MIRA INFORM REPORT

Report No. :	303235
Report Date :	19.01.2015

IDENTIFICATION DETAILS

Name :	FRANCE DENIM
Registered Office :	34 Rue Charles Tellier 13014 Marseille 14
Country :	France
Financials (as on) :	30.11.2013
Date of Incorporation :	03/2003
Com. Reg. No.:	0 447 518 432
Legal Form :	Limited Liability Company
Line of Business :	Wholesale (business to business) clothing and footwear (4642Z)
No. of Employee :	20 to 49

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – 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 summary

		EUR VAT Number	FR36447518432
Activity (APE)	Wholesale (business to business) clothing and footwear (4642Z)	Legal form	Limited Liability Company
Phone	04 95 09 31 90	RCS Registration	RCS Marseille 0 447 518 432
Fax		Share capital	613,000 Euros
Address	FRANCE DENIM 34 RUE CHARLES TELLIER 13014 MARSEILLE 14	Incorporated Date	03/2003
Nationality	France	Status	Economically active

Payment Information Summary - Trade Payment Data
Total number of Invoices available	7
Total number of Invoices paid within or up to 30 days after the due date	2
Total number of Invoices paid more than 30 days after the due date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	5
Total number of Invoices currently outstanding beyond the due date	0

No social security and tax office preferential right to date

Current Directors

1

Trading to Date	11/30/2013	11/30/2012	11/30/2011
Turnover	4,469,080 €	4,516,305 €	5,410,726 €
Gross Operating Surplus	3.10 % Turnover	3.92 % Turnover	7.16 % Turnover
Shareholders’ equity	913,602 €	834,880 €	749,625 €
Net result	78,722 €	85,255 €	170,633 €
Employees	20 to 49 employees	-	-

Trends
Profitability
Liquidity
Net worth

Company details

Activity (APE)	Wholesale (business to business) clothing and footwear (4642Z)
RCS Registration	RCS Marseille 0 447 518 432	Share capital	613,000 Euros
Registration Court	Marseille (13)	Legal form	Limited Liability Company
Court Registry Number	20 0 3B00600	EUR VAT Number	FR36447518432
Incorporation Date	03/2003	Formation Date	03/2003
Deregistration Date		Last account Date	30/11/2013
Nationality	France

Establishment details

Activity (APE)	Wholesale (business to business) clothing and footwear (4642Z)	Business Pages FT®	FABRICATION DE VETEMENTS POUR HOMMES
Postal Address	FRANCE DENIM 34 RUE CHARLES TELLIER 13014 MARSEILLE 14	Trading Address	34 RUE CHARLES TELLIER 13014 MARSEILLE 14
Telephone	04 95 09 31 90
Fax

Type	Head office	Status	Economically active
Formation Date	01/2009	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature		Activity Location
Location surface		Seasonality

Department	Bouches-du-Rhône (13)	Region	Côte d'Azur
District		Area
City	MARSEILLE 14	Size of urban area

Other establishments

Branches	1 branch entities in this company
Head office	> FRANCE DENIM <<<  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in MARSEILLE 14  (13014)
Secondary establishments	>  FRANCE DENIM  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in MARSEILLE 14  (13014) >  FRANCE DENIM  - Commerce de gros (commerce interentreprises) d'habillement et de chaussures (4642Z)  in AUBERVILLIERS  (93300)

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

20 to 49 employees

Company workforce

20 to 49 employees

accounts

Active Account |  Passive Account |  Account Results

Synthesized Accounts

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Annual Accounts	30/11/2013	30/11/2012	30/11/2011
Account period (month)	12	12	11
Account Type	Normal	Normal	Normal
Date of capture	06/06/2014	03/07/2013	28/06/2012
Activity Code	4642Z	4642Z	4642Z
Employees	21	21	25

Active account

Annual Accounts	30/11/2013		30/11/2012		30/11/2011	Sector Median 2013
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	96,282	-14.4%	112,454	-3.7%	116,756	47,151	104.2%
- Intangible assets	0	0%	0	0%	0	6,999	0%
- Tangible assets	75,283	-17.7%	91,454	-4.5%	95,756	5,925	1170.6%
- Financial assets	21,000	0%	21,000	0%	21,000	6,403	228.0%
Net current assets	2,204,701	-18.2%	2,696,614	46.0%	1,846,609	225,387	878.2%
- Stocks	1,463,081	-18.6%	1,796,850	21.7%	1,476,806	57,907	2426.6%
- Advanced payments	0	-18.2%	0	0%	0	0	0%
- Receivables	729,643	-6.1%	776,689	118.4%	355,626	64,978	1022.9%
- Securities and cash	11,977	-90.3%	123,075	768.1%	14,177	37,525	-68.1%
- Prepaid expenses	-	-	-	-	-	52	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	2,300,985	-18.1%	2,809,069	43.1%	1,963,364	313,878	633.1%

Passive Account

Annual Accounts	30/11/2013		30/11/2012		30/11/2011	Sector Median 2013
Shareholders' equity	913,602	9.4%	834,880	11.4%	749,625	69,071	1222.7%
Share capital	613,000	0%	613,000	16.5%	526,000	9,147	6601.7%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	1,387,383	-29.7%	1,974,189	62.7%	1,213,739	206,996	570.2%
- Financial liabilities	756,996	-46.3%	1,410,718	110.3%	670,767	14,637	5071.8%
- Advanced payments received	0	0%	0	0%	0	0	0%
- Trade account payables	313,705	38.9%	225,905	24.5%	181,442	72,677	331.6%
- Tax and social liabilities	207,701	7.5%	193,234	-13.3%	222,795	43,352	379.1%
- Other debts and fixed assets liabilities	108,981	-24.5%	144,332	4.0%	138,735	9,360	1064.3%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	2,300,984	-18.1%	2,809,069	43.1%	1,963,364	313,878	633.1%

