MIRA INFORM REPORT

Report No. :	348027
Report Date :	02.11.2015

IDENTIFICATION DETAILS

Name :	BROWN FINTUBE FRANCE SA

Registered Office :	Zone Industrielle, Vongy, 74200 Thonon Les Bains

Country :	France

Financials (as on) :	31.12.2009

Date of Incorporation :	January 1966

Legal Form :	Public Limited Company With Board of Directors

Line of Business :	Manufacture of Industrial Cooling and Ventilation Equipment (2825Z )

No. of Employees :	30

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

France

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

FRANCE - ECONOMIC OVERVIEW

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

Source : CIA

Company summary

SIRET	796 680 023 00010
Name	BROWN FINTUBE FRANCE SA
Acronym	-
Trade name	-
Status	Economically active
Postal Address	BROWN FINTUBE FRANCE SA Zone Industrielle, Vongy, 74200 Thonon Les Bains
Share Capital	450,000 Euros
Telephone	-
Activity (APE)	Manufacture of industrial cooling and ventilation equipment (2825Z )	RCS Registration	-
Formation Date	01/1966	EUR VAT Number	FR45796680023
Deregistration Date	-	Last account Date	31/12/2009
Court Registry Number	19 6 6B00002	Incorporation Date	01/1966
Registration Court	-	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
31/12/2009	6,803,529 €	19.23% Turnover	1,399,232 €	882,077 €	30 employees
31/12/2008	5,769,758 €	8.23% Turnover	982,154 €	473,589 €	20 to 49 employees
31/12/2007	5,414,948 €	11.52% Turnover	718,566 €	214,924 €	28 employees

Directors

Current directors 4

Establishment details

Type of Establishment	Single (translated to H)	Production Role	-
APE/NAF Code	2825Z	Activity	Manufacture of ventilation equipment and industrial refrigeration
Formation Date	01/1966	Reason for Formation	-
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	VONGY 74200 THONON LES BAINS	Department	Haute-Savoie (74)
Location Surface	-	District	4
City	THONON LES BAINS	Status	Economically active
Business Pages FT®	-	Region	Rhône-Alpes
		Area	95
		Size of Urban Area	-

Other Establishment(s)

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

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
BROWN FINTUBE FRANCE SA	Head Office	2825Z	Fabrication d'équipements aérauliques et frigorifiques industriels	THONON LES BAINS	74200

Workforces

Workforce at address

20 to 49 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 5 years old, this has an impact on the rating. Please contact Creditsafe with your latest financial statements if you want the risk score to be recalculated

The liquidity acid test is less than 65%

The sales to current assets ratio is 1.94

The debtor days are 44.16

The ratio total assets to total liabilities is 1.58

The tangible fixed assets are 289,809 €

The company is 49 years old

Industry code with low risk rating

The return on total assets employed is positive

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

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

Collective procedures

No judgment information for this company.

Preferential rights details and history

Status of collection This company is not under monitoring

Group data

No group information available for this company

Shareholders

No shareholder available for this company.

Directors

Name	M. LAMBILLIOTTE FRANCIS
Manager position	Chairman of the Board, Managing director	Date of birth	14/04/1952
Place of birth	UCCLE(BELGIQUE)
Type	Individual	Name at birth

Name	M. BIN LOUIS
Manager position	Delegated managing director, Administrator	Date of birth	28/02/1954
Place of birth	HOUDENG AIMERIES(BELGIQUE)
Type	Individual	Name at birth

Name	M. TONDREAU THIERRY
Manager position	Administrator	Date of birth	21/10/1947
Place of birth	JEMAPPES BELGIQUE(BELGIQUE)
Type	Individual	Name at birth

Name	M. ROBERT RENÉ
Manager position	Administrator	Date of birth	16/12/1956
Place of birth	NIVELLES BELGIQUE(BELGIQUE)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Administrator	COMPAGNIE FINANCIERE HAMON SA	-
Administrator	M. GILBERT JEAN	-

