MIRA INFORM REPORT

Report No. :	355037
Report Date :	19.12.2015

IDENTIFICATION DETAILS

Name :	LUNAS FRANCE
Registered Office :	Alle Verte Batiment A 15 Imp Des Primeveres 75011 Paris 11
Country :	France
Financials (as on) :	31.12.2014
Date of Incorporation :	April 2008
Legal Form :	Simplified Joint Stock Company with Single Associate
Line of Business :	Wholesale (intercompany trade) Clothing and footwear.
No. of Employee :	10 to 19 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	75,000 €
Status :	Satisfactory
Payment Behaviour :	Slow but correct
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	LUNAS FRANCE
Acronym	-
Trade name	-
Status	Economically active
Postal Address	LUNAS FRANCE ALLE VERTE BATIMENT A 15 IMP DES PRIMEVERES 75011 PARIS 11
Share Capital	600,100 Euros
Telephone	-
Activity (APE)	Wholesale (intercompany trade) Clothing and footwear (4642Z)	RCS Registration	RCS Paris B 503 787 285
Formation Date	04/2008	EUR VAT Number	FR17503787285
Deregistration Date	-	Last account Date	31/12/2014
Court Registry Number	20 0 8B09297	Incorporiation Date	04/2008
Registration Court	Paris (75)	Fax	-
Nationality	France
		Legal form	Simplified Joint Stock Company with Single Associate
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2014	6,909,386 €	1.11% Turnover	1,235,377 €	479,779 €	10 to 19 employees
31/12/2013	2,040,000 €	-30.32% Turnover	1,755,597 €	607,751 €	10 to 19 employees
31/12/2011	1,779,700 €	-4.22% Turnover	1,340,553 €	415,572 €	10 to 19 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	4642Z	Activity	Wholesale (intercompany trade) Clothing and footwear
Formation Date	04/2008	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	Wholesale or intermediary of trade	Activity Location	Other
Trading Address	15 IMPASSE DES PRIMEVERES 75011 PARIS 11	Department	Paris (75)
Location Surface	-	District	1
City	PARIS 11	Status	Economically active
Business Pages FT®	-	Region	Ile-de-France
		Area	-
		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	0 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
LUNAS FRANCE	Head Office	4642Z	Wholesale (intercompany trade) Clothing and footwear	PARIS 11	75011

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 pre-tax profit is more than 25,000€

The shareholder's equity is more than 250,000€

The return on total assets employed is positive

Industry code with low risk rating

The tangible fixed assets are 135,909 €

The sales to current assets ratio is 2.78

The ratio total assets to total liabilities is 1.49

The debtor days are 112.35

The company is 7 years old

The decrease of shareholder's equity over the past two years is more than 25%

The liquidity acid test is less than 65%

The decrease of the current ratio over the past two years is more than 20%

CREDIT LIMIT

Date	Limit
15/09/2015	75,000 €

Industry comparison

Activity (APE)	Wholesale (intercompany trade) Clothing and footwear (4642Z)
Industry average credit rating	44
Industry average credit limit	19,158

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	22/06/2015
Status of Monitoring	No social security and tax office preferential right to date

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company.

Director(s)

Name	M. BARILLEAU SEBASTIEN
Manager position	President	Date of birth	08/08/1971
Place of birth	VENDÔME (41100)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Manager	M. BARILLEAU SEBASTIEN	08/08/1971 - VENDÔME (41100)
Manager	M. FERNANDEZ ALBERT	05/12/1949 - MADRID ESPAGNE

