MIRA INFORM REPORT

Report No. :	356174
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	PROCESSED FRUIT SUPPLIERS
Registered Office :	45 Av Andre Roussin 13016 Marseille 16
Country :	France
Financials (as on) :	31.12.2009
Date of Incorporation :	November 1991
Legal Form :	Simplified joint stock company
Line of Business :	Wholesale (business to business) of beverages.
No. of Employee :	5 employees

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

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

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

FRANCE ECONOMIC OVERVIEW

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

Source : CIA

Company name and summary

Name	PROCESSED FRUIT SUPPLIERS
Acronym	PFS
Trade name	-
Status	Economically active
Postal Address	PROCESSED FRUIT SUPPLIERS PFS 45 AV ANDRE ROUSSIN 13016 MARSEILLE 16
Share Capital	200,000 Euros
Telephone	04 96 15 25 70
Activity (APE)	Wholesale business to business) of beverages (4634Z)	RCS Registration	RCS Marseille B 383 715 877
Formation Date	11/1991	EUR VAT Number	FR46383715877
Deregistration Date	-	Last account Date	31/12/2009
Court Registry Number	19 9 1B02021	Incorporiation Date	12/1991
Registration Court	Marseille (13)	Fax	-
Nationality	France
		Legal form	Simplified joint stock company
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2009	4,260,533 €	6.25% Turnover	627,719 €	148,974 €	5 employees
31/12/2008	4,223,191 €	4.78% Turnover	563,744 €	114,680 €	5 employees
31/12/2007	4,652,305 €	3.91% Turnover	496,064 €	67,231 €	5 employees

Trends

Profitability

Liquidity

Net Worth

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	4634Z	Activity	Wholesale business to business) of beverages
Formation Date	07/2000	Reason for Formation	Other
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	45 AVENUE ANDRE ROUSSIN 13016 MARSEILLE 16	Department	Bouches-du-Rhône (13)
Location Surface	-	District	3
City	MARSEILLE 16	Status	Economically active
Business Pages FT®	AGENCES ET AGENTS COMMERCIAUX, REPRESENTANTS	Region	Côte d'Azur
		Area	99
		Size of Urban Area	Urban unit with 200 000 to 1 999 999 inhabitants

Other Establishment(s)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	0 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
PROCESSED FRUIT SUPPLIERS	Head Office	4634Z	Wholesale business to business) of beverages	MARSEILLE 16	13016

Workforces

Workforce at address

6 to 9 employees

Company workforce

6 to 9 employees

Commentary

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

The latest account data is more than 5 years old, this has an impact on the rating. Please contact Creditsafe with your latest financial statements if you want the risk score to be recalculated

The liquidity acid test is less than 65%

The tangible fixed assets are 671 €

Region code with high risk rating

The debtor days are 93.80

The ratio total assets to total liabilities is 1.66

The sales to current assets ratio is 2.70

The company is 23 years old

Industry code with low risk rating

The return on total assets employed is positive

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

The pre-tax profit is more than 25,000€

Industry comparison

Activity (APE)	Wholesale business to business) of beverages (4634Z)
Industry average credit rating	47
Industry average credit limit	29,699

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. HILEYAN MICHEL
Manager position	President	Date of birth	16/01/1957
Place of birth	99 EREVAN
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Chairman of the Board	M. HILEYAN MICHEL	16/01/1957 - EREVAN
Administrator	FFW	16/01/1957 - EREVAN ARMENIE
Administrator	MME. HILEYAN PATRICIA	28/12/1958 - ALGER ALGERIE
Administrator	NSI	-
Administrator	M. SIARI NORBERT JACKIE SIMON	16/01/1932 - ALGER ALGERIE

