MIRA INFORM REPORT

Report No. :	325612
Report Date :	02.06.2015

IDENTIFICATION DETAILS

Name :	MEDIA GRAPHIC SERVICES MGS
Registered Office :	70 Che Du Vallon Des Vaux 06800 Cagnes Sur Mer
Country :	France
Financials (as on) :	31.12.2013
Date of Incorporation :	February 1992
Legal Form :	Sole proprietorship Ltd
Line of Business :	Agents specialized in the sale of other particular products
No. of Employees :	3 to 5 Employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

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

NOTES:

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
France	a1	a1

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

FRANCE- ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With 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 10.5% in 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 4.3% of GDP in 2014, while France's public debt rose from 68% of GDP to more than 92% over the same period. 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 summary

SIRET	384 524 898 00028
Name	MEDIA GRAPHIC SERVICES MGS
Acronym	-
Trade name	-
Status	Economically active
Postal Address	MEDIA GRAPHIC SERVICES MGS 70 CHE DU VALLON DES VAUX 06800 CAGNES SUR MER
Share Capital	76,224 Euros
Incorporiation Date	02/1992
Activity (APE)	Intermédiaires spécialisés dans le commerce d'autres produits spécifiques (4618Z)	RCS Registration	RCS Antibes B 384 524 898
Formation Date	02/1992	EUR VAT Number	FR72384524898
Deregistration Date	-	Last account Date	31/12/2013
Court Registry Number	95 B 00267	Telephone	04 93 07 36 36
Registration Court	Antibes (06)	Fax	04 93 07 39 39
Nationality	France
		Legal form	Sole proprietorship Ltd
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2013	3,231,283 €	5.04% Turnover	257,088 €	120,437 €	3 to 5 employees
31/12/2012	2,260,936 €	3.29% Turnover	136,652 €	32,859 €	-
31/12/2011	2,135,446 €	3.47% Turnover	126,792 €	42,945 €	-

Directors

Current Directors

2

Preferential Right

This company is not under monitoring

Payment Information Summary – Trade Payment Data

Total number of Invoices available	21
Total number of Invoices paid within or up to 30 days after the due date	21
Total number of Invoices paid more than 30 days after the dues date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Establishment Details

Type of Establishment	Single (translated to H)	Production Role	-
APE/NAF Code	4618Z	Activity	Agents specialized in the sale of other particular products
Formation Date	01/1995	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	70 CHEMIN DU VALLON DES VAUX 06800 CAGNES SUR MER	Department	Alpes-Maritimes (06)
Location Surface	-	District	1
City	CAGNES SUR MER	Status	Economically active
Business Pages FT®	MATERIEL ET FOURNITURES POUR IMPRIMERIE, INDUSTRIES GRAPHIQUES	Region	Côte d'Azur
		Area	96
		Size of Urban Area	Urban unit with 200 000 to 1 999 999 inhabitants

Other Establishment(s)

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

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
MEDIA GRAPHIC SERVICES MGS	Head Office	4618Z	Agents specialized in the sale of other particular products	CAGNES SUR MER	06800

Workforces

Workforce at address

3 to 5 employees

Company workforce

3 to 5 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 pre-tax profit is more than 25,000€

The shareholder's equity is more than 250,000€

The return on total assets employed is positive

Industry code with low risk rating

The company is 23 years old

The sales to current assets ratio is 2.33

The ratio total assets to total liabilities is 1.22

The debtor days are 107.34

Region code with high risk rating

The tangible fixed assets are 32,108 €

The liquidity acid test is less than 65%

Collective procedures

No judgment information for the company

Preferential rights details and history

Status of collection

This company is not under monitoring

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company.

Director(s)

Name	MME. VAN DER BRUGGEN MONIQUE
Manager position	Co-managing partner	Date of birth	27/10/1966
Place of birth
Type	Individual	Name at birth
Name	M. EL CHAMI MOUKHTAR
Manager position	Co-managing partner	Date of birth	30/11/1950
Place of birth	BEYROUTH LIBAN
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Manager	M. EL CHAMI	30/11/1950 - BEYROUTH LIBAN
Co-managing partner	MME. VAN DER BRUGGEN MONIQUE	-

