MIRA INFORM REPORT

Report No. :	348043
Report Date :	07.11.2015

IDENTIFICATION DETAILS

Name :	HEXCEL COMPOSITES
Registered Office :	45 Rue De La Plaine, 01120 Dagneux
Country :	France
Financials (as on) :	31.12.2014
Date of Incorporation :	December 1996
Com. Reg. No.:	410 286 702
Legal Form :	Simplified joint stock company
Line of Business :	Manufacture of other technical and industrial textiles
No. of Employee :	452

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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	A1	A1

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

FRANCE - ECONOMIC OVERVIEW

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

Source : CIA

Company name

HEXCEL COMPOSITES

Enquiries Trend

SIRET	410 286 702 00023
Name	HEXCEL COMPOSITES
Acronym	-
Trade name	-
Status	Economically active
Postal Address	HEXCEL COMPOSITES 45 RUE DE LA PLAINE 01120 DAGNEUX
Share Capital	15,533,010 Euros
Telephone	04 72 25 26 27
Activity (APE)	Manufacture of other technical and industrial textiles (1396Z)	RCS Registration	RCS Bourg-En-Bresse B 410 286 702
Formation Date	12/1996	EUR VAT Number	FR55410286702
Deregistration Date	-	Last account Date	31/12/2014
Court Registry Number	19 9 7B00129	Incorporiation Date	12/1996
Registration Court	Bourg-En-Bresse (01)	Fax	04 78 06 02 92
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	322,113,477 €	8.37% Turnover	107,042,259 €	18,457,334 €	452 employees
31/12/2013	288,050,632 €	8.93% Turnover	87,584,693 €	20,049,849 €	413 employees
31/12/2012	282,769,009 €	9.91% Turnover	66,985,456 €	21,265,977 €	250 to 499 employees

Directors

Current Directors

2

Ultimate Holding Company

Name	Country	Company Number
HEXCEL CORPORATION		-
Affiliation links.
116 companies in the international Group Structure from 38 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	1396Z	Activity	Manufacture of other technical and industrial textiles
Formation Date	02/1997	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	45 RUE DE LA PLAINE  01120 DAGNEUX	Department	Ain (01)
Location Surface	-	District	2
City	DAGNEUX	Status	Economically active
Business Pages FT®	MATERIAUX COMPOSITES (FABRICATION, GROS)	Region	Rhône-Alpes
		Area	20
		Size of Urban Area	Urban unit with 200 000 to 1 999 999 inhabitants

Other Establishment(s)

Regionality	Legal unit with multiple establishments in many areas having at least 80% of workforce in same area
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	2 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
HEXCEL COMPOSITES	Head Office	1396Z	Manufacture of other technical and industrial textiles	DAGNEUX	01120
HEXCEL COMPOSITES	Branch	1396Z	Manufacture of other technical and industrial textiles	BLAGNAC	31700
HEXCEL COMPOSITES	Branch	1396Z	Manufacture of other technical and industrial textiles	BOUGUENAIS	44340

Workforces

Workforce at address

250 to 499 employees

Company workforce

250 to 499 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 shareholder's equity is 107,042,259 €

The ratio total assets to total liabilities is 3.30

The creditor days are 19.70

The increase of tangible fixed assets over the last two accounting periods is 20 %

The liabilities are 42,014,982 €

The net current assets are 124,638,231 €

The net turnover is 322,113,477 €

The pre-tax profit is 30,117,498 €

The risk provisions are 5,560,239 €

The total assets are 156,851,817 €

Low risk workforce size

Industry code with low risk rating

Department code with low risk rating

The company has 2 director(s)

The sales to current assets ratio is 2.58

The stock to turnover ratio is 6.08

The return on total assets employed is 19.20

The increase in the gearing percentage over the last two accounting periods is 673 %

Industry comparison

Activity (APE)

Manufacture of other technical and industrial textiles (1396Z)

COLLECTIVE PROCEDURES

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	26/05/2008
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	HEXCEL CORPORATION
Direct parent	HEXCEL HOLDINGS - 100 %
Group – Number of companies	48
Linkages – Number of companies	116
Number of countries	38

