MIRA INFORM REPORT

Report No. :	320545
Report Date :	16.05.2015

IDENTIFICATION DETAILS

Name :	COMPAGNIE COTONNIERE "COPACO"
Registered Office :	Compagnie Cotonniere "Copaco" 36 Av Hoche 75008 Paris 8
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	February 1984
Legal Form :	Public limited company with board of directors
Line of Business :	Agents involved in agricultural raw materials, live animals, textile semi-finished products and raw materials
No. of Employee :	20 to 49 employees

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
France	A1	A1

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

FRANCE ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With more than 84 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that mitigate economic inequality. France's real GDP increased by 0.4% in 2014. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.5% in 2014. Youth unemployment in metropolitan France decreased from a high of 25.4% in the fourth quarter of 2012 to 24.3% in the fourth quarter of 2014. Lower-than-expected growth and high spending have strained France's public finances. The budget deficit rose sharply from 3.3% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.3% of GDP in 2014, while France's public debt rose from 68% of GDP to more than 92% over the same period. Elected on a conventionally leftist platform, President Francois HOLLANDE surprised and angered many supporters with a January 2014 speech announcing a sharp change in his economic policy, recasting himself as a liberalizing reformer. The government's budget for 2014 shifted the balance of fiscal consolidation from taxes to a total of $24 billion in spending cuts. In December 2014, HOLLANDE announced additional reforms, including a plan to extend commercial business hours, liberalize professional services and sell off $6.2-12.4 billion in state owned assets. France’s tax burden remains well above the EU average and income tax cuts over the past decade are being partly reversed, particularly for higher earners. The top rate of income tax is 41%. The government is allowing a 75% payroll tax on salaries over $1.24 million to lapse.

Source : CIA

Company and address

Name	COMPAGNIE COTONNIERE "COPACO"
Acronym	-
Trade name	-
Status	Economically active
Postal Address	COMPAGNIE COTONNIERE "COPACO" 36 AV HOCHE 75008 PARIS 8
Share Capital	3,000,000 Euros
Incorporiation Date	02/1984
Activity (APE)	Agents involved in agricultural raw materials, live animals, textile semi-finished products and raw materials (4611Z)	RCS Registration	RCS Paris B 328 962 261
Formation Date	01/1984	EUR VAT Number	FR65328962261
Deregistration Date	-	Last account Date	31/12/2010
Court Registry Number	19 8 4B01587	Telephone	01 53 93 16 00
Registration Court	Paris (75)	Fax	-
Nationality	France
		Legal form	Public limited company with board of directors
		Currency	Euros

Key Financials

YEAR TO DATE	TURNOVER	GROSS OPERATING SURPLUS	SHAREHOLDER'S EQUITY	NET RESULT	EMPLOYEES
31/12/2010	74,999,347 €	2.68% Turnover	2,343,958 €	-1,138,549 €	20 to 49 employees
31/12/2009	81,678,894 €	-5.58% Turnover	482,507 €	-5,253,768 €	-
31/12/2008	157,927,150 €	2.25% Turnover	5,736,275 €	-2,526,412 €	-

Ultimate Holding Company

Name	Country	Company Number
VIGEO		443055215
Affiliation links.

Directors

Current Directors

13

Preferential Right

This company is not under monitoring

Payment Information Summary – Trade Payment Data

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

Trends

Profitability

Liquidity

Net Worth

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4611Z	Activity	Agents involved in agricultural raw materials, live animals, textile semi-finished products and raw materials
Formation Date	12/2009	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	-
Trading Address	36 AVENUE HOCHE  75008 PARIS 8	Department	-
Location Surface	-	District	-
City	PARIS 8	Status	Economically active
Business Pages FT®	IMPORT-EXPORT, SOCIETES DE COMMERCE INTERNATIONAL	Region	Ile-de-France
		Area	-
		Size of Urban Area	-

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
VIGEO	Council for Business and other management consultancy	7022Z	BAGNOLET	93170

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
COMPAGNIE COTONNIERE "COPACO"	Head Office	4611Z	Agents involved in agricultural raw materials, live animals, textile semi	PARIS 8	75008
COMPAGNIE COTONNIERE "COPACO"	Branch	4611Z	Agents involved in agricultural raw materials, live animals, textile semi	PARIS 8	75008

Workforces

Workforce at address

6 to 9 employees

Company workforce

20 to 49 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 4 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 decrease of tangible fixed assets over the last two accounting periods is 31 %

The return on total assets employed is -9

The pre-tax profit is -1,138,549 €

The ratio total assets to total liabilities is 1.22

The shareholder's equity is 2,343,958 €

The net current assets are 11,530,050 €

The liabilities are 8,833,703 €

The total assets are 13,019,695 €

Department code with low risk rating

Industry code with low risk rating

The company has 13 directors

Low risk workforce size

The risk provisions are 1,842,036 €

The net turnover is 74,999,347 €

The decrease in the gearing percentage over the last two accounting periods is 89 %

The stock to turnover ratio is 0

The creditor days are 12.17

The sales to current assets ratio is 6.50

Collective procedures

No judgment information for the company

Preferential rights details and history

Status of collection

This company is not under monitoring

Group Data

Ultimate parent company	VIGEO
Direct parent	GEOCOTON - 92 %
Group – Number of companies	27
Linkages – Number of companies	-
Number of countries	-

	NAME	SIREN	PARTS	LAST ACCOUNT PUBLISHED
1	VIGEO	443055215	-	31/12/2013
2	VIGEO BELGIUM NV	472337144	100 %	31/12/2013
3	ADVENS	347771974	99.80 %	31/12/2013
4	GEOCOTON	602019903	3 %	31/12/2013
5	SCIEC	-	Majority	-
5	COMPAGNIE COTONNIERE "COPACO"	328962261	92 %	31/12/2010
6	SOC SERVICES EUROPE ET AFRIQUE	362500506	5 %	31/12/2013
7	SOSEA ROBERTSON INTERNATIONAL	490186707	100 %	31/12/2013
	SOCIÉTÉ GUINÉENNE DE SERVICES POUR L'EUROPE ET POUR L'AFRIQUE	-	33.33 %	-
	COPACO INC	-	100 %	-
5	SOC SERVICES EUROPE ET AFRIQUE	362500506	63.26 %	31/12/2013
6	SOSEA ROBERTSON INTERNATIONAL	490186707	100 %	31/12/2013
	SOCIÉTÉ GUINÉENNE DE SERVICES POUR L'EUROPE ET POUR L'AFRIQUE	-	33.33 %	-
	SOC INVESTISSEMENT FRANCO GHANEENNE	440194868	51 %	31/12/2012
	LA MECANIQUE MODERNE	651920506	33 %	31/12/2013
	AGROLEA	-	99.99 %	-
	SN-CITEC	-	Majority	-
	MASA	-	Majority	-
	NIOTO	-	Majority	-
	SEP?	-	Majority	-
	SOCIÉTÉ DE DÉVELOPPEMENT DU COTON	-	Majority	-
	SOCIÉTÉ DE DÉVELOPPEMENT ET DES FIBRES TEXTILES	-	51 %	-
	SOCIÉTÉ COTONNIÈRE DU GOURMA	-	Majority	-
	NEW AFGHANISTAN PROJECT FOR COTTON AND OIL DEVELOPMENT	-	60 %	-
	BUKHARA SEED	-	Majority	-
4	GEOCOTON HOLDING	501612881	100 %	31/12/2013
5	GEOCOTON	602019903	57.97 %	31/12/2013
6	SCIEC	-	Majority	-
6	COMPAGNIE COTONNIERE "COPACO"	328962261	92 %	31/12/2010
7	SOC SERVICES EUROPE ET AFRIQUE	362500506	5 %	31/12/2013
8	SOSEA ROBERTSON INTERNATIONAL	490186707	100 %	31/12/2013
	SOCIÉTÉ GUINÉENNE DE SERVICES POUR L'EUROPE ET POUR L'AFRIQUE	-	33.33 %	-
	COPACO INC	-	100 %	-
6	SOC SERVICES EUROPE ET AFRIQUE	362500506	63.26 %	31/12/2013
7	SOSEA ROBERTSON INTERNATIONAL	490186707	100 %	31/12/2013
	SOCIÉTÉ GUINÉENNE DE SERVICES POUR L'EUROPE ET POUR L'AFRIQUE	-	33.33 %	-
	SOC INVESTISSEMENT FRANCO GHANEENNE	440194868	51 %	31/12/2012
	LA MECANIQUE MODERNE	651920506	33 %	31/12/2013
	AGROLEA	-	99.99 %	-
	SN-CITEC	-	Majority	-
	MASA	-	Majority	-
	NIOTO	-	Majority	-
	SEP?	-	Majority	-
	SOCIÉTÉ DE DÉVELOPPEMENT DU COTON	-	Majority	-
	SOCIÉTÉ DE DÉVELOPPEMENT ET DES FIBRES TEXTILES	-	51 %	-
	SOCIÉTÉ COTONNIÈRE DU GOURMA	-	Majority	-
	NEW AFGHANISTAN PROJECT FOR COTTON AND OIL DEVELOPMENT	-	60 %	-
	BUKHARA SEED	-	Majority	-
4	IZSOS	453528895	100 %	31/12/2013
5	IZSOS	-	100 %	-
	SUNEOR	-	Majority	-
	TRANSRAIL	-	Majority	-
	VIGEO ITALIA	-	100 %	-

Linkages

No Linkages information available for the company.