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	25/08/2013	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 29 - 383 715 877 RCS Marseille. PROCESSED FRUIT SUPPLIERS. Forme : Société par actions simplifiée. Administration : Président : HILEYAN Michel modification le 16 Août 2013 Commissaire aux comptes titulaire : KPMG SA en fonction le 13 Février 2002 Commissaire aux comptes suppléant : ANDRE Guy en fonction le 13 Février 2002. Activité : . Commentaires : Modification de la forme juridique. Modification de représentant.
	28/10/2010	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1476 - 383715877 RCS. PROCESSED FRUIT SUPPLIERS. Forme : Société anonyme. Adresse : 45 avenue de Roussin 13016 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	22/12/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1035 - 383715877 RCS. PROCESSED FRUIT SUPPLIERS. Forme : Société anonyme à conseil d'administration. Adresse : 45 avenue de Roussin 13016 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	17/06/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 672 - 383715877 RCS. PROCESSED FRUIT SUPPLIERS. Forme : Société anonyme à conseil d'administration. Adresse : 45 avenue de Roussin 13016 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
	17/06/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 673 - 383715877 RCS. PROCESSED FRUIT SUPPLIERS. Forme : Société anonyme à conseil d'administration. Adresse : 45 avenue de Roussin 13016 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	21/09/2003	Bodacc B	Modifications et mutations diverses
RCS Marseille B 383715877 RC 91-B 2021 PROCESSED FRUIT SUPPLIERS. Forme : S.A. à conseil d'administration. Capital : 200 000 euros. Commentaires : modification survenue sur le capital (augmentation).
	26/02/2002	Bodacc B	Modifications et mutations diverses
RCS Marseille B 383715877 RC 91-B 2021 PROCESSED FRUIT SUPPLIERS. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : CONTINENTAL D'AUDIT S.A. Nomination du commissaire aux comptes titulaire : K.P.M.G. S.A. Commissaire aux comptes suppléant partant : SFEZ ( Jean-Luc). Nomination du commissaire aux comptes suppléant : ANDRE (Guy).
	26/02/2002	Bodacc B	Modifications et mutations diverses
RCS Marseille B 383715877 RC 91-B 2021 PROCESSED FRUIT SUPPLIERS. Forme : S.A. Capital : 102 000 euros. Commentaires : modification survenue sur le capital ( augmentation).
	07/09/2000	Bodacc B	Modifications et mutations diverses
RCS Marseille B 383715877 RC 91-B 2021 PROCESSED FRUIT SUPPLIERS. Forme : S.A. Capital : 656 000 F. Adresse du siège social : 45 avenue de Roussin, 13016 Marseille. Commentaires : modification survenue sur le capital (augmentation), l'adresse du siège social et l'adresse de l'établissement principal Etablissement principal: Adresse : 45 avenue de Roussin, 13016 Marseille.
	07/11/1999	Bodacc B	Modifications et mutations diverses
RCS Marseille B 383715877 RC 91-B 2021 PROCESSED FRUIT SUPPLIERS. Forme : S.A. Capital : 510 000 F. Commentaires : modification survenue sur le capital ( augmentation).
	11/10/1998	Bodacc B	Modifications et mutations diverses
RCS Marseille B 383 715 877 RC 91-B 2021 PROCESSED FRUIT SUPPLIERS. Forme : S. A. Commentaires : modification survenue sur l'administration. Administration : administrateur partant : CHIQUITA HOLDING COMPANY INC. Nomination d'un administrateur : CHIQUITA TROPICAL PRODUCTS COMPAGNY.
	11/10/1998	Bodacc B	Modifications et mutations diverses
RCS Marseille B 383 715 877 RC 91-B 2021 PROCESSED FRUIT SUPPLIERS. Forme : S. A. Commentaires : modification survenue sur l'administration. Administration : administrateur partant : CHIQUITA TROPICAL PRODUCTS COMPAGNY. Nomination d'un administrateur : FOOD FROM THE WORLD S.A.
	11/10/1998	Bodacc B	Modifications et mutations diverses
RCS Marseille B 383 715 877 RC 91-B 2021 PROCESSED FRUIT SUPPLIERS. Forme : S. A. Commentaires : modification survenue sur l'administration. Administration : administrateurs partants : FOOD FROM THE WORLD S.A. INTERNATIONAL PACKERS AND CANNERS-I.P.C. Nomination d'un administrateur : HILEYAN (Patricia).
	18/01/1998	Bodacc B	Modifications et mutations diverses
RCS Marseille B 383 715 877 RC 91-B 2021 PROCESSED FRUIT SUPPLIERS. Forme : S. A. Adresse du siège social : 20 avenue Robert-Schumann 13002 Marseille. Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l'établissement principal Etablissement principal: Adresse : 20 avenue Robert-Schuman 13002 Marseille.
	18/01/1998	Bodacc B	Modifications et mutations diverses
RCS Marseille B 383 715 877 RC 91-B 2021 PROCESSED FRUIT SUPPLIERS. Forme : S. A. Capital : 270 000 F. Commentaires : modification survenue sur le capital ( diminution) et l'administration. Administration : nomination du président du conseil d'administration : HILEYAN ( Michel). Modification d'un administrateur : SIARI (Norbert, Jackie, Simon).
	18/01/1998	Bodacc B	Modifications et mutations diverses
RCS Marseille B 383 715 877 RC 91-B 2021 PROCESSED FRUIT SUPPLIERS. Forme : S. A. Capital : 270 000 F. Commentaires : modification survenue sur le capital ( diminution).
	18/01/1998	Bodacc B	Modifications et mutations diverses
RCS Marseille B 383 715 877 RC 91-B 2021 PROCESSED FRUIT SUPPLIERS. Forme : S. A. Commentaires : modification survenue sur l'administration. Administration : administrateurs partants : CHIQUITA INTERNATIONAL TRADING COMPANY CHIQUITA BRANDS INC.

