MIRA INFORM REPORT

 

 

Report No. :

313236

Report Date :

20.03.2015

 

IDENTIFICATION DETAILS

 

Name :

ADEL

 

 

Registered Office :

Adel 29 Bd Charles De Gaulle 69150 Decines Charpieu

 

 

Country :

France

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

June 1956

 

 

Legal Form :

Simplified joint stock company

 

 

Line of Business :

Cutting, stamping

 

 

No. of Employee :

50 to 99 employees

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

NOTES :

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

 

 

ECGC Country Risk Classification List – 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 at least 82 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 stagnated in 2012 and 2013. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.2% in 2013. Youth unemployment in metropolitan France decreased from a high of 25.4% in the fourth quarter of 2012 to 22.8% in the fourth quarter of 2013. 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 4.1% of GDP in 2013, while France's public debt rose from 68% of GDP to nearly 94% over the same period. In accordance with its EU obligations, France is targeting a deficit of 3.6% of GDP in 2014 and 2.8% in 2015. The administration of President Francois HOLLANDE has implemented greater state support for employment, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, including a temporary 75% tax on wages over one million euros, and hiring an additional 60,000 teachers during his five-year term. In January 2014 HOLLANDE proposed a “Responsibility Pact” aimed primarily at lowering labor costs in return for businesses’ commitment to create jobs. Despite stagnant growth and fiscal challenges, France's borrowing costs have declined in recent years because investors remain attracted to the liquidity of France’s bonds.

 

Source : CIA

 

 

Company summary

 

Name

ADEL

 

 

Acronym

-

 

 

Trade name

-

 

 

Type of Establishment

Head Office

 

 

Postal Address

ADEL

29 BD CHARLES DE GAULLE 69150 DECINES CHARPIEU

 

 

Telephone

04 72 14 68 10

 

 

Share Capital

591,151 Euros

 

 

Incorporiation Date

06/1956

Nationality

France

APE/NAF Code

2550B

Currency

Euros

Activity (APE)

Cutting, stamping

Last account Date

31/12/2013

Formation Date

01/1956

Fax

-

Deregistration Date

-

 

 

EUR VAT Number

FR89956507164

Legal form

Simplified joint stock company

Court Registry Number

1956B00716

 

 

Registration Court

Lyon (69)

RCS Registration

RCS Lyon B 956 507 164

 

 

Key Financials

 

YEAR  TO  DATE

TURNOVER

GROSS  OPERATING SURPLUS

SHAREHOLDER'S  EQUITY   NET  RESULT

 

EMPLOYEES

31/12/2013

11,209,045€

0.18% Turnover

3,760,871€

268,650€

50 to  99  employees

31/12/2012

11,743,073€

0.21% Turnover

3,492,220€

-50,497€

-

31/12/2011

12,585,911€

2.47% Turnover

3,542,717€

145,856€

-

 

 

ULTIMATE HOLDING COMPANY

Name

 

Country

Company  Number

GROUPE  ADEL

 

 

379675226

 

 

DIRECTORS

 

Current Directors                       2

 

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                                                                                                         13

Total number of Invoices paid within or up to 30 days after the due date                                                  5

Total number of Invoices paid more than 30 days after the dues date                                                      3

Total number of Invoices currently outstanding where the due date has not yet been reached                    5

Total number of Invoices currently outstanding beyond the due date                                                        0

 

 

Trends

 

Profitability

Liquidity

Net Worth

 

 

Establishment Details

 

Type  of  Establishment

Head  Office

Production  Role

-

APE/NAF  Code

2550B

Activity

Découpage,  emboutissage

Formation  Date

09/1989

Reason  for  Formation

Formation

Closure  Date

-

Reason  for  Closure

Other

Reactivation  Date

-

Seasonality

-

Activity  Nature

-

Activity  Location

Other

Trading  Address

29 BOULEVARD  CHARLES  DE  GAULLE

Department

 

 

69150 DECINES  CHARPIEU

 

Rhône  (69)

Location  Surface

-

District

1

City

DECINES CHARPIEU

Status

Economically  active

Business  Pages  FT®

DECOUPAGE  ET  EMBOUTISSAGE

Region

Rhône-Alpes

 

 

Area

44

 

 

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

GROUPE  ADEL

Activités  des  sociétés  holding

6420Z

DECINES CHARPIEU

69150

 

 

 

 

 

 

 

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

ADEL

Head  Office

2550B

Découpage,  emboutissage

DECINES CHARPIEU

69150

ADEL

Branch

2550B

Découpage,  emboutissage

DECINES CHARPIEU

69150

 

 

Workforces

 

Workforce  at  address

50 to  99  employees

Company  workforce

50 to  99  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 decrease of tangible fixed assets over the last two accounting periods is 10 %

The net turnover is below the average of its class

The net current assets are 3,792,656 €

The liabilities are 2,645,748 €

High risk workforce size

The return on total assets employed is 1.76

The stock to turnover ratio is 12.05

The sales to current assets ratio is 2.96

The pre-tax profit is 112,709 €

The total assets are 6,406,623 €

The risk provisions are 0 €

The company has 2 director(s)

Department code with medium risk rating

Industry code with low risk rating

The decrease in the gearing percentage over the last two accounting periods is 48 %

The creditor days are 35.82

The ratio total assets to total liabilities is 2.42

The shareholder's equity is 3,760,871 €

 

 

COLLECTIVE  PROCEDURES

 

No  judgment  information  for  the  company

 

PREFERENTIAL  RIGHTS  DETAILS  AND  HISTORY

 

 

SUMMARY OF PREFERENTIAL RIGHTS

 

Company  monitored  since

14/06/2013

Status  of  Monitoring

No  social  security  and  tax  office  preferential  right  to  date

 

 

GROUP DATA

 

Maison-mère  ultime

GROUPE  ADEL

Direct  parent

GROUPE  ADEL  -  100  %

Group  -  Number  of  companies

2

Linkages  -  Number  of  companies

-

Number  of  countries

-

 

 

 

 

Name

Siren

Parts

Last account Published

 

 

 

 

 

 

1

 

GROUPE  ADEL

379675226

-

31/12/2013

 

2

ADEL

956507164

100 %

31/12/2013

 

 

LINKAGES

 

No Linkages information  available  for  the  company.

 

DIRECTOR(S)

 

Name

M.  ADELHANOFF  PHILLIPPE

 

 

Manager  position

President

Date  of  birth

10/03/1956

Place  of  birth

OULLINS(69)

 

 

Type

Individual

Name  at  birth

 

 

 

 

 

Name

M.  ADELHANOFF  YVES

 

 

Manager  position

Managing  director

Date  of  birth

06/04/1959

Place  of  birth

OULLINS(69)

 

 

Type

Individual

Name  at  birth

 

 

 

PREVIOUS DIRECTORS

 

Manager  position

Title  and  name

Date  of  Birth/Place  of  Birth

President

M.  ADELHANOFF  PHILIPPE

10/03/1956  -  OULLINS

Managing  director

M.  ADELHANOFF  PHILIPPE

10/03/1956  -  OULLINS

 

 

STATUS  HISTORY

 

No  Status  History

 

 

RECENT  PUBLICATIONS  IN  GAZETTES

 

Publication date Gazette Name Description

11/09/2014 Bodacc C Comptes annuels et rapports

69 - RHONE

GREFFE DU TRIBUNAL DE COMMERCE DE LYON

6713 - 956507164 RCS. ADEL. Forme : Société par Actions Simplifiée. Adresse : 29 boulevard Charles de Gaulle 69150 Décines-Charpieu. Commentaires :

Comptes annuels et rapports de l'exercice clos le : 31/12/2013.

15/11/2013 Bodacc C Comptes annuels et rapports

69 - RHONE

GREFFE DU TRIBUNAL DE COMMERCE DE LYON

12474 - 956507164 RCS. ADEL. Forme : Société par Actions Simplifiée. Adresse : 29 boulevard Charles de Gaulle 69150 Décines-Charpieu. Commentaires :

Comptes annuels et rapports de l'exercice clos le : 31/12/2012.