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	21/11/2015	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2325 - 503787285 RCS. LUNAS FRANCE. Forme : Société par actions simplifiée (à associé unique). Adresse : 15 impasse des Primevères Allée Verte Bâtiment A 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	17/06/2015	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 13725 - 503787285 RCS. LUNAS FRANCE. Forme : Société par actions simplifiée (à associé unique). Adresse : 15 impasse des Primevères Allée Verte Bâtiment A 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	18/01/2015	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 890 - 503 787 285 RCS Paris. LUNAS FRANCE. Forme : Société par actions simplifiée (à associé unique). Capital : 600100 EUR. Activité : Toutes activités d'importation, d'exportation, de négoce et de distribution de tous articles, produits et accessoires relevant du secteur de la mode et, notamment, servant à la décoration textile et para-textile, de produits et articles de prêt à porter. La création, l'acquisition et l'exploitation, la protection de toutes marques, dessins et modèles, procédés et savoir-faire technique et industriel, technologie et brevets. Toutes Acquisition souscription détention et gestion de toutes participations mobilières minoritaires ou non dans toutes sociétés et entreprises et notamment dans les secteurs du textile de la mode et des accessoires de mode. Adresse de l’établissement principal : 15 impasse des Primevères Allée Verte Bâtiment A, 75011 Paris. Adresse du siège social : 15 impasse des Primevères Allée Verte Bâtiment A, 75011 Paris. Commentaires : modification survenue sur la dénomination et l'activité de l'établissement principal.
	18/05/2014	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 363 - 503 787 285 RCS Paris. SAN ASENSIO DEVELOPPEMENT. Forme : Société par actions simplifiée. Administration : modification du Président Barilleau, Sebastien. Capital : 600100 EUR. Activité : . Adresse du siège social : 15 impasse des Primevères Allée Verte Bâtiment A, 75011 Paris. Commentaires : modification survenue sur la forme juridique et l'administration.
	24/04/2014	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2515 - 503 787 285 RCS Paris. SAN ASENSIO DEVELOPPEMENT. Forme : Société à responsabilité limitée. Administration : Gérant partant : Fernandez, Alberto, nomination du Gérant : Barilleau, Sebastien. Capital : 600100 EUR. Activité : . Adresse du siège social : 15 impasse des Primevères Allée Verte Bâtiment A, 75011 Paris. Commentaires : modification survenue sur l'administration.
	24/04/2014	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2520 - 503 787 285 RCS Paris. SAN ASENSIO DEVELOPPEMENT. Forme : Société à responsabilité limitée. Administration : nomination du Commissaire aux comptes : CABINET COTTET, nomination du Commissaire aux comptes : CABINET COTTET, nomination du Commissaire aux comptes titulaire : CABINET COTTET, nomination du Commissaire aux comptes suppléant : Leick, Christian, nomination du Commissaire aux comptes suppléant : Leick, Christian, nomination du Commissaire aux comptes suppléant : Leick, Christian. Capital : 600100 EUR. Activité : . Adresse du siège social : 15 impasse des Primevères Allée Verte Bâtiment A, 75011 Paris. Commentaires : modification survenue sur l'administration.
	27/03/2014	JAL	Resignation / Revocation of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 28/02/2014 La société 503787285 - SAN ASENSIO DEVELOPPEMENT, 15 IMP DES PRIMEVERES, ALLE VERTE BATIMENT A, 75011 PARIS 11 Fait l'objet du départ de Monsieur Alberto FERNANDEZ
	27/03/2014	JAL	Appointment of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 28/02/2014 Société faisant l'objet d'une nomination : 503787285 - SAN ASENSIO DEVELOPPEMENT, 15 IMP DES PRIMEVERES, ALLE VERTE BATIMENT A, 75011 PARIS 11 Nominé : Monsieur Sébastien BARILLEAU, 75011 PARIS 11 En la fonction de : Gérant
	14/01/2014	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9065 - 503787285 RCS. SAN ASENSIO DEVELOPPEMENT. Forme : Société à responsabilité limitée. Adresse : 15 impasse des Primevères Allée Verte Bâtiment A 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	05/09/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 11373 - 503787285 RCS. SAN ASENSIO DEVELOPPEMENT. Forme : Société à responsabilité limitée. Adresse : 15 impasse des Primevères Allée Verte Bâtiment A 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	14/10/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8091 - 503787285 RCS. SAN ASENSIO DEVELOPPEMENT. Forme : Société à responsabilité limitée. Adresse : allée Verte Bâtiment A 75011 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
	27/09/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 12644 - 503787285 RCS. SAN ASENSIO DEVELOPPEMENT. Forme : Société à responsabilité limitée. Adresse : 15 IMP DES PRIMEVERES ALLEE VERTE BATIMENT A 75011 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	05/02/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9833 - 503787285 RCS. SAN ASENSIO DEVELOPPEMENT. Forme : Société à responsabilité limitée. Adresse : 15 IMP DES PRIMEVERES ALLEE VERTE BATIMENT A 75011 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	06/07/2008	Bodacc A	Création d'établissement
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1294 - 503 787 285 RCS paris. SAN ASENSIO DEVELOPPEMENT. Forme : Société à responsabilité limitée. Administration : Gérant : Fernandez, Alberto. . Capital : 600100 EUR. Adresse : 15 impasse des Primeveres Allee Verte Batiment A, 75011 Paris. Origine du fonds : Création d'un fonds de commerce. Etablissement : Etablissement principal. Activité : Acquisition souscription détention et gestion de toutes participations mobilières minoritaires ou non dans toutes sociétés et entreprises et notamment dans les secteurs du textile de la mode et des accessoires de mode. Adresse : 15 impasse des Primeveres Allee Verte Batiment A, 75011 Paris. A dater du : 17/04/2008. Date de commencement de l’activité : 12/04/2008. Commentaires : Immatriculation d'une personne morale (B, C, D) suite à création d'un établissement principal.

