MIRA INFORM REPORT

Report No. :	355053
Report Date :	21.12.2015

IDENTIFICATION DETAILS

Name :	CREA 2C
Registered Office :	20 B Rue Louis Philippe, 92200 Neuilly Sur Seine
Country :	France
Financials (as on) :	31.12.2014
Date of Incorporation :	May 2006
Com. Reg. No.:	489 980 383
Legal Form :	Limited Liability Company
Line of Business :	Wholesale (business to business) other household goods
No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	10,000 Euro
Status :	Moderate
Payment Behaviour :	Slow
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

CREA 2C

Identification Details

SIRET	489 980 383 00017
Name	CREA 2C
Acronym	-
Trade name	-
Status	Economically active
Postal Address	CREA 2C 20 B RUE LOUIS PHILIPPE 92200 NEUILLY SUR SEINE
Share Capital	8,000 Euros
Telephone	01 46 37 63 55
Activity (APE)	Wholesale (business to business) other household goods(4649Z)	RCS Registration	RCS Nanterre B 489 980 383
Formation Date	05/2006	EUR VAT Number	FR57489980383
Deregistration Date	-	Last account Date	31/12/2014
Court Registry Number	06 B 02852	Incorporiation Date	05/2006
Registration Court	Nanterre (92)	Fax	-
Nationality	France	Limit	10,000 €
		Legal form	Limited Liability Company
		Currency	Euros

Key Financials

YEAR TO DATE	TURNOVER	GROSS OPERATING SURPLUS	SHAREHOLDER'S EQUITY	NET RESULT	EMPLOYEES
31/12/2014	806,564 €	-3.06% Turnover	101,173 €	-27,398 €	0 employee
31/12/2013	620,073 €	-1.79% Turnover	128,570 €	-12,677 €	0 employee
31/12/2012	730,524 €	4.23% Turnover	141,248 €	21,696 €	0 employee

Directors

Current Directors 1

Judgment and Preferential

Judgment	No judgement
Preferential Right		This company is not under monitoring

Establishment Details

Type of Establishment	Single (translated to H)	Production Role	-
APE/NAF Code	4649Z	Activity	Wholesale (business to business) other household goods
Formation Date	05/2006	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	Import, export	Activity Location	Office
Trading Address	20 B RUE LOUIS PHILIPPE  92200 NEUILLY SUR SEINE	Department	Hauts-de-Seine (92)
Location Surface	-	District	2
City	NEUILLY SUR SEINE	Status	Economically active
Business Pages FT®	-	Region	Ile-de-France
		Area	98
		Size of Urban Area	Paris conglomeration

Other Establishment(s)

Regionality	-
Mono-activity status	-
Branches	0 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
CREA 2C	Head Office	4649Z	Commerce de gros (commerce interentreprises) d'autres biens domestiques	NEUILLY SUR SEINE	92200

Workforces

Workforce at address

0 employee

Company workforce

0 employee

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 decrease in the current ratio over the last two accounting periods is 24 %

The decrease in the pre-tax profit margin over the last two accounting periods is 78 %

The decrease in pre-tax profit over the last two accounting periods is 131 %

The decrease in the return on capital employed over the last two accounting periods is 193 %

The increase in the gearing percentage over the last two accounting periods is 1,800 %

The decrease in the equity percentage over the last two accounting periods is 33 %

The pre-tax profit is -28,418 €

The receivables value is 301,541 €

The tangible fixed assets are 6,301 €

The trade payables value is 169,705 €

The sales to current assets ratio is 2.64

The ratio total assets to total liabilities is 1.48

The financial liabilities are 21,082 €

The company is 9 years old

Region code with low risk rating

Industry code with low risk rating

Low risk workforce size

The stocks value is 0 €

The net turnover is 806,564 €

The net current assets are 305,218 €

Industry comparison

Activity (APE)

Wholesale (business to business) other household goods(4649Z)

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. CARTEI CHRISTOPHE
Manager position	Manager	Date of birth	27/02/1970
Place of birth	NEUILLY SUR SEINE
Type	Individual	Name at birth