28/09/2012 Bodacc C Comptes annuels et rapports

69 - RHONE

GREFFE DU TRIBUNAL DE COMMERCE DE LYON

9259 - 956507164 RCS. ADEL. Forme : Société par Actions Simplifiée. Adresse : 29 boulevard Charles de Gaulle 69150 Décines-Charpieu. Commentaires :

Comptes annuels et rapports de l'exercice clos le : 31/12/2011.

09/12/2011 Bodacc B Modification et mutation diverse

69 - RHONE

GREFFE DU TRIBUNAL DE COMMERCE DE LYON

1535 - 956 507 164 RCS Lyon. ADEL. Forme : Société par Actions Simplifiée. Capital : 591151 EUR. Activité : .

Commentaires : Modification du capital.

24/10/2011 JAL Modification of the share capital

Petites Affiches Lyonnaises (Les)

Date de décision : 30/09/2011

La société : 956507164 - ADEL, 29 BD CHARLES DE GAULLE, 69150 DECINES CHARPIEU a subi une augmentation de son capital social désormais de 591 151 €

Date d'effet : 30/09/2011

Publication date Gazette Name Description

12/11/2010 Bodacc B Modification et mutation diverse

69 - RHONE

GREFFE DU TRIBUNAL DE COMMERCE DE LYON

1564 - 956 507 164 RCS Lyon. ADEL. Forme : Société par Actions Simplifiée. Administration : Société à responsabilité limitée COMPAGNIE EUROPEENNE

D'AUDIT n'est plus commissaire aux comptes titulaire. CARRIER Roland nom d'usage : CARRIER n'est plus commissaire aux comptes suppléant. NOVANCES -

DECHANT & Associés devient commissaire aux comptes titulaire. JOURDAN Pascal nom d'usage : JOURDAN devient commissaire aux comptes suppléant.

Commentaires : Modification de l'administration.

28/10/2010 Bodacc B Modification et mutation diverse

69 - RHONE

GREFFE DU TRIBUNAL DE COMMERCE DE LYON

2213 - 956 507 164 RCS Lyon. ADEL. Forme : Société par Actions Simplifiée. Capital : 587308 EUR.

Commentaires : Modification du capital.

28/10/2010 Bodacc C Comptes annuels et rapports

69 - RHONE

GREFFE DU TRIBUNAL DE COMMERCE DE LYON

9994 - 956507164 RCS. ADEL. Forme : Société par Actions Simplifiée. Adresse : 52 rue Élisée Reclus 69150 Décines-Charpieu. Commentaires : Comptes

annuels et rapports de l'exercice clos le : 31/12/2009.

12/09/2010 JAL Modification of the share capital

PETITES AFFICHES LYONNAISES

Date de décision : 15/06/2010

La société : 956507164 - ADEL, 52 RUE ELYSEE RECLUS, 69150 DECINES CHARPIEU a subi une augmentation de son capital social désormais de 587 308 €

29/10/2009 Bodacc B Modification et mutation diverse

69 - RHONE

GREFFE DU TRIBUNAL DE COMMERCE DE LYON

1461 - 956 507 164 RCS Lyon. ADEL. Forme : Société par Actions Simplifiée. Capital : 579622 EUR.

Commentaires : Modification du capital.

01/10/2009 Bodacc C Comptes annuels et rapports

69 - RHONE

GREFFE DU TRIBUNAL DE COMMERCE DE LYON

5662 - 956507164 RCS. ADEL. Forme : Société par Actions Simplifiée. Adresse : 52 rue Élisée Reclus 69150 Décines-Charpieu. Commentaires : Comptes

annuels et rapports de l'exercice clos le : 31/12/2008.

22/10/2008 Bodacc C Comptes annuels et rapports

69 - RHONE

GREFFE DU TRIBUNAL DE COMMERCE DE LYON

6266 - 956507164 RCS. ADEL. Forme : Société par Actions Simplifiée. Adresse : 52 rue Élisée Reclus 69150 Décines-Charpieu. Commentaires : Comptes

annuels et rapports de l'exercice clos le : 31/12/2007.

04/03/2008 Bodacc C Comptes annuels et rapports

69 - RHONE

GREFFE DU TRIBUNAL DE COMMERCE DE LYON

2994 - 956507164 RCS. ADEL. Forme : société par actions simplifiée. Adresse : 52 rue Élisée Reclus 69150 Décines-Charpieu. Commentaires : Comptes

annuels et rapports de l'exercice clos le : 31/12/2006.

24/11/2006 Bodacc C Avis de dépôt des comptes

8175 - RCS Lyon B 956 507 164. RC 56-B 716. ADEL. Forme: S.A.S. Adresse du siège social: 52, Rue Elisee Reclus,69150 Decines. Comptes annuels et

rapports de l'exercice clos le: 31 décembre 2005.

14/10/2005 Bodacc C Avis de dépôt des comptes

3371 - RCS Lyon B 956 507 164. RC 56-B 716. ADEL. Forme: société par actions simplifiée. Adresse du siège social: 52, Rue Elisee Reclus,69150 Decines.

Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.

28/01/2003 Bodacc B Modifications et mutations diverses

RCS Lyon 956507164 RC 56-B 00716 ADEL. Forme : S.A.S. Adresse du siège social : 52 rue Elisée-Reclus, 69150 Décines- Charpieu. Administration : nouveau

directeur général : ADELHANOFF ( Philippe), déjà président. Ancien directeur général : ADELHANOFF ( Philippe).

25/10/2002 Bodacc B Modifications et mutations diverses

RCS Lyon 956507164 RC 56-B 00716 ADEL. Forme : S.A.S. Capital : 571 936 euros. Adresse du siège social : 52 rue Elisée- Reclus, 69150 Décines-Charpieu.

Commentaires : modification survenue sur la forme juridique et le capital. Administration : nomination d'un président : ADELHANOFF (Yves), ancien président du

conseil d'administration. Nomination d'un directeur général : ADELHANOFF (Philippe), ancien directeur général délégué. Ancien administrateur : ADELHANOFF

(Jean). Nouvel administrateur : GUGLIELMO (Thierry).

28/07/2002 Bodacc B Modifications et mutations diverses

RCS Lyon 956507164 RC 56-B 00716 ADEL. Forme : S.A. à conseil d'administration. Adresse du siège social : 52 rue Elisée- Reclus, 69150 Décines.

Administration : nouveau président du conseil d' administration : ADELHANOFF (Yves), ancien directeur général et administrateur. Nouveau directeur général

délégué : ADELHANOFF (Phillippe) ancien président du conseil d' administration. Commentaires : modification survenue sur la forme juridique.

23/01/2001 Bodacc B Modifications et mutations diverses

RCS Lyon 956507164 RC 56-B 00716 ADEL. Forme : S.A. Capital : 3 750 400 F. Adresse du siège social : 52 rue Elisée-Reclus, 69150 Décines-Charpieu.

Administration : nouvel administrateur : GUGLIELMO ( Thierry). Date d'effet : 30 juin 2000.

05/05/2000 Bodacc B Modifications et mutations diverses

RCS Lyon 956507164 RC 56-B 00716 ADEL. Forme : S.A. Capital : 3 750 400 F. Adresse du siège social : 52 rue Elysée-Reclus, 69150 Décines. Administration :

nouveau directeur général : ADELHANOFF (Yves). Date d'effet : 11 février 2000.

14/09/1999 Bodacc B Modifications et mutations diverses

956507164. RCS Lyon. A dater du: 5 juin 1956 RC 56-B 716 ADEL. Forme : S.A. Capital : 3 750 400 F. Adresse du siège social : 52, rue Elysée-Reclus, 69150

Décines-Charpieu. Administration : ancien commissaire aux comptes titulaire : PARISI (Henri) nouveau commissaire aux comptes titulaire : COMPAGNIE

EUROPEENNE D'AUDIT S.A.R.L. Date d'effet : 24 juin 1999.