Shareholder(s)

Name	GEOCOTON
Name of representative	M MORILLON YANNICK
Manager position	Administrator	Date of birth	05/05/1975
Place of birth	LA GUERCHE-DE-BRETAGNE 35130
Type	Moral person	Name at birth
Name	SOCIETE BURKINABE DES FIBRES TEXTILES "SOFITEX"
Name of representative	M TIENDREBEOGO TIRAOGO CELESTIN
Manager position	Administrator	Date of birth	01/01/1954
Place of birth	OUAGADOUGOU(BURKINA)
Type	Moral person	Name at birth

Name	COTON TCHAD
Name of representative	M ISMAEL MAHAMAT
Manager position	Administrator	Date of birth	01/01/1954
Place of birth	KANEM(TCHAD)
Type	Moral person	Name at birth
Name	SOCIETE DE DEVELOPPEMENT DES FIBRES TEXTILES (SODEFITEX)
Name of representative	M DIOP AHMED BACHIR
Manager position	Administrator	Date of birth	03/08/1955
Place of birth	DAKAR(SENEGAL)
Type	Moral person	Name at birth

Name	COMPAGNIE MALIENNE POUR LE DEVELOPPEMENT DES TEXTILES CMDT
Name of representative	M COULIBALY TIENA
Manager position	Administrator	Date of birth	-
Place of birth	BORE MALI(MALI)
Type	Moral person	Name at birth
Name	SOCIETE DE DEVELOPPEMENT DU COTON DU CAMEROUN SODECOTON
Name of representative	M MOHAMMED IYA
Manager position	Administrator	Date of birth	25/08/1950
Place of birth	GAROUA(CAMEROUN)
Type	Moral person	Name at birth

Director(s)

Name	M. DIACK IBRAHIMA
Manager position	Chairman of the Board	Date of birth	10/03/1953
Place of birth	DAKAR(SENEGAL)
Type	Individual	Name at birth
Name	M. TOBY JORGE
Manager position	Managing director not administrator	Date of birth	21/05/1953
Place of birth	ROSARIO(ESPAGNE)
Type	Individual	Name at birth

Name	VIAL JEAN-PIERRE
Manager position	Administrator	Date of birth	19/11/1950
Place of birth	SAINT JEAN DE MAURIENNE ( (73))
Type	Individual	Name at birth
Name	M. CHATEAU JEAN-JACQUES
Manager position	Administrator	Date of birth	05/12/1935
Place of birth	BORDEAUX (33000)
Type	Individual	Name at birth

Name	M. PETITPREZ PATRICE JOSEPH ETIENNE PAUL
Manager position	Administrator	Date of birth	25/09/1951
Place of birth	LILLE (59000)
Type	Individual	Name at birth
Name	M. HARROUCH DENIS
Manager position	Administrator	Date of birth	17/12/1951
Place of birth	CASABLANCA(MAROC)
Type	Individual	Name at birth

Name	M. ETCHEBERRY ALAIN
Manager position	Administrator	Date of birth	08/06/1961
Place of birth	PARIS (75017)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Chairman of the Board	M. DIACK IBRAHIMA	-
Chairman of the Board	MME. DIACK IBRAHIMA	10/03/1953 - DAKAR SENEGAL
Chairman of the Board	M. DIACK IBRAHIMA	10/03/1953 - DAKAR(SENEGAL)
Chairman of the Board	M. PELTIER GILLES	12/04/1946 - ROSNY SOUS BOIS
Managing director	M. MERCIER DIDIER	28/04/1951 - LE PERREUX SUR MARNE
Managing director	M. MERCIER DIDIER	28/04/1951 - LE PERREUX SUR MARNE (94170)
Administrator	M. CHATEAU JEAN-JACQUES	-
Administrator	M. CHATEAU JEAN-JACQUES	05/12/1935 - BORDEAUX
Administrator	M. CHATEAU JEAN-JACQUES	05/12/1935 - BORDEAUX (33000)
Administrator	COMPAGNIE MALIENNE POUR LE DEVELOPPEMENT DES TEXTILES CMDT	-
Administrator	COTON TCHAD	-
Administrator	GEOCOTON	-
Administrator	GEOCOTON	-
Administrator	GEOCOTON	23/10/1955 - SURGERES
Administrator	M. HARROUCH DENIS	-
Administrator	M. HARROUCH DENIS	17/12/1951 - CASABLANCA MAROC
Administrator	M. HARROUCH DENIS	17/12/1951 - CASABLANCA(MAROC)
Administrator	M. MERCIER DIDIER	28/04/1951 - LE PERREUX SUR MARNE
Administrator	M. PELLERIN LEFEBVRE CHRISTOPHE	31/03/1968 - TROYES
Administrator	M. PETITPREZ PATRICE JOSEPH ETIENNE PAUL	25/09/1951 - LILLE (59000)
Administrator	SOCIETE BURKINABE DES FIBRES TEXTILES "SOFITEX"	-
Administrator	SOCIETE DE DEVELOPPEMENT DES FIBRES TEXTILES (SODEFITEX)	-
Administrator	SOCIETE DE DEVELOPPEMENT DU COTON DU CAMEROUN SODECOTON	-
Administrator	STE DE DEVELOPPEMENT DU COTON DU CAMEROUN SODECOTON	-
Administrator	VIAL JEAN-PIERRE	19/11/1950 - SAINT JEAN DE MAURIENNE ( (73))

