MIRA INFORM REPORT

Report No. :	330001
Report Date :	02.07.2015

IDENTIFICATION DETAILS

Name :	MACHINES OUTILS SERVICES
Registered Office :	Mos, Av De L Europe, 68520 Burnhaupt Le Bas
Country :	France
Financials (as on) :	31.12.2013
Date of Incorporation :	February 1989
Com. Reg. No.:	349 689 836
Legal Form :	Simplified Joint Stock Company
Line of Business :	Subject is engaged in wholesale (business to business) of machine tools
No. of Employee :	10 to 19

RATING & COMMENTS

MIRA’s Rating :

B

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

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

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

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

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

FRANCE - ECONOMIC OVERVIEW

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

Source : CIA

Company name

MACHINES OUTILS SERVICES

SIRET	349 689 836 00030	Click to view full map.
Name	MACHINES OUTILS SERVICES
Acronym	MOS
Trade name	-
Status	Economically active
Postal Address	MACHINES OUTILS SERVICES MOS AV DE L EUROPE 68520 BURNHAUPT LE BAS
Share Capital	150,000 Euros
Incorporiation Date	02/1989
Activity (APE)	Wholesale (business to business) machine tools (4662Z)	RCS Registration	RCS Mulhouse B 349 689 836
Formation Date	02/1989	EUR VAT Number	FR67349689836
Deregistration Date	-	Last account Date	31/12/2013
Court Registry Number	89 B 00126	Telephone	03 89 62 74 40
Registration Court	Mulhouse (68)	Fax	-
Nationality	France
		Legal form	Simplified joint stock company
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2013	2,134,385 €	-3.33% Turnover	237,817 €	-26,636 €	10 to 19 employees
31/12/2012	2,322,873 €	-5.59% Turnover	264,453 €	-114,129 €	-
31/12/2011	2,866,778 €	2.40% Turnover	378,582 €	1,650 €	-

Details

Directors

Current Directors

1

View Details

Payment Data Programme

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Preferential Right

This company is not under monitoring

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	7
Total number of Invoices paid more than 30 days after the dues date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Establishment Details

Type of Establishment	Single (translated to H)	Production Role	-
APE/NAF Code	4662Z	Activity	Wholesale (business to business) machine tools
Formation Date	01/1998	Reason for Formation	Other
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	AVENUE DE L EUROPE 68520 BURNHAUPT LE BAS	Department	Haut-Rhin (68)
Location Surface	-	District	6
City	BURNHAUPT LE BAS	Status	Economically active
Business Pages FT®	MAINTENANCE INDUSTRIELLE	Region	Alsace
		Area	03
		Size of Urban Area	-

Other Establishment(s)

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

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
MACHINES OUTILS SERVICES	Head Office	4662Z	Wholesale (business to business) machine tools	BURNHAUPT LE BAS	68520

Workforces

Workforce at address

10 to 19 employees

Company workforce

10 to 19 employees

Industry comparison

Activity (APE)	Wholesale (business to business) machine tools (4662Z)
industry average credit rating	47
industry average credit limit	24,898

Collective procedures

No judgment information for the company

Preferential rights details and history

Status of collection

This company is not under monitoring

Preferential rights details and history

Status of collection

This company is not under monitoring

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company.

Director(s)

Name	M. LINDER REMI
Manager position	President	Date of birth	05/07/1957
Place of birth	HEGENHEIM
Type	Individual	Name at birth

Previous Directors

No data about previous directors is available for this company

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	05/01/2015	Bodacc C	Comptes annuels et rapports
68 - HAUT-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE MULHOUSE 2417 - 349689836 RCS. MACHINES OUTILS SERVICES. Forme : S.A.S. Adresse : Z.A., avenue de l'Europe, 68520 Burnhaupt-le-Bas. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
Hide	09/12/2013	Bodacc C	Comptes annuels et rapports
68 - HAUT-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE MULHOUSE 2592 - 349689836 RCS. MACHINES OUTILS SERVICES. Forme : S.A.S. Adresse : Z.A., avenue de l'Europe, 68520 Burnhaupt-le-Bas. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
Hide	14/01/2013	Bodacc C	Comptes annuels et rapports
68 - HAUT-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE MULHOUSE 2912 - 349689836 RCS. MACHINES OUTILS SERVICES. Forme : S.A.S. Adresse : Z.A., avenue de l'Europe, 68520 Burnhaupt-le-Bas. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	25/01/2012	Bodacc C	Comptes annuels et rapports
68 - HAUT-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE MULHOUSE 3523 - 349689836 RCS. MACHINES OUTILS SERVICES. Forme : S.A.S. Adresse : Z.A., avenue de l'Europe, 68520 Burnhaupt-le-Bas. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
Hide	21/03/2011	Bodacc C	Comptes annuels et rapports
68 - HAUT-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE MULHOUSE 2725 - 349689836 RCS. MACHINES OUTILS SERVICES. Forme : S.A.S. Adresse : Z.A., avenue de l'Europe, 68520 Burnhaupt-le-Bas. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	18/12/2009	Bodacc C	Comptes annuels et rapports
68 - HAUT-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE MULHOUSE 3268 - 349689836 RCS. MACHINES OUTILS SERVICES. Forme : S.A.S. Adresse : Z.A., avenue de l'Europe, 68520 Burnhaupt-le-Bas. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	22/01/2009	Bodacc C	Comptes annuels et rapports
68 - HAUT-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE MULHOUSE 1382 - 349689836 RCS. MACHINES OUTILS SERVICES. Forme : S.A.S. Adresse : Z.A., avenue de l'Europe, 68520 Burnhaupt-le-Bas. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	24/06/2007	Bodacc C	Avis de dépôt des comptes
2667 - Mulhouse B 349 689 836. RC 89-B 126. MACHINES OUTILS SERVICES. Forme: S.A.S. Adresse du siège social: Z.A., avenue de l'Europe,68520 Burnhaupt-le-Bas. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Hide	22/01/2006	Bodacc C	Avis de dépôt des comptes
2548 - RCS Mulhouse B 349 689 836. RC 89-B 126. MACHINES OUTILS SERVICES. Forme: S.A.S. Adresse du siège social: Z.A., avenue de l'Europe,68520 Burnhaupt-le-Bas. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
Hide	25/02/2005	Bodacc C	Avis de dépôt des comptes
2088 - RCS Mulhouse B 349 689 836. RC 89-B 126. MACHINES OUTILS SERVICES. Forme: S.A.S. Adresse du siège social: Z.A., avenue de l'Europe,68520 Burnhaupt-le-Bas. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2003.
Hide	06/12/2001	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Mulhouse B 349689836 RC 89-B 126 MACHINES-OUTILS SERVICES. Sigle : M.O.S. Forme : S.A.S. Capital : 750 000 F. Adresse : Z.A., avenue de l'Europe, 68520 Burnhaupt-le-Bas Nouvelle situation du siège social. Capital : 150 000 euros. Date d'effet : 21 septembre 2001.
Hide	27/02/2001	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Mulhouse B 349689836 RC 89-B 126 Machines-Outils Services. Forme : S.A.R.L. Capital : 750 000 F (fixe). Adresse : Z.A., avenue de l'Europe, 68520 Burnhaupt-le- Bas Nouvelle situation du siège social. Forme : société par actions simplifiée. Administration : président : LINDER ( Rémi) commissaire aux comptes titulaire BECK (Jean-Claude) commissaire aux comptes suppléant : MUNCH (Maurice). Date d'effet : 28 décembre 2000.
Hide	14/04/1998	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS RCS Mulhouse B 349 689 836 RC RC 89-B 126 MACHINES OUTILS SERVICES. Sigle : MOS. Forme : S.A.R.L. Capital : 750 000 F (fixe). Adresse : 7, rue des Alpes 68200 Didenheim Nouvelle situation du siège social. Adresse : zone artisanale, avenue de l'Europe 68520 Burnhaupt-le-Bas. Date d'effet : 7 janvier 1998.
Hide	18/09/1996	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Mulhouse B 349 689 836 RC 89-B 126 MACHINES-OUTILS SERVICES. Forme : S.A.R.L. Capital : 50 000 F (fixe). Adresse : 7 rue des Alpes, 68200 Didenheim Nouvelle situation du siège social. Capital : 750 000 F. Date d'effet : 3 juin 1996.