Publication date Gazette Name Description

27/05/1999 Bodacc A Création d'établissement

956 507 164. RCS Lyon. ADEL S.A. Forme : S.A. Capital : 3 750 400 F. Adresse du siège social : 52 rue Elisée-Reclus, 69150 Décines. Administration :

président- directeur général : ADELHANOFF ( Philippe) Fonds principal acquis par achat, au prix stipulé de 800 000 F Etablissement principal: Activité :

fabrication de raccords inox dépendant d'un fonds de commerce de chaudronnerie , tuyauterie industrielle, fabrication d'accessoires et raccords en inox et

métaux spéciaux, vente de produits industriels, étude et réalisation industrielle. Adresse : 98 rue du Dauphiné, 69800 Saint-Priest. Date d'effet : 24 février 1999

Précédente propriétaire-exploitante représentée par Me Bauland, liquidateur judiciaire A.R.S.P. 388 778 573. RCS Lyon. Publication légale: Les Affiches

lyonnaises du 21 au 23 avril 1999. Oppositions : Me Bauland, 40 rue de Bonnel, 69003 Lyon.

27/03/1999 Bodacc A Création d'établissement

RCS Lyon B 398 205 591 S.A.R.L. MAT INOX. Forme : S.A.R.L. Capital : 150 000 F. Adresse du siège social : 49 avenue Franklin-Roosevelt 691540 Décines

Etablissement principal: Activité : fabrication, vente de petit matériel et ustensiles pour laboratoires de boulangerie, de patisserie et de métiers de bouche.

Adresse : 52 rue Elysées-Reclus 69150 Décines Branche d' activité de petit matériel dépendant de l'établissement principal acquise par achat au prix stipulé de

90 000 F, à l' exclusion de tout droit au bail. Date d'effet : 1er février 1999. Précédent propriétaire : ADEL S.A. RCS Lyon B 956 507 164 Publication légale: Le

Tout Lyon et le Moniteur judiciaire réunis du 4 mars 1999. Oppositions : au siège de l'acquéreur.

14/09/1998 Bodacc B Modifications et mutations diverses

Ancienne situation du siège social 956507164. RCS Lyon. RC 56-b 716 nicromac. Forme : S.A. Capital : 3 750 400 F. Adresse : 52, rue Elisée-Reclus, 69150

Décines-Charpieu Nouvelle situation du siège social dénomination: adel. Commentaires : capital porté à 3 750 400 F. Date d'effet : 30 juin 1998.

 

 

Company events history

 

Company  events  history

 

Date

Description

11/09/2014

Bodacc  C  :  Deposit  accounts  notice

05/09/2014

New  ultimate  parent

05/09/2014

New  parent  detected

03/09/2014

Update  Limit

03/09/2014

Consideration  of  a  balance  sheet  that  has  led  to  a  reassessment  of  this  company's  creditworthiness

31/12/2013

New  accounts  available

15/11/2013

Bodacc  C  :  Deposit  accounts  notice

19/10/2013

Update  Limit

19/10/2013

Update  Rating

11/10/2013

Consideration  of  a  balance  sheet  that  has  led  to  a  reassessment  of  this  company's  creditworthiness

17/07/2013

Update  Rating

17/07/2013

Update  Limit

14/06/2013

Collection  of  preferential  rights  activated  for  this  company

31/12/2012

New  accounts  available

28/09/2012

Bodacc  C  :  Deposit  accounts  notice

14/09/2012

Consideration  of  a  balance  sheet  that  has  led  to  a  reassessment  of  this  company's  creditworthiness

31/12/2011

New  accounts  available

09/12/2011

Bodacc  B:  Various  editing  or  changing

16/11/2011

Amendment

16/11/2011

Minutes  of  general  meeting  of  shareholders

16/11/2011

Updated  articles  of  association

16/11/2011

Audit  or  Management  Report

30/09/2011

Legal  Gazette:  Modification  of  the  share  capital

30/09/2011

Other  modification  of  Establishment

19/07/2011

Consideration  of  a  balance  sheet  that  has  led  to  a  reassessment  of  this  company's  creditworthiness

11/02/2011

Minutes  of  general  meeting  of  shareholders

11/02/2011

Updated  articles  of  association

31/12/2010

New  accounts  available

12/11/2010

Bodacc  B:  Various  editing  or  changing

28/10/2010

Bodacc  C  :  Deposit  accounts  notice

28/10/2010

Bodacc  B:  Various  editing  or  changing

14/10/2010

Amendment

20/09/2010

Audit  or  Management  Report

20/09/2010

Updated  articles  of  association

20/09/2010

Minutes  of  general  meeting  of  shareholders

30/06/2010

Transfer  of  Establishment

30/06/2010

Modification  to  Establishment  Address  or  Identifier

30/06/2010

Update  of  Company  Head  Office  Identifier

15/06/2010

Legal  Gazette:  Modification  of  the  share  capital

31/12/2009

New  accounts  available

29/10/2009

Bodacc  B:  Various  editing  or  changing

01/10/2009

Bodacc  C  :  Deposit  accounts  notice

30/09/2009

Updated  articles  of  association

30/09/2009

Minutes  of  general  meeting  of  shareholders

30/09/2009

Audit  or  Management  Report

15/06/2009

Other  modification  of  Establishment

31/12/2008

New  accounts  available

22/10/2008

Bodacc  C  :  Deposit  accounts  notice

04/03/2008

Bodacc  C  :  Deposit  accounts  notice

31/12/2007

New  accounts  available

31/12/2006

New  accounts  available

31/12/2005

New  accounts  available

31/12/2004

New  accounts  available

31/12/2003

New  accounts  available

21/11/2002

Appointment/resignation  of  company  officers

21/11/2002

Minutes  of  general  meeting  of  shareholders

21/11/2002

Private  document

13/09/2002

Appointment/resignation  of  company  officers

13/09/2002

Capital  increase

13/09/2002

Minutes  of  general  meeting  of  shareholders

13/09/2002

New  legal  form  -  no  new  category

13/09/2002

Updated  articles  of  association

13/09/2002

Private  document

19/06/2002

Private  document

19/06/2002

Audit  or  Management  Report

12/06/2002

Application  and  court  order

04/06/2002

Appointment/resignation  of  company  officers

04/06/2002

Changes  to  the  Board  of  Directors

04/06/2002

Minutes  of  Board  meeting

04/06/2002

Private  document

15/12/2000

Amendment

15/12/2000

Appointment/resignation  of  company  officers

15/12/2000

Changes  to  the  Board  of  Directors

15/12/2000

Minutes  of  general  meeting  of  shareholders

15/12/2000

Private  document

23/03/2000

Appointment/resignation  of  company  officers

23/03/2000

Amendment

23/03/2000

Changes  to  the  Board  of  Directors

23/03/2000

Private  document

23/03/2000

Minutes  of  Board  meeting

03/08/1999

Private  document

03/08/1999

Minutes  of  general  meeting  of  shareholders

03/08/1999

New  auditor

03/08/1999

Amendment

31/07/1998

Minutes  of  general  meeting  of  shareholders

31/07/1998

Declaration  of  conformity

31/07/1998

Capital  increase

31/07/1998

Articles  of  association

31/07/1998

New  company  name

31/07/1998

Private  document

31/07/1998

Spin-off

31/07/1998

Updated  articles  of  association

31/07/1998

Amendment

22/06/1998

Private  document

22/06/1998

Amendment

22/06/1998

Audit  or  Management  Report

15/06/1998

Planned  merger

15/06/1998

Private  document

15/06/1998

Amendment

27/04/1998

Application  and  court  order

27/04/1998

Appointment/resignation  of  company  officers

17/08/1992

Amendment

17/08/1992

Minutes  of  general  meeting  of  shareholders

 

 


Synthesized Accounts

 

ANNUAL ACCOUNTS

 

 

31/12/2013

31/12/2012

31/12/2011

Account  period

 

 

 

 

12

12

12

(month)

 

 

 

Account  Type

Normal

Normal

Normal

Date  of  capture

02/09/2014

10/10/2013

13/09/2012

Activity  Code

2550B

2550B

2550B

Employees

0

0

0

 

 

ACTIVE ACCOUNT

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MÉDIANE  SECTEUR  2013

Capital  not  called

0

0%

0

0%

0

0

0%

Total  fixed  assets

2,613,966

-4.3 %

2,731,310

5.0 %

2,601,128

178,725

1362.6 %

- Intangible  assets

1,540,076

0.0 %

1,539,735

0%

1,539,735

5,607

27369.5 %

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MÉDIANE  SECTEUR  2013

 