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	24/05/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 916 - 328 962 261 RCS Paris. COMPAGNIE COTONNIERE "COPACO". Forme : Société anonyme. Administration : Directeur général et Administrateur partant : Mercier, Didier, nomination de l'Administrateur : Etcheberry, Alain. Capital : 6080000 EUR. Activité : .  Adresse du siège social : 36 avenue Hoche, 75008 Paris.  Commentaires : modification survenue sur l'administration.
	24/05/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 918 - 328 962 261 RCS Paris. COMPAGNIE COTONNIERE "COPACO". Forme : Société anonyme. Administration : nomination du Directeur général non Administrateur : Toby, Jorge. Capital : 3000000 EUR. Activité : .  Adresse du siège social : 36 avenue Hoche, 75008 Paris.  Commentaires : modification survenue sur l'administration.
	24/05/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 917 - 328 962 261 RCS Paris. COMPAGNIE COTONNIERE "COPACO". Forme : Société anonyme. Capital : 3000000 EUR. Activité : .  Adresse du siège social : 36 avenue Hoche, 75008 Paris.  Commentaires : modification survenue sur le capital (diminution).
	05/05/2011	JAL	Appointment of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Société faisant l'objet d'une nomination : 328962261 - COMPAGNIE COTONNIERE COPACO, 36 AV HOCHE, 75008 PARIS 8  Nominé : Monsieur Alain ETCHEBERRY, 98Q Gabriel Péri, 78800 HOUILLES En la fonction de : Gérant Nominé : Monsieur Jorge TOBY, 86 Avenue de la Division-Leclerc, 92160 ANTONY En la fonction de : Directeur général Date d'effet : 26/02/2011
	14/09/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 5584 - 328962261 RCS. COMPAGNIE COTONNIERE "COPACO". Forme : Société anonyme. Adresse : 36 AV HOCHE 75008 PARIS. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	12/03/2010	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 4055 - 328 962 261 RCS Paris. COMPAGNIE COTONNIERE COPACO. Forme : Société anonyme. Capital : 6080000 EUR. Adresse de l’établissement principal : 36 avenue Hoche, 75008 Paris.  Adresse du siège social : 36 avenue Hoche, 75008 Paris.  Commentaires : modification survenue sur l'adresse du siège, l'adresse de l'établissement et la date de début d'activité. Date de commencement de l’activité :18/01/1984.
	18/02/2010	JAL	Head Office Transfer
LES PETITES AFFICHES Date de décision : 08/10/2009 Transfert du siège social de la société 328962261 -  COMPAGNIE COTONNIERE COPACO  Adresse du nouveau siège : 36 AVENUE HOCHE, 75008 PARIS Ancienne localisation : 11 RUE DE MONCEAU, 75008 PARIS 8
	24/07/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8729 - 328962261 RCS. COMPAGNIE COTONNIERE COPACO. Forme : Société anonyme. Adresse : 11 rue de Monceau 75008 Paris. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	04/02/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1084 - 328 962 261 RCS Paris. COMPAGNIE COTONNIERE COPACO. Forme : Société anonyme. Administration : Président du conseil d'administration partant : Peltier, Gilles Regis, nomination du Président du conseil d'administration : Diack, Ibrahima, modification de l'Administrateur GEOCOTON représentée par ROLLIN, Catherine, nom d'usage : LEFEVRE, Adresse : 6 avenue Adrien Hébrard 75016 Paris, Administrateur partant : Gontie, Christian Maurice Louis, Administrateur partant : Pellerin-Lefebvre, Christophe, nomination de l'Administrateur : Chateau, Jean-Jacques, nomination de l'Administrateur : Harrouch, Denis. Capital : 6080000 EUR.  Adresse du siège social : 11 rue de Monceau, 75008 Paris.  Commentaires : modification survenue sur l'administration.
	11/09/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 5057 - 328962261 RCS. COMPAGNIE COTONNIERE COPACO. Forme : Société anonyme. Adresse : 11 rue de Monceau 75008 Paris. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	04/12/2007	Bodacc C	Avis de dépôt des comptes
2289 - 328 962 261. RCS PARIS COMPAGNIE COTONNIERE "COPACO". Forme: Société anonyme. Adresse du siège social: 11 rue de Monceau 75008 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	08/10/2006	Bodacc B	Modifications et mutations diverses
1106 - RCS Paris B 328 962 261. RC 84-B 1587. COMPAGNIE COTONNIERE-COPACO. Forme : S.A. Capital : 6 080 000 euros. Adresse du siège social : 11 rue de Monceau,, 75008 Commentaires : modification survenue sur l'administration. Administration : administrateur partant : CAMERLYNCK (Daniel). Nomination d'un administrateur : PELLERIN-LEFEBVRE (Christophe).
	23/08/2006	Bodacc C	Avis de dépôt des comptes
2859 - RCS Paris B 328 962 261. RC 84-B 1587. COMPAGNIE COTONNIERE COPACO. Forme: S.A. Adresse du siège social: 11, R de Monceau,Paris, 75008 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	02/10/2005	Bodacc C	Avis de dépôt des comptes
1732 - RCS Paris B 328 962 261. RC 84-B 1587. COMPAGNIE COTONNIERE COPACO. Forme: S.A. Adresse du siège social: 11, R de Monceau,Paris, 75008 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	20/04/2004	Bodacc B	Modifications et mutations diverses
RCS Paris B 328962261 RC 84-B 1587 COMPAGNIE COTONNIERE-COPACO. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification d'un administrateur : COMPAGNIE MALIENNE POUR LE DEVELOPPEMENT DES TEXTILES-CMDT. Nomination d'un administrateur : STE DE DEVELOPPEMENT DU COTON DU CAMEROUN SODECOTON.
	17/10/2003	Bodacc B	Modifications et mutations diverses
RCS Paris B 328962261 RC 84-B 1587 COMPAGNIE COTONNIERE-COPACO. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : nomination du président du conseil d' administration : PELTIER (Gilles, Régis) . Administrateur partant : ZERAH (Dov, Michel, Youda).
	17/10/2003	Bodacc B	Modifications et mutations diverses
RCS Paris B 328962261 RC 84-B 1587 COMPAGNIE COTONNIERE-COPACO. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification du président du conseil d' administration : PELTIER (Gilles, Régis) . Modification d'un directeur général et administrateur : MERCIER (Didier). Administrateurs partants : SOCOCA-STE COTONNIERE CENTRAFRICAINE BERGER ( Maxime, Damien). Nomination d'un administrateur : CAMERLYNCK (Daniel).
	22/12/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 328962261 RC 84-B 1587 COMPAGNIE COTONNIERE-COPACO. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification du président du conseil d' administration : MERCIER (Didier). Modification d'administrateurs : DAGRIS- DEVELOPPEMENT DES AGRO-INDUSTRIES DU SUD ZERAH (Dov, Michel, Youda). Administrateur partant : BARDE ( François-Xavier).
	27/08/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 328962261 RC 84-B 1587 COMPAGNIE COTONNIERE-COPACO. Forme : S.A. Commentaires : modification survenue sur la dénomination et l'administration. Administration : modification d'un administrateur : BERGER (Maxime, Damien) . Commissaire aux comptes titulaire partant : ERNST & YOUNG AUDIT. Commissaire aux comptes suppléant partant : AIGNAN (Patrick).
	02/08/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 328962261 RC 84-B 1587 COMPAGNIE COTONNIERE. Forme : S.A. Capital : 6 080 000 euros. Commentaires : modification survenue sur le capital ( diminution).
	12/04/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 328962261 RC 84-B 1587 COMPAGNIE COTONNIERE. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification du directeur général non administrateur : MERCIER (Didier). Administrateur partant : TRAVERSIN (Guy) . Modification d'un administrateur : COMPAGNIE FRANCAISE POUR LE DEVELOPPEMENT DES FIBRES TEXTILES-C.F.D. T. Administrateurs partants : BOCCHINO ( François) BEROUD (François). Nomination d'administrateurs : BARDE ( François-Xavier) GONTIE (Christian, Maurice, Louis) BERGER (Maxime, Damien) PETITPREZ (Patrice, Joseph, Etienne, Paul).
	12/04/2001	Bodacc B	Modifications et mutations diverses
RCS Paris B 328962261 RC 84-B 1587 COMPAGNIE COTONNIERE. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification d'administrateurs : SOCOCA- STE COTONNIERE CENTRAFRICAINE COMPAGNIE MALIENNE POUR LE DEVELOPPEMENT DES TEXTILES-C.M.D.T. Nomination du commissaire aux comptes titulaire : MAZARS ET GUERARD S.A. Nomination du commissaire aux comptes suppléant : BROUARD (Cyrille).
	30/03/2000	Bodacc B	Modifications et mutations diverses
*. RCS Paris B 328 962 261 RC 84-B 1587 COMPAGNIE COTONNIERE. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : suppression : président du conseil d' administration : FICHET (Michel). Modification : président du conseil d' administration : ZERAH DOV (Michel, Youda) Modification : directeur général et administrateur : MERCIER (Didier). Suppression : directeur général non administrateur : ESTUR (Gérald). Modification : administrateurs : COMPAGNIE FRANCAISE POUR LE DEVELOPPEMENT DES FIBRES TEXTILES - C.F. D.T. BOCCHINO (François).
	30/03/2000	Bodacc B	Modifications et mutations diverses
*. RCS Paris B 328 962 261 RC 84-B 1587 COMPAGNIE COTONNIERE. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : nomination en qualité de président du conseil d'administration : ZERAH DOV MICHEL, YOUDA Modification : administrateur : COTON (Tchad).
	30/04/1999	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 328 962 261 RC RC 84- B 1587 COMPAGNIE COTONNIERE B. Forme : S. A. Administration : nomination en qualité d'administrateurs : SOCIETE BURKINABE DES FIBRES TEXTILES - SOFITEX COTON TCHAD. Commentaires : modification survenue sur l'administration.
	02/09/1997	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 328 962 261 RC RC 84- B 1587 COMPAGNIE COTONNIERE B. Forme : S. A. Administration : modification : vice- président et administrateur : BOCCHINO (François). Modification : directeur général non administrateur : ESTUR ( Gérald). Modification : administrateur VIAL (Jean-Pierre). Commentaires : modification survenue sur l' administration.
	09/08/1997	Bodacc B	Modifications et mutations diverses
RCS Paris B 328 962 261 RC 84-B 1587 COMPAGNIE COTONNIERE B. Forme : S.A. Capital : 40 000 000 de F. Commentaires : modification survenue sur le capital ( augmentation) et l'administration. Administration : nomination d'un administrateur : BEROUD (François).
	09/08/1997	Bodacc B	Modifications et mutations diverses
RCS Paris B 328 962 261 RC 84-B 1587 COMPAGNIE COTONNIERE B. Forme : S.A. Adresse du siège social : 11 rue de Monceau 75008 Paris. Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l' établissement principal Etablissement principal: Adresse : 11 rue de Monceau 75008 Paris.
	05/08/1997	Bodacc B	Modifications et mutations diverses
RCS *. RCS Paris B 328 962 261 RC RC 84- B 1587 COMPAGNIE COTONNIERE B. Forme : S. A. Administration : suppression : commissaire aux comptes titulaire : SOCIETE HELIOS STRECO DURANDO - H.S.D. Nomination en qualité de commissaire aux comptes titulaire : ERNST ET YOUNG AUDIT. Commentaires : modification survenue sur l'administration.

