MIRA INFORM REPORT

Report No. :	303136
Report Date :	17.01.2015

IDENTIFICATION DETAILS

Name :	MESSIKA DESIGN
Registered Office :	64 Rue La Fayette 75009 Paris 9
Country :	France
Financials (as on) :	29.02.2012
Date of Incorporation :	January 2006
Com. Reg. No.:	0 487 779 514
Legal Form :	Simplified joint stock company
Line of Business :	Wholesale of watches and jewelery
No. of Employees :	10 to 19

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Dissolved
Payment Behaviour :	--
Litigation :	--

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 at least 82 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 stagnated in 2012 and 2013. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.2% in 2013. Youth unemployment in metropolitan France decreased from a high of 25.4% in the fourth quarter of 2012 to 22.8% in the fourth quarter of 2013. 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 4.1% of GDP in 2013, while France's public debt rose from 68% of GDP to nearly 94% over the same period. In accordance with its EU obligations, France is targeting a deficit of 3.6% of GDP in 2014 and 2.8% in 2015. The administration of President Francois HOLLANDE has implemented greater state support for employment, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, including a temporary 75% tax on wages over one million euros, and hiring an additional 60,000 teachers during his five-year term. In January 2014 HOLLANDE proposed a “Responsibility Pact” aimed primarily at lowering labor costs in return for businesses’ commitment to create jobs. Despite stagnant growth and fiscal challenges, France's borrowing costs have declined in recent years because investors remain attracted to the liquidity of France’s bonds

Source : CIA

Company name and address

MESSIKA DESIGN

		EUR VAT Number	FR46487779514
Activity (APE)	Wholesale (business to business) of watches and jewelery	Legal form	Simplified joint stock company
Phone	01 48 01 65 84	RCS Registration	RCS Paris 0 487 779 514
Fax		Share capital	50,000 Euros
Address	MESSIKA DESIGN 64 RUE LA FAYETTE 75009 PARIS 9	Incorporated Date	01/2006
Nationality	France	Status	Closed

Ultimate Holding Company
Company Name	Company number	Click here to view the affiliation links
MESSIKA GROUP SA	301293999

Current Directors

Trading to Date	02/29/2012	02/28/2011	02/28/2010
Turnover	20,035,216 €	14,317,283 €	9,539,942 €
Gross Operating Surplus	17.18 % Turnover	11.18 % Turnover	6.73 % Turnover
Shareholders’ equity	3,360,905 €	1,367,482 €	678,960 €
Net result	1,993,423 €	688,522 €	75,640 €
Employees	10 to 19 employees	-	-

Trends
Profitability
Liquidity
Net worth

Company details

Activity (APE)	Wholesale (business to business) of watches and jewelery
RCS Registration	RCS Paris 0 487 779 514	Share capital	50,000 Euros
Registration Court	Paris (75)	Legal form	Simplified joint stock company
Court Registry Number	20 0 6B01781	EUR VAT Number	FR46487779514
Incorporation Date	01/2006	Formation Date	12/2005
Deregistration Date	30/10/2014	Last account Date	29/02/2012
Nationality	France

Ultimate Parent

1 ultimate parent company for this company >  MESSIKA GROUP SA  - Location de terrains et d'autres biens immobiliers (6820B)  in PARIS 9  (75009)

Establishment details

Activity (APE)	Wholesale (business to business) of watches and jewelery	Business Pages FT®	NEGOCE DE DIAMANTS, DE PIERRES PRECIEUSES ET DE PIERRES GEMMES
Postal Address	MESSIKA DESIGN 64 RUE LA FAYETTE 75009 PARIS 9	Trading Address	64 RUE LA FAYETTE 75009 PARIS 9
Telephone	01 48 01 65 84
Fax

Type	Head office	Status	Closed
Formation Date	08/2008	Reason for formation	Formation
Closure Date	31/08/2014	Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Paris (75)	Region	Ile-de-France
District		Area
City	PARIS 9	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	Wholesale (business to business) of watches and jewelery
Secondary establishments	Wholesale (business to business) of watches and jewelery

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity

Workforces

Workforce at address

Workforce unknown

Company workforce

10 to 19 employees

Financial data

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	29/02/2012	28/02/2011	28/02/2010
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	22/02/2013	02/11/2011	18/03/2011
Activity Code	4648Z	4648Z	4648Z
Employees	29	18	9

Active account

Annual Accounts	29/02/2012		28/02/2011		28/02/2010	Sector Median 2012
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	651,736	10.6%	589,498	-20.9%	744,993	43,423	1400.9%
- Intangible assets	1,000	0%	0	0%	0	3,050	-67.2%
- Tangible assets	650,436	10.4%	589,198	-20.9%	744,993	9,265	6920.4%
- Financial assets	300	0%	300	0%	0	1,800	-83.3%
Net current assets	13,979,503	24.0%	11,276,640	18.8%	9,495,609	353,606	3853.4%
- Stocks	5,753,889	23.8%	4,645,940	37.5%	3,379,412	117,502	4796.8%
- Advanced payments	0	24.0%	0	0%	0	0	0%
- Receivables	7,232,721	27.6%	5,670,326	4.6%	5,418,510	71,448	10023.1%
- Securities and cash	992,893	3.4%	960,374	37.7%	697,687	35,527	2694.8%
- Prepaid expenses	-	-	-	-	-	44	-
Accounts of regularization	20,798	9.0%	19,077	-70.3%	64,293	0	0%
Total Assets	14,652,039	23.3%	11,885,215	15.3%	10,304,896	432,409	3288.5%

