MIRA INFORM REPORT

Report No. :	303769
Report Date :	21.01.2015

IDENTIFICATION DETAILS

Name :	SERGI-FRANCE
Registered Office :	Transformer Protector Coporation 186 Av Du General De Gaulle 78260 Acheres
Country :	France
Financials (as on) :	31.12.2013
Date of Incorporation :	August 1992
Com. Reg. No.:	9 388 347 510
Legal Form :	Simplified Joint Stock Company
Line of Business :	Subject is engaged in Engineering, Technical Studies
No. of Employee :	20 to 49

RATING & COMMENTS

MIRA’s Rating :

B

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

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

NOTES :

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

ECGC Country Risk Classification List – 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

Name

SERGI-FRANCE

SIRET

388 347 510 00033

Personal comment

Company Summary

EUR VAT Number	FR83388347510
Activity (APE)	Engineering, technical studies (7112B)	Legal form	Simplified joint stock company
Phone	01 39 22 48 40	RCS Registration	RCS Versailles 9 388 347 510
Fax	01 39 22 48 40	Share capital	2,000,000 Euros
Address	SERGI-FRANCE Transformer Protector Coporation 186 Av Du General De Gaulle 78260 Acheres	Incorporated Date	08/1992
Nationality	France	Status	Economically active

Ultimate Holding Company
Company Name	Company number
SERGI HOLDING	480603760

Current Directors

2

Trading to Date	12/31/2013	12/31/2012	12/31/2011
Turnover	12,435,176 €	18,515,442 €	18,534,011 €
Gross Operating Surplus	10.63 % Turnover	17.12 % Turnover	21.04 % Turnover
Shareholders’ equity	2,964,867 €	3,640,100 €	4,077,398 €
Net result	-15,233 €	669,751 €	1,196,419 €
Employees	20 to 49 employees	-	-

Trends
Profitability
Liquidity
Net worth

company details

Company details

Activity (APE)	Ingénierie, études techniques (7112B)
RCS Registration	RCS Versailles 9 388 347 510	Share capital	2,000,000 Euros
Registration Court	Versailles (78)	Legal form	Simplified joint stock company
Court Registry Number	19 9 2B02214	EUR VAT Number	FR83388347510
Incorporation Date	08/1992	Formation Date	08/1992
Deregistration Date		Last account Date	31/12/2013
Nationality	France

Ultimate Parent

1 ultimate parent company for this company  >  SERGI HOLDING  - Activités des sociétés holding (6420Z)  in ACHERES  (78260)

Establishment details

Activity (APE)	Ingénierie, études techniques (742C)	Business Pages FT®	CONSEIL, ETUDE, CONTROLE EN ENVIRONNEMENT
Postal Address	SERGI-FRANCE  TRANSFORMER PROTECTOR COPORATION  186 AV DU GENERAL DE GAULLE  78260 ACHERES	Trading Address	186 AVENUE DU GENERAL DE GAULLE  78260 ACHERES
Telephone	01 39 22 48 40
Fax	01 39 22 48 40

Type	Head office	Status	Economically active
Formation Date	03/2004	Reason for formation	Formation
Closure Date		Reason for closure
Reactivation Date		Production Role
Activity Nature	-	Activity Location	Other
Location surface		Seasonality

Department	Yvelines (78)	Region	Ile-de-France
District	3	Area	20
City	ACHERES	Size of urban area	Paris conglomeration

Other establishments

Branches	2 branch entities in this company
Head office	> SERGI-FRANCE <<<  - Ingénierie, études techniques (7112B)  in ACHERES  (78260)
Secondary establishments	>  SERGI-FRANCE  - Ingénierie, études techniques (7112B)  in HERBLAY  (95220)  >  SERGI  - Ingénierie, études techniques (742C)  in POISSY  (78300)

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	31/12/2013	31/12/2012	31/12/2011
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	20/09/2014	06/08/2013	28/09/2012
Activity Code	7112B	7112B	7112B
Employees	38	0	0

Active account

Annual Accounts	31/12/2013		31/12/2012		31/12/2011	Sector Median2013
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	1,190,003	-10.5%	1,329,110	-1.5%	1,349,275	11,978	9834.9%
- Intangible assets	664,068	-0.4%	666,497	0.4%	663,591	0	0%
- Tangible assets	323,657	-29.6%	460,003	-20.6%	579,212	4,368	7309.7%
- Financial assets	202,278	-0.2%	202,610	90.3%	106,472	388	52033.5%
Net current assets	9,305,998	-16.2%	11,098,544	3.9%	10,682,204	138,708	6609.1%
- Stocks	2,837,325	-22.5%	3,659,099	73.2%	2,112,990	0	0%
- Advanced payments	1,870	-16.2%	0	0%	148,148	0	0%
- Receivables	6,459,460	8.8%	5,934,364	-28.2%	8,262,413	64,595	9899.9%
- Securities and cash	7,343	-99.5%	1,505,081	848.7%	158,653	38,312	-80.8%
- Prepaid expenses	-	-	-	-	-	173	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	10,496,000	-15.5%	12,427,652	3.3%	12,031,480	172,302	5991.6%

Passive Account

Annual Accounts	31/12/2013		31/12/2012		31/12/2011	Sector Median2013
Shareholders' equity	2,964,867	-18.5%	3,640,100	-10.7%	4,077,398	63,536	4566.4%
Share capital	2,000,000	0%	2,000,000	0%	2,000,000	10,000	19900%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	680,566	7.9%	630,609	39.3%	452,789	0	0%
Liabilities	6,844,591	-16.1%	8,156,943	8.7%	7,501,292	87,828	7693.2%
- Financial liabilities	1,714,738	39156.8%	4,368	-98.2%	240,326	7,249	23554.8%
- Advanced payments received	212,867	-90.7%	2,297,541	62.6%	1,412,706	0	0%
- Trade account payables	2,572,121	-42.2%	4,448,879	6.7%	4,168,556	10,560	24257.2%
- Tax and social liabilities	628,951	-22.5%	811,783	46.7%	553,354	50,196	1153.0%
- Other debts and fixed assets liabilities	1,277,054	4030.1%	30,921	-63.1%	83,899	3,014	42270.7%
Account regularization	444,836	-21.1%	563,451	-45.9%	1,042,451	0	0%
Total liabilities	10,496,000	-15.5%	12,427,652	3.3%	12,031,480	172,445	5986.6%

