MIRA INFORM REPORT

Report No. :	356661
Report Date :	28.12.2015

IDENTIFICATION DETAILS

Name :	SYBILLE ACCESSOIRES
Registered Office :	Sybille Accessoires 3 Rue Volney 75002 Paris
Country :	France
Financials (as on) :	31.12.2014
Date of Incorporation :	December 2002
Legal Form :	Simplified joint stock company
Line of Business :	Manufacture of clothing and accessories
No. of Employee :	15 (2014)

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

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

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

FRANCE - ECONOMIC OVERVIEW

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

Source : CIA

Company summery

SIRET	444 282 081 00074
Name	SYBILLE ACCESSOIRES
Acronym	-
Trade name	-
Status	Economically active
Postal Address	SYBILLE ACCESSOIRES 3 RUE VOLNEY 75002 PARIS FRANCE
Share Capital	105,124 Euros
Telephone	-
Activity (APE)	Fabrication d'autres vêtements et accessoires (1419Z)	RCS Registration	RCS Paris B 444 282 081
Formation Date	12/2002	EUR VAT Number	FR04444282081
Deregistration Date	-	Last account Date	31/12/2014
Court Registry Number	20 0 2B18318	Incorporiation Date	12/2002
Registration Court	Paris (75)	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
31/12/2014	4,515,804 €	6.07% Turnover	1,396,681 €	-32,176 €	15 employees
31/12/2013	4,441,998 €	6.24% Turnover	1,448,857 €	139,979 €	13 employees
31/12/2012	3,644,565 €	2.21% Turnover	1,308,878 €	14,083 €	9 employees

Trends

Profitability

Liquidity

Net Worth

Directors

Current Directors

5

Judgment and Preferential

Judgment	No judgement
Preferential Right		No social security and tax office preferential right to date

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	1419Z	Activity	Fabrication d'autres vêtements et accessoires
Formation Date	07/2015	Reason for Formation	N/R
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	-
Trading Address	3 RUE VOLNEY  75002 PARIS 2	Department	Paris (75)
Location Surface	-	District	1
City	PARIS 2	Status	Economically active
Business Pages FT®	-	Region	Ile-de-France
		Area	-
		Size of Urban Area	Paris conglomeration

Other Establishment(s)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 50 to 80% of workforce
Branches	6 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
SYBILLE ACCESSOIRES	Head Office	1419Z	Fabrication d'autres vêtements et accessoires	PARIS 2	75002
SYBILLE ACCESSOIRES	Branch	1419Z	Fabrication d'autres vêtements et accessoires	PARIS 6	75006
SYBILLE ACCESSOIRES	Branch	1419Z	Fabrication d'autres vêtements et accessoires	PARIS 6	75006
SYBILLE ACCESSOIRES	Branch	1419Z	Fabrication d'autres vêtements et accessoires	PARIS 17	75017
SYBILLE ACCESSOIRES	Branch	1419Z	Fabrication d'autres vêtements et accessoires	PARIS 6	75006

Workforces

Workforce at address

10 to 19 employees

Company workforce

10 to 19 employees

Commentary

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

The return on total assets employed is negative

The liquidity acid test is less than 65%

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

The debtor days are 51.84

The sales to current assets ratio is 3.02

The tangible fixed assets are 102,470 €

Industry code with medium risk rating

The company is 13 years old

The ratio total assets to total liabilities is 2.15

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

Industry comparison

Activity (APE)

Fabrication d'autres vêtements et accessoires (1419Z)

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	21/10/2014
Status of Monitoring	No social security and tax office preferential right to date

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company.

Director(s)

Name	Mme. PROTO SYBILLE
Manager position	President	Date of birth	07/03/1977
Place of birth	PARIS (75008)
Type	Individual	Name at birth	ROGER VASSELIN

Statutory Auditor

Name	EXPONENS AUDIT
Name of representative
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth
Name	EXELMANS AUDIT ET CONSEIL
Name of representative
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Name	M. MAUGE EMMANUEL
Manager position	Deputy auditor	Date of birth	20/02/1966
Place of birth	COURBEVOIE (92400)
Type	Individual	Name at birth
Name	M. GUEDJ ERIC
Manager position	Deputy auditor	Date of birth	22/06/1961
Place of birth	CONSTANTINE(ALGERIE)
Type	Individual	Name at birth

