MIRA INFORM REPORT

Report No. :	329953
Report Date :	10.07.2015

IDENTIFICATION DETAILS

Name :	ET COMPAGNIE
Registered Office :	R 867, 167 Rue De La Pradelle, 63000 Clermont Ferrand
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	August 2004
Com. Reg. No.:	478 283 435
Legal Form :	Simplified Joint Stock Company
Line of Business :	Subject is ebgaged in Specialised design activities [We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employee :	20 to 49

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
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

ET COMPAGNIE

SIRET	478 283 435 00038
Name	ET COMPAGNIE...
Acronym	-
Trade name	WOMEN DEPT
Status	Economically active
Postal Address	ET COMPAGNIE... R 867 167 RUE DE LA PRADELLE 63000 CLERMONT FERRAND
Share Capital	40,000 Euros
Incorporiation Date	08/2004
Activity (APE)	Specialised design activities (7410Z)	RCS Registration	RCS Clermont-Ferrand B 478 283 435
Formation Date	07/2004	EUR VAT Number	FR30478283435
Deregistration Date	-	Last account Date	31/12/2010
Court Registry Number	20 0 4B00544	Telephone	04 73 23 10 00
Registration Court	Clermont-Ferrand (63)	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
31/12/2010	12,443,836 €	26.61% Turnover	4,870,637 €	2,050,184 €	20 to 49 employees
31/12/2009	10,456,773 €	27.18% Turnover	4,106,568 €	2,104,283 €	-
31/12/2008	9,482,850 €	25.91% Turnover	2,803,554 €	1,457,625 €	-

Directors

Current Directors

1

Preferential Right

Last published Judgment

16/02/2015

No social security and tax office preferential right to date

Payment Information Summary – Trade Payment Data

Total number of Invoices available	25
Total number of Invoices paid within or up to 30 days after the due date	24
Total number of Invoices paid more than 30 days after the dues date	1
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	Head Office	Production Role	-
APE/NAF Code	7410Z	Activity	Specialised design activities
Formation Date	06/2006	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	Services	Activity Location	Office
Trading Address	167 RUE DE LA PRADELLE 63000 CLERMONT FERRAND	Department	Puy-de-Dôme (63)
Location Surface	-	District	2
City	CLERMONT FERRAND	Status	Economically active
Business Pages FT®	FABRICATION DE VETEMENTS POUR HOMMES	Region	Auvergne
		Area	98
		Size of Urban Area	Urban unit with 200 000 to 1 999 999 inhabitants

Other Establishment(s)

Regionality	Legal unit with multiple establishments in many areas having at least 50% of workforce in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 50 to 80% of workforce
Branches	13 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
ET COMPAGNIE...	Head Office	7410Z	Specialised design activities	CLERMONT FERRAND	63000
ET COMPAGNIE...	Branch	7410Z	Specialised design activities	CANNES	06400
ET COMPAGNIE...	Branch	7410Z	Specialised design activities	TOULOUSE	31000
ET COMPAGNIE...	Branch	7410Z	Specialised design activities	GRENOBLE	38000
ET COMPAGNIE...	Branch	7410Z	Specialised design activities	CLERMONT FERRAND	63100

Workforces

Workforce at address

10 to 19 employees

Company workforce

20 to 49 employees

Industry comparison

Activity (APE)	Specialised design activities (7410Z)
industry average credit rating	47
industry average credit limit	1,468

Collective procedures

Courts

Judgment	Protection Procedure	Effective date	16/02/2015
Court	BAYONNE
Details JUGEMENT OUVERTURE PROCEDURE DE SAUVEGARDE : PAR JUGEMENT EN DATE DU 06/02/2015 LE TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND A OUVERT A L'EGARD DE : ET COMPAGNIE (SAS) UNE PROCEDURE DE SAUVEGARDE ; Mandataire judiciaire : SELARL SUDRE, représentée par Me Thierry SUDRE, 2 avenue Bergougnan 63000 CLERMONT FERRAND ; Administrateur judìciaire : SELARL GREGORY WAUTOT, 9 place de Jaude 63000 CLERMONT FERRAND - DATE D'EFFET : 06/02/2015

Judgment	Protection Procedure	Effective date	16/02/2015
Court	CHAMBERY
Details Le tribunal de commerce de CLERMONT FERRAND a prononcé en date du 06/02/2015 l'ouverture d'une procédure de sauvegarde, Mandataire judiciaire SELARL SUDRE, représentée par Me Thierry SUDRE, 2 avenue Bergougnan 63100 CLERMONT FERRAND . Les déclarations de créances sont à déposer au Mandataire Judiciaire dans les deux mois de la publication au Bodacc du jugement d'ouverture.

Judgment	Protection Procedure	Effective date	13/02/2015
Court	GRENOBLE
Details Procédure de sauvegarde ouverte par jugement du Tribunal de Commerce de Clermont Ferrand en date du 06/02/2015: Mandataire Judiciaire : SELARL SUDRE représentée par Me SUDRE 2 AVENUE RAYMOND BERGOUGNAN 63000 CLERMONT-FERRAND, Administrateur judiciaire : SELARL GREGORY WAUTOT 9 PLACE DE JAUDE 63000 CLERMONT-FERRAND mission : surveiller les opérations de gestion du débiteur

Judgment	Protection Procedure	Effective date	09/02/2015
Court	CLERMONT FERRAND
Details JUGEMENT OUVERTURE PROCEDURE DE SAUVEGARDE : (Ouverture d'une procédure de) Sauvegarde Jugement du Tribunal de Commerce de CLERMONT-FERRAND en date du 06/02/2015 Ouvre la procédure de sauvegarde prévue par les dispositions de l'article L 620-1 du Code de Commerce Désigne Monsieur Louis AMEIL en qualité de Juge Commissaire Désigne la SELARL SUDRE, représentée par Me Thierry SUDRE - 2, avenue Bergougnan - 63100 CLERMONT FERRAND en qualité de Mandataire Judiciaire SELARL GREGORY WAUTOT - 9, place de Jaude - 63000 CLERMONT FERRAND avec une mission de surveillance Fixe à six mois la durée de la période d'observation Date d'effet : 06/02/2015 - DATE D'EFFET : 06/02/2015

Rncs

Judgment	Protection Procedure	Effective date	06/02/2015
Director	LA SELARL SUDRE, REPRÉSENTÉE PAR ME THIERRY SUDRE	Position	Representative judicial
Address	63100 CLERMONT FERRAND
Director	SELARL GREGORY WAUTOT	Position	Official receiver
Address	63100 CLERMONT FERRAND

Bodacc

Judgment	Protection Procedure	Effective date	06/02/2015
Court	Clermont-Ferrand	Parution date from Gazette	27/02/2015
Jugement d'ouverture Jugement d'ouverture d'une procédure de sauvegarde Jugement prononçant l'ouverture d'une procédure de sauvegarde et désignant administrateur Selarl Grégory Wautot 9, place de Jaude - 63000 Clermont-Ferrand avec les pouvoirs : de surveiller le débiteur dans sa gestion, mandataire judiciaire la SELARL SUDRE, représentée par Me Thierry SUDRE 2, avenue Bergougnan - 63100 Clermont-Ferrand . Les déclarations de créances sont à déposer auprès du Mandataire Judiciaire dans les deux mois de la présente publication.