	NAME	SIREN	PARTS	LAST ACCOUNT PUBLISHED
1	HEXCEL FIBERS INC	-	-	-
2	HEXCEL HOLDINGS LUXEMBOURG S.À R.L.	-	Majority	-
3	HEXCEL HOLDINGS	955508007	100 %	31/12/2014
4	HEXCEL COMPOSITES	410286702	100 %	31/12/2014
5	SOCIETE DE TECHNOLOGIES APPLIQUEES AUX MATERIAUX	403886005	100 %	31/12/2014
	HEXCEL REINFORCEMENTS	410287379	100 %	31/12/2014
	HEXCEL FIBERS	493663835	100 %	31/12/2014
	ACM HOLDINGS INC	-	Majority	-
	CS TECH-FAB HOLDING, INC.	-	Majority	-
	HEXCEL BETA CORP.	-	Majority	-
	HEXCEL FAR EAST	-	Majority	-
	HEXCEL FOUNDATION	-	Majority	-
	HEXCEL INTERNATIONAL	-	Majority	-
	HEXCEL CORP	-	Majority	-
	HEXCEL OMEGA CORPORATION	-	Majority	-
	HEXCEL PACIFIC RIM CORPORATION	-	Majority	-
	HEXCEL PACIFIC RIM CORPORATION	-	Majority	-
	HEXCEL POTTSVILLE CORP	-	Majority	-
	HEXCEL REINFORCEMENTS CORP	-	Majority	-
	HEXCEL REINFORCEMENTS HOLDING CORP	-	Majority	-
	HEXCEL TECHNOLOGIES INC.	-	Majority	-
	HEXCEL ASIA PACIFIC TRADING LIMITED	-	Majority	-
	HEXCEL CHEMICAL PRODUCTS LTD	01071897	Majority	31/12/2010
	HEXCEL-CHINA HOLDINGS CORP.	-	Majority	-
	HEXCEL COMPOSITES GMBH	-	Majority	-
	HEXCEL COMPOSITES GMBH	HRB 101120	Majority	31/12/2012
	HEXCEL COMPOSITES GMBH & CO. KG	-	Majority	-
	HEXCEL COMPOSITES LIMITED	03069887	Majority	31/12/2014
	HEXCEL COMPOSITES SDN. BHD.	-	Majority	-
	HEXCEL COMPOSITES	51758	Majority	31/12/2014
	HEXCEL COMPOSITES S.P.R.L.	-	Majority	-
	HEXCEL COMPOSITES S.R.L.	VA264081	Majority	31/12/2013
	HEXCEL EUROPE LIMITED	04551579	Majority	31/12/2014
	HEXCEL FIBERS	649524	Majority	31/12/2013
	HEXCEL FINANCING LUXEMBOURG S.À.R.L.	-	Majority	-
	HEXCEL HOLDING B.V.	24289339	Majority	31/12/2012
	HEXCEL HOLDING GMBH	-	Majority	-
	HEXCEL HOLDINGS HONG KONG LIMITED	-	Majority	-
	HEXCEL HOLDING SPAIN	475543	Majority	31/12/2013
	HEXCEL HOLDINGS (UK) LIMITED	04106137	Majority	31/12/2014
	HEXCEL JAPAN K. K.	-	Majority	-
	HEXCEL LLC LUXEMBOURG SCS	-	Majority	-
	HEXCEL OVERSEAS	03716807	Majority	31/12/2014
	HEXCEL REINFORCEMENTS HOLDING CORP. LUXEMBOURG SCS	-	Majority	-
	HEXCEL (TIANJIN) COMPOSITES MATERIAL CO., LTD	-	Majority	-
	HEXCEL (U.K.) LIMITED	01088844	Majority	31/12/2014
	HEXCEL IRELAND LIMITED	IE536408	Majority	-
	HEXCEL RESEARCH LIMITED	08731577	Majority	31/12/2014

Linkages

COMPANY NAME	SIREN	LAST ACCOUNT PUBLISHED	TURNOVER
CIBA SPECIALTY CHEMICALS WATER TREATMENTS LIMITED	00722043	31/12/2014	0 £
HEXCEL COMPOSITES SPRL	402459235	31/12/2014	34,657,480 €
FORMAX (UK) LTD	03685736	31/12/2014	25,171,000 £
HEXCEL COMPOSITES PENSION TRUSTEES LIMITED	03233405	31/12/2014	-
HEXCEL STRUCTURES AND INTERIORS GMBH	HRB 5805	-	-
CIBA SPECIALTY CHEMICALS	-	-	11,385,000 $
ACM HOLDINGS, LLC	-	-	0 $
HEXCEL CS CORP	-	-	30,000,000 $
HEXCEL SCHWEBEL	-	-	0 $

Director(s)

Name	M. MERLOT THIERRY
Manager position	President			Date of birth		23/03/1960
Place of birth	LA CHARITÉ-SUR-LOIRE (58)
Type	Individual			Name at birth
Name		M. BEYNIER VINCENT MICHEL
Manager position		Managing director	Date of birth		16/04/1962
Place of birth		BRON 69
Type		Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M. DOMENICHINI ANDREA	06/10/1947 - ITALIE
President	M. DOMENICHINI ANDRÉA	06/10/1947 - GENOVA (ITALIE)(ITALIE)
Delegated managing director	M. BEYNIER VINCENT MICHEL	16/04/1962 - BRON 69
Delegated managing director	M. BEYNIER VINCENT	16/04/1962 - BRON
Delegated managing director	M. MERLOT THIERRY	23/03/1960 - LA CHARITE SUR LOIRE
Delegated managing director	M. MERLOT THIERRY	23/03/1960 - LA CHARITÉ-SUR-LOIRE (58)
Administrator	M. BEYNIER VINCENT MICHEL	16/04/1962 - BRON 69
Administrator	M. MERLOT THIERRY	23/03/1960 - LA CHARITÉ-SUR-LOIRE (58)