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	27/08/2014	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE D'ANTIBES 311 - 384524898 RCS. MEDIA GRAPHIC SERVICES MGS. Forme : Société à responsabilité limitée à associé unique. Adresse : 70 Vallon des Vaux 6800 Cagnes-sur-Mer. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	09/09/2013	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE D'ANTIBES 874 - 384524898 RCS. MEDIA GRAPHIC SERVICES MGS. Forme : Société à responsabilité limitée à associé unique. Adresse : 70 Vallon des Vaux 6800 Cagnes-sur-Mer. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	19/10/2012	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE D'ANTIBES 511 - 384524898 RCS. MEDIA GRAPHIC SERVICES MGS. Forme : Société à responsabilité limitée à associé unique. Adresse : 70 Vallon des Vaux 6800 Cagnes-sur-Mer. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	11/10/2010	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE D'ANTIBES 36 - 384524898 RCS. MEDIA GRAPHIC SERVICES MGS. Forme : Entreprise unipersonnelle à responsabilité limitée. Adresse : 70 Vallon des Vaux 6800 Cagnes-sur-Mer. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	24/07/2009	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE D'ANTIBES 730 - 384524898 RCS. MEDIA GRAPHIC SERVICES MGS. Forme : Entreprise unipersonnelle à responsabilité limitée. Adresse : 70 vallon des Vaux 6800 Cagnes-sur-Mer. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	09/04/2009	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE D'ANTIBES 52 - 384 524 898 RCS Antibes. MEDIA GRAPHIQUE SERVICES MGS. Forme : Entreprise unipersonnelle à responsabilité limitée. Administration : Co-Gérant : EL CHAMI Moukhtar. Co-Gérant : VAN DER BRUGGEN Monique, Annette, Jacqueline. Commentaires : Modification survenue sur l'administration.
	14/10/2008	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE D'ANTIBES 544 - 384524898 RCS. MEDIA GRAPHIQUE SERVICES MGS. Forme : Entreprise unipersonnelle à responsabilité limitée. Adresse : 70 chemin du Vallon des Vaux 6800 Cagnes-sur-Mer. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	02/11/2007	Bodacc C	Avis de dépôt des comptes
337 - 384 524 898. RCS Antibes MEDIA GRAPHIQUE SERVICES MGS. Forme: Entreprise unipersonnelle à responsabilité limitée. Adresse du siège social: 70 chemin du Vallon des Vaux 06800 Cagnes sur Mer. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	15/09/2006	Bodacc C	Avis de dépôt des comptes
132 - RCS Antibes B 384 524 898. RC 95-B 267. MEDIA GRAPHIQUE SERVICES MGS. Forme: E.U.R.L. Adresse du siège social: 70, Vallon des Vaux,06800 Cagnes-sur-Mer. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	01/10/2005	Bodacc C	Avis de dépôt des comptes
270 - RCS Antibes B 384 524 898. RC 95-B 267. MEDIA GRAPHIQUE SERVICES MGS. Forme: E.U.R.L. Adresse du siège social: 70, Vallon des Vaux,06800 Cagnes-sur-Mer. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	31/03/1996	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Antibes B 384 524 898 RC 95-B 267 MEDIA GRAPHIQUE SERVICES - M.G.S. Forme : E.U. R.L. Capital : 50 000 F (fixe). Adresse : 70 vallon des Vaux, 06800 Cagnes-sur- Mer Nouvelle situation du siège social. Capital : 500 000 F. Date d'effet : 2 janvier 1996.
	14/06/1995	Bodacc B	Modifications et mutations diverses
RCS Antibes B 384 524 898 A dater du: 4 avril 1995 RC 95-B 267 MEDIA GRAPHIQUE SERVICES-M.G.S. Forme : E.U.R.L. Capital : 50 000 F. Adresse du siège social : 70 Vallon des Vaux 06800 Cagnes-sur-Mer. Administration : gérant : EL CHAMI ( Moukhtar). Commentaires : cette société transfère son siège du 11 bis rue Rouget-de-Lisle, 06-Nice Etablissement principal: Adresse : 70 Vallon des Vaux 06800 Cagnes-sur-Mer. Activité : import- export de machines et de produits d' imprimerie diffusion, distribution, tant au niveau artisanal qu'au niveau international, de tous produits, articles, matériel et matériaux sans exception, sauf à respecter les réglementations et les lois en vigueur. En conséquence, achat, vente en gros, en demi-gros, au détail et import- export desdits biens. Date d'effet : 1er janvier 1995.
	30/04/1995	Bodacc B	Modifications et mutations diverses
RCS *. RCS Nice B 384 524 898 RC RC 92-B 223 MEDIA GRAPHIC SERVICES - M.G.S. Forme : S.A.R.L. Adresse du siège social : 11 bis , rue Rouget-de-Lisle 06000 Nice Date de radiation: 12 avril 1995.

