MIRA INFORM REPORT

Report No. :	325991
Report Date :	09.06.2015

IDENTIFICATION DETAILS

Name :	SOC FRANCO-AFRICAINE COMM - SOFRACOM
Registered Office :	Soc Franco-Africaine Comm – Sofracom, 38 Rue Dunois, 75013 Paris 13
Country :	France
Financials (as on) :	31.12.2013
Date of Incorporation :	January 2011
Com. Reg. No.:	529 782 260
Legal Form :	Simplified joint stock company
Line of Business :	Subject is engaged in wholesale (business to business) Non-specialized food
No. of Employee :	Not Available

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 :	No complaints
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 name

SOC FRANCO-AFRICAINE COMM - SOFRACOM

SIRET	529 782 260 00010	Click to view full map.
Name	SOC FRANCO-AFRICAINE COMM - SOFRACOM
Acronym	-
Trade name	-
Status	Economically active
Postal Address	SOC FRANCO-AFRICAINE COMM - SOFRACOM 38 RUE DUNOIS 75013 PARIS 13
Share Capital	110,000 Euros
Incorporiation Date	01/2011
Activity (APE)	Wholesale (business to business) Non-specialized food (4639B)	RCS Registration	RCS Paris B 529 782 260
Formation Date	01/2011	EUR VAT Number	FR46529782260
Deregistration Date	-	Last account Date	31/12/2013
Court Registry Number	20 1 1B01416	Telephone	-
Registration Court	Paris (75)	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	3,541,770 €	3.48% Turnover	166,618 €	45,857 €	0 employee
31/12/2012	4,209,278 €	2.81% Turnover	120,763 €	48,325 €	-
31/12/2011	3,420,293 €	2.54% Turnover	72,437 €	32,437 €	-

Details

Directors

Current Directors

1

View Details

Payment Data Programme

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Preferential Right

This company is not under monitoring

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4639B	Activity	Wholesale (business to business) Non-specialized food
Formation Date	01/2011	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	Import, export	Activity Location	Office
Trading Address	38 RUE DUNOIS 75013 PARIS 13	Department	-
Location Surface	-	District	-
City	PARIS 13	Status	Economically active
Business Pages FT®	-	Region	Ile-de-France
		Area	-
		Size of Urban Area	-

Other Establishment(s)

Regionality	-
Mono-activity status	-
Branches	2 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
SOC FRANCO-AFRICAINE COMM - SOFRACOM	Head Office	4639B	Wholesale (business to business) Non-specialized food	PARIS 13	75013
SOC FRANCO-AFRICAINE COMM - SOFRACOM	Branch	4639B	Wholesale (business to business) Non-specialized food	PARIS 9	75009
SOCIETE FRANCO-AFRICAINE DE COMMERCE - SOFRACOM	Branch	4639B	Wholesale (business to business) Non-specialized food	ARCUEIL	94110

Workforces

Workforce at address

0 employee

Company workforce

0 employee

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 return on total assets employed is positive

Industry code with low risk rating

The sales to current assets ratio is 2.56

The ratio total assets to total liabilities is 1.13

The company is 4 years old

The tangible fixed assets are 2,542 €

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

The liquidity acid test is less than 65%

The debtor days are 129.64

Industry comparison

Activity (APE)	Wholesale (business to business) Non-specialized food (4639B)
industry average credit rating	42
industry average credit limit	21,999

Collective procedures

No judgment information for the company

Preferential rights details and history

Status of collection

This company is not under monitoring

Preferential rights details and history

Status of collection

This company is not under monitoring

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company.

Director(s)

Name	M. EICH VALERY
Manager position	President	Date of birth	13/09/1966
Place of birth	PARIS (75014)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M. EICH VALERY	13/09/1966 - PARIS (75014)	View Details

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	30/08/2014	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 11192 - 529782260 RCS. SOCIETE FRANCO-AFRICAINE DE COMMERCE - SOFRACOM. Forme : Société par actions simplifiée. Adresse : 38 rue Dunois 75013 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
Hide	18/04/2014	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1389 - 529 782 260 RCS Paris. SOCIETE FRANCO-AFRICAINE DE COMMERCE - SOFRACOM. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire partant : Kahouadji, Lucien, nomination du Commissaire aux comptes titulaire : CABINET COSTE, Commissaire aux comptes suppléant partant : FIDUCIAIRE PARIS RHONE ALPES - FIPAR, nomination du Commissaire aux comptes suppléant : FCF. Capital : 110000 EUR. Activité : . Adresse du siège social : 38 rue Dunois, 75013 Paris. Commentaires : modification survenue sur le capital (augmentation) et l'administration.
Hide	28/03/2014	JAL	Modification of the share capital
Gazette du palais (La) Date de décision : 13/11/2013 La société : 529782260 - SOC FRANCO-AFRICAINE COMM - SOFRACOM, 38 RUE DUNOIS, 75013 PARIS 13 a subi une augmentation de son capital social désormais de 110 000 € Date d'effet : 13/11/2013
Hide	20/01/2014	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8416 - 529782260 RCS. SOCIETE FRANCO-AFRICAINE DE COMMERCE - SOFRACOM. Forme : Société par actions simplifiée. Adresse : 38 rue Dunois 75013 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
Hide	15/09/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9681 - 529782260 RCS. SOCIETE FRANCO-AFRICAINE DE COMMERCE - SOFRACOM. Forme : Société par actions simplifiée. Adresse : 38 rue Dunois 75013 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	06/02/2011	Bodacc A	Création d'établissement
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 672 - 529 782 260 RCS Paris. SOCIETE FRANCO-AFRICAINE DE COMMERCE - SOFRACOM. Forme : Société par actions simplifiée. Administration : Président : Eich, Valery, Commissaire aux comptes titulaire : Kahouadji, Lucien, Commissaire aux comptes suppléant : FIDUCIAIRE PARIS RHONE ALPES - FIPAR. Capital : 40000 EUR. Adresse : 38 rue Dunois, 75013 Paris. Origine du fonds : Création d'un fonds de commerce. Etablissement : Etablissement principal. Activité : Distribution de tous produits alimentaires (non règlementés) et de droits audiovisuels. Adresse : 38 rue Dunois, 75013 Paris. A dater du : 21/01/2011. Date de commencement de l’activité : 13/01/2011. Descriptif : . Commentaires : Immatriculation d'une personne morale (B, C, D) suite à création d'un établissement principal.