Results

Annual Accounts	31/12/2013		31/12/2012		31/12/2011	Sector Median2013
Sales of Goods	12,090,923	-36.3%	18,983,571	1.5%	18,699,676	205,858	5773.4%
Net turnover	12,435,176	-32.8%	18,515,442	-0.1%	18,534,011	197,558	6194.4%
- of which net export turnover	0	0%	18,147,099	0.6%	18,037,714	0	0%
Operating charges	12,004,551	-32.7%	17,849,520	5.7%	16,882,253	191,692	6162.4%
Operating profit/loss	86,372	-92.4%	1,134,051	-37.6%	1,817,423	10,670	709.5%
Financial income	31,713	-44.5%	57,177	-17.9%	69,624	12	264175.0%
Financial charges	23,914	-5.2%	25,225	-48.9%	49,325	134	17746.3%
Financial profit/loss	7,799	-75.6%	31,952	57.4%	20,299	0	0%
Pretax net operating income	94,171	-91.9%	1,166,003	-36.6%	1,837,722	11,150	744.6%
Extraordinary income	0	0%	9,980	8.0%	9,237	0	0%
Extraordinary charges	112,608	212.8%	35,995	-54.5%	79,159	60	187580.0%
Extraordinary profit/loss	-112,608	-332.9%	-26,015	62.8%	-69,922	0	0%
Net result	-15,233	-102.3%	669,751	-44.0%	1,196,419	10,923	-239.5%

Display parameter
Currency	Euro	Kilo Euro

Normal Account	31/12/2013	31/12/2012	31/12/2011
Months	12	12	12

Accounts - Active 
Current Assets |  Equalization accounts |  Reference 

Grand Total - Passive Accounts (I to IV)

			31/12/2013		31/12/2012		31/12/2011
	Grand Total (I to VI)	Net	10,496,000	-15.5%	12,427,652	3.3%	12,031,480
	Gross	CO	11,787,346	-13.5%	13,623,283	4.2%	13,078,001
	Amortisation	1A	1,291,346	8.0%	1,195,631	14.2%	1,046,521

Non declared distributed capital (I)

		31/12/2013		31/12/2012		31/12/2011
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

			31/12/2013		31/12/2012		31/12/2011
	Total Active fixed asset (II)	Net	1,190,003	-10.5%	1,329,110	-1.5%	1,349,275
	Gross	BJ	2,481,349	-1.7%	2,524,740	5.4%	2,395,797
	Amortisation	BK	1,291,346	8.0%	1,195,630	14.2%	1,046,522

Intangilble fixed assets

			31/12/2013		31/12/2012		31/12/2011
	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	2,496	-49.3%	4,925	143.9%	2,019
	Gross	AF	71,790	0%	71,790	12.6%	63,737
	Amortisation	AG	69,294	3.6%	66,865	8.3%	61,718
	Goodwill	Net	661,572	0%	661,572	0%	661,572
	Gross	AH	661,572	0%	661,572	0%	661,572
	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	664,068	-0.4%	666,497	0.4%	663,591

Tangilble fixed assets

			31/12/2013		31/12/2012		31/12/2011
	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	101,226	-28.3%	141,257	-20.0%	176,564
	Gross	AR	312,866	0%	312,866	1.7%	307,641
	Amortisation	AS	211,640	23.3%	171,609	30.9%	131,077
	Other tangible fixed assets	Net	222,431	-30.2%	318,746	-20.8%	402,648
	Gross	AT	1,232,843	-3.4%	1,275,902	1.6%	1,256,375
	Amortisation	AU	1,010,412	5.6%	957,156	12.1%	853,727
	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	323,657		460,003		579,212

Financial assets

			31/12/2013		31/12/2012		31/12/2011
	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	93	0%	93	0%	93
	Gross	CU	93	0%	93	0%	93
	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	202,185	-0.2%	202,517	90.4%	106,379
	Gross	BH	202,185	-0.2%	202,517	90.4%	106,379
	Amortisation	BI	0	0%	0	0%	0
	Sub Total Financial Assets		202,278		202,610		106,472

Current Assets (III)

			31/12/2013		31/12/2012		31/12/2011
	Total Assets	Net	9,305,998	-16.2%	11,098,544	3.9%	10,682,204
	Gross	CJ	9,305,998	-16.2%	11,098,544	3.9%	10,682,204
	Amortisation	CK	0	0%	0	0%	0

Stocks

			31/12/2013		31/12/2012		31/12/2011
	Raw materials	Net	1,508,957	0.5%	1,501,834	157.3%	583,750
	Gross	BL	1,508,957	0.5%	1,501,834	157.3%	583,750
	Amortisation	BM	0	0%	0	0%	0
	Work in progress (goods)	Net	7,504	2087.8%	343	0%	0
	Gross	BN	7,504	2087.8%	343	0%	0
	Amortisation	BO	0	0%	0	0%	0
	Work in progress (services)	Net	0	0%	2,156,922	0%	0
	Gross	BP	0	0%	2,156,922	0%	0
	Amortisation	BQ	0	0%	0	0%	0
	Semi-finished and finished products	Net	1,320,864	0%	0	0%	1,529,240
	Gross	BR	1,320,864	0%	0	0%	1,529,240
	Amortisation	BS	0	0%	0	0%	0
	Goods for resale	Net	0	0%	0	0%	0
	Gross	BT	0	0%	0	0%	0
	Amortisation	BU	0	0%	0	0%	0
	Sub Total Stocks	Net	2,837,325	-22.5%	3,659,099	73.2%	2,112,990

Advance payments to suppliers

			31/12/2013		31/12/2012		31/12/2011
	Advance payments to suppliers	Net	1,870	0%	0	0%	148,148
	Gross	BV	1,870	0%	0	0%	148,148
	Amortisation	BW	0	0%	0	0%	0

Debtors

			31/12/2013		31/12/2012		31/12/2011
	Trade accounts receivable	Net	3,346,273	8.5%	3,084,179	-18.2%	3,768,446
	Gross	BX	3,346,273	8.5%	3,084,179	-18.2%	3,768,446
	Amortisation	BY	0	0%	0	0%	0
	Other debtors	Net	3,012,846	12.3%	2,682,454	-37.8%	4,315,548
	Gross	BZ	3,012,846	12.3%	2,682,454	-37.8%	4,315,548
	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	6,359,119	10.3%	5,766,633	-28.7%	8,083,994

Divers

			31/12/2013		31/12/2012		31/12/2011
	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	7,343	-99.5%	1,505,081	848.7%	158,653
	Gross	CF	7,343	-99.5%	1,505,081	848.7%	158,653
	Amortisation	CG	0	0%	0	0%	0
	Sub Total Divers	Net	7,343	-99.5%	1,505,081	848.7%	158,653

Prepaid expenses

			31/12/2013		31/12/2012		31/12/2011
	Prepaid expenses	Net	100,341	-40.2%	167,731	-6.0%	178,419
	Gross	CH	100,341	-40.2%	167,731	-6.0%	178,419
	Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2013		31/12/2012		31/12/2011
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

		31/12/2013		31/12/2012		31/12/2011
Due within one year	CP	0	0%	0	0%	0
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)

		31/12/2013		31/12/2012		31/12/2011
Grand Total (I to V)	EE	10,496,000	-15.5%	12,427,652	3.3%	12,031,480

Shareholder Equity (I)

			31/12/2013		31/12/2012		31/12/2011
	Total shareholders' equity (Total I)	DL	2,964,867	-18.5%	3,640,100	-10.7%	4,077,398
	Equity and shareholders' equity	DA	2,000,000	0%	2,000,000	0%	2,000,000
	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	200,000	0%	200,000	0%	200,000
	Statutory or contractual reserve	DE	780,100	1.3%	770,349	14.3%	673,930
	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	0	0%	0	0%	0
	Profit or loss for the period	DI	-15,233	-102.3%	669,751	-44.0%	1,196,419
	Investment grants	DJ	0	0%	0	0%	0
	Special tax-allowable reserves	DK	0	0%	0	0%	7,049