Previous Directors

No data=- about previous directors is available for this company

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	14/10/2015	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 11849 - 489980383 RCS. CREA 2C. Forme : Société à responsabilité limitée. Adresse : 20b rue Louis Philippe 92200 Neuilly-sur-Seine. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	20/10/2014	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 11249 - 489980383 RCS. CREA 2C. Forme : Société à responsabilité limitée. Adresse : 20b rue Louis Philippe 92200 Neuilly-sur-Seine. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	22/10/2013	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 13342 - 489980383 RCS. CREA 2C. Forme : Société à responsabilité limitée. Adresse : 20b rue Louis Philippe 92200 Neuilly-sur-Seine. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	20/07/2012	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 12839 - 489980383 RCS. CREA 2C. Forme : Société à responsabilité limitée. Adresse : 20b rue Louis Philippe Neuilly sur Seine 92200 Neuilly-sur-Seine.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	17/10/2011	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 10552 - 489980383 RCS. CREA 2C. Forme : Société à responsabilité limitée. Adresse : 20b rue Louis Philippe Neuilly sur Seine 92200 Neuilly-sur-Seine.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
	28/12/2010	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 12827 - 489980383 RCS. CREA 2C. Forme : Société à responsabilité limitée. Adresse : 20b rue Louis Philippe Neuilly sur Seine 92200 Neuilly-sur-Seine.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	26/11/2009	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 7454 - 489980383 RCS. CREA 2C. Forme : Société à responsabilité limitée. Adresse : 20b rue Louis Philippe Neuilly sur Seine 92200 Neuilly-sur-Seine.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	26/11/2009	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 7453 - 489980383 RCS. CREA 2C. Forme : Société à responsabilité limitée. Adresse : 20b rue Louis Philippe Neuilly sur Seine 92200 Neuilly-sur-Seine.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	23/05/2006	Bodacc A	Création d'établissement
0994 - RCS Nanterre B 489 980 383. RC 06-B 2852. CREA 2C. Forme : S.A.R.L. Capital : 8 000 euros. Adresse du siège social : 20 B rue Louis-Philippe, 92200 Neuilly-sur-Seine. Administration : gérant : CARTEI (Christophe). Etablissement principal - Activité : import-export et négoce de produits manufacturés non réglementés. Adresse : 20 B rue Louis-Philippe, 92200 Neuilly-sur-Seine. Cette société se constitue . Date de début d'activité : 22 mai 2006.

Company events history

Date	Description
20/10/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
14/10/2015	Bodacc C : Deposit accounts notice
31/12/2014	New accounts available
24/10/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
20/10/2014	Bodacc C : Deposit accounts notice
31/12/2013	New accounts available
22/10/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
22/10/2013	Bodacc C : Deposit accounts notice
31/12/2012	New accounts available
20/07/2012	Bodacc C : Deposit accounts notice
07/07/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
17/10/2011	Bodacc C : Deposit accounts notice
11/10/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
28/12/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
26/11/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
31/12/2007	New accounts available
11/05/2006	Private document
11/05/2006	Minutes of general meeting of shareholders
11/05/2006	Company formation
11/05/2006	Articles of association
11/05/2006	Appointment/resignation of company officers

Synthesized Accounts

Annual Accounts

	31/12/2014	31/12/2013	31/12/2012
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	19/10/2015	23/10/2014	18/10/2013
Activity Code	4649Z	4649Z	4649Z
Employees	0	0	0

Active account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	6,812	-10.4 %	7,606	238.3 %	2,248	28,351	-76.0 %
Intangible assets	200	0%	0	0%	0	104	92.3 %
Tangible assets	6,301	-13.6 %	7,296	273.6 %	1,953	6,675	-5.6 %
Financial assets	310	0%	310	5.1 %	295	1,930	-83.9 %
Net current assets	305,218	19.1 %	256,201	11.5 %	229,828	275,417	10.8 %
Stocks	0	0%	0	0%	0	53,135	0%
Advanced payments	0	0%	0	0%	0	0	0%
Receivables	301,541	35.1 %	223,257	1.4 %	220,158	82,755	264.4 %
Securities and cash	3,677	-88.8 %	32,944	240.7 %	9,670	38,032	-90.3 %
Prepaid expenses	-	-	-	-	-	36	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	312,030	18.3 %	263,807	13.7 %	232,076	340,602	-8.4 %