- Tangible  assets

1,015,859

-10.4 %

1,133,546

12.3 %

1,009,826

123,561

722.2 %

- Financial  assets

58,026

0.0 %

58,027

12.5 %

51,567

5,354

983.8 %

Net  current  assets

3,792,656

-13.0 %

4,357,084

23.2 %

3,535,315

884,834

328.6 %

- Stocks

1,351,103

21.0 %

1,116,488

52.0 %

734,327

160,088

744.0 %

- Advanced

 

 

 

 

 

 

 

 

345

0%

0

0%

8,713

0

0%

payments

 

 

 

 

 

 

 

- Receivables

2,310,965

-7.9 %

2,510,141

-2.7 %

2,578,680

408,754

465.4 %

- Securities  and  cash

130,241

-82.2 %

730,454

242.0 %

213,595

122,631

6.2 %

- Prepaid  expenses

-

-

-

-

-

1,247

-

Accounts  of

regularization

0

0%

0

0%

0

0

0%

Total  Assets

6,406,623

-9.6 %

7,088,395

15.5 %

6,136,443

1,183,977

441.1 %

 

 

 

 

PASSIVE ACCOUNT

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MÉDIANE  SECTEUR  2013

Shareholders'

equity

3,760,871

7.7 %

3,492,220

-1.4 %

3,542,717

484,914

675.6 %

Share capital

591,151

0%

591,151

0%

591,151

100,000

491.2 %

Other capital

resources

0

0%

0

0%

0

0

0%

Risk Provisions

0

0%

0

0%

0

0

0%

Liabilities

2,645,748

-25.0 %

3,527,873

37.5 %

2,564,823

515,955

412.8 %

- Financial liabilities

971,812

-41.4 %

1,659,462

37.9 %

1,203,007

100,193

869.9 %

- Advanced

payments received

0

0%

0

0%

0

0

0%

- Trade account

payables

1,099,910

-18.3 %

1,346,413

52.5 %

882,900

201,818

445.0 %

- Tax and social

liabilities

570,637

12.6 %

506,715

7.5 %

471,233

144,568

294.7 %

- Other debts and

fixed assets liabilities

3,387

-77.8 %

15,281

98.9 %

7,681

4,405

-23.1 %

Account

regularization

0

0%

0

0%

0

0

0%

Total liabilities

6,406,619

-9.6 %

7,088,393

15.5 %

6,136,444

1,183,977

441.1 %

 

 

RESULT

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MÉDIANE  SECTEUR  2013

Sales of Goods

11,751,947

-2.1 %

12,001,328

-6.4 %

12,823,338

1,830,190

542.1 %

Net turnover

11,209,045

-4.5 %

11,743,073

-6.7 %

12,585,911

1,787,204

527.2 %

- of which net export turnover

3,332,612

-19.9 %

4,158,795

-17.1 %

5,017,482

0

0%

Operating charges

12,152,655

-1.8 %

12,377,977

-1.7 %

12,598,020

1,733,012

601.2 %

Operating profit/loss

-400,708

-6.4 %

-376,648

-267.2 %

225,317

43,254

-1026.4 %

Financial income

1,757

258.6 %

490

-94.0 %

8,214

719

144.5 %

Financial charges

44,901

5.7 %

42,470

-10.5 %

47,437

3,891

1054.0 %

Financial

profit/loss

-43,143

-2.8 %

-41,980

-7.0 %

-39,222

-1,494

-2788.7 %

Pretax net

operating income

-443,852

-6.0 %

-418,628

-325.0 %

186,094

42,575

-1142.5 %

Extraordinary income

666,044

1183.2 %

51,903

-95.0 %

1,030,548

3,392

19538.6 %

Extraordinary

charges

109,483

19.3 %

91,769

-90.8 %

993,772

1,288

8403.5 %

Extraordinary

profit/loss

556,561

1496.1 %

-39,866

-208.4 %

36,776

0

0%

Net result

268,650

632.0 %

-50,497

-134.6 %

145,856

42,976

525.1 %

 

 

Accounts - Active

 

NORMAL  ACCOUNT

 

 

31/12/2013

31/12/2012

31/12/2011

Months

12

12

12

 

 

GRAND  TOTAL  -  ACTIVE  ACCOUNTS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Grand  Total  (I  to VI)

 

 

 

 

 

 

Net

 

6,406,623

-9.6 %

7,088,395

15.5 %

6,136,443

Gross  

CO

10,959,177

-1.9 %

11,174,869

10.7 %

10,094,322

Amortisation

1A

4,552,554

11.4 %

4,086,474

3.2 %

3,957,879

 

 

ACTIVE FIXED ASSET

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Total Active fixed asset (II)

Net

2,613,966

-4.3 %

2,731,310

5.0 %

2,601,128

Gross

BJ

6,789,862

2.2 %

6,641,427

4.9 %

6,331,601

Amortisation

BK

4,175,896

6.8 %

3,910,117

4.8 %

3,730,473

 

 

INTANGIBLE FIXED ASSETS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Start-up cost

Net

0

0%

0

0%

0

Gross

AB

0

0%

0

0%

0

Amortisation

AC

0

0%

0

0%

0

R&D expenses

Net

0

0%

0

0%

0

Gross

CX

0

0%

0

0%

0

Amortisation

AE

0

0%

0

0%

0

Distributorships, patents

Net

341

0%

0

0%

0

Gross

AF

76,729

5.8 %

72,492

0%

72,492

Amortisation

AG

76,388

5.4 %

72,492

0%

72,492

Goodwill

Net

1,539,735

0%

1,539,735

0%

1,539,735

Gross

AH

1,539,735

0%

1,539,735

0%

1,539,735

Amortisation

AI

0

0%

0

0%

0

Other intangible fixed assets

Net

0

0%

0

0%

0

Gross

AJ

0

0%

0

0%

0

Amortisation

AK

0

0%

0

0%

0

 

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Pre-payments  and downpayments

 

 

 

 

 

 

Net

 

0

0%

0

0%

0

Gross

   AL

0

0%

0

0%

0

Amortisation   AM

 

0

0%

0

0%

0

Sub  Total

 

1,540,076

0.0 %

1,539,735

0%

1,539,735

 

 

TANGILBLE FIXED ASSETS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Lands

Net

0

0%

0

0%

0

Gross

AN

0

0%

0

0%

0

Amortisation

AO

0

0%

0

0%

0

Buildings

Net

176,005

-17.6 %

213,478

-15.0 %

251,170

Gross

AP

999,522

0%

999,522

0%

999,522

Amortisation

AQ

823,516

4.8 %

786,043

5.0 %

748,352

Plant

Net

761,063

-10.0 %

845,917

297.2 %

212,991

Gross

AR

3,671,424

2.8 %

3,572,991

28.6 %

2,777,659

Amortisation

AS

2,910,360

6.7 %

2,727,074

6.3 %

2,564,668

Other tangible fixed assets

Net

78,791

6.3 %

74,151

6.8 %

69,460

Gross

AT

444,157

11.5 %

398,394

-3.8 %

414,155

Amortisation

AU

365,366

12.7 %

324,242

-5.9 %

344,695

Fixed assets in construction

Net

0

0%

0

0%

476,205

Gross

AV

0

0%

0

0%

476,205

Amortisation

AW

0

0%

0

0%

0

Advances and

 

 

 

 

 

 

payments on

Net

0

0%

0

0%

0

account

 

 

 

 

 

 

Gross

AX

0

0%

0

0%

0

Amortisation

AY

0

0%

0

0%

0

Sub Total Tangible

asset

Net

1,015,859

-10.4 %

1,133,546

12.3 %

1,009,826

 

 

FINANCIAL ASSETS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Associates at equity

Net

0

0%

0

0%

0

Gross

CS

0

0%

0

0%

0

Amortisation

CT

0

0%

0

0%

0

Other participations

Net

0

0%

0

0%

0

Gross

CU

0

0%

0

0%

0

Amortisation

CV

0

0%

0

0%

0

Inter-company receivables

Net

0

0%

0

0%

0

Gross

BB

0

0%

0

0%

0

Amortisation

BC

0

0%

0

0%

0

Other investment securities

Net

762

-0.1 %

763

0%

763

Gross

BD

1,029

0%

1,029

0%

1,029

Amortisation

BE

266

0%

266

0%

266

Loans

Net

0

0%

0

0%

0

Gross

BF

0

0%

0

0%

0

Amortisation

BG

0

0%

0

0%

0

Other financial assets

Net

57,264

0%

57,264

12.7 %

50,804

Gross

BH

57,264

0%

57,264

12.7 %

50,804

Amortisation

B

0

0%

0

0%

0

Sub Total Financial assets

Net

58,026

0.0 %

58,027

12.5 %

51,567

 