Other sources

Judgment	Ouverture sauvegarde	Effective date	06/02/2015
Court	Tribunal de Commerce de CLERMONT FERRAND
Directors	SELARL GREGORY WAUTOT - 9 DéSIGNE LA SELARL SUDRE

Preferential rights details and history

Summary of preferential rights

Company monitored since	08/04/2009
Status of Monitoring	No social security and tax office preferential right to date

Group Data

No group information available for the company

Linkages

No Linkages information available for the company.

Shareholder(s)

Name	HOLDING R2 SAS
Name of representative
Manager position	President	Date of birth	-
Place of birth
Type	Moral person	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
	27/02/2015	Bodacc A	Jugement d'ouverture
63 - PUY-DE-DOME TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 1680 - Date : 6 février 2015. Jugement d'ouverture d'une procédure de sauvegarde. 478 283 435 RCS Clermont-Ferrand. ET COMPAGNIE. Forme : Société par actions simplifiée. Activité : Specialised design activities. Adresse : 167 rue de la Pradelle, 63000 Clermont-Ferrand. Complément de jugement : Jugement prononçant l'ouverture d'une procédure de sauvegarde et désignant administrateur Selarl Grégory Wautot 9, place de Jaude - 63000 Clermont-Ferrand avec les pouvoirs : de surveiller le débiteur dans sa gestion, mandataire judiciaire la SELARL SUDRE, représentée par Me Thierry SUDRE 2, avenue Bergougnan - 63100 Clermont-Ferrand . Les déclarations de créances sont à déposer auprès du Mandataire Judiciaire dans les deux mois de la présente publication.
	31/07/2013	Bodacc B	Modification et mutation diverse
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 1687 - 478 283 435 RCS Clermont-Ferrand. ET COMPAGNIE. Forme : Société par actions simplifiée. Administration : Président : HOLDING R2 SAS (SAS) Commissaire aux comptes titulaire : WOGA Commissaire aux comptes suppléant : LALANNE Sébastien. Activité : . Commentaires : Modification survenue sur l'administration.
	28/06/2013	JAL	End of rent-management
Opinion indépendante (L') Date de décision : 09/06/2013 Locataire gérant : 478283435 - ET COMPAGNIE..., R 867, 167 RUE DE LA PRADELLE, 63000 CLERMONT FERRAND Date d’effet : 01/07/2013
	15/05/2012	Bodacc B	Modification et mutation diverse
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 987 - 478 283 435 RCS Clermont-Ferrand. ET COMPAGNIE. Forme : Société par actions simplifiée. Administration : Président : HOLDING R2 SAS (SAS) Commissaire aux comptes titulaire : WOGA Commissaire aux comptes suppléant : OUBRIER Georges. Activité : . Commentaires : Modification survenue sur l'administration.
	19/04/2012	JAL	Resignation / Revocation of the social representative
Annonceur légal d Auvergne et du Centre (L ) Date de décision : 12/03/2012 La société 478283435 - ET COMPAGNIE..., R 867, 167 RUE DE LA PRADELLE, 63000 CLERMONT FERRAND Fait l'objet du départ de Monsieur Christophe ROZENBAUM
	19/04/2012	JAL	Appointment of the social representative
Annonceur légal d Auvergne et du Centre (L ) Date de décision : 12/03/2012 Société faisant l'objet d'une nomination : 478283435 - ET COMPAGNIE..., R 867, 167 RUE DE LA PRADELLE, 63000 CLERMONT FERRAND Nominé : 529062309 - HOLDING R2, 167 RUE DE LA PRADELLE, 63000 CLERMONT FERRAND En la fonction de : Président
	06/04/2012	JAL	Start of rent-management
Opinion indépendante (L') Date de décision : 28/03/2012 Bailleur : 670800887 - ALSACE SHOPPING, 15 RUE D ALSACE LORRAINE, 31000 TOULOUSE Locataire gérant : 478283435 - ET COMPAGNIE..., R 867, 167 RUE DE LA PRADELLE, 63000 CLERMONT FERRAND Date d’effet : 01/04/2012 pour une durée de 10 mois
	25/10/2011	Bodacc C	Comptes annuels et rapports
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 10715 - 478283435 RCS. ET COMPAGNIE. Forme : Société par actions simplifiée. Adresse : 167 rue de la Pradelle 63000 Clermont-Ferrand. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
	02/09/2011	Bodacc A	Vente et cession : Acheteur
73 - SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE CHAMBÉRY 380 - 478 283 435 RCS Chambery. ET COMPAGNIE. Forme : Société par actions simplifiée. Adresse : 167 rue de la Pradelle, 63000 Clermont-Ferrand. Origine du fonds : Achat d'un fonds de commerce au prix stipulé de 550000 Euros. Etablissement : Etablissement secondaire. Activité : commerce de prêt-à-porter féminin et accessoires. Adresse : 2 rue du Maistre, 73000 Chambéry. Précédent propriétaire : MEUNIER (Colette Victorine). 323 584 946 RCS Chambery. Date de commencement de l’activité : 27/08/2011. Publication légale : Le Journal du Bâtiment et Travaux Publics du 25/08/2011. Oppositions : En l'Etude de Maître ROISSARD, Notaire à MONTMELIAN (73800), 541 avenue du Grésivaudan pour la validité et pour la correspondance 2 rue DE MAISTRE 73000 Chambéry. Descriptif : . Commentaires : Achat d'un établissement secondaire ou complémentaire par une personne morale.
	25/08/2011	JAL	Activity or goodwill cession
Journal du batiment et des travaux publics (Le) Date de décision : 26/07/2011 Cédant : 323584946 - MADAME COLETTE ROISSARD, CL2 BOUTIQUE, 2 RUE DE MAISTRE, 73000 CHAMBERY Cessionnaire : 478283435 - ET COMPAGNIE..., R 867, 167 RUE DE LA PRADELLE, 63000 CLERMONT FERRAND Prix de vente : 550000 € Date d’effet : 26/07/2011
	18/05/2011	Bodacc B	Modification et mutation diverse
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 1897 - 478 283 435 RCS Clermont-Ferrand. ET COMPAGNIE. Forme : Société par actions simplifiée. Activité : Conception, création de modèles pour les articles textiles, les articles d'habillement, de prêt à porter pour hommes femmes enfants. Commentaires : Modification survenue sur l'activité.
	19/07/2010	Bodacc C	Comptes annuels et rapports
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 5379 - 478283435 RCS. ET COMPAGNIE. Forme : Société par actions simplifiée. Adresse : 167 rue de la Pradelle 63000 Clermont-Ferrand. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	24/02/2010	Bodacc A	Vente et cession : Acheteur
