MIRA INFORM REPORT

Report No. :	328708
Report Date :	29.06.2015

IDENTIFICATION DETAILS

Name :	HOLTEX
Registered Office :	Selabo, 30 Rue Jean De Guiramand, Les Milles, 13290 Aix En , Rovence
Country :	France
Financials (as on) :	31.12.2011
Date of Incorporation :	February 1987
Com. Reg. No.:	319 625 125
Legal Form :	Simplified Joint Stock Company
Line of Business :	Wholesale (intercompany trade) of various industrial supplies and equipment
No. of Employee :	10 to 19

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

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

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

FRANCE - ECONOMIC OVERVIEW

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

Source : CIA

Company name

HOLTEX

Summery

SIRET	319 625 125 00053	Cliquez ici pour voir la carte entière.
Name	HOLTEX
Acronym	-
Trade name	-
Status	Economically active
Postal Address	HOLTEX SELABO 30 RUE JEAN DE GUIRAMAND LES MILLES 13290 AIX EN PROVENCE FRANCE
Share Capital	330,000 Euros
Incorporiation Date	02/1987
Activity (APE)	Wholesale (intercompany trade) of various industrial supplies and equipment (4669B)	RCS Registration	RCS Aix-en-Provence B 319 625 125
Formation Date	08/1980	EUR VAT Number	FR26319625125
Deregistration Date	-	Last account Date	31/12/2011
Court Registry Number	20 0 0B01061	Telephone	04 42 90 31 30
Registration Court	Aix-en-Provence (13)	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
31/12/2011	8,292,762 €	9.40% Turnover	1,612,500 €	502,739 €	10 to 19 employees
31/12/2010	7,873,957 €	8.40% Turnover	1,868,891 €	299,181 €	-
31/12/2009	8,247,382 €	15.69% Turnover	2,335,961 €	767,680 €	-

Details

Ultimate Holding Company

Name	Safe Number	Country	Company Number
FINANCIERE PATRIMONIALE D'INVESTISSEMENT	FR06975748		444417083
Affiliation links. Voir le détail

Directors

Current Directors

1

Voir le détail

Programme de partage d'expérience de paiements

Pour partager vos expériences de paiements sur cette entreprise. Cliquez ici

Preferential Right

No social security and tax office preferential right to date

Comportements de Paiements - Expérience de paiement dans le secteur

Total number of Invoices available	45
Total number of Invoices paid within or up to 30 days after the due date	41
Total number of Invoices paid more than 30 days after the dues date	4
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4669B	Activity	Wholesale (intercompany trade) of various industrial supplies and equipment
Formation Date	10/2014	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	-
Trading Address	30 RUE JEAN DE GUIRAMAND 13290 AIX EN PROVENCE	Department	Bouches-du-Rhône (13)
Location Surface	-	District	1
City	AIX EN PROVENCE	Status	Economically active
Business Pages FT®	-	Region	Côte d'Azur
		Area	97
		Size of Urban Area	Urban unit with 200 000 to 1 999 999 inhabitants

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
FINANCIERE PATRIMONIALE D'INVESTISSEME	Fonds de placement et entités financières similaires	6430Z	PARIS 9	75009

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	1 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
HOLTEX	Head Office	4669B	Wholesale (intercompany trade) of various industrial supplies and equipment	AIX EN PROVENCE	13290
HOLTEX	Branch	4669B	Wholesale (intercompany trade) of various industrial supplies and equipment	AIX EN PROVENCE	13100

Workforces

Workforce at address

0 employee

Company workforce

10 to 19 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 latest account data is more than 3 years old, this has an impact on the rating. Please contact Creditsafe with your latest financial statements if you want the risk score to be recalculated

The liquidity acid test is less than 65%

The sales to current assets ratio is 1.83

Region code with high risk rating

The debtor days are 83.72

The ratio total assets to total liabilities is 1.50

The tangible fixed assets are 103,444 €

The company is 34 years old

Industry code with low risk rating

The return on total assets employed is positive

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

The pre-tax profit is more than 25,000€

Industry comparison

Activity (APE)	Wholesale (intercompany trade) of various industrial supplies and equipment (4669B)
industry average credit rating	49
industry average credit limit	37,809

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	03/07/2009
Status of Monitoring	No social security and tax office preferential right to date

Preferential rights details and history

Summary of preferential rights

Company monitored since	03/07/2009
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	FINANCIERE PATRIMONIALE D'INVESTISSEMENT
Direct parent	LFPI GESTION - 85 %
Group – Number of companies	49
Linkages – Number of companies	-
Number of countries	-

Liens d'affiliation

Aller directement a l'entreprise consultée

Where you see these flags click straight through for a Creditsafe online report

When the company name is displayed as a link, you will be redirected to the company search if the country is in Creditnet area or in offline requests

Rating Information

	Name	SIREN	Parts	Last account published
1	FINANCIERE PATRIMONIALE D'INVESTISSEME	444417083	-	31/12/2010
2	OBGB	478231418	Min blocking	31/08/2010
	EXPLINVEST	501007801	20.19 %	31/12/2013
2	TIMHOTEL	431314491	Majority	31/12/2013
3	HOTELIERE MONTMARTRE	482878287	Majority	31/12/2013
	HOTELIERE MONTPARNASSE	482867587	100 %	31/12/2013
	HOTELIERE LOUVRE	482878477	100 %	31/12/2013
	HOTELIERE ITALIE	482878360	100 %	31/12/2013
3	HOTEL JUGE	401461769	Majority	31/12/2013
4	SOC DE L'HOTEL DE LA BOURSE	334912078	Min blocking	31/12/2013
	SOC HOTEL SAINT LAZARE	342357480	Min blocking	31/12/2013
	HOTEL ANNEMASSE VILLE-LA-GRAND	482898400	100 %	31/12/2013
3	PANHOTEL 2008	505183236	Majority	31/12/2013
4	FINANCIERE BERTHIER	505321257	100 %	31/12/2013
	HOTEL PARIS LA BRUYERE	444462006	Majority	31/12/2013
	MODERN'HOTEL AMIENS 1 ET CIE	351325709	Majority	31/12/2013
	MODERN'HOTEL AMIENS 2 ET CIE	380859249	Majority	31/12/2013
	LUMHOTEL	449476068	Majority	31/12/2013
	HOTEL MICHEL MONTPARNASSE	480019942	Majority	31/12/2012
3	SAS DU BAILLY	422076547	100 %	31/12/2013
4	GECRI	494057870	100 %	31/12/2013
	REIMS CENTRE INVEST HOTEL	410234363	100 %	31/12/2013
	ARDEN	542023296	100 %	31/12/2013
	HOTEL DE L AQUEDUC	582062295	100 %	31/12/2013
	RESIDENCE DE LUTECE	572016111	100 %	31/12/2012
	SNC SIRIUS	378884092	Majority	31/12/2013
	SA DE L HOTEL PARIS NATION	341950608	Majority	31/12/2013
	SOCIETE DU 16 RUE CAMBACERES	393928296	Majority	31/12/2013
	CONFORT INN	343922910	100 %	31/12/2013
	FONCIERE LFPI	482464492	13 %	31/08/2014
2	LFPI GESTION	450708508	50.01 %	31/12/2009
3	CCA INTERNATIONAL	394254809	0.01 %	31/12/2013
3	CHALLENGE	414936617	70 %	31/12/2008
4	OR BRUN	324632405	100 %	31/12/2008
	LA VARENNE ENVIRONNEMENT	420995292	100 %	31/12/2008
3	HOLGAT	500860812	54 %	31/12/2013
4	MATEBAT HOLDING	380602060	100 %	31/12/2012
5	MATEBAT RHONE-ALPES	326803939	100 %	31/12/2013
	MATEBAT PROVENCE ALPES COTE D'AZUR	322096330	100 %	31/12/2013
	MATEBAT AQUITAINE	337828081	100 %	31/12/2012
	MATEBAT MIDI-PYRENEES	338571623	100 %	31/12/2012
	MATEBAT ATLANTIQUE	321907404	100 %	31/12/2013
	ORCA	444005938	22.11 %	31/12/2012
	INICEA	522112432	44.40 %	31/12/2012
	TOPCO BALLU	524284619	46.67 %	-
3	LFPI HOTELS HOLDING DEUTSCHLAND	524136413	100 %	-
4	LFPI HOTELS MANAGEMENT DEUTSCHLAND GMBH	HRB 17042	100 %	31/12/2012
	LFPI HOTEL AACHEN	-	100 %	-
	HOLTEX	319625125	85 %	31/12/2011
	ACCOLAB INVEST	809532914	100 %	-
3	ACCOLAB SUD-EST	534784582	Majority	-
4	ACCOLAB SUD-OUEST	417755246	75.02 %	31/12/2011
	SPC	451325138	Majority	-

Actionnaires
LFPI GESTION	85
Undefined	15

Linkages

No Linkages information available for the company.

