MIRA INFORM REPORT

Report No. :	329632
Report Date :	10.07.2015

IDENTIFICATION DETAILS

Name :	MATY
Registered Office :	5 BD John F Kennedy, 25049 Besancon Cedex
Country :	France
Financials (as on) :	31.12.2013
Date of Incorporation :	September 1995
Com. Reg. No.:	402 327 597
Legal Form :	Simplified Joint Stock Company
Line of Business :	Subject is engaged in distance selling on specialized catalog
No. of Employee :	500 to 999 employees (2013)

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

MATY

SIRET	402 327 597 00025
Name	MATY
Acronym	-
Trade name	MATY
Status	Economically active
Postal Address	MATY 5 BD JOHN F KENNEDY 25049 BESANCON CEDEX
Share Capital	20,000,000 Euros
Incorporiation Date	09/1995
Activity (APE)	Distance selling on specialized catalog (4791B)	RCS Registration	RCS Besancon B 402 327 597
Formation Date	10/1995	EUR VAT Number	FR66402327597
Deregistration Date	-	Last account Date	31/12/2013
Court Registry Number	19 9 5B00387	Telephone	03 81 50 81 41
Registration Court	Besancon (25)	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	95,244,318 €	0.59% Turnover	20,058,313 €	-3,566,782 €	500 to 999 employees
31/12/2012	101,013,135 €	1.80% Turnover	23,432,834 €	103,197 €	-
31/12/2011	104,198,522 €	0.80% Turnover	23,174,636 €	-445,665 €	-

Ultimate Holding Company

Name	Country	Company Number
GEMAFI		592820518
Affiliation links.

Directors

Current Directors

1

Preferential Right

No social security and tax office preferential right to date

Payment Information Summary – Trade Payment Data

Total number of Invoices available	54
Total number of Invoices paid within or up to 30 days after the due date	47
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	6
Total number of Invoices currently outstanding beyond the due date	0

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4791B	Activity	Distance selling on specialized catalog
Formation Date	09/1996	Reason for Formation	Contribution
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	5 BOULEVARD JOHN F KENNEDY 25000 BESANCON	Department	Doubs (25)
Location Surface	-	District	1
City	BESANCON	Status	Economically active
Business Pages FT®	-	Region	Franche-Comté
		Area	99
		Size of Urban Area	Urban unit with 100 000 to 199 999 inhabitants

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
GEMAFI	Commerce de détail d'articles d'horlogerie et de bijouterie en magasin spécialisé	4777Z	BESANCON	25000

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	40 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
MATY	Head Office	4791B	Distance selling on specialized catalog	BESANCON	25000
MATY	Branch	4791B	Distance selling on specialized catalog	LILLE	59800
MATY	Branch	4791B	Distance selling on specialized catalog	COQUELLES	62231
MATY	Branch	4791B	Distance selling on specialized catalog	CHALON SUR SAONE	71100
MATY	Branch	4791B	Distance selling on specialized catalog	PARIS 16	75016

Workforces

Workforce at address

250 to 499 employees

Company workforce

500 to 999 employees

Commentary

The comments are ordered according to the class of risk. Companies are compared with regard to other companies of the same type. Thus a positive comment for one category can be negative for another or can change depending on its value. This is a purely statistical decision.

The increase in the gearing percentage over the last two accounting periods is 61 %

The return on total assets employed is -5

The stock to turnover ratio is 30.74

The pre-tax profit is -3,609,057 €

The ratio total assets to total liabilities is 1.40

The sales to current assets ratio is 2.32

The company has 1 director(s)

Industry code with medium risk rating

Department code with low risk rating

Low risk workforce size

The total assets are 70,492,391 €

The risk provisions are 3,273,648 €

The net turnover is 95,244,318 €

The net current assets are 41,137,847 €

The liabilities are 47,093,553 €

The increase of tangible fixed assets over the last two accounting periods is 27 %

The creditor days are 48.32

The shareholder's equity is 20,058,313 €

Rating and Limit History

Date	Rating	Limit	International Score	Description
15/10/2013	41	175,000 €	C	Moderate Risk
05/10/2013	65	355,000 €	B	Low Risk

Industry comparison

Activity (APE)	Distance selling on specialized catalog (4791B)
Industry average credit rating	42
Industry average credit limit	2,380

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	01/01/2007
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	GEMAFI
Direct parent	GEMAFI - 100 %
Group – Number of companies	5
Linkages – Number of companies	-
Number of countries	-

	Name	SIREN	Parts	Last account published
1	GEMAFI	592820518	-	31/12/2013
2	MATY	402327597	100 %	31/12/2013
	GEM'SERVICES	420332009	100 %	31/12/2013
	SFM	314175530	100 %	31/12/2013
	BIJOO.COM	490859303	100 %	31/12/2013

Linkages

No Linkages information available for the company.

Shareholder(s)

Name	GEMAFI
Name of representative	M CORDIER PATRICK
Manager position	President	Date of birth	21/06/1956
Place of birth	BESANCON (25)
Type	Moral person	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	GEMAFI SA	14/05/1947 - BESANCON
President	GEMAFI	21/06/1956 - BESANCON (25)
President	GEMAFI	14/05/1947 - BESANCON
President	GEMAFI	14/05/1947 - BESANCON (DOUBS)
President	GEMAFI	21/06/1956 - BESANCON (25)