Other capital resources (II)

			31/12/2013		31/12/2012		31/12/2011
	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)

			31/12/2013		31/12/2012		31/12/2011
	Total provisions for risks and charges (Total III)	DR	680,566	7.9%	630,609	39.3%	452,789
	Risk provisions	DP	75,000	53.1%	49,000	0%	0
	Reserves for charges	DQ	605,566	4.1%	581,609	28.5%	452,789

Liabilities (IV)

			31/12/2013		31/12/2012		31/12/2011
	Total Liabilities (Total IV)	EC	6,844,591	-16.1%	8,156,943	8.7%	7,501,292
	Convertible debentures	DS	0	0%	0	0%	0
	Other debentures	DT	0	0%	0	0%	0
	Bank loans and liabilities	DU	1,714,738	39156.8%	4,368	-55.1%	9,735
	Sundry loans and financial liabilities	DV	0	0%	0	0%	230,591
	Of which participating loans	EI	0	0%	0	0%	0
	Advance payments received for current orders	DW	212,867	-90.7%	2,297,541	62.6%	1,412,706
	Trade accounts payables	DX	2,572,121	-42.2%	4,448,879	6.7%	4,168,556
	Tax and social security liabilities	DY	628,951	-22.5%	811,783	46.7%	553,354
	Fixed asset liabilities	DZ	0	0%	3,136	0%	0
	Other debts	EA	1,271,078	4474.7%	27,785	-66.9%	83,899

  Translation loss (V)

		31/12/2013		31/12/2012		31/12/2011
Translation loss (Total V)	ED	5,976	0%	0	0%	0

Equalization accounts

		31/12/2013		31/12/2012		31/12/2011
Deferred income	EB	444,836	-21.1%	563,451	-45.9%	1,042,451

References

		31/12/2013		31/12/2012		31/12/2011
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	0	0%	6,088,586
Of which current bank facilities	EH	0	0%	0	0%	0

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)

		31/12/2013		31/12/2012		31/12/2011
Operating result (Total I-II)	GG	86,372	-92.4%	1,134,051	-37.6%	1,817,423

2 - Financial result (V - VI)

		31/12/2013		31/12/2012		31/12/2011
Financial result (Total V-VI)	GV	7,799	-75.6%	31,952	57.4%	20,299

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

		31/12/2013		31/12/2012		31/12/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	94,171	-91.9%	1,166,003	-36.6%	1,837,722

4 - Extraordinary result (VII-VIII)

		31/12/2013		31/12/2012		31/12/2011
Extraordinary result (Total VII-VIII)	HI	-112,608	-332.9%	-26,015	62.8%	-69,922

Profit or loss

		31/12/2013		31/12/2012		31/12/2011
Profit or loss	HN	-15,233	-102.3%	669,751	-44.0%	1,196,419

Total Income (I+III+V+VII)

		31/12/2013		31/12/2012		31/12/2011
Total Income (I+III+V+VII)	HL	12,122,636	-36.4%	19,050,728	1.4%	18,778,537

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

		31/12/2013		31/12/2012		31/12/2011
Total charges (Total II+IV+VI+VIII+IX+X)	HM	12,137,873	-34.0%	18,380,977	4.5%	17,582,118

Operating income (I)

		31/12/2013		31/12/2012		31/12/2011
Total operating income (Total I)	FR	12,090,923	-36.3%	18,983,571	1.5%	18,699,676

Operating income (details)

			31/12/2013		31/12/2012		31/12/2011
	Sale of goods for resale	FC	313,040	-46.7%	586,875	947.1%	56,045
	France	FA	313,040	0%	0	0%	11,372
	Export	FB	0	0%	586,875	1213.7%	44,673
	Sale of goods produced	FF	11,393,154	-31.3%	16,574,540	-5.9%	17,619,476
	France	FD	11,393,154	157112.0%	7,247	-97.8%	335,417
	Export	FE	0	0%	16,567,293	-4.1%	17,284,059
	Sale of services	FI	728,982	-46.2%	1,354,027	57.7%	858,490
	France	FG	728,982	101.9%	361,096	141.5%	149,508
	Export	FH	0	0%	992,931	40.1%	708,982
	Net turnover	FL	12,435,176	-32.8%	18,515,442	-0.1%	18,534,011
	France	FJ	12,435,176	3276.0%	368,343	-25.8%	496,297
	Export	FK	0	0%	18,147,099	0.6%	18,037,714
	Stocked production	FM	-601,369	-251.4%	397,292	631.6%	54,302
	Self-constructed assets	FN	0	0%	0	0%	0
	Operating grants	FO	1,490	-61.0%	3,825	11.6%	3,427
	Release of reserves and provisions	FP	255,603	281.7%	66,964	-37.9%	107,911
	Other income	FQ	23	-52.1%	48	92.0%	25

Operating charges (II)

		31/12/2013		31/12/2012		31/12/2011
Total operating charges (Total II)	GF	12,004,551	-32.7%	17,849,520	5.7%	16,882,253

Exploitation charges

		31/12/2013		31/12/2012		31/12/2011
Purchase of goods for resale	FS	743,461	-57.6%	1,752,692	85.7%	943,632
Change in stocks of goods for resale	FT	-189,711	87.6%	-1,528,858	0%	0
Purchase of raw materials	FU	1,562,845	-54.8%	3,458,370	51.7%	2,279,083
Change in stocks of raw materials	FV	410,118	7.9%	380,041	28.0%	297,017
Other external purchases and charges	FW	4,450,892	-46.5%	8,312,152	1.2%	8,213,554
Tax, duty and similar payments	FX	178,139	-26.6%	242,651	13.3%	214,192
Payroll	FY	2,158,367	8.8%	1,983,489	14.4%	1,733,106
Social security costs	FZ	1,198,854	4.6%	1,146,222	13.3%	1,011,480

Depreciation

		31/12/2013		31/12/2012		31/12/2011
Depreciation of fixed assets	GA	142,832	-5.3%	150,761	9.2%	138,044
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0	0%	0
Provisions for risks and charges	GD	192,389	-20.7%	242,497	-16.3%	289,641

Other charges

		31/12/2013		31/12/2012		31/12/2011
Other charges	GE	1,156,365	-32.4%	1,709,503	-3.0%	1,762,505

Operating charges (III-IV)

		31/12/2013		31/12/2012		31/12/2011
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)

			31/12/2013		31/12/2012		31/12/2011
	Total financial income (Total V)	GP	31,713	-44.5%	57,177	-17.9%	69,624
	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	25,826	-49.0%	50,597	-12.8%	58,019
	Released provisions and transferred charges	GM	0	0%	0	0%	0
	Exchange gains	GN	5,887	-10.5%	6,580	-43.3%	11,605
	Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial Charge (VI)