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE LILLE 465 - 478 283 435 RCS Lille. ET COMPAGNIE. Forme : Société par actions simplifiée. Adresse : 167 rue de la Pradelle, 63000 Clermont-Ferrand. Origine du fonds : Fonds acquis par achat au prix stipulé de 180.000,00 EUR. Etablissement : Etablissement secondaire. Activité : Prêt à porter féminin. Adresse : 45 rue de la Monnaie, 59000 Lille. Précédent propriétaire : CHANAL. 495 354 532 RCS Lille. Précédent exploitant : CHANAL. 495 354 532 RCS Lille. A dater du : 16/12/2009. Date de commencement de l’activité : 23/06/2009. Publication légale : La Gazette Nord Pas de Calais du 05/02/2010. Oppositions : SCP D'AVOCATS MARCHAL-MARCHAL-MAS-COLLINET MARCHAL 30 rue de Thionville LILLE. Descriptif : . Commentaires : Achat d'un fonds par une personne morale (insertion provisoire). Date d’effet : 01/01/2010.
	05/02/2010	JAL	Activity or goodwill cession
LA GAZETTE DU NORD PAS DE CALAIS Date de décision : 01/02/2010 Cédant : 495354532 - CHANAL, COTE FILLES, 45 RUE DE LA MONNAIE, 45-47, 59800 LILLE Cessionnaire : 478283435 - ET COMPAGNIE..., R 867, 167 RUE DE LA PRADELLE, 63000 CLERMONT FERRAND Prix de vente : 180000 €
	30/12/2009	Bodacc A	Vente et cession : Acheteur
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE LILLE 915 - 478 283 435 RCS Lille. ET COMPAGNIE. Forme : Société par actions simplifiée. Adresse : 167 rue de la Pradelle, 63000 Clermont-Ferrand. Origine du fonds : Etablissement secondaire acquis par achat au prix stipulé de 180.000,00 EUR. Etablissement : Etablissement secondaire. Activité : Prêt à porter féminin et accessoires s'y rapportant. Enseigne : WOMEN DEPT. Adresse : 47 rue de la Monnaie, 59000 Lille. Précédent propriétaire : CHANAL. 495 354 532 RCS Lille. Précédent exploitant : CHANAL. 495 354 532 RCS Lille. A dater du : 16/12/2009. Date de commencement de l’activité : 23/06/2009. Publication légale : La Gazette Nord Pas de Calais du 31/10/2009. Oppositions : SCP MARCHAL MARCHAL MAS 30 rue de Thionville 59800 Lille. Descriptif : Achat. Commentaires : Achat d'un établissement secondaire ou complémentaire par une personne morale. Date d’effet : 23/06/2009.
	25/11/2009	Bodacc A	Vente et cession : Acheteur
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE LILLE 229 - 478 283 435 RCS Lille. ET COMPAGNIE. Forme : Société par actions simplifiée. Capital : 40000 EUR. Adresse : 167 rue de la Pradelle, 63000 Clermont-Ferrand. Origine du fonds : Fonds acquis par achat au prix stipulé de 180.000,00 EUR. Etablissement : Etablissement secondaire. Activité : Prêt à porter féminin. Adresse : 47 rue de la Monnaie, 59000 Lille. Précédent propriétaire : CHANAL. 495 354 532 RCS Lille. Date de commencement de l’activité : 01/01/0001. Publication légale : La Gazette Nord Pas de Calais du 06/11/2009. Oppositions : SCP d'avocats MARCHAL 30 rue de Thionville 59000 LILLE. Descriptif : . Commentaires : Achat d'un fonds par une personne morale (insertion provisoire). Date d’effet : 23/06/2009.
	06/11/2009	JAL	Activity or goodwill cession
LA GAZETTE DU NORD PAS DE CALAIS Date de décision : 28-10-2009 Cédant : 495354532 - CHANAL, COTE FILLES, 45 R DE LA MONNAIE, 59800, LILLE Cessionnaire : 478283435 - ET COMPAGNIE, R 867, 167 R DE LA PRADELLE, 63000, CLERMONT FERRAND Prix de vente : 180 000,00 €
	02/10/2009	Bodacc C	Comptes annuels et rapports
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 6351 - 478283435 RCS. ET COMPAGNIE. Forme : Société par actions simplifiée. Adresse : 167 rue de la Pradelle 63000 Clermont-Ferrand. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	30/09/2008	Bodacc C	Comptes annuels et rapports
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 5685 - 478283435 RCS. ET COMPAGNIE. Forme : Société par actions simplifiée. Adresse : 167 rue de la Pradelle 63000 Clermont-Ferrand. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	15/10/2007	Bodacc C	Avis de dépôt des comptes
2867 - 478 283 435. RCS Clermont-Ferrand ET COMPAGNIE. Forme: Société par actions simplifiée. Adresse du siège social: 167 rue de la Pradelle 63000 Clermont-Ferrand. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	24/05/2007	Bodacc B	Modifications et mutations diverses
1213 - RCS Clermont-Ferrand B 478 283 435. RC 04-B 544. ET COMPAGNIE. Forme : S.A.S. Nom commercial : R 867 Et Compagnie... Adresse du siège social : 167 rue de la Pradelle,, 63000 Commentaires : modification survenue sur le nom commercial. Date d'effet : 13 mars 2007.
	29/09/2006	Bodacc C	Avis de dépôt des comptes
2618 - RCS Clermont-Ferrand B 478 283 435. RC 04-B 544. ET COMPAGNIE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 83, rue Jean Noellet,63110 Beaumont. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	21/09/2006	Bodacc B	Modifications et mutations diverses
0978 - RCS Clermont-Ferrand B 478 283 435. RC 04-B 544. ET COMPAGNIE. Forme : S.A.S. Nom commercial : Et Compagnie. Adresse du siège social : 167 rue de la Pradelle,, 63000 Commentaires : modification survenue sur l'adresse du siège social. Date d'effet : 30 juin 2006.
	21/03/2006	Bodacc B	Modifications et mutations diverses
1915 - RCS Clermont-Ferrand B 478 283 435. RC 04-B 544. ET COMPAGNIE. Forme : S.A.S. Nom commercial : Et Compagnie. Adresse du siège social : 83 rue Jean-Noëllet,, 63110 Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l'établissement principal. Etablissement principal - Adresse : 83 rue Jean-Noëllet, 63110 Date d'effet : 8 décembre 2005.
	15/09/2004	Bodacc A	Création d'établissement
RCS Clermont-Ferrand B 478283435 RC 04- B 544 ET COMPAGNIE. Forme : S.A.S. Capital : 40 000 euros Nom commercial: Et Compagnie. Adresse du siège social : 26 rue des Planchettes, 63100 Clermont- Ferrand. Administration : président : ROZENBAUM (Christophe) ( Nom d'usage : ROZENBAUM). Commissaire aux comptes titulaire : WOGA. Commissaire aux comptes suppléant : OUBRIER (Georges) ( Nom d'usage : OUBRIER) Cette société se constitue Etablissement principal: Activité : vente en gros, en demi-gros, au détail de tous articles d' habillement, de confection pour hommes, femmes ou enfants lingerie, bonneterie, lainages, tricots, articles accessoires à l'habillement et accessoires de mode. Adresse : 26 rue des Planchettes, 63100 Clermont-Ferrand Date de début d'activité: 23 juillet 2004.