Company events history

Date	Description
15/02/2015
29/11/2014
09/01/2014
09/01/2014
22/10/2013
22/10/2013
15/10/2013
15/10/2013
25/08/2013	Bodacc B: Various editing or changing
20/08/2013
20/08/2013
16/08/2013	Updated articles of association
16/08/2013	New legal form – new category
16/08/2013	Minutes of general meeting of shareholders
16/08/2013	Audit or Management Report
14/08/2013
01/08/2013	Update of Company Legal Form
01/08/2013	Modification to Company Identifier
01/08/2013	Update of Company Workforce
28/10/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
22/12/2009	Bodacc C : Deposit accounts notice
17/06/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
31/12/2007	New accounts available
31/12/2006	New accounts available
10/09/2003	Capital increase
10/09/2003	Minutes of general meeting of shareholders
10/09/2003	Private document
10/09/2003	Updated articles of association
05/09/2003	Capital increase
05/09/2003	Minutes of general meeting of shareholders
13/02/2002	Appointment/resignation of company officers
13/02/2002	Capital increase
13/02/2002	Conversion of equity to euro
13/02/2002	Minutes of general meeting of shareholders
13/02/2002	New auditor
13/02/2002	Private document
13/02/2002	Updated articles of association
24/08/2000	Minutes of general meeting of shareholders
24/08/2000	Updated articles of association
24/08/2000	Private document
24/08/2000	Capital increase
24/08/2000	Registered office transferred inside jurisdiction of the Commercial Court
22/10/1999	Capital increase
22/10/1999	Private document
22/10/1999	Updated articles of association
22/10/1999	Minutes of general meeting of shareholders
24/09/1998	Minutes of general meeting of shareholders
24/09/1998	Changes to the Board of Directors
24/09/1998	Appointment/resignation of company officers
24/09/1998	Private document
23/09/1998	Amendment
05/01/1998	Minutes of Board meeting
05/01/1998	Updated articles of association
05/01/1998	Registered office transferred inside jurisdiction of the Commercial Court
05/01/1998	Private document
05/01/1998	New chairman (CEO, CoB)
05/01/1998	Minutes of general meeting of shareholders
05/01/1998	Changes to the Board of Directors
05/01/1998	Capital reduction
05/01/1998	Audit or Management Report
05/01/1998	Appointment/resignation of company officers
01/01/1998	Minutes of Board meeting
01/01/1998	Changes to the Board of Directors
01/01/1998	Appointment/resignation of company officers
01/01/1998	Private document
23/12/1997	Private document
23/12/1997	Updated articles of association
23/12/1997	Minutes of general meeting of shareholders
23/12/1997	Capital reduction
03/12/1991	Fund deposit certificate
03/12/1991	Articles of association
03/12/1991	Minutes of Board meeting
03/12/1991	Private document
03/12/1991	Appointment/resignation of company officers
03/12/1991	Declaration of conformity
03/12/1991	Company formation

Synthesized Accounts

Annual Accounts

	31/12/2009	31/12/2008	31/12/2007
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	11/11/2010	08/12/2009	-
Activity Code	4634Z	4634Z	4634Z
Employees	5	5	5

Active account

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	Sector Median 2009
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	4,411	-57.7 %	10,440	-17.4 %	12,643	26,099	-83.1 %
Intangible assets	3,740	-59.9 %	9,337	-26.1 %	12,643	2	186900.0 %
Tangible assets	671	-39.2 %	1,103	0%	0	9,145	-92.7 %
Financial assets	0	0%	0	0%	0	234	0%
Net current assets	1,578,202	13.8 %	1,387,386	-15.5 %	1,640,945	254,194	520.9 %
Stocks	84,377	-22.7 %	109,184	-46.8 %	205,062	57,675	46.3 %
Advanced payments	0	0%	0	0%	0	0	0%
Receivables	1,094,845	-6.5 %	1,171,583	-14.9 %	1,376,833	99,999	994.9 %
Securities and cash	398,980	274.2 %	106,619	80.6 %	59,050	19,401	1956.5 %
Prepaid expenses	-	-	-	-	-	54	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	1,582,613	13.2 %	1,397,828	-15.5 %	1,653,588	321,871	391.7 %

Passive Account

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	Sector Median 2009
Shareholders' equity	627,719	11.3 %	563,744	13.6 %	496,064	72,642	764.1 %
Share capital	200,000	0%	200,000	0%	200,000	11,434	1649.2 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	13,750	0%	13,750	0%	13,750	0	0%
Liabilities	941,144	14.7 %	820,334	-28.3 %	1,143,774	202,194	365.5 %
Financial liabilities	23,159	-77.8 %	104,550	-25.4 %	140,202	35,813	-35.3 %
Advanced payments received	0	0%	0	0%	0	0	0%
Trade account payables	797,828	32.0 %	604,451	-33.1 %	903,004	66,396	1101.6 %
Tax and social liabilities	85,191	6.3 %	80,130	34.4 %	59,642	26,474	221.8 %
Other debts and fixed assets liabilities	34,966	12.1 %	31,203	-23.8 %	40,926	6,461	441.2 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	1,582,613	13.2 %	1,397,827	-15.5 %	1,653,588	321,871	391.7 %