Director(s)

Name	M. ROZAIRE ALEXANDRE
Manager position	President	Date of birth	15/11/1970
Place of birth	NANCY (54)
Type	Individual	Name at birth
				Voir le détail

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M. ROZAIRE ALEXANDRE	15/11/1970 - NANCY	Voir le détail

Status history

Date	Description
24/10/2014	Economically active

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Masquer	23/12/2014	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE D'AIX-EN-PROVENCE 949 - 319625125 RCS. HOLTEX. Forme : Société par actions simplifiée. Adresse : 30 rue Jean de Guiramand 13290 Les Milles. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
Masquer	28/11/2014	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE D'AIX-EN-PROVENCE 180 - 319 625 125 RCS Aix-en-Provence. HOLTEX. Forme : Société par actions simplifiée. Activité : . Adresse de l’établissement principal : 30 rue Jean de Guiramand, 13290 Les Milles. Adresse du siège social : 30 rue Jean de Guiramand, 13290 Les Milles. Commentaires : Transfert du siège social, transfert de l'établissement principal.
Masquer	12/11/2014	JAL	Head Office Transfer
TPBM - Semaine de Provence Date de décision : 24/10/2014 Transfert du siège social de la société 319625125 -  HOLTEX, SELABO Adresse du nouveau siège : 30 RUE JEAN DE GUIRAMAND, 13290 AIX EN PROVENCE Ancienne localisation : 190 RUE PAUL LANGEVIN, ZAC DE LA ROBOLE, 13100 AIX EN PROVENCE Date d'effet : 24/10/2014
Masquer	19/08/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE D'AIX-EN-PROVENCE 776 - 319625125 RCS. HOLTEX. Forme : Société par actions simplifiée. Adresse : Zone d'Activités Commerciales de la Robole - 190, rue Paul Langevin 13856 Aix-en-Provence Cedex 3. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Masquer	19/08/2008	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE D'AIX-EN-PROVENCE 523 - 319625125 RCS. HOLTEX. Forme : Société par actions simplifiée. Adresse : Zone d'Activités Commerciales de la Robole - 190, rue Paul Langevin, 13856 Aix-en-Provence Cedex 3. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Masquer	20/03/2008	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE D'AIX-EN-PROVENCE 268 - 319 625 125 RCS Aix-en-Provence. HOLTEX. Forme : Société par actions simplifiée. Administration : Président : ROZAIRE ALEXANDRE. Commissaire aux comptes titulaire : GRANT THORNTON (SA). Commissaire aux comptes suppléant : IGEL. Commentaires : Modification survenue sur l'administration.
Masquer	08/10/2007	Bodacc C	Avis de dépôt des comptes
1696 - 319 625 125. RCS Aix-en-Provence HOLTEX. Forme: Société par actions simplifiée. Adresse du siège social: Zone d'Activités Commerciales de la Robole - 190, rue Paul Langevin, 13856 Aix-en-Provence Cedex 03. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
Masquer	21/03/2007	Bodacc B	Modifications et mutations diverses
132 - RCS Aix-en-Provence B 319 625 125. RC 00-B 1061. HOLTEX. Forme : S.A.S. Nom commercial : Selabo. Activité : achat, vente de toutes fournitures destinées aux industries et aux grandes surfaces de la ligne de produits à destination des professions médicales. Adresse du siège social : Z.A.C. de la Robole, 190 rue Paul-Langevin,, 13856 Commentaires : modification survenue sur l'activité. Adjonction d'activité de l'établissement principal. Ancienne : achat et vente de toutes fournitures destinées aux industries et aux grandes surfaces. Date d'effet : 8 janvier 2007.
Masquer	06/10/2006	Bodacc B	Modifications et mutations diverses
0321 - RCS Aix-en-Provence B 319 625 125. RC 00-B 1061. HOLTEX. Forme : S.A.S. Nom commercial : Selabo. Adresse du siège social : Z.A.C. de la Robole, 190 rue Paul-Langevin,, 13856 Commentaires : modification survenue sur l'administration. Administration : président : ROZAIRE (Alexandre) (Nom d'usage : ROZAIRE). Commissaire aux comptes titulaire : SORECOR S.A. Commissaire aux comptes suppléant : BLANCHARD (Béatrice) (Nom d'usage : BLANCHARD). Date d'effet : 1er août 2006.
Masquer	03/10/2006	Bodacc C	Avis de dépôt des comptes
942 - RCS Aix-en-Provence B 319 625 125. RC 00-B 1061. HOLTEX. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: Z.A.C. de la Robole - 190, rue Paul Langevin,13856 Aix-en-Provence-Cedex 03. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Masquer	28/07/2006	Bodacc B	Modifications et mutations diverses
0248 - RCS Aix-en-Provence B 319 625 125. RC 00-B 1061. HOLTEX. Forme : S.A.S. Nom commercial : Selabo. Adresse du siège social : Z.A.C. de la Robole, 190 rue Paul-Langevin,, 13856 Commentaires : modification survenue sur l'administration. Administration : président : LE BAS (Jean-Nicolas, Jacques) (Nom d'usage : LE BAS). Commissaire aux comptes titulaire : SORECOR S.A. Commissaire aux comptes suppléant : BLANCHARD (Béatrice) (Nom d'usage : BLANCHARD). Date d'effet : 30 juin 2005.
Masquer	01/04/2006	Bodacc C	Avis de dépôt des comptes
365 - RCS Aix-en-Provence B 319 625 125. RC 00-B 1061. HOLTEX. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: Z.A.C. de la Robole - 190, rue Paul Langevin,13856 Aix-en-Provence. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
Masquer	02/04/2004	Bodacc B	Modifications et mutations diverses
RCS Aix-en-Provence B 319625125 RC 00-B 1061 HOLTEX. Forme : S.A.S. Capital : 330 000 euros Nom commercial: Selabo. Adresse du siège social : Z.A.C. de la Robole, 190 rue Paul-Langevin, 13856 Aix-en-Provence Cedex 3. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : président : LE BAS ( Jean-Nicolas, Jacques) ( Nom d'usage : LE BAS). Commissaire aux comptes titulaire : LE MAITRE (Philippe) ( Nom d'usage : LE MAITRE). Commissaire aux comptes suppléant : SORECOR S.A. Date d'effet : 20 novembre 2003.
Masquer	04/11/2003	Bodacc B	Modifications et mutations diverses
RCS Aix-en-Provence B 319625125 RC 00-B 1061 HOLTEX. Forme : S.A.R.L. Capital : 330 000 euros Nom commercial: Selabo. Adresse du siège social : Z.A.C. de la Robole, 190 rue Paul-Langevin, 13856 Aix-en-Provence Cedex 3. Commentaires : modification survenue sur l' administration. Administration : gérant : LE BAS (Jean-Nicolas, Jacques) ( Nom d' usage : LE BAS). Commissaire aux comptes titulaire : LE MAITRE (Philippe) ( Nom d'usage : LE MAITRE). Commissaire aux comptes suppléant : SORECOR S.A. Date d'effet : 30 juin 2003.
Masquer	22/01/2003	Bodacc B	Modifications et mutations diverses
RCS Aix-en-Provence B 319625125 RC 00-B 1061 HOLTEX. Forme : S.A.R.L. Capital : 330 000 euros Nom commercial: Selabo. Adresse du siège social : Z.A.C. de la Robole, 190 rue Paul-Langevin, 13856 Aix-en-Provence Cedex 3. Commentaires : modification survenue sur le capital ( augmentation). Date d'effet : 28 juin 2002.
Masquer	27/09/2000	Bodacc B	Modifications et mutations diverses
RCS Aix-en-Provence B 319625125 RC 00-B 1061 HOLTEX. Forme : S.A.R.L. Capital : 250 000 euros Nom commercial: Sélabo. Adresse du siège social : Z.A.C. de la Robole, 190 rue Paul-Langevin, 13586 Aix-en-Provence Cedex 3. Administration : gérant : LE BAS (Jean-Nicolas, Jacques) ( Nom d'usage : LE BAS) Etablissement principal: Activité : achat, vente de toutes fournitures destinées aux industries et aux grandes surfaces. Adresse : Z.A.C. de la Robole, 190 rue Paul-Langevin, 13856 Aix-en-Provence Cedex 3. Commentaires : immatriculation d' une personne morale suite au transfert de l'établissement principal hors ressort du greffe du tribunal de commerce de Créteil. Date d'effet : 1er aout 2000.
Masquer	04/11/1999	Bodacc B	Modifications et mutations diverses
*. RCS Créteil B 319 625 125 RC 86-B 13481 HOLTEX. Forme : S.A.R.L. Capital : 1 500 000 F Nom commercial: Sélabo. Commentaires : modification survenue sur le capital (augmentation).
Masquer	26/04/1998	Bodacc B	Modifications et mutations diverses
RCS Créteil B 319 625 125 RC 86-B 13481 HOLTEX. Forme : S.A.R.L. Capital : 1 000 000 de F Nom commercial: Selabo. Commentaires : modification survenue sur le capital (augmentation) et l'adresse de l'établissement principal Etablissement principal: Adresse : Z.I., rue Gustave-Eiffel, R.N. 4 94510 La Queue-en-Brie.
Masquer	02/08/1997	Bodacc B	Modifications et mutations diverses
RCS Créteil B 319 625 125 RC 86-B 13481 HOLTEX. Forme : S.A.R.L Nom commercial: Sélabo. Activité : achat, vente de toutes fournitures destinées aux industries, aux grandes surfaces, aux magasins de détail, de gros et de demi-gros, aux hopitaux et aux cliniques ainsi que toutes opérations commerciales, financières, mobilières et immobilières se rattachant, directement ou indirectement, à l'objet social. Commentaires : modification survenue sur l'activité et l'administration. Administration : gérant partant : LE BAS (Jean, Octave, Nicolas).
Masquer	08/01/1995	Bodacc B	Modifications et mutations diverses
RCS Créteil B 319 625 125 RC 86-B 13481 HOLTEX. Forme : S.A.R.L Nom commercial: Selabo. Administration : gérants : LE BAS (Jean, Octave, Nicolas) LE BAS (Jean- Nicolas, Jacques). Commentaires : modification survenue sur l' administration.