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	08/07/2011	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 888 - 796 680 023 RCS Thonon-les-Bains. BROWN FINTUBE FRANCE S.A. Forme : Société anonyme. Administration : Président du conseil d'administration et Directeur général : LAMBILLIOTTE Francis Administrateur : TONDREAU Thierry Administrateur : ROBERT René Commissaire aux comptes titulaire : NADAUD Jean-François Commissaire aux comptes suppléant : PINCON Edouard. Activité : . Commentaires : Modification survenue sur l'administration.
	09/06/2011	JAL	Resignation / Revocation of the social representative
Messager (Le) - L'Essor savoyard Date de décision : 15/03/2011 La société 796680023 - BROWN FINTUBE FRANCE SA, VONGY, ZONE INDUSTRIELLE, 74200 THONON LES BAINS Fait l'objet du départ de Date d'effet : 15/03/2011
	29/09/2010	Bodacc C	Comptes annuels et rapports
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 9702 - 796680023 RCS. BROWN FINTUBE FRANCE S.A.. Forme : Société anonyme. Adresse : Zone Industrielle de Vongy 74200 Thonon-les-Bains.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	19/09/2010	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 982 - 796 680 023 RCS Thonon-les-Bains. BROWN FINTUBE FRANCE S.A. Forme : Société anonyme. Administration : Président du conseil d'administration et Directeur général : LAMBILLIOTTE Francis Directeur général délégué : SERVOZ Jean-Jacques, Paul, François Administrateur : TONDREAU Thierry Administrateur : ROBERT René Commissaire aux comptes titulaire : DELOITTE & ASSOCIES SOCIETE ANONYME Commissaire aux comptes titulaire : NADAUD Jean-François Commissaire aux comptes suppléant : BEAS - S.A.R.L. Commissaire aux comptes suppléant : PINCON Edouard. Commentaires : Modification survenue sur l'administration.
	12/08/2010	JAL	Appointment of the social representative
LE MESSAGER EDITION CHABLAIS - L'ESSOR SAVOYARD Société faisant l'objet d'une nomination : 796680023 - BROWN FINTUBE FRANCE SA, VONGY, ZONE INDUSTRIELLE, 74200 THONON LES BAINS Nominé : Monsieur Louis BIN, 17 ALLEE 17 ALLEE DES CEDRES, 78230 LE PECQ En la fonction de : Administrateur
	12/08/2010	JAL	Appointment of the social representative
LE MESSAGER EDITION CHABLAIS - L'ESSOR SAVOYARD Société faisant l'objet d'une nomination : 796680023 - BROWN FINTUBE FRANCE SA, VONGY, ZONE INDUSTRIELLE, 74200 THONON LES BAINS Nominé : Monsieur Francis LAMBILLIOTTE En la fonction de : Président du Conseil d'Administration
	12/08/2010	JAL	Appointment of the social representative
LE MESSAGER EDITION CHABLAIS - L'ESSOR SAVOYARD Société faisant l'objet d'une nomination : 796680023 - BROWN FINTUBE FRANCE SA, VONGY, ZONE INDUSTRIELLE, 74200 THONON LES BAINS Nominé : Monsieur Jean-Jacques SERVOZ, 97 CHEMIN 97 CHEMIN DE MORCY, 74200 THONON LES BAINS En la fonction de : Directeur général délégué
	12/08/2010	JAL	Appointment of the social representative
LE MESSAGER EDITION CHABLAIS - L'ESSOR SAVOYARD Société faisant l'objet d'une nomination : 796680023 - BROWN FINTUBE FRANCE SA, VONGY, ZONE INDUSTRIELLE, 74200 THONON LES BAINS Nominé : Monsieur Francis LAMBILLIOTTE En la fonction de : DG - Directeur Général
	12/08/2010	JAL	Resignation / Revocation of the social representative
LE MESSAGER EDITION CHABLAIS - L'ESSOR SAVOYARD Date de décision : 12/07/2010 La société 796680023 - BROWN FINTUBE FRANCE SA, VONGY, ZONE INDUSTRIELLE, 74200 THONON LES BAINS Fait l'objet du départ de Monsieur Thierry TONDREAU
	12/08/2010	JAL	Resignation / Revocation of the social representative
LE MESSAGER EDITION CHABLAIS - L'ESSOR SAVOYARD Date de décision : 12/07/2010 La société 796680023 - BROWN FINTUBE FRANCE SA, VONGY, ZONE INDUSTRIELLE, 74200 THONON LES BAINS Fait l'objet du départ de Monsieur Jean-Jacques SERVOZ, 97 CHEMIN 97 CHEMIN DE MORCY, 74200 THONON LES BAINS
	05/11/2009	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 1697 - 796 680 023 RCS Thonon-les-Bains. BROWN FINTUBE FRANCE S.A. Forme : Société anonyme. Administration : Président du Conseil d'Administration : TONDREAU Thierry Directeur général : SERVOZ Jean-Jacques, Paul, François Administrateur : ROBERT René Administrateur : LAMBILLIOTTE Francis Commissaire aux comptes titulaire : DELOITTE & ASSOCIES SOCIETE ANONYME Commissaire aux comptes suppléant : BEAS - S.A.R.L. Commentaires : Modification survenue sur l'administration.
	26/08/2009	Bodacc C	Comptes annuels et rapports
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE COMMERCE DE THONON-LES-BAINS 11374 - 796680023 RCS. BROWN FINTUBE FRANCE S.A.. Forme : Société anonyme. Adresse : Zone Industrielle de Vongy 74200 Thonon-les-Bains.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	09/12/2008	Bodacc B	Modification et mutation diverse
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE GRANDE INSTANCE DE THONON-LES-BAINS 862 - 796 680 023 RCS Thonon. BROWN FINTUBE FRANCE S.A. Forme : S.A. Administration : démission de la société : COMPAGNE FINANCIERE BAMON en qualité d'administrateur. Capital : 450000 EUR. Adresse du siège social : ZI de Vongy, 74200 Thonon-les-Bains. Commentaires : modification survenue sur l'administration ; date d'effet : 08/04/2008.
	23/10/2008	Bodacc C	Comptes annuels et rapports
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE GRANDE INSTANCE DE THONON-LES-BAINS 3912 - 796680023 RCS. BROWN FINTUBE FRANCE S.A. Forme : S.A. Adresse : Z.I. de Vongy, 74200 Thonon-les-Bains. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	23/05/2008	Bodacc C	Comptes annuels et rapports
74 - HAUTE-SAVOIE GREFFE DU TRIBUNAL DE GRANDE INSTANCE DE THONON-LES-BAINS 3685 - 796680023 RCS. BROWN FINTUBE FRANCE S.A. Forme : S.A. Adresse : Z.I. de Vongy, 74200 Thonon-les-Bains. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
	19/05/2007	Bodacc C	Avis de dépôt des comptes
2942 - RCS Thonon-les-Bains B 796 680 023. RC 66-B 2. BROWN FINTUBE FRANCE S.A. Forme: S.A. Adresse du siège social: Z.I. de Vongy,74200 Thonon-les-Bains. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	23/08/2005	Bodacc B	Modifications et mutations diverses
1036 - RCS Thonon-les-Bains 796 680 023. RC 66-B 2. BROWN FINTUBE FRANCE S.A. Forme : S.A. Capital : 450 000 euros. Adresse du siège social : Z.I. de Vongy,, 74200 Administration : administrateurs partants : MILIOTIS (Jean, Michel) et BONNEFOI (Serge). Nouveaux administrateurs : TONDREAU (Thierry) et ROBERT (René). Date d'effet : 6 décembre 2004.
	23/08/2005	Bodacc B	Modifications et mutations diverses
1037 - RCS Thonon-les-Bains 796 680 023. RC 66-B 2. BROWN FINTUBE FRANCE S.A. Forme : S.A. Capital : 450 000 euros. Adresse du siège social : Z.I. de Vongy,, 74200 Administration : président du conseil d'administration partant : MANISCO (Riccardo). Nouveau président du conseil d'administration : TONDREAU (Thierry), ancien administrateur. Nouveau directeur général : SERVOZ (Jean, Jacques), ancien directeur général délégué. Date d'effet : 26 janvier 2005.
	24/06/2004	Bodacc B	Modifications et mutations diverses
RCS Thonon-les-Bains 796680023 RC 66-B 2 BROWN FINTUBE FRANCE S.A. Forme : S.A. Capital : 450 000 euros. Adresse du siège social : Z.I. de Vongy, 74200 Thonon-les- Bains. Administration : ancien commissaire aux comptes titulaire : MANCEAU (Gérard). Nouveau commissaire aux comptes titulaire : TABOULET ( Philippe), ancien commissaire aux comptes suppléant. Nouveau commissaire aux comptes suppléant : CHOPIN (Henry). Date d'effet : 16 juin 2003.
	02/04/2003	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Thonon-les-Bains 796680023 RC 66-B 2 BROWN FINTUBE FRANCE S.A. Forme : S.A. Capital : 3 000 000 de F. Adresse : Z.I. de Vongy, 74200 Thonon-les-Bains Nouvelle situation du siège social. Capital : 450 000 euros à compter du: 7 juin 2001. Administration : ancien directeur général : VIGLINO (René). Nouveau directeur général : SERVOZ ( Jean-Jacques). Date d'effet : 30 septembre 2002.

