MIRA INFORM REPORT

Report No. :	354654
Report Date :	21.12.2015

IDENTIFICATION DETAILS

Name :	INTERDEAN RELOCATION SERVICES
Registered Office :	6 Rue Rene Razel 91400 Saclay
Country :	France
Financials (as on) :	31.12.2014
Date of Incorporation :	September 1984
Legal Form :	Simplified joint stock company
Line of Business :	Moving Services provides global assignment management, relocation management, visa and immigration, area orientation, temporary housing, home finding, school search, settling-in assistance, tenancy management, household goods moving, intercultural and language training, and expense management
No. of Employee :	85 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 :	150,000 €
Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

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

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

FRANCE ECONOMIC OVERVIEW

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

Source : CIA

Company name and summary

Name	INTERDEAN RELOCATION SERVICES
Acronym	-
Trade name	INTERNATIONAL RELOCATION SERVICES
Status	Economically active
Postal Address	INTERDEAN INTERDEAN RELOCATION SERVICES 6 RUE RENE RAZEL 91400 SACLAY
Share Capital	915,000 Euros
Telephone	01 80 38 31 00
Activity (APE)	Moving Services(4942Z)	RCS Registration	RCS Evry B 622 001 881
Formation Date	09/1984	EUR VAT Number	FR68622001881
Deregistration Date	-	Last account Date	31/12/2014
Court Registry Number	20 1 2B01987	Incorporiation Date	04/1981
Registration Court	Evry (78)	Fax	-
Nationality	France
		Legal form	Simplified joint stock company
		Currency	Euros

CREDIT LIMIT

Limit 150,000 €

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2014	29,719,915 €	3.71% Turnover	1,671,430 €	443,059 €	85 employees
31/12/2013	25,520,533 €	2.53% Turnover	1,478,324 €	316,261 €	50 to 99 employees
31/12/2012	25,617,874 €	3.11% Turnover	1,582,062 €	425,578 €	72 employees

Trends

Profitability

Liquidity

Net Worth

Directors

Current Directors

2

Judgment and Preferential

Judgment	No judgement
Preferential Right	This company is not under monitoring

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4942Z	Activity	Moving Services
Formation Date	06/2012	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	-
Trading Address	6 RUE RENE RAZEL 91400 SACLAY	Department	Essonne (91)
Location Surface	-	District	3
City	SACLAY	Status	Economically active
Business Pages FT®	DEMENAGEMENTS	Region	Ile-de-France
		Area	03
		Size of Urban Area	Paris conglomeration

Other Establishment(s)

Regionality	Legal unit with multiple establishments in many areas having at least 50% of workforce in same area
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	7 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
INTERDEAN RELOCATION SERVICES	Head Office	4942Z	Moving Services	SACLAY	91400
INTERDEAN RELOCATION SERVICES	Branch	4942Z	Moving Services	MARSEILLE 8	13008
INTERDEAN RELOCATION SERVICES	Branch	4942Z	Moving Services	MUNDOLSHEIM	67450
INTERDEAN RELOCATION SERVICES	Branch	4942Z	Moving Services	SAINT PRIEST	69800
INTERDEAN RELOCATION SERVICES	Branch	4942Z	Moving Services	BUC	78530

Workforces

Workforce at address

50 to 99 employees

Company workforce

50 to 99 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 stock to turnover ratio is 0.50

Department code with low risk rating

Industry code with medium risk rating

The company has 2 director(s)

The risk provisions are 148,713 €

The total assets are 11,394,268 €

The liabilities are 9,568,490 €

The net current assets are 8,422,845 €

The net turnover is 29,719,915 €

The pre-tax profit is 634,741 €

The shareholder's equity is 1,671,430 €

The sales to current assets ratio is 3.53

The creditor days are 61.27

The return on total assets employed is 5.57

High risk workforce size

The ratio total assets to total liabilities is 1.17

The increase in the gearing percentage over the last two accounting periods is 29 %

Industry comparison

Activity (APE)	Moving Services (4942Z)
Industry average credit rating	43
Industry average credit limit	8,287

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	Mme. DELRUE CÉLINE MARIE-PIERRE
Manager position	President		Date of birth		04/04/1968
Place of birth	RENNES
Type	Individual		Name at birth
Name		M. COLLINS DALE LYNN
Manager position		Managing director		Date of birth		16/01/1961
Place of birth		GARY INDIANA(ETATS-UNIS D'AMERIQUE)
Type		Individual		Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M. ARA KORKIDIAN	21/01/1945 - IVRY SUR SEINE
President	M. KORKIDIAN ARA	21/01/1945 - IVRY SUR SEINE
President	M. KORKIDIAN ARA	21/01/1945 - LIVRY SUR SEINE