Results

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	Sector Median 2009
Sales of Goods	4,261,021	0.9 %	4,224,345	-9.2 %	4,653,333	413,841	929.6 %
Net turnover	4,260,533	0.9 %	4,223,191	-9.2 %	4,652,305	405,235	951.4 %
of which net export turnover	809,915	-25.0 %	1,080,238	-20.8 %	1,363,986	0	0%
Operating charges	4,033,971	-0.6 %	4,058,553	-10.7 %	4,542,928	399,563	909.6 %
Operating profit/loss	227,050	36.9 %	165,792	50.2 %	110,406	8,093	2705.5 %
Financial income	67,633	-24.3 %	89,343	151.3 %	35,555	7	966085.7 %
Financial charges	77,120	-21.4 %	98,165	40.5 %	69,848	1,401	5406.6 %
Financial profit/loss	-9,487	-7.5 %	-8,822	74.3 %	-34,293	-621	-1428.9 %
Pretax net operating income	217,563	38.6 %	156,969	106.2 %	76,112	5,988	3533.3 %
Extraordinary income	0	0%	962	-80.1 %	4,826	18	0%
Extraordinary charges	1,198	-3.5 %	1,242	45.1 %	856	135	790.7 %
Extraordinary profit/loss	-1,198	-327.9 %	-280	-107.1 %	3,970	0	0%
Net result	148,974	29.9 %	114,680	70.6 %	67,231	5,867	2439.2 %

Accounts – Active

Normal Account

	31/12/2009	31/12/2008	31/12/2007
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Grand Total (I to VI)	Net	1,582,613	13.2 %	1,397,828	-15.5 %	1,653,588
Gross	CO	1,706,877	14.3 %	1,493,893	-13.3 %	1,723,772
Amortisation	1A	124,264	29.4 %	96,065	36.9 %	70,184

Non declared distributed capital (I)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	-	-

Active fixed asset (II)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total Active fixed asset (II)	Net	4,411	-57.7 %	10,440	-17.4 %	12,643
Gross	BJ	39,998	0%	39,998	3.9 %	38,488
Amortisation	BK	35,587	20.4 %	29,558	14.4 %	25,846

Intangible fixed assets

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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	3,740	-59.9 %	9,337	-26.1 %	12,643
Gross	AF	17,183	0%	17,183	1.2 %	16,983
Amortisation	AG	13,443	71.3 %	7,846	80.8 %	4,340
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	3,740	-59.9 %	9,337	-26.1 %	12,643

Tangilble fixed assets

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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	671	-39.2 %	1,103	0%	0
Gross	AT	22,815	0%	22,815	6.1 %	21,505
Amortisation	AU	22,144	2.0 %	21,712	1.0 %	21,505
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	671	-39.2 %	1,103	0%	0

Financial assets

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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	0	0%	0	0%	0
Gross	BH	0	0%	0	0%	0
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	0	0%	0	0%	0

Current Assets (III)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total Current Assets	Net	1,578,202	13.8 %	1,387,386	-15.5 %	1,640,945
Gross	CJ	1,666,879	14.6 %	1,453,894	-13.7 %	1,685,284
Amortisation	CK	88,677	33.3 %	66,508	50.0 %	44,339

Stocks

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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	84,377	-22.7 %	109,184	-46.8 %	205,062
Gross	BT	84,377	-22.7 %	109,184	-46.8 %	205,062
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	84,377	-22.7 %	109,184	-46.8 %	205,062

Advance payments to suppliers

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Trade accounts receivable	Net	954,740	-7.9 %	1,036,887	-18.2 %	1,268,298
Gross	BX	1,043,417	-5.4 %	1,103,395	-15.9 %	1,312,636
Amortisation	BY	88,677	33.3 %	66,508	50.0 %	44,338
Other debtors	Net	7,173	-58.9 %	17,444	-11.3 %	19,663
Gross	BZ	7,173	-58.9 %	17,444	-11.3 %	19,663
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	961,913	-8.8 %	1,054,331	-18.1 %	1,287,961

Divers

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Investment securities	Net	312,729	694.4 %	39,365	0%	0
Gross	CD	312,729	694.4 %	39,365	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	86,251	28.2 %	67,254	13.9 %	59,050
Gross	CF	86,251	28.2 %	67,254	13.9 %	59,050
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	398,980	274.2 %	106,619	80.6 %	59,050

Prepaid expenses

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Prepaid expenses	Net	132,932	13.4 %	117,252	31.9 %	88,872
Gross	CH	132,932	13.4 %	117,252	31.9 %	88,872
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Expenses of loan issue to be spread	CW3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	-	-

References

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Grand Total (I to V)	EE	1,582,613	13.2 %	1,397,827	-15.5 %	1,653,588

Shareholder Equity (I)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total shareholders' equity (Total I)	DL	627,719	11.3 %	563,744	13.6 %	496,064
Equity and shareholders' equity	DA	200,000	0%	200,000	0%	200,000
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	24,255	0%	24,255	0%	24,255
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	254,489	13.2 %	224,809	8.3 %	207,611
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	0	0%	0	0%	-3,033
Profit or loss for the period	DI	148,975	29.9 %	114,680	70.6 %	67,231
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total provisions for risks and charges (Total III)	DR	13,750	0%	13,750	0%	13,750
Risk provisions	DP	13,750	0%	13,750	0%	13,750
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total Liabilities (Total IV)	EC	941,144	14.7 %	820,334	-28.3 %	1,143,774
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	23,159	-77.8 %	104,550	-25.4 %	140,202
Sundry loans and financial liabilities	DV	0	0%	0	0%	0
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	797,828	32.0 %	604,451	-33.1 %	903,004
Tax and social security liabilities	DY	85,191	6.3 %	80,130	34.4 %	59,642
Fixed asset liabilities	DZ	0	0%	0	0%	16,138
Other debts	EA	34,966	12.1 %	31,203	25.9 %	24,788