Passive Account

Annual Accounts	29/02/2012		28/02/2011		28/02/2010	Sector Median 2012
Shareholders' equity	3,360,905	145.8%	1,367,482	101.4%	678,960	89,941	3636.8%
Share capital	50,000	0%	50,000	0%	50,000	10,000	400%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	109,214	45.1%	75,292	-1.5%	76,417	0	0%
Liabilities	11,088,695	6.9%	10,375,784	9.0%	9,522,473	293,963	3672.1%
- Financial liabilities	7,825,648	-3.5%	8,113,635	-2.2%	8,295,702	38,712	20115.0%
- Advanced payments received	0	0%	12,223	0%	0	0	0%
- Trade account payables	2,321,954	44.9%	1,602,677	57.8%	1,015,415	66,227	3406.1%
- Tax and social liabilities	425,566	153.5%	167,902	53.5%	109,403	59,600.50	614.0%
- Other debts and fixed assets liabilities	549,576	0.7%	546,002	323.3%	128,999	10,208	5283.8%
Account regularization	59,177	0%	0	0%	0	0	0%
Total liabilities	14,652,039	23.3%	11,885,215	15.3%	10,304,895	432,410	3288.5%

Results

Annual Accounts	29/02/2012		28/02/2011		28/02/2010	Sector Median 2012
Sales of Goods	20,096,595	40.0%	14,351,950	49.1%	9,623,095	707,782	2739.4%
Net turnover	20,035,216	39.9%	14,317,283	50.1%	9,539,942	682,497	2835.6%
- of which net export turnover	9,667,638	70.1%	5,682,700	45.2%	3,914,720	1,481	652677.7%
Operating charges	16,909,577	30.1%	13,001,294	39.7%	9,305,080	634,867	2563.5%
Operating profit/loss	3,187,018	136.0%	1,350,656	324.7%	318,015	15,186	20886.6%
Financial income	316,002	-13.9%	367,109	24.2%	295,559	21	1504671.4%
Financial charges	639,577	-4.9%	672,401	37.7%	488,407	3,227	19719.6%
Financial profit/loss	-323,575	-6.0%	-305,292	-58.3%	-192,848	-1,007	-32032.6%
Pretax net operating income	2,863,443	173.9%	1,045,364	735.2%	125,167	11,955	23851.8%
Extraordinary income	157,622	682.2%	20,150	2021.1%	950	0	0%
Extraordinary charges	63,406	1035.3%	5,585	58.8%	3,518	319	19776.5%
Extraordinary profit/loss	94,216	546.9%	14,565	667.2%	-2,568	0	0%
Net result	1,993,423	189.5%	688,522	810.3%	75,640	10,929	18139.8%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	29/02/2012	28/02/2011	28/02/2010
Months	12	12	12

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			29/02/2012		28/02/2011		28/02/2010
	Grand Total (I to VI)	Net	14,652,039	23.3%	11,885,215	15.3%	10,304,896
	Gross	CO	15,771,909	23.5%	12,771,869	16.6%	10,958,083
	Amortisation	1A	1,119,870	26.3%	886,654	35.7%	653,187

Non declared distributed capital (I)

		29/02/2012		28/02/2011		28/02/2010
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			29/02/2012		28/02/2011		28/02/2010
	Total Active fixed asset (II)	Net	651,736	10.6%	589,498	-20.9%	744,993
	Gross	BJ	1,398,755	28.7%	1,086,884	4.2%	1,043,187
	Amortisation	BK	747,019	50.2%	497,386	66.8%	298,194

Intangilble fixed assets

			29/02/2012		28/02/2011		28/02/2010
	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	AE	0	0%	0	0%	0
	Distributorships, patents	Net	1,000	0%	0	0%	0
	Gross	AF	51,700	934.0%	5,000	0%	5,000
	Amortisation	AG	50,700	914.0%	5,000	0%	5,000
	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 Assets		Net	1,000	0%	0	0%	0

Tangilble fixed assets

			29/02/2012		28/02/2011		28/02/2010
	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	567,836	-3.6%	589,198	-20.9%	744,993
	Gross	AT	1,264,155	16.9%	1,081,584	4.2%	1,038,187
	Amortisation	AU	696,319	41.4%	492,386	67.9%	293,194
	Fixed assets in construction	Net	82,600	0%	0	0%	0
	Gross	AV	82,600	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	650,436		589,198		744,993

Financial assets

			29/02/2012		28/02/2011		28/02/2010
	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
	Other financial assets	Net	300	0%	300	0%	0
	Gross	BH	300	0%	300	0%	0
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		300		300		0

Current Assets (III)

			29/02/2012		28/02/2011		28/02/2010
	Total Assets	Net	13,979,503	24.0%	11,276,640	18.8%	9,495,609
	Gross	CJ	14,352,355	23.0%	11,665,909	18.4%	9,850,603
	Amortisation	CK	372,852	-4.2%	389,269	9.7%	354,994

Stocks

			29/02/2012		28/02/2011		28/02/2010
	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	5,753,889	23.8%	4,645,940	37.5%	3,379,412
	Gross	BT	5,803,419	24.0%	4,681,887	38.5%	3,379,412
	Amortisation	BU	49,530	37.8%	35,947	0%	0
	Sub Total Stocks	Net	5,753,889	23.8%	4,645,940	37.5%	3,379,412

Advance payments to suppliers

			29/02/2012		28/02/2011		28/02/2010
	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

			29/02/2012		28/02/2011		28/02/2010
	Trade accounts receivable	Net	6,406,650	27.0%	5,042,951	1.2%	4,984,970
	Gross	BX	6,729,972	24.7%	5,396,273	1.1%	5,339,964
	Amortisation	BY	323,322	-8.5%	353,322	-0.5%	354,994
	Other debtors	Net	567,323	34.6%	421,515	54.7%	272,437
	Gross	BZ	567,323	34.6%	421,515	54.7%	272,437
	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	6,973,973	27.6%	5,464,466	3.9%	5,257,407

Divers

			29/02/2012		28/02/2011		28/02/2010
	Investment securities	Net	0	0%	0	0%	0
	Gross	CD	0	0%	0	0%	0
	Amortisation	CE	0	0%	0	0%	0
	Cash and cash equivalents	Net	992,893	3.4%	960,374	37.7%	697,687
	Gross	CF	992,893	3.4%	960,374	37.7%	697,687
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	992,893	3.4%	960,374	37.7%	697,687