Synthesized Accounts

ANNUAL ACCOUNTS

	31/12/2011	31/12/2010	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	22/07/2013	06/07/2013	06/07/2013
Activity Code	4669B	4669B	4669B
Employees	0	0	18

ACTIVE ACCOUNT

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Moy Secteur 2011		Médiane Secteur 2011
Capital not called	0 0 K	0%	0 0 K	0%	0 0 K	215.25 0.22 K	0%	0 0 K	0%
Total fixed assets	269,660 270 K	-11.2 %	303,559 304 K	4.3 %	291,008 291 K	522,097.17 522.10 K	-48.4 %	30,647 31 K	779.9 %
Intangible assets	63,627 64 K	6.2 %	59,907 60 K	-16.0 %	71,305 71 K	118,648.82 118.65 K	-46.4 %	0 0 K	0%
Tangible assets	103,444 103 K	-12.1 %	117,746 118 K	-30.8 %	170,134 170 K	134,961.84 134.96 K	-23.4 %	12,921 13 K	700.6 %
Financial assets	102,589 103 K	-18.5 %	125,906 126 K	154.0 %	49,569 50 K	276,657.93 276.66 K	-62.9 %	1,830 2 K	5506.0 %
Net current assets	4,537,319 4,537 K	16.0 %	3,910,298 3,910 K	-10.5 %	4,370,874 4,371 K	2,371,855.66 2,371.86 K	91.3 %	410,309 410 K	1005.8 %
Stocks	1,712,268 1,712 K	11.4 %	1,537,347 1,537 K	10.8 %	1,387,216 1,387 K	374,042.38 374.04 K	357.8 %	50,709 51 K	3276.7 %
Advanced payments	84,215 84 K	0%	0 0 K	0%	67,129 67 K	283,255.37 283.26 K	-70.3 %	0 0 K	0%
Receivables	1,902,196 1,902 K	3.6 %	1,835,666 1,836 K	-14.7 %	2,151,808 2,152 K	1,336,447.16 1,336.45 K	42.3 %	201,851 202 K	842.4 %
Securities and cash	838,640 839 K	56.1 %	537,285 537 K	-29.7 %	764,721 765 K	379,841.92 379.84 K	120.8 %	63,184 63 K	1227.3 %
Prepaid expenses	- -	-	- -	-	- -	1,588.29 1.59 K	-	207 0 K	-
Accounts of regularization	938 1 K	9.3 %	858 1 K	0%	0 0 K	1,545.34 1.55 K	-39.3 %	0 0 K	0%
Total Assets	4,807,920 4,808 K	11.8 %	4,300,300 4,300 K	-7.8 %	4,661,881 4,662 K	2,895,407.09 2,895.41 K	66.1 %	486,894 487 K	887.5 %

PASSIVE ACCOUNT

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Moy Secteur 2011		Médiane Secteur 2011
Shareholders' equity	1,612,500 1,613 K	-13.7 %	1,868,891 1,869 K	-20.0 %	2,335,961 2,336 K	1,014,042.92 1,014.04 K	59.0 %	160,329 160 K	905.7 %
Share capital	330,000 330 K	0%	330,000 330 K	0%	330,000 330 K	331,112.25 331.11 K	-0.3 %	35,308 35 K	834.6 %
Other capital resources	0 0 K	0%	0 0 K	0%	0 0 K	4,672.16 4.67 K	0%	0 0 K	0%
Risk Provisions	938 1 K	9.3 %	858 1 K	7.3 %	800 1 K	50,108.80 50.11 K	-98.1 %	0 0 K	0%
Liabilities	3,194,477 3,194 K	31.4 %	2,430,549 2,431 K	4.5 %	2,325,120 2,325 K	1,826,219.11 1,826.22 K	74.9 %	275,853 276 K	1058.0 %
Financial liabilities	332,733 333 K	96.8 %	169,077 169 K	-44.3 %	303,554 304 K	328,096.11 328.10 K	1.4 %	20,413 20 K	1530.0 %
Advanced payments received	0 0 K	0%	198,716 199 K	0%	0 0 K	143,092.00 143.09 K	0%	0 0 K	0%
Trade account payables	2,308,711 2,309 K	39.8 %	1,651,961 1,652 K	-10.3 %	1,841,664 1,842 K	856,357.65 856.36 K	169.6 %	111,405 111 K	1972.4 %
Tax and social liabilities	237,259 237 K	10.4 %	214,900 215 K	19.5 %	179,902 180 K	255,182.00 255.18 K	-7.0 %	75,370 75 K	214.8 %
Other debts and fixed assets liabilities	313,676 314 K	60.1 %	195,895 196 K	0%	0 0 K	264,097.70 264.10 K	18.8 %	4,421 4 K	6995.1 %
Account regularization	2,098 2 K	0%	0 0 K	0%	0 0 K	29,327.90 29.33 K	-92.8 %	0 0 K	0%
Total liabilities	4,807,919 4,808 K	11.8 %	4,300,300 4,300 K	-7.8 %	4,661,881 4,662 K	2,895,190.45 2,895.19 K	66.1 %	486,892 487 K	887.5 %