 

CURRENT ASSETS  

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Total  Assets Net

 

3,792,656

-13.0 %

4,357,084

23.2 %

3,535,315

Gross

  CJ

4,169,315

-8.0 %

4,533,442

20.5 %

3,762,721

Amortisation

   CK

376,658

113.6 %

176,357

-22.4 %

227,406

 

 

STOCKS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Raw materials

Net

221,267

-46.5 %

413,335

77.1 %

233,435

Gross

BL

228,950

-46.2 %

425,728

79.8 %

236,727

Amortisation

BM

7,683

-38.0 %

12,393

276.5 %

3,292

Work in progress (goods)

Net

1,129,836

60.7 %

703,153

40.4 %

500,892

Gross

BN

1,151,529

61.8 %

711,518

34.8 %

527,923

Amortisation

BO

21,693

159.3 %

8,365

-69.1 %

27,031

Work in progress (services)

Net

0

0%

0

0%

0

Gross

BP

0

0%

0

0%

0

Amortisation

BQ

0

0%

0

0%

0

Semi-finished and finished products

Net

0

0%

0

0%

0

Gross

BR

0

0%

0

0%

0

Amortisation

BS

0

0%

0

0%

0

Goods for resale

Net

0

0%

0

0%

0

Gross

BT

0

0%

0

0%

0

Amortisation

BU

0

0%

0

0%

0

Sub Total Stocks

Net

1,351,103

21.0 %

1,116,488

52.0 %

734,327

 

 

ADVANCE PAYMENTS TO SUPPLIERS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Advance payments to suppliers

Net

345

0%

0

0%

8,713

Gross

BV

345

0%

0

0%

8,713

Amortisation

BW

0

0%

0

0%

0

 

 

DEBTORS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Trade accounts receivable

Net

1,982,077

-8.4 %

2,165,004

-9.2 %

2,383,831

Gross

BX

2,329,360

0.4 %

2,320,603

-10.1 %

2,580,914

Amortisation

BY

347,282

123.2 %

155,599

-21.0 %

197,083

Other debtors

Net

148,137

-6.5 %

158,485

125.9 %

70,144

Gross

BZ

148,137

-6.5 %

158,485

125.9 %

70,144

Amortisation

CA

0

0%

0

0%

0

Capital subscribed and called up

Net

0

0%

0

0%

0

Gross

CB

0

0%

0

0%

0

Amortisation

CC

0

0%

0

0%

0

Sub Total debtors

Net

2,130,214

-8.3 %

2,323,489

-5.3 %

2,453,975

 

 

DIVERS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Investment securities

Net

0

0%

0

0%

36,059

Gross

CD

0

0%

0

0%

36,059

Amortisation

CE

0

0%

0

0%

0

Cash and cash equivalents

Net

130,241

-82.2 %

730,454

311.4 %

177,536

Gross

CF

130,241

-82.2 %

730,454

311.4 %

177,536

Amortisation

CG

0

0%

0

0%

0

Sub Total Divers

Net

130,241

-82.2 %

730,454

242.0 %

213,595

 

 

PREPAID EXPENSES

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Prepaid expenses

Net

180,751

-3.2 %

186,652

49.7 %

124,705

Gross

CH

180,751

-3.2 %

186,652

49.7 %

124,705

Amortisation

CI

0

0%

0

0%

0

 

REFERENCES

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Due within one year

CP

0

0%

0

0%

0

Due after one year

CR

578,808

211.1 %

186,030

-47.1 %

351,964

 

 

 

 

 

 

 

 

 

Accounts – Passive

 

GRAND TOTAL - PASSIVE ACCOUNTS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Grand Total (I to V)

EE

6,406,619

-9.6 %

7,088,393

15.5 %

6,136,444

 

 

SHAREHOLDER EQUITY

 

 

 

 

 

 

 

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Equity and shareholders' equity

DA

591,151

0%

591,151

0%

591,151

Issue and merger premiums

DB

2,673,802

0%

2,673,802

0%

2,673,802

Revaluation differentials

DC

0

0%

0

0%

0

Of which equity differential

EK

0

0%

0

0%

0

Legal reserve

DD

59,115

0%

59,115

0.7 %

58,730

Statutory or contractual reserve

DE

0

0%

0

0%

0

Special regulated reserves

DF

0

0%

0

0%

0

Of which special

 

 

 

 

 

 

reserve of provisions

B1

0

0%

0

0%

0

for current fluctuation

 

 

 

 

 

 

Other reserves

DG

168,152

-23.1 %

218,649

198.8 %

73,177

Of which reserve for

 

 

 

 

 

 

buying originals works from alive

EJ

0

0%

0

0%

0

artists

 

 

 

 

 

 

Profits or losses brought forward

DH

0

0%

0

0%

0

Profit or loss for the period

DI

268,650

632.0 %

-50,497

-134.6 %

145,856

Investment grants

DJ

0

0%

0

0%

0

Special tax-allowable reserves

DK

0

0%

0

0%

0

 

OTHER CAPITAL RESOURCE

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Total other capital

 

 

 

 

 

 

resources (Total

DO

0

0%

0

0%

0

II)

 

 

 

 

 

 

Income from

 

 

 

 

 

 

participating

DM

0

0%

0

0%

0

securities

 

 

 

 

 

 

Conditional loans

DN

0

0%

0

0%

0

 

 

PROVISIONS FOR RISKS AND CHARGES

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Total provisions

 

 

 

 

 

 

for risks and

DR

0

0%

68,300

136.3 %

28,903

charges (Total III)

 

 

 

 

 

 

Risk provisions

DP

0

0%

68,300

136.3 %

28,903

Reserves for charges

DQ

0

0%

0

0%

0

 

 

LIABILITIES

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Total Liabilities (Total IV)

EC

2,645,748

-25.0 %

3,527,873

37.5 %

2,564,823

Convertible debentures

DS

0

0%

0

0%

0

Other debentures

DT

0

0%

0

0%

0

Bank loans and liabilities

DU

954,523

-7.2 %

1,028,697

18.4 %

869,171

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Sundry loans and financial liabilities

DV

17,289

-97.3 %

630,765

88.9 %

333,836

Of which participating loans

EI

0

0%

0

0%

0

Advance payments

 

 

 

 

 

 

received for current

DW

0

0%

0

0%

0

orders

 

 

 

 

 

 

Trade accounts payables

DX

1,099,910

-18.3 %

1,346,413

52.5 %

882,900

Tax and social security liabilities

DY

570,637

12.6 %

506,715

7.5 %

471,233

Fixed asset liabilities

DZ

0

0%

0

0%

0

Other debts

EA

3,387

-77.8 %

15,281

98.9 %

7,681

 

 

 

TRANSLATION LOSS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Translation loss

(Total V)

ED

0

0%

0

0%

0

 

 

EQUALIZATION ACCOUNTS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Deferred income

EB

0

0%

0

0%

0

 

 

 

 

 

 

 

 

 

REFERENCE

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Of which taxallowable

reserve

EF

0

0%

0

0%

0

Deferred income

and liabilities

EG

2,009,149

-25.8 %

2,709,085

47.6 %

1,834,823

Of which current

bank facilities

EH

34,205

4592.0 %

729

25.3 %

582

 

 

Result account

 

1 -  OPERATING RESULT  

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Operating result

(Total I-II)

GG

-400,708

-6.4 %

-376,648

-267.2 %

225,317

 

 

 

 

 

 

 

 

2 -  FINANCIAL  RESULT  

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Financial  result

(Total  V-VI)

GV

-43,143

-2.8 %

-41,980

-7.0 %

-39,222

 

 

 

 

 

 

 

 

3 - PRE-TAX NET OPERATING INCOME RESULT 

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Pre-tax  net

operating  income

(Total  I-II+II-IV+VVI)