Results

Annual Accounts	30/11/2013		30/11/2012		30/11/2011	Sector Median 2013
Sales of Goods	4,501,057	-1.4%	4,564,565	-16.5%	5,466,540	450,102	900.0%
Net turnover	4,469,080	-1.0%	4,516,305	-16.5%	5,410,726	442,419	910.1%
- of which net export turnover	558,059	7.9%	517,362	14.6%	451,280	1,937	28710.5%
Operating charges	4,373,527	-0.9%	4,411,824	-13.2%	5,081,795	451,709	868.2%
Operating profit/loss	127,530	-16.5%	152,741	-60.3%	384,745	7,401	1623.1%
Financial income	105,387	-51.8%	218,733	27.8%	171,158	01	10538600%
Financial charges	143,201	-45.1%	260,817	-6.1%	277,754	598	23846.7%
Financial profit/loss	-37,814	10.1%	-42,084	60.5%	-106,596	-68	-55508.8%
Pretax net operating income	89,716	-18.9%	110,657	-60.2%	278,150	6,104	1369.8%
Extraordinary income	4,412	93.1%	2,285	-93.1%	33,349	0	0%
Extraordinary charges	1,600	-61.0%	4,101	-94.4%	72,654	190	742.1%
Extraordinary profit/loss	2,812	254.8%	-1,816	95.4%	-39,304	0	0%
Net result	78,722	-7.7%	85,255	-50.0%	170,633	7,038	1018.5%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	30/11/2013	30/11/2012	30/11/2011
Months	12	12	11

Accounts - Active
Current Assets |  Equalization accounts |  Reference

Grand Total - Passive Accounts (I to IV)

			30/11/2013		30/11/2012		30/11/2011
	Grand Total (I to VI)	Net	2,300,985	-18.1%	2,809,069	43.1%	1,963,364
	Gross	CO	2,442,588	-17.1%	2,946,960	41.4%	2,084,084
	Amortisation	1A	141,603	2.7%	137,891	14.2%	120,720

Non declared distributed capital (I)

		30/11/2013		30/11/2012		30/11/2011
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			30/11/2013		30/11/2012		30/11/2011
	Total Active fixed asset (II)	Net	96,282	-14.4%	112,454	-3.7%	116,756
	Gross	BJ	190,806	-3.6%	197,969	10.7%	178,763
	Amortisation	BK	94,524	10.5%	85,515	37.9%	62,007

Intangilble fixed assets

			30/11/2013		30/11/2012		30/11/2011
	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	0	0%	0	0%	0
	Gross	AF	1,829	0%	1,829	0%	1,829
	Amortisation	AG	1,829	0%	1,829	0%	1,829
	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	0	0%	0	0%	0

Tangilble fixed assets

			30/11/2013		30/11/2012		30/11/2011
	Lands	Net	0	0%	0	0%	0
	Gross	AN	0	0%	0	0%	0
	Amortisation	AO	0	0%	0	0%	0
	Buildings	Net	24,849	-8.4%	27,127	-14.4%	31,683
	Gross	AP	48,081	5.5%	45,560	0%	45,560
	Amortisation	AQ	23,233	26.0%	18,433	32.8%	13,877
	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	50,434	-21.6%	64,327	0.4%	64,073
	Gross	AT	119,896	-7.5%	129,580	17.4%	110,374
	Amortisation	AU	69,462	6.5%	65,253	40.9%	46,301
	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	75,283		91,454		95,756

Financial assets

			30/11/2013		30/11/2012		30/11/2011
	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	21,000	0%	21,000	0%	21,000
	Gross	BH	21,000	0%	21,000	0%	21,000
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		21,000		21,000		21,000

Current Assets (III)

			30/11/2013		30/11/2012		30/11/2011
	Total Assets	Net	2,204,701	-18.2%	2,696,614	46.0%	1,846,609
	Gross	CJ	2,251,781	-18.1%	2,748,990	44.3%	1,905,322
	Amortisation	CK	47,080	-10.1%	52,376	-10.8%	58,713

Stocks

			30/11/2013		30/11/2012		30/11/2011
	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	1,463,081	-18.6%	1,796,850	21.7%	1,476,806
	Gross	BT	1,479,883	-18.9%	1,824,469	21.7%	1,499,103
	Amortisation	BU	16,802	-39.2%	27,619	23.9%	22,297
	Sub Total Stocks	Net	1,463,081	-18.6%	1,796,850	21.7%	1,476,806

Advance payments to suppliers

			30/11/2013		30/11/2012		30/11/2011
	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

			30/11/2013		30/11/2012		30/11/2011
	Trade accounts receivable	Net	634,823	14.2%	555,667	88.2%	295,219
	Gross	BX	665,101	14.6%	580,424	75.0%	331,635
	Amortisation	BY	30,278	22.3%	24,757	-32.0%	36,416
	Other debtors	Net	66,995	-60.7%	170,309	209.9%	54,963
	Gross	BZ	66,995	-60.7%	170,309	209.9%	54,963
	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	701,818	-3.3%	725,976	107.3%	350,182

Divers

			30/11/2013		30/11/2012		30/11/2011
	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	11,977	-90.3%	123,075	768.1%	14,177
	Gross	CF	11,977	-90.3%	123,075	768.1%	14,177
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	11,977	-90.3%	123,075	768.1%	14,177

Prepaid expenses

			30/11/2013		30/11/2012		30/11/2011
	Prepaid expenses	Net	27,825	-45.1%	50,713	831.5%	5,444
	Gross	CH	27,825	-45.1%	50,713	831.5%	5,444
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		30/11/2013		30/11/2012		30/11/2011
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	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

		30/11/2013		30/11/2012		30/11/2011
Due within one year	CP	0	0%	21,000	0%	21,000
Due after one year	CR	0	0%	0	0%	0

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)

		30/11/2013		30/11/2012		30/11/2011
Grand Total (I to V)	EE	2,300,984	-18.1%	2,809,069	43.1%	1,963,364

Shareholder Equity (I)

			30/11/2013		30/11/2012		30/11/2011
	Total shareholders' equity (Total I)	DL	913,602	9.4%	834,880	11.4%	749,625
	Equity and shareholders' equity	DA	613,000	0%	613,000	16.5%	526,000
	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	61,300	0%	61,300	16.5%	52,600
	Statutory or contractual reserve	DE	0	0%	0	0%	0
	Special regulated reserves	DF	0	0%	0	0%	0
	Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
	Other reserves	DG	0	0%	0	0%	0
	Of which reserve for buying originals works from alive artists	EJ	0		0	0%	0
	Profits or losses brought forward	DH	160,580	113.2%	75,325	19066.7%	393
	Profit or loss for the period	DI	78,722	-7.7%	85,255	-50.0%	170,633
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