			31/12/2013		31/12/2012		31/12/2011
	Total financial charge (Total VI)	GU	23,914	-5.2%	25,225	-48.9%	49,325
	Financial reserves and provisions	GQ	0	0%	0	0%	0
	Interest and similar charges	GR	18,003	-6.6%	19,285	-50.2%	38,709
	Exchange losses	GS	5,911	-0.5%	5,940	-44.0%	10,616
	Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

			31/12/2013		31/12/2012		31/12/2011
	Total extraordinary income (Total VII)	HD	0	0%	9,980	8.0%	9,237
	Extraordinary operating income	HA	0	0%	2,931	-62.5%	7,815
	Extraordinary income from capital transactions	HB	0	0%	0	0%	0
	Released provisions and transferred charges	HC	0	0%	7,049	395.7%	1,422

Extraordinary charges (VIII)

			31/12/2013		31/12/2012		31/12/2011
	Total extraordinary charges (Total VIII)	HH	112,608	212.8%	35,995	-54.5%	79,159
	Extraordinary operating charges	HE	2,113	-94.1%	35,995	-54.1%	78,378
	Extraordinary charges from capital transactions	HF	2,195	0%	0	0%	0
	Extraordinary reserves and provisions	HG	108,300	0%	0	0%	781

Employee profit sharing (IX)

		31/12/2013		31/12/2012		31/12/2011
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2013		31/12/2012		31/12/2011
Tax on profits (Total X)	HK	-3,200	-100.7%	470,237	-17.7%	571,380

References

		31/12/2013		31/12/2012		31/12/2011
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%	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)

			31/12/2013		31/12/2012		31/12/2011
	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	49,643	2906.8%	1,651	0%	0
	Gross value at the end of period	OL	2,481,349	-1.7%	2,524,740	0%	0

Research and development Charge (Total I)

			31/12/2013		31/12/2012		31/12/2011
	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)

			31/12/2013		31/12/2012		31/12/2011
	Gross value at begin of period	KD	733,362	1.1%	725,308	0%	0
	Increasess due to revaluation	KE	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	KF	0	0%	8,053	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	733,362	0.0%	733,361	0%	0

Tangible fixed assets (Total III)

			31/12/2013		31/12/2012		31/12/2011
	Gross value at begin of period	LN	1,588,768	1.6%	1,564,015	0%	0
	Increasess due to revaluation	LO	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LP	6,251	-76.3%	26,402	0%	0
	Decreasess by budget item transfer	NG1	0	0%	0	0%	0
	Decreasess by transfers	NG2	49,310	2886.7%	1,651	0%	0
	Gross value at the end of period	NH	1,545,709	-2.7%	1,588,766	0%	0

Fiancial assets (Total IV)

			31/12/2013		31/12/2012		31/12/2011
	Gross value at begin of period	LQ	202,610	90.3%	106,471	0%	0
	Increasess due to revaluation	LR	0	0%	0	0%	0
	Increasess, acquisitions, creations, contributions	LS	0	0%	96,138	0%	0
	Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
	Decreasess by transfers	NJ2	333	0%	0	0%	0
	Gross value at the end of period	NK	202,277	-0.2%	202,609	0%	0

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

			31/12/2013		31/12/2012		31/12/2011
	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)

			31/12/2013		31/12/2012		31/12/2011
	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)

			31/12/2013		31/12/2012		31/12/2011
	Reserve for depreciation value at begin of period	PE	66,865	8.3%	61,717	0%	0
Increases		PF	2,429	-52.8%	5,147	0%	0
Decreasess		PG	0	0%	0	0%	0
	Decreasess by budget item transfer	PH	69,294	3.6%	66,864	0%	0

Total fixed assets amotisation (Total III)

			31/12/2013		31/12/2012		31/12/2011
	Reserve for depreciation value at begin of period	QU	1,128,765	14.6%	984,801	0%	0
Increases		QV	140,403	-3.6%	145,612	0%	0
Decreases		QW	47,117	2753.8%	1,651	0%	0
	Decreasess by budget item transfer	QX	1,222,051	8.3%	1,128,762	0%	0

Movements during period affecting charge allocated over several period 

Charges à répartir ou frais d'émission d'emprunt

			31/12/2013		31/12/2012		31/12/2011
	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

			31/12/2013		31/12/2012		31/12/2011
	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)

			31/12/2013		31/12/2012		31/12/2011
	Value at begining of period	7C	630,609	37.1%	459,838	0%	0
Increases		UB	300,689	24.0%	242,497	0%	0
Decreases		UC	250,732	249.6%	71,726	0%	0
	Value at the end of period	UD	680,566	7.9%	630,609	0%	0

Includes Total allocations

Operating	UE	192,389	0%	0	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	108,300	0%	0	0%	0

Includes Total Withdrawal

Operating	UF	250,732	0%	0	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

			31/12/2013		31/12/2012		31/12/2011
	Value at begining of period	3Z	0	0%	7,049	0%	0
Increases		TS	0	0%	0	0%	0
Decreases		TT	0	0%	7,049	0%	0
	Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

			31/12/2013		31/12/2012		31/12/2011
	Value at begining of period	5Z	630,609	39.3%	452,789	0%	0
Increases		TV	300,689	24.0%	242,497	0%	0
Decreases		TW	250,732	287.7%	64,677	0%	0
	Value at the end of period	TX	680,566	7.9%	630,609	0%	0

Total Provision for depreciation (Total III)

			31/12/2013		31/12/2012		31/12/2011
	Value at begining of period	7B	0	0%	0	0%	0
Increases		TY	0	0%	0	0%	0
Decreases		TZ	0	0%	0	0%	0
	Value at the end of period	UA	0	0%	0	0%	0

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

		31/12/2013		31/12/2012		31/12/2011
Gross value	VT	6,661,644	8.6%	6,136,880	0%	0
1 year at most	VU	6,448,445	8.9%	5,920,967	0%	0
More than one year	VV	213,199	-1.3%	215,913	0%	0

State of loans

		31/12/2013		31/12/2012		31/12/2011
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	202,185	-0.2%	202,517	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2013		31/12/2012		31/12/2011
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	3,346,273	8.5%	3,084,178	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	9,357	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	223,322	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	3,302	0%	0
Group and Associates	VC	0	0%	1,328,295	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	3,012,846	169.4%	1,118,175	0%	0

Prepaid

		31/12/2013		31/12/2012		31/12/2011
Prepaid	VS	100,341	-40.2%	167,730	0%	0

State Debt

			31/12/2013		31/12/2012		31/12/2011
	Total debt (gross)	VY	6,631,724	13.2%	5,859,400	0%	0
1 year at most		VZ2	6,472,804	15.8%	5,591,519	0%	0
More than 1 year and 5 years at most		VZ3	158,920	-40.7%	267,881	0%	0
More than 5 years		VZ4	0	0%	0	0%	0