Synthesized Accounts

Annual Accounts

	31/12/2010	31/12/2009	31/12/2008
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	13/10/2011	17/06/2010	-
Activity Code	7410Z	7410Z	7410Z
Employees	19	0	0

Active account

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	Sector Median 2010
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	2,108,720	90.9 %	1,104,557	44.3 %	765,663	4,641	45336.8 %
Intangible assets	951,488	307.9 %	233,256	24609.3 %	944	0	0%
Tangible assets	1,085,596	31.6 %	824,972	11.5 %	739,741	2,403	45076.7 %
Financial assets	71,636	54.6 %	46,329	85.5 %	24,978	0	0%
Net current assets	6,228,067	-2.8 %	6,407,754	34.8 %	4,754,723	41,807	14797.4 %
Stocks	250,527	132.3 %	107,837	-25.6 %	144,996	0	0%
Advanced payments	2,536	-93.6 %	39,840	0%	0	0	0%
Receivables	3,536,890	6.1 %	3,334,808	29.5 %	2,574,437	15,658	22489.1 %
Securities and cash	2,438,114	-16.7 %	2,925,269	43.7 %	2,035,290	10,610	22879.4 %
Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	8,336,789	11.0 %	7,512,312	36.1 %	5,520,386	52,147	15887.1 %

Passive Account

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	Sector Median 2010
Shareholders' equity	4,870,637	18.6 %	4,106,568	46.5 %	2,803,554	14,670	33101.3 %
Share capital	40,000	0%	40,000	0%	40,000	7,500	433.3 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	100,000	0%	0	0%	0	0	0%
Liabilities	3,366,152	-1.2 %	3,405,745	25.4 %	2,716,833	33,439	9966.7 %
Financial liabilities	1,491,798	109.5 %	712,214	22.7 %	580,426	2,720	54745.5 %
Advanced payments received	0	0%	5,084	-3.6 %	5,275	0	0%
Trade account payables	1,561,300	-29.3 %	2,207,668	26.7 %	1,743,082	4,711	33041.6 %
Tax and social liabilities	163,583	-45.0 %	297,660	69.2 %	175,879	12,326	1227.2 %
Other debts and fixed assets liabilities	149,471	-18.4 %	183,119	-13.7 %	212,171	2,986	4905.7 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	8,336,789	11.0 %	7,512,312	36.1 %	5,520,386	52,586	15753.8 %

Results

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	Sector Median 2010
Sales of Goods	12,786,293	15.8 %	11,038,189	13.3 %	9,742,900	88,080	14416.7 %
Net turnover	12,443,836	19.0 %	10,456,773	10.3 %	9,482,850	85,439	14464.6 %
of which net export turnover	2,535,468	14.1 %	2,222,072	17.5 %	1,891,446	0	0%
Operating charges	9,834,912	22.2 %	8,046,403	4.6 %	7,693,298	81,133	12022.0 %
Operating profit/loss	2,951,381	-1.4 %	2,991,786	46.0 %	2,049,602	3,015	97789.9 %
Financial income	56,961	-13.4 %	65,757	76.1 %	37,338	0	0%
Financial charges	99,894	-14.2 %	116,369	159.9 %	44,781	21	487187.8 %
Financial profit/loss	-42,933	15.2 %	-50,612	-580.0 %	-7,443	0	0%
Pretax net operating income	2,908,448	-1.1 %	2,941,174	44.0 %	2,042,159	2,745	105873.7 %
Extraordinary income	5,988	-52.2 %	12,516	78.2 %	7,024	0	0%
Extraordinary charges	65,432	659.5 %	8,615	-90.2 %	88,181	1	6543100.0 %
Extraordinary profit/loss	-59,444	-1623.8 %	3,901	104.8 %	-81,156	0	0%
Net result	2,050,184	-2.6 %	2,104,283	44.4 %	1,457,625	2,681	76370.9 %

Accounts – Active

Normal Account

	31/12/2010	31/12/2009	31/12/2008
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Grand Total (I to VI)	Net	8,336,789	11.0 %	7,512,312	36.1 %	5,520,386
Gross	CO	9,425,131	13.5 %	8,302,091	32.7 %	6,257,046
Amortisation	1A	1,088,342	37.8 %	789,779	7.2 %	736,660

Non declared distributed capital (I)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	-	-

Active fixed asset (II)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total Active fixed asset (II)	Net	2,108,720	90.9 %	1,104,557	44.3 %	765,663
Gross	BJ	2,585,288	82.8 %	1,414,455	49.4 %	947,032
Amortisation	BK	476,568	53.8 %	309,898	70.9 %	181,370

Intangible fixed assets

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
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	2,523	767.0 %	291	-69.2 %	944
Gross	AF	28,561	30.0 %	21,970	16.6 %	18,837
Amortisation	AG	26,038	20.1 %	21,679	21.2 %	17,893
Goodwill	Net	948,965	307.3 %	232,965	0%	0
Gross	AH	948,965	307.3 %	232,965	0%	0
Amortisation	AI	0	0%	0	0%	0
Other intangible fixed assets	Net	0	0%	0	0%	0
Gross	AJ	0	0%	0	0%	0
Amortisation	AK	0	0%	0	0%	0
Pre-payments and downpayments	Net	0	0%	0	0%	0
Gross	AL	0	0%	0	0%	0
Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible asset	Net	951,488	307.9 %	233,256	24609.3 %	944

Tangilble fixed assets

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	657,393	28.0 %	513,436	0.6 %	510,589
Gross	AP	884,795	33.7 %	661,737	11.3 %	594,395
Amortisation	AQ	227,402	53.3 %	148,301	77.0 %	83,806
Plant	Net	2,151	-51.6 %	4,444	-34.6 %	6,794
Gross	AR	7,294	0%	7,294	-7.2 %	7,863
Amortisation	AS	5,143	80.5 %	2,850	166.6 %	1,069
Other tangible fixed assets	Net	396,052	36.0 %	291,165	30.9 %	222,358
Gross	AT	614,037	43.4 %	428,233	42.3 %	300,960
Amortisation	AU	217,985	59.0 %	137,068	74.4 %	78,602
Fixed assets in construction	Net	0	0%	15,927	0%	0
Gross	AV	0	0%	15,927	0%	0
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	30,000	0%	0	0%	0
Gross	AX	30,000	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	1,085,596	31.6 %	824,972	11.5 %	739,741

