MIRA INFORM REPORT

Report No. :	348355
Report Date :	03.11.2015

IDENTIFICATION DETAILS

Name :	OXBOW

Registered Office :	Oxbow Sa, 18 Avenue Pythagore, Cs 90040, 33692 Merignac, Cedex

Country :	France

Financials (as on) :	31.12.2014

Date of Incorporation :	April 1985

Com. Reg. No.:	332 349 232

Legal Form :	Simplified joint stock company

Line of Business :	Subject is engaged in wholesale of (intercompany trade) clothing and footwear

No. of Employee :	50 to 99 employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – 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 name

OXBOW

Enquiries Trend

SIRET	332 349 232 00121
Name	OXBOW
Acronym	-
Trade name	OXBOW S.A.
Status	Economically active
Postal Address	OXBOW OXBOW SA 18 AVENUE PYTHAGORE CS 90040 33692 MERIGNAC CEDEX FRANCE
Share Capital	50,000 Euros
Telephone	05 56 18 40 00
Activity (APE)	Wholesale (intercompany trade) Clothing and footwear (4642Z)	RCS Registration	RCS Bordeaux B 332 349 232
Formation Date	04/1985	EUR VAT Number	FR34332349232
Deregistration Date	-	Last account Date	31/12/2014
Court Registry Number	19 8 8B02044	Incorporiation Date	12/1988
Registration Court	Bordeaux (33)	Fax	-
Nationality	France
		Legal form	Simplified joint stock company
		Currency	Euros

Key Financials

YEAR TO DATE	TURNOVER	GROSS OPERATING SURPLUS	SHAREHOLDER'S EQUITY	NET RESULT	EMPLOYEES
31/12/2014	25,669,800 €	3.30% Turnover	159,896 €	110,775 €	49 employees
31/12/2013	4,480,105 €	-74.26% Turnover	-28,750,879 €	-2,586,290 €	78 employees
30/09/2013	32,811,174 €	-21.09% Turnover	-26,164,588 €	-30,015,258 €	133 employees

Directors

Current Directors

Ultimate Holding Company

Name	Country	Company Number
CALIDA HOLDING AG		-
Affiliation links.
11 companies in the international Group Structure from 7 countries.

Judgment and Preferential

Judgment	No judgement
Preferential Right		No social security and tax office preferential right to date

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4642Z	Activity	Wholesale (intercompany trade) Clothing and footwear
Formation Date	12/2014	Reason for Formation	Other
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	-
Trading Address	18 AVENUE PYTHAGORE 33700 MERIGNAC	Department	Gironde (33)
Location Surface	-	District	2
City	MERIGNAC	Status	Economically active
Business Pages FT®	VETEMENTS POUR HOMMES (GRANDE TAILLE)	Region	Aquitaine
		Area	98
		Size of Urban Area	Urban unit with 200 000 to 1 999 999 inhabitants

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	9 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
OXBOW	Head Office	4642Z	Wholesale (intercompany trade) Clothing and footwear	MERIGNAC	33700
OXBOW	Branch	4642Z	Wholesale (intercompany trade) Clothing and footwear	NICE	06000
OXBOW	Branch	4642Z	Wholesale (intercompany trade) Clothing and footwear	BEGLES	33130
OXBOW	Branch	4642Z	Wholesale (intercompany trade) Clothing and footwear	LE HAILLAN	33185
OXBOW	Branch	4642Z	Wholesale (intercompany trade) Clothing and footwear	CANEJAN	33610

Workforces

Workforce at address

50 to 99 employees

Company workforce

50 to 99 employees

Commentary

The comments are ordered according to the class of risk. Companies are compared with regard to other companies of the same type. Thus a positive comment for one category can be negative for another or can change depending on its value. This is a purely statistical decision.


	The increase of tangible fixed assets over the last two accounting periods is 77 %
	The risk provisions are 2,561,293 €
	Industry code with low risk rating
	Department code with low risk rating
	The company has 1 director(s)
	The total assets are 11,511,222 €
	The liabilities are 8,787,730 €
	The net current assets are 10,039,187 €
	The net turnover is 25,669,800 €
	The pre-tax profit is 110,775 €
	The return on total assets employed is 0.96
	High risk workforce size
	The shareholder's equity is 159,896 €
	The ratio total assets to total liabilities is 1.01
	The stock to turnover ratio is 16.65
	The increase in the gearing percentage over the last two accounting periods is 1,664 %

Industry comparison

Activity (APE)

Wholesale (intercompany trade) Clothing and footwear (4642Z)

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	20/06/2008
Status of Monitoring	No social security and tax office preferential right to date

Social security, pension funds preferential rights

Number of preferential rights	0
Total amount	-
Due remaining amount	-
Date of last preferential right	-

Historical

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

31400050

28/01/2014

28/04/2014

URSSAF AQUITAINE

79,423 EUR

Reason for closure	Crossed Off
Court	Bordeaux
Creditor	URSSAF AQUITAINE QUARTIER DU LAC 33084, BORDEAUX CEDEX
Debtor	OXBOW BP 307 20 AVE PYTHAGORE 33695 MERIGNAC CEDEX, FR

Tax office preferential rights

Number of preferential rights	0
Total amount	-
Due remaining amount	-
Date of last preferential right	-

Historical

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

41000764

22/09/2010

05/09/2011

SERVICE COMPTABLE DES IMPITS DES ENTREPRISES DE BX-MERIGNAC

36,674 EUR

Reason for closure	Crossed Off
Court	Bordeaux
Creditor	SERVICE COMPTABLE DES IMPITS DES ENTREPRISES DE BX-MERIGNAC 106 AVE DU CHATEAU DEAU 33707, MERIGNAC CEDEX
Debtor	OXBOW BP 307 20 AVE PYTHAGORE 33695 MERIGNAC CEDEX, FR

Group Data

Ultimate parent company	CALIDA HOLDING AG
Direct parent	LAFUMA SA - 100 %
Group – Number of companies	35
Linkages – Number of companies	11
Number of countries	7

	NAME	SIREN	PARTS	LAST ACCOUNT PUBLISHED
1	CALIDA HOLDING AG	-	-	-
2	LAFUMA SA	380192807	59.92 %	-
3	LAFPROM	393708748	100 %	31/12/2014
4	LAFPROM HONG KONG LTD	-	98 %	-
	LAFPROM TUNISIE	-	100 %	-
	L.W.A.	-	100 %	-
	BIG PACK NEW TECHNOLOGY	-	100 %	-
3	MILLET	400313318	100 %	31/12/2014
4	SCI EVEREST	451115380	100 %	-
3	LAFUMA GROUP GMBH	HRB 230372	100 %	31/12/2013
4	BIG PACK FAR EAST OUTDOOR PRODUCT	-	55 %	-
3	LAFUMA HONG KONG LTD	-	100 %	-
4	LAFUMA OUTDOOR TRADING	-	100 %	-
	LALLEMAND SAS	773201108	100 %	-
	LAFUMA MILLET K.K.	-	100 %	-
	L.M.O. S.R.L.	TV281039	100 %	31/12/2014
	LAFUMA CHINA TRADING CO LTD	-	100 %	-
	LAFUMA GROUP	691277	100 %	30/09/2012
	PACCARD DIFFUSION	379675044	100 %	31/12/2014
	LAFUMA HUNGARIA KFT	-	100 %	-
	LAFUMA AMERICA, INC	-	100 %	-
3	OXBOW	332349232	100 %	31/12/2014
4	OXBOW DISTRIBUTION	483450946	100 %	31/12/2014
	LAFUMA B.V.	31046799	100 %	31/12/2014
	EIDER	796480374	100 %	31/12/2014
	SHERPA LOGISTIQUE	439531005	100 %	31/12/2014
	KANION	-	51 %	-
	LAFUMA MOBILIER S.A.S	798689253	100 %	31/12/2014
	LAF2 SAS	798710000	100 %	-
	SCI ANNEYRON 1	794272583	100 %	-
	MILLET MOUNTAIN GROUP (SWITZERLAND) LTD.	7416474	100 %	-
2	CALIDA AG	-	100 %	-
3	CALIDA FRANCE	434378956	100 %	31/12/2014
	AUBADE PARIS	775695901	100 %	31/12/2014
	SOC IMMOBILIERE PARTICIP.BEAUSOLEIL 20	552050775	100 %	31/12/2012

Linkages

COMPANY NAME	SIREN	LAST ACCOUNT PUBLISHED	TURNOVER
LAFUMA SA	380192807	30/09/2007	97,723,000 €
BELAUBADE SA	451952395	31/12/2014	4,048,982 €
CALIDA GMBH	HRB 703166	31/12/2013	-
CONSORZIO AUBADE	PG219116	31/12/2011	912 €
AUBADE PARIS UK LTD	03821444	31/12/2014	1,110,775 £
CALIDA AG	19406	-	-
CALIDA HOLDING AG	19407	-	-
CALIDA FINANCE AG	586565	-	-
AUBADE PARIS DEUTSCHLAND GMBH	HRB 10326	-	-
CALIDA OF SWITZERLAND, INC	-	-	51,000 $
CALIDA HOLDING AG	-	-	-

Shareholder(s)