Company events history

Date	Description
01/05/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
17/01/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/01/2015	Bodacc C : Deposit accounts notice
07/05/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2013	New accounts available
09/12/2013	Bodacc C : Deposit accounts notice
14/01/2013	Bodacc C : Deposit accounts notice
31/12/2012	New accounts available
25/01/2012	Bodacc C : Deposit accounts notice
05/01/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
21/03/2011	Bodacc C : Deposit accounts notice
31/12/2010	New accounts available
31/12/2009	New accounts available
18/12/2009	Bodacc C : Deposit accounts notice
22/01/2009	Bodacc C : Deposit accounts notice
31/12/2008	Update of Company Activity
31/12/2008	New accounts available
31/12/2008	Modification of Company Activity
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
16/10/2001	Conversion of equity to euro
16/10/2001	Minutes of general meeting of shareholders
16/10/2001	Updated articles of association
16/10/2001	Private document
16/10/2001	Capital increase
31/01/2001	Appointment/resignation of company officers
31/01/2001	Audit or Management Report
31/01/2001	Minutes of general meeting of shareholders
31/01/2001	New legal form – no new category
31/01/2001	Private document
31/01/2001	Updated articles of association
02/02/1998	Private document
02/02/1998	Registered office transferred inside jurisdiction of the Commercial Court
02/02/1998	Updated articles of association
02/02/1998	Minutes of general meeting of shareholders
11/07/1996	Updated articles of association
11/07/1996	Capital increase
11/07/1996	Minutes of general meeting of shareholders
11/07/1996	Private document
18/01/1996	Private document
18/01/1996	Sale of shares
18/01/1996	Updated articles of association
18/01/1996	Minutes of general meeting of shareholders
18/12/1991	Sale of shares
18/12/1991	Private document
18/12/1991	Minutes of general meeting of shareholders
18/12/1991	Declaration of conformity
18/12/1991	Change to corporate purpose
18/12/1991	Updated articles of association

Synthesized Accounts

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	31/10/2014	10/09/2013	05/05/2014
Activity Code	4662Z	4662Z	4662Z
Employees	0	0	10

Active account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Capital not called	0 0 K	0%	0 0 K	0%	0 0 K	42.78 0.04 K	0%	0 0 K	0%
Total fixed assets	130,222 130 K	6.5 %	122,229 122 K	24.0 %	98,579 99 K	213,975.71 213.98 K	-39.1 %	24,431 24 K	433.0 %
Intangible assets	51,318 51 K	-14.1 %	59,744 60 K	24.3 %	48,070 48 K	28,660.68 28.66 K	79.1 %	0 0 K	0%
Tangible assets	78,905 79 K	183.5 %	27,830 28 K	63.3 %	17,038 17 K	95,252.64 95.25 K	-17.2 %	12,165 12 K	548.6 %
Financial assets	0 0 K	0%	34,655 35 K	3.5 %	33,471 33 K	90,533.60 90.53 K	0%	920 1 K	0%
Net current assets	545,663 546 K	-36.9 %	865,248 865 K	19.3 %	724,998 725 K	1,479,888.96 1,479.89 K	-63.1 %	383,489 383 K	42.3 %
Stocks	305,640 306 K	-34.2 %	464,413 464 K	3.9 %	447,008 447 K	415,124.26 415.12 K	-26.4 %	74,765 75 K	308.8 %
Advanced payments	0 0 K	0%	8,000 8 K	0%	0 0 K	12,688.50 12.69 K	0%	0 0 K	0%
Receivables	207,439 207 K	-46.8 %	389,830 390 K	41.8 %	274,985 275 K	781,050.50 781.05 K	-73.4 %	152,619 153 K	35.9 %
Securities and cash	32,584 33 K	984.3 %	3,005 3 K	0%	3,005 3 K	270,853.16 270.85 K	-88.0 %	62,110 62 K	-47.5 %
Prepaid expenses	- -	-	- -	-	- -	1,181.03 1.18 K	-	168 0 K	-
Accounts of regularization	0 0 K	0%	0 0 K	0%	0 0 K	200.25 0.20 K	0%	0 0 K	0%
Total Assets	675,886 676 K	-31.6 %	987,477 987 K	19.9 %	823,577 824 K	1,694,070.65 1,694.07 K	-60.1 %	456,585 457 K	48.0 %

Passive Account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Shareholders' equity	237,817 238 K	-10.1 %	264,453 264 K	-30.1 %	378,582 379 K	733,136.84 733.14 K	-67.6 %	155,927 156 K	52.5 %
Share capital	150,000 150 K	0%	150,000 150 K	0%	150,000 150 K	251,442.65 251.44 K	-40.3 %	38,112 38 K	293.6 %
Other capital resources	0 0 K	0%	0 0 K	0%	0 0 K	267.89 0.27 K	0%	0 0 K	0%
Risk Provisions	0 0 K	0%	0 0 K	0%	0 0 K	30,062.32 30.06 K	0%	0 0 K	0%
Liabilities	438,069 438 K	-39.4 %	723,024 723 K	62.5 %	444,995 445 K	930,020.71 930.02 K	-52.9 %	219,651 220 K	99.4 %
Financial liabilities	197,864 198 K	-15.4 %	233,794 234 K	219.5 %	73,186 73 K	149,903.61 149.90 K	32.0 %	19,215 19 K	929.7 %
Advanced payments received	0 0 K	0%	0 0 K	0%	0 0 K	57,198.26 57.20 K	0%	0 0 K	0%
Trade account payables	96,865 97 K	-71.3 %	337,233 337 K	33.2 %	253,151 253 K	495,522.94 495.52 K	-80.5 %	85,809 86 K	12.9 %
Tax and social liabilities	143,340 143 K	-5.7 %	151,996 152 K	28.1 %	118,659 119 K	189,881.01 189.88 K	-24.5 %	57,854 58 K	147.8 %
Other debts and fixed assets liabilities	0 0 K	0%	0 0 K	0%	0 0 K	45,029.20 45.03 K	0%	3,425 3 K	0%
Account regularization	0 0 K	0%	0 0 K	0%	0 0 K	23,505.56 23.51 K	0%	0 0 K	0%
Total liabilities	675,886 676 K	-31.6 %	987,477 987 K	19.9 %	823,578 824 K	1,693,703.79 1,693.70 K	-60.1 %	456,585 457 K	48.0 %