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	11/07/2015	Bodacc C	Comptes annuels et rapports
91 - ESSONNE GREFFE DU TRIBUNAL DE COMMERCE D'EVRY 15237 - 622001881 RCS. INTERDEAN. Forme : Société par actions simplifiée. Adresse : 6 rue René Razel 91400 Saclay. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	15/04/2015	Bodacc B	Modification et mutation diverse
91 - ESSONNE GREFFE DU TRIBUNAL DE COMMERCE D'ÉVRY 1940 - 622 001 881 RCS Evry. INTERDEAN. Forme : Société par actions simplifiée. Enseigne : SANTAFE RELOCATION SERVICES. Activité : . Commentaires : Modification du nom commercial.
	31/07/2014	Bodacc C	Comptes annuels et rapports
91 - ESSONNE GREFFE DU TRIBUNAL DE COMMERCE D'EVRY 10010 - 622001881 RCS. INTERDEAN. Forme : Société par actions simplifiée. Adresse : 6 rue René Razel 91400 Saclay. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	12/07/2013	Bodacc B	Modification et mutation diverse
91 - ESSONNE GREFFE DU TRIBUNAL DE COMMERCE D'ÉVRY 1117 - 622 001 881 RCS Evry. INTERDEAN. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : DELOITTE & ASSOCIES en fonction le 13 Juin 2012 Commissaire aux comptes suppléant : BEAS en fonction le 13 Juin 2012 Président : DELRUE Céline Marie-Pierre en fonction le 17 Janvier 2013 Directeur général : COLLINS Dale Lynn en fonction le 04 Juillet 2013. Activité : . Commentaires : Modification de représentant.
	09/07/2013	JAL	Appointment of the social representative
Semaine de l Ile-de-France (La) Date de décision : 27/06/2013 Société faisant l'objet d'une nomination : 622001881 - INTERDEAN, INTERNATIONAL RELOCATION SERVICES, 6 RUE RENE RAZEL, 91400 SACLAY Nominé : Monsieur Dale COLLINS, SL24QR STOKE POGES En la fonction de : Directeur général
	27/05/2013	Bodacc C	Comptes annuels et rapports
91 - ESSONNE GREFFE DU TRIBUNAL DE COMMERCE D'ÉVRY 14208 - 622001881 RCS. INTERDEAN. Forme : Société par actions simplifiée. Adresse : 6 rue René Razel 91400 Saclay. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	25/01/2013	Bodacc B	Modification et mutation diverse
91 - ESSONNE GREFFE DU TRIBUNAL DE COMMERCE D'ÉVRY 4942 - 622 001 881 RCS Evry. INTERDEAN. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : DELOITTE & ASSOCIES en fonction le 13 Juin 2012 Commissaire aux comptes suppléant : BEAS en fonction le 13 Juin 2012 Président : DELRUE Céline Marie-Pierre en fonction le 17 Janvier 2013. Activité : . Commentaires : Modification de représentant.
	15/01/2013	JAL	Appointment of the social representative
Semaine de l Ile-de-France (La) Date de décision : 21/12/2012 Société faisant l'objet d'une nomination : 622001881 - INTERDEAN, INTERNATIONAL RELOCATION SERVICES, 6 RUE RENE RAZEL, 91400 SACLAY Nominé : Madame Céline DELRUE, 92370 CHAVILLE En la fonction de : Gérant
	15/01/2013	JAL	Resignation / Revocation of the social representative
Semaine de l Ile-de-France (La) Date de décision : 21/12/2012 La société 622001881 - INTERDEAN, INTERNATIONAL RELOCATION SERVICES, 6 RUE RENE RAZEL, 91400 SACLAY Fait l'objet du départ de Monsieur Ara KORKIDIAN
	26/10/2012	Bodacc B	Modification et mutation diverse
91 - ESSONNE GREFFE DU TRIBUNAL DE COMMERCE D'ÉVRY 1836 - 622 001 881 RCS Evry. INTERDEAN. Forme : Société par actions simplifiée. Enseigne : Interdean International Services. Activité : . Commentaires : Modification du nom commercial.
	18/09/2012	Bodacc B	Modification et mutation diverse
91 - ESSONNE GREFFE DU TRIBUNAL DE COMMERCE D'ÉVRY 1624 - 622 001 881 RCS Evry. INTERDEAN. Forme : Société par actions simplifiée. Enseigne : Interdean International Relocation. Activité : société de déménagements internationaux et de Relocation internationale, Affrêtement, transit, transport routier, maritime, aérien, expédition, dépôt, garde-meubles, organisation de voyage d'orientation, recherche de logement, formalité d'immigration, recherche d'école, gestion financière pour le compte d'autrui dans le cadre de leur mobilité internationale. Commentaires : Modification du nom commercial. Modification de l'activité. Date de commencement de l’activité : 01/03/1980.
	21/06/2012	Bodacc A	Immatriculation
91 - ESSONNE GREFFE DU TRIBUNAL DE COMMERCE D'ÉVRY 957 - 622 001 881 RCS Evry. INTERDEAN. Forme : Société par actions simplifiée. Administration : Président : KORKIDIAN Ara Commissaire aux comptes titulaire : DELOITTE & ASSOCIES Commissaire aux comptes suppléant : BEAS. Capital : 915000 EUR. Adresse : 6 rue René Razel, 91400 Saclay. Date de commencement de l’activité : 01/01/0001. Descriptif : Immatriculation d'une personne morale suite au transfert du si¿ge hors ressort. Modification de repr¿sentant. Modification de la forme juridique. Commentaires : Immatriculation d'une personne morale suite à transfert de son siège social.
	12/06/2012	JAL	Head Office Transfer
Semaine de l'Ile-de-France (La) Date de décision : 01/06/2012 Transfert du siège social de la société 622001881 -  INTERDEAN Adresse du nouveau siège : 6 RUE RENE RAZEL, 91400 SACLAY Ancienne localisation : 515 RUE HELENE BOUCHER, 78530 BUC Date d'effet : 01/06/2012
	02/04/2012	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 13123 - 622001881 RCS. INTERDEAN. Forme : Société par actions simplifiée. Adresse : 515 rue Hélène Boucher 78530 Buc. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	23/09/2010	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 11776 - 622001881 RCS. INTERDEAN. Forme : Société par actions simplifiée. Adresse : 515 rue Hélène Boucher 78530 Buc. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	01/07/2009	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 9996 - 622001881 RCS. INTERDEAN. Forme : Société par actions simplifiée. Adresse : 515 rue Hélène Boucher 78530 Buc. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	07/09/2008	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 4424 - 622001881 RCS. INTERDEAN. Forme : Société par actions simplifiée. Adresse : 515 rue Hélène Boucher 78530 Buc. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	18/07/2007	Bodacc C	Avis de dépôt des comptes
3573 - 622 001 881. RCS Versailles INTERDEAN. Forme: Société par actions simplifiée. Adresse du siège social: 515 rue Hélène Boucher 78530 Buc. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	24/05/2007	Bodacc C	Avis de dépôt des comptes
5207 - RCS Versailles B 622 001 881. RC 81-B 384. INTERDEAN. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 515, rue Helene Boucher,78530 Buc. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	26/11/2006	Bodacc B	Modifications et mutations diverses
2895 - RCS Versailles B 622 001 881. RC 81-B 384. INTERDEAN. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : DELOITTE TOUCHE TOHMATSU. Nomination d'un commissaire aux comptes titulaire : DELOITTE & ASSOCIES.
	19/06/2005	Bodacc C	Avis de dépôt des comptes
3284 - RCS Versailles B 622 001 881. RC 81-B 384. INTERDEAN. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 515, rue Helene Boucher,78530 Buc. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	13/06/2004	Bodacc B	Modifications et mutations diverses
RCS Versailles B 622001881 RC 81-B 384 INTERDEAN. Forme : S.A.S. Commentaires : modification survenue sur l' administration. Administration : commissaire aux comptes titulaire partant : BEFEC-PRICE WATHERHOUSE, représentée par DENIZEAU (J.). Commissaire aux comptes suppléant partant : BEZIAU (Alain). Nomination d' un commissaire aux comptes suppléant : BEAS. Nomination d'un commissaire aux comptes titulaire : DELOITTE TOUCHE TOHMATSU.
	01/07/2003	Bodacc B	Modifications et mutations diverses
RCS Versailles B 622001881 RC 81-B 384 INTERDEAN. Forme : S.A.S. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : modification du président : ARA (Korkidian).
	09/11/2001	Bodacc B	Modifications et mutations diverses
RCS Versailles B 622001881 RC 81-B 384 INTERDEAN. Forme : S.A.R.L. Capital : 915 000 euros. Commentaires : modification survenue sur le capital (augmentation).
	25/05/1995	Bodacc B	Modifications et mutations diverses
RCS *. RCS Versailles B 622 001 881 RC RC 81-B 384 INTERDEAN. Forme : S.A.R.L. Administration : gérant : ARA ( Korkidian). Commissaire aux comptes titulaire : BEFEC PRICE WATHERHOUSE FIDUCIAIRE CONTINENTALE PARIS. Commissaire aux comptes suppléant : BEZIAU (Alain). Commentaires : modification survenue sur l' administration.