RESULTS

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Moy Secteur 2011		Médiane Secteur 2011
Sales of Goods	8,441,851 8,442 K	7.0 %	7,886,480 7,886 K	-5.5 %	8,349,422 8,349 K	4,222,283.40 4,222.28 K	99.9 %	831,932 832 K	914.7 %
Net turnover	8,292,762 8,293 K	5.3 %	7,873,957 7,874 K	-4.5 %	8,247,382 8,247 K	4,144,247.29 4,144.25 K	100.1 %	819,897 820 K	911.4 %
of which net export turnover	2,050,525 2,051 K	0%	0 0 K	0%	1,570,765 1,571 K	601,719.93 601.72 K	240.8 %	0 0 K	0%
Operating charges	7,661,773 7,662 K	3.7 %	7,391,180 7,391 K	2.8 %	7,191,920 7,192 K	4,035,413.00 4,035.41 K	89.9 %	794,784 795 K	864.0 %
Operating profit/loss	780,078 780 K	57.5 %	495,300 495 K	-57.2 %	1,157,502 1,158 K	186,870.55 186.87 K	317.4 %	29,551 30 K	2539.8 %
Financial income	15,965 16 K	145.6 %	6,500 7 K	-70.4 %	21,931 22 K	43,419.00 43.42 K	-63.2 %	162 0 K	9754.9 %
Financial charges	28,194 28 K	-47.3 %	53,486 53 K	217.6 %	16,841 17 K	29,967.44 29.97 K	-5.9 %	1,509 2 K	1768.4 %
Financial profit/loss	-12,229 -12 K	74.0 %	-46,986 -47 K	-1023.1 %	5,090 5 K	13,451.56 13.45 K	-190.9 %	-237 0 K	-5059.9 %
Pretax net operating income	767,849 768 K	71.3 %	448,314 448 K	-61.4 %	1,162,592 1,163 K	200,375.14 200.38 K	283.2 %	28,252 28 K	2617.9 %
Extraordinary income	1,683 2 K	-89.7 %	16,352 16 K	121.4 %	7,387 7 K	27,971.79 27.97 K	-94.0 %	212 0 K	695.7 %
Extraordinary charges	9,891 10 K	-5.3 %	10,440 10 K	-21.1 %	13,224 13 K	25,580.60 25.58 K	-61.3 %	309 0 K	3106.2 %
Extraordinary profit/loss	-8,208 -8 K	-238.8 %	5,912 6 K	201.3 %	-5,837 -6 K	2,391.19 2.39 K	-443.3 %	0 0 K	0%
Net result	502,739 503 K	68.0 %	299,181 299 K	-61.0 %	767,680 768 K	139,232.89 139.23 K	261.1 %	24,464 24 K	1955.0 %

Accounts – Active

NORMAL ACCOUNT

	31/12/2011	31/12/2010	31/12/2009
Months	12	12	12

GRAND TOTAL - ACTIVE ACCOUNTS (I TO VI)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Grand Total (I to VI)	Net	4,807,920 4,808 K	11.8 %	4,300,300 4,300 K	-7.8 %	4,661,881 4,662 K
Gross	CO	5,690,861 5,691 K	10.0 %	5,171,393 5,171 K	-4.0 %	5,384,692 5,385 K
Amortisation	1A	882,941 883 K	1.4 %	871,093 871 K	20.5 %	722,811 723 K

NON DECLARED DISTRIBUTED CAPITAL (I)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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	-	- -

ACTIVE FIXED ASSET (II)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total Active fixed asset (II)	Net	269,660 270 K	-11.2 %	303,559 304 K	4.3 %	291,008 291 K
Gross	BJ	918,752 919 K	1.3 %	907,330 907 K	7.0 %	848,113 848 K
Amortisation	BK	649,092 649 K	7.5 %	603,771 604 K	8.4 %	557,105 557 K

INTANGIBLE FIXED ASSETS

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Start-up cost	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AC	0 0 K	0%	0 0 K	0%	0 0 K
R&D expenses	Net	0 0 K	0%	360 0 K	-98.0 %	17,784 18 K
Gross	CX	100,718 101 K	0.0 %	100,719 101 K	0%	100,719 101 K
Amortisation	AE	100,718 101 K	0.4 %	100,359 100 K	21.0 %	82,935 83 K
Distributorships, patents	Net	13,627 14 K	135.1 %	5,797 6 K	64.6 %	3,521 4 K
Gross	AF	54,424 54 K	32.1 %	41,207 41 K	23.1 %	33,481 33 K
Amortisation	AG	40,797 41 K	15.2 %	35,410 35 K	18.2 %	29,960 30 K
Goodwill	Net	50,000 50 K	0%	50,000 50 K	0%	50,000 50 K
Gross	AH	50,000 50 K	0%	50,000 50 K	0%	50,000 50 K
Amortisation	AI	0 0 K	0%	0 0 K	0%	0 0 K
Other intangible fixed assets	Net	0 0 K	0%	3,750 4 K	0%	0 0 K
Gross	AJ	0 0 K	0%	3,750 4 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	63,627 64 K	6.2 %	59,907 60 K	-16.0 %	71,305 71 K

TANGILBLE FIXED ASSETS

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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	551 1 K	-55.4 %	1,235 1 K	-42.5 %	2,146 2 K
Gross	AR	8,935 9 K	0.0 %	8,936 9 K	0%	8,936 9 K
Amortisation	AS	8,384 8 K	8.9 %	7,701 8 K	13.4 %	6,790 7 K
Other tangible fixed assets	Net	102,893 103 K	-11.7 %	116,511 117 K	-30.6 %	167,988 168 K
Gross	AT	602,086 602 K	4.4 %	576,812 577 K	-4.7 %	605,408 605 K
Amortisation	AU	499,193 499 K	8.4 %	460,301 460 K	5.2 %	437,420 437 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	103,444 103 K	-12.1 %	117,746 118 K	-30.8 %	170,134 170 K

FINANCIAL ASSETS

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Associates at equity	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CS	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CT	0 0 K	0%	0 0 K	0%	0 0 K
Other participations	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CU	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CV	0 0 K	0%	0 0 K	0%	0 0 K
Inter-company receivables	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BC	0 0 K	0%	0 0 K	0%	0 0 K
Other investment securities	Net	0 0 K	0%	0 0 K	0%	3,060 3 K
Gross	BD	0 0 K	0%	0 0 K	0%	3,060 3 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	102,589 103 K	-18.5 %	125,906 126 K	170.7 %	46,509 47 K
Gross	BH	102,589 103 K	-18.5 %	125,906 126 K	170.7 %	46,509 47 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	102,589 103 K	-18.5 %	125,906 126 K	154.0 %	49,569 50 K

CURRENT ASSETS (III)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total Assets	Net	4,537,319 4,537 K	16.0 %	3,910,298 3,910 K	-10.5 %	4,370,874 4,371 K
Gross	CJ	4,771,166 4,771 K	14.2 %	4,177,620 4,178 K	-7.9 %	4,536,580 4,537 K
Amortisation	CK	233,847 234 K	-12.5 %	267,322 267 K	61.3 %	165,706 166 K

STOCKS

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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	1,712,268 1,712 K	11.4 %	1,537,347 1,537 K	10.8 %	1,387,216 1,387 K
Gross	BT	1,836,894 1,837 K	6.0 %	1,732,912 1,733 K	13.7 %	1,523,561 1,524 K
Amortisation	BU	124,626 125 K	-36.3 %	195,565 196 K	43.4 %	136,345 136 K
Sub Total Stocks	Net	1,712,268 1,712 K	11.4 %	1,537,347 1,537 K	10.8 %	1,387,216 1,387 K

ADVANCE PAYMENTS TO SUPPLIERS

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Advance payments to suppliers	Net	84,215 84 K	0%	0 0 K	0%	67,129 67 K
Gross	BV	84,215 84 K	0%	0 0 K	0%	67,129 67 K
Amortisation	BW	0 0 K	0%	0 0 K	0%	0 0 K

DEBTORS

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Trade accounts receivable	Net	1,820,876 1,821 K	10.7 %	1,645,151 1,645 K	-21.0 %	2,082,264 2,082 K
Gross	BX	1,930,097 1,930 K	12.4 %	1,716,908 1,717 K	-18.7 %	2,111,625 2,112 K
Amortisation	BY	109,221 109 K	52.2 %	71,757 72 K	144.4 %	29,361 29 K
Other debtors	Net	29,724 30 K	-83.8 %	184,035 184 K	186.1 %	64,335 64 K
Gross	BZ	29,724 30 K	-83.8 %	184,035 184 K	186.1 %	64,335 64 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	1,850,600 1,851 K	1.2 %	1,829,186 1,829 K	-14.8 %	2,146,599 2,147 K

DIVERS

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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	838,640 839 K	56.1 %	537,285 537 K	-29.7 %	764,721 765 K
Gross	CF	838,640 839 K	56.1 %	537,285 537 K	-29.7 %	764,721 765 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	838,640 839 K	56.1 %	537,285 537 K	-29.7 %	764,721 765 K

PREPAID EXPENSES

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Prepaid expenses	Net	51,596 52 K	696.2 %	6,480 6 K	24.4 %	5,209 5 K
Gross	CH	51,596 52 K	696.2 %	6,480 6 K	24.4 %	5,209 5 K
Amortisation	CI	0 0 K	0%	0 0 K	0%	0 0 K

EQUALIZATION ACCOUNTS (IV TO VI)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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	938 1 K	9.3 %	858 1 K	0%	0 0 K
Gross		938 1 K	9.3 %	858 1 K	0%	0 0 K

REFERENCES

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Grand Total (I to V)	EE	4,807,919 4,808 K	11.8 %	4,300,300 4,300 K	-7.8 %	4,661,881 4,662 K