			30/11/2013		30/11/2012		30/11/2011
	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)

			30/11/2013		30/11/2012		30/11/2011
	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)

			30/11/2013		30/11/2012		30/11/2011
	Total Liabilities (Total IV)	EC	1,387,383	-29.7%	1,974,189	62.7%	1,213,739
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	442,040	-59.7%	1,095,762	187.0%	381,811
	Sundry loans and financial liabilities	DV	314,956	0%	314,956	9.0%	288,956
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	0	0%	0	0%	0
	Trade accounts payables	DX	313,705	38.9%	225,905	24.5%	181,442
	Tax and social security liabilities	DY	207,701	7.5%	193,234	-13.3%	222,795
	Fixed asset liabilities	DZ	0	0%	0	0%	0
	Other debts	EA	108,981	-24.5%	144,332	4.0%	138,735

Translation loss (V)

		30/11/2013		30/11/2012		30/11/2011
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		30/11/2013		30/11/2012		30/11/2011
Deferred income	EB	0	0%	0	0%	0

References

		30/11/2013		30/11/2012		30/11/2011
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	1,069,812	-45.3%	1,955,291	117.4%	899,363
Of which current bank facilities	EH	417,324	-60.4%	1,052,766	223.0%	325,905

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)

		30/11/2013		30/11/2012		30/11/2011
Operating result (Total I-II)	GG	127,530	-16.5%	152,741	-60.3%	384,745

2 - Financial result (V - VI)

		30/11/2013		30/11/2012		30/11/2011
Financial result (Total V-VI)	GV	-37,814	10.1%	-42,084	60.5%	-106,596

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

		30/11/2013		30/11/2012		30/11/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	89,716	-18.9%	110,657	-60.2%	278,150

4 - Extraordinary result (VII-VIII)

		30/11/2013		30/11/2012		30/11/2011
Extraordinary result (Total VII-VIII)	HI	2,812	254.8%	-1,816	95.4%	-39,304

Profit or loss

		30/11/2013		30/11/2012		30/11/2011
Profit or loss	HN	78,722	-7.7%	85,255	-50.0%	170,633

Total Income (I+III+V+VII)

		30/11/2013		30/11/2012		30/11/2011
Total Income (I+III+V+VII)	HL	4,610,856	-3.7%	4,785,583	-15.6%	5,671,048

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

		30/11/2013		30/11/2012		30/11/2011
Total charges (Total II+IV+VI+VIII+IX+X)	HM	4,532,137	-3.6%	4,700,329	-14.5%	5,500,416

Operating income (I)

		30/11/2013		30/11/2012		30/11/2011
Total operating income (Total I)	FR	4,501,057	-1.4%	4,564,565	-16.5%	5,466,540

Operating income (details)

			30/11/2013		30/11/2012		30/11/2011
	Sale of goods for resale	FC	4,464,224	-1.2%	4,516,305	-16.5%	5,410,248
	France	FA	3,906,165	-2.3%	3,998,943	-19.4%	4,958,968
	Export	FB	558,059	7.9%	517,362	14.6%	451,280
	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	4,856	0%	0	0%	478
	France	FG	4,856	0%	0	0%	478
	Export	FH	0	0%	0	0%	0
	Net turnover	FL	4,469,080	-1.0%	4,516,305	-16.5%	5,410,726
	France	FJ	3,911,021	-2.2%	3,998,943	-19.4%	4,959,446
	Export	FK	558,059	7.9%	517,362	14.6%	451,280
	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	31,820	-34.0%	48,245	-13.1%	55,527
	Other income	FQ	157	946.7%	15	-94.8%	288

Operating charges (II)

		30/11/2013		30/11/2012		30/11/2011
Total operating charges (Total II)	GF	4,373,527	-0.9%	4,411,824	-13.2%	5,081,795

Exploitation charges

		30/11/2013		30/11/2012		30/11/2011
Purchase of goods for resale	FS	2,677,868	-19.6%	3,331,905	-16.5%	3,988,082
Change in stocks of goods for resale	FT	344,586	205.9%	-325,366	10.2%	-362,488
Purchase of raw materials	FU	5,628	-10.4%	6,280	-11.2%	7,072
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	626,301	5.9%	591,235	-11.3%	666,815
Tax, duty and similar payments	FX	50,468	-23.0%	65,559	37.9%	47,528
Payroll	FY	484,239	-5.3%	511,481	-0.2%	512,474
Social security costs	FZ	141,511	-10.5%	158,154	-3.5%	163,898

Depreciation

		30/11/2013		30/11/2012		30/11/2011
Depreciation of fixed assets	GA	22,002	-6.4%	23,507	10.9%	21,201
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	5,521	-7.7%	5,980	-53.9%	12,970
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		30/11/2013		30/11/2012		30/11/2011
Other charges	GE	15,403	-64.3%	43,089	77.7%	24,243

Operating charges (III-IV)

		30/11/2013		30/11/2012		30/11/2011
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)

			30/11/2013		30/11/2012		30/11/2011
	Total financial income (Total V)	GP	105,387	-51.8%	218,733	27.8%	171,158
	Share financial income	GJ	258	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	105,129	-51.9%	218,733	27.8%	171,158
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			30/11/2013		30/11/2012		30/11/2011
	Total financial charge (Total VI)	GU	143,201	-45.1%	260,817	-6.1%	277,754
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	64,816	-14.2%	75,512	-3.9%	78,571
	Exchange losses	GS	78,385	-57.7%	185,305	-7.0%	199,183
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			30/11/2013		30/11/2012		30/11/2011
	Total extraordinary income (Total VII)	HD	4,412	93.1%	2,285	-93.1%	33,349
	Extraordinary operating income	HA	1,653	-27.7%	2,285	-91.6%	27,349
	Extraordinary income from capital transactions	HB	2,759	0%	0	0%	6,000
	Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

			30/11/2013		30/11/2012		30/11/2011
	Total extraordinary charges (Total VIII)	HH	1,600	-61.0%	4,101	-94.4%	72,654
	Extraordinary operating charges	HE	1,564	-61.9%	4,101	-93.9%	67,185
	Extraordinary charges from capital transactions	HF	36	0%	0	0%	5,469
	Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		30/11/2013		30/11/2012		30/11/2011
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		30/11/2013		30/11/2012		30/11/2011
Tax on profits (Total X)	HK	13,809	-41.5%	23,587	-65.4%	68,213