Previous Directors

No data about previous directors is available for this company

Status history

Date	Description
20/07/2015	Economically active

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	07/11/2015	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6313 - 444282081 RCS. SYBILLE ACCESSOIRES. Forme : Société par actions simplifiée. Adresse : 3 rue Volney 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	21/08/2015	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 999 - 444 282 081 RCS Paris. SYBILLE ACCESSOIRES. Forme : Société par actions simplifiée. Capital : 128724.81 EUR. Activité : . Adresse de l’établissement principal : 3 rue Volney, 75002 Paris.  Adresse du siège social : 3 rue Volney, 75002 Paris.  Commentaires : modification survenue sur l'adresse du siège, l'adresse de l'établissement et la date de début d'activité. Date de commencement de l’activité :20/07/2015.
	29/07/2015	JAL	Head Office Transfer
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 20/07/2015 Transfert du siège social de la société 444282081 -  SYBILLE ACCESSOIRES  Adresse du nouveau siège : 3 RUE VOLNEY, 75002 PARIS 02 Ancienne localisation : 12 RUE VAVIN, 75006 PARIS 6 Date d'effet : 20/07/2015
	19/07/2015	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1240 - 444 282 081 RCS Paris. SYBILLE ACCESSOIRES. Forme : Société par actions simplifiée. Capital : 128724.81 EUR. Activité : .  Adresse du siège social : 12 rue Vavin, 75006 Paris.  Commentaires : modification survenue sur le capital (augmentation) et l'adresse du siège.
	19/06/2015	JAL	Modification of the share capital
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 15/06/2015 La société : 444282081 - SYBILLE ACCESSOIRES, 12 RUE VAVIN, 75006 PARIS 6 a subi une augmentation de son capital social désormais de 128 725 €  Date d'effet : 15/06/2015
	21/04/2015	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 4836 - 444282081 RCS. SYBILLE ACCESSOIRES. Forme : Société par actions simplifiée. Adresse : 12 rue Vavin 75006 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	14/04/2014	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 10118 - 444282081 RCS. SYBILLE ACCESSOIRES. Forme : Société par actions simplifiée. Adresse : 12 rue Vavin 75006 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	05/04/2014	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 12016 - 444282081 RCS. SYBILLE ACCESSOIRES. Forme : Société par actions simplifiée. Adresse : 12 rue Vavin 75006 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	24/10/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 11084 - 444282081 RCS. SYBILLE ACCESSOIRES. Forme : Société par actions simplifiée. Adresse : 12 rue Vavin 75006 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	23/06/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1495 - 444 282 081 RCS Paris. SYBILLE ACCESSOIRES. Forme : Société par actions simplifiée. Administration : nomination du Commissaire aux comptes titulaire : EXPONENS AUDIT, nomination du Commissaire aux comptes suppléant : Mauge, Emmanuel. Capital : 95000 EUR. Activité : .  Adresse du siège social : 12 rue Vavin, 75006 Paris.  Commentaires : modification survenue sur le capital (augmentation), la forme juridique et l'administration.
	11/07/2010	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2026 - 444 282 081 RCS Paris. SYBILLE ACCESSOIRES. Forme : Société par actions simplifiée. Capital : 57000 EUR. Activité : . Adresse de l’établissement principal : 12 rue Vavin, 75006 Paris.  Adresse du siège social : 12 rue Vavin, 75006 Paris.  Commentaires : modification survenue sur l'adresse du siège.
	12/06/2010	JAL	Head Office Transfer
LA GAZETTE DU PALAIS Date de décision : 14/05/2010 Transfert du siège social de la société 444282081 -  SYBILLE ACCESSOIRES, PETITE MENDIGOTE  Adresse du nouveau siège : 12 RUE VAVIN, 75006 PARIS Ancienne localisation : 133 RUE DE SEVRES, 75006 PARIS 6
	03/06/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7786 - 444282081 RCS. SYBILLE ACCESSOIRES. Forme : Société à responsabilité limitée. Adresse : 133 R DE SEVRES 75006 PARIS. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	29/05/2010	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 460 - 444 282 081 RCS Paris. SYBILLE ACCESSOIRES. Forme : Société par actions simplifiée. Administration : modification du Président Roger Vasselin, nom d'usage : Proto, Sybille. Capital : 57000 EUR.  Adresse du siège social : 133 rue de Sèvres, 75006 Paris.  Commentaires : modification survenue sur la forme juridique et l'administration.
	24/04/2010	JAL	Appointment of the social representative
LA GAZETTE DU PALAIS Société faisant objet d'une nomination : 444282081 - SYBILLE ACCESSOIRES, PETITE MENDIGOTE, 133 RUE DE SEVRES, 75006 PARIS 6  Nominé : Madame Sybille ROGER-VASSELIN, 168 BOULEVARD 168 BOULEVARD SAINT GERMAIN, 75006 PARIS En la fonction de : Présidente
	21/08/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 5334 - 444282081 RCS. SYBILLE ACCESSOIRES. Forme : Société à responsabilité limitée. Adresse : 133 rue de Sèvres 75006 Paris. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	10/12/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7839 - 444282081 RCS. SYBILLE ACCESSOIRES. Forme : Société à responsabilité limitée. Adresse : 133 rue de Sèvres 75006 Paris. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	27/05/2008	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1668 - 444 282 081 RCS Paris. SYBILLE ACCESSOIRES. Forme : Société à responsabilité limitée. Capital : 57000 EUR. Adresse de l’établissement principal :133 rue de Sèvres, 75006 Paris.  Adresse du siège social : 133 rue de Sèvres, 75006 Paris.  Commentaires : modification survenue sur l'adresse du siège.
	23/01/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7018 - 444282081 RCS. SYBILLE ACCESSOIRES. Forme : Société à responsabilité limitée. Adresse : 68 boulevard de Courcelles 75017 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
	02/08/2007	Bodacc C	Avis de dépôt des comptes
3905 - 444 282 081. RCS PARIS SYBILLE ACCESSOIRES. Forme: Société à responsabilité limitée. Adresse du siège social: 68 boulevard de Courcelles 75017 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	01/07/2007	Bodacc C	Avis de dépôt des comptes
6289 - Paris B 444 282 081. RC 02-B 18318. SYBILLE ACCESSOIRES. Forme: S.A.R.L.. Adresse du siège social: 68, boulevard de Courcelles,Paris, 75017 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	31/07/2006	Bodacc C	Avis de dépôt des comptes
4036 - RCS Paris B 444 282 081. RC 02-B 18318. SYBILLE ACCESSOIRES. Forme: S.A.R.L.. Adresse du siège social: 68, boulevard de Courcelles,Paris 17, 75017 Paris 17. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	17/05/2005	Bodacc C	Avis de dépôt des comptes
4780 - RCS Paris B 444 282 081. RC 02-B 18318. SYBILLE ACCESSOIRES. Forme: S.A.R.L.. Adresse du siège social: 68, boulevard de Courcelles,75017 Paris 17. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2003.
	26/11/2004	Bodacc B	Modifications et mutations diverses
RCS Paris B 444282081 RC 02-B 18318 SYBILLE ACCESSOIRES. Forme : S.A.R.L. Capital : 57 000 euros. Commentaires : modification survenue sur le capital ( augmentation).
	14/09/2003	Bodacc B	Modifications et mutations diverses
RCS Paris B 444282081 RC 02-B 18318 SYBILLE ACCESSOIRES. Forme : S.A.R.L. Capital : 56 000 euros. Commentaires : modification survenue sur le capital ( augmentation).
	11/04/2003	Bodacc B	Modifications et mutations diverses
RCS Paris B 444282081 RC 02-B 18318 SYBILLE ACCESSOIRES. Forme : S.A.R.L. Capital : 50 320 euros. Commentaires : modification survenue sur le capital ( augmentation).
	13/12/2002	Bodacc A	Création d'établissement
RCS Paris B 444282081 RC 02-B 18318 SYBILLES ACCESSOIRES. Forme : S.A.R.L. Capital : 9 000 euros. Activité : création, fabrication, achat, vente, tant en France qu'à l'étranger, de tous accessoires de mode, masculins et féminins tels que bijoux fantaisie, chapeaux, gants, foulards, écharpes et sacs. Edition, vente de tous ouvrages, de brochures, de films et de tous supports audiovisuels en général, concernant lesdits accessoires de mode. Toutes publicités favorisant la réalisation de l'objet social. Adresse du siège social : 68 boulevard de Courcelles, 75017 Paris. Administration : gérant : ROGER-VASSELIN (Sybille) Cette société se constitue Date de début d' activité: 1 e r décembre 2002.