Translation loss (V)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	941,144	14.7 %	820,334	-28.3 %	1,143,774
Of which current bank facilities	EH	23,159	-77.8 %	104,550	-25.4 %	140,202

Result account

1 - Operating result (I-II)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Operating result (Total I-II)	GG	227,050	36.9 %	165,792	50.2 %	110,406

2 - Financial result (V-VI)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Financial result (Total V-VI)	GV	-9,487	-7.5 %	-8,822	74.3 %	-34,293

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

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	217,563	38.6 %	156,969	106.2 %	76,112

4 - Extraordinary result (VII-VIII)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Extraordinary result (Total VII-VIII)	HI	-1,198	-327.9 %	-280	-107.1 %	3,970

Profit or loss

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Profit or loss	HN	148,974	29.9 %	114,680	70.6 %	67,231

Total Income (I+III+V+VII)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total Income (Total I+III+V+VII)	HL	4,328,654	0.3 %	4,314,650	-8.1 %	4,693,714

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

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	4,179,680	-0.5 %	4,199,969	-9.2 %	4,626,483

Operating income (I)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total operating income (Total I)	FR	4,261,021	0.9 %	4,224,345	-9.2 %	4,653,333

Operating income (details)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Sale of goods for resale	FC	3,776,182	-2.7 %	3,879,637	-9.9 %	4,307,913
France	FA	2,966,267	6.0 %	2,799,399	-4.9 %	2,943,927
Export	FB	809,915	-25.0 %	1,080,238	-20.8 %	1,363,986
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	484,351	41.0 %	343,554	-0.2 %	344,392
France	FG	484,351	41.0 %	343,554	-0.2 %	344,392
Export	FH	0	0%	0	0%	0
Net turnover	FL	4,260,533	0.9 %	4,223,191	-9.2 %	4,652,305
France	FJ	3,450,618	9.8 %	3,142,953	-4.4 %	3,288,318
Export	FK	809,915	-25.0 %	1,080,238	-20.8 %	1,363,986
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	488	-57.7 %	1,154	12.1 %	1,029

Operating charges (II)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total operating charges (Total II)	GF	4,033,971	-0.6 %	4,058,553	-10.7 %	4,542,928

Exploitation charges

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Purchase of goods for resale	FS	3,501,448	2.3 %	3,421,970	-16.0 %	4,071,487
Change in stocks of goods for resale	FT	24,808	-74.1 %	95,877	206.8 %	-89,744
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	177,100	-23.3 %	230,764	21.4 %	190,141
Tax, duty and similar payments	FX	13,661	-3.8 %	14,208	4.7 %	13,574
Payroll	FY	206,664	5.3 %	196,304	-9.3 %	216,482
Social security costs	FZ	70,600	13.8 %	62,019	-9.7 %	68,651

Depreciation

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Depreciation of fixed assets	GA	6,030	5.6 %	5,712	438.4 %	1,061
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	22,169	0%	22,169	-50.0 %	44,339
Provisions for risks and charges	GD	0	0%	0	0%	13,750

Other charges

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Other charges	GE	11,491	20.6 %	9,530	-27.7 %	13,187

Operating charges (III-IV)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total financial income (Total V)	GP	67,633	-24.3 %	89,343	151.3 %	35,555
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	318	-82.7 %	1,836	-73.5 %	6,922
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	66,291	-24.2 %	87,507	205.6 %	28,633
Net income from disposal of investment securities	GO	1,024	0%	0	0%	0

Financial charge (VI)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total financial charge (Total VI)	GU	77,120	-21.4 %	98,165	40.5 %	69,848
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	721	-76.3 %	3,038	-79.6 %	14,893
Exchange losses	GS	76,399	-19.7 %	95,127	73.1 %	54,955
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total extraordinary income (Total VII)	HD	0	0%	962	-80.1 %	4,826
Extraordinary operating income	HA	0	0%	962	-80.1 %	4,826
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total extraordinary charges (Total VIII)	HH	1,198	-3.5 %	1,242	45.1 %	856
Extraordinary operating charges	HE	1,198	-3.5 %	1,242	45.1 %	856
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Tax on profits (Total X)	HK	67,391	60.4 %	42,009	226.9 %	12,851

References

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Gross value at begin of period	OG	0	0%	0	0%	27,265
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	13,493
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	0	0%	2,000	-11.9 %	2,269
Gross value at the end of period	OL	39,998	0%	39,998	3.9 %	38,488