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	27/07/2015	Bodacc C	Comptes annuels et rapports
01 - AIN GREFFE DU TRIBUNAL DE COMMERCE DE BOURG-EN-BRESSE 90 - 410286702 RCS. HEXCEL COMPOSITES. Forme : Société par actions simplifiée à associé unique. Adresse : 45 rue de la Plaine 1120 Dagneux.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	29/07/2014	Bodacc B	Modification et mutation diverse
01 - AIN GREFFE DU TRIBUNAL DE COMMERCE DE BOURG-EN-BRESSE 12 - 410 286 702 RCS Bourg-en-Bresse. HEXCEL COMPOSITES. Forme : Société par actions simplifiée à associé unique. Administration : Président : MERLOT Thierry Directeur général : BEYNIER Vincent, Michel Commissaire aux comptes titulaire : PRICEWATERHOUSE COOPERS AUDIT Commissaire aux comptes suppléant : GEORGHIOU Jean-Christophe. Activité : .  Commentaires : Modification survenue sur l'administration.
	30/06/2014	Bodacc C	Comptes annuels et rapports
01 - AIN GREFFE DU TRIBUNAL DE COMMERCE DE BOURG-EN-BRESSE 77 - 410286702 RCS. HEXCEL COMPOSITES. Forme : Société par actions simplifiée à associé unique. Adresse : 45 rue de la Plaine 1120 Dagneux.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	26/07/2013	Bodacc C	Comptes annuels et rapports
01 - AIN GREFFE DU TRIBUNAL DE COMMERCE DE BOURG-EN-BRESSE 115 - 410286702 RCS. HEXCEL COMPOSITES. Forme : Société par actions simplifiée à associé unique. Adresse : 45 rue de la Plaine 1120 Dagneux.Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	19/07/2013	Bodacc B	Modification et mutation diverse
01 - AIN GREFFE DU TRIBUNAL DE COMMERCE DE BOURG-EN-BRESSE 12 - 410 286 702 RCS Bourg-en-Bresse. HEXCEL COMPOSITES. Forme : Société par actions simplifiée à associé unique. Administration : Président : MERLOT Thierry Directeur général : BEYNIER Vincent, Michel Commissaire aux comptes titulaire : PRICEWATERHOUSE COOPERS AUDIT Commissaire aux comptes suppléant : NICOLAS Yves. Activité : . Adresse de l’établissement principal : 45 rue de la Plaine, 01120 Dagneux.  Adresse du siège social : 45 rue de la Plaine, 01120 Dagneux.  Commentaires : Modification survenue sur l'adresse du siège, l'administration.
	28/06/2013	JAL	Appointment of the social representative
Voix de l’Ain (La) Date de décision : 17/06/2013 Société faisant l'objet d'une nomination : 410286702 - HEXCEL COMPOSITES, ZI DE LA PLAINE, 01120 DAGNEUX  Nominé : Monsieur Thierry MERLOT, 69300 CALUIRE ET CUIRE En la fonction de : Président Nominé : Monsieur Vincent BEYNIER, 01120 MONTLUEL En la fonction de : Directeur général Nominé : Monsieur Vincent BEYNIER, 01120 MONTLUEL
	28/06/2013	JAL	Resignation / Revocation of the social representative
Voix de l’Ain (La) Date de décision : 17/06/2013 La société 410286702 - HEXCEL COMPOSITES, ZI DE LA PLAINE, 01120 DAGNEUX  Fait l'objet du départ de Monsieur Andréa DOMENICHINI,  De Monsieur Thierry MERLOT, 80 Rue Pierre Bourgeois, 69300, CALUIRE ET CUIRE
	22/08/2012	Bodacc C	Comptes annuels et rapports
01 - AIN GREFFE DU TRIBUNAL DE COMMERCE DE BOURG-EN-BRESSE 51 - 410286702 RCS. HEXCEL COMPOSITES. Forme : Société par actions simplifiée à associé unique. Adresse : de la Plaine 1120 Dagneux. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	12/07/2011	Bodacc C	Comptes annuels et rapports
01 - AIN GREFFE DU TRIBUNAL DE COMMERCE DE BOURG-EN-BRESSE 26 - 410286702 RCS. HEXCEL COMPOSITES. Forme : Société par actions simplifiée unipersonnelle. Adresse : zi de la Plaine 1120 Dagneux. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
	09/07/2010	Bodacc C	Comptes annuels et rapports
01 - AIN GREFFE DU TRIBUNAL DE COMMERCE DE BOURG-EN-BRESSE 49 - 410286702 RCS. HEXCEL COMPOSITES. Forme : Société par actions simplifiée unipersonnelle. Adresse : zi de la Plaine 1120 Dagneux. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	01/07/2009	Bodacc C	Comptes annuels et rapports
01 - AIN GREFFE DU TRIBUNAL DE COMMERCE DE BOURG-EN-BRESSE 72 - 410286702 RCS. HEXCEL COMPOSITES. Forme : Société par actions simplifiée unipersonnelle. Adresse : zi de la Plaine 1120 Dagneux. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	29/07/2008	Bodacc C	Comptes annuels et rapports
01 - AIN GREFFE DU TRIBUNAL DE COMMERCE DE BOURG-EN-BRESSE 82 - 410286702 RCS. HEXCEL COMPOSITES. Forme : Société par actions simplifiée unipersonnelle. Adresse : zi de la Plaine 1120 Dagneux. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	29/06/2007	Bodacc C	Avis de dépôt des comptes
