98.4 %	46,358
Increases	TV	18,099	252.3 %	5,137	578.6 %	757
Decreases	TW	5,137	577.7 %	758	-98.4 %	46,358
Value at the end of period	TX	18,099	252.3 %	5,137	578.6 %	757

Total Provision for depreciation (Total III)

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Value at begining of period	7B	269,671	-4.8 %	283,401	63.1 %	173,747
Increases	TY	41,766	-8.8 %	45,785	-76.8 %	197,292
Decreases	TZ	183,562	208.4 %	59,515	-32.1 %	87,638
Value at the end of period	UA	127,875	-52.6 %	269,671	-4.8 %	283,401

State deadlines claims and debts at the end of period

State claims

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Gross value	VT	3,534,478	-19.1 %	4,369,745	10.6 %	3,949,697
1 year at most	VU	3,421,518	-13.0 %	3,934,130	6.8 %	3,684,642
More than one year	VV	112,960	-74.1 %	435,615	64.3 %	265,055

State of loans

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	26,737	-15.1 %	31,488	18.9 %	26,488
Other financial assets (1 year at most)	UV	0	0%	5,000	0%	0

Receivables statement of assets

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Customers doubtful or disputed	VA	86,223	-63.9 %	238,567	0%	238,567
Other claims customer	UX	2,706,662	-18.3 %	3,313,146	0.4 %	3,298,642
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	0	0%	0	0%	2,705
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	81,729	-60.6 %	207,463	477.8 %	35,907
Value added tax	VB	257,332	37.2 %	187,591	207.7 %	60,972
Other taxes and payments assimilated	VN	0	0%	11,730	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	326,098	-1.2 %	329,958	39.0 %	237,345

Prepaid

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Prepaid	VS	49,698	-0.2 %	49,803	1.5 %	49,071

State Debt

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Total debt (gross)	VY	3,162,951	0.6 %	3,144,033	14.6 %	2,744,526
1 year at most	VZ2	3,084,408	1.6 %	3,036,094	10.6 %	2,744,526
More than 1 year and 5 years at most	VZ3	78,543	-27.2 %	107,939	0%	0
More than 5 years	VZ4	0	0%	0	0%	0

Details

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
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	532,943	-36.7 %	841,680	37.3 %	613,202
1 year at most	VG2	532,943	-36.7 %	841,680	37.3 %	613,202
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	108,617	-20.3 %	136,244	0%	0
1 year at most	VH2	30,074	6.2 %	28,305	0%	0
More than 1 year and 5 years at most	VH3	78,543	-27.2 %	107,939	0%	0
Loans and various financial liabilities (gross)	8A1	0	0%	863	0%	0
1 year at most	8A2	0	0%	863	0%	0
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	1,689,757	5.8 %	1,597,370	45.6 %	1,097,305
1 year at most	8B2	1,689,757	5.8 %	1,597,370	45.6 %	1,097,305
More than 1 year and 5 years at most	8B3	1,689,757	5.8 %	1,597,370	45.6 %	1,097,305
Personnel and associated accounts (gross)	8C1	111,621	10.2 %	101,246	-24.0 %	133,271
1 year at most	8C2	111,621	10.2 %	101,246	-24.0 %	133,271
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	144,648	56.4 %	92,496	-26.7 %	126,251
1 year at most	8D2	144,648	56.4 %	92,496	-26.7 %	126,251
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	184,256	39.2 %	132,326	34.8 %	98,192
1 year at most	VW2	184,256	39.2 %	132,326	34.8 %	98,192
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	63,187	27.9 %	49,385	-6.2 %	52,632
1 year at most	VQ2	63,187	27.9 %	49,385	-6.2 %	52,632
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	147,386	94.9 %	75,624	-17.8 %	92,025
1 year at most	VI2	147,386	94.9 %	75,624	-17.8 %	92,025
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	180,536	54.6 %	116,799	-78.0 %	531,647
1 year at most	8K2	180,536	54.6 %	116,799	-78.0 %	531,647
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

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Loans made during the period	VJ	0	0%	150,000	0%	0
Debt repaid during the period	VK	28,305	105.8 %	13,756	0%	0

Table allocation results and other information

Dividends distributed

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
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

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
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

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
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

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
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

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Average number of employees	YP	14	0%	14	0%	0

Groups and Shareholders

		30/04/2011	Variation	30/04/2010	Variation	30/04/2009
Groups and Shareholders	ZR	0	-	-	-	-