Company events history

Date	Description
08/07/2011	Bodacc B: Various editing or changing
10/06/2011	Minutes of general meeting of shareholders
09/06/2011	Legal Gazette: Resignation / Revocation of the social representative
29/09/2010	Bodacc C : Deposit accounts notice
19/09/2010	Bodacc B: Various editing or changing
23/08/2010	Minutes of general meeting of shareholders
23/08/2010	Minutes of Board meeting
23/08/2010	Changes to the Board of Directors
23/08/2010	Amendment
23/08/2010	Updated articles of association
12/08/2010	Legal Gazette: Resignation / Revocation of the social representative
12/07/2010	Legal Gazette: Appointment of the social representative
31/12/2009	New accounts available
05/11/2009	Bodacc B: Various editing or changing
22/10/2009	Changes to the Board of Directors
22/10/2009	Minutes of general meeting of shareholders
22/10/2009	New auditor
26/08/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
09/12/2008	New Bodacc B ads detected
09/12/2008	Bodacc B: Various editing or changing
31/10/2008	Appointment/resignation of company officers
31/10/2008	Minutes of Board meeting
31/10/2008	Private document
31/10/2008	Minutes of general meeting of shareholders
23/10/2008	Bodacc C : Deposit accounts notice
08/09/2008	Minutes of general meeting of shareholders
08/09/2008	Minutes of Board meeting
08/09/2008	Changes to the Board of Directors
23/05/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
14/12/2007	Minutes of general meeting of shareholders
14/12/2007	Private document
14/12/2007	Reconstitution of net assets
14/12/2007	Minutes of general meeting of shareholders
14/12/2007	Reconstitution of net assets
31/12/2006	New accounts available
31/12/2005	New accounts available
11/04/2005	Minutes of Board meeting
11/04/2005	Changes to the Board of Directors
11/04/2005	Appointment/resignation of company officers
11/04/2005	Private document
18/03/2004	Private document
18/03/2004	Appointment/resignation of company officers
18/03/2004	Minutes of general meeting of shareholders
18/03/2004	New auditor
04/02/2003	Updated articles of association
04/02/2003	Private document
04/02/2003	New chairman (CEO, CoB)
04/02/2003	Minutes of Board meeting
04/02/2003	Conversion of equity to euro
04/02/2003	Changes to the Board of Directors
04/02/2003	Capital reduction
04/02/2003	Appointment/resignation of company officers
04/02/2003	Amendment
04/02/2003	Minutes of general meeting of shareholders
10/10/1994	Updated articles of association
10/10/1994	Minutes of general meeting of shareholders
10/10/1994	Capital increase
11/03/1992	Declaration of conformity
11/03/1992	Capital increase
11/03/1992	Appointment/resignation of company officers
11/03/1992	Minutes of general meeting of shareholders
11/03/1992	New legal form – no new category
11/03/1992	Updated articles of association
11/03/1992	Minutes of Board meeting
24/01/1992	Amendment

Synthesized accounts

Annual Accounts

	31/12/2009	31/12/2008	31/12/2007
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	17/09/2010	30/11/2009	-
Activity Code	2825Z	2825Z	2825Z
Employees	30	0	28

Active account

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	SECTOR MEDIAN 2009
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	304,824	12.0 %	272,169	44.7 %	188,069	40,552	651.7 %
Intangible assets	11,483	-32.3 %	16,953	116.0 %	7,848	484	2272.5 %
Tangible assets	289,809	19.3 %	242,832	50.2 %	161,706	19,540	1383.2 %
Financial assets	3,532	-71.5 %	12,384	-33.1 %	18,515	1,972	79.2 %
Net current assets	3,505,849	-30.8 %	5,064,677	53.3 %	3,303,109	365,554	859.1 %
Stocks	1,132,323	-35.9 %	1,766,560	-11.3 %	1,992,594	42,422	2569.2 %
Advanced payments	0	0%	0	0%	0	0	0%
Receivables	823,110	-62.0 %	2,165,141	91.5 %	1,130,785	181,208	354.2 %
Securities and cash	1,550,416	36.8 %	1,132,976	530.4 %	179,730	62,972	2362.1 %
Prepaid expenses	-	-	-	-	-	534	-
Accounts of regularization	94	5.6 %	89	12.7 %	79	0	0%
Total Assets	3,810,767	-28.6 %	5,336,934	52.9 %	3,491,257	462,699	723.6 %