Company events history

Date	Description
06/10/2014	Payment incident closed
30/08/2014	Bodacc C : Deposit accounts notice
14/08/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
18/04/2014	Bodacc B: Various editing or changing
03/04/2014	Capital increase
03/04/2014	New auditor
03/04/2014	Updated articles of association
03/04/2014	Minutes of general meeting of shareholders
20/01/2014	Bodacc C : Deposit accounts notice
31/12/2013	New accounts available
12/12/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
13/11/2013	Legal Gazette: Modification of the share capital
05/08/2013	Payment incident closed
31/12/2012	New accounts available
17/12/2012	Payment incident detected
02/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
15/09/2012	Bodacc C : Deposit accounts notice
31/12/2011	New accounts available
06/02/2011	Bodacc A : Establishment creation
21/01/2011	Fund deposit certificate
21/01/2011	Fund deposit certificate
21/01/2011	Articles of association
21/01/2011	Articles of association
13/01/2011	Formation of Company

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	13/08/2014	11/12/2013	24/09/2012
Activity Code	4639B	4639B	4639B
Employees	1	2	3

Active account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Capital not called	0 0 K	0%	0 0 K	0%	0 0 K	506.91 0.51 K	0%	0 0 K	0%
Total fixed assets	41,680 42 K	-25.8 %	56,169 56 K	-21.0 %	71,057 71 K	940,467.97 940.47 K	-95.6 %	20,696 21 K	101.4 %
Intangible assets	39,537 40 K	-28.6 %	55,359 55 K	-22.2 %	71,181 71 K	92,220.55 92.22 K	-57.1 %	0 0 K	0%
Tangible assets	2,542 3 K	140.7 %	1,056 1 K	0%	0 0 K	196,097.57 196.10 K	-98.7 %	7,666 8 K	-66.8 %
Financial assets	0 0 K	0%	16 0 K	0%	0 0 K	652,544.16 652.54 K	0%	984 1 K	0%
Net current assets	1,383,336 1,383 K	-21.8 %	1,769,030 1,769 K	27.2 %	1,391,149 1,391 K	3,129,709.29 3,129.71 K	-55.8 %	180,368 180 K	667.0 %
Stocks	0 0 K	0%	0 0 K	0%	0 0 K	499,328.24 499.33 K	0%	15,319 15 K	0%
Advanced payments	104,914 105 K	0%	0 0 K	0%	0 0 K	15,317.62 15.32 K	584.9 %	0 0 K	0%
Receivables	1,258,005 1,258 K	-28.9 %	1,768,705 1,769 K	27.2 %	1,390,643 1,391 K	2,336,632.10 2,336.63 K	-46.2 %	92,181 92 K	1264.7 %
Securities and cash	20,417 20 K	6182.2 %	325 0 K	-35.8 %	506 1 K	277,975.18 277.98 K	-92.7 %	26,402 26 K	-22.7 %
Prepaid expenses	- -	-	- -	-	- -	1,585.17 1.59 K	-	0 0 K	-
Accounts of regularization	12,354 12 K	1234.1 %	926 1 K	-94.4 %	16,440 16 K	2,159.04 2.16 K	472.2 %	0 0 K	0%
Total Assets	1,437,371 1,437 K	-21.3 %	1,826,125 1,826 K	23.5 %	1,478,645 1,479 K	4,072,076.32 4,072.08 K	-64.7 %	226,595 227 K	534.3 %

Passive Account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Shareholders' equity	166,618 167 K	38.0 %	120,763 121 K	66.7 %	72,437 72 K	1,583,202.46 1,583.20 K	-89.5 %	52,481 52 K	217.5 %
Share capital	110,000 110 K	175.0 %	40,000 40 K	0%	40,000 40 K	167,353.32 167.35 K	-34.3 %	10,000 10 K	1000.0 %
Other capital resources	0 0 K	0%	0 0 K	0%	0 0 K	457.52 0.46 K	0%	0 0 K	0%
Risk Provisions	12,354 12 K	1234.1 %	926 1 K	-94.4 %	16,440 16 K	96,502.95 96.50 K	-87.2 %	0 0 K	0%
Liabilities	1,258,397 1,258 K	-26.1 %	1,703,451 1,703 K	23.9 %	1,374,443 1,374 K	2,386,043.38 2,386.04 K	-47.3 %	156,926 157 K	701.9 %
Financial liabilities	523,117 523 K	23.2 %	424,757 425 K	90.8 %	222,634 223 K	352,623.87 352.62 K	48.3 %	15,613 16 K	3250.6 %
Advanced payments received	0 0 K	0%	0 0 K	0%	0 0 K	7,042.16 7.04 K	0%	0 0 K	0%
Trade account payables	673,988 674 K	-45.0 %	1,226,433 1,226 K	15.9 %	1,057,884 1,058 K	1,420,137.08 1,420.14 K	-52.5 %	61,608 62 K	994.0 %
Tax and social liabilities	41,292 41 K	-2.3 %	42,261 42 K	-55.0 %	93,925 94 K	374,920.93 374.92 K	-89.0 %	34,783 35 K	18.7 %
Other debts and fixed assets liabilities	20,000 20 K	82.1 %	10,985 11 K	-28.3 %	15,326 15 K	338,619.75 338.62 K	-94.1 %	4,241 4 K	371.6 %
Account regularization	0 0 K	0%	0 0 K	0%	0 0 K	2,655.11 2.66 K	0%	0 0 K	0%
Total liabilities	1,437,369 1,437 K	-21.3 %	1,826,125 1,826 K	23.5 %	1,478,645 1,479 K	4,067,398.25 4,067.40 K	-64.7 %	226,596 227 K	534.3 %

Results

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Sales of Goods	3,541,772 3,542 K	-15.9 %	4,209,279 4,209 K	20.3 %	3,499,401 3,499 K	10,836,125.42 10,836.13 K	-67.3 %	532,441 532 K	565.2 %
Net turnover	3,541,770 3,542 K	-15.9 %	4,209,278 4,209 K	23.1 %	3,420,293 3,420 K	10,781,004.77 10,781.00 K	-67.1 %	525,518 526 K	574.0 %
of which net export turnover	3,541,770 3,542 K	-15.9 %	4,209,278 4,209 K	23.1 %	3,420,293 3,420 K	790,521.59 790.52 K	348.0 %	0 0 K	0%
Operating charges	3,435,398 3,435 K	-16.4 %	4,107,796 4,108 K	20.1 %	3,421,208 3,421 K	10,579,229.91 10,579.23 K	-67.5 %	539,072 539 K	537.3 %
Operating profit/loss	106,374 106 K	4.8 %	101,483 101 K	29.8 %	78,193 78 K	256,895.51 256.90 K	-58.6 %	11,874 12 K	795.9 %
Financial income	3,522 4 K	-87.5 %	28,181 28 K	570.2 %	4,205 4 K	39,952.09 39.95 K	-91.2 %	0 0 K	0%
Financial charges	50,549 51 K	-20.2 %	63,354 63 K	88.5 %	33,618 34 K	138,905.06 138.91 K	-63.6 %	602 1 K	8303.8 %
Financial profit/loss	-47,027 -47 K	-33.7 %	-35,173 -35 K	-19.6 %	-29,413 -29 K	-98,952.97 -98.95 K	52.5 %	-196 0 K	-23954.7 %
Pretax net operating income	59,347 59 K	-10.5 %	66,310 66 K	35.9 %	48,780 49 K	157,945.79 157.95 K	-62.4 %	9,662 10 K	514.3 %
Extraordinary income	475 0 K	208.4 %	154 0 K	0%	0 0 K	265,887.80 265.89 K	-99.8 %	0 0 K	0%
Extraordinary charges	2,171 2 K	-74.1 %	8,385 8 K	6065.4 %	136 0 K	204,614.77 204.61 K	-98.9 %	206 0 K	956.4 %
Extraordinary profit/loss	-1,696 -2 K	79.4 %	-8,231 -8 K	-5952.2 %	-136 0 K	61,273.03 61.27 K	-102.8 %	0 0 K	0%
Net result	45,857 46 K	-5.1 %	48,325 48 K	49.0 %	32,437 32 K	101,558.43 101.56 K	-54.8 %	9,760 10 K	369.9 %