Financial assets

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	0	0%	0	0%	0
Gross	CU	0	0%	0	0%	0
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	71,636	54.6 %	46,329	85.5 %	24,978
Gross	BH	71,636	54.6 %	46,329	85.5 %	24,978
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	71,636	54.6 %	46,329	85.5 %	24,978

Current Assets (III)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total Assets	Net	6,228,067	-2.8 %	6,407,754	34.8 %	4,754,723
Gross	CJ	6,839,842	-0.7 %	6,887,635	29.7 %	5,310,014
Amortisation	CK	611,775	27.5 %	479,881	-13.6 %	555,291

Stocks

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Raw materials	Net	21,896	69.7 %	12,901	-32.1 %	19,001
Gross	BL	21,896	69.7 %	12,901	-32.1 %	19,001
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	0	0%	0	0%	0
Gross	BN	0	0%	0	0%	0
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	228,631	140.8 %	94,936	-24.7 %	125,995
Gross	BT	559,709	147.8 %	225,834	-52.2 %	472,731
Amortisation	BU	331,078	152.9 %	130,898	-62.2 %	346,736
Sub Total Stocks	Net	250,527	132.3 %	107,837	-25.6 %	144,996

Advance payments to suppliers

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Advance payments to suppliers	Net	2,536	-93.6 %	39,840	0%	0
Gross	BV	2,536	-93.6 %	39,840	0%	0
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Trade accounts receivable	Net	1,157,808	51.4 %	764,980	15.6 %	661,898
Gross	BX	1,438,505	33.8 %	1,075,148	23.5 %	870,452
Amortisation	BY	280,697	-9.5 %	310,168	48.7 %	208,554
Other debtors	Net	431,459	51.4 %	285,064	39.3 %	204,658
Gross	BZ	431,459	51.4 %	285,064	39.3 %	204,658
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	1,589,267	51.4 %	1,050,044	21.2 %	866,556

Divers

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Investment securities	Net	1,300,000	51.0 %	861,180	-25.1 %	1,150,000
Gross	CD	1,300,000	44.4 %	899,995	-21.7 %	1,150,000
Amortisation	CE	0	0%	38,815	0%	0
Cash and cash equivalents	Net	1,138,114	-44.9 %	2,064,089	133.2 %	885,290
Gross	CF	1,138,114	-44.9 %	2,064,089	133.2 %	885,290
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	2,438,114	-16.7 %	2,925,269	43.7 %	2,035,290

Prepaid expenses

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Prepaid expenses	Net	1,947,623	-14.8 %	2,284,764	33.8 %	1,707,881
Gross	CH	1,947,623	-14.8 %	2,284,764	33.8 %	1,707,881
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Currency differential gain	CN3	0	0%	0	0%	0
Gross		0	0%	0	-	-

References

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Grand Total (I to V)	EE	8,336,789	11.0 %	7,512,312	36.1 %	5,520,386

Shareholder Equity (I)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total shareholders' equity (Total I)	DL	4,870,637	18.6 %	4,106,568	46.5 %	2,803,554
Equity and shareholders' equity	DA	40,000	0%	40,000	0%	40,000
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	4,000	0%	4,000	0%	4,000
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	0	0%	0	0%	0
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	2,772,298	41.9 %	1,953,015	50.8 %	1,295,390
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	0	0%	0	0%	0
Profit or loss for the period	DI	2,050,184	-2.6 %	2,104,283	44.4 %	1,457,625
Investment grants	DJ	4,155	-21.2 %	5,270	-19.4 %	6,539
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
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)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total provisions for risks and charges (Total III)	DR	100,000	0%	0	0%	0
Risk provisions	DP	100,000	0%	0	0%	0
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total Liabilities (Total IV)	EC	3,366,152	-1.2 %	3,405,745	25.4 %	2,716,833
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	1,491,265	109.5 %	711,819	40.4 %	507,071
Sundry loans and financial liabilities	DV	533	34.9 %	395	-99.5 %	73,355
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	0	0%	5,084	-3.6 %	5,275
Trade accounts payables	DX	1,561,300	-29.3 %	2,207,668	26.7 %	1,743,082
Tax and social security liabilities	DY	163,583	-45.0 %	297,660	69.2 %	175,879
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	149,471	-18.4 %	183,119	-13.7 %	212,171

Translation loss (V)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	2,253,166	-20.8 %	2,844,648	23.9 %	2,295,319
Of which current bank facilities	EH	0	0%	1,713	0%	0

Result account

1 - Operating result (I-II)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Operating result (Total I-II)	GG	2,951,381	-1.4 %	2,991,786	46.0 %	2,049,602

2 - Financial result (V-VI)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Financial result (Total V-VI)	GV	-42,933	15.2 %	-50,612	-580.0 %	-7,443

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

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	2,908,448	-1.1 %	2,941,174	44.0 %	2,042,159

4 - Extraordinary result (VII-VIII)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Extraordinary result (Total VII-VIII)	HI	-59,444	-1623.8 %	3,901	104.8 %	-81,156

Profit or loss

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Profit or loss	HN	2,050,184	-2.6 %	2,104,283	44.4 %	1,457,625

Total Income (I+III+V+VII)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total Income (Total I+III+V+VII)	HL	12,849,242	15.6 %	11,116,462	13.6 %	9,787,263

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

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	10,799,058	19.8 %	9,012,180	8.2 %	8,329,638

Operating income (I)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total operating income (Total I)	FR	12,786,293	15.8 %	11,038,189	13.3 %	9,742,900

Operating income (details)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Sale of goods for resale	FC	12,414,956	19.0 %	10,434,445	10.4 %	9,447,632
France	FA	9,884,378	20.4 %	8,211,356	8.4 %	7,573,763
Export	FB	2,530,578	13.8 %	2,223,089	18.6 %	1,873,870
Sale of goods produced	FF	0	0%	0	0%	0
France	FD	0	0%	0	0%	0
Export	FE	0	0%	0	0%	0
Sale of services	FI	28,880	29.3 %	22,328	-36.6 %	35,218
France	FG	23,990	2.8 %	23,345	32.3 %	17,642
Export	FH	4,890	580.8 %	-1,017	-105.8 %	17,576
Net turnover	FL	12,443,836	19.0 %	10,456,773	10.3 %	9,482,850
France	FJ	9,908,368	20.3 %	8,234,701	8.5 %	7,591,404
Export	FK	2,535,468	14.1 %	2,222,072	17.5 %	1,891,446
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	5,789	0%	0	0%	2,256
Release of reserves and provisions	FP	333,774	-42.6 %	581,008	125.5 %	257,599
Other income	FQ	2,894	609.3 %	408	109.2 %	195