Passive Account

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	SECTOR MEDIAN 2009
Shareholders' equity	1,399,232	42.5 %	982,154	36.7 %	718,566	164,414	751.0 %
Share capital	450,000	0%	450,000	0%	450,000	37,175	1110.5 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	129,287	-50.9 %	263,089	37.7 %	191,079	0	0%
Liabilities	2,282,238	-44.2 %	4,091,691	58.5 %	2,581,612	251,146	808.7 %
Financial liabilities	253,606	5.0 %	241,594	11.0 %	217,666	25,049	912.4 %
Advanced payments received	236,084	-87.5 %	1,891,541	683.5 %	241,415	0	0%
Trade account payables	884,238	-12.7 %	1,012,799	34.1 %	755,085	92,125	859.8 %
Tax and social liabilities	448,563	3.3 %	434,058	7.0 %	405,652	102,754	336.5 %
Other debts and fixed assets liabilities	459,757	-10.2 %	511,699	48.4 %	344,773	9,658	4660.4 %
Account regularization	0	0%	0	0%	617,021	0	0%
Total liabilities	3,810,768	-28.6 %	5,336,934	52.9 %	3,491,257	462,698	723.6 %

Results

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	SECTOR MEDIAN 2009
Sales of Goods	6,552,265	18.9 %	5,512,251	4.9 %	5,253,156	753,430	769.7 %
Net turnover	6,803,529	17.9 %	5,769,758	6.6 %	5,414,948	753,639	802.8 %
of which net export turnover	0	0%	4,060,272	3.4 %	3,928,528	0	0%
Operating charges	5,214,395	0.8 %	5,174,533	6.0 %	4,880,603	718,089	626.1 %
Operating profit/loss	1,337,870	296.2 %	337,718	-9.4 %	372,552	22,560	5830.4 %
Financial income	17,070	38.5 %	12,325	158.8 %	4,762	308	5451.2 %
Financial charges	7,086	-64.3 %	19,856	-33.4 %	29,792	1,669	324.7 %
Financial profit/loss	9,984	232.6 %	-7,531	69.9 %	-25,031	-493	2127.2 %
Pretax net operating income	1,347,854	308.2 %	330,187	-5.0 %	347,522	23,446	5648.8 %
Extraordinary income	3,452	-99.2 %	457,106	1619.3 %	26,586	794	335.0 %
Extraordinary charges	871	-98.8 %	72,111	161.2 %	27,604	676	28.9 %
Extraordinary profit/loss	2,581	-99.3 %	384,995	37918.8 %	-1,018	0	0%
Net result	882,077	86.3 %	473,589	120.4 %	214,924	22,199	3873.6 %

Accounts - Active

Normal Account

	31/12/2009	31/12/2008	31/12/2007
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Grand Total (I to VI)	Net	3,810,767	-28.6 %	5,336,934	52.9 %	3,491,257
Gross	CO	4,744,516	-23.6 %	6,213,476	31.2 %	4,737,220
Amortisation	1A	933,749	6.5 %	876,542	-29.6 %	1,245,963

Non declared distributed capital (I)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	-	-

Active fixed asset (II)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total Active fixed asset (II)	Net	304,824	12.0 %	272,169	44.7 %	188,069
Gross	BJ	1,156,972	10.3 %	1,048,776	-24.4 %	1,387,143
Amortisation	BK	852,148	9.7 %	776,607	-35.2 %	1,199,075

Intangible fixed assets

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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	CQ	0	0%	0	0%	0
Distributorships, patents	Net	11,483	-32.3 %	16,953	116.0 %	7,848
Gross	AF	76,943	3.9 %	74,023	-20.7 %	93,313
Amortisation	AG	65,460	14.7 %	57,070	-33.2 %	85,465
Goodwill	Net	0	0%	0	0%	0
Gross	AH	0	0%	0	0%	0
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
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	11,483	-32.3 %	16,953	116.0 %	7,848

Tangilble fixed assets

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Lands	Net	44,274	-2.8 %	45,532	-20.5 %	57,257
Gross	AN	45,675	0%	45,675	-66.1 %	134,644
Amortisation	AO	1,401	879.7 %	143	-99.8 %	77,387
Buildings	Net	97,299	-1.2 %	98,502	599.9 %	14,074
Gross	AP	148,688	4.9 %	141,701	-52.4 %	297,992
Amortisation	AQ	51,389	19.0 %	43,199	-84.8 %	283,918
Plant	Net	113,371	145.0 %	46,281	13.3 %	40,856
Gross	AR	726,560	16.8 %	622,276	-8.0 %	676,729
Amortisation	AS	613,189	6.5 %	575,995	-9.4 %	635,873
Other tangible fixed assets	Net	34,865	30.5 %	26,717	-40.1 %	44,570
Gross	AT	155,574	22.6 %	126,917	-21.2 %	161,001
Amortisation	AU	120,709	20.5 %	100,200	-13.9 %	116,431
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%	25,800	421.3 %	4,949
Gross	AX	0	0%	25,800	421.3 %	4,949
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	289,809	19.3 %	242,832	50.2 %	161,706

Financial assets

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	0	0%	0	0%	0
Gross	CU	0	0%	0	0%	0
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	800	-54.5 %	1,760	0%	0
Gross	BF	800	-54.5 %	1,760	0%	0
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	2,732	-74.3 %	10,624	-42.6 %	18,515
Gross	BH	2,732	-74.3 %	10,624	-42.6 %	18,515
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	3,532	-71.5 %	12,384	-33.1 %	18,515

Current Assets (III)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total Current Assets	Net	3,505,849	-30.8 %	5,064,677	53.3 %	3,303,109
Gross	CJ	3,587,449	-30.5 %	5,164,611	54.2 %	3,349,997
Amortisation	CK	81,600	-18.3 %	99,934	113.1 %	46,888