GW

-443,852

-6.0 %

-418,628

-325.0 %

186,094

 

 

 

 

 

 

 

 

 

4 - EXTRAORDINARYRESULT

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Extraordinary result (Total VIIVIII)

HI

556,561

1496.1 %

-39,866

-208.4 %

36,776

 

 

 

 

 

 

 

 

 

PROFIT OR LOSS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Profit  or  loss

HN

268,650

632.0 %

-50,497

-134.6 %

145,856

 

 

 

 

 

 

 

 

 

TOTAL INCOME

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Total  Income

(Total  I+III+V+VII)

HL

12,419,749

3.0 %

12,053,722

-13.0 %

13,862,100

 

 

 

 

 

 

 

 

 

TOTAL CHARGES 

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Total Charges (Total

II+IV+VI+VIII+IX+X)

HM

12,151,099

0.4 %

12,104,219

-11.8 %

13,716,244

 

 

 

 

 

 

 

 

 

OPERATING INCOME 

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Total operating

income (Total I)

FR

11,751,947

-2.1 %

12,001,328

-6.4 %

12,823,338

 

 

 

 

 

 

 

 

 

OPERATING INCOME (DETAILS)

 

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Sale  of  goods  for

 

 

 

 

 

 

 

FC

0

0%

0

0%

0

resale

 

 

 

 

 

 

France  

FA

0

0%

0

0%

0

Export

FB

0

0%

0

0%

0

Sale  of  goods

FF

11,145,268

-4.8 %

11,710,798

-6.7 %

12,553,561

produced

 

 

 

 

 

 

France  

FD

7,816,756

3.4 %

7,561,849

0.2 %

7,544,352

Export

FE

3,328,512

-19.8 %

4,148,949

-17.2 %

5,009,208

Sale  of  services

FI

63,777

97.6 %

32,274

-0.2 %

32,350

France  

FG

59,677

166.1 %

22,428

-6.8 %

24,076

Export

 

 

 

 

 

 

 

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

 

FH

4,100

-58.4 %

9,846

19.0 %

8,274

Net  turnover

FL

11,209,045

-4.5 %

11,743,073

-6.7 %

12,585,911

 

FJ

7,876,433

3.9 %

7,584,278

0.2 %

7,568,429

 

FK

3,332,612

-19.9 %

4,158,795

-17.1 %

5,017,482

Stocked  production

FM

440,011

139.7 %

183,595

200.6 %

61,070

Self-constructed

assets

FN

0

0%

0

0%

55,459

Operating grants

FO

0

0%

0

0%

0

Release of reserves

and provisions

FP

102,888

37.8 %

74,658

-38.2 %

120,896

Other income

FQ

2

0%

2

0%

0

 

 

OPERATING CHARGES  

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Total operating

charges (Total II)

GF

12,152,655

-1.8 %

12,377,977

-1.7 %

12,598,020

 

 

 

 

 

 

 

 

 

EXPLOITATION CHARGES

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Purchase of goods for resale

FS

0

0%

0

0%

0

Change in stocks of goods for resale

FT

0

0%

0

0%

0

Purchase of raw materials

FU

5,260,578

-10.3 %

5,862,912

-7.9 %

6,362,835

Change in stocks of raw materials

FV

196,778

204.1 %

-189,001

-33.1 %

-142,028

Other external

 

 

 

 

 

 

purchases and

FW

2,782,781

-5.6 %

2,947,629

-3.7 %

3,061,012

charges

 

 

 

 

 

 

Tax, duty and similar payments

FX

278,218

0.2 %

277,686

-0.1 %

278,064

Payroll

FY

2,158,138

5.6 %

2,044,400

4.1 %

1,963,102

Social security costs

FZ

951,964

-0.6 %

958,046

10.3 %

868,733

 

 

DEPRECIATION

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Depreciation of fixed assets

GA

316,408

35.8 %

232,968

70.8 %

136,367

Amortisation of fixed

assets

GB

0

0%

0

0%

0

 

Depreciation/amortisation of current assets

207,785

2183.1 %

9,101

-87.0 %

69,930

Provisions for risks and charges

0

0%

68,300

0%

0

 

 

OTHER CHARGES

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Other charges

GE

2

-100.0 %

165,932

16593100.0 %

1

 

 

FINANCIAL INCOME

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Total financial income (Total V)

GP

1,757

258.6 %

490

-94.0 %

8,214

Other investment

income & capitalised

receivables

GK

0

0%

0

0%

3,426

Exchange gains

GN

1,757

1201.5 %

135

0%

0

Net income from

disposal of investment securities

GO

0

0%

355

-92.6 %

4,787

 

 

 

 

 

 

 

 

 

FINANCIAL CHARGES

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Total financial

charge (Total VI)

GU

44,901

5.7 %

42,470

-10.5 %

47,437

Financial reserves

and provisions

GQ

0

0%

0

0%

0

Interest and similar

charges

GR

43,978

4.6 %

42,052

-11.4 %

47,437

Exchange losses

GS

922

120.6 %

418

0%

0

Net loss from disposal of investment securities

GT

0

0%

0

0%

0

 

 

EXTRAORDINARY INCOME

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Total extraordinary

income (Total VII)

HD

666,044

1183.2 %

51,903

-95.0 %

1,030,548

Extraordinary

operating income

HA

666,044

13220.9 %

5,000

-76.4 %

21,196

Extraordinary income

from capital

transactions

HB

0

0%

18,000

-98.2 %

1,003,671

Released provisions

and transferred

charges

HC

0

0%

28,903

408.8 %

5,681

 

 

EXTRAORDINARY CHARGES

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Total extraordinary

charges (Total VIII)

HH

109,483

19.3 %

91,769

-90.8 %

993,772

Extraordinary

operating charges

HE

109,483

22.0 %

89,769

2794.8 %

3,101

Extraordinary

charges from capital

transactions

HF

0

0%

2,000

-99.8 %

990,671

Extraordinary

reserves and provisions

HG

0

0%

0

0%

0

 

 

TAX ON PROFITS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Tax on profits (Total X)

HK

-155,941

61.8 %

-407,997

-629.8 %

77,014

 

 

 

 

 

 

 

 

 

REFERENCES

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Of which equipment leases

HP

250,966

37.3 %

182,837

748.5 %

21,549

Of which property leases

HQ

0

0%

0

0%

0

Of which transferred charges

A1

27,103

86.8 %

14,509

-85.3 %

98,749

Of which trader's own contributions

A2

0

0%

0

0%

0

Of which royalties

on licences and patents (income)

A3

0

0%

0

0%

0

Of which royalties

on licences and patents (charges)

A4

0

0%

0

0%

0

 

 

Other incomes tax return forms

 

FIXED ASSETS

 

GRAND TOTAL FIXED ASSETS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Gross value at

begin of period

OG

0

0%

0

0%

0

Increasess due to revaluation

OH

0

0%

0

0%

0

Decreasess,

acquisitions, creations, contributions

OJ

0

0%

0

0%

0

Decreasess by

budget item transfer

OK1

0

0%

0

0%

0

Decreasess by transfers

OK2

0

0%

530,568

0%

0

Gross value at the end of period

OL

0

0%

6,641,431

0%

0

 

 

TANGIBLE FIXED ASSETS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Gross value at begin of period

LN

0

0%

4,667,543

0%

0

Increasess due to revaluation

LO

0

0%

0

0%

0

Increasess,

acquisitions, creations, contributions

LP

0

0%

832,894

0%

0

 

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Decreasess by budget item transfer

NG1

0

0%

0

0%

0

Decreasess by transfers

NG2

0

0%

529,528

0%

0

Gross value at the end of period

NH

0

0%

4,970,909

0%

0

 

 

FINANCIAL ASSETS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Gross value at begin of period

LQ

0

0%

51,834

0%

0

Increasess due to revaluation

LR

0

0%

0

0%

0

Increasess,

 

 

 

 

 

 

acquisitions,

creations,

LS

0

0%

7,500

0%

0

contributions

 

 

 

 

 

 

Decreasess by budget item transfer

NJ1

0

0%

0

0%

0

Decreasess by transfers

NJ2

0

0%

1,040

0%

0

Gross value at the end of period

NK

0

0%

58,294

0%

0

 

 