Company events history

Date	Description
03/01/2015	Update Rating
03/01/2015	Update Limit
02/05/2014	New subsidiarie(s) detected
02/05/2014	New ultimate parent
09/01/2014	Update Limit
09/01/2014	Update Rating
15/10/2013	Update Rating
15/10/2013	Update Limit
02/09/2011	New participations in other companies
02/09/2011	New ultimate parent
02/09/2011	New parent detected
18/06/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
24/05/2011	Bodacc B: Various editing or changing
09/05/2011	Minutes of general meeting of shareholders
09/05/2011	Changes to the Board of Directors
09/05/2011	Audit or Management Report
09/05/2011	Appointment/resignation of company officers
09/05/2011	Updated articles of association
10/02/2011	Legal Gazette: Appointment of the social representative
31/12/2010	New accounts available
14/09/2010	Bodacc C : Deposit accounts notice
30/04/2010	Appointment/resignation of company officers
06/04/2010	New ultimate parent
12/03/2010	Bodacc B: Various editing or changing
23/02/2010	Registered office transferred inside jurisdiction of the Commercial Court
23/02/2010	Updated articles of association
18/02/2010	Legal Gazette: Head Office Transfer
31/12/2009	New accounts available
07/12/2009	Update of Company Head Office Identifier
07/12/2009	Transfer of Establishment
24/07/2009	Bodacc C : Deposit accounts notice
08/06/2009	Private document
08/06/2009	Appointment/resignation of company officers
08/06/2009	Amendment
04/02/2009	New Bodacc B ads detected
16/01/2009	New chairman (CEO, CoB)
16/01/2009	Minutes of general meeting of shareholders
16/01/2009	Minutes of Board meeting
16/01/2009	Changes to the Board of Directors
16/01/2009	Appointment/resignation of company officers
16/01/2009	Private document
31/12/2008	New accounts available
11/09/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
09/10/2007	Appointment/resignation of company officers
09/10/2007	Changes to the Board of Directors
09/10/2007	Minutes of general meeting of shareholders
09/10/2007	Private document
09/10/2007	Appointment/resignation of company officers
09/10/2007	Minutes of general meeting of shareholders
31/12/2006	New accounts available
20/09/2006	Changes to the Board of Directors
20/09/2006	Private document
20/09/2006	Minutes of general meeting of shareholders
20/09/2006	Amendment
20/09/2006	Appointment/resignation of company officers
20/09/2006	Appointment/resignation of company officers
20/09/2006	Changes to the Board of Directors
20/09/2006	Minutes of Board meeting
20/09/2006	Minutes of general meeting of shareholders
16/06/2006	Amendment
16/06/2006	Private document
16/06/2006	Minutes of general meeting of shareholders
31/12/2005	New accounts available
09/02/2005	Private document
09/02/2005	Appointment/resignation of company officers
09/02/2005	Minutes of Board meeting
31/12/2004	New accounts available
05/04/2004	Appointment/resignation of company officers
05/04/2004	Minutes of general meeting of shareholders
05/04/2004	Private document
05/04/2004	Amendment
05/04/2004	Changes to the Board of Directors
31/12/2003	New accounts available
07/10/2003	Audit or Management Report
07/10/2003	Changes to the Board of Directors
07/10/2003	Minutes of Board meeting
07/10/2003	New chairman (CEO, CoB)
07/10/2003	Private document
07/10/2003	Updated articles of association
07/10/2003	Appointment/resignation of company officers
07/10/2003	Minutes of general meeting of shareholders
10/12/2002	Appointment/resignation of company officers
10/12/2002	Changes to the Board of Directors
10/12/2002	Minutes of Board meeting
10/12/2002	New chairman (CEO, CoB)
10/12/2002	Private document
13/08/2002	Appointment/resignation of company officers
13/08/2002	Amendment
13/08/2002	Updated articles of association
13/08/2002	Minutes of general meeting of shareholders
13/08/2002	New company name
13/08/2002	Private document
13/08/2002	Reconstitution of net assets
18/07/2001	Capital reduction
18/07/2001	Minutes of general meeting of shareholders
18/07/2001	Audit or Management Report
18/07/2001	Conversion of equity to euro
18/07/2001	Updated articles of association
17/07/2001	Conversion of equity to euro
17/07/2001	Minutes of general meeting of shareholders
17/07/2001	Private document
17/07/2001	Updated articles of association
17/07/2001	Capital reduction
17/07/2001	Audit or Management Report
28/03/2001	Power of attorney
28/03/2001	New auditor
28/03/2001	Minutes of general meeting of shareholders
28/03/2001	Minutes of Board meeting
28/03/2001	Changes to the Board of Directors
28/03/2001	Audit or Management Report
28/03/2001	Appointment/resignation of company officers
28/03/2001	Amendment
28/03/2001	Private document
14/11/2000	Continuation of business despite loss of equity
14/11/2000	Minutes of general meeting of shareholders
14/11/2000	Private document
25/05/2000	Application and court order
25/05/2000	Extension of term
14/03/2000	Appointment/resignation of company officers
14/03/2000	Changes to the Board of Directors
14/03/2000	Minutes of Board meeting
14/03/2000	New chairman (CEO, CoB)
14/03/2000	Private document
16/04/1999	Appointment/resignation of company officers
16/04/1999	Changes to the Board of Directors
16/04/1999	Minutes of general meeting of shareholders
16/04/1999	Private document
16/04/1999	Amendment
24/07/1997	Capital increase
24/07/1997	Appointment/resignation of company officers
24/07/1997	Changes to the Board of Directors
24/07/1997	Minutes of general meeting of shareholders
24/07/1997	New chairman (CEO, CoB)
24/07/1997	Private document
24/07/1997	Updated articles of association
24/07/1997	Minutes of Board meeting
23/07/1997	Registered office transferred inside jurisdiction of the Commercial Court
23/07/1997	Private document
23/07/1997	Minutes of general meeting of shareholders
23/07/1997	Updated articles of association
22/07/1997	Minutes of general meeting of shareholders
22/07/1997	Private document
22/07/1997	New auditor
22/07/1997	Appointment/resignation of company officers
21/07/1994	Minutes of general meeting of shareholders
21/07/1994	Amendment
21/07/1994	Capital increase
21/07/1994	Updated articles of association
06/12/1993	Amendment
06/12/1993	Capital increase
06/12/1993	Declaration of conformity
06/12/1993	Updated articles of association
06/12/1993	Minutes of general meeting of shareholders
03/11/1993	Amendment
03/11/1993	Appointment/resignation of company officers
11/08/1993	New auditor
11/08/1993	Minutes of general meeting of shareholders
11/08/1993	Minutes of Board meeting
11/08/1993	Appointment/resignation of company officers
11/08/1993	Amendment
11/08/1993	Changes to the Board of Directors
11/08/1993	New chairman (CEO, CoB)

Establishment events history

Date	Description
05/04/2015	Update Rating
06/01/2015	Update Rating
22/02/2014	Update of phone numbers
02/11/2013	Update Rating
02/02/2013	Update Rating
06/10/2012	Update Limit
07/09/2012	Update Rating
02/09/2011	Update Rating
08/08/2011	Update Rating
18/06/2011	Update Rating
18/06/2011	Update Limit
21/01/2011	Update of phone numbers
21/01/2011	Update Rating
19/07/2010	Update Limit
07/12/2009	Formation of Head office (after transfer)

Synthesized Accounts

Annual Accounts

	31/12/2010	31/12/2009	31/12/2008
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	16/06/2011	13/07/2010	-
Activity Code	4611Z	4611Z	4611Z
Employees	0	23	30

Active account

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	SECTOR MEDIAN 2010
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	1,489,646	-2.2 %	1,522,527	-23.3 %	1,986,256	10,412	14207.0 %
Intangible assets	960,540	-2.8 %	988,022	-8.5 %	1,079,971	0	0%
Tangible assets	11,777	-31.4 %	17,176	-92.0 %	215,044	3,728	215.9 %
Financial assets	517,329	0%	517,329	-25.2 %	691,241	83	626965.5 %
Net current assets	11,530,050	-55.2 %	25,757,156	-6.2 %	27,447,224	172,828	6571.4 %
Stocks	0	0%	337,303	-89.1 %	3,096,720	0	0%
Advanced payments	0	0%	2,000	-99.8 %	892,175	0	0%
Receivables	10,146,513	-54.8 %	22,454,319	30.4 %	17,217,852	68,762	14656.1 %
Securities and cash	1,383,537	-53.3 %	2,963,534	-52.5 %	6,240,477	26,919	5039.7 %
Prepaid expenses	-	-	-	-	-	68	-
Accounts of regularization	0	0%	0	0%	21,884	0	0%
Total Assets	13,019,695	-52.3 %	27,279,684	-7.4 %	29,455,364	211,831	6046.3 %