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	1,437,371 1,437 K	-21.3 %	1,826,125 1,826 K	23.5 %	1,478,645 1,479 K
Gross	CO	1,479,389 1,479 K	-20.1 %	1,851,355 1,851 K	24.5 %	1,487,387 1,487 K
Amortisation	1A	42,018 42 K	66.5 %	25,230 25 K	188.6 %	8,742 9 K

Non declared distributed capital (I)

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

Active fixed asset (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Active fixed asset (II)	Net	41,680 42 K	-25.8 %	56,169 56 K	-21.0 %	71,057 71 K
Gross	BJ	83,699 84 K	2.8 %	81,400 81 K	2.0 %	79,799 80 K
Amortisation	BK	42,019 42 K	66.5 %	25,231 25 K	188.6 %	8,742 9 K

Intangible fixed assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Start-up cost	Net	690 1 K	0%	690 1 K	0%	690 1 K
Gross	AB	690 1 K	0%	690 1 K	0%	690 1 K
Amortisation	AC	400 0 K	52.7 %	262 0 K	111.3 %	124 0 K
R&D expenses	Net	34,082 34 K	-29.2 %	48,117 48 K	-22.6 %	62,152 62 K
Gross	CX	70,174 70 K	0%	70,174 70 K	0%	70,174 70 K
Amortisation	AE	36,092 36 K	63.6 %	22,057 22 K	175.0 %	8,022 8 K
Distributorships, patents	Net	4,765 5 K	-27.3 %	6,552 7 K	-21.4 %	8,339 8 K
Gross	AF	8,935 9 K	0%	8,935 9 K	0%	8,935 9 K
Amortisation	AG	4,170 4 K	75.0 %	2,383 2 K	299.8 %	596 1 K
Goodwill	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AH	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AI	0 0 K	0%	0 0 K	0%	0 0 K
Other intangible fixed assets	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AJ	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AK	0 0 K	0%	0 0 K	0%	0 0 K
Pre-payments and downpayments	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AL	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AM	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Intangible asset	Net	39,537 40 K	-28.6 %	55,359 55 K	-22.2 %	71,181 71 K

Tangilble fixed assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Lands	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AN	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AO	0 0 K	0%	0 0 K	0%	0 0 K
Buildings	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AP	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AQ	0 0 K	0%	0 0 K	0%	0 0 K
Plant	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AR	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AS	0 0 K	0%	0 0 K	0%	0 0 K
Other tangible fixed assets	Net	2,542 3 K	140.7 %	1,056 1 K	0%	0 0 K
Gross	AT	3,900 4 K	146.1 %	1,585 2 K	0%	0 0 K
Amortisation	AU	1,357 1 K	156.5 %	529 1 K	0%	0 0 K
Fixed assets in construction	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AV	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AW	0 0 K	0%	0 0 K	0%	0 0 K
Advances and payments on account	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AX	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AY	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Tangible asset	Net	2,542 3 K	140.7 %	1,056 1 K	0%	0 0 K

Financial assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Associates at equity	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CS	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CT	0 0 K	0%	0 0 K	0%	0 0 K
Other participations	Net	0 0 K	0%	16 0 K	0%	0 0 K
Gross	CU	0 0 K	0%	16 0 K	0%	0 0 K
Amortisation	CV	0 0 K	0%	0 0 K	0%	0 0 K
Inter-company receivables	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BC	0 0 K	0%	0 0 K	0%	0 0 K
Other investment securities	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BE	0 0 K	0%	0 0 K	0%	0 0 K
Loans	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BF	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BG	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BH	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	0 0 K	0%	16 0 K	0%	0 0 K

Current Assets (III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Assets	Net	1,383,336 1,383 K	-21.8 %	1,769,030 1,769 K	27.2 %	1,391,149 1,391 K
Gross	CJ	1,383,336 1,383 K	-21.8 %	1,769,030 1,769 K	27.2 %	1,391,149 1,391 K
Amortisation	CK	0 0 K	0%	0 0 K	0%	0 0 K

Stocks

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

Advance payments to suppliers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Advance payments to suppliers	Net	104,914 105 K	0%	0 0 K	0%	0 0 K
Gross	BV	104,914 105 K	0%	0 0 K	0%	0 0 K
Amortisation	BW	0 0 K	0%	0 0 K	0%	0 0 K

Debtors

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Trade accounts receivable	Net	1,239,226 1,239 K	-29.3 %	1,752,969 1,753 K	26.4 %	1,386,853 1,387 K
Gross	BX	1,239,226 1,239 K	-29.3 %	1,752,969 1,753 K	26.4 %	1,386,853 1,387 K
Amortisation	BY	0 0 K	0%	0 0 K	0%	0 0 K
Other debtors	Net	6,948 7 K	-14.3 %	8,109 8 K	120.2 %	3,682 4 K
Gross	BZ	6,948 7 K	-14.3 %	8,109 8 K	120.2 %	3,682 4 K
Amortisation	CA	0 0 K	0%	0 0 K	0%	0 0 K
Capital subscribed and called up	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CC	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total debtors	Net	1,246,174 1,246 K	-29.2 %	1,761,078 1,761 K	26.6 %	1,390,535 1,391 K

Divers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Investment securities	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CE	0 0 K	0%	0 0 K	0%	0 0 K
Cash and cash equivalents	Net	20,417 20 K	6182.2 %	325 0 K	-35.8 %	506 1 K
Gross	CF	20,417 20 K	6182.2 %	325 0 K	-35.8 %	506 1 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	20,417 20 K	6182.2 %	325 0 K	-35.8 %	506 1 K

Prepaid expenses

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid expenses	Net	11,831 12 K	55.1 %	7,627 8 K	6962.0 %	108 0 K
Gross	CH	11,831 12 K	55.1 %	7,627 8 K	6962.0 %	108 0 K
Amortisation	CI	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts (IV to VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Multi-period charges	CW3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Premiums on redemption of bonds	CM3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Currency differential gain	CN3	12,354 12 K	1234.1 %	926 1 K	-94.4 %	16,440 16 K
Gross		12,354 12 K	1234.1 %	926 1 K	-94.4 %	16,440 16 K