Stocks

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Raw materials	Net	372,195	-30.5 %	535,280	13.5 %	471,808
Gross	BL	453,795	-22.9 %	588,326	24.7 %	471,808
Amortisation	BM	81,600	53.8 %	53,046	0%	0
Work in progress (goods)	Net	760,128	-38.3 %	1,231,280	-19.0 %	1,520,786
Gross	BN	760,128	-38.3 %	1,231,280	-19.0 %	1,520,786
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%	0	0%	0
Gross	BT	0	0%	0	0%	0
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	1,132,323	-35.9 %	1,766,560	-11.3 %	1,992,594

Advance payments to suppliers

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Advance payments to suppliers	Net	0	0%	0	0%	0
Gross	BV	0	0%	0	0%	0
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Trade accounts receivable	Net	603,130	-50.1 %	1,207,882	23.0 %	982,002
Gross	BX	603,130	-51.9 %	1,254,770	22.0 %	1,028,891
Amortisation	BY	0	0%	46,888	0.0 %	46,889
Other debtors	Net	170,115	-81.3 %	909,025	775.3 %	103,854
Gross	BZ	170,115	-81.3 %	909,025	775.3 %	103,854
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	773,245	-63.5 %	2,116,907	95.0 %	1,085,856

Divers

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Investment securities	Net	549,909	0%	0	0%	0
Gross	CD	549,909	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	1,000,507	-11.7 %	1,132,976	530.4 %	179,730
Gross	CF	1,000,507	-11.7 %	1,132,976	530.4 %	179,730
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	1,550,416	36.8 %	1,132,976	530.4 %	179,730

Prepaid expenses

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Prepaid expenses	Net	49,865	3.4 %	48,234	7.4 %	44,929
Gross	CH	49,865	3.4 %	48,234	7.4 %	44,929
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Expenses of loan issue to be spread	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	94	5.6 %	89	12.7 %	79
Gross		94	5.6 %	89	-	-

References

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Grand Total (I to V)	EE	3,810,768	-28.6 %	5,336,934	52.9 %	3,491,257

Shareholder Equity (I)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total shareholders' equity (Total I)	DL	1,399,232	42.5 %	982,154	36.7 %	718,566
Equity and shareholders' equity	DA	450,000	0%	450,000	0%	450,000
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	45,735	0%	45,735	0%	45,735
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	0	0%	0	0%	0
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	20,860	70.0 %	12,272	67.0 %	7,347
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	560	0%	560	0%	560
Profit or loss for the period	DI	882,077	86.3 %	473,589	120.4 %	214,924
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total provisions for risks and charges (Total III)	DR	129,287	-50.9 %	263,089	37.7 %	191,079
Risk provisions	DP	40,094	0.0 %	40,089	50645.6 %	79
Reserves for charges	DQ	89,193	-60.0 %	223,000	16.8 %	191,000

Liabilities (IV)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total Liabilities (Total IV)	EC	2,282,238	-44.2 %	4,091,691	58.5 %	2,581,612
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	0	0%	0	0%	0
Sundry loans and financial liabilities	DV	253,606	5.0 %	241,594	11.0 %	217,666
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	236,084	-87.5 %	1,891,541	683.5 %	241,415
Trade accounts payables	DX	884,238	-12.7 %	1,012,799	34.1 %	755,085
Tax and social security liabilities	DY	448,563	3.3 %	434,058	7.0 %	405,652
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	459,747	-10.2 %	511,699	48.4 %	344,773

Translation loss (V)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Translation loss (Total V)	ED	10	0%	0	0%	0

Equalization accounts

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Deferred income	EB	0	0%	0	0%	617,021

References

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	2,200,149	-6.0 %	2,340,196
Of which current bank facilities	EH	0	0%	0	0%	0

Result account

1 - Operating result (I-II)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Operating result (Total I-II)	GG	1,337,870	296.2 %	337,718	-9.4 %	372,552

2 - Financial result (V-VI)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Financial result (Total V-VI)	GV	9,984	232.6 %	-7,531	69.9 %	-25,031

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

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	1,347,854	308.2 %	330,187	-5.0 %	347,522

4 - Extraordinary result (VII-VIII)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Extraordinary result (Total VII-VIII)	HI	2,581	-99.3 %	384,995	37918.8 %	-1,018

Profit or loss

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Profit or loss	HN	882,077	86.3 %	473,589	120.4 %	214,924

Total Income (I+III+V+VII)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total Income (Total I+III+V+VII)	HL	6,572,787	9.9 %	5,981,682	13.2 %	5,284,503

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

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	5,690,709	3.3 %	5,508,094	8.6 %	5,069,579

Operating income (I)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total operating income (Total I)	FR	6,552,265	18.9 %	5,512,251	4.9 %	5,253,156

Operating income (details)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Sale of goods for resale	FC	2,921	82.3 %	1,602	982.4 %	148
France	FA	2,921	82.3 %	1,602	982.4 %	148
Export	FB	0	0%	0	0%	0
Sale of goods produced	FF	6,727,073	18.4 %	5,679,758	6.4 %	5,340,577
France	FD	6,727,073	315.4 %	1,619,486	14.7 %	1,412,049
Export	FE	0	0%	4,060,272	3.4 %	3,928,528
Sale of services	FI	73,535	-16.8 %	88,398	19.1 %	74,222
France	FG	73,535	-16.8 %	88,398	19.1 %	74,222
Export	FH	0	0%	0	0%	0
Net turnover	FL	6,803,529	17.9 %	5,769,758	6.6 %	5,414,948
France	FJ	6,803,529	298.0 %	1,709,486	15.0 %	1,486,420
Export	FK	0	0%	4,060,272	3.4 %	3,928,528
Stocked production	FM	-471,152	-62.7 %	-289,507	-78.9 %	-161,792
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	0
Release of reserves and provisions	FP	219,888	587.2 %	32,000	0%	0
Other income	FQ	0	0%	0	0%	0