Name	LAFUMA SA
Name of representative
Manager position	President	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M. JOFFARD PHILIPPE	20/08/1955 - LYON 6EME ARRONDISSEMENT
President	LAFUMA SA	-

Status history

Date	Description
15/12/2014	Economically active

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	06/08/2015	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 2540 - 332349232 RCS. OXBOW. Forme : Société par actions simplifiée à associé unique. Adresse : 18 avenue Pythagore Cs 90040 33692 Mérignac.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	10/02/2015	Bodacc B	Modification et mutation diverse
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 725 - 332 349 232 RCS Bordeaux. OXBOW. Forme : Société par actions simplifiée. Capital : 50000 EUR. Activité : . Commentaires : Modification du capital.
	10/02/2015	Bodacc B	Modification et mutation diverse
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 745 - 332 349 232 RCS Bordeaux. OXBOW. Forme : Société par actions simplifiée. Activité : . Adresse du siège social : 18 avenue Pythagore, Cs 90040, 33692 Mérignac. Commentaires : Modification de l'adresse du siège.
	21/01/2015	JAL	Head Office Transfer
Vie économique du sud ouest (La) Date de décision : 15/12/2014 Transfert du siège social de la société 332349232 - OXBOW, OXBOW Adresse du nouveau siège : 18 AVENUE DE PYTHAGORE, CS 90040, 33692 MÉRIGNAC CEDEX Ancienne localisation : 20 AV PYTHAGORE, BP 307, BP 307, 33700 MERIGNAC Date d'effet : 15/12/2014
	05/07/2014	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 3478 - 332349232 RCS. OXBOW. Forme : Société par actions simplifiée. Adresse : 20 avenue Pythagore Bp 307 33695 Mérignac. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	27/06/2014	Bodacc B	Modification et mutation diverse
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 314 - 332 349 232 RCS Bordeaux. OXBOW. Forme : Société par actions simplifiée. Administration : Président : LAFUMA SA modification le 19 Juin 2014 Commissaire aux comptes titulaire : ERNST & YOUNG ET AUTRES en fonction le 19 Juin 2014 Commissaire aux comptes suppléant : AUDITEX en fonction le 19 Juin 2014. Activité : . Commentaires : Modification de représentant.
	27/03/2014	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 2663 - 332349232 RCS. OXBOW. Forme : Société par actions simplifiée. Adresse : 20 avenue Pythagore Bp 307 33695 Mérignac. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2013.
	07/02/2014	JAL	Continuation of activity in spite of stockholders' equity become lower in the middle of the share capital
Echos Judiciaires Girondins (Les) Date de décision : 30/01/2014 Poursuite d'activité malgré des fonds propres devenus inférieurs à la moitié du capital social de la société 332349232 - OXBOW, OXBOW, 20 AV PYTHAGORE, BP 307, BP 307, 33700 MERIGNAC Date d'effet : 30/01/2014
	29/04/2013	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 2824 - 332349232 RCS. OXBOW. Forme : Société par actions simplifiée. Adresse : 20 avenue Pythagore Bp 307 33695 Mérignac. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2012.
	16/04/2013	JAL	Appointment of the social representative
Echos Judiciaires Girondins (Les) Date de décision : 20/03/2013 Société faisant l'objet d'une nomination : 332349232 - OXBOW, OXBOW, 20 AV PYTHAGORE, BP 307, 33700 MERIGNAC Nominé : Non renseignée LAFUMA SA, 26140 ANNEYRON En la fonction de : Président
	16/04/2013	JAL	Resignation / Revocation of the social representative
Echos Judiciaires Girondins (Les) Date de décision : 20/03/2013 La société 332349232 - OXBOW, OXBOW, 20 AV PYTHAGORE, BP 307, 33700 MERIGNAC Fait l'objet du départ de Monsieur Philippe JOFFARD
	26/04/2012	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 3323 - 332349232 RCS. OXBOW. Forme : Société par actions simplifiée. Adresse : 20 avenue Pythagore Bp 307 33695 Mérignac. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2011.
	28/03/2011	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 2773 - 332349232 RCS. OXBOW. Forme : Société par actions simplifiée. Adresse : 20 avenue Pythagore Bp 307 33695 Mérignac. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2010.
	03/06/2010	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 2519 - 332349232 RCS. OXBOW. Forme : Société par actions simplifiée. Adresse : 20 avenue Pythagore Bp 307 33695 Mérignac. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2009.
	26/11/2009	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 3183 - 332349232 RCS. OXBOW. Forme : Société par actions simplifiée. Adresse : 20 avenue Pythagore Bp 307 33695 Mérignac. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2008.
	02/06/2008	Bodacc C	Comptes annuels et rapports
33 - GIRONDE GREFFE DU TRIBUNAL DE COMMERCE DE BORDEAUX 2939 - 332349232 RCS. OXBOW. Forme : Société par actions simplifiée. Adresse : 20 avenue Pythagore Bp 307, 33695 Mérignac. Commentaires : Comptes annuels et rapports de l'exercice clos le : 30/09/2007.
	21/10/2007	Bodacc A	Vente et cession
405 - RCS B 332 349 232. RC 88-B 2044. OXBOW. Forme : S.A.S. Capital : 918 274 euros. Activité : import-export, commercialisation d'articles de prêt-à-porter dans tous les genres de l'habillement, d'accessoires, de bagagerie, de bijoux, de lunettes et d'articles de sport conception . Adresse du siège social : 20 avenue Pythagore, B.P. 307, 33695 Mérignac. Etablissement principal - Activité : achat d'un fonds de conception, développement, fabrication et commercialisation d'articles de sport ou de loisirs l'exception du droit au bail. Adresse : 7 boulevard Saint-Denis, 75003 Paris. Date d'effet : 30 mai 2007. Fonds principal acquis par achat au prix stipulé de 137 500 euros. Précédent propriétaire : CTT S.A.R.L. Publication légale : Les Affiches parisiennes du 16 au 18 juin 2007. Oppositions : chez Me Bataillon, 29 rue de Fortuny, 75017 Paris.
	30/06/2007	Bodacc A	Vente et cession
1227 - RCS B 332 349 232. RC 07-B 583. OXBOW. Forme : S.A.S. Capital : 918 274 euros. Adresse du siège social : 20 avenue Pythagore, B.P. 307, 33695 Mérignac Cedex. Etablissement principal - Activité : conception, développement, fabrication et commercialisation d'articles de sport ou de loisirs. Adresse : 7 boulevard Saint-Denis, 75003 Paris. Etablissement principal acquis par cession au prix stipulé de 137 500 euros, à l'exclusion du droit au bail. Date d'effet : 30 mai 2007. Précédent propriétaire : C.T.T. RCS 452 925 837. Publication légale : Les Affiches parisiennes du 18 juin 2007. Oppositions : Me Bataillon du Cabinet Bataillon et Associés, 29 rue de Fortuny, 75017 Paris, pour la validité et la correspondance.
	21/06/2007	Bodacc B	Modifications et mutations diverses
655 - RCS Bordeaux B 332 349 232. RC 88-B 2044. OXBOW. Forme : S.A.S. Activité : import-export, commercialisation d'articles de prêt-à-porter dans tous les genres de l'habillement d'accessoires, de bagagerie, de bijoux, de lunettes, d'articles de sport et conception . Commentaires : modification survenue sur la forme juridique, l'activité et l'administration. Administration : commissaire aux comptes suppléant partant : DUVEROIS ET ASSOCIES S.A. Commissaire aux comptes titulaire partant : PERRONNET ET ASSOCIES S.A. Modification du président : JOFFARD (Philippe). Administrateur partant : CHAPUIS (François). Président du conseil d'administration partant : HAAS (Christian). Administrateurs partants : BOSSARD (Frédéric) MONTMERLE (Bruno, Didier, Franck).
	24/05/2007	Bodacc C	Avis de dépôt des comptes
1612 - RCS Bordeaux B 332 349 232. RC 88-B 2044. OXBOW. Forme: S.A. Adresse du siège social: Bp 307, 20, avenue Pythagore,33695 Mérignac-Cedex. Comptes annuels et rapports de l'exercice clos le: 30 septembre 2006.
	21/02/2007	Bodacc A	Vente et cession
0889 - RCS Lyon 479 846 727. A dater du : 14 décembre 2004. RC 04-B 05013. EAGLE SPORTS. Forme : S.A.R.L. Capital : 10 000 euros. Adresse du siège social : centre commercial de la Part Dieu, local no 257, 2e niveau, 69003 Lyon. Etablissement principal - Activité : commerce de vêtements et d'équipements en matière de sport ou de loisirs. Adresse : centre commercial de la Part Dieu, local no 257, 2e niveau, 69003 Lyon. Etablissement principal acquis par achat au prix stipulé de 881 000 euros. Date de début d'activité : 1er décembre 2006. Précédent propriétaire : OXBOW S.A. (anciennement OXBOW INTERNATIONAL). RCS Lyon 332 349 232. Publication légale : Les Petites affiches lyonnaises du 1er janvier au 5 février 2007. Oppositions : au fonds, centre commercial de la Part Dieu, local no 257, 2e niveau, 69003 Lyon.
	19/07/2006	Bodacc B	Modifications et mutations diverses
0605 - RCS Bordeaux B 332 349 232. RC 88-B 2044. OWBOW S.A. Forme : S.A. Capital : 918 274 euros. Commentaires : modification survenue sur la dénomination, la forme juridique, le capital (augmentation) et l'administration. Administration : modification d'un directeur général et administrateur : JOFFARD (Philippe). Modification d'un administrateur : CHAPUIS (François). Modification du président du conseil d'administration : HAAS (Christian). Modification d'un administrateur : BOSSARD (Frédéric). Membre du directoire partant : NEVORET (Denis).