References

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

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Grand Total (I to V)	EE	1,437,369 1,437 K	-21.3 %	1,826,125 1,826 K	23.5 %	1,478,645 1,479 K

Shareholder Equity (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total shareholders' equity (Total I)	DL	166,618 167 K	38.0 %	120,763 121 K	66.7 %	72,437 72 K
Equity and shareholders' equity	DA	110,000 110 K	175.0 %	40,000 40 K	0%	40,000 40 K
Issue and merger premiums	DB	0 0 K	0%	0 0 K	0%	0 0 K
Revaluation differentials	DC	0 0 K	0%	0 0 K	0%	0 0 K
Of which equity differential	EK	0 0 K	0%	0 0 K	0%	0 0 K
Legal reserve	DD	4,000 4 K	146.6 %	1,622 2 K	0%	0 0 K
Statutory or contractual reserve	DE	0 0 K	0%	0 0 K	0%	0 0 K
Special regulated reserves	DF	0 0 K	0%	0 0 K	0%	0 0 K
Of which special reserve of provisions for current fluctuation	B1	0 0 K	0%	0 0 K	0%	0 0 K
Other reserves	DG	6,761 7 K	-78.1 %	30,816 31 K	0%	0 0 K
Of which reserve for buying originals works from alive artists	EJ	0 0 K	0%	0 0 K	0%	0 0 K
Profits or losses brought forward	DH	0 0 K	0%	0 0 K	0%	0 0 K
Profit or loss for the period	DI	45,857 46 K	-5.1 %	48,325 48 K	49.0 %	32,437 32 K
Investment grants	DJ	0 0 K	0%	0 0 K	0%	0 0 K
Special tax-allowable reserves	DK	0 0 K	0%	0 0 K	0%	0 0 K

Other capital resources (II)

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

Provisions for risks and charges (III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total provisions for risks and charges (Total III)	DR	12,354 12 K	1234.1 %	926 1 K	-94.4 %	16,440 16 K
Risk provisions	DP	12,354 12 K	1234.1 %	926 1 K	-94.4 %	16,440 16 K
Reserves for charges	DQ	0 0 K	0%	0 0 K	0%	0 0 K

Liabilities (IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Liabilities (Total IV)	EC	1,258,397 1,258 K	-26.1 %	1,703,451 1,703 K	23.9 %	1,374,443 1,374 K
Convertible debentures	DS	0 0 K	0%	0 0 K	0%	0 0 K
Other debentures	DT	0 0 K	0%	0 0 K	0%	0 0 K
Bank loans and liabilities	DU	352,666 353 K	73.4 %	203,404 203 K	13273.0 %	1,521 2 K
Sundry loans and financial liabilities	DV	170,451 170 K	-23.0 %	221,353 221 K	0.1 %	221,113 221 K
Of which participating loans	EI	0 0 K	0%	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	0 0 K	0%	0 0 K	0%	0 0 K
Trade accounts payables	DX	673,988 674 K	-45.0 %	1,226,433 1,226 K	15.9 %	1,057,884 1,058 K
Tax and social security liabilities	DY	41,292 41 K	-2.3 %	42,261 42 K	-55.0 %	93,925 94 K
Fixed asset liabilities	DZ	0 0 K	0%	0 0 K	0%	0 0 K
Other debts	EA	20,000 20 K	100.0 %	10,000 10 K	0%	0 0 K

Translation loss (V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Translation loss (Total V)	ED	0 0 K	0%	985 1 K	-93.6 %	15,326 15 K

Equalization accounts

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

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	0 0 K	0%	0 0 K	0%	1,374,443 1,374 K
Of which current bank facilities	EH	0 0 K	0%	0 0 K	0%	1,120 1 K

Result account

1 - Operating result (I-II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating result (Total I-II)	GG	106,374 106 K	4.8 %	101,483 101 K	29.8 %	78,193 78 K

2 - Financial result (V-VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Financial result (Total V-VI)	GV	-47,027 -47 K	-33.7 %	-35,173 -35 K	-19.6 %	-29,413 -29 K

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	59,347 59 K	-10.5 %	66,310 66 K	35.9 %	48,780 49 K

4 - Extraordinary result (VII-VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Extraordinary result (Total VII-VIII)	HI	-1,696 -2 K	79.4 %	-8,231 -8 K	-5952.2 %	-136 0 K

Profit or loss

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Profit or loss	HN	45,857 46 K	-5.1 %	48,325 48 K	49.0 %	32,437 32 K

Total Income (I+III+V+VII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Income (Total I+III+V+VII)	HL	3,545,769 3,546 K	-16.3 %	4,237,614 4,238 K	21.0 %	3,503,606 3,504 K

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	3,499,913 3,500 K	-16.5 %	4,189,289 4,189 K	20.7 %	3,471,169 3,471 K

Operating income (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating income (Total I)	FR	3,541,772 3,542 K	-15.9 %	4,209,279 4,209 K	20.3 %	3,499,401 3,499 K

Operating income (details)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Sale of goods for resale	FC	3,515,795 3,516 K	-15.6 %	4,164,184 4,164 K	22.0 %	3,413,943 3,414 K
France	FA	0 0 K	0%	0 0 K	0%	0 0 K
Export	FB	3,515,795 3,516 K	-15.6 %	4,164,184 4,164 K	22.0 %	3,413,943 3,414 K
Sale of goods produced	FF	0 0 K	0%	0 0 K	0%	0 0 K
France	FD	0 0 K	0%	0 0 K	0%	0 0 K
Export	FE	0 0 K	0%	0 0 K	0%	0 0 K
Sale of services	FI	25,974 26 K	-42.4 %	45,094 45 K	610.1 %	6,350 6 K
France	FG	0 0 K	0%	0 0 K	0%	0 0 K
Export	FH	25,974 26 K	-42.4 %	45,094 45 K	610.1 %	6,350 6 K
Net turnover	FL	3,541,770 3,542 K	-15.9 %	4,209,278 4,209 K	23.1 %	3,420,293 3,420 K
France	FJ	0 0 K	0%	0 0 K	0%	0 0 K
Export	FK	3,541,770 3,542 K	-15.9 %	4,209,278 4,209 K	23.1 %	3,420,293 3,420 K
Stocked production	FM	0 0 K	0%	0 0 K	0%	0 0 K
Self-constructed assets	FN	0 0 K	0%	0 0 K	0%	79,108 79 K
Operating grants	FO	0 0 K	0%	0 0 K	0%	0 0 K
Release of reserves and provisions	FP	0 0 K	0%	0 0 K	0%	0 0 K
Other income	FQ	2 0 K	100.0 %	1 0 K	0%	0 0 K