Company events history

Date	Description
27/08/2014	Bodacc C : Deposit accounts notice
26/08/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2013	New accounts available
09/09/2013	Bodacc C : Deposit accounts notice
05/09/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2012	New accounts available
13/11/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
19/10/2012	Bodacc C : Deposit accounts notice
13/04/2012	Invalid balance sheet
31/12/2011	New accounts available
21/07/2011	Invalid balance sheet
11/10/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
24/07/2009	Bodacc C : Deposit accounts notice
09/04/2009	Bodacc B: Various editing or changing
30/03/2009	Updated articles of association
30/03/2009	Minutes of general meeting of shareholders
30/03/2009	Appointment/resignation of company officers
30/03/2009	Private document
31/12/2008	New accounts available
14/10/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
06/02/1996	Updated articles of association
06/02/1996	Minutes of general meeting of shareholders
06/02/1996	Capital increase
04/04/1995	Minutes of general meeting of shareholders
04/04/1995	Registration after transfer
04/04/1995	Updated articles of association
17/03/1995	Minutes of general meeting of shareholders
17/03/1995	Registered office transferred outside jurisdiction of the Commercial Court
12/02/1992	Private document
12/02/1992	Declaration of conformity
12/02/1992	Company formation
12/02/1992	Articles of association

Synthesized Accounts

Annual Accounts

	31/12/2013	31/12/2012	31/12/2011
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	08/08/2014	04/09/2013	10/11/2012
Activity Code	4618Z	4618Z	4618Z
Employees	4	4	4

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	33,064	-19.1 %	40,862	15.3 %	35,450	10,183	224.7 %
Intangible assets	0	0%	2,074	178.0 %	746	0	0%
Tangible assets	32,108	-19.5 %	39,901	18.1 %	33,779	2,038	1475.5 %
Financial assets	956	3.4 %	925	0%	925	109	777.1 %
Net current assets	1,384,820	159.8 %	532,943	-4.6 %	558,825	118,751	1066.2 %
Stocks	346,273	40.2 %	246,933	47.1 %	167,844	0	0%
Advanced payments	28,429	21938.0 %	129	-95.1 %	2,621	0	0%
Receivables	950,260	232.9 %	285,469	-26.5 %	388,360	50,290	1789.6 %
Securities and cash	59,858	14571.1 %	408	0%	0	27,209	120.0 %
Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	1,417,883	147.1 %	573,806	-3.4 %	594,278	162,623	771.9 %

Passive Account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Shareholders' equity	257,088	88.1 %	136,652	7.8 %	126,792	51,434	399.8 %
Share capital	76,224	0%	76,224	0%	76,224	8,000	852.8 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	1,160,793	165.5 %	437,153	-6.5 %	467,484	78,562	1377.6 %
Financial liabilities	89,261	-46.9 %	168,069	9.5 %	153,474	6,760	1220.4 %
Advanced payments received	32,375	7.9 %	30,000	0%	0	0	0%
Trade account payables	901,111	400.4 %	180,069	-24.8 %	239,475	13,445	6602.2 %
Tax and social liabilities	133,146	141.9 %	55,038	11.0 %	49,602	26,223	407.7 %
Other debts and fixed assets liabilities	4,900	23.3 %	3,975	-84.1 %	24,931	3,439	42.5 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	1,417,883	147.1 %	573,805	-3.4 %	594,277	162,880	770.5 %

Results

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Sales of Goods	3,240,866	43.3 %	2,260,976	5.7 %	2,138,060	207,071	1465.1 %
Net turnover	3,231,283	42.9 %	2,260,936	5.9 %	2,135,446	205,234	1474.4 %
of which net export turnover	3,180,366	43.9 %	2,210,386	3.6 %	2,134,191	0	0%
Operating charges	3,084,860	39.8 %	2,206,764	6.3 %	2,076,314	195,075	1481.4 %
Operating profit/loss	156,006	187.8 %	54,212	-12.2 %	61,746	7,003	2127.7 %
Financial income	0	0%	0	0%	0	2	0%
Financial charges	9,158	-16.7 %	10,992	1.2 %	10,859	185	4850.3 %
Financial profit/loss	-9,158	16.7 %	-10,992	-1.2 %	-10,859	0	0%
Pretax net operating income	146,848	239.8 %	43,220	-15.1 %	50,887	6,676	2099.6 %
Extraordinary income	30,144	0%	0	0%	5,046	0	0%
Extraordinary charges	2,597	579.8 %	382	-36.1 %	598	59	4301.7 %
Extraordinary profit/loss	27,547	7311.3 %	-382	-108.6 %	4,448	0	0%
Net result	120,437	266.5 %	32,859	-23.5 %	42,945	5,985	1912.3 %

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	1,417,883	147.1 %	573,806	-3.4 %	594,278
Gross	CO	1,550,980	122.6 %	696,715	-0.9 %	703,099
Amortisation	1A	133,097	8.3 %	122,909	12.9 %	108,821

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	33,064	-19.1 %	40,862	15.3 %	35,450
Gross	BJ	161,350	1.5 %	158,961	14.0 %	139,461
Amortisation	BK	128,286	8.6 %	118,098	13.5 %	104,011