SHAREHOLDER EQUITY (I)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total shareholders' equity (Total I)	DL	1,612,500 1,613 K	-13.7 %	1,868,891 1,869 K	-20.0 %	2,335,961 2,336 K
Equity and shareholders' equity	DA	330,000 330 K	0%	330,000 330 K	0%	330,000 330 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	33,000 33 K	0%	33,000 33 K	0%	33,000 33 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	738,621 739 K	-38.7 %	1,204,440 1,204 K	0.2 %	1,201,760 1,202 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	502,739 503 K	68.0 %	299,181 299 K	-61.0 %	767,680 768 K
Investment grants	DJ	0 0 K	0%	0 0 K	0%	0 0 K
Special tax-allowable reserves	DK	8,140 8 K	258.6 %	2,270 2 K	-35.5 %	3,521 4 K

OTHER CAPITAL RESOURCES (II)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total provisions for risks and charges (Total III)	DR	938 1 K	9.3 %	858 1 K	7.3 %	800 1 K
Risk provisions	DP	938 1 K	9.3 %	858 1 K	0%	0 0 K
Reserves for charges	DQ	0 0 K	0%	0 0 K	0%	800 1 K

Liabilities (IV)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total Liabilities (Total IV)	EC	3,194,477 3,194 K	31.4 %	2,430,549 2,431 K	4.5 %	2,325,120 2,325 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	75,798 76 K	1897.3 %	3,795 4 K	123.2 %	1,700 2 K
Sundry loans and financial liabilities	DV	256,935 257 K	55.5 %	165,282 165 K	-45.2 %	301,854 302 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%	198,716 199 K	0%	0 0 K
Trade accounts payables	DX	2,308,711 2,309 K	39.8 %	1,651,961 1,652 K	-10.3 %	1,841,664 1,842 K
Tax and social security liabilities	DY	237,259 237 K	10.4 %	214,900 215 K	19.5 %	179,902 180 K
Fixed asset liabilities	DZ	0 0 K	0%	0 0 K	0%	0 0 K
Other debts	EA	313,676 314 K	60.1 %	195,895 196 K	0%	0 0 K

TRANSLATION LOSS (V)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Translation loss (Total V)	ED	0 0 K	0%	0 0 K	0%	0 0 K

EQUALIZATION ACCOUNTS

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Deferred income	EB	2,098 2 K	0%	0 0 K	0%	0 0 K

REFERENCES

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	3,194,477 3,194 K	43.1 %	2,231,834 2,232 K	-4.0 %	2,325,120 2,325 K
Of which current bank facilities	EH	75,798 76 K	1897.3 %	3,795 4 K	293.7 %	964 1 K

Result account

1 - OPERATING RESULT (I-II)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Operating result (Total I-II)	GG	780,078 780 K	57.5 %	495,300 495 K	-57.2 %	1,157,502 1,158 K

2 - FINANCIAL RESULT (V-VI)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Financial result (Total V-VI)	GV	-12,229 -12 K	74.0 %	-46,986 -47 K	-1023.1 %	5,090 5 K

3 - PRE-TAX NET OPERATING INCOME RESULT (I TO VI)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	767,849 768 K	71.3 %	448,314 448 K	-61.4 %	1,162,592 1,163 K

4 - EXTRAORDINARY RESULT (VII-VIII)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Extraordinary result (Total VII-VIII)	HI	-8,208 -8 K	-238.8 %	5,912 6 K	201.3 %	-5,837 -6 K

PROFIT OR LOSS

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Profit or loss	HN	502,739 503 K	68.0 %	299,181 299 K	-61.0 %	767,680 768 K

TOTAL INCOME (I+III+V+VII)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total Income (Total I+III+V+VII)	HL	8,459,499 8,459 K	7.0 %	7,909,332 7,909 K	-5.6 %	8,378,740 8,379 K

TOTAL CHARGES (TOTAL II+IV+VI+VIII+IX+X)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	7,956,757 7,957 K	4.6 %	7,610,152 7,610 K	0.0 %	7,611,061 7,611 K

OPERATING INCOME (I)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total operating income (Total I)	FR	8,441,851 8,442 K	7.0 %	7,886,480 7,886 K	-5.5 %	8,349,422 8,349 K

OPERATING INCOME (DETAILS)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Sale of goods for resale	FC	8,069,889 8,070 K	4.8 %	7,699,726 7,700 K	-4.4 %	8,056,609 8,057 K
France	FA	6,073,635 6,074 K	-21.1 %	7,699,726 7,700 K	18.7 %	6,486,299 6,486 K
Export	FB	1,996,254 1,996 K	0%	0 0 K	0%	1,570,310 1,570 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	222,873 223 K	27.9 %	174,231 174 K	-8.7 %	190,773 191 K
France	FG	168,602 169 K	-3.2 %	174,231 174 K	-8.5 %	190,318 190 K
Export	FH	54,271 54 K	0%	0 0 K	0%	455 0 K
Net turnover	FL	8,292,762 8,293 K	5.3 %	7,873,957 7,874 K	-4.5 %	8,247,382 8,247 K
France	FJ	6,242,237 6,242 K	-20.7 %	7,873,957 7,874 K	17.9 %	6,676,617 6,677 K
Export	FK	2,050,525 2,051 K	0%	0 0 K	0%	1,570,765 1,571 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%	0 0 K
Operating grants	FO	0 0 K	0%	0 0 K	0%	90,697 91 K
Release of reserves and provisions	FP	149,089 149 K	1090.5 %	12,523 13 K	13.4 %	11,043 11 K
Other income	FQ	0 0 K	0%	0 0 K	0%	300 0 K

OPERATING CHARGES (II)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total operating charges (Total II)	GF	7,661,773 7,662 K	3.7 %	7,391,180 7,391 K	2.8 %	7,191,920 7,192 K

EXPLOITATION CHARGES

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Purchase of goods for resale	FS	4,670,781 4,671 K	6.6 %	4,380,761 4,381 K	-3.1 %	4,520,199 4,520 K
Change in stocks of goods for resale	FT	-103,979 -104 K	50.3 %	-209,351 -209 K	20.9 %	-264,567 -265 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	2,064,156 2,064 K	-3.3 %	2,134,143 2,134 K	9.0 %	1,958,222 1,958 K
Tax, duty and similar payments	FX	65,079 65 K	-23.8 %	85,458 85 K	14.9 %	74,367 74 K
Payroll	FY	575,635 576 K	-2.3 %	589,227 589 K	7.3 %	549,345 549 K
Social security costs	FZ	241,221 241 K	3.9 %	232,126 232 K	12.5 %	206,336 206 K

DEPRECIATION

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Depreciation of fixed assets	GA	45,323 45 K	-41.1 %	76,991 77 K	-20.7 %	97,088 97 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	103,557 104 K	1.7 %	101,825 102 K	111.5 %	48,155 48 K
Provisions for risks and charges	GD	0 0 K	0%	0 0 K	0%	800 1 K

OTHER CHARGES

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Other charges	GE	0 0 K	0%	0 0 K	0%	1,975 2 K

OPERATING CHARGES (III-IV)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total financial income (Total V)	GP	15,965 16 K	145.6 %	6,500 7 K	-70.4 %	21,931 22 K
Share financial income	GJ	0 0 K	0%	0 0 K	0%	1,486 1 K
Other investment income & capitalised receivables	GK	0 0 K	0%	0 0 K	0%	0 0 K
Other interest and similar income	GL	3,026 3 K	-39.8 %	5,027 5 K	-52.4 %	10,569 11 K
Released provisions and transferred charges	GM	858 1 K	0%	0 0 K	0%	0 0 K
Exchange gains	GN	12,081 12 K	720.2 %	1,473 1 K	-85.1 %	9,876 10 K
Net income from disposal of investment securities	GO	0 0 K	0%	0 0 K	0%	0 0 K

FINANCIAL CHARGE (VI)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total financial charge (Total VI)	GU	28,194 28 K	-47.3 %	53,486 53 K	217.6 %	16,841 17 K
Financial reserves and provisions	GQ	938 1 K	9.3 %	858 1 K	0%	0 0 K
Interest and similar charges	GR	18,665 19 K	-3.3 %	19,296 19 K	93.8 %	9,957 10 K
Exchange losses	GS	8,591 9 K	-74.2 %	33,332 33 K	384.2 %	6,884 7 K
Net loss from disposal of investment securities	GT	0 0 K	0%	0 0 K	0%	0 0 K