Operating charges (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating charges (Total II)	GF	3,435,398 3,435 K	-16.4 %	4,107,796 4,108 K	20.1 %	3,421,208 3,421 K

Exploitation charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Purchase of goods for resale	FS	2,860,494 2,860 K	-18.1 %	3,493,491 3,493 K	18.5 %	2,948,425 2,948 K
Change in stocks of goods for resale	FT	0 0 K	0%	0 0 K	0%	0 0 K
Purchase of raw materials	FU	0 0 K	0%	0 0 K	0%	0 0 K
Change in stocks of raw materials	FV	0 0 K	0%	0 0 K	0%	0 0 K
Other external purchases and charges	FW	412,628 413 K	-13.0 %	474,474 474 K	116.0 %	219,633 220 K
Tax, duty and similar payments	FX	8,807 9 K	-11.2 %	9,913 10 K	3.3 %	9,597 10 K
Payroll	FY	93,683 94 K	16.8 %	80,211 80 K	-52.8 %	169,830 170 K
Social security costs	FZ	42,880 43 K	30.3 %	32,914 33 K	-49.3 %	64,981 65 K

Depreciation

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Depreciation of fixed assets	GA	16,788 17 K	1.8 %	16,488 16 K	88.6 %	8,742 9 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	0 0 K	0%	0 0 K	0%	0 0 K
Provisions for risks and charges	GD	0 0 K	0%	0 0 K	0%	0 0 K

Other charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Other charges	GE	117 0 K	-61.6 %	305 0 K	0%	0 0 K

Operating charges (III-IV)

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

Financial income (V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total financial income (Total V)	GP	3,522 4 K	-87.5 %	28,181 28 K	570.2 %	4,205 4 K
Share financial income	GJ	0 0 K	0%	0 0 K	0%	0 0 K
Other investment income & capitalised receivables	GK	0 0 K	0%	100 0 K	-30.1 %	143 0 K
Other interest and similar income	GL	0 0 K	0%	0 0 K	0%	0 0 K
Released provisions and transferred charges	GM	926 1 K	-94.4 %	16,440 16 K	0%	0 0 K
Exchange gains	GN	2,596 3 K	-77.7 %	11,641 12 K	186.6 %	4,062 4 K
Net income from disposal of investment securities	GO	0 0 K	0%	0 0 K	0%	0 0 K

Financial charge (VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total financial charge (Total VI)	GU	50,549 51 K	-20.2 %	63,354 63 K	88.5 %	33,618 34 K
Financial reserves and provisions	GQ	12,354 12 K	1234.1 %	926 1 K	-94.4 %	16,440 16 K
Interest and similar charges	GR	29,074 29 K	22.0 %	23,832 24 K	33945.7 %	70 0 K
Exchange losses	GS	9,121 9 K	-76.4 %	38,596 39 K	125.6 %	17,108 17 K
Net loss from disposal of investment securities	GT	0 0 K	0%	0 0 K	0%	0 0 K

Extraordinary income (VII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary income (Total VII)	HD	475 0 K	208.4 %	154 0 K	0%	0 0 K
Extraordinary operating income	HA	475 0 K	208.4 %	154 0 K	0%	0 0 K
Extraordinary income from capital transactions	HB	0 0 K	0%	0 0 K	0%	0 0 K
Released provisions and transferred charges	HC	0 0 K	0%	0 0 K	0%	0 0 K

Extraordinary charges (VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary charges (Total VIII)	HH	2,171 2 K	-74.1 %	8,385 8 K	6065.4 %	136 0 K
Extraordinary operating charges	HE	2,171 2 K	-74.1 %	8,385 8 K	6065.4 %	136 0 K
Extraordinary charges from capital transactions	HF	0 0 K	0%	0 0 K	0%	0 0 K
Extraordinary reserves and provisions	HG	0 0 K	0%	0 0 K	0%	0 0 K

Employee profit sharing (IX)

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

Tax on profits (X)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Tax on profits (Total X)	HK	11,795 12 K	20.9 %	9,754 10 K	-39.8 %	16,207 16 K

References

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

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	OG	0 0 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	OH	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess, acquisitions, creations, contributions	OJ	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	OK1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	OK2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	OL	0 0 K	0%	0 0 K	0%	79,793 80 K

Research and development Charge (Total I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	CZ	0 0 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	KB	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KC	0 0 K	0%	0 0 K	0%	70,863 71 K
Decreasess by budget item transfer	CO1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	CO2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	DO	0 0 K	0%	0 0 K	0%	70,863 71 K

Other budget item from Intangible fixed assets (Total II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	KD	0 0 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	KE	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KF	0 0 K	0%	0 0 K	0%	8,935 9 K
Decreasess by budget item transfer	LV1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	LV2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	LW	0 0 K	0%	0 0 K	0%	8,935 9 K

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 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	LO	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LP	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	NG1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NG2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	NH	0 0 K	0%	0 0 K	0%	0 0 K

Financial assets (Total IV)

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

Reserve for depreciation

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

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

Research and development charge (Total I)

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

Other intangible assets (Total II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	PE	0 0 K	0%	0 0 K	0%	0 0 K
Increases	PF	0 0 K	0%	0 0 K	0%	596 1 K
Decreasess	PG	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PH	0 0 K	0%	0 0 K	0%	596 1 K

Total fixed assets amotisation (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	QU	0 0 K	0%	0 0 K	0%	0 0 K
Increases	QV	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	QW	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	QX	0 0 K	0%	0 0 K	0%	0 0 K

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

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

Premium refund of obligations

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Net value at begin of period	SP1	0 0 K	0%	0 0 K	0%	0 0 K
Increases	SP2	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	SP	0 0 K	0%	0 0 K	0%	70,863 71 K
Net value at the end of period	SR	0 0 K	0%	0 0 K	0%	0 0 K

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	7C	0 0 K	0%	16,440 16 K	0%	0 0 K
Increases	UB	0 0 K	0%	926 1 K	-94.4 %	16,440 16 K
Decreases	UC	0 0 K	0%	16,440 16 K	0%	0 0 K
Value at the end of period	UD	0 0 K	0%	926 1 K	-94.4 %	16,440 16 K

Includes Total allocations

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating	UE	0 0 K	0%	0 0 K	0%	0 0 K
Financial	UG	0 0 K	0%	0 0 K	0%	16,440 16 K
Exceptional	UJ	0 0 K	0%	0 0 K	0%	0 0 K

Includes Total Withdrawal

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

Total regulated provisions (Total I)

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

Total risk and charge provisions (Total II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	5Z	0 0 K	0%	16,440 16 K	0%	0 0 K
Increases	TV	0 0 K	0%	926 1 K	-94.4 %	16,440 16 K
Decreases	TW	0 0 K	0%	16,440 16 K	0%	0 0 K
Value at the end of period	TX	0 0 K	0%	926 1 K	-94.4 %	16,440 16 K