Results

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Sales of Goods	2,194,880 2,195 K	-5.5 %	2,322,916 2,323 K	-20.4 %	2,918,634 2,919 K	2,889,604.66 2,889.60 K	-24.0 %	786,516 787 K	179.1 %
Net turnover	2,134,385 2,134 K	-8.1 %	2,322,873 2,323 K	-19.0 %	2,866,778 2,867 K	2,810,036.57 2,810.04 K	-24.0 %	746,695 747 K	185.8 %
of which net export turnover	1,181,761 1,182 K	34.5 %	878,695 879 K	-39.9 %	1,462,923 1,463 K	325,508.94 325.51 K	263.1 %	48 0 K	2461902.1 %
Operating charges	2,234,679 2,235 K	-7.8 %	2,423,033 2,423 K	-16.8 %	2,911,888 2,912 K	2,818,750.10 2,818.75 K	-20.7 %	716,023 716 K	212.1 %
Operating profit/loss	-39,799 -40 K	60.2 %	-100,117 -100 K	-1583.9 %	6,747 7 K	70,854.55 70.85 K	-156.2 %	13,233 13 K	-400.8 %
Financial income	22,947 23 K	1829.9 %	1,189 1 K	-6.8 %	1,276 1 K	10,039.32 10.04 K	128.6 %	120 0 K	19022.5 %
Financial charges	16,189 16 K	8.1 %	14,972 15 K	63.4 %	9,162 9 K	9,376.12 9.38 K	72.7 %	726 1 K	2129.9 %
Financial profit/loss	6,758 7 K	149.0 %	-13,783 -14 K	-74.8 %	-7,886 -8 K	663.20 0.66 K	919.0 %	-26 0 K	26092.3 %
Pretax net operating income	-33,041 -33 K	71.0 %	-113,900 -114 K	-9900.0 %	-1,139 -1 K	72,158.04 72.16 K	-145.8 %	13,252 13 K	-349.3 %
Extraordinary income	0 0 K	0%	0 0 K	0%	2,896 3 K	27,197.61 27.20 K	0%	439 0 K	0%
Extraordinary charges	225 0 K	-2.2 %	230 0 K	115.0 %	107 0 K	19,106.81 19.11 K	-98.8 %	310 0 K	-27.4 %
Extraordinary profit/loss	-225 0 K	2.2 %	-230 0 K	-108.2 %	2,789 3 K	8,090.79 8.09 K	-102.8 %	0 0 K	0%
Net result	-26,636 -27 K	76.7 %	-114,129 -114 K	-7016.9 %	1,650 2 K	57,043.32 57.04 K	-146.7 %	13,163 13 K	-302.4 %

Accounts – Active

Normal Account

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

Grand Total - Active Accounts (I to VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Grand Total (I to VI)	Net	675,886 676 K	-31.6 %	987,477 987 K	19.9 %	823,577 824 K
Gross	CO	862,994 863 K	-26.6 %	1,176,478 1,176 K	14.2 %	1,030,530 1,031 K
Amortisation	1A	187,108 187 K	-1.0 %	189,001 189 K	-8.7 %	206,953 207 K

Non declared distributed capital (I)

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

Active fixed asset (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Active fixed asset (II)	Net	130,222 130 K	6.5 %	122,229 122 K	24.0 %	98,579 99 K
Gross	BJ	307,944 308 K	13.3 %	271,835 272 K	20.6 %	225,334 225 K
Amortisation	BK	177,722 178 K	18.8 %	149,605 150 K	18.0 %	126,755 127 K

Intangible fixed assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Start-up cost	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AC	0 0 K	0%	0 0 K	0%	0 0 K
R&D expenses	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CX	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AE	0 0 K	0%	0 0 K	0%	0 0 K
Distributorships, patents	Net	47,603 48 K	25.4 %	37,949 38 K	-21.1 %	48,070 48 K
Gross	AF	75,719 76 K	45.8 %	51,943 52 K	0%	51,943 52 K
Amortisation	AG	28,115 28 K	100.9 %	13,993 14 K	261.3 %	3,873 4 K
Goodwill	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AH	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AI	0 0 K	0%	0 0 K	0%	0 0 K
Other intangible fixed assets	Net	3,715 4 K	-83.0 %	21,795 22 K	0%	0 0 K
Gross	AJ	3,715 4 K	-83.0 %	21,795 22 K	0%	0 0 K
Amortisation	AK	0 0 K	0%	0 0 K	0%	0 0 K
Pre-payments and downpayments	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AL	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AM	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Intangible asset	Net	51,318 51 K	-14.1 %	59,744 60 K	24.3 %	48,070 48 K

Tangilble fixed assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Lands	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AN	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AO	0 0 K	0%	0 0 K	0%	0 0 K
Buildings	Net	50,862 51 K	0%	0 0 K	0%	0 0 K
Gross	AP	51,870 52 K	0%	0 0 K	0%	0 0 K
Amortisation	AQ	1,009 1 K	0%	0 0 K	0%	0 0 K
Plant	Net	15,948 16 K	120.0 %	7,250 7 K	-18.8 %	8,931 9 K
Gross	AR	98,989 99 K	15.4 %	85,790 86 K	3.5 %	82,898 83 K
Amortisation	AS	83,041 83 K	5.7 %	78,540 79 K	6.2 %	73,967 74 K
Other tangible fixed assets	Net	12,095 12 K	-41.2 %	20,580 21 K	153.9 %	8,107 8 K
Gross	AT	77,651 78 K	0%	77,651 78 K	36.2 %	57,022 57 K
Amortisation	AU	65,557 66 K	14.9 %	57,072 57 K	16.7 %	48,915 49 K
Fixed assets in construction	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AV	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AW	0 0 K	0%	0 0 K	0%	0 0 K
Advances and payments on account	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AX	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AY	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Tangible asset	Net	78,905 79 K	183.5 %	27,830 28 K	63.3 %	17,038 17 K

Financial assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Associates at equity	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CS	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CT	0 0 K	0%	0 0 K	0%	0 0 K
Other participations	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CU	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CV	0 0 K	0%	0 0 K	0%	0 0 K
Inter-company receivables	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BC	0 0 K	0%	0 0 K	0%	0 0 K
Other investment securities	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BE	0 0 K	0%	0 0 K	0%	0 0 K
Loans	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BF	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BG	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets	Net	0 0 K	0%	34,655 35 K	3.5 %	33,471 33 K
Gross	BH	0 0 K	0%	34,655 35 K	3.5 %	33,471 33 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	0 0 K	0%	34,655 35 K	3.5 %	33,471 33 K

Current Assets (III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Assets	Net	545,663 546 K	-36.9 %	865,248 865 K	19.3 %	724,998 725 K
Gross	CJ	555,049 555 K	-38.6 %	904,644 905 K	12.4 %	805,196 805 K
Amortisation	CK	9,386 9 K	-76.2 %	39,396 39 K	-50.9 %	80,198 80 K

Stocks

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Raw materials	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BL	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BM	0 0 K	0%	0 0 K	0%	0 0 K
Work in progress (goods)	Net	38,588 39 K	-0.1 %	38,625 39 K	-57.6 %	91,049 91 K
Gross	BN	38,588 39 K	-0.1 %	38,625 39 K	-57.6 %	91,049 91 K
Amortisation	BO	0 0 K	0%	0 0 K	0%	0 0 K
Work in progress (services)	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BP	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BQ	0 0 K	0%	0 0 K	0%	0 0 K
Semi-finished and finished products	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BR	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BS	0 0 K	0%	0 0 K	0%	0 0 K
Goods for resale	Net	267,052 267 K	-37.3 %	425,788 426 K	19.6 %	355,959 356 K
Gross	BT	267,052 267 K	-37.3 %	425,788 426 K	7.3 %	396,761 397 K
Amortisation	BU	0 0 K	0%	0 0 K	0%	40,802 41 K
Sub Total Stocks	Net	305,640 306 K	-34.2 %	464,413 464 K	3.9 %	447,008 447 K

Advance payments to suppliers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Advance payments to suppliers	Net	0 0 K	0%	8,000 8 K	0%	0 0 K
Gross	BV	0 0 K	0%	8,000 8 K	0%	0 0 K
Amortisation	BW	0 0 K	0%	0 0 K	0%	0 0 K