Company events history

Date	Description
21/11/2015	Bodacc C : Deposit accounts notice
24/10/2015
24/10/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
14/09/2015	Update of Company Activity
24/06/2015
22/06/2015	Collection of preferential rights activated for this company
17/06/2015	Bodacc C : Deposit accounts notice
23/05/2015
23/05/2015
23/05/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
18/01/2015	Bodacc B: Various editing or changing
06/01/2015
06/01/2015
02/01/2015	Amendment
02/01/2015	Updated articles of association
02/01/2015	New company name
02/01/2015	Change to corporate purpose
01/01/2015	Update of Company Acronym
01/01/2015	Update of Company Legal Form
31/12/2014	New accounts available
18/05/2014	Bodacc B: Various editing or changing
02/05/2014	Minutes of general meeting of shareholders
02/05/2014	New chairman (CEO, CoB)
02/05/2014	New legal form – new category
02/05/2014	Updated articles of association
02/05/2014	Audit or Management Report
24/04/2014	Bodacc B: Various editing or changing
11/04/2014	Update of Company Legal Form
10/04/2014	Update Rating
08/04/2014	New auditor
08/04/2014	Amendment
08/04/2014	Appointment/resignation of company officers
08/04/2014	Minutes of general meeting of shareholders
27/03/2014	Legal Gazette: Resignation / Revocation of the social representative
28/02/2014	Legal Gazette: Appointment of the social representative
08/02/2014	Invalid balance sheet
14/01/2014	Bodacc C : Deposit accounts notice
31/12/2013	New accounts available
18/10/2013
18/10/2013
12/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/09/2012	Bodacc C : Deposit accounts notice
08/02/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
14/10/2011	Bodacc C : Deposit accounts notice
31/12/2010	New accounts available
27/09/2010	Bodacc C : Deposit accounts notice
05/02/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
31/12/2008	New accounts available
06/07/2008	Bodacc A : Establishment creation
06/07/2008	New Bodacc A ads detected
01/07/2008	Update of Company Concern status
01/07/2008	Reactivation of Company
01/07/2008	Modification of Company Activity
17/04/2008	Audit or Management Report
17/04/2008	Audit or Management Report
17/04/2008	Articles of association
17/04/2008	Appointment/resignation of company officers
17/04/2008	Amendment
17/04/2008	Company formation
17/04/2008	Fund deposit certificate
17/04/2008	Private document
17/04/2008	Articles of association
12/04/2008	Other modification of Establishment
12/04/2008	Modification to Company Identifier
12/04/2008	Formation of Company
12/04/2008	Update of Company Name

Synthesized Accounts

Annual Accounts

	31/12/2014	31/12/2013	31/12/2011
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	23/10/2015	22/05/2015	10/10/2012
Activity Code	4642Z	4642Z	4642Z
Employees	0	0	0

Active account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2011	Sector Median 2014
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	1,252,582	-16.9 %	1,507,268	1.8 %	1,480,859	57,656	2072.5 %
Intangible assets	758,892	0%	0	0%	0	8,500	8828.1 %
Tangible assets	135,909	309.9 %	33,155	340.8 %	7,521	6,840	1887.0 %
Financial assets	357,778	-75.7 %	1,474,112	0.1 %	1,473,338	8,134	4298.5 %
Net current assets	2,488,914	118.7 %	1,138,138	65.2 %	689,071	288,320	763.2 %
Stocks	186,507	0%	0	0%	0	71,608	160.5 %
Advanced payments	0	0%	0	0%	0	0	0%
Receivables	2,126,786	86.9 %	1,138,137	66.6 %	683,237	83,997	2432.0 %
Securities and cash	175,618	0%	0	0%	5,834	46,341	279.0 %
Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	3,741,496	41.4 %	2,645,406	21.9 %	2,169,931	400,596	834.0 %

Passive Account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2011	Sector Median 2014
Shareholders' equity	1,235,377	-29.6 %	1,755,597	31.0 %	1,340,553	86,223	1332.8 %
Share capital	600,100	0%	600,100	0%	600,100	10,000	5901.0 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	228,320	22.9 %	185,768	116.5 %	85,817	0	0%
Liabilities	2,277,798	223.5 %	704,040	-5.3 %	743,558	256,505	788.0 %
Financial liabilities	351,971	19.8 %	293,781	-27.3 %	404,057	13,998	2414.5 %
Advanced payments received	0	0%	0	0%	0	0	0%
Trade account payables	813,192	3704.2 %	21,376	11.0 %	19,255	99,774	715.0 %
Tax and social liabilities	512,474	31.8 %	388,882	21.4 %	320,246	52,834	870.0 %
Other debts and fixed assets liabilities	600,159	0%	0	0%	0	10,387	5678.0 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	3,741,496	41.4 %	2,645,406	21.9 %	2,169,930	400,596	834.0 %

Results

	31/12/2014	Variation	31/12/2013	Variation	31/12/2011	Sector Median 2014
Sales of Goods	7,115,618	237.0 %	2,111,723	17.4 %	1,799,082	600,682	1084.6 %
Net turnover	6,909,386	238.7 %	2,040,000	14.6 %	1,779,700	595,588	1060.1 %
of which net export turnover	740,488	0%	0	0%	0	6,422	11431.4 %
Operating charges	6,945,383	155.5 %	2,718,718	45.4 %	1,870,196	597,581	1062.3 %
Operating profit/loss	170,234	128.0 %	-606,995	-753.6 %	-71,114	9,659	1662.5 %
Financial income	508,177	-50.6 %	1,028,469	102.1 %	508,929	2	25408750.0 %
Financial charges	16,532	1702.8 %	917	-93.3 %	13,722	605	2632.6 %
Financial profit/loss	491,644	-52.2 %	1,027,551	107.5 %	495,207	-33	1512850.8 %
Pretax net operating income	661,880	57.4 %	420,555	-0.8 %	424,093	9,447	6906.6 %
Extraordinary income	7,210	0%	0	0%	57,105	0	0%
Extraordinary charges	9,237	0%	0	0%	60,693	227	3969.2 %
Extraordinary profit/loss	-2,026	0%	0	0%	-3,588	0	0%
Net result	479,779	-21.1 %	607,751	46.2 %	415,572	10,088	4655.9 %