Passive Account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Shareholders' equity	101,173	-21.3 %	128,570	-9.0 %	141,248	111,262	-9.1 %
Share capital	8,000	0%	8,000	0%	8,000	16,000	-50.0 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	210,857	55.9 %	135,237	48.9 %	90,828	184,870	14.1 %
Financial liabilities	21,082	1395.2 %	1,410	23.5 %	1,142	19,237	9.6 %
Advanced payments received	0	0%	0	0%	0	0	0%
Trade account payables	169,705	50.5 %	112,733	62.3 %	69,451	54,882	209.2 %
Tax and social liabilities	17,615	-8.2 %	19,198	26.1 %	15,222	44,132	-60.1 %
Other debts and fixed assets liabilities	2,455	29.6 %	1,895	-62.2 %	5,013	6,400	-61.6 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	312,030	18.3 %	263,807	13.7 %	232,076	340,602	-8.4 %

Results

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Sales of Goods	806,564	29.9 %	620,696	-15.0 %	730,628	517,204	55.9 %
Net turnover	806,564	30.1 %	620,073	-15.1 %	730,524	507,193	59.0 %
of which net export turnover	98,536	83.1 %	53,810	24.1 %	43,375	0	0%
Operating charges	834,201	31.9 %	632,544	-9.7 %	700,797	512,150	62.9 %
Operating profit/loss	-27,637	-133.3 %	-11,848	-139.7 %	29,831	10,163	-371.9 %
Financial income	4,777	1656.3 %	272	-37.8 %	437	54	8746.3 %
Financial charges	5,644	781.9 %	640	-44.2 %	1,146	768	634.9 %
Financial profit/loss	-867	-135.6 %	-368	48.1 %	-709	-118	-634.7 %
Pretax net operating income	-28,504	-133.3 %	-12,216	-141.9 %	29,122	8,769	-425.1 %
Extraordinary income	393	0%	0	0%	0	0	0%
Extraordinary charges	307	241.1 %	90	0%	90	158	94.3 %
Extraordinary profit/loss	86	195.6 %	-90	0%	-90	0	0%
Net result	-27,398	-116.1 %	-12,677	-158.4 %	21,696	8,660	-416.4 %

Accounts – Active

Normal Account

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

Grand Total - Active Accounts (I to VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Grand Total (I to VI)	Net	312,030	18.3 %	263,807	13.7 %	232,076
Gross	CO	318,543	19.0 %	267,781	13.8 %	235,298
Amortisation	1A	6,513	63.9 %	3,974	23.3 %	3,222

Non declared distributed capital (I)

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

Active fixed asset (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Active fixed asset (II)	Net	6,812	-10.4 %	7,606	238.3 %	2,248
Gross	BJ	13,325	15.1 %	11,580	111.7 %	5,470
Amortisation	BK	6,513	63.9 %	3,974	23.3 %	3,222

Intangible fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Start-up cost	Net	0	0%	0	0%	0
Gross	AB	0	0%	0	0%	0
Amortisation	AC	0	0%	0	0%	0
R&D expenses	Net	0	0%	0	0%	0
Gross	CX	0	0%	0	0%	0
Amortisation	CQ	0	0%	0	0%	0
Distributorships, patents	Net	200	0%	0	0%	0
Gross	AF	325	160.0 %	125	0%	125
Amortisation	AG	125	0%	125	0%	125
Goodwill	Net	0	0%	0	0%	0
Gross	AH	0	0%	0	0%	0
Amortisation	AI	0	0%	0	0%	0
Other intangible fixed assets	Net	0	0%	0	0%	0
Gross	AJ	0	0%	0	0%	0
Amortisation	AK	0	0%	0	0%	0
Pre-payments and downpayments	Net	0	0%	0	0%	0
Gross	AL	0	0%	0	0%	0
Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible asset	Net	200	0%	0	0%	0