References

		30/11/2013		30/11/2012		30/11/2011
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%	35,928	-32.5%	53,197
Of which trader's own contributions	A2	0	0%	11,514	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%	6,379	19.0%	5,362

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)

			30/11/2013		30/11/2012		30/11/2011
	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	13,028	0%	0	0%	29,990
	Gross value at the end of period	OL	190,807	-3.6%	197,969	10.7%	178,763

Research and development Charge (Total I)

			30/11/2013		30/11/2012		30/11/2011
	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)

			30/11/2013		30/11/2012		30/11/2011
	Gross value at begin of period	KD	1,829	0%	1,829	0%	1,829
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	0
	Decreasess by budget item transfer	LV1	0	0%	0	0%	0
	Decreasess by transfers	LV2	0	0%	0	0%	0
	Gross value at the end of period	LW	1,829	0%	1,829	0%	1,829

Tangible fixed assets (Total III)

			30/11/2013		30/11/2012		30/11/2011
	Gross value at begin of period	LN	175,140	12.3%	155,934	8.9%	143,135
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	5,866	-69.5%	19,206	-43.2%	33,789
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	13,028	0%	0	0%	20,990
	Gross value at the end of period	NH	167,978	-4.1%	175,140	12.3%	155,934

Fiancial assets (Total IV)

			30/11/2013		30/11/2012		30/11/2011
	Gross value at begin of period	LQ	21,000	0%	21,000	-30.0%	30,000
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	0	0%	0	0%	9,000
	Gross value at the end of period	NK	21,000	0%	21,000	0%	21,000

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

			30/11/2013		30/11/2012		30/11/2011
	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)

			30/11/2013		30/11/2012		30/11/2011
	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)

			30/11/2013		30/11/2012		30/11/2011
	Reserve for depreciation value at begin of period	PE	1,829	0%	1,829	81.6%	1,007
Increases		PF	0	0%	0	0%	822
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	1,829	0%	1,829	0%	1,829

Total fixed assets amotisation (Total III)

			30/11/2013		30/11/2012		30/11/2011
	Reserve for depreciation value at begin of period	QU	83,686	39.1%	60,178	8.8%	55,320
Increases		QV	22,001	-6.4%	23,507	15.3%	20,379
Decreases		QW	12,993	0%	0	0%	15,521
	Decreasess by budget item transfer	QX	92,694	10.8%	83,685	39.1%	60,178

Movements during period affecting charge allocated over several period

Charges à répartir ou frais d'émission d'emprunt

			30/11/2013		30/11/2012		30/11/2011
	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

			30/11/2013		30/11/2012		30/11/2011
	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)

			30/11/2013		30/11/2012		30/11/2011
	Value at begining of period	7C	52,376	-10.8%	58,713	22.1%	48,073
Increases		UB	5,521	-7.7%	5,980	-53.9%	12,970
Decreases		UC	10,817	-12.2%	12,317	428.6%	2,330
	Value at the end of period	UD	47,080	-10.1%	52,376	-10.8%	58,713

Includes Total allocations

Operating	UE	5,521	-7.7%	5,980	-53.9%	12,970
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	10,817	-12.2%	12,317	428.6%	2,330
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			30/11/2013		30/11/2012		30/11/2011
	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)

			30/11/2013		30/11/2012		30/11/2011
	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)

			30/11/2013		30/11/2012		30/11/2011
	Value at begining of period	7B	52,376	-10.8%	58,713	22.1%	48,073
Increases		TY	5,521	-7.7%	5,980	-53.9%	12,970
Decreases		TZ	10,817	-12.2%	12,317	428.6%	2,330
	Value at the end of period	UA	47,080	-10.1%	52,376	-10.8%	58,713

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

		30/11/2013		30/11/2012		30/11/2011
Gross value	VT	780,921	-5.0%	822,447	99.1%	413,042
1 year at most	VU	780,921	-5.0%	822,447	99.1%	413,042
More than one year	VV	0	0%	0	0%	0

State of loans

		30/11/2013		30/11/2012		30/11/2011
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	21,000	0%	21,000	0%	21,000
Other financial assets (1 year at most)	UV	21,000	0%	21,000	0%	21,000

Receivables statement of assets

		30/11/2013		30/11/2012		30/11/2011
Customers doubtful or disputed	VA	45,874	56.2%	29,367	-32.2%	43,311
Other claims customer	UX	619,227	12.4%	551,057	91.1%	288,324
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	3,431	192.0%	1,175	7.2%	1,096
Social Security and other social organizations	UZ	1,993	1533.6%	122	-96.7%	3,749
Income taxes	VM	4,759	-70.3%	16,009	0%	0
Value added tax	VB	8,081	-35.5%	12,528	229.1%	3,807
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	15,931	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	32,799	-76.7%	140,476	203.3%	46,311

Prepaid

		30/11/2013		30/11/2012		30/11/2011
Prepaid	VS	27,825	-45.1%	50,713	831.5%	5,444

State Debt

			30/11/2013		30/11/2012		30/11/2011
	Total debt (gross)	VY	1,387,383	-29.7%	1,974,189	62.7%	1,213,739
1 year at most		VZ2	1,069,812	-45.3%	1,955,291	117.4%	899,363
More than 1 year and 5 years at most		VZ3	317,571	1580.4%	18,898	-94.0%	314,376
More than 5 years		VZ4	0	0%	0	0%	0