Prepaid expenses

			29/02/2012		28/02/2011		28/02/2010
	Prepaid expenses	Net	258,748	25.7%	205,860	27.8%	161,103
	Gross	CH	258,748	25.7%	205,860	27.8%	161,103
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		29/02/2012		28/02/2011		28/02/2010
Multi-period charges	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	20,798	9.0%	19,077	-70.3%	64,293
Gross		20,798	9.0%	19,077	-70.3%	64,293

References

		29/02/2012		28/02/2011		28/02/2010
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	400,294	-0.5%	402,294

Display parameter
Currency	Euro	Kilo Euro

Accounts - Passive
Other capital resources | Provisions for risks and charges | Liabilities | Translation loss | Equalization accounts | References

Grand Total - Passive Accounts (I to IV)

		29/02/2012		28/02/2011		28/02/2010
Grand Total (I to V)	EE	14,652,039	23.3%	11,885,215	15.3%	10,304,895

Shareholder Equity (I)

			29/02/2012		28/02/2011		28/02/2010
	Total shareholders' equity (Total I)	DL	3,360,905	145.8%	1,367,482	101.4%	678,960
	Equity and shareholders' equity	DA	50,000	0%	50,000	0%	50,000
	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	5,000	0%	5,000	0%	5,000
	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	1,312,482	82.2%	720,477	0%	720,477
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	0	0%	-96,517	43.9%	-172,158
	Profit or loss for the period	DI	1,993,423	189.5%	688,522	810.2%	75,641
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			29/02/2012		28/02/2011		28/02/2010
	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)

			29/02/2012		28/02/2011		28/02/2010
	Total provisions for risks and charges (Total III)	DR	109,214	45.1%	75,292	-1.5%	76,417
	Risk provisions	DP	86,787	57.6%	55,065	-5.7%	58,389
	Reserves for charges	DQ	22,427	10.9%	20,227	12.2%	18,028

Liabilities (IV)

			29/02/2012		28/02/2011		28/02/2010
	Total Liabilities (Total IV)	EC	11,088,695	6.9%	10,375,784	9.0%	9,522,473
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	1,639,011	37.5%	1,191,642	10.9%	1,074,632
	Sundry loans and financial liabilities	DV	6,186,637	-10.6%	6,921,993	-4.1%	7,221,070
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	12,223	0%	0
	Trade accounts payables	DX	2,321,954	44.9%	1,602,677	57.8%	1,015,415
	Tax and social security liabilities	DY	425,566	153.5%	167,902	53.5%	109,403
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	456,350	-4.8%	479,347	370.2%	101,953

Translation loss (V)

		29/02/2012		28/02/2011		28/02/2010
Translation loss (Total V)	ED	93,226	39.9%	66,655	146.5%	27,046

Equalization accounts

		29/02/2012		28/02/2011		28/02/2010
Deferred income	EB	59,177	0%	0	0%	0

References

		29/02/2012		28/02/2011		28/02/2010
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	10,250,126	9.6%	9,348,443
Of which current bank facilities	EH	0	0%	1,017,614	20.7%	842,901

Display parameter
Currency	Euro	Kilo Euro

Result account
Sales of Goods | Operating charges | Operating charges | Financial income | Financial charges | Financial charges | Extraordinary charges | Employee profit sharing | Tax on profits | References

1- Operating result (I-II)

		29/02/2012		28/02/2011		28/02/2010
Operating result (Total I-II)	GG	3,187,018	136.0%	1,350,656	324.7%	318,015

2 - Financial result (V - VI)

		29/02/2012		28/02/2011		28/02/2010
Financial result (Total V-VI)	GV	-323,575	-6.0%	-305,292	-58.3%	-192,848

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

		29/02/2012		28/02/2011		28/02/2010
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	2,863,443	173.9%	1,045,364	735.2%	125,167

4 - Extraordinary result (VII-VIII)

		29/02/2012		28/02/2011		28/02/2010
Extraordinary result (Total VII-VIII)	HI	94,216	546.9%	14,565	667.2%	-2,568

Profit or loss

		29/02/2012		28/02/2011		28/02/2010
Profit or loss	HN	1,993,423	189.5%	688,522	810.3%	75,640

Total Income (I+III+V+VII)

		29/02/2012		28/02/2011		28/02/2010
Total Income (I+III+V+VII)	HL	20,570,219	39.6%	14,739,209	48.6%	9,919,604

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

		29/02/2012		28/02/2011		28/02/2010
Total charges (Total II+IV+VI+VIII+IX+X)	HM	18,576,795	32.2%	14,050,687	42.7%	9,843,964

Operating income (I)

		29/02/2012		28/02/2011		28/02/2010
Total operating income (Total I)	FR	20,096,595	40.0%	14,351,950	49.1%	9,623,095

Operating income (details)

			29/02/2012		28/02/2011		28/02/2010
	Sale of goods for resale	FC	20,034,037	39.9%	14,317,283	50.1%	9,539,942
	France	FA	10,366,399	20.1%	8,634,583	53.5%	5,625,222
	Export	FB	9,667,638	70.1%	5,682,700	45.2%	3,914,720
	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	1,179	0%	0	0%	0
	France	FG	1,179	0%	0	0%	0
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	20,035,216	39.9%	14,317,283	50.1%	9,539,942
	France	FJ	10,367,578	20.1%	8,634,583	53.5%	5,625,222
	Export	FK	9,667,638	70.1%	5,682,700	45.2%	3,914,720
	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	60,785	114.3%	28,370	-51.4%	58,320
	Other income	FQ	594	-90.6%	6,297	-74.6%	24,833

Operating charges (II)

		29/02/2012		28/02/2011		28/02/2010
Total operating charges (Total II)	GF	16,909,577	30.1%	13,001,294	39.7%	9,305,080

Exploitation charges

		29/02/2012		28/02/2011		28/02/2010
Purchase of goods for resale	FS	11,793,291	24.9%	9,441,235	70.9%	5,524,176
Change in stocks of goods for resale	FT	-1,006,611	22.7%	-1,302,475	-614.7%	253,036
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	3,976,562	26.8%	3,135,238	41.5%	2,215,395
Tax, duty and similar payments	FX	297,806	25.4%	237,447	39.2%	170,529
Payroll	FY	1,046,930	23.2%	849,883	65.2%	514,497
Social security costs	FZ	484,659	36.3%	355,699	61.5%	220,283