Details

			31/12/2013		31/12/2012		31/12/2011
	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	1,714,738	39165.8%	4,367	0%	0
1 year at most		VG2	1,714,738	39165.8%	4,367	0%	0
More than 1 year and 5 years at most		VG3	0	0%	0	0%	0
	Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most		VH2	0	0%	0	0%	0
More than 1 year and 5 years at most		VH3	0	0%	0	0%	0
	Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most		8A2	0	0%	0	0%	0
More than 1 year and 5 years at most		8A3	0	0%	0	0%	0
	Suppliers and associated accounts (gross)	8B1	2,572,121	-42.2%	4,448,878	0%	0
1 year at most		8B2	2,572,121	-42.2%	4,448,878	0%	0
More than 1 year and 5 years at most		8B3	2,572,121	-42.2%	4,448,878	0%	0
	Personnel and associated accounts (gross)	8C1	0	0%	200,995	0%	0
1 year at most		8C2	0	0%	200,995	0%	0
More than 1 year and 5 years at most		8C3	0	0%	0	0%	0
	Social Security and other social organizations (gross)	8D1	627,631	35.4%	463,468	0%	0
1 year at most		8D2	627,631	35.4%	463,468	0%	0
More than 1 year and 5 years at most		8D3	0	0%	0	0%	0
	Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most		8E2	0	0%	0	0%	0
More than 1 year and 5 years at most		8E3	0	0%	0	0%	0
	VAT (gross)	VW1	0	0%	15,386	0%	0
1 year at most		VW2	0	0%	15,386	0%	0
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	0	0%	131,932	0%	0
1 year at most		VQ2	0	0%	131,932	0%	0
More than 1 year and 5 years at most		VQ3	0	0%	0	0%	0
	Assets and liabilities associated accounts (gross)	8J1	1,272,398	40486.9%	3,135	0%	0
1 year at most		8J2	1,272,398	40486.9%	3,135	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	0	0%	0	0%	0
1 year at most		VI2	0	0%	0	0%	0
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	0	0%	27,784	0%	0
1 year at most		8K2	0	0%	27,784	0%	0
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	444,836	-21.1%	563,451	0%	0
1 year at most		8L2	285,916	-3.3%	295,570	0%	0
More than 1 year and 5 years at most		8L3	158,920	-40.7%	267,881	0%	0

References

		31/12/2013		31/12/2012		31/12/2011
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	230,591	0%	0

Table allocation results and other information 
Dividends distributed

		31/12/2013		31/12/2012		31/12/2011
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2013		31/12/2012		31/12/2011
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

		31/12/2013		31/12/2012		31/12/2011
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2013		31/12/2012		31/12/2011
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2013		31/12/2012		31/12/2011
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2013		31/12/2012		31/12/2011
Average number of employees	YP	38	0%	0	0%	0

Groups and Shareholders

		31/12/2013		31/12/2012		31/12/2011
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

		31/12/2013		31/12/2012		31/12/2011	Sector Median2013
Fixed Asset Financing		2.68	23.5%	2.17	-10.7%	2.43	2.76	-2.9%
Global Debt		198 days	24.5%	159 days	8.9%	146 days	132 days	50.0%
Working Capital Fund overall net		121 days	112.3%	57 days	-13.6%	66 days	100 days	21.0%
Financial independence		172.90%	-99.8%	83335.62%	4811.9%	1696.61%	229.15%	-24.5%
Solvability		28.25%	-3.6%	29.29%	-13.6%	33.89%	42.97%	-34.3%
Capacity debt futures		172.90%	-99.8%	83354.71%	-	%	1831.23%	-90.6%
Coverage of current assets by net working capital overall		45.30%	68.1%	26.95%	-17.3%	32.57%	48%	-5.6%
General Liquidity		1	-5.7%	1.06	-		0.90	11.1%
Restricted Liquidity		1	-24.8%	1.33	-		1.56	-35.9%

Management or rotation

		31/12/2013		31/12/2012		31/12/2011	Sector Median2013
Need background in operating working capital		131 days	263.9%	36 days	-55.0%	80 days	20 days	555.0%
Treasury		0 days	0%	29 days	866.7%	3 days	29 days	0%
Inventory turnover of goods		0 days	0%	0 days	0%	0 days	0 days	0%
Average length of credit granted to customers		97 days	61.7%	60 days	-17.8%	73 days	83 days	16.9%
Average length of credit obtained suppliers		133 days	3.1%	129 days	0.8%	128 days	52 days	155.8%
Inventory turnover of raw materials in industrial enterprises		348 days	159.7%	134 days	48.9%	90 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise		805 days	-30.9%	1165 days	-	days	967 days	-16.8%
Rotation tangible assets		804.50%	-31.0%	1165.40%	-	%	1135.20%	-29.1%

Profitability of the business

		31/12/2013		31/12/2012		31/12/2011	Sector Median2013
Margin trading		-1.94%	-199.0%	1.96%	140.9%	-4.79	0%	0%
Profitability of the business		10.63	-37.9%	17.12	-18.6%	21.04	7.14%	48.9%
Net profit		-0.12%	-103.3%	3.62%	-44.0%	6.46%	4.71%	-102.5%
Growth rate of turnover (excluding VAT)		-32.84%	-32740.0%	-0.10%	-101.0%	10.29%	0%	0%
Rates integration		39.05%	10.6%	35.31%	-4.5%	36.99%	58.80%	-33.6%
Rate leasing furniture		0%	0%	0%	0%	0%	0%	0%
Work Factor		69.13%	44.4%	47.87%	19.6%	40.04%	77.03%	-10.3%
Weight interests		0.19	35.7%	0.14%	-48.1%	0.27%	0.05%	280.0%

Return on capital

		31/12/2013		31/12/2012		31/12/2011	Sector Median2013
Cash flow from the overall profitability		-0.10%	-102.3%	4.43%	-38.5%	7.20%	7.01%	-101.4%
Rates of economic profitability		28%	-67.8%	87%	-3.3%	90%	18%	55.6%
Financial profitability		2964867%	-18.5%	3640100%	-10.7%	4077398%	40560.50%	7209.7%
Return on investment		0.19%	-99.0%	19.07%	-33.9%	28.85%	13.83%	-98.6%

Display parameter
Currency	Euro	Kilo Euro
Comparison mode	Average	Median

Soldes Intermédiaires de Gestion 

	31/12/2013		31/12/2012		31/12/2011	Sector Median2013
Turnover	12,435,176	-32.8%	18,515,442	-0.1%	18,534,011	197,558 €	6194.4%

Sales of goods	313,040	-46.7%	586,875	947.1%	56,045
- Purchase of goods	743,461	-57.6%	1,752,692	85.7%	943,632
+/- Stock of goods variation	-189,711	87.6%	-1,528,858	0%	0
Trading margin	-240,710 €	-166.3%	363,041 €	140.9%	-887,587 €	0 €	0%
	-1.94 % CA	-199.0%	1.96 % CA	140.9%	-4.79 % CA	0 % CA	0%

Sale of goods produced	12,122,136	-32.4%	17,928,567	-3.0%	18,477,966
+/- Stocked production	-601,369	-251.4%	397,292	631.6%	54,302
+ Self-constructed assets	0	0%	0	0%	0
Period production	11,520,767 €	-37.1%	18,325,859 €	-1.1%	18,532,268 €	182,922 €	6198.2%
	92.65 % CA	-6.4%	98.98 % CA	-1.0%	99.99 % CA	100 % CA	-7.4%