Debtors

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Trade accounts receivable	Net	172,284 172 K	-49.4 %	340,178 340 K	51.3 %	224,770 225 K
Gross	BX	181,670 182 K	-52.1 %	379,574 380 K	43.7 %	264,166 264 K
Amortisation	BY	9,386 9 K	-76.2 %	39,396 39 K	0%	39,396 39 K
Other debtors	Net	34,176 34 K	13.2 %	30,185 30 K	14.5 %	26,351 26 K
Gross	BZ	34,176 34 K	13.2 %	30,185 30 K	14.5 %	26,351 26 K
Amortisation	CA	0 0 K	0%	0 0 K	0%	0 0 K
Capital subscribed and called up	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CC	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total debtors	Net	206,460 206 K	-44.3 %	370,363 370 K	47.5 %	251,121 251 K

Divers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Investment securities	Net	0 0 K	0%	3,005 3 K	0%	3,005 3 K
Gross	CD	0 0 K	0%	3,005 3 K	0%	3,005 3 K
Amortisation	CE	0 0 K	0%	0 0 K	0%	0 0 K
Cash and cash equivalents	Net	32,584 33 K	0%	0 0 K	0%	0 0 K
Gross	CF	32,584 33 K	0%	0 0 K	0%	0 0 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	32,584 33 K	984.3 %	3,005 3 K	0%	3,005 3 K

Prepaid expenses

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid expenses	Net	979 1 K	-95.0 %	19,467 19 K	-18.4 %	23,864 24 K
Gross	CH	979 1 K	-95.0 %	19,467 19 K	-18.4 %	23,864 24 K
Amortisation	CI	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts (IV to VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Multi-period charges	CW3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Premiums on redemption of bonds	CM3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Currency differential gain	CN3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Due within one year	CP	0 0 K	0%	0 0 K	0%	0 0 K
Due after one year	CR	0 0 K	0%	0 0 K	0%	0 0 K

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Grand Total (I to V)	EE	675,886 676 K	-31.6 %	987,477 987 K	19.9 %	823,578 824 K

Shareholder Equity (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total shareholders' equity (Total I)	DL	237,817 238 K	-10.1 %	264,453 264 K	-30.1 %	378,582 379 K
Equity and shareholders' equity	DA	150,000 150 K	0%	150,000 150 K	0%	150,000 150 K
Issue and merger premiums	DB	0 0 K	0%	0 0 K	0%	0 0 K
Revaluation differentials	DC	0 0 K	0%	0 0 K	0%	0 0 K
Of which equity differential	EK	0 0 K	0%	0 0 K	0%	0 0 K
Legal reserve	DD	15,000 15 K	0%	15,000 15 K	0%	15,000 15 K
Statutory or contractual reserve	DE	0 0 K	0%	0 0 K	0%	0 0 K
Special regulated reserves	DF	0 0 K	0%	0 0 K	0%	0 0 K
Of which special reserve of provisions for current fluctuation	B1	0 0 K	0%	0 0 K	0%	0 0 K
Other reserves	DG	99,453 99 K	-53.4 %	213,582 214 K	0.8 %	211,933 212 K
Of which reserve for buying originals works from alive artists	EJ	0 0 K	0%	0 0 K	0%	0 0 K
Profits or losses brought forward	DH	0 0 K	0%	0 0 K	0%	0 0 K
Profit or loss for the period	DI	-26,636 -27 K	76.7 %	-114,129 -114 K	-7016.9 %	1,650 2 K
Investment grants	DJ	0 0 K	0%	0 0 K	0%	0 0 K
Special tax-allowable reserves	DK	0 0 K	0%	0 0 K	0%	0 0 K

Other capital resources (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total other capital resources (Total II)	DO	0 0 K	0%	0 0 K	0%	0 0 K
Income from participating securities	DM	0 0 K	0%	0 0 K	0%	0 0 K
Conditional loans	DN	0 0 K	0%	0 0 K	0%	0 0 K

Provisions for risks and charges (III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total provisions for risks and charges (Total III)	DR	0 0 K	0%	0 0 K	0%	0 0 K
Risk provisions	DP	0 0 K	0%	0 0 K	0%	0 0 K
Reserves for charges	DQ	0 0 K	0%	0 0 K	0%	0 0 K

Liabilities (IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Liabilities (Total IV)	EC	438,069 438 K	-39.4 %	723,024 723 K	62.5 %	444,995 445 K
Convertible debentures	DS	0 0 K	0%	0 0 K	0%	0 0 K
Other debentures	DT	0 0 K	0%	0 0 K	0%	0 0 K
Bank loans and liabilities	DU	197,864 198 K	-15.4 %	233,794 234 K	219.5 %	73,186 73 K
Sundry loans and financial liabilities	DV	0 0 K	0%	0 0 K	0%	0 0 K
Of which participating loans	EI	0 0 K	0%	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	0 0 K	0%	0 0 K	0%	0 0 K
Trade accounts payables	DX	96,865 97 K	-71.3 %	337,233 337 K	33.2 %	253,151 253 K
Tax and social security liabilities	DY	143,340 143 K	-5.7 %	151,996 152 K	28.1 %	118,659 119 K
Fixed asset liabilities	DZ	0 0 K	0%	0 0 K	0%	0 0 K
Other debts	EA	0 0 K	0%	0 0 K	0%	0 0 K

Translation loss (V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Translation loss (Total V)	ED	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Deferred income	EB	0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	424,792 425 K	-41.2 %	723,024 723 K	62.5 %	444,995 445 K
Of which current bank facilities	EH	169,416 169 K	-26.5 %	230,600 231 K	219.8 %	72,115 72 K

Result account

1 - Operating result (I-II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating result (Total I-II)	GG	-39,799 -40 K	60.2 %	-100,117 -100 K	-1583.9 %	6,747 7 K

2 - Financial result (V-VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Financial result (Total V-VI)	GV	6,758 7 K	149.0 %	-13,783 -14 K	-74.8 %	-7,886 -8 K

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-33,041 -33 K	71.0 %	-113,900 -114 K	-9900.0 %	-1,139 -1 K

4 - Extraordinary result (VII-VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Extraordinary result (Total VII-VIII)	HI	-225 0 K	2.2 %	-230 0 K	-108.2 %	2,789 3 K

Profit or loss

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Profit or loss	HN	-26,636 -27 K	76.7 %	-114,129 -114 K	-7016.9 %	1,650 2 K

Total Income (I+III+V+VII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Income (Total I+III+V+VII)	HL	2,217,827 2,218 K	-4.6 %	2,324,106 2,324 K	-20.5 %	2,922,806 2,923 K

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	2,244,464 2,244 K	-7.9 %	2,438,235 2,438 K	-16.5 %	2,921,156 2,921 K

Operating income (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating income (Total I)	FR	2,194,880 2,195 K	-5.5 %	2,322,916 2,323 K	-20.4 %	2,918,634 2,919 K