Tangilble fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	0	0%	0	0%	0
Gross	AR	0	0%	0	0%	0
Amortisation	AS	0	0%	0	0%	0
Other tangible fixed assets	Net	6,301	-13.6 %	7,296	273.6 %	1,953
Gross	AT	12,690	13.9 %	11,145	120.7 %	5,050
Amortisation	AU	6,389	66.0 %	3,849	24.3 %	3,097
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	6,301	-13.6 %	7,296	273.6 %	1,953

Financial assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	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	310	0%	310	5.1 %	295
Gross	BH	310	0%	310	5.1 %	295
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	310	0%	310	5.1 %	295

Current Assets (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Current Assets	Net	305,218	19.1 %	256,201	11.5 %	229,828
Gross	CJ	305,218	19.1 %	256,201	11.5 %	229,828
Amortisation	CK	0	0%	0	0%	0

Stocks

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	0	0%	0	0%	0
Gross	BT	0	0%	0	0%	0
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	0	0%	0	0%	0

Advance payments to suppliers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	31/12/2012
Trade accounts receivable	Net	285,035	52.8 %	186,517	1.7 %	183,428
Gross	BX	285,035	52.8 %	186,517	1.7 %	183,428
Amortisation	BY	0	0%	0	0%	0
Other debtors	Net	4,765	-74.1 %	18,387	-24.6 %	24,373
Gross	BZ	4,765	-74.1 %	18,387	-24.6 %	24,373
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	289,800	41.4 %	204,904	-1.4 %	207,801

Divers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	3,677	-88.8 %	32,944	240.7 %	9,670
Gross	CF	3,677	-88.8 %	32,944	240.7 %	9,670
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	3,677	-88.8 %	32,944	240.7 %	9,670

Prepaid expenses

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid expenses	Net	11,741	-36.0 %	18,353	48.5 %	12,357
Gross	CH	11,741	-36.0 %	18,353	48.5 %	12,357
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Expenses of loan issue to be spread	CW3	0	0%	0	0%	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	31/12/2012
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	31/12/2012
Grand Total (I to V)	EE	312,030	18.3 %	263,807	13.7 %	232,076

Shareholder Equity (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total shareholders' equity (Total I)	DL	101,173	-21.3 %	128,570	-9.0 %	141,248
Equity and shareholders' equity	DA	8,000	0%	8,000	0%	8,000
Issue and merger premiums	DB	0	0%	0	0%	0
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	800	0%	800	0%	800
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	0	0%	0	0%	0
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	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	119,770	-9.6 %	132,448	19.6 %	110,752
Profit or loss for the period	DI	-27,398	-116.1 %	-12,677	-158.4 %	21,696
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

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

Provisions for risks and charges (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total provisions for risks and charges (Total III)	DR	0	0%	0	0%	0
Risk provisions	DP	0	0%	0	0%	0
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Liabilities (Total IV)	EC	210,857	55.9 %	135,237	48.9 %	90,828
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	20,901	0%	0	0%	0
Sundry loans and financial liabilities	DV	181	-87.2 %	1,410	23.5 %	1,142
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	169,705	50.5 %	112,733	62.3 %	69,451
Tax and social security liabilities	DY	17,615	-8.2 %	19,198	26.1 %	15,222
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	2,455	29.6 %	1,895	-62.2 %	5,013

Translation loss (V)

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

Equalization accounts

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	210,857	55.9 %	135,237	0%	0
Of which current bank facilities	EH	0	0%	0	0%	0

Result account

1 - Operating result (I-II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating result (Total I-II)	GG	-27,637	-133.3 %	-11,848	-139.7 %	29,831

2 - Financial result (V-VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Financial result (Total V-VI)	GV	-867	-135.6 %	-368	48.1 %	-709

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-28,504	-133.3 %	-12,216	-141.9 %	29,122

4 - Extraordinary result (VII-VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Extraordinary result (Total VII-VIII)	HI	86	195.6 %	-90	0%	-90