Details

			30/11/2013		30/11/2012		30/11/2011
	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	423,142	-60.0%	1,057,729	210.8%	340,343
1 year at most		VG2	423,142	-60.0%	1,057,729	210.8%	340,343
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	18,898	-50.3%	38,033	-8.3%	41,468
1 year at most		VH2	16,283	-14.9%	19,135	19.2%	16,048
More than 1 year and 5 years at most		VH3	2,615	-86.2%	18,898	-25.7%	25,420
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	313,705	38.9%	225,905	24.5%	181,442
1 year at most		8B2	313,705	38.9%	225,905	24.5%	181,442
More than 1 year and 5 years at most		8B3	313,705	38.9%	225,905	24.5%	181,442
	Personnel and associated accounts (gross)	8C1	18,360	-25.5%	24,652	-51.6%	50,923
1 year at most		8C2	18,360	-25.5%	24,652	-51.6%	50,923
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	62,360	-5.2%	65,793	40.1%	46,977
1 year at most		8D2	62,360	-5.2%	65,793	40.1%	46,977
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	10,892
1 year at most		8E2	0	0%	0	0%	10,892
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	61,013	69.5%	36,003	-8.9%	39,528
1 year at most		VW2	61,013	69.5%	36,003	-8.9%	39,528
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	65,968	-1.2%	66,787	-10.3%	74,475
1 year at most		VQ2	65,968	-1.2%	66,787	-10.3%	74,475
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	314,956	0%	314,956	9.0%	288,956
1 year at most		VI2	0	0%	314,956	0%	0
More than 1 year and 5 years at most		VI3	314,956	0%	0	0%	288,956
More 5 years		VI4	0	0%	0	0%	0
	Other liabilities (gross)	8K1	108,981	-24.5%	144,332	4.0%	138,735
1 year at most		8K2	108,981	-24.5%	144,332	4.0%	138,735
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

		30/11/2013		30/11/2012		30/11/2011
Loans made during the period	VJ	0	0%	15,000	-57.1%	35,000
Debt repaid during the period	VK	0	0%	18,436	258.5%	5,143

Table allocation results and other information
Dividends distributed

		30/11/2013		30/11/2012		30/11/2011
Dividends	ZE	0	0%	0	0%	0

Commitments

		30/11/2013		30/11/2012		30/11/2011
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

		30/11/2013		30/11/2012		30/11/2011
Subcontracting	YT	179	-97.5%	7,136	55.2%	4,599
Rentals, rental charges and condominiums	XQ	119,441	243.6%	34,758	-71.3%	121,015
Staff outside the company	YU	542	2.8%	527	19.8%	440
Remuneration intermediaries and fees (excluding fees)	SS	29,976	-10.6%	33,540	19.0%	28,182
Fees, commissions and brokerage	YV	101,537	-10.1%	112,950	26.5%	89,306
Other accounts	ST	374,626	-6.9%	402,323	-4.9%	423,272
Total Other purchases and external	ZJ	626,301	855.3%	591,234	-11.3%	666,814

Taxes and Fees

		30/11/2013		30/11/2012		30/11/2011
Business tax	YW	18,451	-27.3%	25,386	86.2%	13,632
Other taxes and payments assimilated	9Z	32,016	-20.3%	40,173	18.5%	33,896
Total taxes and fees	YX	50,467	-23.0%	65,559	37.9%	47,528

VAT

		30/11/2013		30/11/2012		30/11/2011
Amount VAT collected	YY	766,921	-2.3%	784,835	-19.1%	970,613
Total VAT on goods and services	YZ	603,411	-19.9%	753,690	-15.2%	888,757

Average number of employees

		30/11/2013		30/11/2012		30/11/2011
Average number of employees	YP	21	0%	21	-16.0%	25

Groups and Shareholders

		30/11/2013		30/11/2012		30/11/2011
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

		30/11/2013		30/11/2012		30/11/2011	Sector Median 2013
Fixed Asset Financing		7.06	9.3%	6.46	-0.2%	6.47	1.92	267.7%
Global Debt		112 days	-28.7%	157 days	112.2%	74 days	140 days	-20.0%
Working Capital Fund overall net		93 days	8.1%	86 days	43.3%	60 days	48 days	93.8%
Financial independence		120.69%	103.9%	59.18%	-47.0%	111.76%	123.07%	-1.9%
Solvability		39.70%	33.6%	29.72%	-22.2%	38.18%	27.51%	44.3%
Capacity debt futures		207.91%	168.2%	77.53%	-63.1%	210.34%	1317.81%	-84.2%
Coverage of current assets by net working capital overall		52.02%	29.9%	40.04%	-22.2%	51.46%	31.80%	63.6%
General Liquidity		0.73	73.8%	0.42	-8.7%	0.46	0.41	78.0%
Restricted Liquidity		0.74	54.2%	0.48	0%	0.48	0.72	2.8%

Management or rotation

		30/11/2013		30/11/2012		30/11/2011	Sector Median 2013
Need background in operating working capital		124 days	-20.5%	156 days	100%	78 days	11 days	1027.3%
Treasury		-33 days	55.4%	-74 days	-289.5%	-19 days	8 days	-512.5%
Inventory turnover of goods		176 days	-19.3%	218 days	46.3%	149 days	93 days	89.2%
Average length of credit granted to customers		46 days	17.9%	39 days	105.3%	19 days	32 days	43.8%
Average length of credit obtained suppliers		27 days	42.1%	19 days	46.2%	13 days	62 days	-56.5%
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	1513 days	-
Rotation tangible assets		2660.52%	3.2%	2578.68%	-25.7%	3469.88%	1919.04%	38.6%

Profitability of the business

		30/11/2013		30/11/2012		30/11/2011	Sector Median 2013
Margin trading		32.26%	-3.5%	33.43%	1.4%	32.98	32.39%	-0.4%
Profitability of the business		3.10	-20.9%	3.92	-45.3%	7.16	2.49%	24.5%
Net profit		1.76%	-6.9%	1.89%	-40.0%	3.15%	1.55%	13.5%
Growth rate of turnover (excluding VAT)		-1.05%	93.6%	-16.53%	-160.6%	27.29%	0%	0%
Rates integration		18.23%	-9.8%	20.20%	-1.7%	20.54%	18.03%	1.1%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		76.81%	6.5%	72.14%	18.5%	60.87%	70.28%	9.3%
Weight interests		3.20	-44.6%	5.78%	12.7%	5.13%	0.16%	1900%

Return on capital

		30/11/2013		30/11/2012		30/11/2011	Sector Median 2013
Cash flow from the overall profitability		1.95%	-8.9%	2.14%	-38.7%	3.49%	2.13%	-8.5%
Rates of economic profitability		8%	0%	8%	-70.4%	27%	12%	-33.3%
Financial profitability		913602%	9.4%	834880%	11.4%	749625%	36038%	2435.1%
Return on investment		13.28%	-13.8%	15.41%	-51.2%	31.57%	9.27%	43.3%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion

	30/11/2013		30/11/2012		30/11/2011	Sector Median 2013
Turnover	4,469,080	-1.0%	4,516,305	-16.5%	5,410,726	442,419 €	910.1%