Reserve for depreciation

 

 OTHER INTANGIBLE ASSETS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Depreciation  value

PE

72,493

0%

72,493

0%

0

at  begin  of  period

 

 

 

 

 

 

Increases

PF

3,896

0%

0

0%

0

Decreasess

PG

0

0%

0

0%

0

Decreasess by

budget item transfer

PH

76,389

5.4 %

72,493

0%

0

 

 

TOTAL FIXED ASSETS AMOTISATION

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Reserve for

 

 

 

 

 

depreciation value QU

3,837,361

4.9 %

3,657,716

0%

0

at begin of period

 

 

 

 

 

Increases QV

312,512

34.1 %

232,968

0%

0

Decreases QW

50,630

-5.1 %

53,323

0%

0

Decreasess by

 

 

 

 

 

budget item QX

4,099,243

6.8 %

3,837,361

0%

0

transfer

 

 

 

 

 

 

MOVEMENTS  DURING  PERIOD  AFFECTING  CHARGE  ALLOCATED  OVER  SEVERAL  PERIOD

 

STATE CLAIMS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Gross  value

VT

0

0%

2,723,007

0%

0

1 year  at  most

VU

0

0%

2,479,711

0%

0

More  than  one  year   

V V

0

0%

243,296

0%

0

 

 

STATE OF LOANS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Other financial

assets (gross)

UT

0

0%

57,265

0%

0

 

 

 

 

 

 

 

 

 

RECEIVABLES STATEMENT OF ASSETS

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Customers doubtful or disputed

VA

0

0%

2,320,604

0%

0

Other claims customer

UX

0

0%

0

0%

0

Receivables

 

 

 

 

 

 

represent Loaned

UU

0

0%

0

0%

0

Securities

 

 

 

 

 

 

Provision for

 

 

 

 

 

 

depreciation previously

UQ

0

0%

0

0%

0

established

 

 

 

 

 

 

Personnel and associated accounts

UY

0

0%

0

0%

0

Social Security and

 

 

 

 

 

 

other social

UZ

0

0%

0

0%

0

organizations

 

 

 

 

 

 

Income taxes

VM

0

0%

0

0%

0

Value added tax

VB

0

0%

158,485

0%

0

Other taxes and payments assimilated

VN

0

0%

0

0%

0

State and other

 

 

 

 

 

 

public -

VP

0

0%

0

0%

0

Miscellaneous

 

 

 

 

 

 

Group and Associates

VC

0

0%

0

0%

0

Accounts receivable

 

 

 

 

 

 

(including claims

 

 

 

 

 

 

relating to the

VR

0

0%

0

0%

0

 

 

 

PREPAID

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Prepaid

VS

0

0%

186,653

0%

0

 

 

 

 

 

 

 

 

 

 STATE DEBT

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Total debt (gross)

0

0%

3,527,873

0%

0

1 year at most VZ2

0

0%

2,709,085

0%

0

More than 1 year and 5 years at most

0

0%

768,788

0%

0

More than 5 years VZ4

0

0%

50,000

0%

0

 

 

DETAILS

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Convertible bonds (gross)

0

0%

0

0%

0

1 year at most 7Y2

0

0%

0

0%

0

More than 1 year and 5 years at most

0

0%

0

0%

0

Other bonds (gross)

0

0%

0

0%

0

1 year at most 7Z2

0

0%

0

0%

0

More than 1 year and 5 years at most

0

0%

0

0%

0

Borrowing & debts

 

 

 

 

 

to 1 year maximum VG1 at the origin VG1

0

0%

729

0%

0

(gross)

 

 

 

 

 

1 year at most VG2

0

0%

729

0%

0

More than 1 year and 5 years at most

0

0%

0

0%

0

Borrowing & debts

 

 

 

 

 

to more than 1 VH1 year at the origin VH1

0

0%

1,027,969

0%

0

(gross)

 

 

 

 

 

1 year at most VH2

0

0%

209,181

0%

0

More than 1 year and 5 years at most

0

0%

768,788

0%

0

Loans and various

 

 

 

 

 

financial liabilities 8A1

0

0%

0

0%

0

(gross)

 

 

 

 

 

1 year at most 8A2

0

0%

0

0%

0

More than 1 year and 5 years at most

0

0%

0

0%

0

Suppliers and

 

 

 

 

 

associated 8B1

0

0%

1,346,413

0%

0

accounts (gross)

 

 

 

 

 

1 year at most 8B2

0

0%

1,346,413

0%

0

More than 1 year and 5 years at most

0

0%

1,346,413

0%

0

Personnel and

 

 

 

 

 

associated 8C1

0

0%

0

0%

0

accounts (gross)

 

 

 

 

 

1 year at most 8C2

0

0%

0

0%

0

More than 1 year and 5 years at most

0

0%

0

0%

0

Social Security and

 

 

 

 

 

other social 8D1

organizations

0

0%

0

0%

0

(gross)

 

 

 

 

 

1 year at most 8D2

0

0%

0

0%

0

More than 1 year and 5 years at most

0

0%

0

0%

0

Taxes on profits (gross)

0

0%

0

0%

0

1 year at most 8E2

0

0%

0

0%

0

More than 1 year and 5 years at most

0

0%

0

0%

0

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

VAT (Gross) VW1

0

0%

506,716

0%

0

1 year at most VW2

0

0%

506,716

0%

0

More than 1 year and 3 5 years at most

0

0%

0

0%

0

Backed Obligations (gross)

0

0%

0

0%

0

1 year at most VX2

0

0%

0

0%

0

More than 1 year and 5 years at most

0

0%

0

0%

0

Other taxes and

 

 

 

 

 

assimilated VQ1

0

0%

0

0%

0

(gross)

 

 

 

 

 

1 year at most VQ2

0

0%

0

0%

0

More than 1 year and

5 years at most Q

0

0%

0

0%

0

Assets and

 

 

 

 

 

liabilities associated

0

0%

0

0%

0

accounts (gross)

 

 

 

 

 

1 year at most 8J2

0

0%

0

0%

0

More than 1 year and 5 years at most

0

0%

0

0%

0

More than 5 years 8J4

0

0%

0

0%

0

Groups and associates (gross)

0

0%

630,765

0%

0

1 year at most VI2

0

0%

630,765

0%

0

More than 1 year and 5 years at most

0

0%

0

0%

0

More than 5 years V14

0

0%

0

0%

0

Other liabilities (gross)

0

0%

15,281

0%

0

1 year at most 8K2

0

0%

15,281

0%

0

More than 1 year and 5 years at most

0

0%

0

0%

0

Debt

 

 

 

 

 

representative of SZ1 borrowed SZ1

0

0%

0

0%

0

securities (gross)

 

 

 

 

 

1 year at most SZ2

0

0%

0

0%

0

More than 1 year and 5 years at most

0

0%

0

0%

0

Products in advance(gross)

0

0%

0

0%

0

1 year at most 8L2

0

0%

0

0%

0

More than 1 year and 5 years at most

0

0%

0

0%

0

 

 

REFERENCES

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

Loans made during the period

0

0%

293,000

0%

0

Debt repaid during

the period VK

0

0%

134,683

0%

0

 

 

Ratios

 

STRUCTURE AND LIQUIDITY

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MÉDIANE  SECTEUR  2013

Fixed Asset Financing

1.31

-4.4 %

1.37

2.2 %

1.34

1.59

-17.6 %

Global Debt

85 jours

-21.3 %

108 jours

47.9 %

73 jours

106 jours

-19.8 %

Working Capital Fund overall net

67 jours

-11.8 %

76 jours

22.6 %

62 jours

81 jours

-17.3 %

Financial independence

387.00 %

83.9 %

210.44 %

-28.5 %

294.49 %

331.02 %

16.9 %

Solvability

58.70 %

19.1 %

49.27 %

-14.7 %

57.73 %

45.10 %

30.2 %

Capacity debt futures

-

-

1,663.67 %

-

-

1,326.52 %

-

Coverage of current

assets by net working capital overall

52.26 %

-8.7 %

57.24 %

-3.2 %

59.14 %

48.61 %

7.5 %

General Liquidity

-

-

0.92

-

-

0.90

-

Restricted Liquidity

-

-

1.18

-

-

1.27

-

 