190 - Bourg-en-Bresse B 410 286 702. RC 97-B 129. HEXCEL COMPOSITES. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: Z.I. de la Plaine,01120 Dagneux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	14/05/2006	Bodacc C	Avis de dépôt des comptes
78 - RCS Bourg-en-Bresse B 410 286 702. RC 97-B 129. HEXCEL COMPOSITES. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: Z.I. de la Plaine,01120 Dagneux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	29/03/2006	Bodacc B	Modifications et mutations diverses
0021 - RCS Bourg-en-Bresse B 410 286 702. RC 97-B 129. HEXCEL COMPOSITES. Forme : S.A. Adresse du siège social : Z.I. de la Plaine, Dagneux,, 01120 Commentaires : modification survenue sur la forme juridique et l'administration. Administration : président : DOMENICHINI (Andrea) (Nom d'usage : DOMENICHINI). Directeurs généraux délégués et administrateurs : MERLOT (Thierry) (Nom d'usage : MERLOT) BEYNIER (Vincent, Michel) (Nom d'usage : BEYNIER). Commissaire aux comptes titulaire : PRICEWATERHOUSE COOPERS AUDIT. Commissaire aux comptes suppléant : NICOLAS (Yves) (Nom d'usage : NICOLAS). Date d'effet : 8 décembre 2005.
	27/07/2005	Bodacc C	Avis de dépôt des comptes
121 - RCS Bourg-en-Bresse B 410 286 702. RC 97-B 129. HEXCEL COMPOSITES. Forme: S.A. Adresse du siège social: Z.I. de la Plaine,01120 Dagneux. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	11/02/2004	Bodacc B	Modifications et mutations diverses
RCS Bourg-en-Bresse B 410286702 RC 97-B 129 HEXCEL COMPOSITES. Forme : S.A. Capital : 7 533 000 euros. Adresse du siège social : Z.I. de la Plaine, Dagneux, 01120 Montluel. Commentaires : modification survenue sur l' administration. Administration : P.-D.G. : DOMENICHINI (Andrea). Directeurs généraux délégués : MERLOT (Thierry) BEYNIER (Vincent, Michel). Administrateurs : HUNT (William) ( Nom d'usage : HUNT) FORSYTH (Stephen, Caton) ( Nom d'usage : FORSYTH) YOUNG (Peter, Thomas, Anthony) ( Nom d' usage : YOUNG). Commissaire aux comptes titulaire : PRICEWATERHOUSE COOPERS AUDIT. Commissaire aux comptes suppléant : LECERF (Claudie) ( Nom d' usage : LECERF). Date d'effet : 19 décembre 2003.
	05/04/2001	Bodacc B	Modifications et mutations diverses
RCS Bourg-en-Bresse B 410286702 RC 97-B 129 HEXCEL COMPOSITES. Forme : S.A. Capital : 7 533 000 euros. Adresse du siège social : Z.I. de la Plaine, Dagneux, 01120 Montluel. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : président du conseil d' administration et membre : DOMENICHINI ( Andréa) ( Nom d'usage : DOMENICHINI). Administrateurs et directeurs généraux : MERLOT (Thierry) ( Nom d'usage : MERLOT) BEYNIER (Vincent, Michel). Administrateurs : HUNT (William) ( Nom d'usage : HUNT) FORSYTH (Stephen, Caton) ( Nom d'usage : FORSYTH) YOUNG (Peter, Thomas, Anthony) ( Nom d' usage : YOUNG). Commissaire aux comptes titulaire : BEFEC-PRICE WATERHOUSE. Commissaire aux comptes suppléant : LECERF (Claudie) ( Nom d' usage : LECERF). Date d'effet : 25 janvier 2001.
	16/07/2000	Bodacc B	Modifications et mutations diverses
RCS Bourg-en-Bresse B 410286702 RC 97-B 129 HEXCEL COMPOSITES. Forme : S.A. à directoire et conseil de surveillance. Capital : 7 533 000 euros. Adresse du siège social : Z.I. de la Plaine, Dagneux, 01120 Montluel. Commentaires : modification survenue sur l' administration. Administration : président du directoire : JACQUELIN ( Eric) ( Nom d'usage : JACQUELIN). Membres du directoire : MERLOT (Thierry) ( Nom d'usage : MERLOT) BEYNIER ( Vincent, Michel). Président du conseil de surveillance : HUNT (William) ( Nom d'usage : HUNT). Membre et vice- présient du conseil de surveillance : FORSYTH (Stephen, Caton) ( Nom d'usage : FORSYTH). Membres du conseil de surveillance : YOUNG (Peter, Thomas, Anthony) ( Nom d'usage : YOUNG) DOMENICHINI (Andréa) ( Nom d'usage : DOMENICHINI). Commissaire aux comptes titulaire : BEFEC-PRICE WATERHOUSE. Commissaire aux comptes suppléant : LECERF (Claudie) ( Nom d'usage : LECERF). Date d'effet : 20 mars 2000.
	04/06/2000	Bodacc B	Modifications et mutations diverses
RCS Bourg-en-Bresse B 410286702 RC 97-B 129 HEXCEL COMPOSITES. Forme : S.A. à directoire et conseil de surveillance. Capital : 7 533 000 euros. Adresse du siège social : Z.I. de la Plaine, Dagneux, 01120 Montluel. Commentaires : modification survenue sur le capital ( conversion en euros). Date d'effet : 1er mars 2000.