Sales of goods	4,464,224	-1.2%	4,516,305	-16.5%	5,410,248
- Purchase of goods	2,677,868	-19.6%	3,331,905	-16.5%	3,988,082
+/- Stock of goods variation	344,586	205.9%	-325,366	10.2%	-362,488
Trading margin	1,441,770 €	-4.5%	1,509,766 €	-15.4%	1,784,654 €	127,111 €	1034.3%
	32.26 % CA	-3.5%	33.43 % CA	1.4%	32.98 % CA	33.64 % CA	-4.1%

Sale of goods produced	4,856	0%	0	0%	478
+/- Stocked production	0	0%	0	0%	0
+ Self-constructed assets	0	0%	0	0%	0
Period production	4,856 €	0%	0 €	0%	478 €	2,388 €	103.4%
	0.11 % CA	0%	0.00 % CA	0%	0.01 % CA	1.05 % CA	-89.5%

Trading margin	1,441,770	-4.5%	1,509,766	-15.4%	1,784,654	127,111	1034.3%
+ Period Production	4,856	0%	0	0%	478	2,388	103.4%
- Purchase of raw materials	5,628	-10.4%	6,280	-11.2%	7,072
+/- Change in stocks of raw materiels	0	0%	0	0%	0
- Other external purchases and charges	626,301	5.9%	591,235	-11.3%	666,815
Added value	814,697 €	-10.7%	912,251 €	-17.9%	1,111,245 €	89,596 €	809.3%
	18.23 % CA	-9.8%	20.20 % CA	-1.7%	20.54 % CA	18.03 % CA	1.1%

Added value	814,697 €	-10.7%	912,251 €	-17.9%	1,111,245 €	89,596 €	809.3%
+ Operating grants	0	0%	0	0%	0
- Tax, duty and similar payments	50,468	-23.0%	65,559	37.9%	47,528
- Personal charges	625,750	-6.6%	669,635	-1.0%	676,372
Gross operating surplus	138,479 €	-21.8%	177,057 €	-54.3%	387,345 €	9,768 €	1317.7%
	3.10 % CA	-20.9%	3.92 % CA	-45.3%	7.16 % CA	2.49 % CA	24.5%

Gross operating surplus	138,479 €	-21.8%	177,057 €	-54.3%	387,345 €	9,768 €	1317.7%
+ Release of reserves and provisions	31,820	-34.0%	48,245	-13.1%	55,527
+ Other operating income	157	946.7%	15	-94.8%	288
- Depreciation/Amortisation	27,523	-6.7%	29,487	-13.7%	34,171
- Other charges	15,403	-64.3%	43,089	77.7%	24,243
Operating result	127,530 €	-16.5%	152,741 €	-60.3%	384,746 €	7,401 €	1623.1%
	2.85 % CA	-15.7%	3.38 % CA	-52.5%	7.11 % CA	1.96 % CA	45.4%

Operating result	127,530 €	-16.5%	152,741 €	-60.3%	384,746 €	7,401 €	1623.1%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	105,387	-51.8%	218,733	27.8%	171,158
- Financial charges	143,201	-45.1%	260,817	-6.1%	277,754
Pre-tax result	89,716 €	-18.9%	110,657 €	-60.2%	278,150 €	6,104 €	1369.8%
	2.01 % CA	-18.0%	2.45 % CA	-52.3%	5.14 % CA	1.64 % CA	22.6%

Extraordinary income	4,412	93.1%	2,285	-93.1%	33,349	0	0%
- Extraordinary charges	1,600	-61.0%	4,101	-94.4%	72,654
Extraordinary result	2,812 €	254.8%	-1,816 €	95.4%	-39,305 €	0 €	0%
	0.06 % CA	250.0%	-0.04 % CA	94.5%	-1 % CA	0 % CA	0%

Pre-tax result	89,716 €	-18.9%	110,657 €	-60.2%	278,150 €	6,104 €	1369.8%
Extraordinary result	2,812 €	254.8%	-1,816 €	95.4%	-39,305 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	13,809	-41.5%	23,587	-65.4%	68,213
Net result	78,719 €	-7.7%	85,254 €	-50.0%	170,632 €	7,037 €	1018.6%
	1.76 % CA	-6.9%	1.89 % CA	-40.0%	3.15 % CA	1.55 % CA	13.5%

judgements

Collective procedures

No judgment information for the company

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

Preferential rights details and history

Summary of preferential rights

Company monitored since	29/12/2009
Status of Monitoring	No social security and tax office preferential right to date

Social security, pension funds preferential rights

Number of preferential rights	0
Total amount	-
Due remaining amount	-
Date of last preferential right	-

Historical Data

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

31301677

20/06/2013

12/07/2013

IRREP

1,615 EUR

-

Reason for closure	Crossed Off
Court	Marseille
Creditor	IRREP 21 RUE LAFFITTE MM ARRCO VRP 75009, PARIS
Debtor	FRANCE DENIM 34 RUE Charles Tellier 13014 MARSEILLE, FR

31301682

20/06/2013

12/07/2013

IRPVRP

457 EUR

-

Reason for closure	Crossed Off
Court	Marseille
Creditor	IRPVRP 21 RUE LAFFITTE MM AGIRC VRP 75009, PARIS
Debtor	FRANCE DENIM 34 RUE Charles Tellier 13014 MARSEILLE, FR