Research and development Charge (Total I)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Gross value at begin of period	KD	17,183	1.2 %	16,983	386.6 %	3,490
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	2,200	-83.7 %	13,493
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	2,000	0%	0
Gross value at the end of period	LW	17,183	0%	17,183	1.2 %	16,983

Tangible fixed assets (Total III)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Gross value at begin of period	LN	22,815	6.1 %	21,505	-9.5 %	23,775
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	0	0%	1,310	0%	0
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	0	0%	0	0%	2,269
Gross value at the end of period	NH	22,815	0%	22,815	6.1 %	21,505

Financial assets (Total IV)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Gross value at begin of period	LQ	0	0%	0	0%	0
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	0
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	0	0%	0	0%	0

Reserve for depreciation

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

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Reserve for depreciation value at begin of period	ON	0	0%	0	0%	27,054
Increases	OP	0	0%	0	0%	1,061
Decreasess	OQ	0	0%	0	0%	2,269
Reserve for depreciation value at the end of period	OR	0	0%	0	0%	25,846

Research and development charge (Total I)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Reserve for depreciation value at begin of period	PE	7,846	80.8 %	4,340	24.4 %	3,490
Increases	PF	5,597	1.7 %	5,506	547.8 %	850
Decreasess	PG	0	0%	2,000	0%	0
Decreasess by budget item transfer	PH	13,443	71.3 %	7,846	80.8 %	4,340

Total fixed assets amotisation (Total III)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Reserve for depreciation value at begin of period	QU	21,712	1.0 %	21,505	-8.7 %	23,564
Increases	QV	432	109.7 %	206	-2.4 %	211
Decreases	QW	0	0%	0	0%	2,269
Decreasess by budget item transfer	QX	22,144	2.0 %	21,711	1.0 %	21,505

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Value at begining of period	7C	80,258	38.2 %	58,089	0%	0
Increases	UB	22,169	0%	22,169	-61.8 %	58,089
Decreases	UC	0	0%	0	0%	0
Value at the end of period	UD	102,427	27.6 %	80,258	38.2 %	58,089

Includes Total allocations

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Operating	UE	22,169	0%	22,169	-61.8 %	58,089
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Value at begining of period	5Z	13,750	0%	13,750	0%	0
Increases	TV	0	0%	0	0%	13,750
Decreases	TW	0	0%	0	0%	0
Value at the end of period	TX	13,750	0%	13,750	0%	13,750

Total Provision for depreciation (Total III)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Value at begining of period	7B	66,508	50.0 %	44,339	0%	0
Increases	TY	22,169	0%	22,169	-50.0 %	44,339
Decreases	TZ	0	0%	0	0%	0
Value at the end of period	UA	88,677	33.3 %	66,508	50.0 %	44,339

State deadlines claims and debts at the end of period

State claims

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Gross value	VT	1,183,522	-4.4 %	1,238,091	-12.9 %	1,421,172
1 year at most	VU	1,183,522	-4.4 %	1,238,091	-12.9 %	1,421,172
More than one year	VV	0	0%	0	0%	0

State of loans

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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	0	0%	0	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Customers doubtful or disputed	VA	88,677	0%	88,677	0%	88,677
Other claims customer	UX	954,740	-5.9 %	1,014,718	-17.1 %	1,223,959
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%	8,344
Value added tax	VB	7,173	-15.0 %	8,440	-8.2 %	9,192
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	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	9,005	323.4 %	2,127

Prepaid

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Prepaid	VS	132,932	13.4 %	117,252	31.9 %	88,872

State Debt

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total debt (gross)	VY	941,144	14.7 %	820,334	-28.3 %	1,143,774
1 year at most	VZ2	941,144	14.7 %	820,334	-28.3 %	1,143,774
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

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most	7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Y3	0	0%	0	0%	0
Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most	7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Z3	0	0%	0	0%	0
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	23,159	-77.8 %	104,550	-25.4 %	140,202
1 year at most	VG2	23,159	-77.8 %	104,550	-25.4 %	140,202
More than 1 year and 5 years at most	VG3	0	0%	0	0%	0
Borrowing & debts to more than 1 year at the origin (gross)	VH1	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	797,828	32.0 %	604,451	-33.1 %	903,004
1 year at most	8B2	797,828	32.0 %	604,451	-33.1 %	903,004
More than 1 year and 5 years at most	8B3	797,828	32.0 %	604,451	0%	0
Personnel and associated accounts (gross)	8C1	12,301	9.8 %	11,208	-11.3 %	12,631
1 year at most	8C2	12,301	9.8 %	11,208	-11.3 %	12,631
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	37,834	16.8 %	32,399	-15.1 %	38,143
1 year at most	8D2	37,834	16.8 %	32,399	-15.1 %	38,143
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	24,299	-14.5 %	28,408	0%	0
1 year at most	8E2	24,299	-14.5 %	28,408	0%	0
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	4,175	379.9 %	870	-13.6 %	1,007
1 year at most	VW2	4,175	379.9 %	870	-13.6 %	1,007
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	6,581	-9.2 %	7,245	-7.8 %	7,861
1 year at most	VQ2	6,581	-9.2 %	7,245	-7.8 %	7,861
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%	16,138
1 year at most	8J2	0	0%	0	0%	16,138
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	29,738	35.4 %	21,968	24.5 %	17,647
1 year at most	VI2	29,738	35.4 %	21,968	24.5 %	17,647
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	5,228	-43.4 %	9,235	29.3 %	7,141
1 year at most	8K2	5,228	-43.4 %	9,235	29.3 %	7,141
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