	20/06/2006	Bodacc C	Avis de dépôt des comptes
849 - RCS Bordeaux B 332 349 232. RC 88-B 2044. OXBOW INTERNATIONAL. Forme: société anonyme à directoire et conseil de surveillance. Adresse du siège social: Bp 307, 20, avenue Pythagore,33695 Mérignac-Cedex. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	25/12/2005	Bodacc B	Modifications et mutations diverses
373 - RCS Bordeaux B 332 349 232. RC 88-B 2044. OXBOW INTERNATIONAL. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l'administration. Administration : directeur général et membre du directoire partant : DE LA TOURNELLE (Dominique, Marie, Claude, Florent, Nicolas). Nomination d'un membre du directoire : NEVORET (Denis).
	22/10/2005	Bodacc C	Avis de dépôt des comptes
142 - RCS Bordeaux B 332 349 232. RC 88-B 2044. OXBOW INTERNATIONAL. Forme: société anonyme à directoire et conseil de surveillance. Adresse du siège social: Bp 307, 20, avenue Pythagore,33695 Mérignac-Cedex. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	07/09/2005	Bodacc B	Modifications et mutations diverses
417 - RCS Bordeaux B 332 349 232. RC 88-B 2044. OXBOW INTERNATIONAL. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l'administration. Administration : membre du conseil de surveillance partant : HUGUENIN (Vincent). Nomination d'un membre du comité de surveillance : BOSSARD (Frédéric).
	07/08/2005	Bodacc B	Modifications et mutations diverses
663 - RCS Bordeaux B 332 349 232. RC 88-B 2044. OXBOW INTERNATIONAL. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l'administration. Administration : membre du directoire partant : ROUX (Nicolas, Olivier). Commissaire aux comptes titulaire partant : DELOITTE TOUCHE TOHMATSU. Membre du conseil de surveillance partant : KROUPA (Karel). Membre du conseil de surveillance : LUCAS DE LESTANVILLE (Louis-Régis, Marie, Alix, Henri). Président du conseil de surveillance partant : GODRON (Louis, Didier, Marcel, André). Membre du conseil de surveillance partant : BRUIX (Cédric, René). Nomination d'un commissaire aux comptes titulaire : DELOITTE & ASSOCIES. Nomination d'un membre du conseil de surveillance : HUGUENIN (Vincent). Nomination du président du directoire : JOFFARD (Philippe). Nomination d'un vice-président du conseil de surveillance : CHAPUIS (François). Nomination du président du conseil de surveillance : HAAS (Christian).
	25/08/2004	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 332349232 RC 88-B 2044 OXBOW INTERNATIONAL. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur la dénomination.
	06/07/2004	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 332349232 RC 88-B 2044 OXBOW S.A. Forme : S.A. à directoire et conseil de surveillance. Adresse du siège social : 20 avenue Pythagore, B.P. 307, 33695 Mérignac Cedex. Commentaires : modification survenue sur l'adresse du siège social et l'adresse de l' établissement principal Etablissement principal: Adresse : 20 avenue Pythagore, B.P. 307, 33695 Mérignac Cedex.
	14/05/2004	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 332349232 RC 88-B 2044 OXBOW S.A. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l' administration. Administration : président du conseil de surveillance partant : FINET (Bertrand, Marcel, Henri, Marie). Membre du conseil de surveillance partant : OSSOLA ( Alexandre, Charles). Vice-président et administrateur partant : GLEIZE ( Philippe). Nomination de membres du conseil de surveillance : KROUPA (Karel) LUCAS DE LESTANVILLE (Louis-Régis, Marie, Alix, Henri). Nomination du président du conseil de surveillance : GODRON (Louis, Didier, Marcel, André). Nomination d'un membre du conseil de surveillance : BRUIX (Cédric, René).
	02/05/2004	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 332349232 RC 88-B 2044 OXBOW S.A. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l' administration. Administration : nomination d'un commissaire aux comptes suppléant : DUVEROIS ET ASSOCIES S.A. Nomination d'un commissaire aux comptes titulaire : PERRONNET ET ASSOCIES S.A.
	24/09/2002	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 332349232 RC 88-B 2044 OXBOW S.A. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l' administration. Administration : commissaire aux comptes titulaire partant : ATZEL (Patrick). Commissaire aux comptes suppléant partant : HURTUT ( Paul). Nomination d'un commissaire aux comptes suppléant : BEAS. Nomination d' un commissaire aux comptes titulaire : DELOITTE TOUCHE TOHMATSU.
	27/01/2002	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 332349232 RC 88-B 2044 OXBOW S.A. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l' administration. Administration : président du directoire partant : LEVEQUE DE VILMORIN (Philippe-André, Pierre, Sosthène). Nomination du président du directoire : DE LA TOURNELLE (Dominique, Marie, Claude, Florent, Nicolas). Nomination d'un membre du directoire : DE VILMORIN ( Philippe, André).
	28/11/2001	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 332349232 RC 88-B 2044 OXBOW S.A. Forme : S.A. à directoire et conseil de surveillance. Capital : 535 000 euros. Commentaires : modification survenue sur le capital (augmentation).
	01/08/2001	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 332349232 RC 88-B 2044 OXBOW S.A. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l' administration. Administration : modification du président du conseil de surveillance : FINET (Bertrand, Marcel, Henri, Marie). Président du conseil de surveillance partant : BLACK FINDLAYS ( William). Nomination du vice-président et administrateur : GLEIZE (Philippe).
	07/09/2000	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 332349232 RC 88-B 2044 OXBOW S.A. Forme : S.A. à directoire et conseil de surveillance. Commentaires : modification survenue sur l' administration. Administration : membre du conseil de surveillance partant : KELLER (Etienne, Marie, Joseph). Nomination d'un membre du conseil de surveillance : OSSOLA (Alexandre, Charles).
	24/12/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Bordeaux B 332 349 232 RC RC 88-B 2044 OXBOW S.A. Forme : S.A. à directoire et conseil de surveillance. Administration : suppression : membres du directoire : Mme MARTHIENS, née PEULON (Ghislaine, Madeleine) Mme VAUQUELIN, née BOUGON (Isabelle, Edith, Raymonde). Nomination en qualité de membre du directoire : ROUX (Nicolas, Olivier). Commentaires : modification survenue sur l'administration.
	23/10/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Bordeaux B 332 349 232 RC RC 88-B 2044 OXBOW S.A. Forme : S.A. à directoire et conseil de surveillance. Administration : suppression : membre du conseil de surveillance : CACHOT ( Isabelle, Claude, Michelle). Nomination en qualité de membre du conseil de surveillance : KELLER ( Etienne, Marie, Joseph). Commentaires : modification survenue sur l' administration.
	04/09/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Bordeaux B 332 349 232 RC RC 88-B 2044 OXBOW S.A. Forme : S.A. à directoire et conseil de surveillance. Administration : suppression : commissaires aux comptes titulaires : BOURGEOIS (Patrice) S.A. SECNO. Suppression : commissaires aux comptes suppléants : GODEFROY (André) LEBIGRE (Patrick). Commentaires : modification survenue sur l' administration.
	22/02/1998	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 332 349 232 RC 88-B 2044 OXBOW S.A. Forme : S.A. à directoire. Commentaires : modification survenue sur l'administration. Administration : membre du directoire partant : MOLINIER (Alain, Pierre).
	04/07/1997	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 332 349 232 RC 88-B 2044 OXBOW S.A. Forme : S.A. à directoire. Commentaires : modification survenue sur l'administration. Administration : président du conseil de surveillance partant : GLEIZE (Philippe, Paul, Pierre). Modification du président du conseil de surveillance : BLACK FINDLAYS (William). Nomination des membres du directoire : MARTHIENS, née PEULON (Ghislaine, Madeleine) MOLINIER (Alain, Pierre) VAUQUELIN, née BOUGON (Isabelle, Edith, Raymonde).
	20/04/1997	Bodacc B	Modifications et mutations diverses
RCS Bordeaux B 332 349 232 RC 88-B 2044 OXBOW S.A. Forme : S.A. à directoire. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : nomination du président du conseil de surveillance : GLEIZE ( Philippe, Paul, Pierre). Nomination du vice-président du conseil de surveillance : FINET (Bertrand, Marcel, Henri, Marie). Modification d'un membre du conseil de surveillance : CACHOT ( Isabelle, Claude, Michelle). Nomination du président du directoire : LEVEQUE DE VILMORIN (Philippe-André, Pierre, Sosthène). Nomination d'un membre du directoire : BLACK (Findlays, William). Directeur général et administrateur partant : VALERI (Fabrice, Désiré, Henri). Administrateur partant : BENOIST (Jeanine, Marie).