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	08/03/2015	Bodacc A	Vente et cession : Acheteur
80 - SOMME GREFFE DU TRIBUNAL DE COMMERCE D'AMIENS 993 - 402 327 597 RCS Besançon. MATY. Forme : Société par Actions Simplifiée. Adresse : boulevard John Kennedy, 25000 Besançon. Origine du fonds : Etablissement secondaire acquis par achat au prix stipulé de 330000 EUR. Etablissement : Etablissement secondaire. Activité : Horlogerie, bijouterie, joaillerie, orfèvrerie. Adresse : 2 rue de la République, 80000 Amiens. Précédent propriétaire : A LA CONFIANCE - BEAUGEZ ET FILS. 561 720 095 RCS Amiens. Date de commencement de l’activité : 06/02/2015. Publication légale : Picardie la Gazette du 20/02/2015. Oppositions : Maître Julien FLAMENT, Notaire associé 18 Place Parmentier 80000 AMIENS. Descriptif : . Commentaires : Achat d'un établissement secondaire ou complémentaire par une personne morale.
	26/02/2015	Bodacc A	Vente et cession : Acheteur
80 - SOMME GREFFE DU TRIBUNAL DE COMMERCE D'AMIENS 1182 - 402 327 597 RCS Besançon. MATY. Forme : Société par Actions Simplifiée. Capital : 20000000 EUR. Adresse : boulevard John Kennedy, 25000 Besançon. Origine du fonds : Etablissement secondaire acquis par achat au prix stipulé de 330000 EUR. Etablissement : Etablissement secondaire. Activité : Bijouterie, horlogerie, Orfévrerie, bibeloterie, Articles de Paris, Verrerie, Etains. Adresse : 2 rue de la République, 80000 Amiens. Précédent propriétaire : A LA CONFIANCE - BEAUGEZ ET FILS. 561 720 095 RCS Amiens. Date de commencement de l’activité : 06/02/2015. Publication légale : Picardie la Gazette du 20/02/2015. Oppositions : SCP BOURBON DAILLEZ WAYMEL MASSY Notaires 18 Place Parmentier 80003 AMIENS CEDEX. Descriptif : . Commentaires : Achat d'un établissement secondaire ou complémentaire par une personne morale.
	20/02/2015	JAL	Activity or goodwill cession: Buyer
Picardie La Gazette Date de décision : 06/02/2015 Cédant : 561720095 - A LA CONFIANCE-BEAUGEZ ET FILS, 2 RUE DE LA REPUBLIQUE, 80000 AMIENS Cessionnaire : 402327597 - MATY, MATY, 5 BD JOHN F KENNEDY, 25000 BESANCON Prix de vente : 330000 € Date d’effet : 06/02/2015
	30/06/2014	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 3500 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	31/07/2012	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 3763 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	15/07/2011	JAL	Appointment of the social representative
Eclaireur de Chateaubriant (L') Société faisant l'objet d'une nomination : 857801914 - JOAILLERIE DAGUZE WILLIAMSON, 2 RUE CREBILLON, 44000 NANTES Nominé : En la fonction de : Président
	13/08/2010	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 2432 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	13/07/2010	Bodacc B	Modification et mutation diverse
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 596 - 402 327 597 RCS Besançon. MATY. Forme : Société par actions simplifiée. Capital : 20000000 EUR. Commentaires : Modification survenue sur le capital.
	03/05/2010	JAL	Proposed merger
LA TERRE DE CHEZ NOUS Date de décision : 28/04/2010 Absorbant : 402327597 - MATY, 5 BD JOHN F KENNEDY, 25000 BESANCON Absorbé : 662047505 - C.S.C., 9 RUE JACQUARD, 25000 BESANCON Prime de fusion : 1 246 890 €
	03/05/2010	JAL	Proposed merger
LA TERRE DE CHEZ NOUS Date de décision : 28/04/2010 Absorbant : 402327597 - MATY, 5 BD JOHN F KENNEDY, 25000 BESANCON Absorbé : 582118683 - COMADIS, MATY, 4 PL DE L OPERA, 75002 PARIS 2 Prime de fusion : 934 427 €
	08/08/2009	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 2466 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	19/08/2008	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 3213 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	29/07/2008	Bodacc B	Modification et mutation diverse
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 272 - 402 327 597 RCS Besançon. MATY. Forme : Société par actions simplifiée. Administration : Président : GEMAFI (SA) représenté par LABOURDETTE PierreCommissaire aux comptes titulaire : EXCO ACE (SA). Commissaire aux comptes suppléant : GENIN Murielle Monique. Commentaires : Modification survenue sur l'administration.
	08/08/2007	Bodacc C	Avis de dépôt des comptes
2661 - 402 327 597. RCS Besançon MATY. Forme: Société par actions simplifiée. Adresse du siège social: boulevard Kennedy 25000 Besançon. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	25/07/2006	Bodacc C	Avis de dépôt des comptes
2400 - RCS Besançon B 402 327 597. RC 95-B 387. MATY. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: boulevard Kennedy,25000 Besancon. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	30/08/2005	Bodacc C	Avis de dépôt des comptes
483 - RCS Besançon B 402 327 597. RC 95-B 387. MATY. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: boulevard Kennedy,25000 Besancon. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	28/07/2002	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A.S. Capital : 13 005 000 euros Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur la forme juridique et l' administration. Administration : président : GEMAFI, représentée par LABOURDETTE (Pierre) ( Nom d'usage : LABOURDETTE). Commissaire aux comptes titulaire : A.C.E. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 14 juin 2002.
	19/12/2001	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A. Capital : 13 005 000 euros Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur l'administration. Administration : président du conseil d' administration : MANTION (Gérard) ( Nom d'usage : MANTION). Directeur général et administrateur : LABOURDETTE (Pierre) ( Nom d'usage : LABOURDETTE). Administrateurs : GEMAFI, représentée par ROTH (Damien) ( Nom d'usage : ROTH) MORMIN (Rolande) ( Nom d'usage : DURIN) MANTION (Frédéric) ( Nom d'usage : MANTION). Commissaire aux comptes titulaire : A.C.E. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 15 novembre 2001.
	31/07/2001	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A. Capital : 13 005 000 euros Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur le capital (augmentation et conversion en euros) et l' administration. Administration : président du conseil d'administration : MANTION (Gérard) ( Nom d'usage : MANTION). Directeur général : LABOURDETTE (Pierre) ( Nom d'usage : LABOURDETTE). Administrateurs : GEMAFI, représentée par ROTH (Damien) ( Nom d' usage : ROTH) MORMIN (Rolande) ( Nom d'usage : DURIN) MANTION (Frédéric) ( Nom d'usage : MANTION). Commissaire aux comptes titulaire : A.C.E. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 9 juin 2001.
	17/06/2001	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur l'administration. Administration : président du conseil d' administration : MANTION (Gérard) ( Nom d'usage : MANTION). Directeur général : LABOURDETTE (Pierre) ( Nom d'usage : LABOURDETTE). Administrateurs : ROTH ( Marie, Hélène) ( Nom d'usage : MANTION) GEMAFI, représentée par ROTH (Damien) ( Nom d'usage : ROTH) MORMIN (Rolande) ( Nom d'usage : DURIN). Commissaire aux comptes titulaire : A.C.E. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 23 avril 2001.
	30/01/2001	Bodacc A	Création d'établissement