Operating charges (II)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total operating charges (Total II)	GF	5,214,395	0.8 %	5,174,533	6.0 %	4,880,603

Exploitation charges

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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	655,806	-40.8 %	1,107,906	17.9 %	939,899
Change in stocks of raw materials	FV	134,531	215.5 %	-116,518	-69.0 %	-68,965
Other external purchases and charges	FW	2,382,274	14.1 %	2,088,253	-0.9 %	2,107,810
Tax, duty and similar payments	FX	143,644	-15.4 %	169,816	19.8 %	141,735
Payroll	FY	1,107,316	-5.1 %	1,166,404	15.9 %	1,006,199
Social security costs	FZ	600,648	1.9 %	589,485	17.3 %	502,692

Depreciation

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Depreciation of fixed assets	GA	75,541	44.9 %	52,141	3.9 %	50,179
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	28,554	-57.4 %	67,046	-60.3 %	169,055
Provisions for risks and charges	GD	39,193	-21.6 %	50,000	56.3 %	32,000

Other charges

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Other charges	GE	46,888	0%	0	0%	0

Operating charges (III-IV)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total financial income (Total V)	GP	17,070	38.5 %	12,325	158.8 %	4,762
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	16,742	47.4 %	11,356	883.2 %	1,155
Released provisions and transferred charges	GM	89	12.7 %	79	6.8 %	74
Exchange gains	GN	239	-73.1 %	890	12614.3 %	7
Net income from disposal of investment securities	GO	0	0%	0	0%	3,526

Financial charge (VI)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total financial charge (Total VI)	GU	7,086	-64.3 %	19,856	-33.4 %	29,792
Financial reserves and provisions	GQ	94	5.6 %	89	12.7 %	79
Interest and similar charges	GR	6,992	-64.6 %	19,767	-25.3 %	26,460
Exchange losses	GS	0	0%	0	0%	3,254
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total extraordinary income (Total VII)	HD	3,452	-99.2 %	457,106	1619.3 %	26,586
Extraordinary operating income	HA	3,452	-51.4 %	7,106	-73.0 %	26,306
Extraordinary income from capital transactions	HB	0	0%	450,000	160614.3 %	280
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total extraordinary charges (Total VIII)	HH	871	-98.8 %	72,111	161.2 %	27,604
Extraordinary operating charges	HE	871	580.5 %	128	-99.5 %	27,604
Extraordinary charges from capital transactions	HF	0	0%	31,983	0%	0
Extraordinary reserves and provisions	HG	0	0%	40,000	0%	0

Employee profit sharing (IX)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Tax on profits (Total X)	HK	468,357	93.9 %	241,594	83.6 %	131,579

References

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Of which equipment leases	HP	11,340	0%	11,340	0%	11,340
Of which property leases	HQ	161,373	1.3 %	159,341	1.0 %	157,738
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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%	0	0%	0
Gross value at the end of period	OL	1,156,973	0%	0	0%	0

Research and development Charge (Total I)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Gross value at begin of period	KD	74,023	0%	0	0%	0
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	2,920	0%	0	0%	0
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	76,943	0%	0	0%	0

Tangible fixed assets (Total III)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Gross value at begin of period	LN	962,369	0%	0	0%	0
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	114,129	0%	0	0%	0
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	0	0%	0	0%	0
Gross value at the end of period	NH	1,076,498	0%	0	0%	0

Financial assets (Total IV)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Gross value at begin of period	LQ	12,384	0%	0	0%	0
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	-8,852	0%	0	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	0	0%	0
Gross value at the end of period	NK	3,532	0%	0	0%	0

Reserve for depreciation

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

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Reserve for depreciation value at begin of period	ON	0	0%	0	0%	0
Increases	OP	0	0%	0	0%	0
Decreasess	OQ	0	0%	0	0%	0
Reserve for depreciation value at the end of period	OR	0	0%	0	0%	0

Research and development charge (Total I)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Reserve for depreciation value at begin of period	PE	57,070	0%	0	0%	0
Increases	PF	8,390	0%	0	0%	0
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	65,460	0%	0	0%	0

Total fixed assets amotisation (Total III)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Reserve for depreciation value at begin of period	QU	719,537	0%	0	0%	0
Increases	QV	67,151	0%	0	0%	0
Decreases	QW	0	0%	0	0%	0
Decreasess by budget item transfer	QX	786,688	0%	0	0%	0

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Value at begining of period	7C	363,023	0%	0	0%	36,834
Increases	UB	-152,135	0%	0	0%	201,134
Decreases	UC	0	0%	0	0%	0
Value at the end of period	UD	210,888	0%	0	0%	237,968

Includes Total allocations

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Operating	UE	174,288	0%	0	0%	201,055
Financial	UG	94	0%	0	0%	79
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Operating	UF	46,888	0%	0	0%	0
Financial	UH	89	0%	0	0%	74
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Value at begining of period	5Z	263,089	0%	0	0%	0
Increases	TV	-133,802	0%	0	0%	191,079
Decreases	TW	0	0%	0	0%	0
Value at the end of period	TX	129,287	0%	0	0%	191,079

Total Provision for depreciation (Total III)

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Value at begining of period	7B	99,934	0%	0	0%	36,834
Increases	TY	-18,334	0%	0	0%	10,055
Decreases	TZ	0	0%	0	0%	0
Value at the end of period	UA	81,600	0%	0	0%	46,889

State deadlines claims and debts at the end of period

State claims

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Gross value	VT	826,642	0%	0	0%	1,196,188
1 year at most	VU	826,642	0%	0	0%	1,185,565
More than one year	VV	0	0%	0	0%	10,623