EXTRAORDINARY INCOME (VII)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total extraordinary income (Total VII)	HD	1,683 2 K	-89.7 %	16,352 16 K	121.4 %	7,387 7 K
Extraordinary operating income	HA	767 1 K	-71.4 %	2,680 3 K	603.4 %	381 0 K
Extraordinary income from capital transactions	HB	14 0 K	-99.9 %	11,000 11 K	569.1 %	1,644 2 K
Released provisions and transferred charges	HC	902 1 K	-66.2 %	2,672 3 K	-50.2 %	5,362 5 K

EXTRAORDINARY CHARGES (VIII)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total extraordinary charges (Total VIII)	HH	9,891 10 K	-5.3 %	10,440 10 K	-21.1 %	13,224 13 K
Extraordinary operating charges	HE	3,118 3 K	-15.7 %	3,697 4 K	-69.9 %	12,267 12 K
Extraordinary charges from capital transactions	HF	0 0 K	0%	5,322 5 K	1407.6 %	353 0 K
Extraordinary reserves and provisions	HG	6,773 7 K	376.6 %	1,421 1 K	135.3 %	604 1 K

EMPLOYEE PROFIT SHARING (IX)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Employee profit sharing (Total IX)	HJ	0 0 K	0%	0 0 K	0%	0 0 K

TAX ON PROFITS (X)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Tax on profits (Total X)	HK	256,899 257 K	65.7 %	155,046 155 K	-60.2 %	389,076 389 K

REFERENCES

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Of which equipment leases	HP	0 0 K	0%	0 0 K	0%	3,533 4 K
Of which property leases	HQ	0 0 K	0%	0 0 K	0%	0 0 K
Of which transferred charges	A1	12,056 12 K	0%	0 0 K	0%	10,205 10 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)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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%	83,629 84 K	4725.7 %	1,733 2 K
Gross value at the end of period	OL	0 0 K	0%	907,329 907 K	7.0 %	848,112 848 K

RESEARCH AND DEVELOPMENT CHARGE (TOTAL I)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Gross value at begin of period	CZ	0 0 K	0%	100,719 101 K	0%	100,719 101 K
Increasess due to revaluation	KB	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KC	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	CO1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	CO2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	DO	0 0 K	0%	100,719 101 K	0%	100,719 101 K

OTHER BUDGET ITEM FROM INTANGIBLE FIXED ASSETS (TOTAL II)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Gross value at begin of period	KD	0 0 K	0%	83,481 83 K	0%	83,481 83 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%	11,476 11 K	0%	0 0 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%	94,957 95 K	13.7 %	83,481 83 K

TANGIBLE FIXED ASSETS (TOTAL III)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Gross value at begin of period	LN	0 0 K	0%	614,344 614 K	4.7 %	586,936 587 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%	7,404 7 K	-73.0 %	27,408 27 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%	36,000 36 K	0%	0 0 K
Gross value at the end of period	NH	0 0 K	0%	585,748 586 K	-4.7 %	614,344 614 K

FINANCIAL ASSETS (TOTAL IV)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Gross value at begin of period	LQ	0 0 K	0%	49,569 50 K	-3.3 %	51,235 51 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%	123,966 124 K	182202.9 %	68 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%	47,629 48 K	2648.4 %	1,733 2 K
Gross value at the end of period	NK	0 0 K	0%	125,906 126 K	154.0 %	49,569 50 K

Reserve for depreciation

SITUATION AND MOVEMENT OF RESERVE FOR DEPRECIATION - GRAND TOTAL (I-II-III)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Reserve for depreciation value at begin of period	PE	0 0 K	0%	29,960 30 K	32.3 %	22,652 23 K
Increases	PF	0 0 K	0%	5,451 5 K	-25.4 %	7,308 7 K
Decreasess	PG	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PH	0 0 K	0%	35,411 35 K	18.2 %	29,960 30 K

TOTAL FIXED ASSETS AMOTISATION (TOTAL III)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Reserve for depreciation value at begin of period	QU	0 0 K	0%	444,210 444 K	18.5 %	374,705 375 K
Increases	QV	0 0 K	0%	54,115 54 K	-22.1 %	69,505 70 K
Decreases	QW	0 0 K	0%	30,325 30 K	0%	0 0 K
Decreasess by budget item transfer	QX	0 0 K	0%	468,000 468 K	5.4 %	444,210 444 K

Movements during period affecting charge allocated over several period

DEFERRED CHARGES AND DEBT ISSUANCE COSTS

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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%	100,719 101 K	0%	100,719 101 K
Net value at the end of period	SR	0 0 K	0%	0 0 K	0%	100,719 101 K

Provisions included in balance sheet

GRAND TOTAL (I-II-III)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Value at begining of period	7C	0 0 K	0%	3,521 4 K	-97.2 %	126,668 127 K
Increases	UB	0 0 K	0%	1,421 1 K	-97.1 %	49,559 50 K
Decreases	UC	0 0 K	0%	2,672 3 K	-56.9 %	6,200 6 K
Value at the end of period	UD	0 0 K	0%	2,270 2 K	-98.7 %	170,028 170 K

INCLUDES TOTAL ALLOCATIONS

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Operating	UE	0 0 K	0%	0 0 K	0%	48,955 49 K
Financial	UG	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UJ	0 0 K	0%	1,421 1 K	135.3 %	604 1 K

INCLUDES TOTAL WITHDRAWAL

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Operating	UF	0 0 K	0%	0 0 K	0%	838 1 K
Financial	UH	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UK	0 0 K	0%	2,672 3 K	-50.2 %	5,362 5 K

TOTAL REGULATED PROVISIONS (TOTAL I)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Value at begining of period	3Z	0 0 K	0%	3,521 4 K	-57.5 %	8,279 8 K
Increases	TS	0 0 K	0%	1,421 1 K	135.3 %	604 1 K
Decreases	TT	0 0 K	0%	2,672 3 K	-50.2 %	5,362 5 K
Value at the end of period	TU	0 0 K	0%	2,270 2 K	-35.5 %	3,521 4 K

TOTAL RISK AND CHARGE PROVISIONS (TOTAL II)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Value at begining of period	5Z	0 0 K	0%	0 0 K	0%	0 0 K
Increases	TV	0 0 K	0%	0 0 K	0%	800 1 K
Decreases	TW	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	TX	0 0 K	0%	0 0 K	0%	800 1 K

Total Provision for depreciation (Total III)

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Value at begining of period	7B	0 0 K	0%	0 0 K	0%	118,389 118 K
Increases	TY	0 0 K	0%	0 0 K	0%	48,155 48 K
Decreases	TZ	0 0 K	0%	0 0 K	0%	838 1 K
Value at the end of period	UA	0 0 K	0%	0 0 K	0%	165,706 166 K

State deadlines claims and debts at the end of period

STATE CLAIMS

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Gross value	VT	0 0 K	0%	2,033,329 2,033 K	-8.7 %	2,227,676 2,228 K
1 year at most	VU	0 0 K	0%	1,907,423 1,907 K	-12.6 %	2,181,167 2,181 K
More than one year	VV	0 0 K	0%	125,906 126 K	170.7 %	46,509 47 K

STATE OF LOANS

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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%	125,906 126 K	170.7 %	46,509 47 K
Other financial assets (1 year at most)	UV	0 0 K	0%	0 0 K	0%	0 0 K

RECEIVABLES STATEMENT OF ASSETS

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Customers doubtful or disputed	VA	0 0 K	0%	0 0 K	0%	34,966 35 K
Other claims customer	UX	0 0 K	0%	1,716,908 1,717 K	-17.3 %	2,076,659 2,077 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%	5,365 5 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%	24,577 25 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%	184,035 184 K	435.1 %	34,393 34 K

PREPAID

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Prepaid	VS	0 0 K	0%	6,480 6 K	24.4 %	5,209 5 K

STATE DEBT

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Total debt (gross)	VY	0 0 K	0%	2,231,834 2,232 K	-4.0 %	2,325,120 2,325 K
1 year at most	VZ2	0 0 K	0%	2,231,834 2,232 K	-4.0 %	2,325,120 2,325 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