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F Nom commercial: Maty. Activité : achat, vente d'articles d'horlogerie, de bijouterie, d'orfèvrerie, de joaillerie, de métaux précieux, d'art de la table de tous instruments de précision et de tous appareils ménagers ou domestiques, de tous articles d'ameublement et de décoration, de tous articles cadeaux et jouets, d'articles de luxe ou de prestige concourant à l'équipement de la personne et de la maison. Routage et impression, plus particulièrement de formulaires et d'imprimés commerciaux. Adresse du siège social : boulevard Kennedy, 25000 Besançon ETABLISSEMENT SECONDAIRE. Adresse : 35 rue des Granges, 25000 Besançon Etablissement secondaire acquis par achat au prix stipulé de 780 000 F. Date d'effet : 1er juillet 1999 Date de début d'activité: 31 aout 1999 ( régularisation). Précédent propriétaire : S.A. GEMAFI Publication légale: La Terre de chez-nous du 9 septembre 1999. Oppositions : Me Bercot (Jean-Paul), notaire, 2 D rue Isenbart, 25000 Besançon.
	06/10/2000	Bodacc A	Création d'établissement
RCS Besançon B 402327597 A dater du: 18 septembre 2000 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F. Enseigne : Maty Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Administration : président du conseil d'administration : MANTION ( Gérard). Administrateurs : ROTH-MANTION (Marie-Hélène) ROTH (Damien) et MORMIN-DURIN (Rolande). Commissaire aux comptes titulaire : BERTHET (Michel) Etablissement principal: Activité : bijouterie, horlogerie, joaillerie et orfèvrerie. Adresse : 35 rue des Granges, 25000 Besançon Etablissement principal acquis par achat au prix stipulé de 780 000 F. Date d'effet : 1er juillet 2000. Précédent propriétaire : GEMAFI. RCS Besançon B 592820518 RC 59-B 51 Publication légale: La Terre de chez- nous du 9 septembre 2000. Oppositions : Me Bercot, notaire, 2 D rue Isenbart, 25000 Besançon.
	16/08/2000	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur l'administration. Administration : président du conseil d' administration : MANTION (Gérard) ( Nom d'usage : MANTION). Administrateurs : ROTH (Marie, Hélène) ( Nom d'usage : MANTION) GEMAFI, représentée par ROTH (Damien) ( Nom d'usage : ROTH) MORMIN (Rolande) ( Nom d'usage : DURIN) . Commissaire aux comptes titulaire : ACE. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 23 juin 2000.
	04/02/2000	Bodacc A	Création d'établissement
RCS Besançon B 402327597 RC 95-B 00387 MATY. Forme : S.A. Capital : 85 000 000 de F. Activité : achat, vente d'articles d' horlogerie, de bijouterie, d'orfèvrerie, de joaillerie et de métaux précieux. Adresse du siège social : boulevard Kennedy, 25000 Besançon Etablissement principal acquis par fusion-absorption au montant net évalué à 68 193 869,80 F. Date d'effet : 1er janvier 1999. Précédent propriétaire : SOCIETE FRANCAISE DE PARTICIPATIONS S.A Publication légale: L'Est républicain du 17 décembre 1999. Oppositions : au fonds.
	29/09/1999	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration : MANTION (Gérard) ( Nom d'usage : MANTION). Directeur général non administrateur : LAPORTE (Bernard) ( Nom d'usage : LAPORTE). Administrateurs : ROTH (Marie, Hélène) ( Nom d'usage : MANTION) GEMAFI, représentée par ROTH (Damien) ( Nom d' usage : ROTH) MORMIN (Rolande) ( Nom d'usage : DURIN). Commissaire aux comptes titulaire : ACE. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 10 aout 1999.
	08/09/1998	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402 327 597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F Nom commercial: Maty. Adresse du siège social : boulevard Kennedy 25000 Besançon. Administration : nomination en qualité de représentant permanent de la S.A. GEMAFI, administrateur : DESQUINS ( Dominique), en remplacement de MARREC ( Guy). Date d'effet : 1er juillet 1998.
	25/04/1998	Bodacc A	Création d'établissement
RCS Besançon B 402 327 597 MATY. Forme : S.A. Adresse du siège social : boulevard Kennedy, 25000 Besançon Droit au bail dépendant du fonds sis 29 avenue des Etats-Unis à Clermont-Ferrand (63), acquis par achat au prix stipulé de 400 000 F et fonds de commerce sis 31 avenue des Etats-Unis à Clermont- Ferrand (63) acquis par achat au prix stipulé de 2 600 000 F. Commentaires : ne forment qu'un seul et meme établissement secondaire ETABLISSEMENT SECONDAIRE RC Clermont-Ferrand 98-B 93. Enseigne : Maty. Activité : horlogerie , bijouterie, joaillerie, orfèvrerie et tous articles, cadeaux. Adresse : 29-31 avenue des Etats-Unis, 63000 Clermont- Ferrand Date de début d'activité: 1er février 1998. Précédent propriétaire : du fonds de commerce ROBERT COUSSEDIERE ET CIE. RCS B 865 200 380 RC 65-B 38. Précédent propriétaire : du droit au bail WOLNIEWICZ Zygmunt. RCS A 410 503 973 RC 97-A 20 Publication légale: L'Auvergne agricole du 12 février 1998. Oppositions : Me Papon (François), notaire, 34 rue Maréchal-de-Lattre-de-Tassigny à Clermont-Ferrand (63).
	18/11/1997	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Besançon B 402 327 597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F. Adresse : boulevard Kennedy 25000 Besançon Nouvelle situation du siège social Adjonction d'activité: entreprise d'impression en général plus particulièrement, impression de formulaires et d'imprimés commerciaux Adjonction d'objet social: entreprise d' impression en général plus particulièrement, impression de formulaires et d'imprimés commerciaux. Administration : nouvel administrateur : Mme DURIN (Rolande). Date d'effet : 18 septembre 1997.
	18/10/1997	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402 327 597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F (fixe). Adresse du siège social : boulevard Kennedy, 25000 Besançon. Administration : nouveau directeur général non administrateur : LAPORTE ( Bernard). Date d'effet : 1er septembre 1997.
	17/11/1996	Bodacc A	Création d'établissement
RCS B 402 327 597 A dater du: 4 novembre 1996 RC 96-B 1274 MATY. Forme : S.A. à conseil d'administration. Capital : . Adresse du siège social : boulevard Kennedy 25000 Besancon ETABLISSEMENT SECONDAIRE. Activité : vente d'horlogerie, de bijouterie, de joaillerie, d' orfèvrerie et d'articles cadeaux. Adresse : 10 rue Boileau 44000 Nantes Etablissement secondaire acquis par apport au montant évalué à 93 350 000 F Date de début d'activité: 1er octobre 1995. Précédent propriétaire : S.A. MATY. RCS B 592 820 518 Publication légale: La Terre de chez-nous du 10 aout 1996 déclaration de créances: au tribunal de commerce de Besançon.
	05/11/1996	Bodacc A	Création d'établissement
RCS Besançon B 402 327 597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F (fixe). Adresse du siège social : boulevard Kennedy, 25000 Besançon Fonds secondaire acquis par apport partiel d'actif, au montant évalué à 93 350 000 F ETABLISSEMENT SECONDAIRE. Activité : vente de montres et articles d' horlogerie , bijouterie, orfèvrerie, joaillerie, métaux précieux. Adresse : centre commercial Valentin, 25480 Ecole-Valentin. Date d'effet : 1er octobre 1995 Précédente propriétaire S. A. GEMAFI Publication légale: La Terre de Chez Nous du 21 septembre 1996. Oppositions : au siège social.
	01/05/1996	Bodacc A	Création d'établissement
RCS. RCS Besançon B 402 327 597 A dater du: 27 septembre 1995 RC RC 95-B 387 YTAM. Forme : E.U.R.L. Capital : 50 000 F ( fixe). Adresse du siège social : 1, rue Gay-Lussac 25000 Besançon. Administration : gérant et associé unique : MANTION (Gérard) Cette société se constitue Etablissement principal: Activité : achat, vente d' articles d' horlogerie , bijouterie, orfèvrerie, joaillerie, métaux précieux, arts de la table, de tous instruments de précision, de tous appareils ménagers ou domestiques, de tous articles d' ameublement et de décoration, de tous articles de cadeaux et jouets, de tous articles de luxe ou de prestige concourant à l'équipement de la personne et de la maison. Adresse : 1, rue Gay-Lussac 25000 Besançon Date de début d'activité: 1er octobre 1995.