State of loans

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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	800	0%	0	0%	0
Loans (1 year at most)	UR	800	0%	0	0%	0
Other financial assets (gross)	UT	2,732	0%	0	0%	18,515
Other financial assets (1 year at most)	UV	2,732	0%	0	0%	7,891

Receivables statement of assets

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Customers doubtful or disputed	VA	0	0%	0	0%	46,888
Other claims customer	UX	603,130	0%	0	0%	982,002
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	605	0%	0	0%	911
Social Security and other social organizations	UZ	11,437	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	157,191	0%	0	0%	101,129
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	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	881	0%	0	0%	1,813

Prepaid

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Prepaid	VS	49,865	0%	0	0%	44,929

State Debt

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Total debt (gross)	VY	2,514,511	0%	0	0%	2,340,196
1 year at most	VZ2	2,514,511	0%	0	0%	2,340,196
More than 1 year and 5 years at most	VZ3	0	0%	0	0%	0
More than 5 years	VZ4	0	0%	0	0%	0

Details

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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	0	0%	0	0%	0
1 year at most	VG2	0	0%	0	0%	0
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%	0	0%	0
1 year at most	8A2	0	0%	0	0%	0
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	884,238	0%	0	0%	755,085
1 year at most	8B2	884,238	0%	0	0%	755,085
More than 1 year and 5 years at most	8B3	884,238	0%	0	0%	0
Personnel and associated accounts (gross)	8C1	185,292	0%	0	0%	175,573
1 year at most	8C2	185,292	0%	0	0%	175,573
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	236,628	0%	0	0%	206,482
1 year at most	8D2	236,628	0%	0	0%	206,482
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	468,357	0%	0	0%	0
1 year at most	8E2	468,357	0%	0	0%	0
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	0	0%	0	0%	0
1 year at most	VW2	0	0%	0	0%	0
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	26,643	0%	0	0%	23,597
1 year at most	VQ2	26,643	0%	0	0%	23,597
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	253,606	0%	0	0%	217,666
1 year at most	VI2	253,606	0%	0	0%	217,666
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	459,747	0%	0	0%	344,773
1 year at most	8K2	459,747	0%	0	0%	344,773
More than 1 year and 5 years at most	8K3	0	0%	0	0%	0
Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most	SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most	SZ3	0	0%	0	0%	0
Products in advance (gross)	8L1	0	0%	0	0%	617,021
1 year at most	8L2	0	0%	0	0%	617,021
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Commitments leasing furniture	YQ	0	0%	0	0%	28,367
Commitments Real Estate Leasing	YR	0	0%	0	0%	304,657
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
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

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Average number of employees	YP	30	0%	0	0%	28

Groups and Shareholders

		31/12/2009	Variation	31/12/2008	Variation	31/12/2007
Groups and Shareholders	ZR	0	-	-	-	-

Ratios

Structure and Liquidity

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	SECTOR MEDIAN 2009
Fixed Asset Financing	2.28	5.6 %	2.16	28.6 %	1.68	2.34	-2.6 %
Global Debt	121 days	-52.5 %	255 days	48.3 %	172 days	110 days	10.0 %
Working Capital Fund overall net	78 days	2.6 %	76 days	22.6 %	62 days	72 days	8.3 %
Financial independence	551.73 %	35.7 %	406.53 %	23.1 %	330.12 %	300.79 %	83.4 %
Solvability	36.72 %	99.6 %	18.40 %	-10.6 %	20.58 %	40.83 %	-10.1 %
Capacity debt futures	-	-	-	-	-	1,923.87 %	-
Coverage of current assets by net working capital overall	36.14 %	52.2 %	23.74 %	-16.5 %	28.42 %	42.80 %	-15.6 %
General Liquidity	0.33	-	-	-	0.51	0.91	-63.7 %
Restricted Liquidity	0.95	-	-	-	0.58	1.36	-30.1 %

Management or rotation

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	SECTOR MEDIAN 2009
Need background in operating working capital	-7 days	-450.0 %	2 days	-97.8 %	89 days	33 days	-121.2 %
Treasury	82 days	15.5 %	71 days	491.7 %	12 days	15 days	446.7 %
Inventory turnover of goods	-	-	-	-	-	16 days	-
Average length of credit granted to customers	32 days	-59.0 %	78 days	14.7 %	68 days	71 days	-54.9 %
Average length of credit obtained suppliers	100 days	-15.3 %	118 days	29.7 %	91 days	61 days	63.9 %
Inventory turnover of raw materials in industrial enterprises	249 days	30.4 %	191 days	5.5 %	181 days	36 days	591.7 %
Inventory turnover of intermediate and finished products in the industrial enterprise	632 days	-	-	-	-	677 days	-6.6 %
Rotation tangible assets	632.01 %	-	-	-	-	914.13 %	-30.9 %

Profitability of the business

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	SECTOR MEDIAN 2009
Margin trading	0.04 %	33.3 %	0.03 %	0%	0.00 %	0.00 %	0%
Profitability of the business	19.23 %	133.7 %	8.23 %	-28.6 %	11.52 %	4.92 %	290.9 %
Net profit	12.96 %	57.9 %	8.21 %	106.8 %	3.97 %	3.28 %	295.1 %
Growth rate of turnover (excluding VAT)	17.92 %	173.6 %	6.55 %	-84.2 %	41.42 %	-3.03 %	691.4 %
Rates integration	46.44 %	11.6 %	41.61 %	-0.9 %	42.00 %	36.02 %	28.9 %
Rate leasing furniture	0.17 %	-15.0 %	0.20 %	-4.8 %	0.21 %	0.00 %	0%
Work Factor	54.05 %	-26.1 %	73.14 %	10.3 %	66.34 %	77.12 %	-29.9 %
Weight interests	0.10 %	-70.6 %	0.34 %	-38.2 %	0.55 %	0.26 %	-61.5 %