Passive Account

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	SECTOR MEDIAN 2010
Shareholders' equity	2,343,958	385.8 %	482,507	-91.6 %	5,736,275	63,319	3601.8 %
Share capital	3,000,000	-50.7 %	6,080,000	0%	6,080,000	8,000	37400.0 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	1,842,036	-38.1 %	2,973,648	-13.0 %	3,416,101	0	0%
Liabilities	8,833,703	-62.9 %	23,823,529	17.4 %	20,295,099	96,377	9065.8 %
Financial liabilities	6,011,783	-50.6 %	12,173,352	67.7 %	7,260,063	7,895	76046.7 %
Advanced payments received	0	0%	0	0%	348,040	0	0%
Trade account payables	2,500,092	-72.9 %	9,227,608	-14.4 %	10,775,934	17,799	13946.2 %
Tax and social liabilities	205,223	41.8 %	144,724	-62.2 %	382,940	22,861	797.7 %
Other debts and fixed assets liabilities	116,605	-94.6 %	2,164,852	54.9 %	1,397,518	2,230	5128.9 %
Account regularization	0	0%	112,993	-18.4 %	138,494	0	0%
Total liabilities	13,019,696	-52.3 %	27,279,684	-7.4 %	29,455,364	211,830	6046.3 %

Results

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	SECTOR MEDIAN 2010
Sales of Goods	76,779,146	-12.9 %	88,164,015	-45.8 %	162,583,349	273,024	28021.8 %
Net turnover	74,999,347	-8.2 %	81,678,894	-48.3 %	157,927,150	259,733	28775.6 %
of which net export turnover	71,258,935	-11.2 %	80,251,081	-48.9 %	156,955,221	0	0%
Operating charges	76,401,146	-14.2 %	88,996,245	-45.5 %	163,150,778	264,370	28799.3 %
Operating profit/loss	378,000	145.4 %	-832,230	-46.7 %	-567,429	7,151	5186.0 %
Financial income	1,618,169	56.1 %	1,036,774	-75.2 %	4,184,956	31	5219800.0 %
Financial charges	3,147,007	154.4 %	1,236,987	-78.4 %	5,715,113	536	587028.2 %
Financial profit/loss	-1,528,838	-663.6 %	-200,213	86.9 %	-1,530,157	0	0%
Pretax net operating income	-1,150,838	-11.5 %	-1,032,443	50.8 %	-2,097,586	8,575	-13520.9 %
Extraordinary income	169,357	-37.4 %	270,449	159.7 %	104,127	0	0%
Extraordinary charges	157,068	-96.5 %	4,491,773	742.8 %	532,953	84	188005.4 %
Extraordinary profit/loss	12,289	100.3 %	-4,221,324	-884.4 %	-428,826	0	0%
Net result	-1,138,549	78.3 %	-5,253,768	-108.0 %	-2,526,412	8,314	-13794.4 %

Accounts – Active

Normal Account

	31/12/2010	31/12/2009	31/12/2008
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Grand Total (I to VI)	Net	13,019,695	-52.3 %	27,279,684	-7.4 %	29,455,364
Gross	CO	25,741,829	-34.2 %	39,144,504	-16.0 %	46,602,118
Amortisation	1A	12,722,134	7.2 %	11,864,820	-30.8 %	17,146,754

Non declared distributed capital (I)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	-	-

ctive fixed asset (II)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total Active fixed asset (II)	Net	1,489,646	-2.2 %	1,522,527	-23.3 %	1,986,256
Gross	BJ	2,403,427	-5.1 %	2,532,660	-41.9 %	4,356,338
Amortisation	BK	913,781	-9.5 %	1,010,133	-57.4 %	2,370,082

Intangible fixed assets

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
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	4,406	-86.2 %	31,888	-74.3 %	123,837
Gross	AF	499,285	0%	499,285	-17.9 %	608,185
Amortisation	AG	494,879	5.9 %	467,397	-3.5 %	484,348
Goodwill	Net	914,694	0%	914,694	0%	914,694
Gross	AH	914,694	0%	914,694	0%	914,694
Amortisation	AI	0	0%	0	0%	0
Other intangible fixed assets	Net	41,440	0%	41,440	0%	41,440
Gross	AJ	41,440	0%	41,440	0%	41,440
Amortisation	AK	0	0%	0	0%	0
Pre-payments and downpayments	Net	0	0%	0	0%	0
Gross	AL	0	0%	0	0%	0
Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible asset	Net	960,540	-2.8 %	988,022	-8.5 %	1,079,971

Tangilble fixed assets

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	0	0%	0	0%	0
Gross	AP	0	0%	0	0%	0
Amortisation	AQ	0	0%	0	0%	0
Plant	Net	0	0%	0	0%	9,084
Gross	AR	0	0%	0	0%	15,300
Amortisation	AS	0	0%	0	0%	6,216
Other tangible fixed assets	Net	11,777	-31.4 %	17,176	-91.7 %	205,960
Gross	AT	429,780	-9.4 %	474,415	-76.3 %	2,002,659
Amortisation	AU	418,003	-8.6 %	457,239	-74.6 %	1,796,699
Fixed assets in construction	Net	0	0%	0	0%	0
Gross	AV	0	0%	0	0%	0
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	0	0%	0	0%	0
Gross	AX	0	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	11,777	-31.4 %	17,176	-92.0 %	215,044

Financial assets

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
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%	10,567
Gross	CU	899	-98.9 %	85,497	-8.4 %	93,386
Amortisation	CV	899	-98.9 %	85,497	3.2 %	82,819
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	517,329	0%	517,329	-24.0 %	680,674
Gross	BH	517,329	0%	517,329	-24.0 %	680,674
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	517,329	0%	517,329	-25.2 %	691,241

Current Assets (III)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total Assets	Net	11,530,050	-55.2 %	25,757,156	-6.2 %	27,447,224
Gross	CJ	23,338,402	-36.3 %	36,611,844	-13.3 %	42,223,896
Amortisation	CK	11,808,352	8.8 %	10,854,688	-26.5 %	14,776,672

Stocks

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Raw materials	Net	0	0%	0	0%	0
Gross	BL	0	0%	0	0%	0
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	0	0%	0	0%	0
Gross	BN	0	0%	0	0%	0
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	0	0%	337,303	-89.1 %	3,096,720
Gross	BT	0	0%	337,303	-89.2 %	3,117,686
Amortisation	BU	0	0%	0	0%	20,966
Sub Total Stocks	Net	0	0%	337,303	-89.1 %	3,096,720

Advance payments to suppliers

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Advance payments to suppliers	Net	0	0%	2,000	-99.8 %	892,175
Gross	BV	1,183,132	-0.1 %	1,184,302	-81.0 %	6,236,574
Amortisation	BW	1,183,132	0.1 %	1,182,302	-77.9 %	5,344,399

Debtors

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Trade accounts receivable	Net	8,303,053	-62.6 %	22,207,179	37.4 %	16,160,832
Gross	BX	11,041,923	-54.0 %	24,009,097	35.8 %	17,685,317
Amortisation	BY	2,738,870	52.0 %	1,801,918	18.2 %	1,524,485
Other debtors	Net	223,240	14.2 %	195,427	-79.7 %	962,104
Gross	BZ	8,109,590	0.5 %	8,065,895	-8.7 %	8,838,200
Amortisation	CA	7,886,350	0.2 %	7,870,468	-0.1 %	7,876,096
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	8,526,293	-61.9 %	22,402,606	30.8 %	17,122,936

Divers

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Investment securities	Net	0	0%	0	0%	4,090,678
Gross	CD	0	0%	0	0%	4,090,678
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	1,383,537	-53.3 %	2,963,534	37.9 %	2,149,799
Gross	CF	1,383,537	-53.3 %	2,963,534	37.2 %	2,160,525
Amortisation	CG	0	0%	0	0%	10,726
Sub Total Divers	Net	1,383,537	-53.3 %	2,963,534	-52.5 %	6,240,477

Prepaid expenses

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Prepaid expenses	Net	1,620,220	3033.1 %	51,713	-45.5 %	94,916
Gross	CH	1,620,220	3033.1 %	51,713	-45.5 %	94,916
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Multi-period charges	CW3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	-	-
Currency differential gain	CN3	0	0%	0	0%	21,884
Gross		0	0%	0	-	-

References

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Grand Total (I to V)	EE	13,019,696	-52.3 %	27,279,684	-7.4 %	29,455,364