Trading margin	-240,710	-166.3%	363,041	140.9%	-887,587	0	0%
+ Period Production	11,520,767	-37.1%	18,325,859	-1.1%	18,532,268	182,922	6198.2%
- Purchase of raw materials	1,562,845	-54.8%	3,458,370	51.7%	2,279,083
+/- Change in stocks of raw materiels	410,118	7.9%	380,041	28.0%	297,017
- Other external purchases and charges	4,450,892	-46.5%	8,312,152	1.2%	8,213,554
Added value	4,856,202 €	-25.7%	6,538,337 €	-4.6%	6,855,027 €	105,534 €	4501.6%
	39.05 % CA	10.6%	35.31 % CA	-4.5%	36.99 % CA	58.80 % CA	-33.6%

Added value	4,856,202 €	-25.7%	6,538,337 €	-4.6%	6,855,027 €	105,534 €	4501.6%
+ Operating grants	1,490	-61.0%	3,825	11.6%	3,427
- Tax, duty and similar payments	178,139	-26.6%	242,651	13.3%	214,192
- Personal charges	3,357,221	7.3%	3,129,711	14.0%	2,744,586
Gross operating surplus	1,322,332 €	-58.3%	3,169,800 €	-18.7%	3,899,676 €	14,273 €	9164.6%
	10.63 % CA	-37.9%	17.12 % CA	-18.6%	21.04 % CA	7.14 % CA	48.9%

Gross operating surplus	1,322,332 €	-58.3%	3,169,800 €	-18.7%	3,899,676 €	14,273 €	9164.6%
+ Release of reserves and provisions	255,603	281.7%	66,964	-37.9%	107,911
+ Other operating income	23	-52.1%	48	92.0%	25
- Depreciation/Amortisation	335,221	-14.8%	393,258	-8.0%	427,685
- Other charges	1,156,365	-32.4%	1,709,503	-3.0%	1,762,505
Operating result	86,372 €	-92.4%	1,134,051 €	-37.6%	1,817,422 €	10,670 €	709.5%
	0.69 % CA	-88.7%	6.12 % CA	-37.6%	9.81 % CA	5.20 % CA	-86.7%

Operating result	86,372 €	-92.4%	1,134,051 €	-37.6%	1,817,422 €	10,670 €	709.5%
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0
+ Financial income	31,713	-44.5%	57,177	-17.9%	69,624
- Financial charges	23,914	-5.2%	25,225	-48.9%	49,325
Pre-tax result	94,171 €	-91.9%	1,166,003 €	-36.6%	1,837,721 €	11,142 €	745.2%
	0.76 % CA	-87.9%	6.30 % CA	-36.5%	9.92 % CA	5.23 % CA	-85.5%

Extraordinary income	0	0%	9,980	8.0%	9,237	0	0%
- Extraordinary charges	112,608	212.8%	35,995	-54.5%	79,159
Extraordinary result	-112,608 €	-332.9%	-26,015 €	62.8%	-69,922 €	0 €	0%
	-0.91 % CA	-550.0%	-0.14 % CA	63.2%	0 % CA	0 % CA	0%

Pre-tax result	94,171 €	-91.9%	1,166,003 €	-36.6%	1,837,721 €	11,142 €	745.2%
Extraordinary result	-112,608 €	-332.9%	-26,015 €	62.8%	-69,922 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0
- Tax on profits	-3,200	-100.7%	470,237	-17.7%	571,380
Net result	-15,237 €	-102.3%	669,751 €	-44.0%	1,196,419 €	10,938 €	-239.3%
	-0.12 % CA	-103.3%	3.62 % CA	-44.0%	6.46 % CA	4.72 % CA	-102.5%

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	01/03/2010
Status of Monitoring	No social security and tax office preferential right to date

Group data

Ultimate parent company	SERGI HOLDING
Direct parent	SERGI HOLDING - 100 %
Group – Number of companies	2
Linkages – Number of companies	-
Number of countries	-

Group Structure

Company Name	SIREN	Parts	Last account published
SERGI HOLDING	480603760	-	31/12/2012
SERGI-FRANCE	388347510	100%	31/12/2013

Shareholders

Linkages

Ultimate parent company	SERGI HOLDING
Direct parent	SERGI HOLDING - 100 %
Group – Number of companies	2
Linkages – Number of companies	-
Number of countries	-