Company events history

Date	Description
13/10/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
11/07/2015	Bodacc C : Deposit accounts notice
15/04/2015	Bodacc B: Various editing or changing
06/03/2015	Update of Company Acronym
31/12/2014	New accounts available
31/07/2014	Bodacc C : Deposit accounts notice
16/07/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2013	New accounts available
19/10/2013
19/10/2013
17/07/2013
17/07/2013
12/07/2013	Bodacc B: Various editing or changing
04/07/2013	Updated articles of association
04/07/2013	Minutes of general meeting of shareholders
04/07/2013	Changes to the Board of Directors
27/06/2013	Legal Gazette: Appointment of the social representative
27/05/2013	Bodacc C : Deposit accounts notice
07/05/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
25/01/2013	Bodacc B: Various editing or changing
17/01/2013	New chairman (CEO, CoB)
17/01/2013	Minutes of general meeting of shareholders
15/01/2013	Legal Gazette: Resignation / Revocation of the social representative
31/12/2012	New accounts available
21/12/2012	Legal Gazette: Appointment of the social representative
26/10/2012	Bodacc B: Various editing or changing
18/09/2012	Bodacc B: Various editing or changing
10/09/2012	Change to company acronym or name
10/09/2012	Change to corporate purpose
10/09/2012	Updated articles of association
10/09/2012	Minutes of general meeting of shareholders
21/06/2012	Bodacc A : Registration
13/06/2012	Registered office transferred inside jurisdiction of the Commercial Court
13/06/2012	Updated articles of association
13/06/2012	Amendment
12/06/2012	Legal Gazette: Head Office Transfer
01/06/2012	Update of Company Head Office Identifier
01/06/2012	Transfer of Establishment
01/06/2012	Other modification of Establishment
05/04/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
02/04/2012	Bodacc C : Deposit accounts notice
31/12/2011	New accounts available
01/06/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
23/09/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
01/07/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
07/09/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
13/11/2006	Appointment/resignation of company officers
13/11/2006	Changes to the Board of Directors
13/11/2006	Minutes of general meeting of shareholders
13/11/2006	Minutes of general meeting of shareholders
13/11/2006	New auditor
13/11/2006	Private document
31/12/2005	New accounts available
31/12/2004	New accounts available
25/05/2004	Private document
25/05/2004	New auditor
25/05/2004	Minutes of general meeting of shareholders
25/05/2004	Appointment/resignation of company officers
25/05/2004	Amendment
31/12/2003	New accounts available
19/06/2003	Updated articles of association
19/06/2003	Private document
19/06/2003	New legal form – new category
19/06/2003	New chairman (CEO, CoB)
19/06/2003	Minutes of general meeting of shareholders
19/06/2003	Appointment/resignation of company officers
19/06/2003	New legal form – no new category
18/03/2003	Audit or Management Report
18/03/2003	Private document
25/02/2003	Amendment
25/02/2003	Application and court order
01/01/2003	Application and court order
26/10/2001	Capital increase
26/10/2001	Conversion of equity to euro
26/10/2001	Minutes of general meeting of shareholders
26/10/2001	Private document
26/10/2001	Updated articles of association
26/10/2001	Change to company acronym or name
10/05/1995	Amendment
10/05/1995	Minutes of general meeting of shareholders
28/04/1994	Amendment
26/04/1994	Minutes of general meeting of shareholders
10/05/1993	New manager
10/05/1993	Minutes of general meeting of shareholders
10/05/1993	Amendment