Accounts – Active

Normal Account

	31/12/2014	31/12/2013	31/12/2011
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Grand Total (I to VI)	Net	3,741,496	41.4 %	2,645,406	21.9 %	2,169,931
Gross	CO	4,014,193	50.4 %	2,668,273	22.3 %	2,182,045
Amortisation	1A	272,697	1092.6 %	22,866	88.8 %	12,114

Non declared distributed capital (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Total Active fixed asset (II)	Net	1,252,582	-16.9 %	1,507,268	1.8 %	1,480,859
Gross	BJ	1,463,624	-4.3 %	1,530,134	2.5 %	1,492,973
Amortisation	BK	211,042	823.0 %	22,866	88.8 %	12,114

Intangible fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Start-up cost	Net	0	0%	0	0%	0
Gross	AB	0	0%	0	0%	0
Amortisation	AC	0	0%	0	0%	0
R&D expenses	Net	0	0%	0	0%	0
Gross	CX	0	0%	0	0%	0
Amortisation	CQ	0	0%	0	0%	0
Distributorships, patents	Net	948	0%	0	0%	0
Gross	AF	23,740	722.9 %	2,885	0%	2,885
Amortisation	AG	22,791	690.0 %	2,885	0%	2,885
Goodwill	Net	757,944	0%	0	0%	0
Gross	AH	757,944	0%	0	0%	0
Amortisation	AI	0	0%	0	0%	0
Other intangible fixed assets	Net	0	0%	0	0%	0
Gross	AJ	0	0%	0	0%	0
Amortisation	AK	0	0%	0	0%	0
Pre-payments and downpayments	Net	0	0%	0	0%	0
Gross	AL	0	0%	0	0%	0
Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible asset	Net	758,892	0%	0	0%	0

Tangilble fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
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	15,736	0%	0	0%	0
Gross	AR	31,345	0%	0	0%	0
Amortisation	AS	15,609	0%	0	0%	0
Other tangible fixed assets	Net	120,173	262.5 %	33,155	340.8 %	7,521
Gross	AT	292,815	451.1 %	53,137	217.2 %	16,750
Amortisation	AU	172,641	764.0 %	19,981	116.5 %	9,229
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	135,909	309.9 %	33,155	340.8 %	7,521

Financial assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	327,018	-77.8 %	1,472,294	0.0 %	1,472,310
Gross	CU	327,018	-77.8 %	1,472,294	0.0 %	1,472,310
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	30,760	1592.0 %	1,818	76.8 %	1,028
Gross	BH	30,760	1592.0 %	1,818	76.8 %	1,028
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	357,778	-75.7 %	1,474,112	0.1 %	1,473,338

Current Assets (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Total Current Assets	Net	2,488,914	118.7 %	1,138,138	65.2 %	689,071
Gross	CJ	2,550,569	124.1 %	1,138,138	65.2 %	689,071
Amortisation	CK	61,655	0%	0	0%	0

Stocks

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Raw materials	Net	0	0%	0	0%	0
Gross	BL	0	0%	0	0%	0
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	0	0%	0	0%	0
Gross	BN	0	0%	0	0%	0
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	186,507	0%	0	0%	0
Gross	BT	220,140	0%	0	0%	0
Amortisation	BU	33,633	0%	0	0%	0
Sub Total Stocks	Net	186,507	0%	0	0%	0

Advance payments to suppliers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Advance payments to suppliers	Net	0	0%	0	0%	0
Gross	BV	0	0%	0	0%	0
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Trade accounts receivable	Net	1,486,278	0%	0	0%	0
Gross	BX	1,514,300	0%	0	0%	0
Amortisation	BY	28,022	0%	0	0%	0
Other debtors	Net	622,021	-45.1 %	1,132,137	67.6 %	675,517
Gross	BZ	622,021	-45.1 %	1,132,137	67.6 %	675,517
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	2,108,299	86.2 %	1,132,137	67.6 %	675,517

Divers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	175,618	0%	0	0%	5,834
Gross	CF	175,618	0%	0	0%	5,834
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	175,618	0%	0	0%	5,834

Prepaid expenses

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Prepaid expenses	Net	18,487	208.1 %	6,000	-22.3 %	7,720
Gross	CH	18,487	208.1 %	6,000	-22.3 %	7,720
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
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)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Grand Total (I to V)	EE	3,741,496	41.4 %	2,645,406	21.9 %	2,169,930

Shareholder Equity (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Total shareholders' equity (Total I)	DL	1,235,377	-29.6 %	1,755,597	31.0 %	1,340,553
Equity and shareholders' equity	DA	600,100	0%	600,100	0%	600,100
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	64,326	0%	64,326	47.7 %	43,547
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	0	0%	0	0%	0
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	91,171	-81.1 %	483,419	71.8 %	281,334
Profit or loss for the period	DI	479,779	-21.1 %	607,751	46.2 %	415,572
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Total other capital resources (Total II)	DO	0	0%	0	0%	0
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Total provisions for risks and charges (Total III)	DR	228,320	22.9 %	185,768	116.5 %	85,817
Risk provisions	DP	0	0%	0	0%	0
Reserves for charges	DQ	228,320	22.9 %	185,768	116.5 %	85,817