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 K	0%	0 0 K	0%	0 0 K
Increases	TY	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	TZ	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	UA	0 0 K	0%	0 0 K	0%	0 0 K

State deadlines claims and debts at the end of period

State claims

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value	VT	0 0 K	0%	1,768,704 1,769 K	27.2 %	1,390,643 1,391 K
1 year at most	VU	0 0 K	0%	1,768,704 1,769 K	27.2 %	1,390,643 1,391 K
More than one year	VV	0 0 K	0%	0 0 K	0%	0 0 K

State of loans

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

Receivables statement of assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Customers doubtful or disputed	VA	0 0 K	0%	0 0 K	0%	0 0 K
Other claims customer	UX	0 0 K	0%	0 0 K	0%	1,386,853 1,387 K
Receivables represent Loaned Securities	UU	0 0 K	0%	0 0 K	0%	0 0 K
Provision for depreciation previously established	UQ	0 0 K	0%	0 0 K	0%	0 0 K
Personnel and associated accounts	UY	0 0 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations	UZ	0 0 K	0%	0 0 K	0%	0 0 K
Income taxes	VM	0 0 K	0%	0 0 K	0%	0 0 K
Value added tax	VB	0 0 K	0%	0 0 K	0%	3,552 4 K
Other taxes and payments assimilated	VN	0 0 K	0%	0 0 K	0%	0 0 K
State and other public - Miscellaneous	VP	0 0 K	0%	0 0 K	0%	0 0 K
Group and Associates	VC	0 0 K	0%	0 0 K	0%	0 0 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	0 0 K	0%	1,768,704 1,769 K	1360441.5 %	130 0 K

Prepaid

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid	VS	0 0 K	0%	0 0 K	0%	108 0 K

State Debt

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total debt (gross)	VY	0 0 K	0%	1,703,453 1,703 K	23.9 %	1,374,443 1,374 K
1 year at most	VZ2	0 0 K	0%	1,703,453 1,703 K	23.9 %	1,374,443 1,374 K
More than 1 year and 5 years at most	VZ3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	VZ4	0 0 K	0%	0 0 K	0%	0 0 K

Details

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Convertible bonds (gross)	7Y1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Y2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Y3	0 0 K	0%	0 0 K	0%	0 0 K
Other bonds (gross)	7Z1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Z2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Z3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	0 0 K	0%	0 0 K	0%	1,521 2 K
1 year at most	VG2	0 0 K	0%	0 0 K	0%	1,521 2 K
More than 1 year and 5 years at most	VG3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0 0 K	0%	203,404 203 K	0%	0 0 K
1 year at most	VH2	0 0 K	0%	203,404 203 K	0%	0 0 K
More than 1 year and 5 years at most	VH3	0 0 K	0%	0 0 K	0%	0 0 K
Loans and various financial liabilities (gross)	8A1	0 0 K	0%	221,353 221 K	0%	0 0 K
1 year at most	8A2	0 0 K	0%	221,353 221 K	0%	0 0 K
More than 1 year and 5 years at most	8A3	0 0 K	0%	0 0 K	0%	0 0 K
Suppliers and associated accounts (gross)	8B1	0 0 K	0%	1,226,433 1,226 K	15.9 %	1,057,884 1,058 K
1 year at most	8B2	0 0 K	0%	1,226,433 1,226 K	15.9 %	1,057,884 1,058 K
More than 1 year and 5 years at most	8B3	0 0 K	0%	1,226,433 1,226 K	15.9 %	1,057,884 1,058 K
Personnel and associated accounts (gross)	8C1	0 0 K	0%	0 0 K	0%	20,239 20 K
1 year at most	8C2	0 0 K	0%	0 0 K	0%	20,239 20 K
More than 1 year and 5 years at most	8C3	0 0 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations (gross)	8D1	0 0 K	0%	42,263 42 K	92.7 %	21,927 22 K
1 year at most	8D2	0 0 K	0%	42,263 42 K	92.7 %	21,927 22 K
More than 1 year and 5 years at most	8D3	0 0 K	0%	0 0 K	0%	0 0 K
Taxes on profits (gross)	8E1	0 0 K	0%	0 0 K	0%	16,207 16 K
1 year at most	8E2	0 0 K	0%	0 0 K	0%	16,207 16 K
More than 1 year and 5 years at most	8E3	0 0 K	0%	0 0 K	0%	0 0 K
VAT (Gross)	VW1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VW2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VW3	0 0 K	0%	0 0 K	0%	0 0 K
Backed Obligations (gross)	VX1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VX2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VX3	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and assimilated (gross)	VQ1	0 0 K	0%	0 0 K	0%	35,552 36 K
1 year at most	VQ2	0 0 K	0%	0 0 K	0%	35,552 36 K
More than 1 year and 5 years at most	VQ3	0 0 K	0%	0 0 K	0%	0 0 K
Assets and liabilities associated accounts (gross)	8J1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8J2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8J3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	8J4	0 0 K	0%	0 0 K	0%	0 0 K
Groups and associates (gross)	VI1	0 0 K	0%	0 0 K	0%	221,113 221 K
1 year at most	VI2	0 0 K	0%	0 0 K	0%	221,113 221 K
More than 1 year and 5 years at most	VI3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	V14	0 0 K	0%	0 0 K	0%	0 0 K
Other liabilities (gross)	8K1	0 0 K	0%	10,000 10 K	0%	0 0 K
1 year at most	8K2	0 0 K	0%	10,000 10 K	0%	0 0 K
More than 1 year and 5 years at most	8K3	0 0 K	0%	0 0 K	0%	0 0 K
Debt representative of borrowed securities (gross)	SZ1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	SZ2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	SZ3	0 0 K	0%	0 0 K	0%	0 0 K
Products in advance (gross)	8L1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8L2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8L3	0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Loans made during the period	VJ	0 0 K	0%	0 0 K	0%	0 0 K
Debt repaid during the period	VK	0 0 K	0%	0 0 K	0%	0 0 K

Table allocation results and other information

Dividends distributed

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

Commitments

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

Other charges Externes

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Subcontracting	YT	0 0 K	0%	0 0 K	0%	0 0 K
Rentals, rental charges and condominiums	XQ	0 0 K	0%	0 0 K	0%	24,326 24 K
Staff outside the company	YU	0 0 K	0%	0 0 K	0%	0 0 K
Remuneration intermediaries and fees (excluding fees)	SS	0 0 K	0%	0 0 K	0%	12,275 12 K
Fees, commissions and brokerage	YV	0 0 K	0%	0 0 K	0%	0 0 K
Other accounts	ST	0 0 K	0%	0 0 K	0%	183,032 183 K
Total Other purchases and external	ZJ	0 0 K	0%	0 0 K	0%	219,633 220 K