Shareholder Equity (I)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total shareholders' equity (Total I)	DL	2,343,958	385.8 %	482,507	-91.6 %	5,736,275
Equity and shareholders' equity	DA	3,000,000	-50.7 %	6,080,000	0%	6,080,000
Issue and merger premiums	DB	0	0%	0	0%	0
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	141,047	0%	141,047	0%	141,047
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	17,961	0%	17,961	0%	17,961
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	2,008,784	0%	2,008,784	0%	2,008,784
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	-1,685,285	32.9 %	-2,511,517	-16961.5 %	14,895
Profit or loss for the period	DI	-1,138,549	78.3 %	-5,253,768	-108.0 %	-2,526,412
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total other capital resources (Total II)	DO	0	0%	0	0%	0
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	0	0%	0	0%	0

Provisions for risks and charges (III)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total provisions for risks and charges (Total III)	DR	1,842,036	-38.1 %	2,973,648	-13.0 %	3,416,101
Risk provisions	DP	1,244,659	-48.0 %	2,393,340	9.1 %	2,193,898
Reserves for charges	DQ	597,377	2.9 %	580,308	-52.5 %	1,222,203

Liabilities (IV)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total Liabilities (Total IV)	EC	8,833,703	-62.9 %	23,823,529	17.4 %	20,295,099
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	6,011,783	-34.5 %	9,173,352	26.4 %	7,260,063
Sundry loans and financial liabilities	DV	0	0%	3,000,000	0%	0
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	0	0%	0	0%	348,040
Trade accounts payables	DX	2,500,092	-72.9 %	9,227,608	-14.4 %	10,775,934
Tax and social security liabilities	DY	205,223	41.8 %	144,724	-62.2 %	382,940
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	116,605	-94.6 %	2,164,852	55.8 %	1,389,628

Translation loss (V)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Translation loss (Total V)	ED	0	0%	0	0%	7,890

Equalization accounts

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Deferred income	EB	0	0%	112,993	-18.4 %	138,494

References

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	0	0%	0
Of which current bank facilities	EH	0	0%	0	0%	0

Result account

1 - Operating result (I-II)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Operating result (Total I-II)	GG	378,000	145.4 %	-832,230	-46.7 %	-567,429

2 - Financial result (V-VI)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Financial result (Total V-VI)	GV	-1,528,838	-663.6 %	-200,213	86.9 %	-1,530,157

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

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-1,150,838	-11.5 %	-1,032,443	50.8 %	-2,097,586

4 - Extraordinary result (VII-VIII)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Extraordinary result (Total VII-VIII)	HI	12,289	100.3 %	-4,221,324	-884.4 %	-428,826

Profit or loss

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Profit or loss	HN	-1,138,549	78.3 %	-5,253,768	-108.0 %	-2,526,412

Total Income (I+III+V+VII)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total Income (Total I+III+V+VII)	HL	78,566,672	-12.2 %	89,471,238	-46.4 %	166,872,432

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

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	79,705,221	-15.9 %	94,725,005	-44.1 %	169,398,844

Operating income (I)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total operating income (Total I)	FR	76,779,146	-12.9 %	88,164,015	-45.8 %	162,583,349

Operating income (details)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Sale of goods for resale	FC	74,853,141	-8.3 %	81,598,125	-48.3 %	157,735,566
France	FA	3,740,412	162.0 %	1,427,813	46.9 %	971,929
Export	FB	71,112,729	-11.3 %	80,170,312	-48.9 %	156,763,637
Sale of goods produced	FF	0	0%	0	0%	0
France	FD	0	0%	0	0%	0
Export	FE	0	0%	0	0%	0
Sale of services	FI	146,206	81.0 %	80,769	-57.8 %	191,584
France	FG	0	0%	0	0%	0
Export	FH	146,206	81.0 %	80,769	-57.8 %	191,584
Net turnover	FL	74,999,347	-8.2 %	81,678,894	-48.3 %	157,927,150
France	FJ	3,740,412	162.0 %	1,427,813	46.9 %	971,929
Export	FK	71,258,935	-11.2 %	80,251,081	-48.9 %	156,955,221
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	0
Release of reserves and provisions	FP	1,749,154	-70.5 %	5,923,822	167.7 %	2,213,021
Other income	FQ	30,645	-94.5 %	561,299	-77.0 %	2,443,178

Operating charges (II)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total operating charges (Total II)	GF	76,401,146	-14.2 %	88,996,245	-45.5 %	163,150,778

Exploitation charges

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Purchase of goods for resale	FS	70,625,485	-10.7 %	79,119,845	-46.1 %	146,779,839
Change in stocks of goods for resale	FT	337,303	-87.8 %	2,756,946	7.1 %	2,573,043
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	1,106,725	-43.4 %	1,955,342	-18.0 %	2,385,164
Tax, duty and similar payments	FX	143,971	-37.2 %	229,433	6.5 %	215,460
Payroll	FY	526,666	-68.6 %	1,675,446	-1.6 %	1,703,403
Social security costs	FZ	249,253	-50.3 %	501,998	-30.0 %	717,650

Depreciation

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Depreciation of fixed assets	GA	33,279	-74.2 %	129,071	-5.5 %	136,614
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	1,490,630	232.7 %	448,040	132.5 %	192,672
Provisions for risks and charges	GD	76,916	-94.7 %	1,443,446	48.8 %	970,306

Other charges

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Other charges	GE	1,810,918	145.8 %	736,678	-90.1 %	7,476,627

Operating charges (III-IV)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Share of joint-venture transferred to other partner(s) (Total III)	GH	0	0%	0	0%	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0	0%	0	0%	0

Financial income (V)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total financial income (Total V)	GP	1,618,169	56.1 %	1,036,774	-75.2 %	4,184,956
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	0	0%	631	-95.8 %	14,987
Other interest and similar income	GL	455,019	85.8 %	244,897	-22.9 %	317,758
Released provisions and transferred charges	GM	84,597	-73.6 %	320,060	111.9 %	151,069
Exchange gains	GN	1,078,553	134.8 %	459,446	-87.5 %	3,685,361
Net income from disposal of investment securities	GO	0	0%	11,740	-25.6 %	15,781

Financial charge (VI)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total financial charge (Total VI)	GU	3,147,007	154.4 %	1,236,987	-78.4 %	5,715,113
Financial reserves and provisions	GQ	0	0%	2,680	-99.2 %	320,060
Interest and similar charges	GR	305,567	4.2 %	293,347	-71.0 %	1,010,748
Exchange losses	GS	2,841,440	202.0 %	940,960	-78.5 %	4,384,305
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total extraordinary income (Total VII)	HD	169,357	-37.4 %	270,449	159.7 %	104,127
Extraordinary operating income	HA	144,893	-40.3 %	242,549	218.2 %	76,227
Extraordinary income from capital transactions	HB	24,464	0%	0	0%	0
Released provisions and transferred charges	HC	0	0%	27,900	0%	27,900

Extraordinary charges (VIII)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total extraordinary charges (Total VIII)	HH	157,068	-96.5 %	4,491,773	742.8 %	532,953
Extraordinary operating charges	HE	63,920	-98.5 %	4,323,049	712.0 %	532,414
Extraordinary charges from capital transactions	HF	93,148	-44.8 %	168,724	31203.2 %	539
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Tax on profits (Total X)	HK	0	0%	0	0%	0

References

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	0
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 (I TO IV)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Gross value at begin of period	OG	0	0%	0	0%	3,728,435
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	1,074,516
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	129,629	-93.2 %	1,898,198	325.0 %	446,612
Gross value at the end of period	OL	2,403,427	-5.1 %	2,532,659	-41.9 %	4,356,338

Research and development Charge (Total I)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Gross value at begin of period	CZ	0	0%	0	0%	0
Increasess due to revaluation	KB	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KC	0	0%	0	0%	0
Decreasess by budget item transfer	CO1	0	0%	0	0%	0
Decreasess by transfers	CO2	0	0%	0	0%	0
Gross value at the end of period	DO	0	0%	0	0%	0

Other budget item from Intangible fixed assets (Total II)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Gross value at begin of period	KD	1,455,419	-7.0 %	1,564,319	3.3 %	1,514,936
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	44,665	-9.6 %	49,383
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	153,565	0%	0
Gross value at the end of period	LW	1,455,419	0%	1,455,419	-7.0 %	1,564,319

Tangible fixed assets (Total III)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Gross value at begin of period	LN	474,415	-76.5 %	2,017,959	-3.3 %	2,087,811
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	397	-91.6 %	4,754	-18.9 %	5,862
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	45,032	-97.1 %	1,548,297	1944.9 %	75,714
Gross value at the end of period	NH	429,780	-9.4 %	474,416	-76.5 %	2,017,959

Financial assets (Total IV)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Gross value at begin of period	LQ	602,826	-22.1 %	774,060	515.9 %	125,688
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	0	0%	25,100	-97.5 %	1,019,271
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	84,597	-56.9 %	196,335	-47.1 %	370,898
Gross value at the end of period	NK	518,229	-14.0 %	602,825	-22.1 %	774,060