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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%	3,795 4 K	123.2 %	1,700 2 K
1 year at most	VG2	0 0 K	0%	3,795 4 K	123.2 %	1,700 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%	0 0 K	0%	0 0 K
1 year at most	VH2	0 0 K	0%	0 0 K	0%	55,321 55 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%	0 0 K	0%	301,854 302 K
1 year at most	8A2	0 0 K	0%	0 0 K	0%	301,854 302 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%	1,651,961 1,652 K	-10.3 %	1,841,664 1,842 K
1 year at most	8B2	0 0 K	0%	1,651,961 1,652 K	-10.3 %	1,841,664 1,842 K
More than 1 year and 5 years at most	8B3	0 0 K	0%	1,651,961 1,652 K	-10.3 %	1,841,664 1,842 K
Personnel and associated accounts (gross)	8C1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8C2	0 0 K	0%	0 0 K	0%	55,321 55 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%	214,900 215 K	207.3 %	69,927 70 K
1 year at most	8D2	0 0 K	0%	214,900 215 K	207.3 %	69,927 70 K
More than 1 year and 5 years at most	8D3	0 0 K	0%	0 0 K	0%	0 0 K
Taxes on profits (gross)	8E1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8E2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8E3	0 0 K	0%	0 0 K	0%	0 0 K
VAT (Gross)	VW1	0 0 K	0%	0 0 K	0%	27,018 27 K
1 year at most	VW2	0 0 K	0%	0 0 K	0%	27,018 27 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%	27,636 28 K
1 year at most	VQ2	0 0 K	0%	0 0 K	0%	27,636 28 K
More than 1 year and 5 years at most	VQ3	0 0 K	0%	0 0 K	0%	0 0 K
Assets and liabilities associated accounts (gross)	8J1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8J2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8J3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	8J4	0 0 K	0%	0 0 K	0%	0 0 K
Groups and associates (gross)	VI1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VI2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VI3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	V14	0 0 K	0%	0 0 K	0%	0 0 K
Other liabilities (gross)	8K1	0 0 K	0%	361,178 361 K	0%	0 0 K
1 year at most	8K2	0 0 K	0%	361,178 361 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

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Dividends	ZE	0 0 K	0%	0 0 K	0%	885,000 885 K

COMMITMENTS

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
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

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Subcontracting	YT	0 0 K	0%	0 0 K	0%	530,835 531 K
Rentals, rental charges and condominiums	XQ	0 0 K	0%	0 0 K	0%	174,573 175 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%	439,896 440 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%	812,918 813 K
Total Other purchases and external	ZJ	0 0 K	0%	0 0 K	0%	1,958,222 1,958 K

TAXES AND FEES

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Business tax	YW	0 0 K	0%	0 0 K	0%	34,417 34 K
Other taxes and payments assimilated	9Z	0 0 K	0%	0 0 K	0%	39,950 40 K
Total taxes and fees	YX	0 0 K	0%	0 0 K	0%	74,367 74 K

VAT

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Amount VAT collected	YY	0 0 K	0%	0 0 K	0%	1,266,841 1,267 K
Total VAT on goods and services	YZ	0 0 K	0%	0 0 K	0%	1,059,019 1,059 K

AVERAGE NUMBER OF EMPLOYEES

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Average number of employees	YP	0 0 K	0%	0 0 K	0%	18 0 K

GROUPS AND SHAREHOLDERS

		31/12/2011	Variation	31/12/2010	Variation	31/12/2009
Groups and Shareholders	ZR	0 0 K	-	- -	-	0 0 K

Ratios

STRUCTURE AND LIQUIDITY

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Moy Secteur 2011		Médiane Secteur 2011
Fixed Asset Financing	2.74	-5.8 %	2.91	-22.8 %	3.77	15.77	-82.6 %	3.05	-10.2 %
Global Debt	139 days	25.2 %	111 days	9.9 %	101 days	1,047.97 days	-86.7 %	106 days	31.1 %
Working Capital Fund overall net	69 days	-12.7 %	79 days	-23.3 %	103 days	500.95 days	-86.2 %	72 days	-4.2 %
Financial independence	484.62 %	-56.2 %	1,105.35 %	43.6 %	769.54 %	156,256.86 %	-99.7 %	288.61 %	67.9 %
Solvability	33.54 %	-22.8 %	43.46 %	-13.3 %	50.11 %	-270.36 %	112.4 %	39.04 %	-14.1 %
Capacity debt futures	-	-	49,246.14 %	1102.1 %	4,096.67 %	253,477.92 %	-	2,137.16 %	-
Coverage of current assets by net working capital overall	33.92 %	-18.3 %	41.51 %	-19.9 %	51.82 %	-295.68 %	111.5 %	44.07 %	-23.0 %
General Liquidity	-	-	0.85	-9.6 %	0.94	736.87	-	0.88	-
Restricted Liquidity	-	-	1.10	-13.4 %	1.27	977.29	-	1.30	-

MANAGEMENT OR ROTATION

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Moy Secteur 2011		Médiane Secteur 2011
Need background in operating working capital	34 days	-33.3 %	51 days	-26.1 %	69 days	50.65 days	-32.9 %	33 days	3.0 %
Treasury	33 days	37.5 %	24 days	-27.3 %	33 days	394.46 days	-91.6 %	17 days	94.1 %
Inventory turnover of goods	145 days	-3.3 %	150 days	16.3 %	129 days	766.36 days	-81.1 %	51 days	184.3 %
Average length of credit granted to customers	84 days	6.3 %	79 days	-1.3 %	80 days	158.24 days	-46.9 %	71 days	18.3 %
Average length of credit obtained suppliers	125 days	33.0 %	94 days	3.3 %	91 days	176.32 days	-29.1 %	64 days	95.3 %
Inventory turnover of raw materials in industrial enterprises	0 days	-	-	-	0 days	652.82 days	0%	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	5,209.93 days	-	1,136 days	-
Rotation tangible assets	-	-	1,344.26 %	0.1 %	1,342.47 %	26,319.79 %	-	1,603.37 %	-

PROFITABILITY OF THE BUSINESS

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Moy Secteur 2011		Médiane Secteur 2011
Margin trading	42.24 %	-5.7 %	44.81 %	-2.8 %	46.09 %	23.97 %	76.2 %	26.91 %	57.0 %
Profitability of the business	9.40 %	11.9 %	8.40 %	-46.5 %	15.69 %	-34.01 %	127.6 %	4.70 %	100.0 %
Net profit	6.06 %	59.5 %	3.80 %	-59.2 %	9.31 %	-30.38 %	119.9 %	2.98 %	103.4 %
Growth rate of turnover (excluding VAT)	5.32 %	217.4 %	-4.53 %	-181.8 %	5.54 %	30.75 %	-82.7 %	7.83 %	-32.1 %
Rates integration	20.04 %	0.6 %	19.92 %	-19.2 %	24.66 %	4.53 %	342.4 %	24.96 %	-19.7 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.04 %	0.40 %	0%	0.00 %	0%
Work Factor	49.15 %	-6.1 %	52.37 %	40.9 %	37.16 %	69.72 %	-29.5 %	71.63 %	-31.4 %
Weight interests	0.34 %	-50.0 %	0.68 %	240.0 %	0.20 %	2.58 %	-86.8 %	0.18 %	88.9 %

RETURN ON CAPITAL

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Moy Secteur 2011		Médiane Secteur 2011
Cash flow from the overall profitability	6.70 %	42.6 %	4.70 %	-54.8 %	10.40 %	-19.92 %	133.6 %	3.67 %	82.6 %
Rates of economic profitability	40.00 %	25.0 %	32.00 %	-34.7 %	49.00 %	3.86 %	936.3 %	18.00 %	122.2 %
Financial profitability	1,612,500.00 %	-13.7 %	1,868,891.00 %	-20.0 %	2,335,961.00 %	1,008,348.08 %	59.9 %	146,860.00 %	998.0 %
Return on investment	27.29 %	57.7 %	17.30 %	-41.8 %	29.72 %	9.57 %	185.2 %	12.95 %	110.7 %