Company events history

Date	Description
14/12/2015	Updated articles of association
14/12/2015	Capital reduction
14/12/2015	Amendment
14/12/2015	New auditor
02/12/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
07/11/2015	Bodacc C : Deposit accounts notice
08/09/2015	Minutes of general meeting of shareholders
08/09/2015	Capital reduction
21/08/2015	Bodacc B: Various editing or changing
05/08/2015	Updated articles of association
05/08/2015	Registered office transferred inside jurisdiction of the Commercial Court
05/08/2015	Amendment
04/08/2015	Extension of term
04/08/2015	Application and court order
29/07/2015	Legal Gazette: Head Office Transfer
20/07/2015	Update of Company Head Office Identifier
19/07/2015	Bodacc B: Various editing or changing
02/07/2015	Updated articles of association
02/07/2015	Minutes of general meeting of shareholders
02/07/2015	Capital increase
02/07/2015	Amendment
17/06/2015	Extension of term
17/06/2015	Application and court order
15/06/2015	Legal Gazette: Modification of the share capital
21/04/2015	Bodacc C : Deposit accounts notice
01/04/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2014	New accounts available
21/10/2014	Collection of preferential rights activated for this company
14/04/2014	Bodacc C : Deposit accounts notice
05/04/2014	Bodacc C : Deposit accounts notice
11/03/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2013	New accounts available
31/12/2012	New accounts available
08/11/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
24/10/2012	Bodacc C : Deposit accounts notice
31/12/2011	New accounts available
23/06/2011	Bodacc B: Various editing or changing
24/05/2011	Amendment
24/05/2011	Capital increase
24/05/2011	Fund deposit certificate
24/05/2011	Minutes of general meeting of shareholders
24/05/2011	New auditor
24/05/2011	Updated articles of association
11/07/2010	Bodacc B: Various editing or changing
24/06/2010	Updated articles of association
24/06/2010	Registered office transferred inside jurisdiction of the Commercial Court
24/06/2010	Amendment
12/06/2010	Legal Gazette: Head Office Transfer
03/06/2010	Bodacc C : Deposit accounts notice
29/05/2010	Bodacc B: Various editing or changing
07/05/2010	Minutes of general meeting of shareholders
07/05/2010	New chairman (CEO, CoB)
07/05/2010	New legal form – new category
07/05/2010	Updated articles of association
19/04/2010	Legal Gazette: Appointment of the social representative
08/04/2010	Audit or Management Report
31/12/2009	New accounts available
21/08/2009	Bodacc C : Deposit accounts notice
09/07/2009	Private document
09/07/2009	Minutes of general meeting of shareholders
09/07/2009	Minutes of general meeting of shareholders
09/07/2009	Private document
09/07/2009	Sale of shares
09/07/2009	Updated articles of association
09/07/2009	Updated articles of association
09/07/2009	Sale of shares
31/12/2008	New accounts available
12/12/2008	Updated articles of association
12/12/2008	Sale of shares
12/12/2008	Sale of shares
12/12/2008	Private document
12/12/2008	Private document
12/12/2008	Updated articles of association
12/12/2008	Minutes of general meeting of shareholders
12/12/2008	Minutes of general meeting of shareholders
10/12/2008	Bodacc C : Deposit accounts notice
27/05/2008	New Bodacc B ads detected
27/05/2008	Bodacc B: Various editing or changing
23/01/2008	Minutes of general meeting of shareholders
23/01/2008	Updated articles of association
23/01/2008	Updated articles of association
23/01/2008	Registered office transferred inside jurisdiction of the Commercial Court
23/01/2008	Registered office transferred inside jurisdiction of the Commercial Court
23/01/2008	Private document
23/01/2008	Minutes of general meeting of shareholders
23/01/2008	Bodacc C : Deposit accounts notice
23/01/2008	Amendment
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
08/11/2004	Capital increase
08/11/2004	Private document
08/11/2004	Updated articles of association
08/11/2004	Minutes of general meeting of shareholders
02/11/2004	Private document
02/11/2004	Sale of shares
31/12/2003	New accounts available
03/09/2003	Capital increase
03/09/2003	Minutes of general meeting of shareholders
03/09/2003	Sale of shares
03/09/2003	Updated articles of association
03/09/2003	Private document
31/03/2003	Sale of shares
31/03/2003	Private document
31/03/2003	Minutes of general meeting of shareholders
31/03/2003	Capital increase
31/03/2003	Updated articles of association
02/12/2002	Articles of association
02/12/2002	Private document
02/12/2002	Minutes of general meeting of shareholders
02/12/2002	Company formation
02/12/2002	Appointment/resignation of company officers