Synthesized Accounts

Annual Accounts

	31/12/2014	31/12/2013	31/12/2012
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	12/10/2015	13/07/2014	04/05/2013
Activity Code	4942Z	4942Z	4942Z
Employees	85	0	72

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	2,899,672	5.4 %	2,750,990	-2.3 %	2,815,517	69,948	4045.5 %
Intangible assets	0	0%	0	0%	0	5,002	0%
Tangible assets	731,317	-9.0 %	803,260	8.2 %	742,645	26,261	2684.9 %
Financial assets	2,168,355	11.3 %	1,947,730	-6.0 %	2,072,872	6,000	36039.3 %
Net current assets	8,422,845	20.6 %	6,986,801	2.7 %	6,800,069	236,299	3464.5 %
Stocks	148,474	-9.5 %	164,093	-35.7 %	255,317	0	0%
Advanced payments	0	0%	0	0%	0	0	0%
Receivables	8,231,894	24.0 %	6,640,613	2.6 %	6,472,104	144,981	5577.9 %
Securities and cash	42,477	-76.7 %	182,095	150.7 %	72,648	42,308	0.4 %
Prepaid expenses	-	-	-	-	-	220	-
Accounts of regularization	71,751	231354.8 %	31	-97.0 %	1,050	0	0%
Total Assets	11,394,268	17.0 %	9,737,822	1.3 %	9,616,636	348,521	3169.3 %

Passive Account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Shareholders' equity	1,671,430	13.1 %	1,478,324	-6.6 %	1,582,062	93,920	1679.6 %
Share capital	915,000	0%	915,000	0%	915,000	22,867	3901.4 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	148,713	473.7 %	25,922	-44.8 %	46,941	0	0%
Liabilities	9,568,490	16.8 %	8,194,738	3.0 %	7,952,621	209,983	4456.8 %
Financial liabilities	842,338	29.0 %	653,186	-23.5 %	853,898	21,124	3887.7 %
Advanced payments received	0	0%	186,353	0%	0	0	0%
Trade account payables	4,988,880	17.6 %	4,243,532	27.5 %	3,328,012	40,966	12078.1 %
Tax and social liabilities	1,591,156	5.4 %	1,509,863	-4.0 %	1,572,960	95,773	1561.4 %
Other debts and fixed assets liabilities	228,627	-7.0 %	245,951	34.2 %	183,225	4,437	5053.3 %
Account regularization	1,923,124	37.9 %	1,394,690	-32.0 %	2,049,537	0	0%
Total liabilities	11,394,268	17.0 %	9,737,822	1.3 %	9,616,636	348,521	3169.3 %

Results

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sales of Goods	29,738,476	16.5 %	25,529,790	-0.4 %	25,638,382	717,646	4043.9 %
Net turnover	29,719,915	16.5 %	25,520,533	-0.4 %	25,617,874	706,327	4107.7 %
of which net export turnover	24,659,494	20.5 %	20,469,309	-2.5 %	20,985,192	0	0%
Operating charges	28,779,364	14.9 %	25,045,333	0.1 %	25,022,965	691,809	4060.0 %
Operating profit/loss	959,112	98.0 %	484,457	-21.3 %	615,417	14,288	6612.9 %
Financial income	58,722	-47.2 %	111,223	-24.7 %	147,616	35	167677.1 %
Financial charges	255,420	367.9 %	54,586	-66.9 %	165,030	871	29241.8 %
Financial profit/loss	-196,698	-447.3 %	56,637	425.2 %	-17,414	-244	-80679.5 %
Pretax net operating income	762,414	40.9 %	541,094	-9.5 %	598,003	13,875	5394.9 %
Extraordinary income	85,917	-21.2 %	109,080	89.4 %	57,585	1,000	8491.7 %
Extraordinary charges	111,784	137.3 %	47,108	-9.0 %	51,754	1,585	6954.8 %
Extraordinary profit/loss	-25,867	-141.7 %	61,972	962.8 %	5,831	-65	-40003.9 %
Net result	443,059	40.1 %	316,261	-25.7 %	425,578	13,246	3244.9 %

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	11,394,268	17.0 %	9,737,822	1.3 %	9,616,636
Gross	CO	12,698,221	16.4 %	10,911,660	2.0 %	10,698,380
Amortisation	1A	1,303,953	11.1 %	1,173,838	8.5 %	1,081,744

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	2,899,672	5.4 %	2,750,990	-2.3 %	2,815,517
Gross	BJ	4,195,544	7.1 %	3,918,206	0.8 %	3,887,985
Amortisation	BK	1,295,872	11.0 %	1,167,216	8.8 %	1,072,468

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	0	0%	0	0%	0
Gross	AF	0	0%	0	0%	0
Amortisation	AG	0	0%	0	0%	0
Goodwill	Net	0	0%	0	0%	0
Gross	AH	0	0%	0	0%	0
Amortisation	AI	0	0%	0	0%	0
Other intangible fixed assets	Net	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	0	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	121,014	26.1 %	95,984	49.7 %	64,097
Gross	AR	800,838	5.6 %	758,403	6.1 %	714,557
Amortisation	AS	679,824	2.6 %	662,419	1.8 %	650,460
Other tangible fixed assets	Net	610,303	-13.7 %	707,276	4.2 %	678,548
Gross	AT	1,226,351	1.2 %	1,212,073	10.1 %	1,100,556
Amortisation	AU	616,048	22.0 %	504,797	19.6 %	422,008
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	731,317	-9.0 %	803,260	8.2 %	742,645