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	0	0%	0	0%	0
Gross	AF	0	0%	0	0%	0
Amortisation	AG	0	0%	0	0%	0
Goodwill	Net	0	0%	2,074	0%	0
Gross	AH	0	0%	2,074	0%	0
Amortisation	AI	0	0%	2,037	0%	0
Other intangible fixed assets	Net	0	0%	0	0%	746
Gross	AJ	1,313	0%	0	0%	5,919
Amortisation	AK	1,313	0%	0	0%	5,173
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	0	0%	2,074	178.0 %	746

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	6,950	63.8 %	4,244	-45.4 %	7,775
Gross	AR	48,456	8.4 %	44,711	0%	44,711
Amortisation	AS	41,506	2.6 %	40,467	9.6 %	36,936
Other tangible fixed assets	Net	25,158	-29.4 %	35,657	37.1 %	26,004
Gross	AT	110,625	-0.6 %	111,251	26.6 %	87,906
Amortisation	AU	85,467	13.1 %	75,594	22.1 %	61,902
Fixed assets in construction	Net	0	0%	0	0%	0
Gross	AV	0	0%	0	0%	0
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	0	0%	0	0%	0
Gross	AX	0	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	32,108	-19.5 %	39,901	18.1 %	33,779

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	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	956	3.4 %	925	0%	925
Gross	BH	956	3.4 %	925	0%	925
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	956	3.4 %	925	0%	925

Current Assets (III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Assets	Net	1,384,820	159.8 %	532,943	-4.6 %	558,825
Gross	CJ	1,389,626	158.4 %	537,752	-4.6 %	563,634
Amortisation	CK	4,806	-0.1 %	4,809	0%	4,809

Stocks

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Raw materials	Net	0	0%	0	0%	0
Gross	BL	0	0%	0	0%	0
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	0	0%	0	0%	0
Gross	BN	0	0%	0	0%	0
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	346,273	40.2 %	246,933	47.1 %	167,844
Gross	BT	346,273	40.2 %	246,933	47.1 %	167,844
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	346,273	40.2 %	246,933	47.1 %	167,844

Advance payments to suppliers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Advance payments to suppliers	Net	28,429	21938.0 %	129	-95.1 %	2,621
Gross	BV	28,429	21938.0 %	129	-95.1 %	2,621
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Trade accounts receivable	Net	867,008	241.0 %	254,232	-22.5 %	327,851
Gross	BX	871,814	236.6 %	259,041	-22.1 %	332,660
Amortisation	BY	4,806	-0.1 %	4,809	0%	4,809
Other debtors	Net	65,701	154.3 %	25,840	-42.6 %	45,017
Gross	BZ	65,701	154.3 %	25,840	-42.6 %	45,017
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	932,709	233.0 %	280,072	-24.9 %	372,868

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	59,858	14571.1 %	408	0%	0
Gross	CF	59,858	14571.1 %	408	0%	0
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	59,858	14571.1 %	408	0%	0

Prepaid expenses

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid expenses	Net	17,551	225.2 %	5,397	-65.2 %	15,492
Gross	CH	17,551	225.2 %	5,397	-65.2 %	15,492
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	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Grand Total (I to V)	EE	1,417,883	147.1 %	573,805	-3.4 %	594,277

Shareholder Equity (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total shareholders' equity (Total I)	DL	257,088	88.1 %	136,652	7.8 %	126,792
Equity and shareholders' equity	DA	76,224	0%	76,224	0%	76,224
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	7,622	0%	7,622	0%	7,622
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	52,805	164.8 %	19,945	0%	0
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	120,437	266.5 %	32,859	-23.5 %	42,945
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

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	0	0%	0	0%	0
Risk provisions	DP	0	0%	0	0%	0
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Liabilities (Total IV)	EC	1,160,793	165.5 %	437,153	-6.5 %	467,484
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	85,251	-33.8 %	128,801	3.0 %	125,024
Sundry loans and financial liabilities	DV	4,010	-89.8 %	39,268	38.0 %	28,450
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	32,375	7.9 %	30,000	0%	0
Trade accounts payables	DX	901,111	400.4 %	180,069	-24.8 %	239,475
Tax and social security liabilities	DY	133,146	141.9 %	55,038	11.0 %	49,602
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	4,900	23.3 %	3,975	-84.1 %	24,931

Translation loss (V)

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

Equalization accounts

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

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	0	0%	401,547	-14.1 %	467,484
Of which current bank facilities	EH	0	0%	118,212	-5.4 %	125,024

Result account

1 - Operating result (I-II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating result (Total I-II)	GG	156,006	187.8 %	54,212	-12.2 %	61,746