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Dividends	ZE	85,000	0%	0	0%	0

Commitments

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	46,028	-2.1 %	47,010	6.7 %	44,064
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	5,371	-51.2 %	10,996	10.5 %	9,947
Fees, commissions and brokerage	YV	6,460	28.0 %	5,046	-54.8 %	11,166
Other accounts	ST	119,241	-28.9 %	167,712	34.2 %	124,964
Total Other purchases and external	ZJ	177,100	-23.3 %	230,764	21.4 %	190,141

Taxes and Fees

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Business tax	YW	3,361	23.8 %	2,714	63.3 %	1,662
Other taxes and payments assimilated	9Z	10,300	-10.4 %	11,494	-3.5 %	11,912
Total taxes and fees	YX	13,661	-3.8 %	14,208	4.7 %	13,574

VAT

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Amount VAT collected	YY	131,529	-5.9 %	139,795	23.4 %	113,318
Total VAT on goods and services	YZ	89,585	-22.3 %	115,233	33.8 %	86,132

Average number of employees

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Average number of employees	YP	5	0%	5	0%	5

Groups and Shareholders

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Groups and Shareholders	ZR	0	-	-	-	-

Ratios

Structure and Liquidity

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	Sector Median 2009
Fixed Asset Financing	16.93	11.5 %	15.18	9.1 %	13.92	2.09	710.0 %
Global Debt	80 days	14.3 %	70 days	-21.3 %	89 days	163 days	-50.9 %
Working Capital Fund overall net	54 days	12.5 %	48 days	26.3 %	38 days	69 days	-21.7 %
Financial independence	2,710.48 %	402.7 %	539.21 %	52.4 %	353.82 %	110.36 %	2356.0 %
Solvability	39.66 %	-1.7 %	40.33 %	34.4 %	30.00 %	27.65 %	43.4 %
Capacity debt futures	2,710.48 %	402.7 %	539.21 %	52.4 %	353.82 %	443.69 %	510.9 %
Coverage of current assets by net working capital overall	34.50 %	-16.3 %	41.21 %	32.3 %	31.14 %	39.32 %	-12.3 %
General Liquidity	1.26	-16.6 %	1.51	21.8 %	1.24	0.60	110.0 %
Restricted Liquidity	1.68	2.4 %	1.64	27.1 %	1.29	0.86	95.3 %

Management or rotation

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	Sector Median 2009
Need background in operating working capital	11 days	-71.1 %	38 days	0%	38 days	40 days	-72.2 %
Treasury	32 days	0%	0 days	0%	-6 days	4 days	700.0 %
Inventory turnover of goods	9 days	-18.2 %	11 days	-42.1 %	19 days	62 days	-85.5 %
Average length of credit granted to customers	86 days	-5.5 %	91 days	-8.1 %	99 days	56 days	53.6 %
Average length of credit obtained suppliers	76 days	35.7 %	56 days	-26.3 %	76 days	73 days	4.1 %
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	-	-	-	-	-	455 days	-
Rotation tangible assets	18,674.26 %	0.9 %	18,510.59 %	-14.4 %	21,633.60 %	846.31 %	2106.6 %

Profitability of the business

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	Sector Median 2009
Margin trading	5.87 %	-31.5 %	8.57 %	22.3 %	7.01 %	25.05 %	-76.6 %
Profitability of the business	6.25 %	30.8 %	4.78 %	22.3 %	3.91 %	3.55 %	76.1 %
Net profit	3.50 %	28.7 %	2.72 %	87.6 %	1.45 %	1.39 %	151.8 %
Growth rate of turnover (excluding VAT)	0.88 %	109.5 %	-9.22 %	-464.4 %	2.53 %	-1.39 %	163.3 %
Rates integration	13.08 %	16.4 %	11.24 %	8.8 %	10.33 %	16.66 %	-21.5 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	49.76 %	-8.6 %	54.43 %	-8.3 %	59.35 %	53.42 %	-6.9 %
Weight interests	1.81 %	-22.0 %	2.32 %	54.7 %	1.50 %	0.34 %	432.4 %

Return on capital

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	Sector Median 2009
Cash flow from the overall profitability	3.64 %	27.7 %	2.85 %	93.9 %	1.47 %	2.86 %	27.3 %
Rates of economic profitability	41.00 %	36.7 %	30.00 %	3.4 %	29.00 %	10.13 %	304.7 %
Financial profitability	627,719.00 %	11.3 %	563,744.00 %	13.6 %	496,064.00 %	45,216.00 %	1288.3 %
Return on investment	34.74 %	9.1 %	31.85 %	47.9 %	21.54 %	7.14 %	386.6 %