Liabilities (IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Total Liabilities (Total IV)	EC	2,277,798	223.5 %	704,040	-5.3 %	743,558
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	45,439	576.8 %	6,714	-94.5 %	123,010
Sundry loans and financial liabilities	DV	306,532	6.8 %	287,067	2.1 %	281,047
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	813,192	3704.2 %	21,376	11.0 %	19,255
Tax and social security liabilities	DY	512,474	31.8 %	388,882	21.4 %	320,246
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	600,159	0%	0	0%	0

Translation loss (V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	2,235,230	217.5 %	704,040	-0.4 %	706,528
Of which current bank facilities	EH	2,870	-57.3 %	6,714	0%	0

Result account

1 - Operating result (I-II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Operating result (Total I-II)	GG	170,234	128.0 %	-606,995	-753.6 %	-71,114

2 - Financial result (V-VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Financial result (Total V-VI)	GV	491,644	-52.2 %	1,027,551	107.5 %	495,207

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	661,880	57.4 %	420,555	-0.8 %	424,093

4 - Extraordinary result (VII-VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Extraordinary result (Total VII-VIII)	HI	-2,026	0%	0	0%	-3,588

Profit or loss

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Profit or loss	HN	479,779	-21.1 %	607,751	46.2 %	415,572

Total Income (I+III+V+VII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Total Income (Total I+III+V+VII)	HL	7,631,006	143.0 %	3,140,192	32.8 %	2,365,116

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	7,151,226	182.4 %	2,532,440	29.9 %	1,949,543

Operating income (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Total operating income (Total I)	FR	7,115,618	237.0 %	2,111,723	17.4 %	1,799,082

Operating income (details)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Sale of goods for resale	FC	5,976,621	7370.8 %	80,000	0%	0
France	FA	5,236,133	6445.2 %	80,000	0%	0
Export	FB	740,488	0%	0	0%	0
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	932,764	-52.4 %	1,960,000	10.1 %	1,779,700
France	FG	932,764	-52.4 %	1,960,000	10.1 %	1,779,700
Export	FH	0	0%	0	0%	0
Net turnover	FL	6,909,386	238.7 %	2,040,000	14.6 %	1,779,700
France	FJ	6,168,898	202.4 %	2,040,000	14.6 %	1,779,700
Export	FK	740,488	0%	0	0%	0
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	0
Release of reserves and provisions	FP	198,404	182.7 %	70,193	452.3 %	12,710
Other income	FQ	7,826	411.8 %	1,529	-77.1 %	6,672

Operating charges (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Total operating charges (Total II)	GF	6,945,383	155.5 %	2,718,718	45.4 %	1,870,196

Exploitation charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Purchase of goods for resale	FS	1,983,019	0%	0	0%	0
Change in stocks of goods for resale	FT	-22,011	0%	0	0%	0
Purchase of raw materials	FU	345,652	0%	0	0%	280
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	1,769,378	568.3 %	264,742	22.9 %	215,479
Tax, duty and similar payments	FX	64,578	61.5 %	39,987	43.1 %	27,942
Payroll	FY	1,780,717	10.0 %	1,618,428	33.4 %	1,213,242
Social security costs	FZ	911,381	23.9 %	735,323	84.8 %	397,876

Depreciation

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Depreciation of fixed assets	GA	27,515	352.4 %	6,082	-42.1 %	10,513
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	3,729	0%	0	0%	0
Provisions for risks and charges	GD	24,117	-54.3 %	52,732	1213.0 %	4,016

Other charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Other charges	GE	57,304	3929.8 %	1,422	67.7 %	848

Operating charges (III-IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Total financial income (Total V)	GP	508,177	-50.6 %	1,028,469	102.1 %	508,929
Share financial income	GJ	496,206	-51.8 %	1,028,469	107.1 %	496,676
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	8,499	0%	0	0%	12,253
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	3,471	0%	0	0%	0
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial charge (VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Total financial charge (Total VI)	GU	16,532	1702.8 %	917	-93.3 %	13,722
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	5,983	552.5 %	917	-93.3 %	13,722
Exchange losses	GS	10,549	0%	0	0%	0
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Total extraordinary income (Total VII)	HD	7,210	0%	0	0%	57,105
Extraordinary operating income	HA	0	0%	0	0%	0
Extraordinary income from capital transactions	HB	7,210	0%	0	0%	57,105
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Total extraordinary charges (Total VIII)	HH	9,237	0%	0	0%	60,693
Extraordinary operating charges	HE	3,703	0%	0	0%	160
Extraordinary charges from capital transactions	HF	5,534	0%	0	0%	60,533
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Tax on profits (Total X)	HK	180,073	196.2 %	-187,196	-3895.5 %	4,932

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Of which equipment leases	HP	8,815	-49.8 %	17,572	-6.7 %	18,833
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	6,692	-34.3 %	10,193	-19.8 %	12,710
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Gross value at begin of period	OG	0	0%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	1,201,818	7511262.5 %	16	0%	0
Gross value at the end of period	OL	1,463,624	-4.3 %	1,530,134	0%	0

Research and development Charge (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Gross value at begin of period	CZ	0	0%	0	0%	0
Increasess due to revaluation	KB	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
Decreasess by budget item transfer	CO1	0	0%	0	0%	0
Decreasess by transfers	CO2	0	0%	0	0%	0
Gross value at the end of period	DO	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Gross value at begin of period	KD	2,885	0%	2,885	0%	0
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	778,800	0%	0	0%	0
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	781,685	26994.8 %	2,885	0%	0