Group data

Group Structure

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
27/06/2014	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 655 - 447518432 RCS. FRANCE DENIM. Forme : Société à responsabilité limitée. Adresse : 34 rue Charles Tellier 13014 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/11/2013.
25/07/2013	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 952 - 447518432 RCS. FRANCE DENIM. Forme : Société à responsabilité limitée. Adresse : 34 rue Charles Tellier 13014 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/11/2012.
02/07/2012	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 2028 - 447518432 RCS. FRANCE DENIM. Forme : Société à responsabilité limitée. Adresse : 34 rue Charles Tellier 13014 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/11/2011.
19/06/2012	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 189 - 447 518 432 RCS Marseille. FRANCE DENIM. Forme : Société à responsabilité limitée. Capital : 613000 EUR. Activité : . Commentaires : Modification du capital.
26/05/2012	JAL	Modification of the share capital
Nouvelles Publications (Les) Date de décision : 24/05/2012 La société : 447518432 - FRANCE DENIM, 34 RUE CHARLES TELLIER, 13014 MARSEILLE 14 a subi une augmentation de son capital social désormais de 613 000 € Date d'effet : 24/05/2012
28/11/2011	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1375 - 447518432 RCS. FRANCE DENIM. Forme : Société à responsabilité limitée. Adresse : 34 rue Charles Tellier 13014 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
25/11/2011	Bodacc C
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1465 - Suppression. Parution avis précédent : BODACC C. Numéro de parution : 1631. Date de parution : 12 septembre 2011. Numéro d’annonce : 1631. Cet avis est supprimé. 447518432 RCS. FRANCE DENIM. Forme : . Adresse : Commentaires : Comptes annuels et rapports de l'exercice clos le : .
12/09/2011	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1631 - 447518432 RCS. FRANCE DENIM. Forme : Société à responsabilité limitée. Adresse : 34 rue Charles Tellier 13014 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/11/2010.
08/07/2011	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 174 - 447 518 432 RCS Marseille. FRANCE DENIM. Forme : Société à responsabilité limitée. Capital : 526000 EUR. Activité : . Commentaires : Modification du capital.
25/06/2011	JAL	Modification of the share capital
Nouvelles Publications (Les) Date de décision : 27/06/2011 La société : 447518432 - FRANCE DENIM, 34 RUE CHARLES TELLIER, 13014 MARSEILLE 14 a subi une augmentation de son capital social désormais de 526 000 € Date d'effet : 27/06/2011
27/05/2011	Bodacc A	Vente et cession : Vendeur
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 618 - 493 389 589 RCS Marseille. SOCIETE FRANCAISE DE BAGAGERIE. Forme : Société à responsabilité limitée. Adresse : 2 rue Philippe De Girard, 13001 Marseille. Origine du fonds : Fonds acquis par achat au prix stipulé de 4000,00 euros. Etablissement : Etablissement secondaire. Activité : Achats et ventes bazar, confection, textile, électronique, maroquinerie, Bagagerie et chaussures. Adresse : 14 boulevard de la Chapelle, 75018 Paris. Précédent propriétaire : SARL FRANCE DENIM. 447 518 432 RCS Paris. A dater du : 19/05/2011. Date de commencement de l’activité : 19/09/2008. Publication légale : Quotidien Juridique du 07/10/2008. Oppositions : au fonds vendu 14 boulevard de la Chapelle 75018 Paris pour la validité et la correspondance. Commentaires : Achat d'un établissement secondaire ou complémentaire par une personne morale.
26/12/2010	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 615 - 447 518 432 RCS Marseille. FRANCE DENIM. Forme : Société à responsabilité limitée. Capital : 310000 EUR. Activité : . Commentaires : Modification du capital.
21/09/2010	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 58 - 447 518 432 RCS Marseille. FRANCE DENIM. Forme : Société à responsabilité limitée. Administration : Gérant : MADAR Isaac en fonction le 28 Janvier 2009 Commissaire aux comptes suppléant : ARDITTI Tomerre en fonction le 10 Septembre 2010 Commissaire aux comptes titulaire : KAMIEL Alain en fonction le 10 Septembre 2010. Commentaires : Modification de représentant.
19/08/2010	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 995 - 447518432 RCS. FRANCE DENIM. Forme : Société à responsabilité limitée. Adresse : 34 rue Charles Tellier 13014 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
25/07/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1933 - 447518432 RCS. FRANCE DENIM. Forme : Société à responsabilité limitée. Adresse : 34 rue Charles Tellier 13014 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
08/02/2009	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 161 - 447 518 432 RCS Marseille. FRANCE DENIM. Forme : Société à responsabilité limitée. Administration : Gérant : MADAR Isaac en fonction le 28 Janvier 2009. Adresse du siège social : 34 rue Charles Tellier, 13014 Marseille. Commentaires : Modification de l'adresse du siège. Modification de représentant.
29/07/2008	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1875 - 447518432 RCS. FRANCE DENIM. Forme : Société à responsabilité limitée. Adresse : 266 chemin de Sainte-Marthe 13014 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
30/08/2007	Bodacc C	Avis de dépôt des comptes
1493 - 447 518 432. RCS Marseille FRANCE DENIM. Forme: Société à responsabilité limitée. Adresse du siège social: 266 chemin de Sainte-Marthe 13014 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
27/08/2006	Bodacc C	Avis de dépôt des comptes
2265 - RCS Marseille B 447 518 432. RC 03-B 600. FRANCE DENIM. Forme: S.A.R.L.. Adresse du siège social: 266, chemin de Sainte Marthe,13014 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
20/08/2005	Bodacc C	Avis de dépôt des comptes
1095 - RCS Marseille B 447 518 432. RC 03-B 600. FRANCE DENIM. Forme: S.A.R.L.. Adresse du siège social: 266, chemin de Sainte Marthe,13014 Marseille. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
02/06/2005	Bodacc B	Modifications et mutations diverses
127 - RCS Marseille B 447 518 432. RC 03-B 600. FRANCE DENIM. Forme : S.A.R.L. Capital : 104 000 euros. Commentaires : modification survenue sur le capital (augmentation).
13/05/2004	Bodacc B	Modifications et mutations diverses
RCS Marseille B 447518432 RC 03-B 600 FRANCE DENIM. Forme : S.A.R.L. Adresse du siège social : 266 chemin de Sainte- Marthe, 13014 Marseille. Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l' établissement principal Etablissement principal: Adresse : 266 chemin de Sainte-Marthe, 13014 Marseille.
16/05/2003	Bodacc B	Modifications et mutations diverses
RCS Marseille B 447518432 RC 03-B 600 FRANCE DENIM. Forme : S.A.R.L. Activité : import-export, fabrication, confection, commerce en gros ou en demi-gros. Commentaires : modification survenue sur l'activité et la date de début d' activité Date de début d'activité: 22 avril 2003.
18/03/2003	Bodacc A	Création d'établissement
RCS Marseille B 447518432 RC 03-B 600 FRANCE DENIM. Forme : S.A.R.L. Capital : 52 000 euros. Adresse du siège social : 41 rue Paradis, 13001 Marseille. Administration : gérant : CHALEM (Isaac) Cette société se constitue , mais n' exploite provisoirement aucun établissement.