Operating income (details)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Sale of goods for resale	FC	1,454,716 1,455 K	-10.2 %	1,619,954 1,620 K	-29.9 %	2,310,387 2,310 K
France	FA	574,623 575 K	-49.9 %	1,146,416 1,146 K	-5.2 %	1,209,625 1,210 K
Export	FB	880,093 880 K	85.9 %	473,538 474 K	-57.0 %	1,100,762 1,101 K
Sale of goods produced	FF	0 0 K	0%	0 0 K	0%	0 0 K
France	FD	0 0 K	0%	0 0 K	0%	0 0 K
Export	FE	0 0 K	0%	0 0 K	0%	0 0 K
Sale of services	FI	679,669 680 K	-3.3 %	702,919 703 K	26.3 %	556,390 556 K
France	FG	378,001 378 K	26.9 %	297,762 298 K	53.3 %	194,229 194 K
Export	FH	301,668 302 K	-25.5 %	405,157 405 K	11.9 %	362,161 362 K
Net turnover	FL	2,134,385 2,134 K	-8.1 %	2,322,873 2,323 K	-19.0 %	2,866,778 2,867 K
France	FJ	952,624 953 K	-34.0 %	1,444,178 1,444 K	2.9 %	1,403,855 1,404 K
Export	FK	1,181,761 1,182 K	34.5 %	878,695 879 K	-39.9 %	1,462,923 1,463 K
Stocked production	FM	-37 0 K	99.9 %	-52,425 -52 K	-287.3 %	27,984 28 K
Self-constructed assets	FN	0 0 K	0%	0 0 K	0%	0 0 K
Operating grants	FO	0 0 K	0%	0 0 K	0%	0 0 K
Release of reserves and provisions	FP	60,532 61 K	15.4 %	52,468 52 K	119.8 %	23,873 24 K
Other income	FQ	0 0 K	0%	0 0 K	0%	0 0 K

Operating charges (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating charges (Total II)	GF	2,234,679 2,235 K	-7.8 %	2,423,033 2,423 K	-16.8 %	2,911,888 2,912 K

Exploitation charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Purchase of goods for resale	FS	798,366 798 K	-28.3 %	1,113,800 1,114 K	-32.3 %	1,644,866 1,645 K
Change in stocks of goods for resale	FT	158,736 159 K	646.9 %	-29,027 -29 K	73.9 %	-111,405 -111 K
Purchase of raw materials	FU	0 0 K	0%	0 0 K	0%	0 0 K
Change in stocks of raw materials	FV	0 0 K	0%	0 0 K	0%	0 0 K
Other external purchases and charges	FW	480,838 481 K	-10.0 %	534,395 534 K	-7.4 %	577,055 577 K
Tax, duty and similar payments	FX	46,415 46 K	3.4 %	44,871 45 K	-14.2 %	52,303 52 K
Payroll	FY	496,682 497 K	0.6 %	493,732 494 K	11.9 %	441,206 441 K
Social security costs	FZ	224,456 224 K	-7.4 %	242,412 242 K	9.3 %	221,879 222 K

Depreciation

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Depreciation of fixed assets	GA	28,116 28 K	23.0 %	22,850 23 K	50.6 %	15,172 15 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	0 0 K	0%	0 0 K	0%	70,812 71 K
Provisions for risks and charges	GD	0 0 K	0%	0 0 K	0%	0 0 K

Other charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Other charges	GE	1,071 1 K	0%	0 0 K	0%	0 0 K

Operating charges (III-IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Share of joint-venture transferred to other partner(s) (Total III)	GH	0 0 K	0%	0 0 K	0%	0 0 K
Share of joint venture transferred from other partner(s) (Total IV)	GI	0 0 K	0%	0 0 K	0%	0 0 K

Financial income (V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total financial income (Total V)	GP	22,947 23 K	1829.9 %	1,189 1 K	-6.8 %	1,276 1 K
Share financial income	GJ	0 0 K	0%	0 0 K	0%	0 0 K
Other investment income & capitalised receivables	GK	0 0 K	0%	0 0 K	0%	0 0 K
Other interest and similar income	GL	22,130 22 K	1761.2 %	1,189 1 K	-6.8 %	1,276 1 K
Released provisions and transferred charges	GM	0 0 K	0%	0 0 K	0%	0 0 K
Exchange gains	GN	0 0 K	0%	0 0 K	0%	0 0 K
Net income from disposal of investment securities	GO	817 1 K	0%	0 0 K	0%	0 0 K

Financial charge (VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total financial charge (Total VI)	GU	16,189 16 K	8.1 %	14,972 15 K	63.4 %	9,162 9 K
Financial reserves and provisions	GQ	0 0 K	0%	0 0 K	0%	0 0 K
Interest and similar charges	GR	16,189 16 K	8.1 %	14,972 15 K	63.4 %	9,162 9 K
Exchange losses	GS	0 0 K	0%	0 0 K	0%	0 0 K
Net loss from disposal of investment securities	GT	0 0 K	0%	0 0 K	0%	0 0 K

Extraordinary income (VII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary income (Total VII)	HD	0 0 K	0%	0 0 K	0%	2,896 3 K
Extraordinary operating income	HA	0 0 K	0%	0 0 K	0%	0 0 K
Extraordinary income from capital transactions	HB	0 0 K	0%	0 0 K	0%	2,896 3 K
Released provisions and transferred charges	HC	0 0 K	0%	0 0 K	0%	0 0 K

Extraordinary charges (VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary charges (Total VIII)	HH	225 0 K	-2.2 %	230 0 K	115.0 %	107 0 K
Extraordinary operating charges	HE	225 0 K	-2.2 %	230 0 K	115.0 %	107 0 K
Extraordinary charges from capital transactions	HF	0 0 K	0%	0 0 K	0%	0 0 K
Extraordinary reserves and provisions	HG	0 0 K	0%	0 0 K	0%	0 0 K

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Tax on profits (Total X)	HK	-6,629 -7 K	0%	0 0 K	0%	0 0 K

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Of which equipment leases	HP	0 0 K	0%	64,591 65 K	-5.9 %	68,655 69 K
Of which property leases	HQ	42,245 42 K	0%	0 0 K	0%	0 0 K
Of which transferred charges	A1	30,522 31 K	161.6 %	11,666 12 K	183.7 %	4,112 4 K
Of which trader's own contributions	A2	0 0 K	0%	0 0 K	0%	0 0 K
Of which royalties on licences and patents (income)	A3	0 0 K	0%	0 0 K	0%	0 0 K
Of which royalties on licences and patents (charges)	A4	0 0 K	0%	0 0 K	0%	0 0 K

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	OG	0 0 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	OH	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess, acquisitions, creations, contributions	OJ	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	OK1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	OK2	52,735 53 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	OL	307,944 308 K	13.3 %	271,831 272 K	20.6 %	225,331 225 K

Research and development Charge (Total I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	CZ	0 0 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	KB	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KC	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	CO1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	CO2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	DO	0 0 K	0%	0 0 K	0%	0 0 K

Other budget item from Intangible fixed assets (Total II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	KD	73,737 74 K	42.0 %	51,942 52 K	39.6 %	37,203 37 K
Increasess due to revaluation	KE	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KF	23,776 24 K	9.1 %	21,794 22 K	47.9 %	14,739 15 K
Decreasess by budget item transfer	LV1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	LV2	18,080 18 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	LW	79,434 79 K	7.7 %	73,736 74 K	42.0 %	51,942 52 K

Tangible fixed assets (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LN	163,442 163 K	16.8 %	139,920 140 K	3.3 %	135,417 135 K
Increasess due to revaluation	LO	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LP	65,069 65 K	176.7 %	23,520 24 K	422.4 %	4,502 5 K
Decreasess by budget item transfer	NG1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NG2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	NH	228,511 229 K	39.8 %	163,440 163 K	16.8 %	139,919 140 K

Financial assets (Total IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LQ	34,655 35 K	3.5 %	33,471 33 K	3.9 %	32,209 32 K
Increasess due to revaluation	LR	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LS	0 0 K	0%	1,184 1 K	-6.1 %	1,261 1 K
Decreasess by budget item transfer	NJ1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NJ2	34,655 35 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	NK	0 0 K	0%	34,655 35 K	3.5 %	33,470 33 K

Reserve for depreciation

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	ON	0 0 K	0%	0 0 K	0%	0 0 K
Increases	OP	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess	OQ	0 0 K	0%	0 0 K	0%	0 0 K
Reserve for depreciation value at the end of period	OR	0 0 K	0%	0 0 K	0%	0 0 K