No Linkages information available for the company

event history

Status history

No Status History

Recent publications in Gazettes

Publication date	Gazette Name	Description
04/10/2014	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 8210 - 388347510 RCS. SERGI - FRANCE. Forme : Société par actions simplifiée. Adresse : 186 avenue du Général de Gaulle 78260 Achères.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
22/08/2013	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 6362 - 388347510 RCS. SERGI - FRANCE. Forme : Société par actions simplifiée. Adresse : 186 avenue du Général de Gaulle 78260 Achères.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
07/09/2012	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 5225 - 388347510 RCS. SERGI - FRANCE. Forme : Société par actions simplifiée. Adresse : 186 avenue du Général de Gaulle 78260 Achères.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
06/05/2012	Bodacc B	Modification et mutation diverse
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 1016 - 388 347 510 RCS Versailles. SERGI - FRANCE. Forme : Société par actions simplifiée. Sigle : SERGI. Administration : Commissaire aux comptes suppléant : SOUS Catherine en fonction le 11 Décembre 2002 Commissaire aux comptes titulaire : SOUS Jean Francois en fonction le 11 Décembre 2002 Président : MAGNIER Arnaud en fonction le 16 Janvier 2008 Directeur général : MAGNIER Antoine en fonction le 26 Avril 2012.Activité : .  Commentaires : Modification de représentant.
10/04/2012	JAL	Appointment of the social representative
Semaine de l Ile-de-France (La) Date de décision : 29/03/2012 Société faisant l'objet d'une nomination : 388347510 - SERGI-FRANCE, 186 AV DU GENERAL DE GAULLE, 78260 ACHERES  Nominé : Monsieur Antoine MAGNIER, 78600 MAISONS LAFFITTE En la fonction de : Directeur général
20/12/2011	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 7906 - 388347510 RCS. SERGI - FRANCE. Forme : Société par actions simplifiée. Adresse : 186 avenue du Général de Gaulle 78260 Achères.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
27/12/2010	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 7145 - 388347510 RCS. SERGI - FRANCE. Forme : Société par actions simplifiée. Adresse : 186 avenue du Général de Gaulle 78260 Achères.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
19/07/2010	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 6296 - 388347510 RCS. SERGI - FRANCE. Forme : Société par actions simplifiée. Adresse : 186 avenue du Général de Gaulle 78260 Achères.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
03/12/2008	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 7384 - 388347510 RCS. SERGI - FRANCE. Forme : Société par actions simplifiée. Adresse : 186 avenue du Général de Gaulle 78260 Achères.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
28/05/2008	Bodacc B	Modification et mutation diverse
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 3595 - 388 347 510 RCS Versailles. SERGI - FRANCE. Forme : Société par actions simplifiée. Enseigne : TRANSFORMER PROTECTOR. Sigle : SERGI.  Commentaires : Modification du nom commercial.
27/01/2008	Bodacc B	Modification et mutation diverse
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 2900 - 388 347 510 RCS Versailles. SERGI - FRANCE. Forme : Société par actions simplifiée. Enseigne : TRANSFORMER PROTECTOR COPORATION.Sigle : SERGI. Administration : Commissaire aux comptes suppléant : SOUS Catherine en fonction le 11 Décembre 2002. Commissaire aux comptes titulaire : SOUS Jean Francois en fonction le 11 Décembre 2002. Président : MAGNIER Arnaud en fonction le 16 Janvier 2008. Capital : 2000000 EUR.  Commentaires : Modification de la forme juridique. Modification du capital. Modification du nom commercial. Modification de représentant.
20/11/2007	Bodacc C	Avis de dépôt des comptes
9053 - 388 347 510. RCS Versailles SERGI - FRANCE. Sigle: SERGI Forme: Société à responsabilité limitée. Adresse du siège social: 186 avenue DU GENERAL DE GAULLE 78260 Achères. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
21/11/2006	Bodacc C	Avis de dépôt des comptes
2240 - RCS Versailles B 388 347 510. RC 92-B 2214. SERGI FRANCE. Forme: S.A.R.L.. Adresse du siège social: 186, avenue du Général de Gaulle,78260 Acheres. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
02/12/2005	Bodacc B	Modifications et mutations diverses
2591 - RCS Versailles B 388 347 510. RC 92-B 2214. SERGI-FRANCE. Sigle : SERGI. Forme : S.A.R.L. Commentaires : modification survenue sur la dénomination.
22/10/2005	Bodacc C	Avis de dépôt des comptes
2045 - RCS Versailles B 388 347 510. RC 92-B 2214. SERGI. Forme: S.A.R.L. Adresse du siège social: 186, avenue du Général de Gaulle,78260 Acheres. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
01/10/2004	Bodacc B	Modifications et mutations diverses
RCS Versailles B 388347510 RC 92-B 2214 SERGI. Sigle : SERGI. Forme : S.A.R.L. Capital : 1 250 000 euros. Commentaires : modification survenue sur le capital ( augmentation).
30/04/2004	Bodacc B	Modifications et mutations diverses
RCS Versailles B 388347510 RC 92-B 2214 SERGI. Sigle : SERGI. Forme : S.A.R.L. Adresse du siège social : 186 avenue du Général-de-Gaulle, 78260 Achères. Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l'établissement principal Etablissement principal: Adresse : 186 avenue du Général-de-Gaulle, 78260 Achères.
16/11/2003	Bodacc B	Modifications et mutations diverses
RCS Versailles B 388347510 RC 92-B 2214 SERGI. Sigle : SERGI. Forme : S.A.R.L. Capital : 1 000 000 d'euros. Commentaires : modification survenue sur le capital ( augmentation).
19/03/2003	Bodacc B	Modifications et mutations diverses
RCS Versailles B 388347510 RC 92-B 2214 SERGI. Sigle : SERGI. Forme : S.A.R.L. Capital : 500 000 euros. Commentaires : modification survenue sur le capital ( augmentation).
24/12/2002	Bodacc B	Modifications et mutations diverses
RCS Versailles B 388347510 RC 92-B 2214 SERGI. Sigle : SERGI. Forme : S.A.R.L. Commentaires : modification survenue sur l'administration. Administration : nomination d'un commissaire aux comptes suppléant : SOUS (Catherine). Nomination d'un commissaire aux comptes titulaire : SOUS (Jean, François).
15/03/2002	Bodacc B	Modifications et mutations diverses
RCS Versailles B 388347510 RC 92-B 2214 SERGI. Sigle : SERGI. Forme : S.A.R.L. Capital : 350 000 euros. Commentaires : modification survenue sur le capital ( augmentation).
16/03/2000	Bodacc B	Modifications et mutations diverses
*. RCS Versailles B 388 347 510 RC 92-B 2214 SERGI. Sigle : SERGI. Forme : S.A.R.L. Adresse du siège social : Technoparc, 3, rue Gustave-Eiffel 78300 Poissy. Commentaires : modification survenue sur l'adresse du siège social et de l' établissement principal Etablissement principal: Adresse : Technoparc, 3, rue Gustave-Eiffel 78300 Poissy.
05/09/1999	Bodacc B	Modifications et mutations diverses
RCS Versailles B 388347510 RC 92-B 2214 SERGI. Sigle : SERGI. Forme : S.A.R.L. Capital : 1 500 000 F. Commentaires : modification survenue sur le capital ( augmentation).
11/09/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Versailles B 388 347 510 RC RC 92-B 2214 SERGI. Sigle : SERGI. Forme : S.A.R.L. Capital : 800 000 F. Commentaires : modification survenue sur le capital ( augmentation).
25/01/1998	Bodacc B	Modifications et mutations diverses
RCS Versailles B 388 347 510 RC 92-B 2214 SERGI. Sigle : SERGI. Forme : S.A.R.L. Capital : 560 000 F. Commentaires : modification survenue sur le capital ( augmentation).
17/07/1997	Bodacc B	Modifications et mutations diverses
RCS Versailles B 388 347 510 RC 92-B 2214 SERGI. Sigle : SERGI. Forme : S.A.R.L. Capital : 500 000 F. Commentaires : modification survenue sur le capital ( augmentation).
28/09/1995	Bodacc B	Modifications et mutations diverses
RCS *. RCS Versailles B 388 347 510 RC RC 92-B 2214 SERGI. Sigle : S.E.R.G.I. Forme : S.A.R.L. Commentaires : modification survenue sur la dénomination, le nom commercial ( suppression) et le sigle.
15/04/1995	Bodacc A	Création d'établissement
RCS *. RCS Versailles B 388 347 510 RC RC 92-B 2214 TECHNOR. Sigle : TECHNOR. Forme : S.A.R.L. Capital : 50 000 F Nom commercial: Technor. Adresse du siège social : 22, rue Gustave-Eiffel, technoparc L'Espace-Cristal 78300 Poissy Etablissement principal: Activité : conception et vente de produits industriels, protection incendie. Adresse : 22, rue Gustave- Eiffel, technoparc L'Espace-Cristal 78300 Poissy Etablissement principal acquis par achat au prix stipulé de 300 000 F Date de début d'activité: 10 aout 1992. Précédent propriétaire : : SOCIETE TRANSLAF SERGI. RCS Non inscrit au. RCS Publication légale: Les Affiches Versaillaises du 16 février 1995. Oppositions : au fonds.
01/04/1995	Bodacc B	Modifications et mutations diverses
RCS Versailles B 388 347 510 RC 92-B 2214 TECHNOR. Sigle : TECHNOR. Forme : S.A. R.L Nom commercial: Technor. Administration : gérant : MAGNIER ( Philippe). Commentaires : modification survenue sur l'administration.