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	20/06/2014	01/08/2013	30/08/2012
Activity Code	4791B	4791B	4791B
Employees	0	0	548

Active account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	29,354,516	7.8 %	27,221,415	29.2 %	21,064,114	4,286	684873.0 %
Intangible assets	16,709,747	12.1 %	14,911,254	22.5 %	12,175,085	123	13585060.2 %
Tangible assets	11,623,182	26.6 %	9,181,404	58.5 %	5,792,426	743	1565311.7 %
Financial assets	1,021,587	-67.3 %	3,128,757	1.0 %	3,096,603	0	0%
Net current assets	41,137,847	5.6 %	38,937,937	2.1 %	38,124,692	44,904	91512.9 %
Stocks	29,282,378	10.4 %	26,521,459	7.2 %	24,731,865	9,482	308720.7 %
Advanced payments	271,752	634.3 %	37,008	9.3 %	33,848	0	0%
Receivables	6,717,869	-11.1 %	7,553,265	-2.0 %	7,706,131	8,162	82211.7 %
Securities and cash	4,865,848	0.8 %	4,826,205	-14.6 %	5,652,848	8,848	54896.9 %
Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	29	-17.1 %	35	-99.9 %	69,297	0	0%
Total Assets	70,492,391	6.5 %	66,159,391	11.6 %	59,258,101	56,659	124315.2 %

Passive Account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Shareholders' equity	20,058,313	-14.4 %	23,432,834	1.1 %	23,174,636	10,794	185737.0 %
Share capital	20,000,000	0%	20,000,000	0%	20,000,000	7,622	262298.3 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	3,273,648	19.6 %	2,737,820	-12.6 %	3,131,468	0	0%
Liabilities	47,093,553	17.9 %	39,955,191	21.3 %	32,950,371	42,538	110610.7 %
Financial liabilities	23,140,648	40.8 %	16,439,551	70.3 %	9,653,592	3,852	600721.7 %
Advanced payments received	1,898,024	-18.3 %	2,322,290	13.6 %	2,044,124	0	0%
Trade account payables	12,609,105	8.2 %	11,648,594	-4.0 %	12,130,334	9,251	136199.9 %
Tax and social liabilities	8,082,429	-1.8 %	8,231,448	4.6 %	7,869,945	8,081	99923.9 %
Other debts and fixed assets liabilities	1,414,054	6.5 %	1,328,163	7.0 %	1,240,841	2,668	52900.5 %
Account regularization	16,170	-13.5 %	18,690	42.1 %	13,156	0	0%
Total liabilities	70,492,391	6.5 %	66,159,390	11.6 %	59,258,101	56,688	124251.5 %

Results

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Sales of Goods	96,183,113	-5.6 %	101,900,083	-3.2 %	105,277,703	99,167	96891.0 %
Net turnover	95,244,318	-5.7 %	101,013,135	-3.1 %	104,198,522	97,271	97817.0 %
of which net export turnover	0	0%	731,055	26.2 %	579,214	0	0%
Operating charges	97,800,586	-3.9 %	101,820,136	-4.1 %	106,205,501	101,927	95852.1 %
Operating profit/loss	-1,617,473	-2123.2 %	79,947	108.6 %	-927,798	416	-389383.5 %
Financial income	74,571	-92.3 %	974,372	-37.7 %	1,563,891	0	0%
Financial charges	1,704,255	199.2 %	569,580	33.1 %	427,994	53	3215475.5 %
Financial profit/loss	-1,629,684	-502.6 %	404,792	-64.4 %	1,135,897	0	0%
Pretax net operating income	-3,247,157	-769.9 %	484,739	132.9 %	208,099	318	-1021218.6 %
Extraordinary income	278,308	-73.9 %	1,066,032	-8.2 %	1,160,935	0	0%
Extraordinary charges	640,212	-57.9 %	1,519,840	-17.7 %	1,845,636	0	0%
Extraordinary profit/loss	-361,904	20.3 %	-453,808	33.7 %	-684,701	0	0%
Net result	-3,566,782	-3556.3 %	103,197	123.2 %	-445,665	501	-712032.5 %

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	70,492,391	6.5 %	66,159,391	11.6 %	59,258,101
Gross	CO	82,670,229	5.1 %	78,675,882	7.5 %	73,210,698
Amortisation	1A	12,177,838	-2.7 %	12,516,491	-10.3 %	13,952,597

Non declared distributed capital (I)

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

Active fixed asset (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Active fixed asset (II)	Net	29,354,516	7.8 %	27,221,415	29.2 %	21,064,114
Gross	BJ	40,550,544	4.6 %	38,753,777	14.4 %	33,883,874
Amortisation	BK	11,196,028	-2.9 %	11,532,362	-10.0 %	12,819,760

Intangible fixed assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Start-up cost	Net	0	0%	0	0%	0
Gross	AB	0	0%	0	0%	0
Amortisation	AC	0	0%	0	0%	0
R&D expenses	Net	0	0%	0	0%	0
Gross	CX	0	0%	0	0%	0
Amortisation	AE	0	0%	0	0%	0
Distributorships, patents	Net	35,393	-35.0 %	54,466	14.7 %	47,497
Gross	AF	1,188,741	1.1 %	1,175,569	4.6 %	1,123,580
Amortisation	AG	1,153,348	2.9 %	1,121,103	4.2 %	1,076,083
Goodwill	Net	16,674,354	12.2 %	14,856,788	22.5 %	12,127,588
Gross	AH	16,674,354	12.2 %	14,856,788	22.5 %	12,127,588
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	16,709,747	12.1 %	14,911,254	22.5 %	12,175,085

Tangilble fixed assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	0	0%	0	0%	0
Gross	AP	0	0%	0	0%	0
Amortisation	AQ	0	0%	0	0%	0
Plant	Net	537,730	6.0 %	507,372	176.3 %	183,609
Gross	AR	1,298,810	8.7 %	1,194,428	45.4 %	821,603
Amortisation	AS	761,080	10.8 %	687,056	7.7 %	637,994
Other tangible fixed assets	Net	9,595,305	13.2 %	8,476,557	54.7 %	5,477,694
Gross	AT	18,876,905	3.7 %	18,200,760	9.8 %	16,583,377
Amortisation	AU	9,281,600	-4.6 %	9,724,203	-12.4 %	11,105,683
Fixed assets in construction	Net	1,490,147	654.6 %	197,475	50.6 %	131,123
Gross	AV	1,490,147	654.6 %	197,475	50.6 %	131,123
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	0	0%	0	0%	0
Gross	AX	0	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	11,623,182	26.6 %	9,181,404	58.5 %	5,792,426