Profit or loss

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Profit or loss	HN	-27,398	-116.1 %	-12,677	-158.4 %	21,696

Total Income (I+III+V+VII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Income (Total I+III+V+VII)	HL	811,734	30.7 %	620,968	-15.1 %	731,065

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	839,132	32.4 %	633,646	-10.7 %	709,368

Operating income (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating income (Total I)	FR	806,564	29.9 %	620,696	-15.0 %	730,628

Operating income (details)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Sale of goods for resale	FC	806,564	30.1 %	620,073	-15.1 %	730,524
France	FA	708,028	25.0 %	566,263	-17.6 %	687,149
Export	FB	98,536	83.1 %	53,810	24.1 %	43,375
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	0	0%	0	0%	0
France	FG	0	0%	0	0%	0
Export	FH	0	0%	0	0%	0
Net turnover	FL	806,564	30.1 %	620,073	-15.1 %	730,524
France	FJ	708,028	25.0 %	566,263	-17.6 %	687,149
Export	FK	98,536	83.1 %	53,810	24.1 %	43,375
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	0	0%	0	0%	0
Other income	FQ	0	0%	623	499.0 %	104

Operating charges (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating charges (Total II)	GF	834,201	31.9 %	632,544	-9.7 %	700,797

Exploitation charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Purchase of goods for resale	FS	502,608	53.3 %	327,963	-16.3 %	391,914
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	182,853	8.7 %	168,231	0.5 %	167,393
Tax, duty and similar payments	FX	18,620	7.4 %	17,342	-28.0 %	24,077
Payroll	FY	93,180	10.3 %	84,511	3.2 %	81,878
Social security costs	FZ	33,964	2.6 %	33,098	-3.7 %	34,357

Depreciation

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Depreciation of fixed assets	GA	2,977	122.8 %	1,336	13.4 %	1,178
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Other charges	GE	0	0%	62	0%	0

Operating charges (III-IV)

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

Financial income (V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial income (Total V)	GP	4,777	1656.3 %	272	-37.8 %	437
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	0	0%	0	0%	0
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	4,777	1656.3 %	272	-37.8 %	437
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial charge (VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial charge (Total VI)	GU	5,644	781.9 %	640	-44.2 %	1,146
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	918	79.6 %	511	-5.4 %	540
Exchange losses	GS	4,726	3563.6 %	129	-78.7 %	606
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary income (Total VII)	HD	393	0%	0	0%	0
Extraordinary operating income	HA	393	0%	0	0%	0
Extraordinary income from capital transactions	HB	0	0%	0	0%	0
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary charges (Total VIII)	HH	307	241.1 %	90	0%	90
Extraordinary operating charges	HE	307	241.1 %	90	0%	90
Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Tax on profits (Total X)	HK	-1,020	-374.2 %	372	-94.9 %	7,335

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Of which equipment leases	HP	0	0%	13,559	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	OG	0	0%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	437	-25.2 %	584	-25.3 %	782
Gross value at the end of period	OL	13,325	15.1 %	11,580	111.7 %	5,470

Research and development Charge (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	CZ	0	0%	0	0%	0
Increasess due to revaluation	KB	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
Decreasess by budget item transfer	CO1	0	0%	0	0%	0
Decreasess by transfers	CO2	0	0%	0	0%	0
Gross value at the end of period	DO	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	KD	125	0%	125	0%	125
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	200	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	325	160.0 %	125	0%	125

Tangible fixed assets (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LN	11,145	120.7 %	5,050	4.0 %	4,855
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	1,982	-70.3 %	6,679	583.6 %	977
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	437	-25.2 %	584	-25.3 %	782
Gross value at the end of period	NH	12,690	13.9 %	11,145	120.7 %	5,050

Financial assets (Total IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LQ	310	5.1 %	295	5.0 %	281
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	0	0%	15	7.1 %	14
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	0	0%	0
Gross value at the end of period	NK	310	0%	310	5.1 %	295

Reserve for depreciation

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

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

Research and development charge (Total I)