Ratios

Structure and Liquidity

	30/04/2011	Variation	30/04/2010	Variation	30/04/2009	Sector Median 2011
Fixed Asset Financing	11.09	3.7 %	10.69	-28.9 %	15.03	2.95	275.9 %
Global Debt	67 days	-33.7 %	101 days	106.1 %	49 days	151 days	-55.6 %
Working Capital Fund overall net	164 days	-32.0 %	241 days	66.2 %	145 days	91 days	80.2 %
Financial independence	998.27 %	36.7 %	730.53 %	-37.3 %	1,165.61 %	173.99 %	473.8 %
Solvability	71.08 %	0.2 %	70.95 %	-5.3 %	74.96 %	35.74 %	98.9 %
Capacity debt futures	1,398.86 %	58.0 %	885.39 %	-34.0 %	1,340.53 %	920.70 %	51.9 %
Coverage of current assets by net working capital overall	63.36 %	8.6 %	58.34 %	0.1 %	58.29 %	49.07 %	29.1 %
General Liquidity	1.11	-14.6 %	1.30	-3.0 %	1.34	0.52	113.5 %
Restricted Liquidity	1.98	-12.4 %	2.26	-16.3 %	2.70	0.89	122.5 %

Management or rotation

	30/04/2011	Variation	30/04/2010	Variation	30/04/2009	Sector Median 2011
Need background in operating working capital	117 days	-32.0 %	172 days	95.5 %	88 days	59 days	98.3 %
Treasury	45 days	-32.8 %	67 days	19.6 %	56 days	12 days	275.0 %
Inventory turnover of goods	116 days	-11.5 %	131 days	77.0 %	74 days	192 days	-39.6 %
Average length of credit granted to customers	59 days	-48.2 %	114 days	81.0 %	63 days	42 days	40.5 %
Average length of credit obtained suppliers	40 days	-29.8 %	57 days	147.8 %	23 days	59 days	-32.2 %
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	1,064 days	-
Rotation tangible assets	3,956.21 %	51.9 %	2,603.69 %	-63.9 %	7,203.26 %	1,513.09 %	161.5 %

Profitability of the business

	30/04/2011	Variation	30/04/2010	Variation	30/04/2009	Sector Median 2011
Margin trading	15.32 %	0.8 %	15.20 %	-15.1 %	17.91 %	38.96 %	-60.7 %
Profitability of the business	0.36 %	106.4 %	-5.59 %	-233.1 %	4.20 %	3.45 %	-89.6 %
Net profit	1.10 %	133.6 %	-3.27 %	-654.2 %	0.59 %	1.98 %	-44.4 %
Growth rate of turnover (excluding VAT)	52.37 %	218.9 %	-44.06 %	-117.7 %	-20.24 %	3.14 %	1567.8 %
Rates integration	12.02 %	12.5 %	10.68 %	-25.1 %	14.25 %	20.78 %	-42.2 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	91.64 %	-36.8 %	145.03 %	121.5 %	65.47 %	68.58 %	33.6 %
Weight interests	1.69 %	44.4 %	1.17 %	-70.8 %	4.00 %	0.53 %	218.9 %

Return on capital

	30/04/2011	Variation	30/04/2010	Variation	30/04/2009	Sector Median 2011
Cash flow from the overall profitability	0.29 %	108.5 %	-3.42 %	-1900.0 %	0.19 %	2.64 %	-89.0 %
Rates of economic profitability	1.00 %	114.3 %	-7.00 %	-177.8 %	9.00 %	10.50 %	-90.5 %
Financial profitability	7,875,822.00 %	2.2 %	7,702,797.00 %	-6.3 %	8,220,164.00 %	98,348.50 %	7908.1 %
Return on investment	5.50 %	303.7 %	-2.70 %	-126.2 %	10.32 %	8.51 %	-35.4 %

Management intermediate balances

	30/04/2011	Variation	30/04/2010	Variation	30/04/2009	Sector Median 2011
Turnover	17,101,581	52.4 %	11,223,652	-44.1 %	20,064,676	710,421	2307.2 %

	30/04/2011	Variation	30/04/2010	Variation	30/04/2009	Sector Median 2011
Sales of goods	16,994,797	52.6 %	11,138,068	-44.4 %	20,024,651		-
- Purchase of goods	15,551,044	63.5 %	9,509,488	-33.8 %	14,358,116		-
+/- Stock of goods variation	-1,175,421	-1409.1 %	-77,888	-103.8 %	2,073,441		-
Trading margin	2,619,174 €	53.5 %	1,706,468 €	-52.5 %	3,593,094 €	246,796 €	961.3 %
	15.32 % CA	0.8 %	15.20 % CA	-15.1 %	17.91 % CA	39.54 % CA	-61.3 %