Establishment events history

Date	Description
20/07/2015	Formation of Head office (after transfer)

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	01/12/2015	31/03/2015	10/03/2014
Activity Code	1419Z	1419Z	1419Z
Employees	15	13	9

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	1,118,649	-3.0 %	1,153,540	2.0 %	1,131,100	38,232	2825.9 %
Intangible assets	947,464	-0.7 %	954,418	1.9 %	936,993	2,723	34694.9 %
Tangible assets	102,470	-21.3 %	130,155	3.9 %	125,323	12,653	709.8 %
Financial assets	68,715	-0.4 %	68,967	0.3 %	68,784	1,100	6146.8 %
Net current assets	1,495,385	15.4 %	1,296,329	10.9 %	1,169,255	234,915	536.6 %
Stocks	469,723	-1.8 %	478,380	10.0 %	434,728	49,954	840.3 %
Advanced payments	0	0%	11,435	-18.2 %	13,973	0	0%
Receivables	641,315	90.9 %	335,900	-15.9 %	399,210	78,309	719.0 %
Securities and cash	384,347	-18.3 %	470,614	46.5 %	321,344	24,081	1496.1 %
Prepaid expenses	-	-	-	-	-	110	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	2,614,034	6.7 %	2,449,868	6.5 %	2,300,354	261,074	901.3 %

Passive Account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Shareholders' equity	1,396,681	-3.6 %	1,448,857	10.7 %	1,308,878	86,178	1520.7 %
Share capital	95,000	-12.8 %	108,890	0%	108,890	15,245	523.2 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	1,217,353	21.6 %	1,001,011	1.0 %	991,476	133,556	811.5 %
Financial liabilities	493,375	-21.6 %	629,199	-16.0 %	748,949	18,936	2505.5 %
Advanced payments received	7,091	0%	0	0%	8,291	0	0%
Trade account payables	376,791	119.7 %	171,539	138.6 %	71,899	36,745	925.4 %
Tax and social liabilities	126,382	-12.7 %	144,837	31.1 %	110,447	51,988	143.1 %
Other debts and fixed assets liabilities	213,714	285.5 %	55,437	6.8 %	51,890	10,661	1904.6 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	2,614,034	6.7 %	2,449,868	6.5 %	2,300,354	261,074	901.3 %

Results

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Sales of Goods	4,466,980	-2.7 %	4,592,170	26.1 %	3,641,277	414,590	977.4 %
Net turnover	4,515,804	1.7 %	4,441,998	21.9 %	3,644,565	420,148	974.8 %
of which net export turnover	925,017	60.7 %	575,527	69.9 %	338,761	0	0%
Operating charges	4,359,955	-1.5 %	4,427,061	22.9 %	3,601,028	456,732	854.6 %
Operating profit/loss	107,026	-35.2 %	165,109	310.2 %	40,249	1,568	6725.6 %
Financial income	3,116	-5.9 %	3,311	-52.8 %	7,011	17	18229.4 %
Financial charges	90,366	47.1 %	61,412	0.3 %	61,211	1,018	8776.8 %
Financial profit/loss	-87,250	-50.2 %	-58,101	-7.2 %	-54,200	-374	-23228.9 %
Pretax net operating income	19,775	-81.5 %	107,008	867.0 %	-13,951	1,567	1162.0 %
Extraordinary income	0	0%	0	0%	6,682	248	0%
Extraordinary charges	113,850	224.0 %	35,135	-13.3 %	40,547	307	36984.7 %
Extraordinary profit/loss	-113,850	-224.0 %	-35,135	-3.8 %	-33,865	0	0%
Net result	-32,176	-123.0 %	139,979	894.0 %	14,083	3,307	-1073.0 %

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	2,614,034	6.7 %	2,449,868	6.5 %	2,300,354
Gross	CO	2,976,024	10.6 %	2,689,779	9.2 %	2,463,808
Amortisation	1A	361,991	50.9 %	239,910	46.8 %	163,453

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	1,118,649	-3.0 %	1,153,540	2.0 %	1,131,100
Gross	BJ	1,310,083	-2.0 %	1,337,040	5.7 %	1,265,117
Amortisation	BK	191,434	4.3 %	183,500	36.9 %	134,017

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	14,500	-57.9 %	34,418	102.5 %	16,993
Gross	AF	73,606	0%	73,606	85.9 %	39,587
Amortisation	AG	59,106	50.8 %	39,188	73.4 %	22,594
Goodwill	Net	920,000	0%	920,000	0%	920,000
Gross	AH	920,000	0%	920,000	0%	920,000
Amortisation	AI	0	0%	0	0%	0
Other intangible fixed assets	Net	12,964	0%	0	0%	0
Gross	AJ	12,964	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	947,464	-0.7 %	954,418	1.9 %	936,993

Tangilble fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	0	0%	0	0%	0
Gross	AP	0	0%	0	0%	0
Amortisation	AQ	0	0%	0	0%	0
Plant	Net	0	0%	0	0%	0
Gross	AR	0	0%	0	0%	0
Amortisation	AS	0	0%	0	0%	0
Other tangible fixed assets	Net	102,470	-21.3 %	130,155	3.9 %	125,323
Gross	AT	234,798	-14.5 %	274,468	15.9 %	236,746
Amortisation	AU	132,328	-8.3 %	144,312	29.5 %	111,423
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	102,470	-21.3 %	130,155	3.9 %	125,323

Financial assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	0	0%	0	0%	0
Gross	CU	0	0%	0	0%	0
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	68,715	-0.4 %	68,967	0.3 %	68,784
Gross	BH	68,715	-0.4 %	68,967	0.3 %	68,784
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	68,715	-0.4 %	68,967	0.3 %	68,784