Depreciation

		29/02/2012		28/02/2011		28/02/2010
Depreciation of fixed assets	GA	249,633	24.9%	199,921	21.8%	164,092
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	43,583	-33.9%	65,947	-71.4%	230,576
Provisions for risks and charges	GD	2,200	-73.1%	8,188	170.6%	3,026

Other charges

		29/02/2012		28/02/2011		28/02/2010
Other charges	GE	21,524	110.8%	10,211	7.8%	9,470

Operating charges (III-IV)

		29/02/2012		28/02/2011		28/02/2010
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)

			29/02/2012		28/02/2011		28/02/2010
	Total financial income (Total V)	GP	316,002	-13.9%	367,109	24.2%	295,559
	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	1,121	-82.6%	6,445	35905.6%	-18
	Released provisions and transferred charges	GM	19,077	-67.3%	58,389	-31.3%	84,953
	Exchange gains	GN	295,804	-2.1%	302,275	43.5%	210,624
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			29/02/2012		28/02/2011		28/02/2010
	Total financial charge (Total VI)	GU	639,577	-4.9%	672,401	37.7%	488,407
	Financial reserves and provisions	GQ	20,798	9.0%	19,077	-67.3%	58,389
	Interest and similar charges	GR	261,834	-8.1%	284,954	-2.9%	293,573
	Exchange losses	GS	356,945	-3.1%	368,370	170.0%	136,445
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			29/02/2012		28/02/2011		28/02/2010
	Total extraordinary income (Total VII)	HD	157,622	682.2%	20,150	2021.1%	950
	Extraordinary operating income	HA	157,622	729.6%	19,000	0%	0
	Extraordinary income from capital transactions	HB	0	0%	1,150	21.1%	950
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			29/02/2012		28/02/2011		28/02/2010
	Total extraordinary charges (Total VIII)	HH	63,406	1035.3%	5,585	58.8%	3,518
	Extraordinary operating charges	HE	63,406	1404.7%	4,214	83.0%	2,303
	Extraordinary charges from capital transactions	HF	0	0%	1,371	12.8%	1,215
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		29/02/2012		28/02/2011		28/02/2010
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		29/02/2012		28/02/2011		28/02/2010
Tax on profits (Total X)	HK	964,235	159.6%	371,407	690.9%	46,959

References

		29/02/2012		28/02/2011		28/02/2010
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

Display parameter
Currency	Euro	Kilo Euro

Other incomes tax return forms
Reserve for depreciation | Provisions included in balance sheet | State deadlines claims and debts at the end of period
Table allocation results and other information

Fixed Assets
Grand Total Fixed Assets (I to IV)

			29/02/2012		28/02/2011		28/02/2010
	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%	40,394
	Decreasess by transfers	OK2	0	0%	2,100	-13.5%	2,429
	Gross value at the end of period	OL	1,398,755	28.7%	1,086,884	4.2%	1,043,187

Research and development Charge (Total I)

			29/02/2012		28/02/2011		28/02/2010
	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	C01	0	0%	0	0%	0
	Decreasess by transfers	C02	0	0%	0	0%	0
	Gross value at the end of period	D0	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

			29/02/2012		28/02/2011		28/02/2010
	Gross value at begin of period	KD	5,000	0%	5,000	0%	5,000
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	46,700	0%	0	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	51,700	934.0%	5,000	0%	5,000

Tangible fixed assets (Total III)

			29/02/2012		28/02/2011		28/02/2010
	Gross value at begin of period	LN	1,081,584	4.2%	1,038,187	19.8%	866,641
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	265,171	482.8%	45,497	-78.8%	214,369
	Decreasess by budget item transfer	NG1	0	0%	0	0%	40,394
	Decreasess by transfers	NG2	0	0%	2,100	-13.5%	2,429
	Gross value at the end of period	NH	1,346,755	24.5%	1,081,584	4.2%	1,038,187

Fiancial assets (Total IV)

			29/02/2012		28/02/2011		28/02/2010
	Gross value at begin of period	LQ	300	0%	0	0%	0
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	300	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	300	0%	300	0%	0

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

			29/02/2012		28/02/2011		28/02/2010
	Reserve for depreciation value at begin of period	0N	0	0%	0	0%	0
Increases		0P	0	0%	0	0%	0
Decreasess		0Q	0	0%	0	0%	0
	Reserve for depreciation value at the end of period	0R	0	0%	0	0%	0

Research and development charge (Total I)

			29/02/2012		28/02/2011		28/02/2010
	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)

			29/02/2012		28/02/2011		28/02/2010
	Reserve for depreciation value at begin of period	PE	5,000	0%	5,000	7.7%	4,644
Increases		PF	45,700	0%	0	0%	356
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	50,700	914.0%	5,000	0%	5,000

Total fixed assets amotisation (Total III)

			29/02/2012		28/02/2011		28/02/2010
	Reserve for depreciation value at begin of period	QU	492,386	67.9%	293,193	124.4%	130,673
Increases		QV	203,933	2.0%	199,921	22.1%	163,735
Decreases		QW	0	0%	729	-40.0%	1,215
	Decreasess by budget item transfer	QX	696,319	41.4%	492,385	67.9%	293,193

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			29/02/2012		28/02/2011		28/02/2010
	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

			29/02/2012		28/02/2011		28/02/2010
	Net value at begining 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)

			29/02/2012		28/02/2011		28/02/2010
	Value at begining of period	7C	464,561	7.7%	431,411	83.9%	234,529
Increases		UB	66,581	-28.6%	93,211	-68.1%	291,991
Decreases		UC	49,077	-18.3%	60,061	-36.9%	95,109
	Value at the end of period	UD	482,065	3.8%	464,561	7.7%	431,411

Includes Total allocations

Operating	UE	45,783	-38.2%	74,135	-68.3%	233,602
Financial	UG	20,798	9.0%	19,077	-67.3%	58,389
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	30,000	1694.3%	1,672	-83.5%	10,155
Financial	UH	19,077	-67.3%	58,389	-31.3%	84,953
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			29/02/2012		28/02/2011		28/02/2010
	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)