Research and development charge (Total I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	CY	0 0 K	0%	0 0 K	0%	0 0 K
Increases	PB	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess	PC	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PD	0 0 K	0%	0 0 K	0%	0 0 K

Other intangible assets (Total II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	PE	13,993 14 K	261.3 %	3,873 4 K	188.4 %	1,343 1 K
Increases	PF	14,122 14 K	39.6 %	10,119 10 K	300.1 %	2,529 3 K
Decreasess	PG	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PH	28,115 28 K	100.9 %	13,992 14 K	261.4 %	3,872 4 K

Total fixed assets amotisation (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	QU	135,612 136 K	10.4 %	122,881 123 K	11.5 %	110,238 110 K
Increases	QV	13,994 14 K	9.9 %	12,730 13 K	0.7 %	12,641 13 K
Decreases	QW	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	QX	149,606 150 K	10.3 %	135,611 136 K	10.4 %	122,879 123 K

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	Z91	0 0 K	0%	0 0 K	0%	0 0 K
Increases	Z92	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	Z9	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	B1	0 0 K	0%	0 0 K	0%	0 0 K

Premium refund of obligations

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Net value at begin of period	SP1	0 0 K	0%	0 0 K	0%	0 0 K
Increases	SP2	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	SP	0 0 K	0%	0 0 K	0%	0 0 K
Net value at the end of period	SR	0 0 K	0%	0 0 K	0%	0 0 K

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	7C	39,396 39 K	0%	0 0 K	0%	0 0 K
Increases	UB	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	UC	30,010 30 K	0%	0 0 K	0%	0 0 K
Value at the end of period	UD	9,386 9 K	0%	0 0 K	0%	0 0 K

Includes Total allocations

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating	UE	0 0 K	0%	0 0 K	0%	0 0 K
Financial	UG	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UJ	0 0 K	0%	0 0 K	0%	0 0 K

Includes Total Withdrawal

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating	UF	0 0 K	0%	0 0 K	0%	0 0 K
Financial	UH	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UK	0 0 K	0%	0 0 K	0%	0 0 K

Total regulated provisions (Total I)

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

Total risk and charge provisions (Total II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	5Z	0 0 K	0%	0 0 K	0%	0 0 K
Increases	TV	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	TW	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	TX	0 0 K	0%	0 0 K	0%	0 0 K

Total Provision for depreciation (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	7B	39,396 39 K	0%	0 0 K	0%	0 0 K
Increases	TY	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	TZ	30,010 30 K	0%	0 0 K	0%	0 0 K
Value at the end of period	UA	9,386 9 K	0%	0 0 K	0%	0 0 K

State deadlines claims and debts at the end of period

State claims

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value	VT	216,825 217 K	-53.3 %	463,882 464 K	33.4 %	347,849 348 K
1 year at most	VU	216,825 217 K	-49.5 %	429,226 429 K	36.5 %	314,378 314 K
More than one year	VV	0 0 K	0%	34,655 35 K	3.5 %	33,471 33 K

State of loans

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Claims related to holdings (gross)	UL	0 0 K	0%	0 0 K	0%	0 0 K
Claims related to shareholdings (1 year at most)	UM	0 0 K	0%	0 0 K	0%	0 0 K
Loans (gross)	UP	0 0 K	0%	0 0 K	0%	0 0 K
Loans (1 year at most)	UR	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets (gross)	UT	0 0 K	0%	34,655 35 K	3.5 %	33,471 33 K
Other financial assets (1 year at most)	UV	0 0 K	0%	0 0 K	0%	0 0 K

Receivables statement of assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Customers doubtful or disputed	VA	10,475 10 K	-85.1 %	70,495 70 K	0%	70,495 70 K
Other claims customer	UX	171,195 171 K	-44.6 %	309,079 309 K	59.6 %	193,670 194 K
Receivables represent Loaned Securities	UU	0 0 K	0%	0 0 K	0%	0 0 K
Provision for depreciation previously established	UQ	0 0 K	0%	0 0 K	0%	0 0 K
Personnel and associated accounts	UY	9,622 10 K	0%	9,622 10 K	18.5 %	8,121 8 K
Social Security and other social organizations	UZ	0 0 K	0%	0 0 K	0%	0 0 K
Income taxes	VM	6,629 7 K	0%	0 0 K	0%	0 0 K
Value added tax	VB	7,993 8 K	-53.2 %	17,087 17 K	-6.3 %	18,229 18 K
Other taxes and payments assimilated	VN	230 0 K	-93.4 %	3,476 3 K	0%	0 0 K
State and other public - Miscellaneous	VP	0 0 K	0%	0 0 K	0%	0 0 K
Group and Associates	VC	0 0 K	0%	0 0 K	0%	0 0 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	9,703 10 K	0%	0 0 K	0%	0 0 K

Prepaid

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid	VS	979 1 K	-95.0 %	19,467 19 K	-18.4 %	23,863 24 K

State Debt

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total debt (gross)	VY	438,069 438 K	-39.4 %	723,024 723 K	62.5 %	444,992 445 K
1 year at most	VZ2	424,792 425 K	-41.2 %	723,024 723 K	62.5 %	444,992 445 K
More than 1 year and 5 years at most	VZ3	13,277 13 K	663750.0 %	2 0 K	0%	0 0 K
More than 5 years	VZ4	0 0 K	0%	0 0 K	0%	0 0 K

Details

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Convertible bonds (gross)	7Y1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Y2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Y3	0 0 K	0%	0 0 K	0%	0 0 K
Other bonds (gross)	7Z1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Z2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Z3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VG2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VG3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to more than 1 year at the origin (gross)	VH1	197,864 198 K	-15.4 %	233,794 234 K	219.5 %	73,185 73 K
1 year at most	VH2	184,587 185 K	-21.0 %	233,794 234 K	219.5 %	73,185 73 K
More than 1 year and 5 years at most	VH3	13,277 13 K	0%	0 0 K	0%	0 0 K
Loans and various financial liabilities (gross)	8A1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8A2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8A3	0 0 K	0%	0 0 K	0%	0 0 K
Suppliers and associated accounts (gross)	8B1	96,865 97 K	-71.3 %	337,233 337 K	33.2 %	253,150 253 K
1 year at most	8B2	96,865 97 K	-71.3 %	337,233 337 K	33.2 %	253,150 253 K
More than 1 year and 5 years at most	8B3	96,865 97 K	-71.3 %	337,233 337 K	33.2 %	253,150 253 K
Personnel and associated accounts (gross)	8C1	23,195 23 K	-5.1 %	24,454 24 K	19.0 %	20,543 21 K
1 year at most	8C2	23,195 23 K	-5.1 %	24,454 24 K	19.0 %	20,543 21 K
More than 1 year and 5 years at most	8C3	0 0 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations (gross)	8D1	60,536 61 K	-7.9 %	65,701 66 K	23.0 %	53,429 53 K
1 year at most	8D2	60,536 61 K	-7.9 %	65,701 66 K	23.0 %	53,429 53 K
More than 1 year and 5 years at most	8D3	0 0 K	0%	0 0 K	0%	0 0 K
Taxes on profits (gross)	8E1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8E2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8E3	0 0 K	0%	0 0 K	0%	0 0 K
VAT (Gross)	VW1	49,176 49 K	-4.8 %	51,663 52 K	72.2 %	30,008 30 K
1 year at most	VW2	49,176 49 K	-4.8 %	51,663 52 K	72.2 %	30,008 30 K
More than 1 year and 5 years at most	VW3	0 0 K	0%	0 0 K	0%	0 0 K
Backed Obligations (gross)	VX1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VX2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VX3	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and assimilated (gross)	VQ1	10,433 10 K	2.5 %	10,178 10 K	-30.7 %	14,677 15 K
1 year at most	VQ2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VQ3	0 0 K	0%	0 0 K	0%	0 0 K
Assets and liabilities associated accounts (gross)	8J1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8J2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8J3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	8J4	0 0 K	0%	0 0 K	0%	0 0 K
Groups and associates (gross)	VI1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VI2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VI3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	V14	0 0 K	0%	0 0 K	0%	0 0 K
Other liabilities (gross)	8K1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8K2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8K3	0 0 K	0%	0 0 K	0%	0 0 K
Debt representative of borrowed securities (gross)	SZ1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	SZ2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	SZ3	0 0 K	0%	0 0 K	0%	0 0 K
Products in advance (gross)	8L1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8L2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8L3	0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Loans made during the period	VJ	60,000 60 K	0%	0 0 K	0%	0 0 K
Debt repaid during the period	VK	35,376 35 K	0%	0 0 K	0%	0 0 K