Current Assets (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Current Assets	Net	1,495,385	15.4 %	1,296,329	10.9 %	1,169,255
Gross	CJ	1,665,942	23.2 %	1,352,739	12.9 %	1,198,691
Amortisation	CK	170,557	202.4 %	56,410	91.6 %	29,436

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	122,063	-31.7 %	178,658	137.2 %	75,328
Gross	BN	122,063	-31.7 %	178,658	137.2 %	75,328
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	347,660	16.0 %	299,722	-16.6 %	359,400
Gross	BT	431,074	43.8 %	299,722	-16.6 %	359,400
Amortisation	BU	83,414	0%	0	0%	0
Sub Total Stocks	Net	469,723	-1.8 %	478,380	10.0 %	434,728

Advance payments to suppliers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Advance payments to suppliers	Net	0	0%	11,435	-18.2 %	13,973
Gross	BV	0	0%	11,435	-18.2 %	13,973
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Trade accounts receivable	Net	296,027	184.8 %	103,927	-42.2 %	179,883
Gross	BX	381,768	138.1 %	160,337	-23.4 %	209,319
Amortisation	BY	85,741	52.0 %	56,410	91.6 %	29,436
Other debtors	Net	252,810	60.7 %	157,361	17.7 %	133,728
Gross	BZ	254,212	61.5 %	157,361	17.7 %	133,728
Amortisation	CA	1,402	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	548,837	110.1 %	261,288	-16.7 %	313,611

Divers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Investment securities	Net	13,945	0%	13,945	0%	13,945
Gross	CD	13,945	0%	13,945	0%	13,945
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	370,402	-18.9 %	456,669	48.6 %	307,399
Gross	CF	370,402	-18.9 %	456,669	48.6 %	307,399
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	384,347	-18.3 %	470,614	46.5 %	321,344

Prepaid expenses

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid expenses	Net	92,478	23.9 %	74,612	-12.8 %	85,599
Gross	CH	92,478	23.9 %	74,612	-12.8 %	85,599
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Expenses of loan issue to be spread	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Due within one year	CP	0	0%	68,967	0%	0
Due after one year	CR	0	0%	0	0%	0

Accounts - Passive

Grand Total - Passive Accounts (I to V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Grand Total (I to V)	EE	2,614,034	6.7 %	2,449,868	6.5 %	2,300,354

Shareholder Equity (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total shareholders' equity (Total I)	DL	1,396,681	-3.6 %	1,448,857	10.7 %	1,308,878
Equity and shareholders' equity	DA	95,000	-12.8 %	108,890	0%	108,890
Issue and merger premiums	DB	1,220,703	0%	1,220,703	0%	1,220,703
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	10,889	0%	0	0%	0
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	108,375	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	-6,110	70.5 %	-20,715	40.5 %	-34,798
Profit or loss for the period	DI	-32,176	-123.0 %	139,979	894.0 %	14,083
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

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

Provisions for risks and charges (III)

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

Liabilities (IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Liabilities (Total IV)	EC	1,217,353	21.6 %	1,001,011	1.0 %	991,476
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	493,224	-21.6 %	629,011	-16.0 %	748,856
Sundry loans and financial liabilities	DV	151	-19.7 %	188	102.2 %	93
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	7,091	0%	0	0%	8,291
Trade accounts payables	DX	376,791	119.7 %	171,539	138.6 %	71,899
Tax and social security liabilities	DY	126,382	-12.7 %	144,837	31.1 %	110,447
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	213,714	285.5 %	55,437	6.8 %	51,890

Translation loss (V)

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

Equalization accounts

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

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	534,893	46.9 %	364,171
Of which current bank facilities	EH	0	0%	41	-99.9 %	39,647

Result account

1 - Operating result (I-II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating result (Total I-II)	GG	107,026	-35.2 %	165,109	310.2 %	40,249

2 - Financial result (V-VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Financial result (Total V-VI)	GV	-87,250	-50.2 %	-58,101	-7.2 %	-54,200

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	19,775	-81.5 %	107,008	867.0 %	-13,951

4 - Extraordinary result (VII-VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Extraordinary result (Total VII-VIII)	HI	-113,850	-224.0 %	-35,135	-3.8 %	-33,865

Profit or loss

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Profit or loss	HN	-32,176	-123.0 %	139,979	894.0 %	14,083

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	4,470,096	-2.7 %	4,595,480	25.7 %	3,654,970

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	4,502,273	1.0 %	4,455,502	22.4 %	3,640,889

Operating income (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating income (Total I)	FR	4,466,980	-2.7 %	4,592,170	26.1 %	3,641,277

Operating income (details)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Sale of goods for resale	FC	4,449,854	1.6 %	4,379,321	20.4 %	3,637,508
France	FA	3,527,315	-7.6 %	3,816,568	15.6 %	3,301,889
Export	FB	922,539	63.9 %	562,753	67.7 %	335,619
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	65,950	5.2 %	62,677	788.2 %	7,057
France	FG	63,472	27.2 %	49,903	1174.7 %	3,915
Export	FH	2,478	-80.6 %	12,774	306.6 %	3,142
Net turnover	FL	4,515,804	1.7 %	4,441,998	21.9 %	3,644,565
France	FJ	3,590,787	-7.1 %	3,866,471	17.0 %	3,305,804
Export	FK	925,017	60.7 %	575,527	69.9 %	338,761
Stocked production	FM	-56,595	-154.8 %	103,330	505.2 %	-25,504
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	0
Release of reserves and provisions	FP	1,202	-95.9 %	29,436	166.0 %	11,066
Other income	FQ	6,569	-62.3 %	17,406	56.1 %	11,150

Operating charges (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating charges (Total II)	GF	4,359,955	-1.5 %	4,427,061	22.9 %	3,601,028