Reserve for depreciation

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

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Reserve for depreciation value at begin of period	ON	0	0%	0	0%	2,225,825
Increases	OP	0	0%	0	0%	136,570
Decreasess	OQ	0	0%	0	0%	75,132
Reserve for depreciation value at the end of period	OR	0	0%	0	0%	2,287,263

Research and development charge (Total I)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases	PB	0	0%	0	0%	0
Decreasess	PC	0	0%	0	0%	0
Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Reserve for depreciation value at begin of period	PE	467,397	-3.5 %	484,348	23.0 %	393,628
Increases	PF	27,483	-71.1 %	95,174	4.9 %	90,720
Decreasess	PG	0	0%	112,125	0%	0
Decreasess by budget item transfer	PH	494,880	5.9 %	467,397	-3.5 %	484,348

Total fixed assets amotisation (Total III)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Reserve for depreciation value at begin of period	QU	457,239	-74.6 %	1,802,916	-1.6 %	1,832,197
Increases	QV	5,796	-82.9 %	33,898	-26.1 %	45,850
Decreases	QW	45,032	-96.7 %	1,379,574	1736.2 %	75,132
Decreasess by budget item transfer	QX	418,003	-8.6 %	457,240	-74.6 %	1,802,915

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Gross value at begin of period	Z91	0	0%	0	0%	0
Increases	Z92	0	0%	0	0%	0
Depreciation of fixed assets during period	Z9	0	0%	0	0%	0
Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Net value at begin of period	SP1	0	0%	0	0%	0
Increases	SP2	0	0%	0	0%	0
Depreciation of fixed assets during period	SP	0	0%	0	0%	0
Net value at the end of period	SR	0	0%	0	0%	0

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Value at begining of period	7C	13,913,832	-23.9 %	18,275,594	-4.7 %	19,179,085
Increases	UB	1,667,546	-12.0 %	1,894,166	27.7 %	1,483,039
Decreases	UC	1,930,091	-69.1 %	6,255,928	162.1 %	2,386,529
Value at the end of period	UD	13,651,287	-1.9 %	13,913,832	-23.9 %	18,275,595

Includes Total allocations

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Operating	UE	0	0%	1,891,486	62.6 %	1,162,978
Financial	UG	0	0%	2,680	-99.2 %	320,060
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Operating	UF	0	0%	5,907,968	167.6 %	2,207,560
Financial	UH	0	0%	320,060	111.9 %	151,069
Exceptional	UK	0	0%	27,900	0%	27,900

Total regulated provisions (Total I)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Value at begining of period	3Z	0	0%	0	0%	0
Increases	TS	0	0%	0	0%	0
Decreases	TT	0	0%	0	0%	0
Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Value at begining of period	5Z	2,973,648	-13.0 %	3,416,102	16.1 %	2,942,563
Increases	TV	176,917	-87.7 %	1,443,446	11.9 %	1,290,367
Decreases	TW	1,308,528	-30.6 %	1,885,900	130.9 %	816,827
Value at the end of period	TX	1,842,037	-38.1 %	2,973,648	-13.0 %	3,416,103

Total Provision for depreciation (Total III)

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Value at begining of period	7B	10,940,184	-26.4 %	14,859,492	-8.5 %	16,236,522
Increases	TY	1,490,630	230.7 %	450,720	133.9 %	192,672
Decreases	TZ	621,563	-85.8 %	4,370,028	178.4 %	1,569,702
Value at the end of period	UA	11,809,251	7.9 %	10,940,184	-26.4 %	14,859,492

State deadlines claims and debts at the end of period

State claims

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Gross value	VT	21,287,306	-34.8 %	32,644,034	19.6 %	27,299,108
1 year at most	VU	21,287,306	-34.8 %	32,644,034	20.4 %	27,118,663
More than one year	VV	0	0%	0	0%	180,445

State of loans

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	517,329	0%	517,329	-24.0 %	680,674
Other financial assets (1 year at most)	UV	517,329	0%	517,329	3.4 %	500,229

Receivables statement of assets

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	11,041,923	-54.0 %	24,009,097	35.8 %	17,685,317
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	10,000	0%	10,000	-87.9 %	82,524
Social Security and other social organizations	UZ	957	-56.5 %	2,200	0%	0
Income taxes	VM	0	0%	0	0%	80,927
Value added tax	VB	51,454	-48.3 %	99,588	2.8 %	96,868
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	7,590,234	0%	7,590,234	0.0 %	7,588,976
Accounts receivable (including claims relating to the operation of pension titles)	VR	455,189	25.1 %	363,874	-63.2 %	988,905

Prepaid

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Prepaid	VS	1,620,220	3033.1 %	51,713	-45.5 %	94,916

State Debt

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Total debt (gross)	VY	8,833,703	-62.9 %	23,823,530	19.4 %	19,947,060
1 year at most	VZ2	8,833,703	-57.6 %	20,823,530	4.4 %	19,947,060
More than 1 year and 5 years at most	VZ3	0	0%	3,000,000	0%	0
More than 5 years	VZ4	0	0%	0	0%	0

Details

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most	7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Y3	0	0%	0	0%	0
Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most	7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Z3	0	0%	0	0%	0
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	6,011,783	-34.5 %	9,173,352	26.4 %	7,260,063
1 year at most	VG2	6,011,783	-34.5 %	9,173,352	26.4 %	7,260,063
More than 1 year and 5 years at most	VG3	0	0%	0	0%	0
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most	VH2	0	0%	0	0%	0
More than 1 year and 5 years at most	VH3	0	0%	0	0%	0
Loans and various financial liabilities (gross)	8A1	0	0%	3,000,000	0%	0
1 year at most	8A2	0	0%	0	0%	0
More than 1 year and 5 years at most	8A3	0	0%	3,000,000	0%	0
Suppliers and associated accounts (gross)	8B1	2,500,092	-72.9 %	9,227,608	-14.4 %	10,775,934
1 year at most	8B2	2,500,092	-72.9 %	9,227,608	-14.4 %	10,775,934
More than 1 year and 5 years at most	8B3	2,500,092	-72.9 %	9,227,608	0%	0
Personnel and associated accounts (gross)	8C1	73,101	-1.3 %	74,071	-61.1 %	190,205
1 year at most	8C2	73,101	-1.3 %	74,071	-61.1 %	190,205
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	52,401	-1.9 %	53,391	-53.9 %	115,732
1 year at most	8D2	52,401	-1.9 %	53,391	-53.9 %	115,732
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most	8E2	0	0%	0	0%	0
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	17,164	-0.6 %	17,263	-77.6 %	77,004
1 year at most	VW2	17,164	-0.6 %	17,263	-77.6 %	77,004
More than 1 year and 5 years at most	VW3	0	0%	0	0%	0
Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most	VX2	0	0%	0	0%	0
More than 1 year and 5 years at most	VX3	0	0%	0	0%	0
Other taxes and assimilated (gross)	VQ1	62,557	0%	0	0%	0
1 year at most	VQ2	62,557	0%	0	0%	0
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most	8J2	0	0%	0	0%	0
More than 1 year and 5 years at most	8J3	0	0%	0	0%	0
More than 5 years	8J4	0	0%	0	0%	0
Groups and associates (gross)	VI1	0	0%	171	-98.4 %	10,567
1 year at most	VI2	0	0%	171	-98.4 %	10,567
More than 1 year and 5 years at most	VI3	0	0%	0	0%	0
More than 5 years	V14	0	0%	0	0%	0
Other liabilities (gross)	8K1	116,605	-94.6 %	2,164,682	57.0 %	1,379,061
1 year at most	8K2	116,605	-94.6 %	2,164,682	57.0 %	1,379,061
More than 1 year and 5 years at most	8K3	0	0%	0	0%	0
Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most	SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most	SZ3	0	0%	0	0%	0
Products in advance (gross)	8L1	0	0%	112,993	-18.4 %	138,494
1 year at most	8L2	0	0%	112,993	-18.4 %	138,494
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information

Dividends distributed

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	1,757,125

Other charges Externes

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Average number of employees	YP	0	0%	23	-23.3 %	30

Groups and Shareholders

		31/12/2010	Variation	31/12/2009	Variation	31/12/2008
Groups and Shareholders	ZR	0	-	-	-	-