Company events history

Date	Description
27/06/2014	Bodacc C : Deposit accounts notice
24/06/2014	Update Limit
07/06/2014	Update Limit
07/06/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
30/11/2013	New accounts available
17/10/2013	Update Limit
17/10/2013	Update Rating
25/07/2013	Bodacc C : Deposit accounts notice
20/07/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
18/07/2013	Update Limit
20/06/2013	New Filling of Social Security preferential right
20/06/2013	Unfiling of a Social Security preferential right
30/11/2012	New accounts available
02/07/2012	Bodacc C : Deposit accounts notice
30/06/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
19/06/2012	Bodacc B: Various editing or changing
29/05/2012	Updated articles of association
29/05/2012	Minutes of general meeting of shareholders
29/05/2012	Capital increase
25/05/2012	Update of Company Workforce
25/05/2012	Other modification of Establishment
24/05/2012	Legal Gazette: Modification of the share capital
30/11/2011	New accounts available
28/11/2011	Bodacc C : Deposit accounts notice
25/11/2011	Bodacc C : Deletion of deposit accounts notice
10/10/2011	Updated articles of association
10/10/2011	Private document
10/10/2011	Sale of shares
12/09/2011	Bodacc C : Deposit accounts notice
08/07/2011	Bodacc B: Various editing or changing
30/06/2011	Updated articles of association
30/06/2011	Statuts mis à jour
30/06/2011	PV d'Assemblée
30/06/2011	Minutes of general meeting of shareholders
30/06/2011	New closing date
30/06/2011	Changement de date de clôture
30/06/2011	Augmentation de Capital
30/06/2011	Capital increase
27/06/2011	Other modification of Establishment
27/06/2011	Legal Gazette: Modification of the share capital
27/05/2011	Bodacc A : Sale and transfer
26/12/2010	Bodacc B: Various editing or changing
16/12/2010	Augmentation de Capital
16/12/2010	Capital increase
16/12/2010	Updated articles of association
16/12/2010	Minutes of general meeting of shareholders
16/12/2010	PV d'Assemblée
16/12/2010	Statuts mis à jour
10/12/2010	Other modification of Establishment
26/10/2010	Audit or Management Report
26/10/2010	Rapport des Commissaires ou du Gérant
21/09/2010	Bodacc B: Various editing or changing
07/09/2010	Minutes of general meeting of shareholders
07/09/2010	Changement de Commissaire aux Comptes
07/09/2010	PV d'Assemblée
19/08/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
29/12/2009	Collection of preferential rights activated for this company
12/11/2009	Cession de parts
12/11/2009	Sale of shares
12/11/2009	Statuts mis à jour
12/11/2009	Acte sous seing privé
12/11/2009	Private document
12/11/2009	Updated articles of association
25/07/2009	Bodacc C : Deposit accounts notice
08/02/2009	New Bodacc B ads detected
28/01/2009	Updated articles of association
28/01/2009	Statuts mis à jour
28/01/2009	Minutes of general meeting of shareholders
28/01/2009	PV d'Assemblée
28/01/2009	Appointment/resignation of company officers
28/01/2009	Nomination/démission des organes de gestion
28/01/2009	Private document
28/01/2009	Acte sous seing privé
28/01/2009	New manager
28/01/2009	Sale of shares
28/01/2009	Cession de parts
28/01/2009	Transfert du Siège dans le ressort du Tribunal de Commerce
28/01/2009	Registered office transferred inside jurisdiction of the Commercial Court
06/01/2009	Transfer of Establishment
06/01/2009	Update of Company Head Office Identifier
31/12/2008	New accounts available
29/07/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
30/12/2005	Acte sous seing privé
30/12/2005	Updated articles of association
30/12/2005	Sale of shares
30/12/2005	Statuts mis à jour
30/12/2005	PV d'Assemblée
30/12/2005	Private document
30/12/2005	Minutes of general meeting of shareholders
30/12/2005	Cession de parts
16/05/2005	Private document
16/05/2005	Acte sous seing privé
16/05/2005	Capital increase
16/05/2005	Augmentation de Capital
16/05/2005	Updated articles of association
16/05/2005	Statuts mis à jour
16/05/2005	PV d'Assemblée
16/05/2005	Minutes of general meeting of shareholders
31/12/2004	New accounts available
19/04/2004	Transfert du Siège dans le ressort du Tribunal de Commerce
19/04/2004	Statuts mis à jour
19/04/2004	PV d'Assemblée
19/04/2004	Acte sous seing privé
31/12/2003	New accounts available
04/03/2003	Certificat de dépôt des fonds
04/03/2003	Formation de Société
04/03/2003	Statuts
04/03/2003	Acte sous seing privé

Establishment events history

Date	Description
07/06/2014	Update Limit
21/03/2014	Update Rating
20/07/2013	Update Limit
13/07/2013	Update Limit
13/07/2013	Update Rating
21/06/2013	Update Rating
21/06/2013	Update Limit
27/11/2012	Update Rating
30/06/2012	Update Limit
30/06/2012	Update Rating
25/05/2012	Update Limit
25/05/2012	Update of Establishment Workforce
25/05/2012	Update Rating
12/03/2012	Update Limit
12/03/2012	Update Rating
18/09/2011	Update Rating
18/09/2011	Update Limit
28/06/2011	Update of phone numbers
10/12/2010	Update of Establishment Workforce
19/07/2010	Update Limit
19/07/2010	Update Rating
07/03/2010	Update Rating
04/01/2010	Update Limit
30/12/2009	Update Rating
22/07/2009	Update Limit
27/02/2009	Update Rating
27/02/2009	Update Limit
25/02/2009	Update Rating
10/02/2009	Update Rating
06/01/2009	Formation of Head office (after transfer)

directors

Name	M. MADAR ISAAC
Manager position	Manager	Date of birth	12/02/1964
Place of birth	BENGARDANNE(TUNISIE)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Manager	M ISAAC CHALEM	2/21/1964 - TEL AVIV ISRAEL
Manager	M ISAAC MADAR	- - -
Manager	M ISAAC MADAR	2/12/1964 - BENGARDANNE TUNISIE
Manager	M ISAAC MADAR	2/12/1964 - BENGARDANNE(TUNISIE)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.00

INFORMATION DETAILS

Analysis Done by :	RSM
Report Prepared by :	DPT

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.