Company events history

Date	Description
04/10/2014	Bodacc C : Deposit accounts notice
30/09/2014	Update Limit
30/09/2014	Update Rating
30/09/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2013	New accounts available
01/11/2013	New ultimate parent
01/11/2013	New parent detected
20/10/2013	Update Limit
20/10/2013	Update Rating
15/10/2013	Update Rating
15/10/2013	Update Limit
22/08/2013	Bodacc C : Deposit accounts notice
07/08/2013	Update Limit
07/08/2013	Update Rating
07/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
22/07/2013	Updated articles of association
22/07/2013	Minutes of general meeting of shareholders
31/12/2012	New accounts available
02/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
07/09/2012	Bodacc C : Deposit accounts notice
06/05/2012	Bodacc B: Various editing or changing
26/04/2012	Changes to the Board of Directors
26/04/2012	Amendment
29/03/2012	Legal Gazette: Appointment of the social representative
31/12/2011	New accounts available
20/12/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
20/12/2011	Bodacc C : Deposit accounts notice
31/12/2010	New accounts available
27/12/2010	Bodacc C : Deposit accounts notice
19/07/2010	Bodacc C : Deposit accounts notice
01/03/2010	Collection of preferential rights activated for this company
31/12/2009	New accounts available
31/12/2008	New accounts available
03/12/2008	Bodacc C : Deposit accounts notice
28/05/2008	New Bodacc B ads detected
28/05/2008	Bodacc B: Various editing or changing
27/01/2008	Bodacc B: Various editing or changing
27/01/2008	New Bodacc B ads detected
16/01/2008	Updated articles of association
16/01/2008	Rapport des Commissaires ou du Gérant
16/01/2008	Audit or Management Report
16/01/2008	Statuts mis à jour
16/01/2008	Minutes of general meeting of shareholders
16/01/2008	PV d'Assemblée
16/01/2008	Appointment/resignation of company officers
16/01/2008	Private document
16/01/2008	Changement de Président (PDG, PCA)
16/01/2008	Capital increase
16/01/2008	Augmentation de Capital
16/01/2008	Changement de Forme Juridique avec changement de catégorie
16/01/2008	New legal form – no new category
31/12/2007	New accounts available
01/10/2007	Update of Company Legal Form
01/10/2007	Other modification of Establishment (error correction)
30/08/2007	Acte modificatif
30/08/2007	Minutes of general meeting of shareholders
30/08/2007	PV d'Assemblée
30/08/2007	Private document
30/08/2007	Amendment
31/12/2006	New accounts available
31/12/2005	New accounts available
18/11/2005	New company name
18/11/2005	Acte sous seing privé
18/11/2005	Private document
18/11/2005	PV d'Assemblée
18/11/2005	Statuts mis à jour
18/11/2005	Updated articles of association
18/11/2005	Changement de dénomination sociale
18/11/2005	Minutes of general meeting of shareholders
31/12/2004	New accounts available
20/09/2004	Augmentation de Capital
20/09/2004	Capital increase
20/09/2004	Updated articles of association
20/09/2004	Statuts mis à jour
20/09/2004	PV d'Assemblée
20/09/2004	Acte sous seing privé
20/09/2004	Private document
20/09/2004	Certificat de dépôt des fonds
20/09/2004	Fund deposit certificate
20/09/2004	Minutes of general meeting of shareholders
15/04/2004	Statuts mis à jour
15/04/2004	PV d'Assemblée
15/04/2004	Acte sous seing privé
15/04/2004	Transfert du Siège dans le ressort du Tribunal de Commerce
31/12/2003	New accounts available
04/11/2003	Augmentation de Capital
04/11/2003	Acte sous seing privé
04/11/2003	PV d'Assemblée
04/11/2003	Statuts mis à jour
07/03/2003	Acte sous seing privé
07/03/2003	Augmentation de Capital
07/03/2003	Statuts mis à jour
07/03/2003	PV d'Assemblée
07/03/2003	Certificat de dépôt des fonds
24/02/2003	Acte sous seing privé
24/02/2003	Nomination/démission des organes de gestion
24/02/2003	Cession de parts
24/02/2003	Statuts mis à jour
24/02/2003	Acte modificatif
24/02/2003	PV d'Assemblée
11/12/2002	Acte sous seing privé
11/12/2002	Nomination/démission des organes de gestion
11/12/2002	Changement de Commissaire aux Comptes
11/12/2002	PV d'Assemblée
04/03/2002	Augmentation de Capital
04/03/2002	Statuts mis à jour
04/03/2002	PV d'Assemblée
04/03/2002	Conversion du Capital Social en Euros
04/03/2002	Acte sous seing privé
02/03/2000	PV d'Assemblée
02/03/2000	Statuts mis à jour
02/03/2000	Transfert du Siège dans le ressort du Tribunal de Commerce
02/03/2000	Acte sous seing privé
23/08/1999	Statuts mis à jour
23/08/1999	Acte modificatif
23/08/1999	Certificat de dépôt des fonds
23/08/1999	Acte sous seing privé
23/08/1999	PV d'Assemblée
23/08/1999	Augmentation de Capital
25/08/1998	Statuts mis à jour
25/08/1998	Augmentation de Capital
25/08/1998	PV d'Assemblée
25/08/1998	Acte sous seing privé
09/01/1998	Augmentation de Capital
09/01/1998	PV d'Assemblée
09/01/1998	Statuts mis à jour
09/01/1998	Acte sous seing privé
03/07/1997	Augmentation de Capital
03/07/1997	PV d'Assemblée
03/07/1997	Statuts mis à jour
03/07/1997	Acte sous seing privé
09/01/1996	Augmentation de Capital
09/01/1996	Acte modificatif
09/01/1996	Statuts mis à jour
09/01/1996	PV d'Assemblée
12/09/1995	Acte modificatif
12/09/1995	Changement de dénomination sociale
12/09/1995	PV d'Assemblée
12/09/1995	Statuts mis à jour
16/03/1995	Statuts mis à jour
16/03/1995	Acte modificatif
16/03/1995	Changement de Gérant
16/03/1995	Nomination/démission des organes de gestion
16/03/1995	PV d'Assemblée
04/05/1993	Cession de parts
04/05/1993	Statuts mis à jour
04/05/1993	Acte sous seing privé
04/05/1993	Déclaration de conformité
04/05/1993	Nomination/démission des organes de gestion
04/05/1993	PV d'Assemblée
04/05/1993	Acte modificatif
17/08/1992	Statuts
17/08/1992	Acte sous seing privé
17/08/1992	Formation de Société

directors

Name	M. MAGNIER ARNAUD
Manager position	President	Date of birth	10/11/1971
Place of birth	PALAISEAU
Type	Individual	Name at birth

Name	M. MAGNIER ANTOINE
Manager position	Managing director	Date of birth	13/08/1979
Place of birth	ORANGE
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Manager	M PHILIPPE MAGNIER	8/23/1946 - COUDEKERQUE

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.93.27
Euro	1	Rs.71.57

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TPT

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.