Financial assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	103,518	-95.4 %	2,268,938	0%	2,268,938
Gross	CU	103,518	-95.4 %	2,268,938	0%	2,268,938
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	26,702	11.7 %	23,897	15.7 %	20,661
Gross	BB	26,702	11.7 %	23,897	15.7 %	20,661
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	7,114	-26.9 %	9,738	-14.4 %	11,375
Gross	BF	7,114	-26.9 %	9,738	-14.4 %	11,375
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	884,253	7.0 %	826,184	3.8 %	795,629
Gross	BH	884,253	7.0 %	826,184	3.8 %	795,629
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	1,021,587	-67.3 %	3,128,757	1.0 %	3,096,603

Current Assets (III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Assets	Net	41,137,847	5.6 %	38,937,937	2.1 %	38,124,692
Gross	CJ	42,119,656	5.5 %	39,922,065	1.7 %	39,257,527
Amortisation	CK	981,809	-0.2 %	984,128	-13.1 %	1,132,835

Stocks

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Raw materials	Net	339,821	5.5 %	322,101	11.2 %	289,701
Gross	BL	339,821	5.5 %	322,101	11.2 %	289,701
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	28,942,557	10.5 %	26,199,358	7.2 %	24,442,164
Gross	BT	29,594,275	10.2 %	26,859,894	6.7 %	25,170,851
Amortisation	BU	651,718	-1.3 %	660,536	-9.4 %	728,687
Sub Total Stocks	Net	29,282,378	10.4 %	26,521,459	7.2 %	24,731,865

Advance payments to suppliers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Advance payments to suppliers	Net	271,752	634.3 %	37,008	9.3 %	33,848
Gross	BV	271,752	634.3 %	37,008	9.3 %	33,848
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Trade accounts receivable	Net	2,848,868	-25.1 %	3,804,857	15.2 %	3,303,076
Gross	BX	3,154,024	-23.1 %	4,102,564	13.1 %	3,628,018
Amortisation	BY	305,156	2.5 %	297,707	-8.4 %	324,942
Other debtors	Net	2,139,718	13.5 %	1,884,722	-21.9 %	2,412,958
Gross	BZ	2,164,653	13.3 %	1,910,607	-23.3 %	2,492,164
Amortisation	CA	24,935	-3.7 %	25,885	-67.3 %	79,206
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	4,988,586	-12.3 %	5,689,579	-0.5 %	5,716,034

Divers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	4,865,848	0.8 %	4,826,205	-14.6 %	5,652,848
Gross	CF	4,865,848	0.8 %	4,826,205	-14.6 %	5,652,848
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	4,865,848	0.8 %	4,826,205	-14.6 %	5,652,848

Prepaid expenses

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid expenses	Net	1,729,283	-7.2 %	1,863,686	-6.4 %	1,990,097
Gross	CH	1,729,283	-7.2 %	1,863,686	-6.4 %	1,990,097
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	29	-17.1 %	35	-99.9 %	69,297
Gross		29	-17.1 %	35	-99.9 %	69,297

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Due within one year	CP	0	0%	27,248	14.2 %	23,862
Due after one year	CR	0	0%	0	0%	0

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	70,492,391	6.5 %	66,159,390	11.6 %	59,258,101

Shareholder Equity (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total shareholders' equity (Total I)	DL	20,058,313	-14.4 %	23,432,834	1.1 %	23,174,636
Equity and shareholders' equity	DA	20,000,000	0%	20,000,000	0%	20,000,000
Issue and merger premiums	DB	0	0%	0	0%	0
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	1,342,211	0%	1,342,211	0%	1,342,211
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	0	0%	0	0%	0
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	1,969,820	0%	1,969,820	0%	1,969,820
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	-342,468	23.2 %	-445,665	0%	0
Profit or loss for the period	DI	-3,566,782	-3556.3 %	103,197	123.2 %	-445,665
Investment grants	DJ	10,875	-12.7 %	12,457	0%	0
Special tax-allowable reserves	DK	644,657	43.0 %	450,814	46.2 %	308,270

Other capital resources (II)

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

Provisions for risks and charges (III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total provisions for risks and charges (Total III)	DR	3,273,648	19.6 %	2,737,820	-12.6 %	3,131,468
Risk provisions	DP	1,952,185	19.9 %	1,627,755	-18.3 %	1,992,898
Reserves for charges	DQ	1,321,463	19.0 %	1,110,065	-2.5 %	1,138,570

Liabilities (IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Liabilities (Total IV)	EC	47,093,553	17.9 %	39,955,191	21.3 %	32,950,371
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	123,266	66.9 %	73,860	-92.0 %	918,581
Sundry loans and financial liabilities	DV	23,017,382	40.6 %	16,365,691	87.4 %	8,735,011
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	1,898,024	-18.3 %	2,322,290	13.6 %	2,044,124
Trade accounts payables	DX	12,609,105	8.2 %	11,648,594	-4.0 %	12,130,334
Tax and social security liabilities	DY	8,082,429	-1.8 %	8,231,448	4.6 %	7,869,945
Fixed asset liabilities	DZ	901,137	8.7 %	829,001	21.1 %	684,707
Other debts	EA	446,040	-4.2 %	465,617	-16.0 %	554,513

Translation loss (V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Translation loss (Total V)	ED	66,877	99.4 %	33,545	1969.4 %	1,621

Equalization accounts

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Deferred income	EB	16,170	-13.5 %	18,690	42.1 %	13,156

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	29,636,762	17.2 %	25,292,381	0%	0
Of which current bank facilities	EH	123,266	66.9 %	73,860	0%	0

Result account

1 - Operating result (I-II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating result (Total I-II)	GG	-1,617,473	-2123.2 %	79,947	108.6 %	-927,798

2 - Financial result (V-VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Financial result (Total V-VI)	GV	-1,629,684	-502.6 %	404,792	-64.4 %	1,135,897

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	-3,247,157	-769.9 %	484,739	132.9 %	208,099

4 - Extraordinary result (VII-VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Extraordinary result (Total VII-VIII)	HI	-361,904	20.3 %	-453,808	33.7 %	-684,701

Profit or loss

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Profit or loss	HN	-3,566,782	-3556.3 %	103,197	123.2 %	-445,665

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	96,535,992	-7.1 %	103,940,487	-3.8 %	108,002,529

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	100,102,778	-3.6 %	103,837,291	-4.3 %	108,448,193