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

Other intangible assets (Total II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	PE	125	0%	125	0%	125
Increases	PF	0	0%	0	0%	0
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	125	0%	125	0%	125

Total fixed assets amotisation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	QU	3,849	24.3 %	3,097	14.7 %	2,701
Increases	QV	2,977	122.8 %	1,336	13.4 %	1,178
Decreases	QW	437	-25.2 %	584	-25.3 %	782
Decreasess by budget item transfer	QX	6,389	66.0 %	3,849	24.3 %	3,097

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

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

Premium refund of obligations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Net value at begin of period	SP1	0	0%	0	0%	0
Increases	SP2	0	0%	0	0%	0
Depreciation of fixed assets during period	SP	0	0%	0	0%	0
Net value at the end of period	SR	0	0%	0	0%	0

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	7C	0	0%	0	0%	0
Increases	UB	0	0%	0	0%	0
Decreases	UC	0	0%	0	0%	0
Value at the end of period	UD	0	0%	0	0%	0

Includes Total allocations

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

Total risk and charge provisions (Total II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	5Z	0	0%	0	0%	0
Increases	TV	0	0%	0	0%	0
Decreases	TW	0	0%	0	0%	0
Value at the end of period	TX	0	0%	0	0%	0

Total Provision for depreciation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	7B	0	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	0	0%	0	0%	0

State deadlines claims and debts at the end of period

State claims

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value	VT	301,852	35.0 %	223,567	1.4 %	220,453
1 year at most	VU	301,541	35.1 %	223,257	1.4 %	220,158
More than one year	VV	310	0%	310	5.1 %	295

State of loans

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	310	0%	310	5.1 %	295
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	31/12/2012
Customers doubtful or disputed	VA	285,035	0%	0	0%	0
Other claims customer	UX	0	0%	186,517	1.7 %	183,428
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	4,765	0%	0	0%	0
Group and Associates	VC	0	0%	18,387	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	0	0%	24,373

Prepaid

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid	VS	11,741	-36.0 %	18,353	48.5 %	12,357

State Debt

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total debt (gross)	VY	210,857	55.9 %	135,236	48.9 %	90,828
1 year at most	VZ2	210,857	55.9 %	135,236	48.9 %	90,828
More than 1 year and 5 years at most	VZ3	0	0%	0	0%	0
More than 5 years	VZ4	0	0%	0	0%	0

Details

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most	7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Y3	0	0%	0	0%	0
Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most	7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Z3	0	0%	0	0%	0
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	20,901	0%	0	0%	0
1 year at most	VG2	20,901	0%	0	0%	0
More than 1 year and 5 years at most	VG3	0	0%	0	0%	0
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most	VH2	0	0%	0	0%	0
More than 1 year and 5 years at most	VH3	0	0%	0	0%	0
Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most	8A2	0	0%	0	0%	0
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	169,705	50.5 %	112,733	62.3 %	69,451
1 year at most	8B2	169,705	50.5 %	112,733	62.3 %	69,451
More than 1 year and 5 years at most	8B3	169,705	50.5 %	112,733	62.3 %	69,451
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	17,615	-8.2 %	19,198	26.1 %	15,222
1 year at most	8D2	17,615	-8.2 %	19,198	26.1 %	15,222
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%	0	0%	0
1 year at most	VQ2	0	0%	0	0%	0
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most	8J2	0	0%	0	0%	0
More than 1 year and 5 years at most	8J3	0	0%	0	0%	0
More than 5 years	8J4	0	0%	0	0%	0
Groups and associates (gross)	VI1	181	0%	0	0%	1,142
1 year at most	VI2	181	0%	0	0%	1,142
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	2,455	-25.7 %	3,305	-34.1 %	5,013
1 year at most	8K2	2,455	-25.7 %	3,305	-34.1 %	5,013
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	31/12/2012
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information

Dividends distributed

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

Commitments

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Commitments leasing furniture	YQ	0	0%	0	0%	14,723
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Average number of employees	YP	0	0%	0	0%	0