Operating charges (II)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total operating charges (Total II)	GF	9,834,912	22.2 %	8,046,403	4.6 %	7,693,298

Exploitation charges

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Purchase of goods for resale	FS	4,153,947	22.2 %	3,398,497	-4.1 %	3,544,208
Change in stocks of goods for resale	FT	-333,875	-235.2 %	246,896	177.2 %	-319,770
Purchase of raw materials	FU	292,350	36.5 %	214,115	-3.3 %	221,354
Change in stocks of raw materials	FV	-8,995	-247.5 %	6,100	179.3 %	-7,690
Other external purchases and charges	FW	4,093,327	33.1 %	3,074,462	9.3 %	2,813,921
Tax, duty and similar payments	FX	125,630	-16.0 %	149,590	33.9 %	111,735
Payroll	FY	638,345	55.5 %	410,568	-18.4 %	503,059
Social security costs	FZ	177,314	55.1 %	114,330	-29.0 %	161,100

Depreciation

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Depreciation of fixed assets	GA	167,874	30.5 %	128,687	32.5 %	97,113
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	385,636	31.3 %	293,597	-43.4 %	518,274
Provisions for risks and charges	GD	100,000	0%	0	0%	0

Other charges

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Other charges	GE	43,359	353.5 %	9,561	-80.9 %	49,994

Operating charges (III-IV)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
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)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total financial income (Total V)	GP	56,961	-13.4 %	65,757	76.1 %	37,338
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	13,026	-78.9 %	61,841	400.9 %	12,345
Released provisions and transferred charges	GM	38,815	0%	0	0%	0
Exchange gains	GN	5,120	30.7 %	3,916	-84.3 %	24,993
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial charge (VI)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total financial charge (Total VI)	GU	99,894	-14.2 %	116,369	159.9 %	44,781
Financial reserves and provisions	GQ	0	0%	38,815	0%	0
Interest and similar charges	GR	97,361	118.5 %	44,552	6.0 %	42,037
Exchange losses	GS	2,533	-92.3 %	33,002	1102.7 %	2,744
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total extraordinary income (Total VII)	HD	5,988	-52.2 %	12,516	78.2 %	7,024
Extraordinary operating income	HA	873	-89.2 %	8,087	0%	0
Extraordinary income from capital transactions	HB	5,115	15.5 %	4,429	-36.9 %	7,024
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total extraordinary charges (Total VIII)	HH	65,432	659.5 %	8,615	-90.2 %	88,181
Extraordinary operating charges	HE	65,216	1061.9 %	5,613	-93.4 %	85,489
Extraordinary charges from capital transactions	HF	216	0%	0	0%	2,692
Extraordinary reserves and provisions	HG	0	0%	3,002	0%	0

Employee profit sharing (IX)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Tax on profits (Total X)	HK	798,820	-5.0 %	840,793	67.0 %	503,378

References

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Of which equipment leases	HP	0	0%	0	0%	3,915
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	118,847	-31.4 %	173,186	610.4 %	24,379
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	2,650	114.7 %	1,234	59.2 %	775

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Gross value at begin of period	OG	0	0%	0	0%	516,685
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	453,115
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	17,131	425.5 %	3,260	-85.7 %	22,766
Gross value at the end of period	OL	2,585,289	82.8 %	1,414,456	49.4 %	947,032

Research and development Charge (Total I)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Gross value at begin of period	CZ	0	0%	0	0%	0
Increasess due to revaluation	KB	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
Decreasess by budget item transfer	CO1	0	0%	0	0%	0
Decreasess by transfers	CO2	0	0%	0	0%	0
Gross value at the end of period	DO	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Gross value at begin of period	KD	254,935	1253.4 %	18,837	13.1 %	16,661
Increasess due to revaluation	KE	0	0%	236,098	0%	0
Increasess, acquisitions, creations, contributions	KF	722,591	0%	0	0%	2,176
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	977,526	283.4 %	254,935	1253.4 %	18,837

Tangible fixed assets (Total III)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Gross value at begin of period	LN	1,113,190	23.2 %	903,218	90.3 %	474,566
Increasess due to revaluation	LO	15,297	-92.8 %	213,133	0%	0
Increasess, acquisitions, creations, contributions	LP	424,768	0%	0	0%	450,939
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	17,131	442.1 %	3,160	-85.8 %	22,286
Gross value at the end of period	NH	1,536,127	38.0 %	1,113,191	23.2 %	903,217

Financial assets (Total IV)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Gross value at begin of period	LQ	46,329	85.5 %	24,978	-1.9 %	25,458
Increasess due to revaluation	LR	0	0%	21,451	0%	0
Increasess, acquisitions, creations, contributions	LS	25,307	0%	0	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	100	-79.2 %	480
Gross value at the end of period	NK	71,636	54.6 %	46,329	85.5 %	24,978

Reserve for depreciation

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

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Reserve for depreciation value at begin of period	ON	0	0%	0	0%	96,423
Increases	OP	0	0%	0	0%	97,112
Decreasess	OQ	0	0%	0	0%	12,167
Reserve for depreciation value at the end of period	OR	0	0%	0	0%	181,370

Research and development charge (Total I)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
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)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Reserve for depreciation value at begin of period	PE	21,679	21.2 %	17,894	36.6 %	13,095
Increases	PF	4,359	15.2 %	3,785	-21.1 %	4,799
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	26,038	20.1 %	21,679	21.2 %	17,894

Total fixed assets amotisation (Total III)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Reserve for depreciation value at begin of period	QU	288,220	76.3 %	163,476	96.2 %	83,329
Increases	QV	163,516	27.8 %	127,904	38.6 %	92,313
Decreases	QW	1,204	-61.9 %	3,160	-74.0 %	12,167
Decreasess by budget item transfer	QX	450,532	56.3 %	288,220	76.3 %	163,476

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
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

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Net value at begin of period	SP1	0	0%	0	0%	0
Increases	SP2	0	0%	0	0%	0
Depreciation of fixed assets during period	SP	0	0%	0	0%	0
Net value at the end of period	SR	0	0%	0	0%	0

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Value at begining of period	7C	479,881	-13.6 %	555,291	105.5 %	270,237
Increases	UB	485,636	46.1 %	332,412	-35.9 %	518,274
Decreases	UC	253,742	-37.8 %	407,822	74.9 %	233,220
Value at the end of period	UD	711,775	48.3 %	479,881	-13.6 %	555,291

Includes Total allocations

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Operating	UE	485,636	65.4 %	293,597	-43.4 %	518,274
Financial	UG	0	0%	38,815	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Operating	UF	214,927	-47.3 %	407,822	74.9 %	233,220
Financial	UH	38,815	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Value at begining of period	3Z	0	0%	0	0%	0
Increases	TS	0	0%	0	0%	0
Decreases	TT	0	0%	0	0%	0
Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Value at begining of period	5Z	0	0%	0	0%	53,458
Increases	TV	100,000	0%	0	0%	0
Decreases	TW	0	0%	0	0%	53,458
Value at the end of period	TX	100,000	0%	0	0%	0