			29/02/2012		28/02/2011		28/02/2010
	Value at begining of period	5Z	75,293	-1.5%	76,417	-23.5%	99,955
Increases		TV	52,998	-7.5%	57,265	-6.8%	61,415
Decreases		TW	19,077	-67.3%	58,389	-31.3%	84,953
	Value at the end of period	TX	109,214	45.1%	75,293	-1.5%	76,417

Total Provision for depreciation (Total III)

			29/02/2012		28/02/2011		28/02/2010
	Value at begining of period	7B	389,269	9.7%	354,994	163.8%	134,574
Increases		TY	13,583	-62.2%	35,947	-84.4%	230,576
Decreases		TZ	30,000	1694.3%	1,672	-83.5%	10,156
	Value at the end of period	UA	372,852	-4.2%	389,269	9.7%	354,994

State deadlines claims and debts at the end of period
State claims

		29/02/2012		28/02/2011		28/02/2010
Gross value	VT	7,556,344	25.4%	6,023,948	4.3%	5,773,504
1 year at most	VU	7,185,750	27.8%	5,623,354	4.7%	5,371,210
More than one year	VV	370,594	-7.5%	400,594	-0.4%	402,294

State of loans

		29/02/2012		28/02/2011		28/02/2010
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	300	0%	300	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		29/02/2012		28/02/2011		28/02/2010
Customers doubtful or disputed	VA	370,294	-7.5%	400,294	-0.5%	402,294
Other claims customer	UX	6,359,678	27.3%	4,995,978	1.2%	4,937,670
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	15,323	717.2%	1,875	-74.5%	7,341
Social Security and other social organizations	UZ	0	0%	1,082	57.3%	688
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	479,484	125.4%	212,732	75.3%	121,373
Other taxes and payments assimilated	VN	3,030	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	117,192
Accounts receivable (including claims relating to the operation of pension titles)	VR	69,486	-66.2%	205,826	696.4%	25,843

Prepaid

		29/02/2012		28/02/2011		28/02/2010
Prepaid	VS	258,748	25.7%	205,860	27.8%	161,103

State Debt

			29/02/2012		28/02/2011		28/02/2010
	Total debt (gross)	VY	11,088,694	7.0%	10,363,562	8.8%	9,522,472
1 year at most		VZ2	11,038,888	7.7%	10,250,126	9.6%	9,348,443
More than 1 year and 5 years at most		VZ3	49,806	-56.1%	113,436	-34.8%	174,029
More than 5 years		VZ4	0	0%	0	0%	0

Details

			29/02/2012		28/02/2011		28/02/2010
	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	1,525,575	49.9%	1,017,614	20.7%	842,901
1 year at most		VG2	1,525,575	49.9%	1,017,614	20.7%	842,901
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	113,436	-34.8%	174,029	-24.9%	231,730
1 year at most		VH2	63,630	5.0%	60,593	5.0%	57,701
More than 1 year and 5 years at most		VH3	49,806	-56.1%	113,436	-34.8%	174,029
	Loans and various financial liabilities (gross)	8A1	0	0%	998	33.6%	747
1 year at most		8A2	0	0%	998	33.6%	747
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	2,321,954	44.9%	1,602,677	57.8%	1,015,415
1 year at most		8B2	2,321,954	44.9%	1,602,677	57.8%	1,015,415
More than 1 year and 5 years at most		8B3	2,321,954	44.9%	1,602,677	57.8%	1,015,415
	Personnel and associated accounts (gross)	8C1	126,377	155.9%	49,376	34.7%	36,664
1 year at most		8C2	126,377	155.9%	49,376	34.7%	36,664
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	170,080	132.9%	73,018	53.6%	47,545
1 year at most		8D2	170,080	132.9%	73,018	53.6%	47,545
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	61,112	0%	0	0%	0
1 year at most		8E2	61,112	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	8,049	-11.5%	9,093	352.2%	2,011
1 year at most		VW2	8,049	-11.5%	9,093	352.2%	2,011
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	59,947	64.6%	36,414	57.1%	23,183
1 year at most		VQ2	59,947	64.6%	36,414	57.1%	23,183
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	6,186,637	-10.6%	6,920,994	-4.1%	7,220,323
1 year at most		VI2	6,186,637	-10.6%	6,920,994	-4.1%	7,220,323
More than 1 year and 5 years at most		VI3	0	0%	0	0%	0
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	456,350	-4.8%	479,347	370.2%	101,953
1 year at most		8K2	456,350	-4.8%	479,347	370.2%	101,953
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	59,177	0%	0	0%	0
1 year at most		8L2	59,177	0%	0	0%	0
More than 1 year and 5 years at most		8L3	0	0%	0	0%	0

References

		29/02/2012		28/02/2011		28/02/2010
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	60,593	5.0%	57,701	0%	0

Table allocation results and other information
Dividends distributed

		29/02/2012		28/02/2011		28/02/2010
Dividends	ZE	0	0%	0	0%	0

Commitments

		29/02/2012		28/02/2011		28/02/2010
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

		29/02/2012		28/02/2011		28/02/2010
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		29/02/2012		28/02/2011		28/02/2010
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		29/02/2012		28/02/2011		28/02/2010
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		29/02/2012		28/02/2011		28/02/2010
Average number of employees	YP	29	61.1%	18	100%	09

Groups and Shareholders

		29/02/2012		28/02/2011		28/02/2010
Groups and Shareholders	ZR	0	-	0	-	-

Display parameter
Comparison mode	Average	Median

Ratios
Structure and liquidity | Management or rotation | Profitability of the business | Return on capital