2 - Financial result (V-VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Financial result (Total V-VI)	GV	-9,158	16.7 %	-10,992	-1.2 %	-10,859

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	146,848	239.8 %	43,220	-15.1 %	50,887

4 - Extraordinary result (VII-VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Extraordinary result (Total VII-VIII)	HI	27,547	7311.3 %	-382	-108.6 %	4,448

Profit or loss

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Profit or loss	HN	120,437	266.5 %	32,859	-23.5 %	42,945

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	3,271,010	44.7 %	2,260,976	5.5 %	2,143,106

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	3,150,571	41.4 %	2,228,112	6.1 %	2,100,157

Operating income (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating income (Total I)	FR	3,240,866	43.3 %	2,260,976	5.7 %	2,138,060

Operating income (details)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Sale of goods for resale	FC	3,041,550	46.1 %	2,082,399	4.9 %	1,985,459
France	FA	50,153	7.9 %	46,500	3605.2 %	1,255
Export	FB	2,991,397	46.9 %	2,035,899	2.6 %	1,984,204
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	189,733	6.3 %	178,537	19.0 %	149,987
France	FG	764	-81.1 %	4,050	0%	0
Export	FH	188,969	8.3 %	174,487	16.3 %	149,987
Net turnover	FL	3,231,283	42.9 %	2,260,936	5.9 %	2,135,446
France	FJ	50,917	0.7 %	50,550	3927.9 %	1,255
Export	FK	3,180,366	43.9 %	2,210,386	3.6 %	2,134,191
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	0
Release of reserves and provisions	FP	9,583	0%	0	0%	2,473
Other income	FQ	0	0%	40	-71.6 %	141

Operating charges (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating charges (Total II)	GF	3,084,860	39.8 %	2,206,764	6.3 %	2,076,314

Exploitation charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Purchase of goods for resale	FS	2,289,504	74.5 %	1,311,772	-12.5 %	1,499,500
Change in stocks of goods for resale	FT	-103,135	-30.4 %	-79,089	-49.1 %	-53,058
Purchase of raw materials	FU	0	0%	0	0%	5,184
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	626,342	-12.3 %	714,121	75.7 %	406,384
Tax, duty and similar payments	FX	26,356	18.1 %	22,310	31.0 %	17,034
Payroll	FY	164,915	3.6 %	159,235	16.4 %	136,759
Social security costs	FZ	64,393	10.5 %	58,253	17.6 %	49,525

Depreciation

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Depreciation of fixed assets	GA	16,484	-18.2 %	20,157	54.3 %	13,062
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	0	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Other charges	GE	1	-80.0 %	5	-99.7 %	1,924

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	0	0%	0	0%	0
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	0	0%	0	0%	0
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	0	0%	0	0%	0
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	9,158	-16.7 %	10,992	1.2 %	10,859
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	9,158	-12.2 %	10,425	-4.0 %	10,859
Exchange losses	GS	0	0%	567	0%	0
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	30,144	0%	0	0%	5,046
Extraordinary operating income	HA	25,144	0%	0	0%	2,046
Extraordinary income from capital transactions	HB	5,000	0%	0	0%	3,000
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary charges (Total VIII)	HH	2,597	579.8 %	382	-36.1 %	598
Extraordinary operating charges	HE	2,135	506.5 %	352	-41.1 %	598
Extraordinary charges from capital transactions	HF	462	0%	0	0%	0
Extraordinary reserves and provisions	HG	0	0%	30	0%	0

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	53,956	441.0 %	9,974	-19.5 %	12,386

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	9,583	0%	0	0%	2,473
Of which trader's own contributions	A2	28,884	6.4 %	27,143	29.9 %	20,898
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

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	6,758	10.8 %	6,100	164.9 %	2,303
Gross value at the end of period	OL	161,350	1.5 %	158,962	14.0 %	139,462

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%	1

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	2,074	-65.0 %	5,919	23.2 %	4,805
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	199	-82.1 %	1,113
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	760	-81.2 %	4,044	0%	0
Gross value at the end of period	LW	1,314	-36.6 %	2,074	-65.0 %	5,919

Tangible fixed assets (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LN	155,961	17.6 %	132,617	6.9 %	124,095
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	9,116	-64.1 %	25,400	134.6 %	10,826
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	5,997	191.7 %	2,056	-10.7 %	2,303
Gross value at the end of period	NH	159,080	2.0 %	155,963	17.6 %	132,618

Financial assets (Total IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LQ	925	0%	925	0%	925
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	30	0%	0	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	0	0%	0
Gross value at the end of period	NK	955	3.2 %	925	0%	925