 

MANAGEMENT OR ROTATION

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MÉDIANE  SECTEUR  2013

Need background in operating working capital

58 jours

20.8 %

48 jours

-7.7 %

52 jours

43 jours

34.9 %

Treasury

3 jours

-86.4 %

22 jours

266.7 %

6 jours

20 jours

-85.0 %

Inventory turnover of goods

--

--

--

--

--

0 jours

--

Average length of

credit granted to

customers

75 jours

5.6 %

71 jours

-4.1 %

74 jours

66 jours

13.6 %

Average length of

credit obtained

suppliers

48 jours

-14.3 %

56 jours

64.7 %

34 jours

64 jours

-25.0 %

Inventory turnover of raw materials in

Industrial enterprises

16 jours

-38.5 %

26 jours

100.0 %

13 jours

58 jours

-72.4 %

Inventory turnover of intermediate and

finished products in

the industrial

enterprise

-

-

236.24 %

-

-

292 jours

-

Rotation tangible

assets

-

-

236.24 %

-

-

300.61 %

-

 

 

PROFITABILITY OF THE BUSINESS

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MEDIANE SECTEUR 2013

Margin trading

0.00 %

0%

0.00 %

0%

0.00 %

0.00 %            0%

Profitability of the business

0.18 %

-14.3 %

0.21 %

-91.5 %

2.47 %

5.19 %        -96.5 %

Net profit

2.40 %

658.1 %

-0.43 %

-137.1 %

1.16 %

2.73 %        -12.1 %

Growth rate of

 

 

 

 

 

 

turnover (excluding

-4.55 %

32.1 %

-6.70 %

-578.6 %

1.40 %

-2.50 %     -82.0 %

VAT)

 

 

 

 

 

 

Rates integration

30.41 %

8.0 %

28.15 %

3.6 %

27.18 %

37.99 %        -20.0 %

Rate leasing furniture

2.24 %

43.6 %

1.56 %

817.6 %

0.17 %

0.00 % 0%

Work Factor

91.23 %

0.4 %

90.84 %

9.7 %

82.79 %

79.77 %         14.4 %

Weight interests

0.40 %

11.1 %

0.36 %

-5.3 %

0.38 %

0.23 %         73.9 %

 

 

RETURN ON CAPITAL

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MEDIANE SECTEUR 2013

Cash flow from the overall profitability

5.22 %

267.6 %

1.42 %

-33.6 %

2.14 %

4.51 %    15.7 %

Rates of economic profitability

0.00 %

0%

0.00 %

0%

7.00 %

14.00 % 0%

Financial profitability

3,760,871.00 %

7.7 %

3,492,220.00 %

-1.4 %

3,542,717.00 %

475,471.50 %    691.0 %

Return on investment

6.63 %

4243.8 %

-0.16 %

-103.9 %

4.07 %

8.82 %    -24.8 %

 

 

MANAGEMENT INTERMEDIATE BALANCES

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MEDIANE SECTEUR 2013

Turnover

11,209,045

-4.5 %

11,743,073

-6.7 %

12,585,911

1,787,204      527.2 %

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MEDIANE SECTEUR 2013

Sales of goods

0

0%

0

0%

0

-

- Purchase of goods

0

0%

0

0%

0

-

+/- Stock of goods variation

0

0%

0

0%

0

-

Trading margin

0 €

0%

0 €

0%

0 €

0 € 0%

 

0.00

0%

0.00

0%

0.00

0.00 0%

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MEDIANE SECTEUR 2013

Sale of goods produced

11,209,045

-4.5 %

11,743,072

-6.7 %

12,585,911

-

+/- Stocked production

440,011

139.7 %

183,595

200.6 %

61,070

-

+ Self-constructed assets

0

0%

0

0%

55,459

-

Period production

11,649,056 €

-2.3 %

11,926,667 €

-6.1 %

12,702,440 €

1,689,563 €     589.5 %

 

103.93

2.3 %

101.56

0.6 %

100.93

100.00        3.9 %

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MEDIANE SECTEUR 2013

Trading margin

0

0%

0

0%

0

0 0%

+ Period Production

11,649,056

-2.3 %

11,926,667

-6.1 %

12,702,440

1,689,563    589.5 %

- Purchase of raw materials

5,260,578

-10.3 %

5,862,912

-7.9 %

6,362,835

-

+/- Change in stocks of raw materiels

196,778

204.1 %

-189,001

-33.1 %

-142,028

-

- Other external

 

 

 

 

 

 

purchases and

2,782,781

-5.6 %

2,947,629

-3.7 %

3,061,012

-

charges

 

 

 

 

 

 

Added value

3,408,919 €

3.1 %

3,305,127 €

-3.4 %

3,420,621 €

665,037 €      412.6 %

 

30.41

8.0 %

28.15

3.6 %

27.18

37.99       -20.0 %

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MÉDIANE  SECTEUR  2013

Added value

3,408,919€

3.1 %

3,305,127€

-3.4 %

3,420,621€

665,037€

412.6 %

+ Operating grants

0

0%

0

0%

0

0

-

- Tax, duty and

similar payments

278,218

0.2 %

277,686

-0.1 %

278,064

 

-

- Personal charges

3,110,102

3.6 %

3,002,446

6.0 %

2,831,835

 

-

Gross operating

surplus

20,599€

-17.6 %

24,995€

-92.0 %

310,722€

79,802€

-74.2 %

 

0.18

-14.3 %

0.21

-91.5 %

2.47

5.19

-96.5 %

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MÉDIANE  SECTEUR  2013

Gross operating

surplus

20,599€

-17.6 %

24,995€

-92.0 %

310,722€

79,802€

-74.2 %

+ Release of

reserves and

provisions

102,888

37.8 %

74,658

-38.2 %

120,896

 

-

+ Other operating

income

2

0%

2

0%

0

 

--

- Depreciation/

Amortisation

524,193

68.9 %

310,369

50.4 %

206,297

 

-

- Other charges

2

-100.0 %

165,932

16593100.0 %

1

 

--

Operating result

-400,706€

-6.4 %

-376,646€

-267.2 %

225,320€

43,255€

-1026.4 %

 

-3.57

-11.2 %

-3.21

-279.3 %

1.79

3.21

-211.2 %

 

 

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MÉDIANE  SECTEUR  2013

Operating result

-400,706€

-6.4 %

-376,646€

-267.2 %

225,320€

43,255€

-1026.4 %

+/- Result of jointventure

Transferred from/to other partners

0

0%

0

0%

0

 

-

+ Financial income

1,757

258.6 %

490

-94.0 %

8,214

 

-

- Financial charges

44,901

5.7 %

42,470

-10.5 %

47,437

 

-

Pre-tax result

-443,850€

-6.0 %

-418,626€

-325.0 %

186,097€

42,575€

-1142.5 %

 

-3.96

-11.2 %

-3.56

-340.5 %

1.48

2.98

-232.9 %

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MÉDIANE  SECTEUR  2013

Extraordinary income

666,044

1183.2 %

51,903

-95.0 %

1,030,548

3,392

19538.6 %

- Extraordinary

charges

109,483

19.3 %

91,769

-90.8 %

993,772

 

-

Extraordinary

result

556,561

1496.1 %

-39,866 €

-208.4 %

36,776 €

0 €

0%

 

4.97

1561.8 %

-0.34

-217.2 %

0.29

0.00

0%

 

 

 

31/12/2013

Variation

31/12/2012

Variation

31/12/2011

MÉDIANE  SECTEUR  2013

Pre-tax result

-443,850€

-6.0 %

-418,626€

-325.0 %

186,097€

42,575 €

-1142.5 %

Extraordinary

result

556,561€

1496.1 %

-39,866€

-208.4 %

36,776€

0€

0%

- Employee profit

sharing

0

0%

0

0%

0

 

-

- Tax on profits

-155,941

61.8 %

-407,997

-629.8 %

77,014

 

-

Net result

268,652€

632.0 %

-50,495€

-134.6 %

145,859€

42,672€

529.6 %

 

2.40

658.1 %

-0.43

-137.1 %

1.16

2.77

-13.4 %

 

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.62.49

UK Pound

1

Rs.92.26

Euro

1

Rs.66.80

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 


 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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