Groups and Shareholders

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

Ratios

Structure and Liquidity

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Fixed Asset Financing	9.66	-16.5 %	11.57	-56.5 %	26.62	2.72	255.1 %
Global Debt	94 days	19.0 %	79 days	75.6 %	45 days	116 days	-19.0 %
Working Capital Fund overall net	52 days	-26.8 %	71 days	2.9 %	69 days	80 days	-35.0 %
Financial independence	479.90 %	-94.7 %	9,118.44 %	-26.3 %	12,368.48 %	212.81 %	125.5 %
Solvability	32.42 %	-33.5 %	48.74 %	-19.9 %	60.86 %	39.91 %	-18.8 %
Capacity debt futures	484.06 %	-	-	-	-	1,375.46 %	-64.8 %
Coverage of current assets by net working capital overall	39.34 %	-23.5 %	51.45 %	-20.2 %	64.44 %	47.72 %	-17.6 %
General Liquidity	1.43	-13.3 %	1.65	-31.8 %	2.42	0.59	142.4 %
Restricted Liquidity	1.45	-23.3 %	1.89	-25.3 %	2.53	1.02	42.2 %

Management or rotation

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Need background in operating working capital	45 days	9.8 %	41 days	-29.3 %	58 days	34 days	32.4 %
Treasury	2 days	-89.5 %	19 days	280.0 %	5 days	14 days	-85.7 %
Inventory turnover of goods	0 days	0%	0 days	0%	0 days	96 days	0%
Average length of credit granted to customers	127 days	17.6 %	108 days	20.0 %	90 days	42 days	202.4 %
Average length of credit obtained suppliers	89 days	8.5 %	82 days	82.2 %	45 days	52 days	71.2 %
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	-	-	-	-	-	1,308 days	-
Rotation tangible assets	6,355.90 %	14.2 %	5,563.69 %	-61.5 %	14,465.82 %	1,314.71 %	383.4 %

Profitability of the business

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Margin trading	37.69 %	-20.0 %	47.11 %	1.6 %	46.35 %	32.28 %	16.8 %
Profitability of the business	-3.06 %	-70.9 %	-1.79 %	-142.3 %	4.23 %	3.21 %	-195.3 %
Net profit	-3.40 %	-66.7 %	-2.04 %	-168.7 %	2.97 %	1.82 %	-286.8 %
Growth rate of turnover (excluding VAT)	30.08 %	298.9 %	-15.12 %	-12.7 %	-13.42 %	0.00 %	0%
Rates integration	15.01 %	-24.9 %	19.98 %	-14.8 %	23.44 %	20.39 %	-26.4 %
Rate leasing furniture	0.00 %	0%	2.19 %	0%	0.00 %	0.00 %	0%
Work Factor	104.99 %	10.6 %	94.94 %	39.8 %	67.89 %	68.51 %	53.2 %
Weight interests	0.70 %	600.0 %	0.10 %	-37.5 %	0.16 %	0.18 %	288.9 %

Return on capital

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Cash flow from the overall profitability	-3.03 %	-65.6 %	-1.83 %	-158.5 %	3.13 %	2.57 %	-217.9 %
Rates of economic profitability	-20.00 %	-122.2 %	-9.00 %	-140.9 %	22.00 %	10.60 %	-288.7 %
Financial profitability	101,173.00 %	-21.3 %	128,570.00 %	-9.0 %	141,248.00 %	84,369.00 %	19.9 %
Return on investment	-17.79 %	-92.1 %	-9.26 %	-157.7 %	16.04 %	7.88 %	-325.8 %

Management intermediate balances

	31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Turnover	806,564		30.1 %		620,073		-15.1 %		730,524		507,193		59.0 %
		31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Sales of goods		806,564		30.1 %		620,073		-15.1 %		730,524				-
- Purchase of goods		502,608		53.3 %		327,963		-16.3 %		391,914				-
+/- Stock of goods variation		0		0%		0		0%		0				-
Trading margin		303,956 €		4.1 %		292,110 €		-13.7 %		338,610 €		131,952 €		130.4 %
		37.69 % CA		-20.0 %		47.11 % CA		1.6 %		46.35 % CA		33.03 % CA		14.1 %