Table allocation results and other information

Dividends distributed

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

Commitments

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Commitments leasing furniture	YQ	0 0 K	0%	0 0 K	0%	0 0 K
Commitments Real Estate Leasing	YR	0 0 K	0%	0 0 K	0%	0 0 K
Effects brought to the discount and unmatured	YS	0 0 K	0%	0 0 K	0%	0 0 K

Other charges Externes

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

Taxes and Fees

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

VAT

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

Average number of employees

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Average number of employees	YP	0 0 K	0%	0 0 K	0%	10 0 K

Groups and Shareholders

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Groups and Shareholders	ZR	0 0 K	-	- -	-	- -

Ratios

Structure and Liquidity

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Fixed Asset Financing	1.44	-5.9 %	1.53	-32.0 %	2.25	0.28	414.3 %	3.17	-54.6 %
Global Debt	74 days	-33.9 %	112 days	100.0 %	56 days	97.02 days	-23.7 %	111 days	-33.3 %
Working Capital Fund overall net	23 days	0%	23 days	-34.3 %	35 days	-452.74 days	105.1 %	86 days	-73.1 %
Financial independence	120.19 %	6.3 %	113.11 %	-78.1 %	517.29 %	63,256.44 %	-99.8 %	356.06 %	-66.2 %
Solvability	35.19 %	31.4 %	26.78 %	-41.7 %	45.97 %	30.55 %	15.2 %	42.52 %	-17.2 %
Capacity debt futures	128.84 %	13.9 %	113.11 %	-78.1 %	517.29 %	153,386.43 %	-99.9 %	3,811.73 %	-96.6 %
Coverage of current assets by net working capital overall	24.55 %	50.0 %	16.37 %	-54.3 %	35.84 %	35.01 %	-29.9 %	47.58 %	-48.4 %
General Liquidity	0.51	-13.6 %	0.59	-16.9 %	0.71	1.08	-52.8 %	0.80	-36.3 %
Restricted Liquidity	0.59	-1.7 %	0.60	-15.5 %	0.71	2.53	-76.7 %	1.26	-53.2 %

Management or rotation

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Need background in operating working capital	46 days	-16.4 %	55 days	34.1 %	41 days	296.91 days	-84.5 %	43 days	7.0 %
Treasury	-23 days	34.3 %	-35 days	-288.9 %	-9 days	-760.54 days	97.0 %	23 days	-202.2 %
Inventory turnover of goods	100 days	-29.1 %	141 days	51.6 %	93 days	163.57 days	-38.9 %	72 days	38.9 %
Average length of credit granted to customers	31 days	-47.5 %	59 days	78.8 %	33 days	-104.05 days	129.8 %	64 days	-51.6 %
Average length of credit obtained suppliers	24 days	-68.0 %	75 days	74.4 %	43 days	191.62 days	-87.5 %	59 days	-59.3 %
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	0%	0 days	120.45 days	0%	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	1,778.46 days	-	1,103 days	-
Rotation tangible assets	934.04 %	-34.3 %	1,421.24 %	-30.6 %	2,048.88 %	-64,401.79 %	101.5 %	1,267.17 %	-26.3 %

Profitability of the business

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Margin trading	23.31 %	1.2 %	23.04 %	-15.0 %	27.10 %	24.15 %	-3.5 %	25.38 %	-8.2 %
Profitability of the business	-3.33 %	40.4 %	-5.59 %	-332.9 %	2.40 %	39.32 %	-108.5 %	2.93 %	-213.7 %
Net profit	-1.25 %	74.5 %	-4.91 %	-8283.3 %	0.06 %	43.95 %	-102.8 %	1.79 %	-169.8 %
Growth rate of turnover (excluding VAT)	-8.11 %	57.2 %	-18.97 %	-348.3 %	7.64 %	1.78 %	-555.6 %	-2.99 %	-171.2 %
Rates integration	32.63 %	16.4 %	28.04 %	2.5 %	27.36 %	56.39 %	-42.1 %	21.43 %	52.3 %
Rate leasing furniture	0.00 %	0%	2.78 %	16.3 %	2.39 %	0.22 %	0%	0.00 %	0%
Work Factor	103.55 %	-8.4 %	113.03 %	33.7 %	84.55 %	42.86 %	141.6 %	75.57 %	37.0 %
Weight interests	0.76 %	18.8 %	0.64 %	100.0 %	0.32 %	4.69 %	-83.8 %	0.08 %	850.0 %

Return on capital

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Cash flow from the overall profitability	0.07 %	101.8 %	-3.93 %	-902.0 %	0.49 %	46.68 %	-99.9 %	2.82 %	-97.5 %
Rates of economic profitability	-16.00 %	38.5 %	-26.00 %	-273.3 %	15.00 %	17.11 %	-193.5 %	10.00 %	-260.0 %
Financial profitability	237,817.00 %	-10.1 %	264,453.00 %	-30.1 %	378,582.00 %	724,294.41 %	-67.2 %	145,136.00 %	63.9 %
Return on investment	-2.40 %	87.9 %	-19.90 %	-932.6 %	2.39 %	19.31 %	-112.4 %	7.35 %	-132.7 %