Return on capital

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	SECTOR MEDIAN 2009
Cash flow from the overall profitability	13.39 %	423.0 %	2.56 %	-47.6 %	4.89 %	4.43 %	202.3 %
Rates of economic profitability	79.00 %	102.6 %	39.00 %	-41.8 %	67.00 %	19.55 %	304.1 %
Financial profitability	1,399,232.00 %	42.5 %	982,154.00 %	36.7 %	718,566.00 %	139,981.00 %	899.6 %
Return on investment	53.80 %	33.4 %	40.32 %	54.2 %	26.14 %	13.17 %	308.5 %

Management intermediate balances

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

SECTOR MEDIAN 2009

Turnover

6,803,529

17.9 %

5,769,758

6.6 %

5,414,948

753,639

802.8 %

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

SECTOR MEDIAN 2009

Sales of goods

2,921

82.3 %

1,602

982.4 %

148

- Purchase of goods

+/- Stock of goods variation

Trading margin

2,921 €

82.3 %

1,602 €

982.4 %

148 €

0 €

0.04 % CA

33.3 %

0.03 % CA

0.00 % CA

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

SECTOR MEDIAN 2009

Sale of goods produced

6,800,608

17.9 %

5,768,156

6.5 %

5,414,799

+/- Stocked production

-471,152

-62.7 %

-289,507

-78.9 %

-161,792

+ Self-constructed assets

Period production

6,329,456 €

15.5 %

5,478,649 €

4.3 %

5,253,007 €

512,299 €

1135.5 %

93.03 % CA

-2.0 %

94.95 % CA

-2.1 %

97.01 % CA

99.56 % CA

-6.6 %

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

SECTOR MEDIAN 2009

Trading margin

2,921

82.3 %

1,602

982.4 %

148

+ Period Production

6,329,456

15.5 %

5,478,649

4.3 %

5,253,007

512,299

1135.5 %

- Purchase of raw materials

655,806

-40.8 %

1,107,906

17.9 %

939,899

+/- Change in stocks of raw materiels

134,531

215.5 %

-116,518

-69.0 %

-68,965

- Other external purchases and charges

2,382,274

14.1 %

2,088,253

-0.9 %

2,107,810

Added value

3,159,766 €

31.6 %

2,400,610 €

5.5 %

2,274,411 €

265,770 €

1088.9 %

46.44 % CA

11.6 %

41.61 % CA

-0.9 %

42.00 % CA

36.02 % CA

28.9 %

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

SECTOR MEDIAN 2009

Added value

3,159,766 €

31.6 %

2,400,610 €

5.5 %

2,274,411 €

265,770 €

1088.9 %

+ Operating grants

- Tax, duty and similar payments

143,644

-15.4 %

169,816

19.8 %

141,735

- Personal charges

1,707,964

-2.7 %

1,755,889

16.4 %

1,508,891

Gross operating surplus

1,308,158 €

175.5 %

474,905 €

-23.9 %

623,785 €

32,276 €

3953.0 %

19.23 % CA

133.7 %

8.23 % CA

-28.6 %

11.52 % CA

4.92 % CA

290.9 %

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

SECTOR MEDIAN 2009

Gross operating surplus

1,308,158 €

175.5 %

474,905 €

-23.9 %

623,785 €

32,276 €

3953.0 %

+ Release of reserves and provisions

219,888

587.2 %

32,000

+ Other operating income

- Depreciation/ Amortisation

143,288

-15.3 %

169,187

-32.7 %

251,234

- Other charges

46,888

Operating result

1,337,870 €

296.2 %

337,718 €

-9.3 %

372,551 €

22,153 €

5939.4 %

19.66 % CA

236.1 %

5.85 % CA

-15.0 %

6.88 % CA

3.90 % CA

404.1 %

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

SECTOR MEDIAN 2009

Operating result

1,337,870 €

296.2 %

337,718 €

-9.3 %

372,551 €

22,153 €

5939.4 %

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

+ Financial income

17,070

38.5 %

12,325

158.8 %

4,762

- Financial charges

7,086

-64.3 %

19,856

-33.4 %

29,792

Pre-tax result

1,347,854 €

308.2 %

330,187 €

-5.0 %

347,521 €

23,096 €

5735.9 %

19.81 % CA

246.3 %

5.72 % CA

-10.9 %

6.42 % CA

3.61 % CA

448.8 %

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

SECTOR MEDIAN 2009

Extraordinary income

3,452

-99.2 %

457,106

1619.3 %

26,586

794

335.0 %

- Extraordinary charges

871

-98.8 %

72,111

161.2 %

27,604

Extraordinary result

2,581 €

-99.3 %

384,995 €

37918.8 %

-1,018 €

0 €

0.04 % CA

-99.4 %

6.67 % CA

33450.0 %

-0.02 % CA

0.00 % CA

	31/12/2009	Variation	31/12/2008	Variation	31/12/2007	SECTOR MEDIAN 2009
Pre-tax result	1,347,854 €	308.2 %	330,187 €	-5.0 %	347,521 €	23,096 €	5735.9 %
Extraordinary result	2,581 €	-99.3 %	384,995 €	37918.8 %	-1,018 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	468,357	93.9 %	241,594	83.6 %	131,579		-
Net result	882,078 €	86.3 %	473,588 €	120.4 %	214,924 €	21,975 €	3914.0 %
	12.97 % CA	58.0 %	8.21 % CA	106.8 %	3.97 % CA	3.23 % CA	301.5 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.22
UK Pound	1	Rs.99.93
Euro	1	Rs.71.67

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	TPT

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.

MIRA INFORM REPORT

Company summary

Key financials

Directors

Establishment details

Other Establishment(s)

Workforces

Commentary

Collective procedures

Preferential rights details and history

Group data

Shareholders

Directors

Previous Directors

Status history

Recent publications in Gazettes

Company events history

Synthesized accounts

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