Structure and Liquidity

		29/02/2012		28/02/2011		28/02/2010	Sector Median 2012
Fixed Asset Financing		8.61	3.6%	8.31	2.0%	8.15	2.78	209.7%
Global Debt		199 days	-23.8%	261 days	-27.3%	359 days	145 days	37.2%
Working Capital Fund overall net		191 days	-4.5%	200 days	-29.1%	282 days	89.50 days	113.4%
Financial independence		42.95%	154.9%	16.85%	106.0%	8.18%	133.37%	-67.8%
More ratios
Solvability		22.94%	99.3%	11.51%	74.7%	6.59%	34.63%	-33.8%
Capacity debt futures		211.48%	66.7%	126.83%	68.2%	75.39%	1723.35%	-87.7%
Coverage of current assets by net working capital overall		75.52%	8.9%	69.37%	-9.9%	77.02%	47.49%	59.0%
General Liquidity		0.65	18.2%	0.55	-3.5%	0.57	0.44	47.7%
Restricted Liquidity		0.74	15.6%	0.64	-1.5%	0.65	0.81	-8.6%

Management or rotation

		29/02/2012		28/02/2011		28/02/2010	Sector Median 2012
Need background in operating working capital		171 days	-13.2%	197 days	-29.6%	280 days	54 days	216.7%
Treasury		18 days	1900%	-1 days	80.0%	-5 days	12.50 days	44.0%
Inventory turnover of goods		194 days	-6.3%	207 days	-1.9%	211 days	157.50 days	23.2%
Average length of credit granted to customers		121 days	-11.0%	136 days	-32.7%	202 days	39 days	210.3%
Average length of credit obtained suppliers		57 days	11.8%	51 days	10.9%	46 days	54 days	5.6%
More ratios
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		days	-	days	-	days	1449 days	-
Rotation tangible assets		1487.67%	12.4%	1323.73%	44.1%	918.90%	1279.72%	16.2%

Profitability of the business

		29/02/2012		28/02/2011		28/02/2010	Sector Median 2012
Margin trading		46.16%	7.0%	43.15%	9.4%	39.44	35.90%	28.6%
Profitability of the business		17.18	53.7%	11.18	66.1%	6.73	4.37%	293.1%
Net profit		9.95%	106.9%	4.81%	508.9%	0.79%	1.77%	462.1%
More ratios
Growth rate of turnover (excluding VAT)		39.94%	-20.2%	50.08%	317.0%	12.01%	0%	0%
Rates integration		26.31%	23.8%	21.26%	31.1%	16.22%	21.63%	21.6%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		29.05%	-26.7%	39.61%	-16.6%	47.49%	62.75%	-53.7%
Weight interests		3.19	-32.1%	4.70%	-8.2%	5.12%	0.42%	659.5%

Return on capital

		29/02/2012		28/02/2011		28/02/2010	Sector Median 2012
Cash flow from the overall profitability		11.05%	86.7%	5.92%	177.9%	2.13%	2.73%	304.8%
Rates of economic profitability		31%	82.4%	17%	142.9%	7%	12.40%	150.0%
Financial profitability		3360905%	145.8%	1367482%	101.4%	678960%	70308%	4680.3%
Return on investment		23.54%	64.0%	14.35%	128.5%	6.28%	9.14%	157.5%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	29/02/2012		28/02/2011		28/02/2010	Sector Median 2012
Turnover	20,035,216	39.9%	14,317,283	50.1%	9,539,942	682,497 €	2835.6%

Sales of goods	20,034,037	39.9%	14,317,283	50.1%	9,539,942
- Purchase of goods	11,793,291	24.9%	9,441,235	70.9%	5,524,176
+/- Stock of goods variation	-1,006,611	22.7%	-1,302,475	-614.7%	253,036
Trading margin	9,247,357 €	49.7%	6,178,523 €	64.2%	3,762,730 €	172,162 €	5271.3%
	46.16 % CA	7.0%	43.15 % CA	9.4%	39.44 % CA	37.16 % CA	24.2%

Sale of goods produced	1,179	0%	0	0%	0
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	1,179 €	0%	0 €	0%	0 €	12,238 €	-90.4%
	0.01 % CA	0%	0.00 % CA	0%	0.00 % CA	1.89 % CA	-99.5%

Trading margin	9,247,357	49.7%	6,178,523	64.2%	3,762,730	172,162	5271.3%
+ Period Production	1,179	0%	0	0%	0	12,238	-90.4%
- 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	3,976,562	26.8%	3,135,238	41.5%	2,215,395
Added value	5,271,974 €	73.2%	3,043,285 €	96.7%	1,547,335 €	116,904 €	4409.7%
	26.31 % CA	23.8%	21.26 % CA	31.1%	16.22 % CA	21.63 % CA	21.6%

Added value	5,271,974 €	73.2%	3,043,285 €	96.7%	1,547,335 €	116,904 €	4409.7%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	297,806	25.4%	237,447	39.2%	170,529
- Personal charges	1,531,589	27.0%	1,205,582	64.1%	734,780
Gross operating surplus	3,442,579 €	115.1%	1,600,256 €	149.3%	642,026 €	19,596 €	17467.8%
	17.18 % CA	53.7%	11.18 % CA	66.1%	6.73 % CA	4.37 % CA	293.1%

Gross operating surplus	3,442,579 €	115.1%	1,600,256 €	149.3%	642,026 €	19,596 €	17467.8%
+ Release of reserves and provisions	60,785	114.3%	28,370	-51.4%	58,320
+ Other operating income	594	-90.6%	6,297	-74.6%	24,833
- Depreciation/Amortisation	295,416	7.8%	274,056	-31.1%	397,694
- Other charges	21,524	110.8%	10,211	7.8%	9,470
Operating result	3,187,018 €	136.0%	1,350,656 €	324.7%	318,015 €	15,186 €	20886.6%
	15.91 % CA	68.7%	9.43 % CA	183.2%	3.33 % CA	3.31 % CA	380.7%

Operating result	3,187,018 €	136.0%	1,350,656 €	324.7%	318,015 €	15,186 €	20886.6%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	316,002	-13.9%	367,109	24.2%	295,559
- Financial charges	639,577	-4.9%	672,401	37.7%	488,407
Pre-tax result	2,863,443 €	173.9%	1,045,364 €	735.2%	125,167 €	11,955 €	23851.8%
	14.29 % CA	95.8%	7.30 % CA	457.3%	1.31 % CA	2.37 % CA	503.0%