Total Provision for depreciation (Total III)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Value at begining of period	7B	479,881	-13.6 %	555,291	156.2 %	216,779
Increases	TY	385,636	16.0 %	332,412	-35.9 %	518,274
Decreases	TZ	253,742	-37.8 %	407,822	126.9 %	179,762
Value at the end of period	UA	611,775	27.5 %	479,881	-13.6 %	555,291

State deadlines claims and debts at the end of period

State claims

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Gross value	VT	3,889,223	5.4 %	3,691,305	31.5 %	2,807,970
1 year at most	VU	3,817,587	4.7 %	3,644,976	31.0 %	2,782,992
More than one year	VV	71,636	54.6 %	46,329	85.5 %	24,978

State of loans

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
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	71,636	54.6 %	46,329	85.5 %	24,978
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Customers doubtful or disputed	VA	339,859	-3.1 %	350,673	49.6 %	234,399
Other claims customer	UX	1,098,646	51.6 %	724,475	13.9 %	636,054
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%	0	0%	0
Social Security and other social organizations	UZ	850	-83.7 %	5,201	0%	0
Income taxes	VM	202,546	0%	0	0%	0
Value added tax	VB	179,861	-30.9 %	260,460	43.4 %	181,694
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	31,642	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	16,560	-14.7 %	19,403	-15.5 %	22,965

Prepaid

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Prepaid	VS	1,947,623	-14.8 %	2,284,764	33.8 %	1,707,881

State Debt

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total debt (gross)	VY	3,366,152	-1.0 %	3,400,661	25.4 %	2,711,558
1 year at most	VZ2	2,253,166	-20.8 %	2,844,648	23.9 %	2,295,319
More than 1 year and 5 years at most	VZ3	1,112,986	100.2 %	556,013	64.3 %	338,491
More than 5 years	VZ4	0	0%	0	0%	77,748

Details

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
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	0	0%	1,713	0%	0
1 year at most	VG2	0	0%	1,713	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	1,491,265	110.0 %	710,106	40.0 %	507,071
1 year at most	VH2	378,279	145.5 %	154,093	69.6 %	90,832
More than 1 year and 5 years at most	VH3	1,112,986	100.2 %	556,013	64.3 %	338,491
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	1,561,300	-29.3 %	2,207,668	26.7 %	1,743,082
1 year at most	8B2	1,561,300	-29.3 %	2,207,668	26.7 %	1,743,082
More than 1 year and 5 years at most	8B3	1,561,300	-29.3 %	2,207,668	0%	0
Personnel and associated accounts (gross)	8C1	67,300	64.0 %	41,029	-15.3 %	48,444
1 year at most	8C2	67,300	64.0 %	41,029	-15.3 %	48,444
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	61,462	62.2 %	37,894	-23.5 %	49,547
1 year at most	8D2	61,462	62.2 %	37,894	-23.5 %	49,547
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	0	0%	178,382	505.2 %	29,473
1 year at most	8E2	0	0%	178,382	505.2 %	29,473
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	3,810	290.0 %	977	-64.5 %	2,752
1 year at most	VW2	3,810	290.0 %	977	-64.5 %	2,752
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	31,010	-21.3 %	39,378	-13.8 %	45,664
1 year at most	VQ2	31,010	-21.3 %	39,378	-13.8 %	45,664
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most	8J2	0	0%	0	0%	0
More than 1 year and 5 years at most	8J3	0	0%	0	0%	0
More than 5 years	8J4	0	0%	0	0%	0
Groups and associates (gross)	VI1	533	34.9 %	395	-99.5 %	73,355
1 year at most	VI2	533	34.9 %	395	-99.5 %	73,355
More than 1 year and 5 years at most	VI3	0	0%	0	0%	0
More than 5 years	V14	0	0%	0	0%	0
Other liabilities (gross)	8K1	149,471	-18.4 %	183,119	-13.7 %	212,171
1 year at most	8K2	149,471	-18.4 %	183,119	-13.7 %	212,171
More than 1 year and 5 years at most	8K3	0	0%	0	0%	0
Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most	SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most	SZ3	0	0%	0	0%	0
Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most	8L2	0	0%	0	0%	0
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Loans made during the period	VJ	991,000	219.7 %	310,000	3.3 %	300,000
Debt repaid during the period	VK	210,194	96.1 %	107,161	23.6 %	86,690

Table allocation results and other information

Dividends distributed

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
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

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
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

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
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

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
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

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Average number of employees	YP	19	0%	0	0%	0

Groups and Shareholders

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Groups and Shareholders	ZR	0	-	-	-	-

Ratios

Structure and Liquidity

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	Sector Median 2010
Fixed Asset Financing	2.68	-26.0 %	3.62	-3.7 %	3.76	2.26	18.6 %
Global Debt	97 days	-17.1 %	117 days	13.6 %	103 days	131 days	-26.0 %
Working Capital Fund overall net	126 days	-1.6 %	128 days	29.3 %	99 days	68 days	85.3 %
Financial independence	326.49 %	-43.4 %	576.59 %	19.4 %	483.02 %	103.09 %	216.7 %
Solvability	58.42 %	6.9 %	54.66 %	7.6 %	50.79 %	33.58 %	74.0 %
Capacity debt futures	1,287.58 %	-51.1 %	2,635.69 %	-14.6 %	3,086.53 %	771.46 %	66.9 %
Coverage of current assets by net working capital overall	70.31 %	4.2 %	67.47 %	22.5 %	55.10 %	40.52 %	73.5 %
General Liquidity	1.69	32.0 %	1.28	5.8 %	1.21	0.62	172.6 %
Restricted Liquidity	2.78	19.8 %	2.32	10.5 %	2.10	1.24	124.2 %

Management or rotation

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	Sector Median 2010
Need background in operating working capital	-1 days	98.1 %	-52 days	-20.9 %	-43 days	-1 days	0%
Treasury	71 days	-30.4 %	102 days	32.5 %	77 days	4 days	1675.0 %
Inventory turnover of goods	53 days	140.9 %	22 days	-58.5 %	53 days	0 days	0%
Average length of credit granted to customers	42 days	13.5 %	37 days	12.1 %	33 days	45 days	-6.7 %
Average length of credit obtained suppliers	69 days	-40.0 %	115 days	15.0 %	100 days	41 days	68.3 %
Inventory turnover of raw materials in industrial enterprises	3 days	50.0 %	2 days	-33.3 %	3 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	768 days	-
Rotation tangible assets	810.08 %	-13.8 %	939.35 %	-10.5 %	1,049.90 %	1,037.56 %	-21.9 %