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%	1,677	0%	1,677
Gross	CU	0	0%	1,677	0%	1,677
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	17,281	0%	17,281	0%	17,281
Gross	BD	17,281	0%	17,281	0%	17,281
Amortisation	BE	0	0%	0	0%	0
Loans	Net	2,032,472	12.5 %	1,807,253	-6.5 %	1,932,919
Gross	BF	2,032,472	12.5 %	1,807,253	-6.5 %	1,932,919
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	118,602	-2.4 %	121,519	0.4 %	120,995
Gross	BH	118,602	-2.4 %	121,519	0.4 %	120,995
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	2,168,355	11.3 %	1,947,730	-6.0 %	2,072,872

Current Assets (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Current Assets	Net	8,422,845	20.6 %	6,986,801	2.7 %	6,800,069
Gross	CJ	8,430,926	20.6 %	6,993,424	2.7 %	6,809,345
Amortisation	CK	8,081	22.0 %	6,623	-28.6 %	9,276

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%	74,064
Gross	BN	0	0%	0	0%	74,064
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	148,474	-9.5 %	164,093	-9.5 %	181,253
Gross	BT	148,474	-9.5 %	164,093	-9.5 %	181,253
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	148,474	-9.5 %	164,093	-35.7 %	255,317

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	6,930,511	23.0 %	5,633,402	11.3 %	5,060,135
Gross	BX	6,938,592	23.0 %	5,640,025	11.3 %	5,069,411
Amortisation	BY	8,081	22.0 %	6,623	-28.6 %	9,276
Other debtors	Net	519,210	42.2 %	365,246	-52.2 %	763,833
Gross	BZ	519,210	42.2 %	365,246	-52.2 %	763,833
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	7,449,721	24.2 %	5,998,648	3.0 %	5,823,968

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	42,477	-76.7 %	182,095	150.7 %	72,648
Gross	CF	42,477	-76.7 %	182,095	150.7 %	72,648
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	42,477	-76.7 %	182,095	150.7 %	72,648

Prepaid expenses

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid expenses	Net	782,173	21.8 %	641,965	-1.0 %	648,136
Gross	CH	782,173	21.8 %	641,965	-1.0 %	648,136
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	71,751	231354.8 %	31	-97.0 %	1,050
Gross		71,751	231354.8 %	31	-97.0 %	1,050

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Due within one year	CP	0	0%	125,656	-80.2 %	634,718
Due after one year	CR	0	0%	0	0%	10,029

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	11,394,268	17.0 %	9,737,822	1.3 %	9,616,636

Shareholder Equity (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total shareholders' equity (Total I)	DL	1,671,430	13.1 %	1,478,324	-6.6 %	1,582,062
Equity and shareholders' equity	DA	915,000	0%	915,000	0%	915,000
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	91,500	0%	91,500	0%	91,500
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	221,871	42.6 %	155,563	3.7 %	149,984
Profit or loss for the period	DI	443,059	40.1 %	316,261	-25.7 %	425,578
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	148,713	473.7 %	25,922	-44.8 %	46,941
Risk provisions	DP	148,713	473.7 %	25,922	-44.8 %	46,941
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	9,568,490	16.8 %	8,194,738	3.0 %	7,952,621
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	840,976	29.5 %	649,164	43.6 %	451,943
Sundry loans and financial liabilities	DV	1,362	-66.1 %	4,022	-99.0 %	401,955
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	0	0%	186,353	0%	0
Trade accounts payables	DX	4,988,880	17.6 %	4,243,532	27.5 %	3,328,012
Tax and social security liabilities	DY	1,591,156	5.4 %	1,509,863	-4.0 %	1,572,960
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	222,993	7.7 %	207,114	39.7 %	148,214

Translation loss (V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Translation loss (Total V)	ED	5,634	-85.5 %	38,837	10.9 %	35,011

Equalization accounts

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Deferred income	EB	1,923,124	37.9 %	1,394,690	-32.0 %	2,049,537

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	0	0%	7,690,668	1.2 %	7,602,621
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	959,112	98.0 %	484,457	-21.3 %	615,417

2 - Financial result (V-VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Financial result (Total V-VI)	GV	-196,698	-447.3 %	56,637	425.2 %	-17,414

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	762,414	40.9 %	541,094	-9.5 %	598,003

4 - Extraordinary result (VII-VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Extraordinary result (Total VII-VIII)	HI	-25,867	-141.7 %	61,972	962.8 %	5,831

Profit or loss

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Profit or loss	HN	443,059	40.1 %	316,261	-25.7 %	425,578

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	29,883,115	16.1 %	25,750,093	-0.4 %	25,843,583

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	29,440,060	15.8 %	25,433,830	0.1 %	25,418,005

Operating income (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating income (Total I)	FR	29,738,476	16.5 %	25,529,790	-0.4 %	25,638,382

Operating income (details)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Sale of goods for resale	FC	0	0%	0	0%	0
France	FA	0	0%	0	0%	0
Export	FB	0	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	29,719,915	16.5 %	25,520,533	-0.4 %	25,617,874
France	FG	5,060,421	0.2 %	5,051,224	9.0 %	4,632,682
Export	FH	24,659,494	20.5 %	20,469,309	-2.5 %	20,985,192
Net turnover	FL	29,719,915	16.5 %	25,520,533	-0.4 %	25,617,874
France	FJ	5,060,421	0.2 %	5,051,224	9.0 %	4,632,682
Export	FK	24,659,494	20.5 %	20,469,309	-2.5 %	20,985,192
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	18,561	100.5 %	9,257	-54.9 %	20,508
Other income	FQ	0	0%	0	0%	0