Company events history

Date	Description
06/08/2015	Bodacc C : Deposit accounts notice
25/07/2015	Update Rating
25/07/2015	Update Limit
25/07/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
10/02/2015	Bodacc B: Various editing or changing
02/02/2015	Updated articles of association
02/02/2015	Power of attorney
02/02/2015	Capital reduction
02/02/2015	Capital increase
02/02/2015	Amendment
02/02/2015	Registered office transferred inside jurisdiction of the Commercial Court
29/01/2015	Update Rating
21/01/2015	Legal Gazette: Head Office Transfer
31/12/2014	New accounts available
15/12/2014	Update of Company Head Office Identifier
05/07/2014	Bodacc C : Deposit accounts notice
27/06/2014	Update Rating
27/06/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
27/06/2014	Bodacc B: Various editing or changing
19/06/2014	New auditor
19/06/2014	Amendment
19/06/2014	Power of attorney
27/03/2014	Bodacc C : Deposit accounts notice
10/03/2014	Amendment
10/03/2014	Power of attorney
10/03/2014	Continuation of business despite loss of equity
07/03/2014	Disengagement in other companies
07/03/2014	New shareholders detected
07/03/2014	New participations in other companies
07/03/2014	Update Rating
07/03/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
07/02/2014	New ultimate parent
30/01/2014	Legal Gazette: Continuation of activity
29/01/2014	Update Limit
29/01/2014	Update Rating
28/01/2014	Unfiling of a Social Security preferential right
28/01/2014	New Filling of Social Security preferential right
31/12/2013	New accounts available
23/10/2013	Updated articles of association
23/10/2013	Power of attorney
23/10/2013	New closing date
23/10/2013	Amendment
15/10/2013	Update Rating
15/10/2013	Update Limit
30/09/2013	New accounts available
18/07/2013	Update Limit
18/07/2013	Update Rating
13/05/2013	Power of attorney
13/05/2013	New chairman (CEO, CoB)
13/05/2013	Amendment
13/05/2013	Updated articles of association
29/04/2013	Bodacc C : Deposit accounts notice
17/04/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
16/04/2013	Legal Gazette: Resignation / Revocation of the social representative
20/03/2013	Legal Gazette: Appointment of the social representative
30/09/2012	New accounts available
01/05/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
26/04/2012	Bodacc C : Deposit accounts notice
30/03/2012	Power of attorney
30/03/2012	Amendment
30/03/2012	Updated articles of association
30/09/2011	New accounts available
28/03/2011	Bodacc C : Deposit accounts notice
30/09/2010	New accounts available
22/09/2010	Unfiling of a Tax Office preferential right
22/09/2010	New Filling of Tax Office preferential right
03/06/2010	Bodacc C : Deposit accounts notice
26/04/2010	Amendment
26/04/2010	Updated articles of association
26/11/2009	Bodacc C : Deposit accounts notice
30/09/2009	New accounts available
30/09/2008	New accounts available
20/06/2008	Collection of preferential rights activated for this company
02/06/2008	Bodacc C : Deposit accounts notice
30/09/2007	New accounts available
29/05/2007	Change to corporate purpose
29/05/2007	Change to corporate purpose
29/05/2007	Minutes of general meeting of shareholders
29/05/2007	Minutes of general meeting of shareholders
29/05/2007	New legal form – no new category
29/05/2007	Power of attorney
29/05/2007	Private document
29/05/2007	Updated articles of association
29/05/2007	Updated articles of association
29/05/2007	Appointment/resignation of company officers
29/05/2007	New legal form – new category
30/09/2006	New accounts available
20/06/2006	Capital increase
20/06/2006	Updated articles of association
20/06/2006	Updated articles of association
20/06/2006	Private document
20/06/2006	Power of attorney
20/06/2006	New company name
20/06/2006	New company name
20/06/2006	New closing date
20/06/2006	New closing date
20/06/2006	Minutes of general meeting of shareholders
20/06/2006	Minutes of general meeting of shareholders
20/06/2006	Minutes of Board meeting
20/06/2006	Minutes of Board meeting
20/06/2006	Merger
20/06/2006	Declaration of conformity
20/06/2006	Amendment
20/06/2006	Amendment
20/06/2006	Appointment/resignation of company officers
20/06/2006	Capital reduction
20/06/2006	Capital reduction
20/06/2006	Change to the administration of a public limited company
20/06/2006	Declaration of conformity
22/05/2006	Capital increase
22/05/2006	Updated articles of association
22/05/2006	Private document
22/05/2006	New closing date
22/05/2006	Minutes of general meeting of shareholders
12/04/2006	Audit or Management Report
12/04/2006	Audit or Management Report
12/04/2006	Private document
14/03/2006	Private document
14/03/2006	Planned merger
14/03/2006	Partial contribution
14/03/2006	Merger
19/01/2006	Application and court order
19/01/2006	Application and court order
19/01/2006	Amendment
31/12/2005	New accounts available
07/12/2005	Amendment
07/12/2005	Amendment
07/12/2005	Appointment/resignation of company officers
07/12/2005	Appointment/resignation of company officers
07/12/2005	Changes to the Board of Directors
07/12/2005	Minutes of general meeting of shareholders
07/12/2005	Minutes of general meeting of shareholders
07/12/2005	Private document
07/12/2005	Updated articles of association
07/12/2005	Updated articles of association
25/08/2005	Appointment/resignation of company officers
25/08/2005	Appointment/resignation of company officers
25/08/2005	Private document
25/08/2005	Minutes of general meeting of shareholders
25/08/2005	Power of attorney
25/08/2005	Minutes of general meeting of shareholders
26/07/2005	Power of attorney
26/07/2005	Private document
26/07/2005	Amendment
26/07/2005	Appointment/resignation of company officers
26/07/2005	Appointment/resignation of company officers
26/07/2005	Changes to the Board of Directors
26/07/2005	Changes to the Board of Directors
26/07/2005	Minutes of general meeting of shareholders
26/07/2005	Minutes of general meeting of shareholders
26/07/2005	New auditor
26/07/2005	New chairman (CEO, CoB)
26/07/2005	New chairman (CEO, CoB)
26/07/2005	New legal form – new category
31/12/2004	New accounts available
09/08/2004	Amendment
09/08/2004	Minutes of general meeting of shareholders
09/08/2004	New company name
09/08/2004	Power of attorney
09/08/2004	Private document
09/08/2004	Updated articles of association
22/06/2004	Minutes of general meeting of shareholders
22/06/2004	New company name
22/06/2004	Power of attorney
22/06/2004	Private document
22/06/2004	Registered office transferred inside jurisdiction of the Commercial Court
22/06/2004	Updated articles of association
22/06/2004	Amendment
27/04/2004	Private document
27/04/2004	Power of attorney
27/04/2004	New chairman (CEO, CoB)
27/04/2004	Minutes of general meeting of shareholders
27/04/2004	Changes to the Board of Directors
27/04/2004	Updated articles of association
27/04/2004	Amendment
27/04/2004	Appointment/resignation of company officers
16/04/2004	New auditor
16/04/2004	Minutes of general meeting of shareholders
16/04/2004	Appointment/resignation of company officers
16/04/2004	Private document
31/12/2003	New accounts available
11/09/2002	Minutes of general meeting of shareholders
11/09/2002	Private document
11/09/2002	Appointment/resignation of company officers
11/09/2002	Amendment
11/09/2002	New auditor
04/01/2002	Amendment
04/01/2002	Appointment/resignation of company officers
04/01/2002	Minutes of general meeting of shareholders
04/01/2002	New chairman (CEO, CoB)
04/01/2002	Private document
04/01/2002	Power of attorney
15/11/2001	Capital increase
15/11/2001	Conversion of equity to euro
15/11/2001	Minutes of general meeting of shareholders
15/11/2001	Private document
15/11/2001	Updated articles of association
15/11/2001	Power of attorney
17/07/2001	Power of attorney
17/07/2001	New chairman (CEO, CoB)
17/07/2001	Minutes of general meeting of shareholders
17/07/2001	Appointment/resignation of company officers
17/07/2001	Private document
17/07/2001	Amendment
24/08/2000	Minutes of general meeting of shareholders
24/08/2000	Appointment/resignation of company officers
24/08/2000	Private document
08/12/1998	Amendment
08/12/1998	Appointment/resignation of company officers
08/12/1998	Minutes of general meeting of shareholders
08/12/1998	Private document
23/09/1998	Minutes of general meeting of shareholders
23/09/1998	Private document
23/09/1998	Power of attorney
23/09/1998	Appointment/resignation of company officers
19/08/1998	Minutes of general meeting of shareholders
19/08/1998	Private document
19/08/1998	Appointment/resignation of company officers
19/08/1998	New auditor
06/02/1998	Minutes of general meeting of shareholders
06/02/1998	Private document
06/02/1998	Appointment/resignation of company officers
18/06/1997	Appointment/resignation of company officers
18/06/1997	Amendment
18/06/1997	New chairman (CEO, CoB)
18/06/1997	Minutes of general meeting of shareholders
18/06/1997	Private document
08/04/1997	Updated articles of association
08/04/1997	Private document
08/04/1997	New legal form – new category
08/04/1997	New chairman (CEO, CoB)
08/04/1997	Minutes of general meeting of shareholders
08/04/1997	Fund deposit certificate
08/04/1997	Changes to the Board of Directors
08/04/1997	Change to the administration of a public limited company
08/04/1997	Appointment/resignation of company officers
08/04/1997	Amendment
08/04/1997	New closing date
27/01/1997	Private document
27/01/1997	New auditor
27/01/1997	Appointment/resignation of company officers
27/01/1997	Minutes of general meeting of shareholders
22/03/1994	Change to corporate purpose
22/03/1994	Declaration of conformity
22/03/1994	Minutes of general meeting of shareholders
22/03/1994	Updated articles of association
22/03/1994	Amendment
10/02/1993	Appointment/resignation of company officers
10/02/1993	Minutes of general meeting of shareholders
12/02/1992	Updated articles of association
12/02/1992	Minutes of general meeting of shareholders
12/02/1992	Declaration of conformity
12/02/1992	Capital increase