	31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Sale of goods produced	0		0%		0		0%		0				-
+/- Stocked production	0		0%		0		0%		0				-
+ Self-constructed assets	0		0%		0		0%		0				-
Period production	0 €		0%		0 €		0%		0 €		9,526 €		0%
	0.00 % CA		0%		0.00 % CA		0%		0.00 % CA		2.18 % CA		0%
		31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Trading margin		303,956		4.1 %		292,110		-13.7 %		338,610		131,952		130.4 %
+ Period Production		0		0%		0		0%		0		9,526		0%
- Purchase of raw materials		0		0%		0		0%		0				-
+/- Change in stocks of raw materiels		0		0%		0		0%		0				-
- Other external purchases and charges		182,853		8.7 %		168,231		0.5 %		167,393				-
Added value		121,103 €		-2.2 %		123,879 €		-27.6 %		171,217 €		112,025 €		8.1 %
		15.01 % CA		-24.9 %		19.98 % CA		-14.8 %		23.44 % CA		20.39 % CA		-26.4 %

	31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Added value	121,103 €		-2.2 %		123,879 €		-27.6 %		171,217 €		112,025 €		8.1 %
+ Operating grants	0		0%		0		0%		0				-
- Tax, duty and similar payments	18,620		7.4 %		17,342		-28.0 %		24,077				-
- Personal charges	127,144		8.1 %		117,609		1.2 %		116,235				-
Gross operating surplus	-24,661 €		-122.7 %		-11,072 €		-135.8 %		30,905 €		13,619 €		-281.1 %
	-3.06 % CA		-70.9 %		-1.79 % CA		-142.3 %		4.23 % CA		3.19 % CA		-195.9 %
		31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Gross operating surplus		-24,661 €		-122.7 %		-11,072 €		-135.8 %		30,905 €		13,619 €		-281.1 %
+ Release of reserves and provisions		0		0%		0		0%		0				-
+ Other operating income		0		0%		623		499.0 %		104				-
- Depreciation/ Amortisation		2,977		122.8 %		1,336		13.4 %		1,178				-
- Other charges		0		0%		62		0%		0				-
Operating result		-27,638 €		-133.3 %		-11,847 €		-139.7 %		29,831 €		10,149 €		-372.3 %
		-3.43 % CA		-79.6 %		-1.91 % CA		-146.8 %		4.08 % CA		2.22 % CA		-254.5 %

			31/12/2014	Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Operating result			-27,638 €	-133.3 %		-11,847 €		-139.7 %		29,831 €		10,149 €	-372.3 %
+/- Result of joint-venture transferred from/to other partners			0	0%		0		0%		0			-
+ Financial income			4,777	1656.3 %		272		-37.8 %		437			-
- Financial charges			5,644	781.9 %		640		-44.2 %		1,146			-
Pre-tax result			-28,505 €	-133.4 %		-12,215 €		-141.9 %		29,122 €		8,714 €	-427.1 %
			-3.53 % CA	-79.2 %		-1.97 % CA		-149.4 %		3.99 % CA		2.00 % CA	-276.5 %
	31/12/2014	Variation			31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Extraordinary income	393	0%			0		0%		0		0			0%
- Extraordinary charges	307	241.1 %			90		0%		90					-
Extraordinary result	86 €	195.6 %			-90 €		0%		-90 €		0 €			0%
	0.01 % CA	200.0 %			-0.01 % CA		0%		-0.01 % CA		0.00 % CA			0%

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Pre-tax result	-28,505 €	-133.4 %	-12,215 €	-141.9 %	29,122 €	8,714 €	-427.1 %
Extraordinary result	86 €	195.6 %	-90 €	0%	-90 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	-1,020	-374.2 %	372	-94.9 %	7,335		-
Net result	-27,399 €	-116.1 %	-12,677 €	-158.4 %	21,697 €	8,589 €	-419.0 %
	-3.40 % CA	-66.7 %	-2.04 % CA	-168.7 %	2.97 % CA	1.82 % CA	-286.8 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.14
EURO	1	Rs. 71.99

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

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ASH

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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