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	2,037	-60.6 %	5,173	18.5 %	4,367
Increases	PF	36	-96.0 %	908	12.8 %	805
Decreasess	PG	760	-81.2 %	4,044	0%	0
Decreasess by budget item transfer	PH	1,313	-35.5 %	2,037	-60.6 %	5,173

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	116,061	17.4 %	98,836	11.2 %	88,885
Increases	QV	16,446	-14.7 %	19,279	57.3 %	12,257
Decreases	QW	5,535	169.2 %	2,056	-10.7 %	2,303
Decreasess by budget item transfer	QX	126,972	9.4 %	116,059	17.4 %	98,838

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%	1
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	4,809	0%	4,809	0%	4,809
Increases	UB	0	0%	0	0%	0
Decreases	UC	0	0%	0	0%	0
Value at the end of period	UD	4,809	0%	4,809	0%	4,809

Includes Total allocations

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

Includes Total Withdrawal

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

Total regulated provisions (Total I)

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

Total risk and charge provisions (Total II)

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

Total Provision for depreciation (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	7B	4,809	0%	4,809	0%	4,809
Increases	TY	0	0%	0	0%	0
Decreases	TZ	0	0%	0	0%	0
Value at the end of period	UA	4,809	0%	4,809	0%	4,809

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	956,023	228.3 %	291,205	-26.1 %	394,095
1 year at most	VU	955,068	229.0 %	290,280	-26.2 %	393,170
More than one year	VV	955	3.2 %	925	0%	925

State of loans

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	955	3.2 %	925	0%	925
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Customers doubtful or disputed	VA	12,023	0%	12,023	0%	12,023
Other claims customer	UX	859,790	248.1 %	247,017	-23.0 %	320,637
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%	17,135
Income taxes	VM	0	0%	2,414	0%	0
Value added tax	VB	63,395	178.2 %	22,786	-13.9 %	26,450
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	1,741	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	565	-11.7 %	640	-55.3 %	1,431

Prepaid

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid	VS	17,551	225.2 %	5,397	-65.2 %	15,492

State Debt

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total debt (gross)	VY	1,128,419	177.1 %	407,153	-12.9 %	467,484
1 year at most	VZ2	1,127,980	180.9 %	401,547	-14.1 %	467,484
More than 1 year and 5 years at most	VZ3	439	-92.2 %	5,606	0%	0
More than 5 years	VZ4	0	0%	0	0%	0

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	79,645	-32.6 %	118,212	-5.4 %	125,024
1 year at most	VG2	79,645	-32.6 %	118,212	-5.4 %	125,024
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	5,606	-47.1 %	10,588	0%	0
1 year at most	VH2	5,167	3.7 %	4,982	0%	0
More than 1 year and 5 years at most	VH3	439	-92.2 %	5,606	0%	0
Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most	8A2	0	0%	0	0%	0
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	901,111	400.4 %	180,069	-24.8 %	239,475
1 year at most	8B2	901,111	400.4 %	180,069	-24.8 %	239,475
More than 1 year and 5 years at most	8B3	901,111	400.4 %	180,069	-24.8 %	239,475
Personnel and associated accounts (gross)	8C1	18,780	5.9 %	17,733	-0.4 %	17,803
1 year at most	8C2	18,780	5.9 %	17,733	-0.4 %	17,803
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	21,500	-26.6 %	29,302	129.7 %	12,756
1 year at most	8D2	21,500	-26.6 %	29,302	129.7 %	12,756
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	43,980	0%	0	0%	12,386
1 year at most	8E2	43,980	0%	0	0%	12,386
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	38,624	32912.0 %	117	-90.3 %	1,209
1 year at most	VW2	38,624	32912.0 %	117	-90.3 %	1,209
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	10,260	30.1 %	7,884	44.7 %	5,447
1 year at most	VQ2	10,260	30.1 %	7,884	44.7 %	5,447
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	4,010	-89.8 %	39,268	38.0 %	28,450
1 year at most	VI2	4,010	-89.8 %	39,268	38.0 %	28,450
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	4,900	23.3 %	3,975	-84.1 %	24,931
1 year at most	8K2	4,900	23.3 %	3,975	-84.1 %	24,931
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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	4,982	0%	0	0%	2,792

Table allocation results and other information

Dividends distributed

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Dividends	ZE	0	0%	23,000	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	176,921	30.7 %	135,359	101.8 %	67,090
Rentals, rental charges and condominiums	XQ	73,702	2.6 %	71,840	9.0 %	65,905
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	78,319	-70.7 %	267,224	159.9 %	102,809
Fees, commissions and brokerage	YV	90,507	0%	0	0%	0
Other accounts	ST	206,890	-13.7 %	239,696	40.5 %	170,579
Total Other purchases and external	ZJ	626,339	-12.3 %	714,119	75.7 %	406,383