Profitability of the business

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	Sector Median 2010
Margin trading	69.07 %	6.4 %	64.92 %	-1.1 %	65.63 %	0.00 %	0%
Profitability of the business	26.61 %	-2.1 %	27.18 %	4.9 %	25.91 %	5.94 %	348.0 %
Net profit	16.48 %	-18.1 %	20.12 %	30.9 %	15.37 %	3.08 %	435.1 %
Growth rate of turnover (excluding VAT)	19.00 %	85.0 %	10.27 %	-68.3 %	32.37 %	4.33 %	338.8 %
Rates integration	34.13 %	1.5 %	33.63 %	-1.3 %	34.07 %	36.62 %	-6.8 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.04 %	0.00 %	0%
Work Factor	19.21 %	28.7 %	14.93 %	-27.4 %	20.56 %	63.41 %	-69.7 %
Weight interests	0.80 %	-27.9 %	1.11 %	136.2 %	0.47 %	0.02 %	3900.0 %

Return on capital

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	Sector Median 2010
Cash flow from the overall profitability	15.75 %	-11.6 %	17.81 %	28.2 %	13.89 %	5.81 %	171.1 %
Rates of economic profitability	52.00 %	-11.9 %	59.00 %	-19.2 %	73.00 %	24.00 %	116.7 %
Financial profitability	4,870,637.00 %	18.6 %	4,106,568.00 %	46.5 %	2,803,554.00 %	308.62 %	1578098.8 %
Return on investment	33.79 %	-26.7 %	46.08 %	3.8 %	44.40 %	16.64 %	103.1 %

Management intermediate balances

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	Sector Median 2010
Turnover	12,443,836	19.0 %	10,456,773	10.3 %	9,482,850	85,439	14464.6 %

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	Sector Median 2010
Sales of goods	12,414,956	19.0 %	10,434,445	10.4 %	9,447,632		-
- Purchase of goods	4,153,947	22.2 %	3,398,497	-4.1 %	3,544,208		-
+/- Stock of goods variation	-333,875	-235.2 %	246,896	177.2 %	-319,770		-
Trading margin	8,594,884 €	26.6 %	6,789,052 €	9.1 %	6,223,194 €	0 €	0%
	69.07 % CA	6.4 %	64.92 % CA	-1.1 %	65.63 % CA	0.00 % CA	0%

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	Sector Median 2010
Sale of goods produced	28,880	29.3 %	22,328	-36.6 %	35,218		-
+/- Stocked production	0	0%	0	0%	0		-
+ Self-constructed assets	0	0%	0	0%	0		-
Period production	28,880 €	29.3 %	22,328 €	-36.6 %	35,218 €	68,245 €	-57.7 %
	0.23 % CA	9.5 %	0.21 % CA	-43.2 %	0.37 % CA	100.00 % CA	-99.8 %

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	Sector Median 2010
Trading margin	8,594,884	26.6 %	6,789,052	9.1 %	6,223,194	0	0%
+ Period Production	28,880	29.3 %	22,328	-36.6 %	35,218	68,245	-57.7 %
- Purchase of raw materials	292,350	36.5 %	214,115	-3.3 %	221,354		-
+/- Change in stocks of raw materiels	-8,995	-247.5 %	6,100	179.3 %	-7,690		-
- Other external purchases and charges	4,093,327	33.1 %	3,074,462	9.3 %	2,813,921		-
Added value	4,247,082 €	20.8 %	3,516,703 €	8.8 %	3,230,827 €	30,855 €	13664.9 %
	34.13 % CA	1.5 %	33.63 % CA	-1.3 %	34.07 % CA	36.62 % CA	-6.8 %

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	Sector Median 2010
Added value	4,247,082 €	20.8 %	3,516,703 €	8.8 %	3,230,827 €	30,855 €	13664.9 %
+ Operating grants	5,789	0%	0	0%	2,256		-
- Tax, duty and similar payments	125,630	-16.0 %	149,590	33.9 %	111,735		-
- Personal charges	815,659	55.4 %	524,898	-21.0 %	664,159		-
Gross operating surplus	3,311,582 €	16.5 %	2,842,215 €	15.7 %	2,457,189 €	5,065 €	65281.7 %
	26.61 % CA	-2.1 %	27.18 % CA	4.9 %	25.91 % CA	5.94 % CA	348.0 %

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	Sector Median 2010
Gross operating surplus	3,311,582 €	16.5 %	2,842,215 €	15.7 %	2,457,189 €	5,065 €	65281.7 %
+ Release of reserves and provisions	333,774	-42.6 %	581,008	125.5 %	257,599		-
+ Other operating income	2,894	609.3 %	408	109.2 %	195		-
- Depreciation/ Amortisation	653,510	54.8 %	422,284	-31.4 %	615,387		-
- Other charges	43,359	353.5 %	9,561	-80.9 %	49,994		-
Operating result	2,951,381 €	-1.4 %	2,991,786 €	46.0 %	2,049,602 €	3,029 €	97353.6 %
	23.72 % CA	-17.1 %	28.61 % CA	32.4 %	21.61 % CA	3.62 % CA	555.2 %

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	Sector Median 2010
Operating result	2,951,381 €	-1.4 %	2,991,786 €	46.0 %	2,049,602 €	3,029 €	97353.6 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0		-
+ Financial income	56,961	-13.4 %	65,757	76.1 %	37,338		-
- Financial charges	99,894	-14.2 %	116,369	159.9 %	44,781		-
Pre-tax result	2,908,448 €	-1.1 %	2,941,174 €	44.0 %	2,042,159 €	2,764 €	105126.0 %
	23.37 % CA	-16.9 %	28.13 % CA	30.6 %	21.54 % CA	3.44 % CA	579.4 %

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	Sector Median 2010
Extraordinary income	5,988	-52.2 %	12,516	78.2 %	7,024	0	0%
- Extraordinary charges	65,432	659.5 %	8,615	-90.2 %	88,181		-
Extraordinary result	-59,444 €	-1623.8 %	3,901 €	104.8 %	-81,157 €	0 €	0%
	-0.48 % CA	-1300.0 %	0.04 % CA	104.7 %	-0.86 % CA	0.00 % CA	0%

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	Sector Median 2010
Pre-tax result	2,908,448 €	-1.1 %	2,941,174 €	44.0 %	2,042,159 €	2,764 €	105126.0 %
Extraordinary result	-59,444 €	-1623.8 %	3,901 €	104.8 %	-81,157 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	798,820	-5.0 %	840,793	67.0 %	503,378		-
Net result	2,050,184 €	-2.6 %	2,104,282 €	44.4 %	1,457,624 €	2,681 €	76370.9 %
	16.48 % CA	-18.1 %	20.12 % CA	30.9 %	15.37 % CA	3.08 % CA	435.1 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.51
UK Pound	1	Rs.97.85
Euro	1	Rs.70.50

INFORMATION DETAILS

Analysis Done by :	DIV
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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