Management intermediate balances

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Sector Average 2013

Sector Median 2013

Turnover

2,134,385 2,134 K

-8.1 %

2,322,873 2,323 K

-19.0 %

2,866,778 2,867 K

2,810,036.57 2,810.04 K

-24.0 %

746,695 747 K

185.8 %

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Sector Average 2013

Sector Median 2013

Sales of goods

1,454,716 1,455 K

-10.2 %

1,619,954 1,620 K

-29.9 %

2,310,387 2,310 K

-

-

- Purchase of goods

798,366 798 K

-28.3 %

1,113,800 1,114 K

-32.3 %

1,644,866 1,645 K

-

-

+/- Stock of goods variation

158,736 159 K

646.9 %

-29,027 -29 K

73.9 %

-111,405 -111 K

-

-

Trading margin

497,614 € 498 K €

-7.0 %

535,181 € 535 K €

-31.1 %

776,926 € 777 K €

530,826.04 € 530.83 K €

-6.3 %

152,104 € 152 K €

227.2 %

23.31 % CA 23.31 % CA

1.2 %

23.04 % CA 23.04 % CA

-15.0 %

27.10 % CA 27.10 % CA

24.76 % CA 24.76 % CA

-5.9 %

25.68 % CA 25.68 % CA

-9.2 %

		31/12/2013		Variation		31/12/2012		Variation		31/12/2011	Sector Average 2013		Sector Median 2013
Sale of goods produced		679,669 680 K		-3.3 %		702,919 703 K		26.3 %		556,390 556 K		-		-
+/- Stocked production		-37 0 K		99.9 %		-52,425 -52 K		-287.3 %		27,984 28 K		-		-
+ Self-constructed assets		0 0 K		0%		0 0 K		0%		0 0 K		-		-
Period production		679,632 € 680 K €		4.5 %		650,494 € 650 K €		11.3 %		584,374 € 584 K €	509,074.02 € 509.07 K €	33.5 %	74,738 € 75 K €	809.4 %
		31.84 % CA 31.84 % CA		13.7 %		28.00 % CA 28.00 % CA		37.4 %		20.38 % CA 20.38 % CA	28.32 % CA 28.32 % CA	12.4 %	10.08 % CA 10.08 % CA	215.9 %
	31/12/2013		Variation		31/12/2012		Variation		31/12/2011		Sector Average 2013		Sector Median 2013
Trading margin	497,614 498 K		-7.0 %		535,181 535 K		-31.1 %		776,926 777 K		530,826.04 530.83 K	-6.3 %	152,104 152 K	227.2 %
+ Period Production	679,632 680 K		4.5 %		650,494 650 K		11.3 %		584,374 584 K		509,074.02 509.07 K	33.5 %	74,738 75 K	809.4 %
- Purchase of raw materials	0 0 K		0%		0 0 K		0%		0 0 K			-		-
+/- Change in stocks of raw materiels	0 0 K		0%		0 0 K		0%		0 0 K			-		-
- Other external purchases and charges	480,838 481 K		-10.0 %		534,395 534 K		-7.4 %		577,055 577 K			-		-
Added value	696,408 € 696 K €		6.9 %		651,280 € 651 K €		-17.0 %		784,245 € 784 K €		528,893.53 € 528.89 K €	31.7 %	169,709 € 170 K €	310.4 %
	32.63 % CA 32.63 % CA		16.4 %		28.04 % CA 28.04 % CA		2.5 %		27.36 % CA 27.36 % CA		56.39 % CA 56.39 % CA	-42.1 %	21.43 % CA 21.43 % CA	52.3 %

	31/12/2013		Variation		31/12/2012		Variation		31/12/2011		Sector Average 2013		Sector Median 2013
Added value	696,408 € 696 K €		6.9 %		651,280 € 651 K €		-17.0 %		784,245 € 784 K €		528,893.53 € 528.89 K €	31.7 %	169,709 € 170 K €	310.4 %
+ Operating grants	0 0 K		0%		0 0 K		0%		0 0 K			-		-
- Tax, duty and similar payments	46,415 46 K		3.4 %		44,871 45 K		-14.2 %		52,303 52 K			-		-
- Personal charges	721,138 721 K		-2.0 %		736,144 736 K		11.0 %		663,085 663 K			-		-
Gross operating surplus	-71,145 € -71 K €		45.2 %		-129,735 € -130 K €		-288.4 %		68,857 € 69 K €		73,736.89 € 73.74 K €	-196.5 %	16,466 € 16 K €	-532.1 %
	-3.33 % CA -3.33 % CA		40.4 %		-5.59 % CA -5.59 % CA		-332.9 %		2.40 % CA 2.40 % CA		39.32 % CA 39.32 % CA	-108.5 %	2.93 % CA 2.93 % CA	-213.7 %
		31/12/2013		Variation		31/12/2012		Variation		31/12/2011	Sector Average 2013		Sector Median 2013
Gross operating surplus		-71,145 € -71 K €		45.2 %		-129,735 € -130 K €		-288.4 %		68,857 € 69 K €	73,736.89 € 73.74 K €	-196.5 %	16,466 € 16 K €	-532.1 %
+ Release of reserves and provisions		60,532 61 K		15.4 %		52,468 52 K		119.8 %		23,873 24 K		-		-
+ Other operating income		0 0 K		0%		0 0 K		0%		0 0 K		-		-
- Depreciation/ Amortisation		28,116 28 K		23.0 %		22,850 23 K		-73.4 %		85,984 86 K		-		-
- Other charges		1,071 1 K		0%		0 0 K		0%		0 0 K		-		-
Operating result		-39,800 € -40 K €		60.2 %		-100,117 € -100 K €		-1584.1 %		6,746 € 7 K €	70,854.67 € 70.85 K €	-156.2 %	13,233 € 13 K €	-400.8 %
		-1.86 % CA -1.86 % CA		56.8 %		-4.31 % CA -4.31 % CA		-1895.8 %		0.24 % CA 0.24 % CA	31.82 % CA 31.82 % CA	-105.8 %	2.25 % CA 2.25 % CA	-182.7 %

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Sector Average 2013

Sector Median 2013

Operating result

-39,800 € -40 K €

60.2 %

-100,117 € -100 K €

-1584.1 %

6,746 € 7 K €

70,854.67 € 70.85 K €

-156.2 %

13,233 € 13 K €

-400.8 %

+/- Result of joint-venture transferred from/to other partners

0 0 K

0%

0 0 K

0%

0 0 K

-

-

+ Financial income

22,947 23 K

1829.9 %

1,189 1 K

-6.8 %

1,276 1 K

-

-

- Financial charges

16,189 16 K

8.1 %

14,972 15 K

63.4 %

9,162 9 K

-

-

Pre-tax result

-33,042 € -33 K €

71.0 %

-113,900 € -114 K €

-9891.2 %

-1,140 € -1 K €

72,158.17 € 72.16 K €

-145.8 %

13,252 € 13 K €

-349.3 %

-1.55 % CA -1.55 % CA

68.4 %

-4.90 % CA -4.90 % CA

-12150.0 %

-0.04 % CA -0.04 % CA

43.30 % CA 43.30 % CA

-103.6 %

2.12 % CA 2.12 % CA

-173.1 %

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Sector Average 2013

Sector Median 2013

Extraordinary income

0 0 K

0%

0 0 K

0%

2,896 3 K

27,197.61 27.20 K

0%

439 0 K

0%

- Extraordinary charges

225 0 K

-2.2 %

230 0 K

115.0 %

107 0 K

-

-

Extraordinary result

-225 € 0 K €

2.2 %

-230 € 0 K €

-108.2 %

2,789 € 3 K €

8,090.80 € 8.09 K €

-102.8 %

0 € 0 K €

0%

-0.01 % CA -0.01 % CA

0%

-0.01 % CA -0.01 % CA

-110.0 %

0.10 % CA 0.10 % CA

1.77 % CA 1.77 % CA

-100.6 %

0.00 % CA 0.00 % CA

0%

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Pre-tax result	-33,042 € -33 K €	71.0 %	-113,900 € -114 K €	-9891.2 %	-1,140 € -1 K €	72,158.17 € 72.16 K €	-145.8 %	13,252 € 13 K €	-349.3 %
Extraordinary result	-225 € 0 K €	2.2 %	-230 € 0 K €	-108.2 %	2,789 € 3 K €	8,090.80 € 8.09 K €	-102.8 %	0 € 0 K €	0%
- Employee profit sharing	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Tax on profits	-6,629 -7 K	0%	0 0 K	0%	0 0 K		-		-
Net result	-26,638 € -27 K €	76.7 %	-114,130 € -114 K €	-7021.2 %	1,649 € 2 K €	57,035.53 € 57.04 K €	-146.7 %	13,165 € 13 K €	-302.3 %
	-1.25 % CA -1.25 % CA	74.5 %	-4.91 % CA -4.91 % CA	-8283.3 %	0.06 % CA 0.06 % CA	43.95 % CA 43.95 % CA	-102.8 %	1.79 % CA 1.79 % CA	-169.8 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.62
UK Pound	1	Rs.99.89
Euro	1	Rs.70.77

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ASH

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.