Tangible fixed assets (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Gross value at begin of period	LN	53,137	109.6 %	25,350	0%	0
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	271,023	875.4 %	27,787	0%	0
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	0	0%	0	0%	0
Gross value at the end of period	NH	324,160	510.0 %	53,137	0%	0

Financial assets (Total IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Gross value at begin of period	LQ	1,474,112	0.0 %	1,474,128	0%	0
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	85,485	0%	0	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	1,201,818	7511262.5 %	16	0%	0
Gross value at the end of period	NK	357,779	-75.7 %	1,474,112	0%	0

Reserve for depreciation

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Reserve for depreciation value at begin of period	ON	0	0%	0	0%	0
Increases	OP	0	0%	0	0%	0
Decreasess	OQ	0	0%	0	0%	0
Reserve for depreciation value at the end of period	OR	0	0%	0	0%	0

Research and development charge (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases	PB	0	0%	0	0%	0
Decreasess	PC	0	0%	0	0%	0
Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Reserve for depreciation value at begin of period	PE	2,885	0%	2,885	0%	0
Increases	PF	19,906	0%	0	0%	0
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	22,792	690.0 %	2,885	0%	0

Total fixed assets amotisation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Reserve for depreciation value at begin of period	QU	19,982	43.8 %	13,899	0%	0
Increases	QV	168,268	2666.2 %	6,083	0%	0
Decreases	QW	0	0%	0	0%	0
Decreasess by budget item transfer	QX	188,250	842.1 %	19,982	0%	0

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Gross value at begin of period	Z91	0	0%	0	0%	0
Increases	Z92	0	0%	0	0%	0
Depreciation of fixed assets during period	Z9	0	0%	0	0%	0
Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Net value at begin of period	SP1	0	0%	0	0%	0
Increases	SP2	0	0%	0	0%	0
Depreciation of fixed assets during period	SP	0	0%	0	0%	0
Net value at the end of period	SR	0	0%	0	0%	0

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Value at begining of period	7C	247,423	28.2 %	193,036	136.0 %	81,801
Increases	UB	181,395	244.0 %	52,732	1213.0 %	4,016
Decreases	UC	138,842	131.4 %	60,000	0%	0
Value at the end of period	UD	289,976	56.1 %	185,768	116.5 %	85,817

Includes Total allocations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Operating	UE	181,395	244.0 %	52,732	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Operating	UF	138,842	131.4 %	60,000	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Value at begining of period	3Z	0	0%	0	0%	0
Increases	TS	0	0%	0	0%	0
Decreases	TT	0	0%	0	0%	0
Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Value at begining of period	5Z	185,768	-3.8 %	193,036	136.0 %	81,801
Increases	TV	181,395	244.0 %	52,732	1213.0 %	4,016
Decreases	TW	138,842	131.4 %	60,000	0%	0
Value at the end of period	TX	228,321	22.9 %	185,768	116.5 %	85,817

Total Provision for depreciation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Value at begining of period	7B	61,655	0%	0	0%	0
Increases	TY	0	0%	0	0%	0
Decreases	TZ	0	0%	0	0%	0
Value at the end of period	UA	61,655	0%	0	0%	0

State deadlines claims and debts at the end of period

State claims

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Gross value	VT	2,185,571	91.7 %	1,139,957	66.6 %	684,266
1 year at most	VU	2,154,810	89.3 %	1,138,139	66.6 %	683,238
More than one year	VV	30,761	1592.0 %	1,818	76.8 %	1,028

State of loans

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	30,761	1592.0 %	1,818	76.8 %	1,028
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	1,514,301	0%	0	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	0	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	622,022	-45.1 %	1,132,138	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	0	0%	683,237

Prepaid

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Prepaid	VS	18,488	208.1 %	6,001	0%	0

State Debt

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Total debt (gross)	VY	2,277,798	223.5 %	704,041	-5.3 %	743,560
1 year at most	VZ2	2,235,230	217.5 %	704,041	-0.4 %	706,529
More than 1 year and 5 years at most	VZ3	0	0%	0	0%	37,031
More than 5 years	VZ4	42,568	0%	0	0%	0