Operating charges (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating charges (Total II)	GF	28,779,364	14.9 %	25,045,333	0.1 %	25,022,965

Exploitation charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Purchase of goods for resale	FS	0	0%	0	0%	0
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	17,997,154	16.9 %	15,399,355	1.2 %	15,209,425
Change in stocks of raw materials	FV	15,619	-9.0 %	17,160	378.2 %	-6,168
Other external purchases and charges	FW	4,532,036	8.6 %	4,172,464	-0.3 %	4,184,110
Tax, duty and similar payments	FX	506,514	30.1 %	389,181	0.7 %	386,584
Payroll	FY	3,880,610	15.2 %	3,368,007	-3.2 %	3,480,959
Social security costs	FZ	1,684,453	10.1 %	1,529,305	-2.4 %	1,566,793

Depreciation

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Depreciation of fixed assets	GA	129,333	-1.0 %	130,605	105.6 %	63,529
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	1,458	-1.7 %	1,483	-12.8 %	1,700
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	32,187	-14.8 %	37,773	-72.2 %	136,033

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	58,722	-47.2 %	111,223	-24.7 %	147,616
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	132	0%	132	0%	132
Other interest and similar income	GL	14,709	9.3 %	13,458	-22.7 %	17,410
Released provisions and transferred charges	GM	31	-97.0 %	1,050	-98.5 %	69,201
Exchange gains	GN	41,567	-57.0 %	96,583	58.7 %	60,873
Net income from disposal of investment securities	GO	2,283	0%	0	0%	0

Financial charge (VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial charge (Total VI)	GU	255,420	367.9 %	54,586	-66.9 %	165,030
Financial reserves and provisions	GQ	71,751	231354.8 %	31	-97.0 %	1,050
Interest and similar charges	GR	22,259	-7.5 %	24,070	-47.2 %	45,548
Exchange losses	GS	161,410	429.5 %	30,485	-74.3 %	118,432
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	85,917	-21.2 %	109,080	89.4 %	57,585
Extraordinary operating income	HA	49,026	-7.8 %	53,145	18.3 %	44,925
Extraordinary income from capital transactions	HB	11,000	-69.4 %	35,935	183.8 %	12,660
Released provisions and transferred charges	HC	25,891	29.5 %	20,000	0%	0

Extraordinary charges (VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary charges (Total VIII)	HH	111,784	137.3 %	47,108	-9.0 %	51,754
Extraordinary operating charges	HE	34,593	46.5 %	23,617	-14.5 %	27,635
Extraordinary charges from capital transactions	HF	229	-99.0 %	23,491	470.3 %	4,119
Extraordinary reserves and provisions	HG	76,962	0%	0	0%	20,000

Employee profit sharing (IX)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Employee profit sharing (Total IX)	HJ	101,810	-10.8 %	114,074	86.4 %	61,186

Tax on profits (X)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Tax on profits (Total X)	HK	191,682	11.0 %	172,729	47.5 %	117,070

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Of which equipment leases	HP	0	0%	146,709	34.9 %	108,763
Of which property leases	HQ	0	0%	406,469	72.0 %	236,311
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	132,578	0%	0	0%	1,208,902
Gross value at the end of period	OL	4,195,544	0%	0	0%	3,887,986

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	0	0%	0	0%	0
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	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	0	0%	0	0%	0

Tangible fixed assets (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LN	1,970,476	0%	0	0%	1,285,752
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	57,614	0%	0	0%	704,227
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	902	0%	0	0%	174,866
Gross value at the end of period	NH	2,027,188	0%	0	0%	1,815,113

Financial assets (Total IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LQ	1,947,730	0%	0	0%	1,089,130
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	352,301	0%	0	0%	2,017,777
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	131,676	0%	0	0%	1,034,035
Gross value at the end of period	NK	2,168,355	0%	0	0%	2,072,872

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	0	0%	0	0%	0
Increases	PF	0	0%	0	0%	0
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	0	0%	0	0%	0

Total fixed assets amotisation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	QU	1,167,216	8.8 %	1,072,468	-9.1 %	1,179,686
Increases	QV	129,333	-1.0 %	130,605	105.6 %	63,530
Decreases	QW	676	-98.1 %	35,857	-79.0 %	170,747
Decreasess by budget item transfer	QX	1,295,872	11.0 %	1,167,216	8.8 %	1,072,469

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	32,545	-42.1 %	56,217	-46.6 %	105,208
Increases	UB	150,171	9818.8 %	1,514	-93.3 %	22,750
Decreases	UC	25,922	2.9 %	25,186	-64.9 %	71,741
Value at the end of period	UD	156,794	381.8 %	32,545	-42.1 %	56,217

Includes Total allocations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UE	1,458	-1.7 %	1,483	-12.8 %	1,700
Financial	UG	71,751	231354.8 %	31	-97.0 %	1,050
Exceptional	UJ	76,962	0%	0	0%	20,000

Includes Total Withdrawal

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UF	0	0%	4,136	62.8 %	2,540
Financial	UH	31	-97.0 %	1,050	-98.5 %	69,201
Exceptional	UK	25,891	29.5 %	20,000	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	25,922	-44.8 %	46,941	-50.6 %	95,092
Increases	TV	148,713	479619.4 %	31	-99.9 %	21,050
Decreases	TW	25,922	23.1 %	21,050	-69.6 %	69,201
Value at the end of period	TX	148,713	473.7 %	25,922	-44.8 %	46,941