Taxes and Fees

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Business tax	YW	0 0 K	0%	0 0 K	0%	2,086 2 K
Other taxes and payments assimilated	9Z	0 0 K	0%	0 0 K	0%	7,511 8 K
Total taxes and fees	YX	0 0 K	0%	0 0 K	0%	9,597 10 K

VAT

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Amount VAT collected	YY	0 0 K	0%	0 0 K	0%	0 0 K
Total VAT on goods and services	YZ	0 0 K	0%	0 0 K	0%	11,708 12 K

Average number of employees

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Average number of employees	YP	1 0 K	-50.0 %	2 0 K	-33.3 %	3 0 K

Groups and Shareholders

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

Ratios

Structure and Liquidity

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Fixed Asset Financing	8.89	26.6 %	7.02	75.5 %	4.00	38.25	-76.8 %	2.13	317.4 %
Global Debt	128 days	-12.3 %	146 days	0.7 %	145 days	508.23 days	-74.8 %	88 days	45.5 %
Working Capital Fund overall net	67 days	59.5 %	42 days	68.0 %	25 days	263.06 days	-74.5 %	35 days	91.4 %
Financial independence	31.72 %	12.2 %	28.27 %	-12.3 %	32.23 %	41,354.28 %	-99.9 %	130.51 %	-75.7 %
Solvability	11.59 %	75.3 %	6.61 %	34.9 %	4.90 %	-0.34 %	3508.8 %	27.99 %	-58.6 %
Capacity debt futures	-	-	59.37 %	-98.8 %	4,762.46 %	112,280.22 %	-	711.88 %	-
Coverage of current assets by net working capital overall	48.15 %	73.0 %	27.83 %	61.7 %	17.21 %	22.52 %	113.8 %	35.20 %	36.8 %
General Liquidity	-	-	1.04	3.0 %	1.01	39.30	-	0.70	-
Restricted Liquidity	-	-	1.04	3.0 %	1.01	40.26	-	1.02	-

Management or rotation

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Need background in operating working capital	63 days	53.7 %	41 days	64.0 %	25 days	168.85 days	-62.7 %	10 days	530.0 %
Treasury	2 days	0%	0 days	0%	0 days	52.77 days	-96.2 %	5 days	-60.0 %
Inventory turnover of goods	0 days	0%	0 days	0%	0 days	140.41 days	0%	23 days	0%
Average length of credit granted to customers	126 days	-16.0 %	150 days	2.7 %	146 days	70.96 days	77.6 %	42 days	200.0 %
Average length of credit obtained suppliers	74 days	-33.3 %	111 days	-7.5 %	120 days	117.01 days	-36.8 %	47 days	57.4 %
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	0%	0 days	501.43 days	0%	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	18,099.98 days	-	1,828 days	-
Rotation tangible assets	-	-	-	-	-	14,798.58 %	-	1,869.21 %	-

Profitability of the business

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Margin trading	18.50 %	16.1 %	15.93 %	17.0 %	13.61 %	21.44 %	-13.7 %	21.02 %	-12.0 %
Profitability of the business	3.48 %	23.8 %	2.81 %	10.6 %	2.54 %	-12.61 %	127.6 %	2.90 %	20.0 %
Net profit	1.29 %	12.2 %	1.15 %	21.1 %	0.95 %	-4.89 %	126.4 %	1.46 %	-11.6 %
Growth rate of turnover (excluding VAT)	-15.86 %	-168.7 %	23.07 %	-	-	281.14 %	-105.6 %	2.76 %	-674.6 %
Rates integration	7.59 %	32.5 %	5.73 %	-40.9 %	9.69 %	2.53 %	200.0 %	12.87 %	-41.0 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.14 %	0%	0.00 %	0%
Work Factor	50.83 %	8.4 %	46.88 %	-33.9 %	70.87 %	233.20 %	-78.2 %	62.72 %	-19.0 %
Weight interests	1.43 %	-5.3 %	1.51 %	54.1 %	0.98 %	2.37 %	-39.7 %	0.09 %	1488.9 %

Return on capital

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Cash flow from the overall profitability	2.12 %	35.9 %	1.56 %	-7.1 %	1.68 %	-4.68 %	145.3 %	2.25 %	-5.8 %
Rates of economic profitability	18.00 %	-18.2 %	22.00 %	-24.1 %	29.00 %	19.88 %	-9.5 %	19.00 %	-5.3 %
Financial profitability	166,618.00 %	38.0 %	120,763.00 %	66.7 %	72,437.00 %	1,573,302.49 %	-89.4 %	30,719.50 %	442.4 %
Return on investment	13.98 %	-31.7 %	20.47 %	-8.6 %	22.39 %	19.32 %	-27.6 %	11.75 %	19.0 %