Ratios

Structure and Liquidity

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	SECTOR MEDIAN 2010
Fixed Asset Financing	4.62	-29.7 %	6.57	52.4 %	4.31	2.55	81.2 %
Global Debt	42 days	-60.0 %	105 days	128.3 %	46 days	108 days	-60.9 %
Working Capital Fund overall net	42 days	-32.3 %	62 days	87.9 %	33 days	66 days	-36.4 %
Financial independence	38.99 %	884.6 %	3.96 %	-95.0 %	79.01 %	191.29 %	-79.6 %
Solvability	18.00 %	916.9 %	1.77 %	-90.9 %	19.47 %	39.22 %	-54.1 %
Capacity debt futures	38.99 %	641.3 %	5.26 %	-93.3 %	79.01 %	1,198.39 %	-96.7 %
Coverage of current assets by net working capital overall	40.10 %	3.9 %	38.59 %	23.6 %	31.22 %	42.91 %	-6.5 %
General Liquidity	2.41	53.5 %	1.57	15.4 %	1.36	0.79	205.1 %
Restricted Liquidity	2.57	50.3 %	1.71	2.4 %	1.67	1.38	86.2 %

Management or rotation

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	SECTOR MEDIAN 2010
Need background in operating working capital	27 days	-44.9 %	49 days	157.9 %	19 days	6 days	350.0 %
Treasury	7 days	-46.2 %	13 days	-7.1 %	14 days	13 days	-46.2 %
Inventory turnover of goods	0 days	0%	1 days	-87.5 %	8 days	1 days	0%
Average length of credit granted to customers	53 days	-50.0 %	106 days	140.9 %	44 days	53 days	0%
Average length of credit obtained suppliers	12 days	-70.0 %	40 days	53.8 %	26 days	44 days	-72.7 %
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	1,267 days	-
Rotation tangible assets	17,450.64 %	1.4 %	17,216.72 %	120.0 %	7,826.08 %	1,081.88 %	1513.0 %

Profitability of the business

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	SECTOR MEDIAN 2010
Margin trading	5.19 %	1626.5 %	-0.34 %	-106.4 %	5.31 %	0.50 %	938.0 %
Profitability of the business	2.68 %	148.0 %	-5.58 %	-348.0 %	2.25 %	3.35 %	-20.0 %
Net profit	-1.52 %	76.4 %	-6.43 %	-301.9 %	-1.60 %	1.91 %	-179.6 %
Growth rate of turnover (excluding VAT)	-8.18 %	83.1 %	-48.28 %	-161.8 %	-18.44 %	0.46 %	-1878.3 %
Rates integration	3.91 %	248.1 %	-2.64 %	-167.3 %	3.92 %	22.17 %	-82.4 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	26.48 %	126.2 %	-101.12 %	-358.5 %	39.12 %	58.07 %	-54.4 %
Weight interests	4.20 %	178.1 %	1.51 %	-58.3 %	3.62 %	0.11 %	3718.2 %

Return on capital

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	SECTOR MEDIAN 2010
Cash flow from the overall profitability	-1.38 %	89.9 %	-13.72 %	-386.5 %	-2.82 %	3.50 %	-139.4 %
Rates of economic profitability	24.00 %	166.7 %	-36.00 %	-233.3 %	27.00 %	14.08 %	70.5 %
Financial profitability	2,343,958.00 %	385.8 %	482,507.00 %	-91.6 %	5,736,275.00 %	41,095.00 %	5603.8 %
Return on investment	24.04 %	175.7 %	-31.74 %	-229.3 %	24.54 %	10.11 %	137.8 %

Management intermediate balances

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	SECTOR MEDIAN 2010
Turnover	74,999,347	-8.2 %	81,678,894	-48.3 %	157,927,150	259,733	28775.6 %

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	SECTOR MEDIAN 2010
Sales of goods	74,853,141	-8.3 %	81,598,125	-48.3 %	157,735,566		-
- Purchase of goods	70,625,485	-10.7 %	79,119,845	-46.1 %	146,779,839		-
+/- Stock of goods variation	337,303	-87.8 %	2,756,946	7.1 %	2,573,043		-
Trading margin	3,890,353 €	1496.1 %	-278,666 €	-103.3 %	8,382,684 €	626 €	621858.9 %
	5.19 % CA	1626.5 %	-0.34 % CA	-106.4 %	5.31 % CA	2.03 % CA	155.7 %

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	SECTOR MEDIAN 2010
Sale of goods produced	146,206	81.0 %	80,769	-57.8 %	191,584		-
+/- Stocked production	0	0%	0	0%	0		-
+ Self-constructed assets	0	0%	0	0%	0		-
Period production	146,206 €	81.0 %	80,769 €	-57.8 %	191,584 €	64,505 €	126.7 %
	0.19 % CA	90.0 %	0.10 % CA	-16.7 %	0.12 % CA	93.60 % CA	-99.8 %

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	SECTOR MEDIAN 2010
Trading margin	3,890,353	1496.1 %	-278,666	-103.3 %	8,382,684	626	621858.9 %
+ Period Production	146,206	81.0 %	80,769	-57.8 %	191,584	64,505	126.7 %
- Purchase of raw materials	0	0%	0	0%	0		-
+/- Change in stocks of raw materiels	0	0%	0	0%	0		-
- Other external purchases and charges	1,106,725	-43.4 %	1,955,342	-18.0 %	2,385,164		-
Added value	2,929,834 €	236.1 %	-2,153,239 €	-134.8 %	6,189,104 €	62,263 €	4605.6 %
	3.91 % CA	248.1 %	-2.64 % CA	-167.3 %	3.92 % CA	22.17 % CA	-82.4 %

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	SECTOR MEDIAN 2010
Added value	2,929,834 €	236.1 %	-2,153,239 €	-134.8 %	6,189,104 €	62,263 €	4605.6 %
+ Operating grants	0	0%	0	0%	0		-
- Tax, duty and similar payments	143,971	-37.2 %	229,433	6.5 %	215,460		-
- Personal charges	775,919	-64.4 %	2,177,444	-10.1 %	2,421,053		-
Gross operating surplus	2,009,944 €	144.1 %	-4,560,116 €	-228.4 %	3,552,591 €	12,410 €	16096.2 %
	2.68 % CA	148.0 %	-5.58 % CA	-348.0 %	2.25 % CA	3.35 % CA	-20.0 %

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	SECTOR MEDIAN 2010
Gross operating surplus	2,009,944 €	144.1 %	-4,560,116 €	-228.4 %	3,552,591 €	12,410 €	16096.2 %
+ Release of reserves and provisions	1,749,154	-70.5 %	5,923,822	167.7 %	2,213,021		-
+ Other operating income	30,645	-94.5 %	561,299	-77.0 %	2,443,178		-
- Depreciation/ Amortisation	1,600,825	-20.8 %	2,020,557	55.5 %	1,299,592		-
- Other charges	1,810,918	145.8 %	736,678	-90.1 %	7,476,627		-
Operating result	378,000 €	145.4 %	-832,230 €	-46.7 %	-567,429 €	6,800 €	5458.8 %
	0.50 % CA	149.0 %	-1.02 % CA	-183.3 %	-0.36 % CA	1.90 % CA	-73.7 %

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	SECTOR MEDIAN 2010
Operating result	378,000 €	145.4 %	-832,230 €	-46.7 %	-567,429 €	6,800 €	5458.8 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0		-
+ Financial income	1,618,169	56.1 %	1,036,774	-75.2 %	4,184,956		-
- Financial charges	3,147,007	154.4 %	1,236,987	-78.4 %	5,715,113		-
Pre-tax result	-1,150,838 €	-11.5 %	-1,032,443 €	50.8 %	-2,097,586 €	8,182 €	-14165.5 %
	-1.53 % CA	-21.4 %	-1.26 % CA	5.3 %	-1.33 % CA	1.88 % CA	-181.4 %

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	SECTOR MEDIAN 2010
Extraordinary income	169,357	-37.4 %	270,449	159.7 %	104,127	0	0%
- Extraordinary charges	157,068	-96.5 %	4,491,773	742.8 %	532,953		-
Extraordinary result	12,289 €	100.3 %	-4,221,324 €	-884.4 %	-428,826 €	0 €	0%
	0.02 % CA	100.4 %	-5.17 % CA	-1814.8 %	-0.27 % CA	0.00 % CA	0%

	31/12/2010	Variation	31/12/2009	Variation	31/12/2008	SECTOR MEDIAN 2010
Pre-tax result	-1,150,838 €	-11.5 %	-1,032,443 €	50.8 %	-2,097,586 €	8,182 €	-14165.5 %
Extraordinary result	12,289 €	100.3 %	-4,221,324 €	-884.4 %	-428,826 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	0	0%	0	0%	0		-
Net result	-1,138,549 €	78.3 %	-5,253,767 €	-108.0 %	-2,526,412 €	8,166 €	-14043.4 %
	-1.52 % CA	76.4 %	-6.43 % CA	-301.9 %	-1.60 % CA	1.91 % CA	-179.6 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.58
UK Pound	1	Rs.100.30
Euro	1	Rs.72.38

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%)

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