MANAGEMENT INTERMEDIATE BALANCES

31/12/2011

Variation

31/12/2010

Variation

31/12/2009

Moy Secteur 2011

Médiane Secteur 2011

Turnover

8,292,762 8,293 K

5.3 %

7,873,957 7,874 K

-4.5 %

8,247,382 8,247 K

4,144,247.29 4,144.25 K

100.1 %

819,897 820 K

911.4 %

31/12/2011

Variation

31/12/2010

Variation

31/12/2009

Moy Secteur 2011

Médiane Secteur 2011

Sales of goods

8,069,889 8,070 K

4.8 %

7,699,726 7,700 K

-4.4 %

8,056,609 8,057 K

-

-

- Purchase of goods

4,670,781 4,671 K

6.6 %

4,380,761 4,381 K

-3.1 %

4,520,199 4,520 K

-

-

+/- Stock of goods variation

-103,979 -104 K

50.3 %

-209,351 -209 K

20.9 %

-264,567 -265 K

-

-

Trading margin

3,503,087 € 3,503 K €

-0.7 %

3,528,316 € 3,528 K €

-7.2 %

3,800,977 € 3,801 K €

840,503.94 € 840.50 K €

316.8 %

175,454 € 175 K €

1896.6 %

42.24 % CA 42.24 % CA

-5.7 %

44.81 % CA 44.81 % CA

-2.8 %

46.09 % CA 46.09 % CA

25.06 % CA 25.06 % CA

68.6 %

27.63 % CA 27.63 % CA

52.9 %

		31/12/2011		Variation		31/12/2010		Variation		31/12/2009	Moy Secteur 2011		Médiane Secteur 2011
Sale of goods produced		222,873 223 K		27.9 %		174,231 174 K		-8.7 %		190,773 191 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%		0 0 K		-		-
Period production		222,873 € 223 K €		27.9 %		174,231 € 174 K €		-8.7 %		190,773 € 191 K €	774,187.48 € 774.19 K €	-71.2 %	70,268 € 70 K €	217.2 %
		2.69 % CA 2.69 % CA		21.7 %		2.21 % CA 2.21 % CA		-4.3 %		2.31 % CA 2.31 % CA	31.74 % CA 31.74 % CA	-91.5 %	9.70 % CA 9.70 % CA	-72.3 %
	31/12/2011		Variation		31/12/2010		Variation		31/12/2009		Moy Secteur 2011		Médiane Secteur 2011
Trading margin	3,503,087 3,503 K		-0.7 %		3,528,316 3,528 K		-7.2 %		3,800,977 3,801 K		840,503.94 840.50 K	316.8 %	175,454 175 K	1896.6 %
+ Period Production	222,873 223 K		27.9 %		174,231 174 K		-8.7 %		190,773 191 K		774,187.48 774.19 K	-71.2 %	70,268 70 K	217.2 %
- 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	2,064,156 2,064 K		-3.3 %		2,134,143 2,134 K		9.0 %		1,958,222 1,958 K			-		-
Added value	1,661,804 € 1,662 K €		6.0 %		1,568,404 € 1,568 K €		-22.9 %		2,033,528 € 2,034 K €		853,922.05 € 853.92 K €	94.6 %	212,561 € 213 K €	681.8 %
	20.04 % CA 20.04 % CA		0.6 %		19.92 % CA 19.92 % CA		-19.2 %		24.66 % CA 24.66 % CA		4.48 % CA 4.48 % CA	347.3 %	24.95 % CA 24.95 % CA	-19.7 %

	31/12/2011		Variation		31/12/2010		Variation		31/12/2009		Moy Secteur 2011		Médiane Secteur 2011
Added value	1,661,804 € 1,662 K €		6.0 %		1,568,404 € 1,568 K €		-22.9 %		2,033,528 € 2,034 K €		853,922.05 € 853.92 K €	94.6 %	212,561 € 213 K €	681.8 %
+ Operating grants	0 0 K		0%		0 0 K		0%		90,697 91 K			-		-
- Tax, duty and similar payments	65,079 65 K		-23.8 %		85,458 85 K		14.9 %		74,367 74 K			-		-
- Personal charges	816,856 817 K		-0.5 %		821,353 821 K		8.7 %		755,681 756 K			-		-
Gross operating surplus	779,869 € 780 K €		17.9 %		661,593 € 662 K €		-48.9 %		1,294,177 € 1,294 K €		210,734.96 € 210.73 K €	270.1 %	35,955 € 36 K €	2069.0 %
	9.40 % CA 9.40 % CA		11.9 %		8.40 % CA 8.40 % CA		-46.5 %		15.69 % CA 15.69 % CA		-34.06 % CA -34.06 % CA	127.6 %	4.70 % CA 4.70 % CA	100.0 %
		31/12/2011		Variation		31/12/2010		Variation		31/12/2009	Moy Secteur 2011		Médiane Secteur 2011
Gross operating surplus		779,869 € 780 K €		17.9 %		661,593 € 662 K €		-48.9 %		1,294,177 € 1,294 K €	210,734.96 € 210.73 K €	270.1 %	35,955 € 36 K €	2069.0 %
+ Release of reserves and provisions		149,089 149 K		1090.5 %		12,523 13 K		13.4 %		11,043 11 K		-		-
+ Other operating income		0 0 K		0%		0 0 K		0%		300 0 K		-		-
- Depreciation/ Amortisation		148,880 149 K		-16.7 %		178,816 179 K		22.4 %		146,043 146 K		-		-
- Other charges		0 0 K		0%		0 0 K		0%		1,975 2 K		-		-
Operating result		780,078 € 780 K €		57.5 %		495,300 € 495 K €		-57.2 %		1,157,502 € 1,158 K €	186,622.01 € 186.62 K €	318.0 %	29,577 € 30 K €	2537.5 %
		9.41 % CA 9.41 % CA		49.6 %		6.29 % CA 6.29 % CA		-55.2 %		14.03 % CA 14.03 % CA	-35.34 % CA -35.34 % CA	126.6 %	3.79 % CA 3.79 % CA	148.3 %

31/12/2011

Variation

31/12/2010

Variation

31/12/2009

Moy Secteur 2011

Médiane Secteur 2011

Operating result

780,078 € 780 K €

57.5 %

495,300 € 495 K €

-57.2 %

1,157,502 € 1,158 K €

186,622.01 € 186.62 K €

318.0 %

29,577 € 30 K €

2537.5 %

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

0 0 K

0%

0 0 K

0%

0 0 K

-

-

+ Financial income

15,965 16 K

145.6 %

6,500 7 K

-70.4 %

21,931 22 K

-

-

- Financial charges

28,194 28 K

-47.3 %

53,486 53 K

217.6 %

16,841 17 K

-

-

Pre-tax result

767,849 € 768 K €

71.3 %

448,314 € 448 K €

-61.4 %

1,162,592 € 1,163 K €

200,109.85 € 200.11 K €

283.7 %

28,252 € 28 K €

2617.9 %

9.26 % CA 9.26 % CA

62.7 %

5.69 % CA 5.69 % CA

-59.6 %

14.10 % CA 14.10 % CA

-29.28 % CA -29.28 % CA

131.6 %

3.69 % CA 3.69 % CA

150.9 %

31/12/2011

Variation

31/12/2010

Variation

31/12/2009

Moy Secteur 2011

Médiane Secteur 2011

Extraordinary income

1,683 2 K

-89.7 %

16,352 16 K

121.4 %

7,387 7 K

27,971.79 27.97 K

-94.0 %

212 0 K

695.7 %

- Extraordinary charges

9,891 10 K

-5.3 %

10,440 10 K

-21.1 %

13,224 13 K

-

-

Extraordinary result

-8,208 € -8 K €

-238.8 %

5,912 € 6 K €

201.3 %

-5,837 € -6 K €

2,391.19 € 2.39 K €

-443.3 %

0 € 0 K €

0%

-0.10 % CA -0.10 % CA

-225.0 %

0.08 % CA 0.08 % CA

214.3 %

-0.07 % CA -0.07 % CA

-0.20 % CA -0.20 % CA

50.0 %

0.00 % CA 0.00 % CA

0%

	31/12/2011	Variation	31/12/2010	Variation	31/12/2009	Moy Secteur 2011		Médiane Secteur 2011
Pre-tax result	767,849 € 768 K €	71.3 %	448,314 € 448 K €	-61.4 %	1,162,592 € 1,163 K €	200,109.85 € 200.11 K €	283.7 %	28,252 € 28 K €	2617.9 %
Extraordinary result	-8,208 € -8 K €	-238.8 %	5,912 € 6 K €	201.3 %	-5,837 € -6 K €	2,391.19 € 2.39 K €	-443.3 %	0 € 0 K €	0%
- Employee profit sharing	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Tax on profits	256,899 257 K	65.7 %	155,046 155 K	-60.2 %	389,076 389 K		-		-
Net result	502,742 € 503 K €	68.0 %	299,180 € 299 K €	-61.0 %	767,679 € 768 K €	139,057.15 € 139.06 K €	261.5 %	24,579 € 25 K €	1945.5 %
	6.06 % CA 6.06 % CA	59.5 %	3.80 % CA 3.80 % CA	-59.2 %	9.31 % CA 9.31 % CA	-30.42 % CA -30.42 % CA	119.9 %	2.98 % CA 2.98 % CA	103.4 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.60
UK Pound	1	Rs.100.09
Euro	1	Rs.71.23

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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