Operating income (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating income (Total I)	FR	96,183,113	-5.6 %	101,900,083	-3.2 %	105,277,703

Operating income (details)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Sale of goods for resale	FC	88,493,070	-5.4 %	93,568,184	-2.1 %	95,612,200
France	FA	88,493,070	-4.7 %	92,899,012	-2.3 %	95,068,714
Export	FB	0	0%	669,172	23.1 %	543,486
Sale of goods produced	FF	1,104	10.3 %	1,001	152.8 %	396
France	FD	1,104	10.3 %	1,001	152.8 %	396
Export	FE	0	0%	0	0%	0
Sale of services	FI	6,750,144	-9.3 %	7,443,950	-13.3 %	8,585,926
France	FG	6,750,144	-8.6 %	7,382,067	-13.7 %	8,550,198
Export	FH	0	0%	61,883	73.2 %	35,728
Net turnover	FL	95,244,318	-5.7 %	101,013,135	-3.1 %	104,198,522
France	FJ	95,244,318	-5.0 %	100,282,080	-3.2 %	103,619,308
Export	FK	0	0%	731,055	26.2 %	579,214
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	26,765	152.9 %	10,583	-25.6 %	14,234
Release of reserves and provisions	FP	611,527	4.9 %	583,209	-24.9 %	777,079
Other income	FQ	300,503	2.5 %	293,156	1.8 %	287,868

Operating charges (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating charges (Total II)	GF	97,800,586	-3.9 %	101,820,136	-4.1 %	106,205,501

Exploitation charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Purchase of goods for resale	FS	41,471,019	-7.7 %	44,924,360	-4.6 %	47,072,584
Change in stocks of goods for resale	FT	-2,722,295	-61.2 %	-1,689,042	19.6 %	-2,099,901
Purchase of raw materials	FU	199,817	-32.6 %	296,508	-0.2 %	297,199
Change in stocks of raw materials	FV	-17,719	45.3 %	-32,400	-202.2 %	31,711
Other external purchases and charges	FW	35,238,937	-0.9 %	35,550,541	-6.4 %	37,962,596
Tax, duty and similar payments	FX	1,772,262	8.2 %	1,637,599	4.4 %	1,568,125
Payroll	FY	13,834,676	1.8 %	13,583,897	3.2 %	13,159,035
Social security costs	FZ	4,928,999	-0.1 %	4,931,824	-8.5 %	5,389,119

Depreciation

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Depreciation of fixed assets	GA	1,792,803	36.2 %	1,316,177	29.2 %	1,018,612
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	91,138	277.8 %	24,121	-60.9 %	61,660
Provisions for risks and charges	GD	616,444	3.2 %	597,156	-38.6 %	973,311

Other charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Other charges	GE	594,505	-12.5 %	679,395	-11.9 %	771,450

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%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total financial income (Total V)	GP	74,571	-92.3 %	974,372	-37.7 %	1,563,891
Share financial income	GJ	2,805	-98.8 %	239,736	44543.6 %	537
Other investment income & capitalised receivables	GK	13	0%	0	0%	214
Other interest and similar income	GL	4,368	-99.4 %	707,572	-49.3 %	1,396,025
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	67,385	149.0 %	27,064	-83.8 %	167,115
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial charge (VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total financial charge (Total VI)	GU	1,704,255	199.2 %	569,580	33.1 %	427,994
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	1,689,898	282.3 %	441,984	13.2 %	390,498
Exchange losses	GS	14,357	-88.7 %	127,596	240.3 %	37,496
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary income (Total VII)	HD	278,308	-73.9 %	1,066,032	-8.2 %	1,160,935
Extraordinary operating income	HA	45,299	68.0 %	26,960	-75.5 %	110,004
Extraordinary income from capital transactions	HB	3,992	129.6 %	1,739	-58.4 %	4,180
Released provisions and transferred charges	HC	229,017	-77.9 %	1,037,333	-0.9 %	1,046,751

Extraordinary charges (VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary charges (Total VIII)	HH	640,212	-57.9 %	1,519,840	-17.7 %	1,845,636
Extraordinary operating charges	HE	91,357	-78.0 %	415,976	14.9 %	362,054
Extraordinary charges from capital transactions	HF	50,393	-93.3 %	746,774	-14.0 %	868,032
Extraordinary reserves and provisions	HG	498,462	39.6 %	357,090	-42.0 %	615,550

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Tax on profits (Total X)	HK	-42,275	41.5 %	-72,265	-133.6 %	-30,938

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	353,646
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	167,525

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%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	0	0%	3,538,607	80.8 %	1,956,743
Gross value at the end of period	OL	0	0%	38,753,779	14.4 %	33,883,878

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%	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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	KD	0	0%	13,251,169	4.2 %	12,718,054
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	3,177,032	146.6 %	1,288,292
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	395,843	-47.6 %	755,178
Gross value at the end of period	LW	0	0%	16,032,358	21.0 %	13,251,168

Tangible fixed assets (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LN	0	0%	17,536,105	14.3 %	15,345,805
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	0	0%	5,129,396	51.3 %	3,390,752
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	0	0%	3,072,837	156.0 %	1,200,452
Gross value at the end of period	NH	0	0%	19,592,664	11.7 %	17,536,105

Financial assets (Total IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LQ	0	0%	3,096,605	299.6 %	774,880
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	0	0%	102,081	-95.6 %	2,322,838
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	69,928	6182.8 %	1,113
Gross value at the end of period	NK	0	0%	3,128,758	1.0 %	3,096,605

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%	0	0%	0
Increases	OP	0	0%	0	0%	0
Decreasess	OQ	0	0%	0	0%	0
Reserve for depreciation value at the end of period	OR	0	0%	0	0%	0

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%	0	0%	0
Increases	PB	0	0%	0	0%	0
Decreasess	PC	0	0%	0	0%	0
Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	PE	0	0%	1,076,083	-9.1 %	1,183,701
Increases	PF	0	0%	46,064	-13.2 %	53,090
Decreasess	PG	0	0%	1,043	-99.4 %	160,708
Decreasess by budget item transfer	PH	0	0%	1,121,104	4.2 %	1,076,083

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	0	0%	11,743,679	0.6 %	11,669,748
Increases	QV	0	0%	1,270,113	31.5 %	965,522
Decreases	QW	0	0%	2,602,532	191.9 %	891,592
Decreasess by budget item transfer	QX	0	0%	10,411,260	-11.3 %	11,743,678

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%	0	0%	0
Increases	Z92	0	0%	0	0%	0
Depreciation of fixed assets during period	Z9	0	0%	0	0%	0
Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	7C	0	0%	3,131,469	21.7 %	2,573,266
Increases	UB	0	0%	724,594	-54.4 %	1,588,862
Decreases	UC	0	0%	1,118,243	54.8 %	722,388
Value at the end of period	UD	0	0%	2,737,820	-20.4 %	3,439,740