Exploitation charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Purchase of goods for resale	FS	1,806,136	1.6 %	1,777,155	19.3 %	1,489,413
Change in stocks of goods for resale	FT	-131,352	-320.1 %	59,678	10.6 %	53,940
Purchase of raw materials	FU	219,873	-3.5 %	227,960	-4.8 %	239,443
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	1,491,409	1.8 %	1,465,200	29.3 %	1,132,922
Tax, duty and similar payments	FX	26,990	4.1 %	25,928	13.3 %	22,880
Payroll	FY	586,001	10.3 %	531,375	20.6 %	440,516
Social security costs	FZ	186,243	3.0 %	180,733	13.3 %	159,580

Depreciation

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Depreciation of fixed assets	GA	53,353	-4.4 %	55,823	24.8 %	44,738
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	113,947	102.0 %	56,410	355.3 %	12,390
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	7,356	-84.3 %	46,799	798.9 %	5,206

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	3,116	-5.9 %	3,311	-52.8 %	7,011
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	0	0%	0	0%	0
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	0	0%	0	0%	311
Net income from disposal of investment securities	GO	3,116	-5.9 %	3,311	-50.6 %	6,700

Financial charge (VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial charge (Total VI)	GU	90,366	47.1 %	61,412	0.3 %	61,211
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	90,271	47.1 %	61,378	0.4 %	61,132
Exchange losses	GS	95	179.4 %	34	-56.4 %	78
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	0	0%	0	0%	6,682
Extraordinary operating income	HA	0	0%	0	0%	6,683
Extraordinary income from capital transactions	HB	0	0%	0	0%	0
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary charges (Total VIII)	HH	113,850	224.0 %	35,135	-13.3 %	40,547
Extraordinary operating charges	HE	112,448	252.0 %	31,948	-21.2 %	40,547
Extraordinary charges from capital transactions	HF	0	0%	3,187	0%	0
Extraordinary reserves and provisions	HG	1,402	0%	0	0%	0

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Tax on profits (Total X)	HK	-61,897	9.1 %	-68,106	-10.0 %	-61,897

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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%	1,100	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	45,671	379.4 %	9,527	99.1 %	4,784
Gross value at the end of period	OL	1,310,082	-2.0 %	1,337,040	5.7 %	1,265,116

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	993,606	3.5 %	959,587	2.5 %	936,322
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	12,964	-62.6 %	34,689	49.1 %	23,265
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	670	0%	0
Gross value at the end of period	LW	1,006,569	1.3 %	993,606	3.5 %	959,587

Tangible fixed assets (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LN	274,468	15.9 %	236,746	5.2 %	225,074
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	5,750	-87.7 %	46,578	299.1 %	11,672
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	45,420	412.8 %	8,857	0%	0
Gross value at the end of period	NH	234,798	-14.5 %	274,468	15.9 %	236,746

Financial assets (Total IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LQ	68,967	0.3 %	68,784	-3.0 %	70,884
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	0	0%	183	-93.2 %	2,684
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	252	0%	0	0%	4,784
Gross value at the end of period	NK	68,715	-0.4 %	68,967	0.3 %	68,784

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	39,188	73.4 %	22,594	64.5 %	13,737
Increases	PF	19,918	15.4 %	17,264	94.9 %	8,857
Decreasess	PG	0	0%	670	0%	0
Decreasess by budget item transfer	PH	59,106	50.8 %	39,188	73.4 %	22,594

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	144,312	29.5 %	111,423	47.5 %	75,542
Increases	QV	33,435	-13.3 %	38,559	7.5 %	35,881
Decreases	QW	45,420	701.1 %	5,670	0%	0
Decreasess by budget item transfer	QX	132,328	-8.3 %	144,312	29.5 %	111,423

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	56,410	91.6 %	29,436	4.7 %	28,112
Increases	UB	115,349	104.5 %	56,410	355.3 %	12,390
Decreases	UC	1,202	-95.9 %	29,436	166.0 %	11,066
Value at the end of period	UD	170,557	202.4 %	56,410	91.6 %	29,436

Includes Total allocations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UE	113,947	102.0 %	56,410	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	1,402	0%	0	0%	12,390

Includes Total Withdrawal

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UF	1,202	-95.9 %	29,436	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	11,066

Total regulated provisions (Total I)

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

Total risk and charge provisions (Total II)

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

Total Provision for depreciation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	7B	56,410	91.6 %	29,436	4.7 %	28,112
Increases	TY	115,349	104.5 %	56,410	355.3 %	12,390
Decreases	TZ	1,202	-95.9 %	29,436	166.0 %	11,066
Value at the end of period	UA	170,557	202.4 %	56,410	91.6 %	29,436

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	797,173	72.8 %	461,277	-7.3 %	497,431
1 year at most	VU	748,458	62.3 %	461,277	7.6 %	428,647
More than one year	VV	48,715	0%	0	0%	68,784

State of loans

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	68,715	-0.4 %	68,967	0.3 %	68,784
Other financial assets (1 year at most)	UV	20,000	-71.0 %	68,967	0%	0

Receivables statement of assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Customers doubtful or disputed	VA	98,791	59.8 %	61,827	75.6 %	35,205
Other claims customer	UX	282,977	187.3 %	98,510	-43.4 %	174,114
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	13,989	16.5 %	12,006	-10.6 %	13,430
Social Security and other social organizations	UZ	1,197	0%	0	0%	8,274
Income taxes	VM	61,897	-9.1 %	68,106	10.0 %	61,897
Value added tax	VB	19,437	-41.7 %	33,335	47.4 %	22,608
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	23,787	74.0 %	13,667	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	133,905	342.7 %	30,247	9.9 %	27,520

Prepaid

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid	VS	92,478	23.9 %	74,612	-12.8 %	85,599