	30/04/2011	Variation	30/04/2010	Variation	30/04/2009	Sector Median 2011
Sale of goods produced	106,784	24.8 %	85,584	113.8 %	40,025		-
+/- Stocked production	0	0%	0	0%	0		-
+ Self-constructed assets	0	0%	0	0%	0		-
Period production	106,784 €	24.8 %	85,584 €	113.8 %	40,025 €	9,820 €	987.5 %
	0.62 % CA	-18.4 %	0.76 % CA	280.0 %	0.20 % CA	1.46 % CA	-57.5 %

	30/04/2011	Variation	30/04/2010	Variation	30/04/2009	Sector Median 2011
Trading margin	2,619,174	53.5 %	1,706,468	-52.5 %	3,593,094	246,796	961.3 %
+ Period Production	106,784	24.8 %	85,584	113.8 %	40,025	9,820	987.5 %
- Purchase of raw materials	5,639	-51.8 %	11,711	470.4 %	2,053		-
+/- Change in stocks of raw materiels	0	0%	0	0%	0		-
- Other external purchases and charges	664,124	14.3 %	581,102	-24.6 %	771,161		-
Added value	2,056,195 €	71.5 %	1,199,239 €	-58.1 %	2,859,905 €	151,543 €	1256.8 %
	12.02 % CA	12.5 %	10.68 % CA	-25.1 %	14.25 % CA	20.78 % CA	-42.2 %

	30/04/2011	Variation	30/04/2010	Variation	30/04/2009	Sector Median 2011
Added value	2,056,195 €	71.5 %	1,199,239 €	-58.1 %	2,859,905 €	151,543 €	1256.8 %
+ Operating grants	0	0%	10,332	0%	0		-
- Tax, duty and similar payments	110,896	12.9 %	98,193	-32.6 %	145,590		-
- Personal charges	1,884,326	8.3 %	1,739,232	-7.1 %	1,872,316		-
Gross operating surplus	60,973 €	109.7 %	-627,854 €	-174.6 %	841,999 €	19,967 €	205.4 %
	0.36 % CA	106.4 %	-5.59 % CA	-233.1 %	4.20 % CA	3.45 % CA	-89.6 %

	30/04/2011	Variation	30/04/2010	Variation	30/04/2009	Sector Median 2011
Gross operating surplus	60,973 €	109.7 %	-627,854 €	-174.6 %	841,999 €	19,967 €	205.4 %
+ Release of reserves and provisions	323,059	136.4 %	136,670	37.0 %	99,759		-
+ Other operating income	243	111.3 %	115	202.6 %	38		-
- Depreciation/ Amortisation	89,054	8.4 %	82,147	-67.0 %	249,079		-
- Other charges	160,846	276.8 %	42,685	-9.5 %	47,169		-
Operating result	134,375 €	121.8 %	-615,901 €	-195.4 %	645,548 €	18,532 €	625.1 %
	0.79 % CA	114.4 %	-5.49 % CA	-270.5 %	3.22 % CA	2.54 % CA	-68.9 %

	30/04/2011	Variation	30/04/2010	Variation	30/04/2009	Sector Median 2011
Operating result	134,375 €	121.8 %	-615,901 €	-195.4 %	645,548 €	18,532 €	625.1 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0		-
+ Financial income	409,580	104.1 %	200,665	-41.0 %	340,330		-
- Financial charges	288,759	120.6 %	130,882	-83.7 %	802,404		-
Pre-tax result	255,196 €	146.7 %	-546,118 €	-397.7 %	183,474 €	17,335 €	1372.2 %
	1.49 % CA	130.6 %	-4.87 % CA	-635.2 %	0.91 % CA	2.43 % CA	-38.7 %

	30/04/2011	Variation	30/04/2010	Variation	30/04/2009	Sector Median 2011
Extraordinary income	38,037	55.4 %	24,484	-86.0 %	175,404	68	56251.1 %
- Extraordinary charges	0	0%	19,617	-88.9 %	177,180		-
Extraordinary result	38,037 €	681.5 %	4,867 €	374.0 %	-1,776 €	0 €	0%
	0.22 % CA	450.0 %	0.04 % CA	500.0 %	-0.01 % CA	0.00 % CA	0%

	30/04/2011	Variation	30/04/2010	Variation	30/04/2009	Sector Median 2011
Pre-tax result	255,196 €	146.7 %	-546,118 €	-397.7 %	183,474 €	17,335 €	1372.2 %
Extraordinary result	38,037 €	681.5 %	4,867 €	374.0 %	-1,776 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	105,621	160.7 %	-173,884	-374.1 %	63,438		-
Net result	187,612 €	151.1 %	-367,367 €	-410.6 %	118,260 €	12,436 €	1408.6 %
	1.10 % CA	133.6 %	-3.27 % CA	-654.2 %	0.59 % CA	1.97 % CA	-44.2 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.65
UK Pound	1	Rs.99.61
Euro	1	Rs.72.33
EUR	1	Rs.72.07

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

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	ANK

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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