Synthesized Accounts

Annual Accounts

	31/12/2014	31/12/2013	30/09/2013
Account period (month)	12	03	12
Account Type	Normal	Normal	Normal
Date of capture	24/07/2015	26/06/2014	06/03/2014
Activity Code	4642Z	4642Z	4642Z
Employees	49	78	133

Active account

	31/12/2014	Variation	31/12/2013	Variation	30/09/2013	SECTOR MEDIAN 2014
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	1,438,132	-0.9 %	1,451,208	-24.3 %	1,916,628	60,125	2291.9 %
Intangible assets	682,264	-1.2 %	690,659	-2.7 %	709,871	8,356	8065.4 %
Tangible assets	221,058	77.2 %	124,725	-45.9 %	230,590	7,304	2926.5 %
Financial assets	534,808	-15.9 %	635,822	-34.9 %	976,164	7,724	6824.4 %
Net current assets	10,039,187	22.9 %	8,171,338	-42.8 %	14,278,312	303,541	3207.4 %
Stocks	4,273,360	122.1 %	1,924,257	-49.7 %	3,825,635	74,568	5630.8 %
Advanced payments	0	0%	0	0%	0	0	0%
Receivables	4,374,761	-1.3 %	4,433,322	-54.8 %	9,801,335	92,073	4651.4 %
Securities and cash	1,391,064	-23.3 %	1,813,758	178.5 %	651,340	46,739	2876.2 %
Prepaid expenses	-	-	-	-	-	79	-
Accounts of regularization	33,902	161338.1 %	21	-86.1 %	151	0	0%
Total Assets	11,511,222	19.6 %	9,622,568	-40.6 %	16,195,092	417,307	2658.5 %

Passive Account

	31/12/2014	Variation	31/12/2013	Variation	30/09/2013	SECTOR MEDIAN 2014
Shareholders' equity	159,896	100.6 %	-28,750,879	-9.9 %	-26,164,588	95,690	67.1 %
Share capital	50,000	-94.6 %	918,274	0%	918,274	10,000	400.0 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	2,561,293	-44.2 %	4,592,701	-38.0 %	7,409,001	0	0%
Liabilities	8,787,730	-74.0 %	33,775,474	-3.3 %	34,944,957	265,458	3210.4 %
Financial liabilities	61,759	-99.8 %	25,573,240	18.5 %	21,574,293	17,493	253.1 %
Advanced payments received	0	0%	0	0%	0	0	0%
Trade account payables	5,312,296	69.9 %	3,126,781	-59.9 %	7,803,886	99,299	5249.8 %
Tax and social liabilities	1,132,161	-26.0 %	1,529,211	-11.8 %	1,733,049	55,582	1936.9 %
Other debts and fixed assets liabilities	2,283,814	-35.7 %	3,551,510	-6.7 %	3,805,267	9,649	23570.1 %
Account regularization	0	0%	0	0%	34,182	0	0%
Total liabilities	11,511,220	19.6 %	9,622,568	-40.6 %	16,195,090	417,307	2658.5 %

Results

	31/12/2014	Variation	31/12/2013	Variation	30/09/2013	SECTOR MEDIAN 2014
Sales of Goods	29,505,682	242.4 %	8,616,211	-75.8 %	35,558,017	643,387	4486.0 %
Net turnover	25,669,800	473.0 %	4,480,105	-86.3 %	32,811,174	633,116	3954.5 %
of which net export turnover	3,436,971	707.7 %	425,528	-90.8 %	4,607,338	7,278	47127.4 %
Operating charges	29,334,475	158.8 %	11,336,955	-76.0 %	47,326,425	641,912	4469.9 %
Operating profit/loss	171,207	106.3 %	-2,720,744	76.9 %	-11,768,408	10,790	1486.8 %
Financial income	67,476	1566.5 %	4,049	-99.9 %	3,214,282	5	1349420.0 %
Financial charges	806,039	73.0 %	465,890	-96.6 %	13,898,019	829	97189.0 %
Financial profit/loss	-738,563	-59.9 %	-461,841	95.7 %	-10,683,736	-75	-984650.7 %
Pretax net operating income	-567,356	82.2 %	-3,182,585	85.8 %	-22,452,145	10,219	-5652.0 %
Extraordinary income	2,367,844	-20.6 %	2,980,750	1323.3 %	209,419	7	33826242.9 %
Extraordinary charges	1,689,712	-29.1 %	2,384,450	-69.4 %	7,790,833	264	641156.9 %
Extraordinary profit/loss	678,131	13.7 %	596,300	107.9 %	-7,581,414	0	0%
Net result	110,775	104.3 %	-2,586,290	91.4 %	-30,015,258	11,269	883.0 %

Accounts – Active

Normal Account

			31/12/2014		31/12/2013		30/09/2013
Months			12		3		12

Grand Total - Active Accounts (I to VI)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Grand Total (I to VI)	Net	11,511,222	19.6 %	9,622,568	-40.6 %	16,195,092
Gross	CO	25,536,505	-8.5 %	27,922,178	-21.8 %	35,700,344
Amortisation	1A	14,025,282	-23.4 %	18,299,610	-6.2 %	19,505,253

Non declared distributed capital (I)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Total Active fixed asset (II)	Net	1,438,132	-0.9 %	1,451,208	-24.3 %	1,916,628
Gross	BJ	10,631,574	-29.9 %	15,171,686	-6.1 %	16,160,476
Amortisation	BK	9,193,441	-33.0 %	13,720,478	-3.7 %	14,243,848

Intangible fixed assets

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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	80	-96.3 %	2,176	-36.8 %	3,443
Gross	AF	173,691	-8.1 %	188,911	-2.8 %	194,329
Amortisation	AG	173,611	-7.0 %	186,734	-2.2 %	190,885
Goodwill	Net	680,000	0%	680,000	0%	680,000
Gross	AH	680,000	0%	680,000	0%	680,000
Amortisation	AI	0	0%	0	0%	0
Other intangible fixed assets	Net	2,184	-74.3 %	8,483	-67.9 %	26,428
Gross	AJ	516,638	-24.9 %	687,648	0.5 %	683,898
Amortisation	AK	514,453	-24.3 %	679,165	3.3 %	657,469
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	682,264	-1.2 %	690,659	-2.7 %	709,871

Tangilble fixed assets

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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%	1,226
Gross	AR	45,259	0%	45,259	-79.4 %	219,539
Amortisation	AS	45,259	0%	45,259	-79.3 %	218,312
Other tangible fixed assets	Net	221,058	77.2 %	124,725	-45.6 %	229,364
Gross	AT	2,073,507	-11.2 %	2,335,051	-25.2 %	3,121,074
Amortisation	AU	1,852,449	-16.2 %	2,210,326	-23.6 %	2,891,709
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	221,058	77.2 %	124,725	-45.9 %	230,590

Financial assets

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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	28,906	-67.8 %	89,682	-77.8 %	403,204
Gross	CU	6,636,575	0%	6,636,575	0%	6,636,575
Amortisation	CV	6,607,668	0.9 %	6,546,892	5.0 %	6,233,371
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	146,134	16.4 %	125,532	22.6 %	102,367
Gross	BF	146,134	16.4 %	125,532	22.6 %	102,367
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	359,768	-14.5 %	420,608	-10.6 %	470,593
Gross	BH	359,768	-92.0 %	4,472,708	-1.1 %	4,522,693
Amortisation	BI	0	0%	4,052,100	0%	4,052,100
Sub Total Financial assets	Net	534,808	-15.9 %	635,822	-34.9 %	976,164

Current Assets (III)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Total Current Assets	Net	10,039,187	22.9 %	8,171,338	-42.8 %	14,278,312
Gross	CJ	14,871,028	16.6 %	12,750,470	-34.7 %	19,539,717
Amortisation	CK	4,831,840	5.5 %	4,579,132	-13.0 %	5,261,405

Stocks

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Raw materials	Net	0	0%	0	0%	29,000
Gross	BL	0	0%	0	0%	29,000
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	4,273,360	122.1 %	1,924,257	-49.3 %	3,796,635
Gross	BT	7,454,291	51.8 %	4,910,124	-37.6 %	7,871,635
Amortisation	BU	3,180,931	6.5 %	2,985,867	-26.7 %	4,075,000
Sub Total Stocks	Net	4,273,360	122.1 %	1,924,257	-49.7 %	3,825,635