	21/09/1999	Bodacc B	Modifications et mutations diverses
RCS Bourg-en-Bresse B 410286702 RC 97-b 129 HEXCEL COMPOSITES. Forme : S.A. à directoire et conseil de surveillance. Capital : 50 220 000 F (fixe). Adresse du siège social : Z.I. de la Plaine 01120 Dagneux. Administration : ancien membre du conseil de surveillance : KRAKOWER ( Ira) nouveau membre du conseil de surveillance : DOMENICHINI (Andréa). Date d'effet : 28 mai 1999.
	14/07/1998	Bodacc B	Modifications et mutations diverses
RCS Bourg-en-Bresse B 410 286 702 RC 97- B 129 HEXCEL COMPOSITES. Forme : S.A. à directoire et conseil de surveillance. Capital : 50 220 000 F. Adresse du siège social : Z.I. de la Plaine Dagneux 01120 Montluel. Administration : ancien directeur général et membre du directoire : HENRAT (Patrick), non remplacé. Date d'effet : 23 février 1998.
	14/03/1998	Bodacc B	Modifications et mutations diverses
RCS Bourg-en-Bresse B 410 286 702 RC 97- B 129 HEXCEL COMPOSITES. Forme : S.A. à directoire et conseil de surveillance. Capital : 50 220 000 F. Adresse du siège social : Z.I. de la Plaine, Dagneux 01120 Montluel. Administration : ancien commissaire aux comptes titulaire : CABINET DELOITTE ET TOUCHE TOHMATSU. Ancien commissaire aux comptes titulaire : BEFEC PRICE WATERHOUSE. Nouveau commissaire aux comptes suppléant : Mme LECERF (Claudie). Date d'effet : 5 décembre 1997.
	07/08/1997	Bodacc B	Modifications et mutations diverses
RCS Bourg-en-Bresse B 410 286 702 RC 97- B 129 HEXCEL COMPOSITES. Forme : S.A. à directoire et conseil de surveillance. Capital : 50 220 000 F (fixe). Adresse du siège social : zone industrielle de la Plaine, Dagneux 01120 Montluel Etablissement principal: Activité : développement, fabrication et commercialisation de textiles pré imprégnés. Adresse : zone industrielle de la Plaine, 01- Dagneux Mise en activité de la société. Date d'effet : 31 mars 1997 Précédentes propriétaires BROCHIER S.A. RCS Lyon B 956 507 867 HEXCEL. RCS Lyon B 955 508 007.
	25/07/1997	Bodacc A	Création d'établissement
RCS Bourg-en-Bresse B 410 286 702 HEXCEL COMPOSITES. Forme : S.A. à directoire et conseil de surveillance. Adresse du siège social : zone industrielle de la Plaine, 01120 Dagneux ETABLISSEMENT SECONDAIRE RC 97- B 125. Activité : développement, fabrication et commercialisation de textiles pré-imprégnés. Adresse : 38630 Les Avenières Fonds secondaire acquis par apport partiel d'actif au montant évalué à 36 596 297,24 F Date de début d'activité: 31 mars 1997 Précédente propriétaire HEXCEL. RCS B 955 508 007 Publication légale: La Voix de l'Ain du 25 avril 1997 déclaration de créances: au tribunal de Bourg-en-Bresse.
	25/06/1997	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Bourg-en-Bresse B 410 286 702 RC 97-B 129 HEXCEL COMPOSITES. Forme : S.A. à directoire et conseil de surveillance. Capital : 250 000 F (fixe). Adresse : zone industrielle de la Plaine, 01120 Dagneux. Administration : ancien président et membre du directoire : JEUNE (Pierre) membres du directoire qui deviennent également directeurs généraux : HENRAT (Patrick) et MERLOT ( Thierry) membre du directoire qui devient président du directoire : JACQUELIN (Eric) ancien membre du conseil de surveillance : BOLAND ( Christopher), nouveau membre du conseil de surveillance : YOUNG (Peter) Nouvelle situation du siège social. Capital : 50 220 000 F. Date d'effet : 27 mars 1997.
	23/04/1997	Bodacc B	Modifications et mutations diverses
RCS Bourg-en-Bresse B 410 286 702 A dater du: 24 février 1997 RC 97-B 129 HEXCEL COMPOSITES. Forme : S.A. à directoire et conseil de surveillance. Capital : 250 000 F (fixe). Adresse du siège social : zone industrielle de la Plaine, Dagneux 01120 Montluel. Administration : président du directoire JEUNE (Pierre, Louis) président du conseil de surveillance : HUNT (William) vice-président du conseil de surveillance et membre : FORSYTH ( Stéphen, Caton) membres du conseil de surveillance : BOLAND (Christopher), KRAKOWER (Ira, Jay) membres du directoire : HENRAT (Patrick, Jean), JACQUELIN (Eric), MERLOT (Thierry) commissaire aux comptes titulaire : CABINET DELOITTE ET TOUCHE TOHMATSU commissaire aux comptes suppléant : JULLIEN (Joel). Commentaires : transfert du siège social précédemment sis : 37 rue des Mathurins, 75008 Paris. Date d'effet : 14 février 1997.