Includes Total allocations

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating	UE	0	0%	0	0%	973,312
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	501,250

Includes Total Withdrawal

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating	UF	0	0%	0	0%	261,523
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	371,402

Total regulated provisions (Total I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	3Z	0	0%	0	0%	283,434
Increases	TS	0	0%	0	0%	114,300
Decreases	TT	0	0%	0	0%	89,463
Value at the end of period	TU	0	0%	0	0%	308,271

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%	3,131,469	36.8 %	2,289,832
Increases	TV	0	0%	724,594	-50.9 %	1,474,562
Decreases	TW	0	0%	1,118,243	76.7 %	632,925
Value at the end of period	TX	0	0%	2,737,820	-12.6 %	3,131,469

Total Provision for depreciation (Total III)

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

State deadlines claims and debts at the end of period

State claims

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value	VT	0	0%	8,736,677	-2.3 %	8,937,947
1 year at most	VU	0	0%	7,904,106	-2.8 %	8,134,142
More than one year	VV	0	0%	832,571	3.6 %	803,805

State of loans

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Claims related to holdings (gross)	UL	0	0%	23,897	15.7 %	20,662
Claims related to shareholdings (1 year at most)	UM	0	0%	23,897	15.7 %	20,661
Loans (gross)	UP	0	0%	9,738	-14.4 %	11,376
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	0	0%	826,184	3.8 %	795,630
Other financial assets (1 year at most)	UV	0	0%	3,351	4.7 %	3,201

Receivables statement of assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	0%	4,102,565	13.1 %	3,628,019
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	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	0	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	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	0	0%	1,910,607	-23.3 %	2,492,164

Prepaid

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid	VS	0	0%	1,863,685	-6.4 %	1,990,097

State Debt

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total debt (gross)	VY	0	0%	37,632,899	21.8 %	30,906,250
1 year at most	VZ2	0	0%	25,292,381	3.5 %	24,441,456
More than 1 year and 5 years at most	VZ3	0	0%	12,240,109	531.0 %	1,939,794
More than 5 years	VZ4	0	0%	100,409	-97.8 %	4,525,000

Details

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most	7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Y3	0	0%	0	0%	0
Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most	7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Z3	0	0%	0	0%	0
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0	0%	73,861	-92.0 %	918,581
1 year at most	VG2	0	0%	73,861	-92.0 %	918,581
More than 1 year and 5 years at most	VG3	0	0%	0	0%	0
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most	VH2	0	0%	0	0%	0
More than 1 year and 5 years at most	VH3	0	0%	0	0%	0
Loans and various financial liabilities (gross)	8A1	0	0%	16,365,692	87.4 %	8,735,012
1 year at most	8A2	0	0%	4,025,174	77.3 %	2,270,218
More than 1 year and 5 years at most	8A3	0	0%	12,240,109	531.0 %	1,939,794
Suppliers and associated accounts (gross)	8B1	0	0%	11,648,595	-4.0 %	12,130,335
1 year at most	8B2	0	0%	11,648,595	-4.0 %	12,130,335
More than 1 year and 5 years at most	8B3	0	0%	11,648,595	-4.0 %	12,130,335
Personnel and associated accounts (gross)	8C1	0	0%	0	0%	0
1 year at most	8C2	0	0%	0	0%	0
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	0	0%	8,231,449	4.6 %	7,869,946
1 year at most	8D2	0	0%	8,231,449	4.6 %	7,869,946
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most	8E2	0	0%	0	0%	0
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	0	0%	0	0%	0
1 year at most	VW2	0	0%	0	0%	0
More than 1 year and 5 years at most	VW3	0	0%	0	0%	0
Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most	VX2	0	0%	0	0%	0
More than 1 year and 5 years at most	VX3	0	0%	0	0%	0
Other taxes and assimilated (gross)	VQ1	0	0%	0	0%	0
1 year at most	VQ2	0	0%	0	0%	0
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	0	0%	829,001	21.1 %	684,707
1 year at most	8J2	0	0%	829,001	21.1 %	684,707
More than 1 year and 5 years at most	8J3	0	0%	0	0%	0
More than 5 years	8J4	0	0%	0	0%	0
Groups and associates (gross)	VI1	0	0%	0	0%	0
1 year at most	VI2	0	0%	0	0%	0
More than 1 year and 5 years at most	VI3	0	0%	0	0%	0
More than 5 years	V14	0	0%	0	0%	0
Other liabilities (gross)	8K1	0	0%	465,611	-16.0 %	554,513
1 year at most	8K2	0	0%	465,611	-16.0 %	554,513
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%	18,691	42.1 %	13,156
1 year at most	8L2	0	0%	18,691	42.1 %	13,156
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Loans made during the period	VJ	0	0%	0	0%	6,005,541
Debt repaid during the period	VK	0	0%	0	0%	204

Table allocation results and other information

Dividends distributed

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

Commitments

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

Other charges Externes

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

Taxes and Fees

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

VAT

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

Average number of employees

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Average number of employees	YP	0	0%	0	0%	548

Groups and Shareholders

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

Ratios

Structure and Liquidity

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Fixed Asset Financing	1.42	1.4 %	1.40	-2.8 %	1.44	2.12	-33.0 %
Global Debt	178 days	25.4 %	142 days	24.6 %	114 days	128 days	39.1 %
Working Capital Fund overall net	64 days	16.4 %	55 days	7.8 %	51 days	48 days	33.3 %
Financial independence	86.68 %	-39.2 %	142.54 %	-40.6 %	240.06 %	63.93 %	35.6 %
Solvability	28.45 %	-19.7 %	35.42 %	-9.4 %	39.11 %	23.56 %	20.8 %
Capacity debt futures	-	-	31,725.58 %	1157.5 %	2,522.87 %	415.25 %	-
Coverage of current assets by net working capital overall	42.08 %	4.6 %	40.24 %	0.7 %	39.97 %	38.29 %	9.9 %
General Liquidity	-	-	0.31	-6.1 %	0.33	0.23	-
Restricted Liquidity	-	-	0.50	-10.7 %	0.56	0.68	-

Management or rotation

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Need background in operating working capital	40 days	29.0 %	31 days	24.0 %	25 days	3 days	1500.0 %
Treasury	18 days	5.9 %	17 days	-15.0 %	20 days	4 days	350.0 %
Inventory turnover of goods	275 days	22.8 %	224 days	11.4 %	201 days	89 days	209.0 %
Average length of credit granted to customers	12 days	-20.0 %	15 days	15.4 %	13 days	7 days	71.4 %
Average length of credit obtained suppliers	61 days	15.1 %	53 days	1.9 %	52 days	40 days	52.5 %
Inventory turnover of raw materials in industrial enterprises	612 days	410.0 %	120 days	-3.2 %	124 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	516 days	-13.1 %	594 days	1,600 days	-
Rotation tangible assets	-	-	515.57 %	-13.2 %	594.19 %	2,035.93 %	-