Taxes and Fees

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Business tax	YW	5,230	53.1 %	3,417	-1.7 %	3,476
Other taxes and payments assimilated	9Z	21,126	11.8 %	18,893	39.3 %	13,558
Total taxes and fees	YX	26,356	18.1 %	22,310	31.0 %	17,034

VAT

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Amount VAT collected	YY	10,712	5.6 %	10,142	1965.6 %	491
Total VAT on goods and services	YZ	32,256	-79.4 %	156,375	13.8 %	137,464

Average number of employees

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Average number of employees	YP	4	0%	4	0%	4

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	2.94	53.1 %	1.92	3.2 %	1.86	2.82	4.3 %
Global Debt	129 days	84.3 %	70 days	-11.4 %	79 days	119 days	8.4 %
Working Capital Fund overall net	35 days	52.2 %	23 days	15.0 %	20 days	74 days	-52.7 %
Financial independence	288.02 %	254.2 %	81.31 %	-1.6 %	82.61 %	189.14 %	52.3 %
Solvability	18.13 %	-23.9 %	23.82 %	11.6 %	21.34 %	38.99 %	-53.5 %
Capacity debt futures	303.13 %	173.3 %	110.92 %	9.4 %	101.41 %	1,286.00 %	-76.4 %
Coverage of current assets by net working capital overall	22.83 %	-16.6 %	27.36 %	25.2 %	21.85 %	44.82 %	-49.1 %
General Liquidity	0.85	18.1 %	0.72	-14.3 %	0.84	0.79	7.6 %
Restricted Liquidity	0.90	25.0 %	0.72	-14.3 %	0.84	1.30	-30.8 %

Management or rotation

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Need background in operating working capital	26 days	-36.6 %	41 days	5.1 %	39 days	11 days	136.4 %
Treasury	7 days	136.8 %	-19 days	9.5 %	-21 days	12 days	-41.7 %
Inventory turnover of goods	57 days	-20.8 %	72 days	71.4 %	42 days	20 days	185.0 %
Average length of credit granted to customers	97 days	136.6 %	41 days	-26.8 %	56 days	58 days	67.2 %
Average length of credit obtained suppliers	114 days	267.7 %	31 days	-27.9 %	43 days	48 days	137.5 %
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	1,621 days	-
Rotation tangible assets	2,031.23 %	40.1 %	1,449.66 %	-10.0 %	1,610.22 %	1,604.16 %	26.6 %

Profitability of the business

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Margin trading	26.47 %	-29.6 %	37.58 %	48.9 %	25.24 %	0.44 %	5915.9 %
Profitability of the business	5.04 %	53.2 %	3.29 %	-5.2 %	3.47 %	4.26 %	18.3 %
Net profit	3.73 %	157.2 %	1.45 %	-27.9 %	2.01 %	2.63 %	41.8 %
Growth rate of turnover (excluding VAT)	42.92 %	629.9 %	5.88 %	0%	0.00 %	0.00 %	0%
Rates integration	12.95 %	-6.8 %	13.89 %	6.9 %	12.99 %	30.58 %	-57.7 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	47.88 %	-21.0 %	60.59 %	1.6 %	59.61 %	68.23 %	-29.8 %
Weight interests	0.28 %	-42.9 %	0.49 %	-3.9 %	0.51 %	0.07 %	300.0 %

Return on capital

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Cash flow from the overall profitability	4.10 %	74.5 %	2.35 %	-5.2 %	2.48 %	3.99 %	2.8 %
Rates of economic profitability	47.00 %	95.8 %	24.00 %	-7.7 %	26.00 %	14.03 %	235.0 %
Financial profitability	257,088.00 %	88.1 %	136,652.00 %	7.8 %	126,792.00 %	20,549.00 %	1151.1 %
Return on investment	37.42 %	160.0 %	14.39 %	-25.1 %	19.20 %	11.32 %	230.6 %

Management intermediate balances

	31/12/2013	Variation	31/12/2012		Variation		31/12/2011		Sector Median 2013
Turnover	3,231,283	42.9 %	2,260,936		5.9 %		2,135,446		205,234	1474.4 %
		31/12/2013	Variation	31/12/2012		Variation		31/12/2011	Sector Median 2013
Sales of goods		3,041,550	46.1 %	2,082,399		4.9 %		1,985,459		-
- Purchase of goods		2,289,504	74.5 %	1,311,772		-12.5 %		1,499,500		-
+/- Stock of goods variation		-103,135	-30.4 %	-79,089		-49.1 %		-53,058		-
Trading margin		855,181 €	0.6 %	849,716 €		57.6 %		539,017 €	162 €	527789.5 %
		26.47 % CA	-29.6 %	37.58 % CA		48.9 %		25.24 % CA	2.87 % CA	822.3 %