Company events history

Date	Description
27/07/2015	Bodacc C : Deposit accounts notice
14/07/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2014	New accounts available
29/07/2014	Bodacc B: Various editing or changing
09/07/2014	Amendment
09/07/2014	New auditor
30/06/2014	Bodacc C : Deposit accounts notice
26/06/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2013	New accounts available
28/07/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
26/07/2013	Bodacc C : Deposit accounts notice
19/07/2013	Bodacc B: Various editing or changing
03/07/2013	New chairman (CEO, CoB)
03/07/2013	Minutes of Board meeting
03/07/2013	Changes to the Board of Directors
03/07/2013	Amendment
03/07/2013	Updated articles of association
28/06/2013	Legal Gazette: Resignation / Revocation of the social representative
24/06/2013	Modification to Establishment Address or Identifier
17/06/2013	Legal Gazette: Appointment of the social representative
31/12/2012	New accounts available
14/09/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
22/08/2012	Bodacc C : Deposit accounts notice
06/07/2012	Disengagement of the group
06/07/2012	New subsidiarie(s) detected
06/07/2012	New parent detected
31/12/2011	New accounts available
12/07/2011	Bodacc C : Deposit accounts notice
24/06/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
09/07/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
01/07/2009	Bodacc C : Deposit accounts notice
25/06/2009	Minutes of general meeting of shareholders
25/06/2009	Updated articles of association
25/06/2009	Updated articles of association
25/06/2009	Capital increase
25/06/2009	Amendment
25/06/2009	Private document
31/12/2008	New accounts available
29/07/2008	Bodacc C : Deposit accounts notice
26/05/2008	Collection of preferential rights activated for this company
31/12/2007	New accounts available
16/05/2007	Formation of Establishment
16/05/2007	Other modification of Establishment
31/12/2006	New accounts available
16/02/2006	Appointment/resignation of company officers
16/02/2006	Changes to the Board of Directors
16/02/2006	Minutes of Board meeting
16/02/2006	Minutes of general meeting of shareholders
16/02/2006	New legal form – new category
16/02/2006	New legal form – no new category
16/02/2006	Private document
16/02/2006	Updated articles of association
16/02/2006	Amendment
16/02/2006	New auditor
31/12/2005	New accounts available
21/11/2005	Private document
21/11/2005	Audit or Management Report
21/11/2005	New legal form – new category
31/12/2004	New accounts available
26/01/2004	Amendment
26/01/2004	Appointment/resignation of company officers
26/01/2004	Capital increase
26/01/2004	Changes to the Board of Directors
26/01/2004	Minutes of Board meeting
26/01/2004	Minutes of general meeting of shareholders
26/01/2004	Private document
26/01/2004	Updated articles of association
31/12/2003	New accounts available
20/03/2001	New legal form – new category
20/03/2001	Private document
20/03/2001	Updated articles of association
20/03/2001	Minutes of Board meeting
20/03/2001	Changes to the Board of Directors
20/03/2001	Appointment/resignation of company officers
20/03/2001	Amendment
20/03/2001	Minutes of general meeting of shareholders
20/03/2001	Change to the administration of a public limited company
21/06/2000	Minutes of general meeting of shareholders
21/06/2000	Appointment/resignation of company officers
21/06/2000	Amendment
21/06/2000	Private document
10/05/2000	Amendment
10/05/2000	Conversion of equity to euro
10/05/2000	Minutes of general meeting of shareholders
10/05/2000	Private document
10/05/2000	Updated articles of association
30/08/1999	Minutes of general meeting of shareholders
30/08/1999	Amendment
30/08/1999	Appointment/resignation of company officers
30/08/1999	Private document
25/05/1998	Amendment
25/05/1998	Appointment/resignation of company officers
25/05/1998	Minutes of general meeting of shareholders
25/05/1998	Updated articles of association
25/05/1998	Private document
27/01/1998	Appointment/resignation of company officers
27/01/1998	Minutes of general meeting of shareholders
27/01/1998	Private document
27/01/1998	New auditor
26/05/1997	Minutes of general meeting of shareholders
26/05/1997	Planned merger
26/05/1997	Updated articles of association
26/05/1997	Minutes of Board meeting
26/05/1997	Declaration of conformity
26/05/1997	Changes to the Board of Directors
26/05/1997	Private document
26/05/1997	Appointment/resignation of company officers
26/05/1997	Amendment
26/05/1997	Capital increase
17/03/1997	Audit or Management Report
17/03/1997	Amendment
17/03/1997	Private document
25/02/1997	Partial contribution
25/02/1997	Planned merger
25/02/1997	Spin-off
25/02/1997	Private document
24/02/1997	Minutes of general meeting of shareholders
24/02/1997	Private document
24/02/1997	Registered office transferred inside jurisdiction of the Commercial Court
24/02/1997	Registration after transfer
24/02/1997	Appointment/resignation of company officers
24/02/1997	Updated articles of association
24/12/1996	Company formation
24/12/1996	Articles of association
24/12/1996	Fund deposit certificate
24/12/1996	Minutes of Board meeting
24/12/1996	Minutes of general meeting of shareholders