Total Provision for depreciation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	7B	6,623	-28.6 %	9,276	-8.3 %	10,116
Increases	TY	1,458	-1.7 %	1,483	-12.8 %	1,700
Decreases	TZ	0	0%	4,136	62.8 %	2,540
Value at the end of period	UA	8,081	22.0 %	6,623	-28.6 %	9,276

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	10,391,048	0%	0	0%	8,535,294
1 year at most	VU	8,709,560	0%	0	0%	7,116,098
More than one year	VV	1,681,488	0%	0	0%	1,419,196

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	2,032,472	0%	0	0%	1,932,919
Loans (1 year at most)	UR	477,140	0%	0	0%	634,718
Other financial assets (gross)	UT	118,602	0%	0	0%	120,995
Other financial assets (1 year at most)	UV	1,426	0%	0	0%	0

Receivables statement of assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	6,938,592	0%	0	0%	5,069,411
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	7,314	0%	0	0%	5,943
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	108,142	0%	0	0%	392,391
Value added tax	VB	179,147	0%	0	0%	246,718
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	20,350	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	204,257	0%	0	0%	118,780

Prepaid

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid	VS	782,173	0%	0	0%	648,136

State Debt

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total debt (gross)	VY	9,568,490	0%	0	0%	7,952,621
1 year at most	VZ2	9,211,047	0%	0	0%	7,602,621
More than 1 year and 5 years at most	VZ3	357,443	0%	0	0%	350,000
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	336,905	0%	0	0%	1,943
1 year at most	VG2	336,905	0%	0	0%	1,943
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	504,071	0%	0	0%	450,000
1 year at most	VH2	146,628	0%	0	0%	100,000
More than 1 year and 5 years at most	VH3	357,443	0%	0	0%	350,000
Loans and various financial liabilities (gross)	8A1	1,058	0%	0	0%	1,011
1 year at most	8A2	1,058	0%	0	0%	1,011
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	4,988,880	0%	0	0%	3,328,012
1 year at most	8B2	4,988,880	0%	0	0%	3,328,012
More than 1 year and 5 years at most	8B3	4,988,880	0%	0	0%	3,328,012
Personnel and associated accounts (gross)	8C1	642,100	0%	0	0%	519,020
1 year at most	8C2	642,100	0%	0	0%	519,020
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	771,576	0%	0	0%	661,591
1 year at most	8D2	771,576	0%	0	0%	661,591
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%	260,892
1 year at most	VW2	0	0%	0	0%	260,892
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	177,480	0%	0	0%	131,457
1 year at most	VQ2	177,480	0%	0	0%	131,457
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	303	0%	0	0%	400,944
1 year at most	VI2	303	0%	0	0%	400,944
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	222,993	0%	0	0%	148,214
1 year at most	8K2	222,993	0%	0	0%	148,214
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	1,923,124	0%	0	0%	2,049,537
1 year at most	8L2	1,923,124	0%	0	0%	2,049,537
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%	7,417,900
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	85	0%	0	0%	72

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	0.94	10.6 %	0.85	-6.6 %	0.91	1.30	-27.7 %
Global Debt	116 days	0%	116 days	3.6 %	112 days	103 days	12.6 %
Working Capital Fund overall net	-3 days	62.5 %	-8 days	-60.0 %	-5 days	33 days	-109.1 %
Financial independence	198.43 %	-12.3 %	226.33 %	22.2 %	185.28 %	221.53 %	-10.4 %
Solvability	14.67 %	-3.4 %	15.18 %	-7.7 %	16.45 %	35.18 %	-58.3 %
Capacity debt futures	345.67 %	-	-	-	1,551.91 %	648.85 %	-46.7 %
Coverage of current assets by net working capital overall	-3.10 %	66.8 %	-9.35 %	-73.1 %	-5.40 %	29.51 %	-110.5 %
General Liquidity	0.95	-	-	-	0.94	0.85	11.8 %
Restricted Liquidity	0.95	-	-	-	0.95	1.22	-22.1 %

Management or rotation

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Need background in operating working capital	10 days	0%	0 days	0%	14 days	-4 days	350.0 %
Treasury	1 days	-66.7 %	3 days	200.0 %	1 days	17 days	-94.1 %
Inventory turnover of goods	-	-	-	-	-	0 days	-
Average length of credit granted to customers	84 days	5.0 %	80 days	12.7 %	71 days	51 days	64.7 %
Average length of credit obtained suppliers	80 days	2.6 %	78 days	25.8 %	62 days	45 days	77.8 %
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	0%	0 days	11 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	417 days	-
Rotation tangible assets	1,466.07 %	-	-	-	1,411.37 %	512.09 %	186.3 %

Profitability of the business

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Margin trading	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Profitability of the business	3.71 %	46.6 %	2.53 %	-18.6 %	3.11 %	4.41 %	-15.9 %
Net profit	1.49 %	20.2 %	1.24 %	-25.3 %	1.66 %	2.17 %	-31.3 %
Growth rate of turnover (excluding VAT)	16.45 %	4428.9 %	-0.38 %	-104.6 %	8.25 %	-0.39 %	4317.9 %
Rates integration	24.14 %	3.9 %	23.24 %	-4.4 %	24.32 %	49.30 %	-51.0 %
Rate leasing furniture	0.00 %	0%	0.57 %	35.7 %	0.42 %	0.00 %	0%
Work Factor	77.56 %	-6.1 %	82.56 %	1.9 %	81.02 %	84.94 %	-8.7 %
Weight interests	0.86 %	309.5 %	0.21 %	-67.2 %	0.64 %	0.13 %	561.5 %