Management intermediate balances

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	Sector Median 2009
Turnover	4,260,533	0.9 %	4,223,191	-9.2 %	4,652,305	405,235	951.4 %

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	Sector Median 2009
Sales of goods	3,776,182	-2.7 %	3,879,637	-9.9 %	4,307,913		-
- Purchase of goods	3,501,448	2.3 %	3,421,970	-16.0 %	4,071,487		-
+/- Stock of goods variation	24,808	-74.1 %	95,877	206.8 %	-89,744		-
Trading margin	249,926 €	-30.9 %	361,790 €	10.9 %	326,170 €	72,488 €	244.8 %
	5.87 % CA	-31.5 %	8.57 % CA	22.3 %	7.01 % CA	25.85 % CA	-77.3 %

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	Sector Median 2009
Sale of goods produced	484,351	41.0 %	343,554	-0.2 %	344,392		-
+/- Stocked production	0	0%	0	0%	0		-
+ Self-constructed assets	0	0%	0	0%	0		-
Period production	484,351 €	41.0 %	343,554 €	-0.2 %	344,392 €	10,916 €	4337.1 %
	11.37 % CA	39.9 %	8.13 % CA	9.9 %	7.40 % CA	2.57 % CA	342.4 %

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	Sector Median 2009
Trading margin	249,926	-30.9 %	361,790	10.9 %	326,170	72,488	244.8 %
+ Period Production	484,351	41.0 %	343,554	-0.2 %	344,392	10,916	4337.1 %
- 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	177,100	-23.3 %	230,764	21.4 %	190,141		-
Added value	557,177 €	17.4 %	474,580 €	-1.2 %	480,421 €	68,773 €	710.2 %
	13.08 % CA	16.4 %	11.24 % CA	8.8 %	10.33 % CA	16.64 % CA	-21.4 %

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	Sector Median 2009
Added value	557,177 €	17.4 %	474,580 €	-1.2 %	480,421 €	68,773 €	710.2 %
+ Operating grants	0	0%	0	0%	0		-
- Tax, duty and similar payments	13,661	-3.8 %	14,208	4.7 %	13,574		-
- Personal charges	277,264	7.3 %	258,323	-9.4 %	285,133		-
Gross operating surplus	266,252 €	31.8 %	202,049 €	11.2 %	181,714 €	11,791 €	2158.2 %
	6.25 % CA	30.8 %	4.78 % CA	22.3 %	3.91 % CA	3.54 % CA	76.6 %

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	Sector Median 2009
Gross operating surplus	266,252 €	31.8 %	202,049 €	11.2 %	181,714 €	11,791 €	2158.2 %
+ Release of reserves and provisions	0	0%	0	0%	0		-
+ Other operating income	488	-57.7 %	1,154	12.1 %	1,029		-
- Depreciation/ Amortisation	28,199	1.1 %	27,881	-52.9 %	59,150		-
- Other charges	11,491	20.6 %	9,530	-27.7 %	13,187		-
Operating result	227,050 €	36.9 %	165,792 €	50.2 %	110,406 €	7,954 €	2754.5 %
	5.33 % CA	35.6 %	3.93 % CA	65.8 %	2.37 % CA	2.13 % CA	150.2 %

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	Sector Median 2009
Operating result	227,050 €	36.9 %	165,792 €	50.2 %	110,406 €	7,954 €	2754.5 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0		-
+ Financial income	67,633	-24.3 %	89,343	151.3 %	35,555		-
- Financial charges	77,120	-21.4 %	98,165	40.5 %	69,848		-
Pre-tax result	217,563 €	38.6 %	156,970 €	106.2 %	76,113 €	5,948 €	3558.1 %
	5.11 % CA	37.4 %	3.72 % CA	126.8 %	1.64 % CA	1.59 % CA	221.4 %

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	Sector Median 2009
Extraordinary income	0	0%	962	-80.1 %	4,826	18	0%
- Extraordinary charges	1,198	-3.5 %	1,242	45.1 %	856		-
Extraordinary result	-1,198 €	-327.9 %	-280 €	-107.1 %	3,970 €	0 €	0%
	-0.03 % CA	-200.0 %	-0.01 % CA	-111.1 %	0.09 % CA	0.00 % CA	0%

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	Sector Median 2009
Pre-tax result	217,563 €	38.6 %	156,970 €	106.2 %	76,113 €	5,948 €	3558.1 %
Extraordinary result	-1,198 €	-327.9 %	-280 €	-107.1 %	3,970 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	67,391	60.4 %	42,009	226.9 %	12,851		-
Net result	148,974 €	29.9 %	114,681 €	70.6 %	67,232 €	5,837 €	2452.2 %
	3.50 % CA	28.7 %	2.72 % CA	87.6 %	1.45 % CA	1.39 % CA	151.8 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.14
EUR	1	Rs.72.40

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

INFORMATION DETAILS

Analysis Done by :	TRI
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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