Synthesized Accounts

Annual Accounts

	31/12/2014	31/12/2013	31/12/2012
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	13/07/2015	25/06/2014	17/07/2013
Activity Code	1396Z	1396Z	1396Z
Employees	452	413	0

Active account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	28,810,419	20.0 %	24,001,075	45.3 %	16,522,265	231,011	12371.4 %
Intangible assets	151,492	1.8 %	148,753	-72.6 %	543,783	12,504	1111.5 %
Tangible assets	28,425,195	20.3 %	23,630,404	46.0 %	16,190,099	138,406	20437.5 %
Financial assets	233,732	5.3 %	221,918	14.5 %	193,768	11,322	1964.4 %
Net current assets	124,638,231	21.4 %	102,665,700	9.2 %	94,009,391	1,101,277	11217.6 %
Stocks	19,588,469	-0.5 %	19,680,372	19.1 %	16,522,464	300,131	6426.6 %
Advanced payments	45,412,090	152.3 %	17,995,705	-5.4 %	19,021,042	0	0%
Receivables	59,210,437	-8.4 %	64,667,840	11.3 %	58,109,329	515,358	11389.2 %
Securities and cash	427,235	32.8 %	321,783	-9.8 %	356,556	148,371	188.0 %
Prepaid expenses	-	-	-	-	-	76	-
Accounts of regularization	3,403,167	404.2 %	675,005	34.7 %	501,055	0	0%
Total Assets	156,851,817	23.2 %	127,341,780	14.7 %	111,032,710	1,525,626	10181.1 %

Passive Account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Shareholders' equity	107,042,259	22.2 %	87,584,693	30.8 %	66,985,456	564,055	18877.3 %
Share capital	15,533,010	0%	15,533,010	0%	15,533,010	200,000	7666.5 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	5,560,239	347.9 %	1,241,368	-30.8 %	1,793,215	0	0%
Liabilities	42,014,982	13.3 %	37,071,367	-11.5 %	41,909,460	682,754	6053.8 %
Financial liabilities	6,236,736	83056.5 %	7,500	0%	7,500	93,526	6568.5 %
Advanced payments received	1,845,723	72.1 %	1,072,291	186.5 %	374,299	0	0%
Trade account payables	17,388,835	-11.2 %	19,575,064	-25.3 %	26,202,655	197,140	8720.6 %
Tax and social liabilities	11,109,578	10.1 %	10,093,445	-23.8 %	13,244,530	188,403	5796.7 %
Other debts and fixed assets liabilities	6,513,308	-11.8 %	7,385,346	219.8 %	2,309,098	23,484	27635.1 %
Account regularization	1,155,141	202.3 %	382,073	229.5 %	115,955	0	0%
Total liabilities	156,851,819	23.2 %	127,341,780	14.7 %	111,032,710	1,525,626	10181.1 %

Results

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Sales of Goods	335,896,157	11.0 %	302,736,927	2.6 %	294,996,972	2,379,893	14013.9 %
Net turnover	322,113,477	11.8 %	288,050,632	1.9 %	282,769,009	2,379,300	13438.2 %
of which net export turnover	198,325,798	13.3 %	175,059,738	0%	0	166,461	119042.5 %
Operating charges	302,088,542	12.5 %	268,527,535	3.5 %	259,519,388	1,907,294	15738.6 %
Operating profit/loss	33,807,615	-1.2 %	34,209,392	-3.6 %	35,477,584	50,577	66743.9 %
Financial income	7,236,363	258.8 %	2,016,829	-34.7 %	3,086,405	4,451	162478.4 %
Financial charges	7,667,225	169.1 %	2,848,704	-0.7 %	2,870,042	9,512	80505.8 %
Financial profit/loss	-430,862	48.2 %	-831,875	-484.5 %	216,363	-1,375	-31235.4 %
Pretax net operating income	33,376,753	0.0 %	33,377,517	-6.5 %	35,693,947	56,774	58688.8 %
Extraordinary income	5,731	-98.7 %	451,480	95.3 %	231,230	6,333	-9.5 %
Extraordinary charges	1,109,615	2.5 %	1,082,806	35.0 %	802,206	7,345	15007.1 %
Extraordinary profit/loss	-1,103,884	-74.9 %	-631,325	-10.6 %	-570,976	0	0%
Net result	18,457,334	-7.9 %	20,049,849	-5.7 %	21,265,977	48,840	37691.4 %