		31/12/2013		Variation		31/12/2012		Variation		31/12/2011		Sector Median 2013
Sale of goods produced		189,733		6.3 %		178,537		19.0 %		149,987				-
+/- Stocked production		0		0%		0		0%		0				-
+ Self-constructed assets		0		0%		0		0%		0				-
Period production		189,733 €		6.3 %		178,537 €		19.0 %		149,987 €		66,488 €		185.4 %
		5.87 % CA		-25.7 %		7.90 % CA		12.5 %		7.02 % CA		96.32 % CA		-93.9 %
	31/12/2013		Variation		31/12/2012		Variation		31/12/2011		Sector Median 2013
Trading margin	855,181		0.6 %		849,716		57.6 %		539,017		162		527789.5 %
+ Period Production	189,733		6.3 %		178,537		19.0 %		149,987		66,488		185.4 %
- Purchase of raw materials	0		0%		0		0%		5,184				-
+/- Change in stocks of raw materiels	0		0%		0		0%		0				-
- Other external purchases and charges	626,342		-12.3 %		714,121		75.7 %		406,384				-
Added value	418,572 €		33.2 %		314,132 €		13.2 %		277,436 €		69,842 €		499.3 %
	12.95 % CA		-6.8 %		13.89 % CA		6.9 %		12.99 % CA		30.58 % CA		-57.7 %

	31/12/2013	Variation	31/12/2012		Variation		31/12/2011		Sector Median 2013
Added value	418,572 €	33.2 %	314,132 €		13.2 %		277,436 €		69,842 €	499.3 %
+ Operating grants	0	0%	0		0%		0			-
- Tax, duty and similar payments	26,356	18.1 %	22,310		31.0 %		17,034			-
- Personal charges	229,308	5.4 %	217,488		16.8 %		186,284			-
Gross operating surplus	162,908 €	119.2 %	74,334 €		0.3 %		74,118 €		9,108 €	1688.6 %
	5.04 % CA	53.2 %	3.29 % CA		-5.2 %		3.47 % CA		4.26 % CA	18.3 %
		31/12/2013	Variation	31/12/2012		Variation		31/12/2011	Sector Median 2013
Gross operating surplus		162,908 €	119.2 %	74,334 €		0.3 %		74,118 €	9,108 €	1688.6 %
+ Release of reserves and provisions		9,583	0%	0		0%		2,473		-
+ Other operating income		0	0%	40		-71.6 %		141		-
- Depreciation/ Amortisation		16,484	-18.2 %	20,157		54.3 %		13,062		-
- Other charges		1	-80.0 %	5		-99.7 %		1,924		-
Operating result		156,006 €	187.8 %	54,212 €		-12.2 %		61,746 €	6,958 €	2142.1 %
		4.83 % CA	101.3 %	2.40 % CA		-17.0 %		2.89 % CA	3.37 % CA	43.3 %

	31/12/2013	Variation	31/12/2012		Variation		31/12/2011		Sector Median 2013
Operating result	156,006 €	187.8 %	54,212 €		-12.2 %		61,746 €		6,958 €	2142.1 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0		0%		0			-
+ Financial income	0	0%	0		0%		0			-
- Financial charges	9,158	-16.7 %	10,992		1.2 %		10,859			-
Pre-tax result	146,848 €	239.8 %	43,220 €		-15.1 %		50,887 €		6,676 €	2099.6 %
	4.54 % CA	137.7 %	1.91 % CA		-19.7 %		2.38 % CA		3.17 % CA	43.2 %
		31/12/2013	Variation	31/12/2012		Variation		31/12/2011	Sector Median 2013
Extraordinary income		30,144	0%	0		0%		5,046	0	0%
- Extraordinary charges		2,597	579.8 %	382		-36.1 %		598		-
Extraordinary result		27,547 €	7311.3 %	-382 €		-108.6 %		4,448 €	0 €	0%
		0.85 % CA	4350.0 %	-0.02 % CA		-109.5 %		0.21 % CA	0.00 % CA	0%

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Pre-tax result	146,848 €	239.8 %	43,220 €	-15.1 %	50,887 €	6,676 €	2099.6 %
Extraordinary result	27,547 €	7311.3 %	-382 €	-108.6 %	4,448 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	53,956	441.0 %	9,974	-19.5 %	12,386		-
Net result	120,439 €	266.5 %	32,864 €	-23.5 %	42,949 €	5,985 €	1912.3 %
	3.73 % CA	157.2 %	1.45 % CA	-27.9 %	2.01 % CA	2.63 % CA	41.8 %

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.61
UK Pound	1	Rs.97.27
Euro	1	Rs.69.63

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	VNT

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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