State Debt

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total debt (gross)	VY	1,210,262	20.9 %	1,001,011	1.8 %	983,185
1 year at most	VZ2	888,511	66.1 %	534,893	50.3 %	355,880
More than 1 year and 5 years at most	VZ3	321,751	-31.0 %	466,119	-14.8 %	547,305
More than 5 years	VZ4	0	0%	0	0%	80,000

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	7,106	316.5 %	1,706	-96.1 %	43,425
1 year at most	VG2	7,106	316.5 %	1,706	-96.1 %	43,425
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	486,119	-22.5 %	627,305	-11.1 %	705,430
1 year at most	VH2	164,368	2.0 %	161,187	106.3 %	78,125
More than 1 year and 5 years at most	VH3	321,751	-31.0 %	466,119	-14.8 %	547,305
Loans and various financial liabilities (gross)	8A1	46	0%	0	0%	0
1 year at most	8A2	46	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	376,791	119.7 %	171,539	138.6 %	71,899
1 year at most	8B2	376,791	119.7 %	171,539	138.6 %	71,899
More than 1 year and 5 years at most	8B3	376,791	119.7 %	171,539	138.6 %	71,899
Personnel and associated accounts (gross)	8C1	36,729	-10.4 %	40,996	43.3 %	28,599
1 year at most	8C2	36,729	-10.4 %	40,996	43.3 %	28,599
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	52,104	-2.3 %	53,319	55.3 %	34,322
1 year at most	8D2	52,104	-2.3 %	53,319	55.3 %	34,322
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	22,059	-31.3 %	32,110	0.0 %	32,096
1 year at most	VW2	22,059	-31.3 %	32,110	0.0 %	32,096
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	15,489	-15.9 %	18,411	19.3 %	15,431
1 year at most	VQ2	15,489	-15.9 %	18,411	19.3 %	15,431
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	105	-44.1 %	188	102.2 %	93
1 year at most	VI2	105	-44.1 %	188	102.2 %	93
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	213,714	285.5 %	55,437	6.8 %	51,890
1 year at most	8K2	213,714	285.5 %	55,437	6.8 %	51,890
More than 1 year and 5 years at most	8K3	0	0%	0	0%	0
Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most	SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most	SZ3	0	0%	0	0%	0
Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most	8L2	0	0%	0	0%	0
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Loans made during the period	VJ	0	0%	0	0%	400,000
Debt repaid during the period	VK	0	0%	78,125	3.9 %	75,179

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%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Subcontracting	YT	0	0%	729,869	28.3 %	568,694
Rentals, rental charges and condominiums	XQ	0	0%	178,336	-1.6 %	181,292
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	181,821	18.6 %	153,340
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	375,174	63.4 %	229,596
Total Other purchases and external	ZJ	0	0%	1,465,200	29.3 %	1,132,922

Taxes and Fees

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Business tax	YW	0	0%	9,530	2.1 %	9,334
Other taxes and payments assimilated	9Z	0	0%	16,398	21.1 %	13,546
Total taxes and fees	YX	0	0%	25,928	13.3 %	22,880

VAT

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Amount VAT collected	YY	0	0%	728,378	14.3 %	637,049
Total VAT on goods and services	YZ	0	0%	530,250	-3.4 %	549,161

Average number of employees

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Average number of employees	YP	15	15.4 %	13	44.4 %	9

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	1.59	-5.9 %	1.69	-0.6 %	1.70	2.26	-29.6 %
Global Debt	97 days	19.8 %	81 days	-17.3 %	98 days	121 days	-19.8 %
Working Capital Fund overall net	62 days	-17.3 %	75 days	-14.8 %	88 days	114 days	-45.6 %
Financial independence	283.09 %	22.9 %	230.27 %	31.8 %	174.76 %	126.45 %	123.9 %
Solvability	53.43 %	-9.7 %	59.14 %	3.9 %	56.90 %	40.63 %	31.5 %
Capacity debt futures	814.51 %	-8.4 %	889.45 %	-17.4 %	1,076.82 %	1,671.57 %	-51.3 %
Coverage of current assets by net working capital overall	48.60 %	-32.1 %	71.55 %	-9.1 %	78.71 %	53.25 %	-8.7 %
General Liquidity	0.84	-2.3 %	0.86	-28.3 %	1.20	0.56	50.0 %
Restricted Liquidity	1.27	-27.0 %	1.74	-17.5 %	2.11	0.98	29.6 %

Management or rotation

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Need background in operating working capital	23 days	-25.8 %	31 days	-39.2 %	51 days	62 days	-62.9 %
Treasury	31 days	-18.4 %	38 days	35.7 %	28 days	10 days	210.0 %
Inventory turnover of goods	93 days	57.6 %	59 days	-29.8 %	84 days	84 days	11.4 %
Average length of credit granted to customers	30 days	172.7 %	11 days	-38.9 %	18 days	40 days	-25.0 %
Average length of credit obtained suppliers	40 days	166.7 %	15 days	114.3 %	7 days	46 days	-13.0 %
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	0%	0 days	138 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	626 days	-
Rotation tangible assets	1,923.27 %	18.8 %	1,618.40 %	5.1 %	1,539.44 %	668.40 %	187.7 %

Profitability of the business

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Margin trading	61.45 %	7.4 %	57.24 %	-0.4 %	57.46 %	0.00 %	0%
Profitability of the business	6.07 %	-2.7 %	6.24 %	182.4 %	2.21 %	2.57 %	136.2 %
Net profit	-0.71 %	-122.5 %	3.15 %	707.7 %	0.39 %	1.05 %	-167.6 %
Growth rate of turnover (excluding VAT)	1.66 %	-92.4 %	21.88 %	5.9 %	20.66 %	-0.46 %	460.9 %
Rates integration	23.76 %	3.9 %	22.86 %	18.4 %	19.30 %	29.01 %	-18.1 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	71.96 %	2.6 %	70.14 %	-17.8 %	85.32 %	78.07 %	-7.8 %
Weight interests	2.00 %	44.9 %	1.38 %	-17.9 %	1.68 %	0.35 %	471.4 %