Details

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most	7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Y3	0	0%	0	0%	0
Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most	7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Z3	0	0%	0	0%	0
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	2,871	-57.2 %	6,715	-94.5 %	123,010
1 year at most	VG2	2,871	-57.2 %	6,715	-92.2 %	85,979
More than 1 year and 5 years at most	VG3	0	0%	0	0%	37,031
Borrowing & debts to more than 1 year at the origin (gross)	VH1	42,568	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	0	0%	0	0%	281,047
1 year at most	8A2	0	0%	0	0%	281,047
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	813,193	3704.1 %	21,377	11.0 %	19,255
1 year at most	8B2	813,193	3704.1 %	21,377	11.0 %	19,255
More than 1 year and 5 years at most	8B3	813,193	3704.1 %	21,377	11.0 %	19,255
Personnel and associated accounts (gross)	8C1	0	0%	0	0%	0
1 year at most	8C2	0	0%	0	0%	0
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	512,475	0%	0	0%	320,246
1 year at most	8D2	512,475	0%	0	0%	320,246
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	0	0%	0	0%	0
1 year at most	VW2	0	0%	0	0%	0
More than 1 year and 5 years at most	VW3	0	0%	0	0%	0
Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most	VX2	0	0%	0	0%	0
More than 1 year and 5 years at most	VX3	0	0%	0	0%	0
Other taxes and assimilated (gross)	VQ1	0	0%	388,882	0%	0
1 year at most	VQ2	0	0%	388,882	0%	0
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most	8J2	0	0%	0	0%	0
More than 1 year and 5 years at most	8J3	0	0%	0	0%	0
More than 5 years	8J4	0	0%	0	0%	0
Groups and associates (gross)	VI1	306,532	6.8 %	287,067	0%	0
1 year at most	VI2	306,532	6.8 %	287,067	0%	0
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	600,159	0%	0	0%	0
1 year at most	8K2	600,159	0%	0	0%	0
More than 1 year and 5 years at most	8K3	0	0%	0	0%	0
Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most	SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most	SZ3	0	0%	0	0%	0
Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most	8L2	0	0%	0	0%	0
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	-42,568	0%	0	0%	0

Table allocation results and other information

Dividends distributed

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Average number of employees	YP	0	0%	0	0%	0

Groups and Shareholders

		31/12/2014	Variation	31/12/2013	Variation	31/12/2011
Groups and Shareholders	ZR	0	-	-	-	-

Ratios

Structure and Liquidity

	31/12/2014	Variation	31/12/2013	Variation	31/12/2011	Sector Median 2014
Fixed Asset Financing	1.38	-6.1 %	1.47	19.5 %	1.23	1.93	-28.5 %
Global Debt	119 days	-4.0 %	124 days	-17.3 %	150 days	141 days	-15.6 %
Working Capital Fund overall net	29 days	-77.2 %	127 days	78.9 %	71 days	49 days	-40.8 %
Financial independence	350.99 %	-41.3 %	597.59 %	80.1 %	331.77 %	136.01 %	158.1 %
Solvability	33.02 %	-50.2 %	66.36 %	7.4 %	61.78 %	27.34 %	20.8 %
Capacity debt futures	43,029.50 %	64.6 %	26,144.41 %	3021.2 %	837.63 %	1,641.71 %	2521.0 %
Coverage of current assets by net working capital overall	22.12 %	-65.3 %	63.70 %	24.1 %	51.31 %	33.10 %	-33.2 %
General Liquidity	0.96	-40.7 %	1.62	67.0 %	0.97	0.41	134.1 %
Restricted Liquidity	1.04	-35.8 %	1.62	65.3 %	0.98	0.76	36.8 %

Management or rotation

	31/12/2014	Variation	31/12/2013	Variation	31/12/2011	Sector Median 2014
Need background in operating working capital	19 days	-85.0 %	127 days	86.8 %	68 days	10 days	100.0 %
Treasury	9 days	1000.0 %	-1 days	-200.0 %	1 days	10 days	-10.0 %
Inventory turnover of goods	40 days	-	-	-	-	94 days	-57.4 %
Average length of credit granted to customers	79 days	0%	0 days	0%	0 days	32 days	146.9 %
Average length of credit obtained suppliers	72 days	148.3 %	29 days	-9.4 %	32 days	64 days	12.5 %
Inventory turnover of raw materials in industrial enterprises	0 days	-	-	-	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	1,619 days	-
Rotation tangible assets	2,131.47 %	-44.5 %	3,839.13 %	-	-	2,096.40 %	1.7 %

Profitability of the business

	31/12/2014	Variation	31/12/2013	Variation	31/12/2011	Sector Median 2014
Margin trading	58.12 %	1382.7 %	3.92 %	0%	0.00 %	31.77 %	82.9 %
Profitability of the business	1.11 %	103.7 %	-30.32 %	-618.5 %	-4.22 %	2.85 %	-61.1 %
Net profit	6.94 %	-76.7 %	29.79 %	27.6 %	23.35 %	1.73 %	301.2 %
Growth rate of turnover (excluding VAT)	238.70 %	0%	0.00 %	0%	16.11 %	-0.04 %	596850.0 %
Rates integration	41.01 %	-52.9 %	87.02 %	-1.0 %	87.88 %	17.68 %	132.0 %
Rate leasing furniture	0.13 %	-84.9 %	0.86 %	-18.9 %	1.06 %	0.00 %	0%
Work Factor	95.01 %	-28.3 %	132.59 %	28.7 %	103.02 %	70.20 %	35.3 %
Weight interests	0.24 %	500.0 %	0.04 %	-94.8 %	0.77 %	0.15 %	60.0 %

Return on capital

	31/12/2014	Variation	31/12/2013	Variation	31/12/2011	Sector Median 2014
Cash flow from the overall profitability	5.31 %	-80.4 %	27.15 %	12.5 %	24.13 %	2.11 %	151.7 %
Rates of economic profitability	5.00 %	116.7 %	-30.00 %	-650.0 %	-4.00 %	12.00 %	-58.3 %
Financial profitability	1,235,377.00 %	-29.6 %	1,755,597.00 %	31.0 %	1,340,553.00 %	56,189.50 %	2098.6 %
Return on investment	31.27 %	5.3 %	29.70 %	20.7 %	24.61 %	10.04 %	211.5 %