Extraordinary income	157,622	682.2%	20,150	2021.1%	950	0	0%
- Extraordinary charges	63,406	1035.3%	5,585	58.8%	3,518
Extraordinary result	94,216 €	546.9%	14,565 €	667.2%	-2,568 €	0 €	0%
	0.47 % CA	370.0%	0.10 % CA	433.3%	0 % CA	0 % CA	0%

Pre-tax result	2,863,443 €	173.9%	1,045,364 €	735.2%	125,167 €	11,955 €	23851.8%
Extraordinary result	94,216 €	546.9%	14,565 €	667.2%	-2,568 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	964,235	159.6%	371,407	690.9%	46,959
Net result	1,993,424 €	189.5%	688,522 €	810.3%	75,640 €	10,931 €	18136.4%
	9.95 % CA	106.9%	4.81 % CA	508.9%	0.79 % CA	1.79 % CA	455.9%

judgements

Collective procedures

No judgment information for the company

   Social security, pension funds preferential rights | Tax office preferential rights

Preferential rights details and history

Status of collection

This company is not under monitoring

Group data

Ultimate parent company	MESSIKA GROUP SA
Direct parent	MESSIKA GROUP SA - 99.98 %
Group – Number of companies	3
Linkages – Number of companies	-
Number of countries	-

Group Structure

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MESSIKA GROUP SA

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Company Name	SIREN	Parts	Last account published
MESSIKA GROUP SA	301293999	-	29/02/2012
MESSIKA DIAMONDS	487734253	99.98%	29/02/2012
MESSIKA DESIGN	487779514	99.98%	29/02/2012

Shareholders

Type of shareholder

Shareholders

Linkages

Ultimate parent company	MESSIKA GROUP SA
Direct parent	MESSIKA GROUP SA - 99.98 %
Group – Number of companies	3
Linkages – Number of companies	-
Number of countries	-

No Linkages information available for the company

event history

Status history

Date	Description
31/08/2014	Closed

Recent publications in Gazettes

Publication date	Gazette Name	Description
16/11/2014	Bodacc B	Radiation
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1117 - 487 779 514 RCS Paris. MESSIKA DESIGN. Forme : Société par actions simplifiée. Activité : . Adresse du siège social : 64 rue Lafayette, 75009 Paris.
23/07/2014	Bodacc A	Vente et cession : Acheteur
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 394 - Réctificatif. Parution avis précédent : BODACC A. Numéro de parution : . Date de parution : 9 juillet 2014. Numéro d’annonce : 1452. Cet avis est annulé et remplacé par le suivant. 487 779 514 RCS Paris. MESSIKA DESIGN (SOCIÉTÉ ABSORBÉE). Forme : Société par actions simplifiée. Capital : 50000 EUR. Adresse : 64 rue Lafayette, 75009 Paris. Date de commencement de l’activité : 01/01/0001. Oppositions : Article L.236-14 du code de commerce. Descriptif : Pour la soci¿t¿ absorbante : MESSIKA GROUP SA SA au capital de 1.100.000 euros si¿ge social : 64 rue Lafayette 75009 PARIS 301.293.999 RCS PARIS L'¿valuation de l'actif et du passif dont la transmission ¿ la soci¿t¿ absorbante est pr¿vue : ACTIF 29.226.053 Euros PASSIF 21.141.755 Euros Le rapport d'¿change des droits sociaux : NEANT : la soci¿t¿ MESSIKA GROUP SA d¿tenant l'int¿gralit¿ des actions composant le capital de MESSIKA DESIGN, il ne sera pas proc¿d¿ ¿ augmentation de son capital. Boni de fusion : 8.034.298 euros La date du projet commun du projet de fusion : 25 juin 2014 Les date et lieu du d¿p¿t au RCS au titre de chaque soci¿t¿ participante : Au Greffe du Tribunal de Commerce de PARIS le 30 juin 2014 Il est pr¿cis¿ qu'un projet de fusion rectificatif a ¿t¿ d¿pos¿ au Greffe du Tribunal de Commerce de Paris, au titre des deux soci¿t¿s le 15 juillet 2014. Commentaires : Autre achat, apport, attribution.
09/07/2014	Bodacc A	Vente et cession : Acheteur
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1452 - 487 779 514 RCS Paris. MESSIKA DESIGN (SOCIÉTÉ ABSORBÉE). Forme : Société par actions simplifiée. Capital : 50000 EUR. Adresse : 64 rue Lafayette, 75009 Paris. Date de commencement de l’activité : 01/01/0001. Oppositions : Article L.236-14 du code de commerce. Descriptif : Pour la soci¿t¿ absorbante :MESSIKA GROUP SASA au capital de 1.100.000 eurossi¿ge social : 64 rue Lafayette 75009 PARIS301.293.999 RCS PARISL'¿valuation de l'actif et du passif dont la transmission ¿ la soci¿t¿ absorbante est pr¿vue :ACTIF29.226.053EurosPASSIF21.141.755EurosLe rapport d'¿change des droits sociaux : NEANT : la soci¿t¿ MESSIKA GROUP SA d¿tenant l'int¿gralit¿ des actions composant le capital de MESSIKA DESIGN, il ne sera pas proc¿d¿ ¿ augmentation de son capital.Boni de fusion : 8.034.298 eurosLa date du projet commun du projet de fusion : 25 juin 2014Les date et lieu du d¿p¿t au RCS au titre de chaque soci¿t¿ participante : Au Greffe du Tribunal de Commerce de PARIS le 30 juin 2014. Commentaires : Autre achat, apport, attribution.
16/01/2013	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 10137 - 487779514 RCS. MESSIKA DESIGN. Forme : Société par actions simplifiée. Adresse : 64 rue Lafayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 29/02/2012.
23/03/2012	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1448 - 487 779 514 RCS Paris. MESSIKA DESIGN. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire partant : SOCIETE FIDUCIAIRE INTERNATIONALE D'EXPERTISE COMPTABLE SOFINTEX, Commissaire aux comptes suppléant partant : Assayah, Joel. Capital : 50000 EUR. Activité : . Adresse du siège social : 64 rue Lafayette, 75009 Paris. Commentaires : modification survenue sur l'administration.
14/11/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7842 - 487779514 RCS. MESSIKA DESIGN. Forme : Société par actions simplifiée. Adresse : 64 rue Lafayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2011.
18/11/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7537 - 487779514 RCS. MESSIKA DESIGN. Forme : Société par actions simplifiée. Adresse : 64 rue Lafayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2007.
18/11/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7539 - 487779514 RCS. MESSIKA DESIGN. Forme : Société par actions simplifiée. Adresse : 64 rue Lafayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 28/02/2009.
18/11/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7538 - 487779514 RCS. MESSIKA DESIGN. Forme : Société par actions simplifiée. Adresse : 64 rue Lafayette 75009 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 29/02/2008.
28/10/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2454 - 487 779 514 RCS Paris. MESSIKA DESIGN. Forme : Société par actions simplifiée. Administration : nomination du Commissaire aux comptes titulaire : CABINET GUINARD, Commissaire aux comptes suppléant partant : Messageot, Patrick, nomination du Commissaire aux comptes suppléant : Assayah, Joel, nomination du Commissaire aux comptes suppléant : Roumagne, Jean Thierry. Capital : 50000 EUR. Activité : Achat vente fabrication de bijoux. Adresse du siège social : 64 rue Lafayette, 75009 Paris. Commentaires : modification survenue sur l'administration.
05/10/2008	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1408 - 487 779 514 RCS Paris. MESSIKA DESIGN. Forme : Société par actions simplifiée. Capital : 50000 EUR. Activité : Achat vente fabrication de bijoux. Adresse de l’établissement principal : 64 rue Lafayette, 75009 Paris. Adresse du siège social : 64 rue Lafayette, 75009 Paris. Commentaires : Mise en activité de la société, modification survenue sur la prise d'activité et l'adresse du siège.
11/08/2006	Bodacc B	Modifications et mutations diverses
2333 - RCS Paris B 487 779 514. RC 06-B 1781. MESSIKA DESIGN. Forme : S.A.S. Capital : 50 000 euros. Adresse du siège social : 62 rue Lafayette,, 75009 Commentaires : mise en activité de la société. Etablissement principal - Activité : achat et vente de fabrication de bijoux. Adresse : 62 rue Lafayette, 75009 Date de début d'activité : 1er mars 2006.
25/05/2006	Bodacc A	Création d'établissement
0887 - RCS Paris B 487 779 514. RC 06-B 1781. MESSIKA DESIGN. Forme : S.A.S. Capital : 50 000 euros. Adresse du siège social : 62 rue Lafayette, 75009 Paris. Administration : président : MESSIKA (Valérie) (Nom d'usage : GOLDMAN). Commissaire aux comptes titulaire : STE FIDUCIAIRE INTERNATIONALE D'EXPERTISE COMPTABLE-SOFINTEX. Commissaire aux comptes suppléant : MESSAGEOT (Patrick). Cette société se constitue , mais n'exploite provisoirement aucun établissement.