Return on capital

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Cash flow from the overall profitability	0.47 %	-87.7 %	3.82 %	191.6 %	1.31 %	2.81 %	-83.3 %
Rates of economic profitability	14.00 %	7.7 %	13.00 %	225.0 %	4.00 %	7.00 %	100.0 %
Financial profitability	1,396,681.00 %	-3.6 %	1,448,857.00 %	10.7 %	1,308,878.00 %	69,612.00 %	1906.4 %
Return on investment	3.08 %	-68.2 %	9.69 %	164.8 %	3.66 %	5.51 %	-44.1 %

Management intermediate balances

	31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Turnover	4,515,804		1.7 %		4,441,998		21.9 %		3,644,565		420,148		974.8 %
		31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Sales of goods		4,449,854		1.6 %		4,379,321		20.4 %		3,637,508				-
- Purchase of goods		1,806,136		1.6 %		1,777,155		19.3 %		1,489,413				-
+/- Stock of goods variation		-131,352		-320.1 %		59,678		10.6 %		53,940				-
Trading margin		2,775,070 €		9.1 %		2,542,488 €		21.4 %		2,094,155 €		0 €		0%
		61.45 % CA		7.4 %		57.24 % CA		-0.4 %		57.46 % CA		0.00 % CA		0%

	31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Sale of goods produced	65,950		5.2 %		62,677		788.2 %		7,057				-
+/- Stocked production	-56,595		-154.8 %		103,330		505.2 %		-25,504				-
+ Self-constructed assets	0		0%		0		0%		0				-
Period production	9,355 €		-94.4 %		166,007 €		999.9 %		-18,447 €		156,832 €		-94.0 %
	0.21 % CA		-94.4 %		3.74 % CA		833.3 %		-0.51 % CA		99.50 % CA		-99.8 %
		31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Trading margin		2,775,070		9.1 %		2,542,488		21.4 %		2,094,155		0		0%
+ Period Production		9,355		-94.4 %		166,007		999.9 %		-18,447		156,832		-94.0 %
- Purchase of raw materials		219,873		-3.5 %		227,960		-4.8 %		239,443				-
+/- Change in stocks of raw materiels		0		0%		0		0%		0				-
- Other external purchases and charges		1,491,409		1.8 %		1,465,200		29.3 %		1,132,922				-
Added value		1,073,143 €		5.7 %		1,015,335 €		44.4 %		703,343 €		117,138 €		816.1 %
		23.76 % CA		3.9 %		22.86 % CA		18.4 %		19.30 % CA		29.01 % CA		-18.1 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Added value	1,073,143 €	5.7 %	1,015,335 €	44.4 %	703,343 €	117,138 €		816.1 %
+ Operating grants	0	0%	0	0%	0			-
- Tax, duty and similar payments	26,990	4.1 %	25,928	13.3 %	22,880			-
- Personal charges	772,244	8.4 %	712,108	18.7 %	600,096			-
Gross operating surplus	273,909 €	-1.2 %	277,299 €	245.0 %	80,367 €	5,141 €		5227.9 %
	6.07 % CA	-2.7 %	6.24 % CA	182.4 %	2.21 % CA	2.57 % CA		136.2 %
	31/12/2014	Variation	31/12/2013	Variation	31/12/2012		SECTOR MEDIAN 2014
Gross operating surplus	273,909 €	-1.2 %	277,299 €	245.0 %	80,367 €		5,141 €	5227.9 %
+ Release of reserves and provisions	1,202	-95.9 %	29,436	166.0 %	11,066			-
+ Other operating income	6,569	-62.3 %	17,406	56.1 %	11,150			-
- Depreciation/ Amortisation	167,300	49.1 %	112,233	96.5 %	57,128			-
- Other charges	7,356	-84.3 %	46,799	798.9 %	5,206			-
Operating result	107,024 €	-35.2 %	165,109 €	310.2 %	40,249 €		1,568 €	6725.5 %
	2.37 % CA	-36.3 %	3.72 % CA	238.2 %	1.10 % CA		0.92 % CA	157.6 %

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Operating result		107,024 €	-35.2 %	165,109 €	310.2 %	40,249 €	1,568 €	6725.5 %
+/- Result of joint-venture transferred from/to other partners		0	0%	0	0%	0		-
+ Financial income		3,116	-5.9 %	3,311	-52.8 %	7,011		-
- Financial charges		90,366	47.1 %	61,412	0.3 %	61,211		-
Pre-tax result		19,774 €	-81.5 %	107,008 €	867.0 %	-13,951 €	1,567 €	1161.9 %
		0.44 % CA	-81.7 %	2.41 % CA	734.2 %	-0.38 % CA	0.49 % CA	-10.2 %
	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Extraordinary income	0	0%	0	0%	6,682	248		0%
- Extraordinary charges	113,850	224.0 %	35,135	-13.3 %	40,547			-
Extraordinary result	-113,850 €	-224.0 %	-35,135 €	-3.8 %	-33,865 €	0 €		0%
	-2.52 % CA	-219.0 %	-0.79 % CA	15.1 %	-0.93 % CA	0.00 % CA		0%

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Pre-tax result	19,774 €	-81.5 %	107,008 €	867.0 %	-13,951 €	1,567 €	1161.9 %
Extraordinary result	-113,850 €	-224.0 %	-35,135 €	-3.8 %	-33,865 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	-61,897	9.1 %	-68,106	-10.0 %	-61,897		-
Net result	-32,179 €	-123.0 %	139,979 €	894.1 %	14,081 €	3,306 €	-1073.4 %
	-0.71 % CA	-122.5 %	3.15 % CA	707.7 %	0.39 % CA	1.05 % CA	-167.6 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41
EUR	1	Rs.72.60

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

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	TRU

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