Management intermediate balances

	31/12/2014	Variation	31/12/2013	Variation	31/12/2011	Sector Median 2014
Turnover	6,909,386	238.7 %	2,040,000	14.6 %	1,779,700	595,588	1060.1 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2011	Sector Median 2014
Sales of goods	5,976,621	7370.8 %	80,000	0%	0		-
- Purchase of goods	1,983,019	0%	0	0%	0		-
+/- Stock of goods variation	-22,011	0%	0	0%	0		-
Trading margin	4,015,613 €	4919.5 %	80,000 €	0%	0 €	166,716 €	2308.7 %
	58.12 % CA	1382.7 %	3.92 % CA	0%	0.00 % CA	32.84 % CA	77.0 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2011	Sector Median 2014
Sale of goods produced	932,764	-52.4 %	1,960,000	10.1 %	1,779,700		-
+/- Stocked production	0	0%	0	0%	0		-
+ Self-constructed assets	0	0%	0	0%	0		-
Period production	932,764 €	-52.4 %	1,960,000 €	10.1 %	1,779,700 €	2,339 €	39778.8 %
	13.50 % CA	-85.9 %	96.08 % CA	-3.9 %	100.00 % CA	0.80 % CA	1587.5 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2011	Sector Median 2014
Trading margin	4,015,613	4919.5 %	80,000	0%	0	166,716	2308.7 %
+ Period Production	932,764	-52.4 %	1,960,000	10.1 %	1,779,700	2,339	39778.8 %
- Purchase of raw materials	345,652	0%	0	0%	280		-
+/- Change in stocks of raw materiels	0	0%	0	0%	0		-
- Other external purchases and charges	1,769,378	568.3 %	264,742	22.9 %	215,479		-
Added value	2,833,347 €	59.6 %	1,775,258 €	13.5 %	1,563,941 €	106,562 €	2558.9 %
	41.01 % CA	-52.9 %	87.02 % CA	-1.0 %	87.88 % CA	17.68 % CA	132.0 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2011	Sector Median 2014
Added value	2,833,347 €	59.6 %	1,775,258 €	13.5 %	1,563,941 €	106,562 €	2558.9 %
+ Operating grants	0	0%	0	0%	0		-
- Tax, duty and similar payments	64,578	61.5 %	39,987	43.1 %	27,942		-
- Personal charges	2,692,098	14.4 %	2,353,751	46.1 %	1,611,118		-
Gross operating surplus	76,671 €	112.4 %	-618,480 €	-723.3 %	-75,119 €	12,688 €	504.3 %
	1.11 % CA	103.7 %	-30.32 % CA	-618.5 %	-4.22 % CA	2.85 % CA	-61.1 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2011	Sector Median 2014
Gross operating surplus	76,671 €	112.4 %	-618,480 €	-723.3 %	-75,119 €	12,688 €	504.3 %
+ Release of reserves and provisions	198,404	182.7 %	70,193	452.3 %	12,710		-
+ Other operating income	7,826	411.8 %	1,529	-77.1 %	6,672		-
- Depreciation/ Amortisation	55,361	-5.9 %	58,814	304.8 %	14,529		-
- Other charges	57,304	3929.8 %	1,422	67.7 %	848		-
Operating result	170,236 €	128.0 %	-606,994 €	-753.6 %	-71,114 €	9,660 €	1662.4 %
	2.46 % CA	108.3 %	-29.75 % CA	-643.8 %	-4.00 % CA	2.21 % CA	11.3 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2011	Sector Median 2014
Operating result	170,236 €	128.0 %	-606,994 €	-753.6 %	-71,114 €	9,660 €	1662.4 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0		-
+ Financial income	508,177	-50.6 %	1,028,469	102.1 %	508,929		-
- Financial charges	16,532	1702.8 %	917	-93.3 %	13,722		-
Pre-tax result	661,881 €	57.4 %	420,558 €	-0.8 %	424,093 €	9,446 €	6907.4 %
	9.58 % CA	-53.5 %	20.62 % CA	-13.5 %	23.83 % CA	1.99 % CA	381.4 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2011	Sector Median 2014
Extraordinary income	7,210	0%	0	0%	57,105	0	0%
- Extraordinary charges	9,237	0%	0	0%	60,693		-
Extraordinary result	-2,027 €	0%	0 €	0%	-3,588 €	0 €	0%
	-0.03 % CA	0%	0.00 % CA	0%	-0.20 % CA	0.00 % CA	0%

	31/12/2014	Variation	31/12/2013	Variation	31/12/2011	Sector Median 2014
Pre-tax result	661,881 €	57.4 %	420,558 €	-0.8 %	424,093 €	9,446 €	6907.4 %
Extraordinary result	-2,027 €	0%	0 €	0%	-3,588 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	180,073	196.2 %	-187,196	-3895.5 %	4,932		-
Net result	479,781 €	-21.1 %	607,754 €	46.2 %	415,573 €	10,032 €	4682.5 %
	6.94 % CA	-76.7 %	29.79 % CA	27.6 %	23.35 % CA	1.74 % CA	298.9 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.14
EUR	1	Rs.66.42

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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