Profitability of the business

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Margin trading	52.23 %	4.8 %	49.83 %	2.5 %	48.60 %	34.40 %	51.8 %
Profitability of the business	0.59 %	-67.2 %	1.80 %	125.0 %	0.80 %	1.99 %	-70.4 %
Net profit	-3.74 %	-3840.0 %	0.10 %	123.3 %	-0.43 %	0.76 %	-592.1 %
Growth rate of turnover (excluding VAT)	-5.71 %	-86.6 %	-3.06 %	-261.1 %	1.90 %	1.01 %	-665.3 %
Rates integration	22.13 %	1.8 %	21.74 %	8.2 %	20.09 %	12.66 %	74.8 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	89.03 %	5.6 %	84.30 %	-4.9 %	88.60 %	27.81 %	220.1 %
Weight interests	1.79 %	219.6 %	0.56 %	36.6 %	0.41 %	0.04 %	4375.0 %

Return on capital

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Cash flow from the overall profitability	-1.29 %	-151.6 %	2.50 %	83.8 %	1.36 %	2.08 %	-162.0 %
Rates of economic profitability	1.00 %	-80.0 %	5.00 %	66.7 %	3.00 %	16.00 %	-93.8 %
Financial profitability	20,058,313.00 %	-14.4 %	23,432,834.00 %	1.1 %	23,174,636.00 %	92.17 %	21762201.2 %
Return on investment	-4.31 %	-355.0 %	1.69 %	3480.0 %	-0.05 %	11.48 %	-137.5 %

Management intermediate balances

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Turnover	95,244,318	-5.7 %	101,013,135	-3.1 %	104,198,522	97,271	97817.0 %

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Sales of goods	88,493,070	-5.4 %	93,568,184	-2.1 %	95,612,200		-
- Purchase of goods	41,471,019	-7.7 %	44,924,360	-4.6 %	47,072,584		-
+/- Stock of goods variation	-2,722,295	-61.2 %	-1,689,042	19.6 %	-2,099,901		-
Trading margin	49,744,346 €	-1.2 %	50,332,866 €	-0.6 %	50,639,517 €	23,835 €	208607.3 %
	52.23 % CA	4.8 %	49.83 % CA	2.5 %	48.60 % CA	35.65 % CA	46.5 %

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Sale of goods produced	6,751,248	-9.3 %	7,444,951	-13.3 %	8,586,322		-
+/- Stocked production	0	0%	0	0%	0		-
+ Self-constructed assets	0	0%	0	0%	0		-
Period production	6,751,248 €	-9.3 %	7,444,951 €	-13.3 %	8,586,322 €	2,635 €	256114.3 %
	7.09 % CA	-3.8 %	7.37 % CA	-10.6 %	8.24 % CA	6.35 % CA	11.7 %

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Trading margin	49,744,346	-1.2 %	50,332,866	-0.6 %	50,639,517	23,835	208607.3 %
+ Period Production	6,751,248	-9.3 %	7,444,951	-13.3 %	8,586,322	2,635	256114.3 %
- Purchase of raw materials	199,817	-32.6 %	296,508	-0.2 %	297,199		-
+/- Change in stocks of raw materiels	-17,719	45.3 %	-32,400	-202.2 %	31,711		-
- Other external purchases and charges	35,238,937	-0.9 %	35,550,541	-6.4 %	37,962,596		-
Added value	21,074,559 €	-4.0 %	21,963,168 €	4.9 %	20,934,333 €	12,573 €	167524.3 %
	22.13 % CA	1.8 %	21.74 % CA	8.2 %	20.09 % CA	12.66 % CA	74.8 %

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Added value	21,074,559 €	-4.0 %	21,963,168 €	4.9 %	20,934,333 €	12,573 €	167524.3 %
+ Operating grants	26,765	152.9 %	10,583	-25.6 %	14,234		-
- Tax, duty and similar payments	1,772,262	8.2 %	1,637,599	4.4 %	1,568,125		-
- Personal charges	18,763,675	1.3 %	18,515,721	-0.2 %	18,548,154		-
Gross operating surplus	565,387 €	-68.9 %	1,820,431 €	118.7 %	832,288 €	1,443 €	39094.9 %
	0.59 % CA	-67.2 %	1.80 % CA	125.0 %	0.80 % CA	1.99 % CA	-70.4 %

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Gross operating surplus	565,387 €	-68.9 %	1,820,431 €	118.7 %	832,288 €	1,443 €	39094.9 %
+ Release of reserves and provisions	611,527	4.9 %	583,209	-24.9 %	777,079		-
+ Other operating income	300,503	2.5 %	293,156	1.8 %	287,868		-
- Depreciation/ Amortisation	2,500,385	29.1 %	1,937,454	-5.7 %	2,053,583		-
- Other charges	594,505	-12.5 %	679,395	-11.9 %	771,450		-
Operating result	-1,617,473 €	-2123.2 %	79,947 €	108.6 %	-927,798 €	416 €	-389383.5 %
	-1.70 % CA	-2225.0 %	0.08 % CA	109.0 %	-0.89 % CA	0.81 % CA	-309.9 %

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Operating result	-1,617,473 €	-2123.2 %	79,947 €	108.6 %	-927,798 €	416 €	-389383.5 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0		-
+ Financial income	74,571	-92.3 %	974,372	-37.7 %	1,563,891		-
- Financial charges	1,704,255	199.2 %	569,580	33.1 %	427,994		-
Pre-tax result	-3,247,157 €	-769.9 %	484,739 €	132.9 %	208,099 €	318 €	-1021218.6 %
	-3.41 % CA	-810.4 %	0.48 % CA	140.0 %	0.20 % CA	0.60 % CA	-668.3 %

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Extraordinary income	278,308	-73.9 %	1,066,032	-8.2 %	1,160,935	0	0%
- Extraordinary charges	640,212	-57.9 %	1,519,840	-17.7 %	1,845,636		-
Extraordinary result	-361,904 €	20.3 %	-453,808 €	33.7 %	-684,701 €	0 €	0%
	-0.38 % CA	15.6 %	-0.45 % CA	31.8 %	-0.66 % CA	0.00 % CA	0%

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Pre-tax result	-3,247,157 €	-769.9 %	484,739 €	132.9 %	208,099 €	318 €	-1021218.6 %
Extraordinary result	-361,904 €	20.3 %	-453,808 €	33.7 %	-684,701 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	-42,275	41.5 %	-72,265	-133.6 %	-30,938		-
Net result	-3,566,786 €	-3556.3 %	103,196 €	123.2 %	-445,664 €	503 €	-709908.2 %
	-3.74 % CA	-3840.0 %	0.10 % CA	123.3 %	-0.43 % CA	0.76 % CA	-592.1 %

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 :	RAS
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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