Return on capital

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Cash flow from the overall profitability	2.30 %	43.8 %	1.60 %	-4.8 %	1.68 %	3.96 %	-41.9 %
Rates of economic profitability	44.00 %	46.7 %	30.00 %	-9.1 %	33.00 %	19.50 %	125.6 %
Financial profitability	1,671,430.00 %	13.1 %	1,478,324.00 %	-6.6 %	1,582,062.00 %	88,485.00 %	1788.9 %
Return on investment	27.79 %	59.7 %	17.40 %	-28.2 %	24.25 %	11.26 %	146.8 %

Management intermediate balances

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Turnover	29,719,915	16.5 %	25,520,533	-0.4 %	25,617,874	706,327	4107.7 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sales of goods	0	0%	0	0%	0		-
- Purchase of goods	0	0%	0	0%	0		-
+/- Stock of goods variation	0	0%	0	0%	0		-
Trading margin	0 €	0%	0 €	0%	0 €	0 €	0%
	0.00 % CA	0%	0.00 % CA	0%	0.00 % CA	0.00 % CA	0%

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sale of goods produced	29,719,915	16.5 %	25,520,533	-0.4 %	25,617,874		-
+/- Stocked production	0	0%	0	0%	0		-
+ Self-constructed assets	0	0%	0	0%	0		-
Period production	29,719,915 €	16.5 %	25,520,533 €	-0.4 %	25,617,874 €	699,274 €	4150.1 %
	100.00 % CA	0%	100.00 % CA	0%	100.00 % CA	100.00 % CA	0%

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Trading margin	0	0%	0	0%	0	0	0%
+ Period Production	29,719,915	16.5 %	25,520,533	-0.4 %	25,617,874	699,274	4150.1 %
- Purchase of raw materials	17,997,154	16.9 %	15,399,355	1.2 %	15,209,425		-
+/- Change in stocks of raw materiels	15,619	-9.0 %	17,160	378.2 %	-6,168		-
- Other external purchases and charges	4,532,036	8.6 %	4,172,464	-0.3 %	4,184,110		-
Added value	7,175,106 €	21.0 %	5,931,554 €	-4.8 %	6,230,507 €	332,176 €	2060.0 %
	24.14 % CA	3.9 %	23.24 % CA	-4.4 %	24.32 % CA	49.30 % CA	-51.0 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Added value	7,175,106 €	21.0 %	5,931,554 €	-4.8 %	6,230,507 €	332,176 €	2060.0 %
+ Operating grants	0	0%	0	0%	0		-
- Tax, duty and similar payments	506,514	30.1 %	389,181	0.7 %	386,584		-
- Personal charges	5,565,063	13.6 %	4,897,312	-3.0 %	5,047,752		-
Gross operating surplus	1,103,529 €	71.1 %	645,061 €	-19.0 %	796,171 €	25,558 €	4217.7 %
	3.71 % CA	46.6 %	2.53 % CA	-18.6 %	3.11 % CA	4.41 % CA	-15.9 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Gross operating surplus	1,103,529 €	71.1 %	645,061 €	-19.0 %	796,171 €	25,558 €	4217.7 %
+ Release of reserves and provisions	18,561	100.5 %	9,257	-54.9 %	20,508		-
+ Other operating income	0	0%	0	0%	0		-
- Depreciation/ Amortisation	130,791	-1.0 %	132,088	102.5 %	65,229		-
- Other charges	32,187	-14.8 %	37,773	-72.2 %	136,033		-
Operating result	959,112 €	98.0 %	484,457 €	-21.3 %	615,417 €	14,289 €	6612.2 %
	3.23 % CA	70.0 %	1.90 % CA	-20.8 %	2.40 % CA	2.34 % CA	38.0 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Operating result	959,112 €	98.0 %	484,457 €	-21.3 %	615,417 €	14,289 €	6612.2 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0		-
+ Financial income	58,722	-47.2 %	111,223	-24.7 %	147,616		-
- Financial charges	255,420	367.9 %	54,586	-66.9 %	165,030		-
Pre-tax result	762,414 €	40.9 %	541,094 €	-9.5 %	598,003 €	13,875 €	5395.1 %
	2.57 % CA	21.2 %	2.12 % CA	-9.0 %	2.33 % CA	2.30 % CA	11.7 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Extraordinary income	85,917	-21.2 %	109,080	89.4 %	57,585	1,000	8491.7 %
- Extraordinary charges	111,784	137.3 %	47,108	-9.0 %	51,754		-
Extraordinary result	-25,867 €	-141.7 %	61,972 €	962.8 %	5,831 €	-65 €	-40003.9 %
	-0.09 % CA	-137.5 %	0.24 % CA	1100.0 %	0.02 % CA	-0.03 % CA	-200.0 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Pre-tax result	762,414 €	40.9 %	541,094 €	-9.5 %	598,003 €	13,875 €	5395.1 %
Extraordinary result	-25,867 €	-141.7 %	61,972 €	962.8 %	5,831 €	-65 €	-40003.9 %
- Employee profit sharing	101,810	-10.8 %	114,074	86.4 %	61,186		-
- Tax on profits	191,682	11.0 %	172,729	47.5 %	117,070		-
Net result	443,055 €	40.1 %	316,263 €	-25.7 %	425,578 €	13,246 €	3244.8 %
	1.49 % CA	20.2 %	1.24 % CA	-25.3 %	1.66 % CA	2.17 % CA	-31.3 %

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.72.11

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

INFORMATION DETAILS

Analysis Done by :	HNA
Report Prepared by :	ANK

RATING EXPLANATIONS

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

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

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

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

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