Company events history

Date	Description
16/11/2014	Bodacc B: Radiation
30/10/2014	Amendment
30/10/2014	Winding up
30/10/2014	Declaration of conformity
30/10/2014	Power of attorney
28/10/2014	Update Rating
28/10/2014	Update Limit
31/08/2014	Legal suspension of Company
23/07/2014	Bodacc A : Sale and transfer
15/07/2014	Planned merger
15/07/2014	Amendment
09/07/2014	Bodacc A : Sale and transfer
30/06/2014	Planned merger
18/10/2013	Update Limit
18/10/2013	Update Rating
06/09/2013	New ultimate parent
06/09/2013	New parent detected
23/02/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
16/01/2013	Bodacc C : Deposit accounts notice
23/03/2012	Bodacc B: Various editing or changing
07/03/2012	Amendment
07/03/2012	Minutes of general meeting of shareholders
07/03/2012	New auditor
29/02/2012	New accounts available
21/02/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
14/11/2011	Bodacc C : Deposit accounts notice
04/11/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
11/04/2011	Bodacc C : Deposit accounts notice
28/02/2011	New accounts available
28/02/2010	New accounts available
18/11/2009	Bodacc C : Deposit accounts notice
28/10/2009	Bodacc B: Various editing or changing
12/10/2009	Changement de Commissaire aux Comptes
12/10/2009	New auditor
12/10/2009	PV d'Assemblée
12/10/2009	Acte modificatif
12/10/2009	Minutes of general meeting of shareholders
28/02/2009	New accounts available
31/12/2008	Modification of Company Activity
31/12/2008	Update of Company Activity
05/10/2008	New Bodacc B ads detected
05/10/2008	Bodacc B: Various editing or changing
16/09/2008	Statuts mis à jour
16/09/2008	Acte modificatif
16/09/2008	PV d'Assemblée
16/09/2008	Minutes of general meeting of shareholders
16/09/2008	Updated articles of association
16/09/2008	Registered office transferred inside jurisdiction of the Commercial Court
16/09/2008	Transfert du Siège dans le ressort du Tribunal de Commerce
16/09/2008	Private document
01/08/2008	Update of Company Head Office Identifier
01/08/2008	Transfer of Establishment
29/02/2008	New accounts available
28/02/2007	New accounts available
26/01/2006	Private document
26/01/2006	Company formation
26/01/2006	Fund deposit certificate
26/01/2006	Statuts
26/01/2006	Articles of association

directors

Name	Mme. GOLDMAN VALERIE
Manager position	President	Date of birth	26/08/1976
Place of birth	BOULOGNE BILLANCOURT (92100)
Type	Individual	Name at birth	MESSIKA

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	MME VALERIE GOLDMAN	8/26/1976 - BOULGNE BILLANCOURT
President	Mme VALERIE GOLDMAN	- - BOULOGNE BILLANCOURT (92100)

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.01

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIS

RATING EXPLANATIONS

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

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

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

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

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

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