Management intermediate balances

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Sector Average 2013

Sector Median 2013

Turnover

3,541,770 3,542 K

-15.9 %

4,209,278 4,209 K

23.1 %

3,420,293 3,420 K

10,781,004.77 10,781.00 K

-67.1 %

525,518 526 K

574.0 %

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Sector Average 2013

Sector Median 2013

Sales of goods

3,515,795 3,516 K

-15.6 %

4,164,184 4,164 K

22.0 %

3,413,943 3,414 K

-

-

- Purchase of goods

2,860,494 2,860 K

-18.1 %

3,493,491 3,493 K

18.5 %

2,948,425 2,948 K

-

-

+/- Stock of goods variation

0 0 K

0%

0 0 K

0%

0 0 K

-

-

Trading margin

655,301 € 655 K €

-2.3 %

670,693 € 671 K €

44.1 %

465,518 € 466 K €

2,363,238.20 € 2,363.24 K €

-72.3 %

113,978 € 114 K €

474.9 %

18.50 % CA 18.50 % CA

16.1 %

15.93 % CA 15.93 % CA

17.0 %

13.61 % CA 13.61 % CA

22.12 % CA 22.12 % CA

-16.4 %

21.54 % CA 21.54 % CA

-14.1 %

		31/12/2013		Variation		31/12/2012		Variation		31/12/2011	Sector Average 2013		Sector Median 2013
Sale of goods produced		25,974 26 K		-42.4 %		45,094 45 K		610.1 %		6,350 6 K		-		-
+/- Stocked production		0 0 K		0%		0 0 K		0%		0 0 K		-		-
+ Self-constructed assets		0 0 K		0%		0 0 K		0%		79,108 79 K		-		-
Period production		25,974 € 26 K €		-42.4 %		45,094 € 45 K €		-47.2 %		85,458 € 85 K €	539,354.12 € 539.35 K €	-95.2 %	3,393 € 3 K €	665.5 %
		0.73 % CA 0.73 % CA		-31.8 %		1.07 % CA 1.07 % CA		-57.2 %		2.50 % CA 2.50 % CA	22.25 % CA 22.25 % CA	-96.7 %	0.93 % CA 0.93 % CA	-21.5 %
	31/12/2013		Variation		31/12/2012		Variation		31/12/2011		Sector Average 2013		Sector Median 2013
Trading margin	655,301 655 K		-2.3 %		670,693 671 K		44.1 %		465,518 466 K		2,363,238.20 2,363.24 K	-72.3 %	113,978 114 K	474.9 %
+ Period Production	25,974 26 K		-42.4 %		45,094 45 K		-47.2 %		85,458 85 K		539,354.12 539.35 K	-95.2 %	3,393 3 K	665.5 %
- Purchase of raw materials	0 0 K		0%		0 0 K		0%		0 0 K			-		-
+/- Change in stocks of raw materiels	0 0 K		0%		0 0 K		0%		0 0 K			-		-
- Other external purchases and charges	412,628 413 K		-13.0 %		474,474 474 K		116.0 %		219,633 220 K			-		-
Added value	268,647 € 269 K €		11.3 %		241,313 € 241 K €		-27.2 %		331,343 € 331 K €		1,030,785.18 € 1,030.79 K €	-73.9 %	87,379 € 87 K €	207.5 %
	7.59 % CA 7.59 % CA		32.5 %		5.73 % CA 5.73 % CA		-40.9 %		9.69 % CA 9.69 % CA		2.53 % CA 2.53 % CA	200.0 %	12.87 % CA 12.87 % CA	-41.0 %

	31/12/2013		Variation		31/12/2012		Variation		31/12/2011		Sector Average 2013		Sector Median 2013
Added value	268,647 € 269 K €		11.3 %		241,313 € 241 K €		-27.2 %		331,343 € 331 K €		1,030,785.18 € 1,030.79 K €	-73.9 %	87,379 € 87 K €	207.5 %
+ Operating grants	0 0 K		0%		0 0 K		0%		0 0 K			-		-
- Tax, duty and similar payments	8,807 9 K		-11.2 %		9,913 10 K		3.3 %		9,597 10 K			-		-
- Personal charges	136,563 137 K		20.7 %		113,125 113 K		-51.8 %		234,811 235 K			-		-
Gross operating surplus	123,277 € 123 K €		4.2 %		118,275 € 118 K €		36.0 %		86,935 € 87 K €		343,741.97 € 343.74 K €	-64.1 %	15,465 € 15 K €	697.2 %
	3.48 % CA 3.48 % CA		23.8 %		2.81 % CA 2.81 % CA		10.6 %		2.54 % CA 2.54 % CA		-12.61 % CA -12.61 % CA	127.6 %	2.90 % CA 2.90 % CA	20.0 %
		31/12/2013		Variation		31/12/2012		Variation		31/12/2011	Sector Average 2013		Sector Median 2013
Gross operating surplus		123,277 € 123 K €		4.2 %		118,275 € 118 K €		36.0 %		86,935 € 87 K €	343,741.97 € 343.74 K €	-64.1 %	15,465 € 15 K €	697.2 %
+ Release of reserves and provisions		0 0 K		0%		0 0 K		0%		0 0 K		-		-
+ Other operating income		2 0 K		100.0 %		1 0 K		0%		0 0 K		-		-
- Depreciation/ Amortisation		16,788 17 K		1.8 %		16,488 16 K		88.6 %		8,742 9 K		-		-
- Other charges		117 0 K		-61.6 %		305 0 K		0%		0 0 K		-		-
Operating result		106,374 € 106 K €		4.8 %		101,483 € 101 K €		29.8 %		78,193 € 78 K €	256,895.63 € 256.90 K €	-58.6 %	11,874 € 12 K €	795.9 %
		3.00 % CA 3.00 % CA		24.5 %		2.41 % CA 2.41 % CA		5.2 %		2.29 % CA 2.29 % CA	-16.65 % CA -16.65 % CA	118.0 %	2.10 % CA 2.10 % CA	42.9 %

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Sector Average 2013

Sector Median 2013

Operating result

106,374 € 106 K €

4.8 %

101,483 € 101 K €

29.8 %

78,193 € 78 K €

256,895.63 € 256.90 K €

-58.6 %

11,874 € 12 K €

795.9 %

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

0 0 K

0%

0 0 K

0%

0 0 K

-

-

+ Financial income

3,522 4 K

-87.5 %

28,181 28 K

570.2 %

4,205 4 K

-

-

- Financial charges

50,549 51 K

-20.2 %

63,354 63 K

88.5 %

33,618 34 K

-

-

Pre-tax result

59,347 € 59 K €

-10.5 %

66,310 € 66 K €

35.9 %

48,780 € 49 K €

157,945.92 € 157.95 K €

-62.4 %

9,662 € 10 K €

514.3 %

1.68 % CA 1.68 % CA

6.3 %

1.58 % CA 1.58 % CA

10.5 %

1.43 % CA 1.43 % CA

-15.76 % CA -15.76 % CA

110.7 %

1.70 % CA 1.70 % CA

-1.2 %

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Sector Average 2013

Sector Median 2013

Extraordinary income

475 0 K

208.4 %

154 0 K

0%

0 0 K

265,887.80 265.89 K

-99.8 %

0 0 K

0%

- Extraordinary charges

2,171 2 K

-74.1 %

8,385 8 K

6065.4 %

136 0 K

-

-

Extraordinary result

-1,696 € -2 K €

79.4 %

-8,231 € -8 K €

-5952.2 %

-136 € 0 K €

61,273.03 € 61.27 K €

-102.8 %

0 € 0 K €

0%

-0.05 % CA -0.05 % CA

75.0 %

-0.20 % CA -0.20 % CA

0%

0.00 % CA 0.00 % CA

13.29 % CA 13.29 % CA

-100.4 %

0.00 % CA 0.00 % CA

0%

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2013		Sector Median 2013
Pre-tax result	59,347 € 59 K €	-10.5 %	66,310 € 66 K €	35.9 %	48,780 € 49 K €	157,945.92 € 157.95 K €	-62.4 %	9,662 € 10 K €	514.3 %
Extraordinary result	-1,696 € -2 K €	79.4 %	-8,231 € -8 K €	-5952.2 %	-136 € 0 K €	61,273.03 € 61.27 K €	-102.8 %	0 € 0 K €	0%
- Employee profit sharing	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Tax on profits	11,795 12 K	20.9 %	9,754 10 K	-39.8 %	16,207 16 K		-		-
Net result	45,856 € 46 K €	-5.1 %	48,325 € 48 K €	49.0 %	32,437 € 32 K €	101,491.71 € 101.49 K €	-54.8 %	9,759 € 10 K €	369.9 %
	1.29 % CA 1.29 % CA	12.2 %	1.15 % CA 1.15 % CA	21.1 %	0.95 % CA 0.95 % CA	-5.00 % CA -5.00 % CA	125.8 %	1.47 % CA 1.47 % CA	-12.2 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.11
UK Pound	1	Rs.97.84
Euro	1	Rs.71.12

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.