Advance payments to suppliers

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Trade accounts receivable	Net	2,512,363	-23.1 %	3,267,135	-63.5 %	8,953,899
Gross	BX	4,163,272	-14.3 %	4,860,400	-52.1 %	10,140,304
Amortisation	BY	1,650,909	3.6 %	1,593,265	34.3 %	1,186,405
Other debtors	Net	1,700,384	61.5 %	1,052,845	46.3 %	719,602
Gross	BZ	1,700,384	61.5 %	1,052,845	46.3 %	719,602
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	4,212,747	-2.5 %	4,319,980	-55.3 %	9,673,501

Divers

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	1,391,064	-23.3 %	1,813,758	178.5 %	651,340
Gross	CF	1,391,064	-23.3 %	1,813,758	178.5 %	651,340
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	1,391,064	-23.3 %	1,813,758	178.5 %	651,340

Prepaid expenses

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Prepaid expenses	Net	162,014	42.9 %	113,342	-11.3 %	127,834
Gross	CH	162,014	42.9 %	113,342	-11.3 %	127,834
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Expenses of loan issue to be spread	CW3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Premiums on redemption of bonds	CM3	0	0%	0	0%	0
Gross		0	0%	0	0%	0
Currency differential gain	CN3	33,902	161338.1 %	21	-86.1 %	151
Gross		33,902	161338.1 %	21	-86.1 %	151

References

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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)

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Grand Total (I to V)	EE		11,511,220	19.6 %	9,622,568	-40.6 %	16,195,090

Shareholder Equity (I)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Total shareholders' equity (Total I)	DL	159,896	100.6 %	-28,750,879	-9.9 %	-26,164,588
Equity and shareholders' equity	DA	50,000	-94.6 %	918,274	0%	918,274
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	0	0%	91,827	0%	91,827
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	0	0%	2,840,568	0%	2,840,568
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	-879	100.0 %	-30,015,258	0%	0
Profit or loss for the period	DI	110,775	104.3 %	-2,586,290	91.4 %	-30,015,258
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Total provisions for risks and charges (Total III)	DR	2,561,293	-44.2 %	4,592,701	-38.0 %	7,409,001
Risk provisions	DP	1,324,836	-1.9 %	1,350,267	0.2 %	1,348,085
Reserves for charges	DQ	1,236,457	-61.9 %	3,242,434	-46.5 %	6,060,915

Liabilities (IV)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Total Liabilities (Total IV)	EC	8,787,730	-74.0 %	33,775,474	-3.3 %	34,944,957
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	61,759	-71.2 %	214,306	-90.5 %	2,266,297
Sundry loans and financial liabilities	DV	0	0%	25,358,934	31.3 %	19,307,996
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	0	0%	0	0%	0
Trade accounts payables	DX	5,312,296	69.9 %	3,126,781	-59.9 %	7,803,886
Tax and social security liabilities	DY	1,132,161	-26.0 %	1,529,211	-11.8 %	1,733,049
Fixed asset liabilities	DZ	15,204	0%	0	0%	6,655
Other debts	EA	2,266,309	-36.1 %	3,546,240	-6.5 %	3,792,892

Translation loss (V)

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Translation loss (Total V)	ED		2,301	-56.3 %	5,270	-7.9 %	5,720

Equalization accounts

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Deferred income	EB		0	0%	0	0%	34,182

References

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	8,787,730	-74.0 %	33,775,474	0%	0
Of which current bank facilities	EH	61,759	0%	0	0%	1,997,485

Result account

1 - Operating result (I-II)

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Operating result (Total I-II)	GG		171,207	106.3 %	-2,720,744	76.9 %	-11,768,408

2 - Financial result (V-VI)

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Financial result (Total V-VI)	GV		-738,563	-59.9 %	-461,841	95.7 %	-10,683,736

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

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW		-567,356	82.2 %	-3,182,585	85.8 %	-22,452,145

4 - Extraordinary result (VII-VIII)

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Extraordinary result (Total VII-VIII)	HI		678,131	13.7 %	596,300	107.9 %	-7,581,414

Profit or loss

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Profit or loss	HN		110,775	104.3 %	-2,586,290	91.4 %	-30,015,258

Total Income (I+III+V+VII)

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Total Income (Total I+III+V+VII)	HL		31,941,003	175.3 %	11,601,010	-70.2 %	38,981,719

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

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Total Charges (Total II+IV+VI+VIII+IX+X)	HM		31,830,228	124.4 %	14,187,295	-79.4 %	68,996,978

Operating income (I)

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Total operating income (Total I)	FR		29,505,682	242.4 %	8,616,211	-75.8 %	35,558,017

Operating income (details)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Sale of goods for resale	FC	24,967,168	493.1 %	4,209,628	-87.0 %	32,265,712
France	FA	21,581,902	471.7 %	3,775,008	-86.4 %	27,657,623
Export	FB	3,385,265	678.9 %	434,620	-90.6 %	4,608,088
Sale of goods produced	FF	-339,985	-1033.2 %	-30,002	97.3 %	-1,095,555
France	FD	-335,202	-1020.6 %	-29,914	97.3 %	-1,099,275
Export	FE	-4,783	-5335.2 %	-88	-102.4 %	3,720
Sale of services	FI	1,042,617	247.0 %	300,479	-81.7 %	1,641,017
France	FG	986,128	218.6 %	309,483	-81.2 %	1,645,487
Export	FH	56,489	727.4 %	-9,004	-101.5 %	-4,469
Net turnover	FL	25,669,800	473.0 %	4,480,105	-86.3 %	32,811,174
France	FJ	22,232,828	448.3 %	4,054,577	-85.6 %	28,203,835
Export	FK	3,436,971	707.7 %	425,528	-90.8 %	4,607,338
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	3,835,157	-7.3 %	4,135,114	51.3 %	2,732,580
Other income	FQ	725	-26.9 %	992	-93.0 %	14,261

Operating charges (II)

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Total operating charges (Total II)	GF		29,334,475	158.8 %	11,336,955	-76.0 %	47,326,425

Exploitation charges

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Purchase of goods for resale	FS	16,898,465	993.3 %	1,545,680	-92.8 %	21,384,612
Change in stocks of goods for resale	FT	-2,544,167	-185.9 %	2,961,511	166.6 %	1,110,823
Purchase of raw materials	FU	0	0%	3,963	-96.4 %	109,427
Change in stocks of raw materials	FV	0	0%	29,000	2800.0 %	1,000
Other external purchases and charges	FW	6,819,220	276.3 %	1,811,939	-80.9 %	9,511,314
Tax, duty and similar payments	FX	263,156	156.7 %	102,534	-77.0 %	445,185
Payroll	FY	2,393,295	166.7 %	897,412	-82.5 %	5,129,715
Social security costs	FZ	993,612	118.3 %	455,149	-77.7 %	2,038,655

Depreciation

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Depreciation of fixed assets	GA	87,705	66.5 %	52,664	-87.6 %	425,635
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	4,016,271	16.3 %	3,452,733	-34.4 %	5,261,405
Provisions for risks and charges	GD	140,209	5474.9 %	2,515	-98.4 %	160,970

Other charges

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Other charges	GE		266,705	1120.3 %	21,855	-98.7 %	1,747,681

Operating charges (III-IV)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Total financial income (Total V)	GP	67,476	1566.5 %	4,049	-99.9 %	3,214,282
Share financial income	GJ	48,928	1364.5 %	3,341	-86.9 %	25,463
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	788	0%	0	0%	2,904
Released provisions and transferred charges	GM	8	-91.7 %	96	-100.0 %	3,026,675
Exchange gains	GN	17,751	2800.5 %	612	-99.6 %	159,239
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial charge (VI)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Total financial charge (Total VI)	GU	806,039	73.0 %	465,890	-96.6 %	13,898,019
Financial reserves and provisions	GQ	60,775	-80.6 %	313,521	-97.0 %	10,285,589
Interest and similar charges	GR	605,789	297.2 %	152,532	-95.8 %	3,603,869
Exchange losses	GS	139,474	85666.9 %	-163	-101.9 %	8,560
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Total extraordinary income (Total VII)	HD	2,367,844	-20.6 %	2,980,750	1323.3 %	209,419
Extraordinary operating income	HA	12,748	0%	0	0%	0
Extraordinary income from capital transactions	HB	316	-62.2 %	836	-99.3 %	121,401
Released provisions and transferred charges	HC	2,354,779	-21.0 %	2,979,914	3285.7 %	88,016

Extraordinary charges (VIII)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Total extraordinary charges (Total VIII)	HH	1,689,712	-29.1 %	2,384,450	-69.4 %	7,790,833
Extraordinary operating charges	HE	1,439,079	-33.0 %	2,147,056	437.0 %	399,817
Extraordinary charges from capital transactions	HF	38,780	-38.8 %	63,392	-64.4 %	178,221
Extraordinary reserves and provisions	HG	211,852	21.8 %	174,002	-97.6 %	7,212,793

Employee profit sharing (IX)

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Employee profit sharing (Total IX)	HJ		0	0%	0	0%	0

Tax on profits (X)

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Tax on profits (Total X)	HK		0	0%	0	0%	-18,300

References

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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	30,139	41186.3 %	73	-99.9 %	71,251
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	567,393	0%	0	0%	801,704
Of which royalties on licences and patents (charges)	A4	207	-97.9 %	10,023	-65.8 %	29,336

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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	4,810,782	373.6 %	1,015,720	-84.7 %	6,620,620
Gross value at the end of period	OL	10,631,574	-29.9 %	15,171,686	-6.1 %	16,160,476

Research and development Charge (Total I)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Gross value at begin of period	KD	1,556,559	-0.1 %	1,558,227	-2.0 %	1,589,917
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	3,750	0%	0
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	186,230	3337.2 %	5,418	-82.9 %	31,690
Gross value at the end of period	LW	1,370,329	-12.0 %	1,556,559	-0.1 %	1,558,227

Tangible fixed assets (Total III)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Gross value at begin of period	LN	2,380,311	-28.7 %	3,340,613	-32.3 %	4,935,064
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	201,652	0%	0	0%	49,498
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	463,196	-51.8 %	960,302	-41.6 %	1,643,948
Gross value at the end of period	NH	2,118,767	-11.0 %	2,380,311	-28.7 %	3,340,613

Financial assets (Total IV)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Gross value at begin of period	LQ	11,234,816	-0.2 %	11,261,635	-30.2 %	16,134,569
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	69,018	197.7 %	23,180	-67.8 %	72,048
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	4,161,356	8222.7 %	50,000	-99.0 %	4,944,982
Gross value at the end of period	NK	7,142,478	-36.4 %	11,234,815	-0.2 %	11,261,635

Reserve for depreciation

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

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Reserve for depreciation value at begin of period	PE	0	0%	710,854	5.3 %	674,765
Increases	PF	0	0%	22,962	-62.8 %	61,774
Decreasess	PG	0	0%	5,418	-78.9 %	25,685
Decreasess by budget item transfer	PH	0	0%	728,398	2.5 %	710,854

Total fixed assets amotisation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Reserve for depreciation value at begin of period	QU	0	0%	3,110,020	-26.3 %	4,217,891
Increases	QV	0	0%	42,472	-88.3 %	363,859
Decreases	QW	0	0%	896,909	-39.1 %	1,471,729
Decreasess by budget item transfer	QX	0	0%	2,255,583	-27.5 %	3,110,021

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Value at begining of period	7C	15,856,226	-31.3 %	23,093,377	288.2 %	5,948,640
Increases	UB	4,429,110	12.7 %	3,930,000	-82.9 %	22,920,757
Decreases	UC	6,147,034	-13.6 %	7,115,051	23.2 %	5,776,021
Value at the end of period	UD	14,138,303	-29.0 %	19,908,326	-13.8 %	23,093,376

Includes Total allocations

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Operating	UE	4,429,110	28.2 %	3,455,249	-36.3 %	5,422,375
Financial	UG	0	0%	313,521	-97.0 %	10,285,589
Exceptional	UJ	0	0%	161,229	-97.8 %	7,212,793

Includes Total Withdrawal

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Operating	UF	6,147,034	48.7 %	4,135,040	55.4 %	2,661,329
Financial	UH	0	0%	96	-100.0 %	3,026,675
Exceptional	UK	0	0%	2,979,914	3285.6 %	88,018

Total regulated provisions (Total I)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Value at begining of period	5Z	4,592,702	-38.0 %	7,409,001	2298.3 %	308,927
Increases	TV	352,063	115.0 %	163,745	-97.8 %	7,373,881
Decreases	TW	2,383,471	-20.0 %	2,980,045	988.4 %	273,808
Value at the end of period	TX	2,561,294	-44.2 %	4,592,701	-38.0 %	7,409,001

Total Provision for depreciation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Value at begining of period	7B	11,263,524	-28.2 %	15,684,376	178.1 %	5,639,713
Increases	TY	4,077,048	8.3 %	3,766,255	-75.8 %	15,546,876
Decreases	TZ	3,763,563	-9.0 %	4,135,006	-24.8 %	5,502,213
Value at the end of period	UA	11,577,009	-24.4 %	15,315,624	-2.4 %	15,684,376

State deadlines claims and debts at the end of period

State claims

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Gross value	VT	6,531,575	-38.5 %	10,624,827	-31.9 %	15,612,802
1 year at most	VU	6,531,575	-38.5 %	10,624,827	-31.9 %	15,612,802
More than one year	VV	0	0%	0	0%	0

State of loans

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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	146,134	16.4 %	125,532	22.6 %	102,367
Loans (1 year at most)	UR	146,134	16.4 %	125,532	22.6 %	102,367
Other financial assets (gross)	UT	359,769	-92.0 %	4,472,708	-1.1 %	4,522,693
Other financial assets (1 year at most)	UV	359,769	-92.0 %	4,472,708	-1.1 %	4,522,693

Receivables statement of assets

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Customers doubtful or disputed	VA	1,449,477	18.5 %	1,222,778	-1.5 %	1,241,054
Other claims customer	UX	2,713,796	-25.4 %	3,637,622	-59.1 %	8,899,250
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	9,399	18.7 %	7,918	-48.6 %	15,415
Social Security and other social organizations	UZ	0	0%	0	0%	324
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	527,392	24.1 %	424,940	-13.3 %	489,847
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	46,885	-58.9 %	113,988
Group and Associates	VC	751,205	561.0 %	113,644	521.0 %	18,300
Accounts receivable (including claims relating to the operation of pension titles)	VR	412,388	-10.2 %	459,458	462.2 %	81,727

Prepaid

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Prepaid	VS		162,015	42.9 %	113,342	-11.3 %	127,834

State Debt

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Total debt (gross)	VY	8,787,731	-74.0 %	33,775,474	-3.3 %	34,944,956
1 year at most	VZ2	8,787,731	-74.0 %	33,775,474	-3.3 %	34,944,956
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

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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	61,760	-71.2 %	214,306	-90.5 %	2,266,297
1 year at most	VG2	61,760	-71.2 %	214,306	-90.5 %	2,266,297
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%	25,358,934	31.3 %	19,307,996
1 year at most	8A2	0	0%	25,358,934	31.3 %	19,307,996
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	5,312,297	69.9 %	3,126,781	-59.9 %	7,803,886
1 year at most	8B2	5,312,297	69.9 %	3,126,781	-59.9 %	7,803,886
More than 1 year and 5 years at most	8B3	5,312,297	69.9 %	3,126,781	-59.9 %	7,803,886
Personnel and associated accounts (gross)	8C1	396,087	14.2 %	346,976	-50.0 %	693,808
1 year at most	8C2	396,087	14.2 %	346,976	-50.0 %	693,808
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	501,237	-46.7 %	941,262	44.7 %	650,320
1 year at most	8D2	501,237	-46.7 %	941,262	44.7 %	650,320
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	90,146	-19.6 %	112,146	-56.4 %	257,006
1 year at most	VW2	90,146	-19.6 %	112,146	-56.4 %	257,006
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	144,691	12.3 %	128,826	-2.3 %	131,914
1 year at most	VQ2	144,691	12.3 %	128,826	-2.3 %	131,914
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	15,204	0%	0	0%	6,655
1 year at most	8J2	15,204	0%	0	0%	6,655
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%	0	0%	0
1 year at most	VI2	0	0%	0	0%	0
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	2,266,309	-36.1 %	3,546,240	-6.5 %	3,792,892
1 year at most	8K2	2,266,309	-36.1 %	3,546,240	-6.5 %	3,792,892
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%	34,182
1 year at most	8L2	0	0%	0	0%	34,182
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Dividends	ZE		0	0%	0	0%	0

Commitments

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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%	0

Other charges Externes

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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

		31/12/2014	Variation	31/12/2013	Variation	30/09/2013
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

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Average number of employees	YP		49	-37.2 %	78	-41.4 %	133

Groups and Shareholders

			31/12/2014	Variation	31/12/2013	Variation	30/09/2013
Groups and Shareholders	ZR		0	-	-	-	-

Ratios

Structure and Liquidity

	31/12/2014	Variation	31/12/2013	Variation	30/09/2013	SECTOR MEDIAN 2014
Fixed Asset Financing	1.12	12.0 %	1.00	7.5 %	0.93	2.05	-45.4 %
Global Debt	123 days	-81.9 %	679 days	77.3 %	383 days	141 days	-12.5 %
Working Capital Fund overall net	18 days	1900.0 %	-1 days	91.7 %	-12 days	54 days	-66.4 %
Financial independence	258.90 %	330.3 %	-112.43 %	7.3 %	-121.28 %	148.59 %	74.2 %
Solvability	1.39 %	100.5 %	-298.79 %	-84.9 %	-161.56 %	29.64 %	-95.3 %
Capacity debt futures	258.90 %	101.9 %	-13,415.81 %	-1062.0 %	-1,154.51 %	1,541.09 %	-83.2 %
Coverage of current assets by net working capital overall	8.72 %	3106.9 %	-0.29 %	94.9 %	-5.64 %	35.70 %	-75.6 %
General Liquidity	0.74	138.7 %	0.31	-31.1 %	0.45	0.44	68.2 %
Restricted Liquidity	0.90	143.2 %	0.37	-21.3 %	0.47	0.79	13.9 %

Management or rotation

	31/12/2014	Variation	31/12/2013	Variation	30/09/2013	SECTOR MEDIAN 2014
Need background in operating working capital	-3 days	92.3 %	-39 days	-2050.0 %	2 days	14 days	-121.4 %
Treasury	19 days	-47.2 %	36 days	340.0 %	-15 days	11 days	72.7 %
Inventory turnover of goods	187 days	-52.3 %	392 days	211.1 %	126 days	94 days	100.0 %
Average length of credit granted to customers	58 days	-85.2 %	391 days	252.3 %	111 days	34 days	70.6 %
Average length of credit obtained suppliers	90 days	-49.2 %	177 days	103.4 %	87 days	62 days	45.2 %
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	0%	2 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	1,212 days	544.7 %	188 days	-80.9 %	982 days	1,567 days	-22.6 %
Rotation tangible assets	1,211.54 %	543.7 %	188.22 %	-80.8 %	982.19 %	2,002.80 %	-39.5 %

Profitability of the business

	31/12/2014	Variation	31/12/2013	Variation	30/09/2013	SECTOR MEDIAN 2014
Margin trading	41.34 %	722.6 %	-6.64 %	-122.3 %	29.78 %	32.23 %	28.3 %
Profitability of the business	3.30 %	104.4 %	-74.26 %	-252.1 %	-21.09 %	3.02 %	9.3 %
Net profit	0.43 %	100.7 %	-57.73 %	36.9 %	-91.48 %	1.79 %	-76.0 %
Growth rate of turnover (excluding VAT)	472.97 %	647.7 %	-86.35 %	-161.3 %	-33.05 %	0.00 %	0%
Rates integration	17.52 %	141.9 %	-41.78 %	-2070.8 %	2.12 %	18.10 %	-3.2 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	75.33 %	204.3 %	-72.25 %	-107.0 %	1,032.91 %	68.89 %	9.3 %
Weight interests	3.14 %	-69.8 %	10.40 %	-75.4 %	42.36 %	0.18 %	1644.4 %

Return on capital

	31/12/2014	Variation	31/12/2013	Variation	30/09/2013	SECTOR MEDIAN 2014
Cash flow from the overall profitability	-21.96 %	89.2 %	-203.09 %	-274.2 %	-54.28 %	2.21 %	-1093.7 %
Rates of economic profitability	382.00 %	263.8 %	105.00 %	-30.5 %	151.00 %	12.00 %	3083.3 %
Financial profitability	159,896.00 %	100.6 %	-28,750,879.00 %	-9.9 %	-26,164,588.00 %	70,501.50 %	126.8 %
Return on investment	413.62 %	519.8 %	66.73 %	-81.0 %	351.12 %	9.73 %	4151.0 %

Management intermediate balances

31/12/2014

Variation

31/12/2013

Variation

30/09/2013

SECTOR MEDIAN 2014

Turnover

25,669,800

473.0 %

4,480,105

-86.3 %

32,811,174

633,116

3954.5 %

31/12/2014

Variation

31/12/2013

Variation

30/09/2013

SECTOR MEDIAN 2014

Sales of goods

24,967,168

493.1 %

4,209,628

-87.0 %

32,265,712

- Purchase of goods

16,898,465

993.3 %

1,545,680

-92.8 %

21,384,612

+/- Stock of goods variation

-2,544,167

-185.9 %

2,961,511

166.6 %

1,110,823

Trading margin

10,612,870 €

3666.6 %

-297,563 €

-103.0 %

9,770,277 €

168,227 €

6208.7 %

41.34 % CA

722.6 %

-6.64 % CA

-122.3 %

29.78 % CA

33.03 % CA

25.2 %

31/12/2014

Variation

31/12/2013

Variation

30/09/2013

SECTOR MEDIAN 2014

Sale of goods produced

702,632

159.8 %

270,477

-50.4 %

545,462

+/- Stocked production

+ Self-constructed assets

Period production

702,632 €

159.8 %

270,477 €

-50.4 %

545,462 €

3,334 €

20977.9 %

2.74 % CA

-54.6 %

6.04 % CA

263.9 %

1.66 % CA

0.86 % CA

218.6 %

31/12/2014

Variation

31/12/2013

Variation

30/09/2013

SECTOR MEDIAN 2014

Trading margin

10,612,870

3666.6 %

-297,563

-103.0 %

9,770,277

168,227

6208.7 %

+ Period Production

702,632

159.8 %

270,477

-50.4 %

545,462

3,334

20977.9 %

- Purchase of raw materials

3,963

-96.4 %

109,427

+/- Change in stocks of raw materiels

29,000

2800.0 %

1,000

- Other external purchases and charges

6,819,220

276.3 %

1,811,939

-80.9 %

9,511,314

Added value

4,496,282 €

340.2 %

-1,871,988 €

-369.7 %

693,998 €

110,260 €

3977.9 %

17.52 % CA

141.9 %

-41.78 % CA

-2070.8 %

2.12 % CA

18.10 % CA

-3.2 %

31/12/2014

Variation

31/12/2013

Variation

30/09/2013

SECTOR MEDIAN 2014

Added value

4,496,282 €

340.2 %

-1,871,988 €

-369.7 %

693,998 €

110,260 €

3977.9 %

+ Operating grants

- Tax, duty and similar payments

263,156

156.7 %

102,534

-77.0 %

445,185

- Personal charges

3,386,907

150.4 %

1,352,561

-81.1 %

7,168,370

Gross operating surplus

846,219 €

125.4 %

-3,327,083 €

51.9 %

-6,919,557 €

14,215 €

5853.0 %

3.30 % CA

104.4 %

-74.26 % CA

-252.1 %

-21.09 % CA

3.02 % CA

9.3 %

31/12/2014

Variation

31/12/2013

Variation

30/09/2013

SECTOR MEDIAN 2014

Gross operating surplus

846,219 €

125.4 %

-3,327,083 €

51.9 %

-6,919,557 €

14,215 €

5853.0 %

+ Release of reserves and provisions

3,835,157

-7.3 %

4,135,114

51.3 %

2,732,580

+ Other operating income

725

-26.9 %

992

-93.0 %

14,261

- Depreciation/ Amortisation

4,244,185

21.0 %

3,507,912

-40.0 %

5,848,010

- Other charges

266,705

1120.3 %

21,855

-98.7 %

1,747,681

Operating result

171,211 €

106.3 %

-2,720,744 €

76.9 %

-11,768,407 €

10,759 €

1491.3 %

0.67 % CA

101.1 %

-60.73 % CA

-69.3 %

-35.87 % CA

2.30 % CA

-70.9 %

31/12/2014

Variation

31/12/2013

Variation

30/09/2013

SECTOR MEDIAN 2014

Operating result

171,211 €

106.3 %

-2,720,744 €

76.9 %

-11,768,407 €

10,759 €

1491.3 %

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

+ Financial income

67,476

1566.5 %

4,049

-99.9 %

3,214,282

- Financial charges

806,039

73.0 %

465,890

-96.6 %

13,898,019

Pre-tax result

-567,352 €

82.2 %

-3,182,585 €

85.8 %

-22,452,144 €

10,192 €

-5666.6 %

-2.21 % CA

96.9 %

-71.04 % CA

-3.8 %

-68.43 % CA

2.04 % CA

-208.3 %

31/12/2014

Variation

31/12/2013

Variation

30/09/2013

SECTOR MEDIAN 2014

Extraordinary income

2,367,844

-20.6 %

2,980,750

1323.3 %

209,419

33826242.9 %

- Extraordinary charges

1,689,712

-29.1 %

2,384,450

-69.4 %

7,790,833

Extraordinary result

678,132 €

13.7 %

596,300 €

107.9 %

-7,581,414 €

0 €

2.64 % CA

-80.2 %

13.31 % CA

157.6 %

-23.11 % CA

0.00 % CA

	31/12/2014	Variation	31/12/2013	Variation	30/09/2013	SECTOR MEDIAN 2014
Pre-tax result	-567,352 €	82.2 %	-3,182,585 €	85.8 %	-22,452,144 €	10,192 €	-5666.6 %
Extraordinary result	678,132 €	13.7 %	596,300 €	107.9 %	-7,581,414 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	0	0%	0	0%	-18,300		-
Net result	110,780 €	104.3 %	-2,586,285 €	91.4 %	-30,015,258 €	11,224 €	887.0 %
	0.43 % CA	100.7 %	-57.73 % CA	36.9 %	-91.48 % CA	1.79 % CA	-76.0 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.48
UK Pound	1	Rs.101.06
Euro	1	Rs.72.22

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ASH

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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 name

Enquiries Trend

Key Financials

Directors

Ultimate Holding Company

Judgment and Preferential

Establishment Details

Other Establishment(s)

Workforces

Commentary

Industry comparison

Collective procedures

Preferential rights details and history

Social security, pension funds preferential rights

Historical

Tax office preferential rights

Historical

Group Data

Linkages

Shareholder(s)

Previous Directors

Status history

Recent publications in Gazettes

Company events history

Synthesized Accounts

Accounts – Active

Accounts – Passive

Result account

Other incomes tax return forms

Reserve for depreciation

Movements during period affecting charge allocated over several period

Provisions included in balance sheet

State deadlines claims and debts at the end of period

Table allocation results and other information

Ratios

Unit