Accounts – Active

Normal Account

	31/12/2014	31/12/2013	31/12/2012
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Grand Total (I to VI)	Net	156,851,817	23.2 %	127,341,780	14.7 %	111,032,710
Gross	CO	196,399,730	19.7 %	164,144,715	10.9 %	148,040,812
Amortisation	1A	39,547,913	7.5 %	36,802,935	-0.6 %	37,008,102

Non declared distributed capital (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	31/12/2012
Total Active fixed asset (II)	Net	28,810,419	20.0 %	24,001,075	45.3 %	16,522,265
Gross	BJ	66,498,625	11.9 %	59,427,281	16.4 %	51,055,116
Amortisation	BK	37,688,206	6.4 %	35,426,206	2.6 %	34,532,851

Intangible fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	151,492	1.8 %	148,753	7.5 %	138,398
Gross	AF	2,438,745	1.7 %	2,398,773	2.7 %	2,335,045
Amortisation	AG	2,287,253	1.7 %	2,250,021	2.4 %	2,196,647
Goodwill	Net	0	0%	0	0%	405,385
Gross	AH	405,385	0%	405,385	0%	405,385
Amortisation	AI	405,385	0%	405,385	0%	405,385
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	151,492	1.8 %	148,753	-72.6 %	543,783

Tangilble fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Lands	Net	1,788,470	-0.9 %	1,803,934	-0.8 %	1,819,392
Gross	AN	2,423,089	0%	2,423,089	0%	2,423,089
Amortisation	AO	634,619	2.5 %	619,154	2.6 %	603,697
Buildings	Net	7,415,595	22.7 %	6,045,552	2.6 %	5,892,537
Gross	AP	20,204,013	13.0 %	17,885,683	5.2 %	17,000,154
Amortisation	AQ	12,788,418	8.0 %	11,840,131	6.6 %	11,107,617
Plant	Net	9,616,427	50.3 %	6,398,697	-9.2 %	7,050,733
Gross	AR	29,495,465	16.9 %	25,220,690	-2.8 %	25,947,956
Amortisation	AS	19,879,038	5.6 %	18,821,993	-0.4 %	18,897,223
Other tangible fixed assets	Net	415,460	-7.7 %	450,342	144.5 %	184,215
Gross	AT	2,108,953	8.7 %	1,939,864	28.8 %	1,506,497
Amortisation	AU	1,693,493	13.7 %	1,489,522	12.6 %	1,322,282
Fixed assets in construction	Net	9,173,239	2.7 %	8,931,879	618.4 %	1,243,222
Gross	AV	9,173,239	2.7 %	8,931,879	618.4 %	1,243,222
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	16,004	0%	0	0%	0
Gross	AX	16,004	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	28,425,195	20.3 %	23,630,404	46.0 %	16,190,099

Financial assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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%	89,268	0%	89,268
Gross	CU	0	0%	89,268	0%	89,268
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	89,268	0%	0	0%	0
Gross	BB	89,268	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	144,464	8.9 %	132,650	26.9 %	104,500
Gross	BH	144,464	8.9 %	132,650	26.9 %	104,500
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	233,732	5.3 %	221,918	14.5 %	193,768

Current Assets (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Current Assets	Net	124,638,231	21.4 %	102,665,700	9.2 %	94,009,391
Gross	CJ	126,497,938	21.6 %	104,042,429	7.8 %	96,484,642
Amortisation	CK	1,859,707	35.1 %	1,376,729	-44.4 %	2,475,251

Stocks

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Raw materials	Net	3,969,410	16.0 %	3,422,768	22.2 %	2,801,126
Gross	BL	4,480,150	17.6 %	3,808,788	8.1 %	3,521,797
Amortisation	BM	510,740	32.3 %	386,020	-46.4 %	720,671
Work in progress (goods)	Net	5,547,215	-20.0 %	6,930,930	133.5 %	2,968,487
Gross	BN	5,938,823	-17.7 %	7,218,346	124.0 %	3,222,859
Amortisation	BO	391,608	36.3 %	287,416	13.0 %	254,372
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	10,071,844	8.0 %	9,326,674	-13.3 %	10,752,851
Gross	BR	10,942,999	10.3 %	9,917,577	-15.2 %	11,693,708
Amortisation	BS	871,155	47.4 %	590,902	-37.2 %	940,857
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	19,588,469	-0.5 %	19,680,372	19.1 %	16,522,464

Advance payments to suppliers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Advance payments to suppliers	Net	45,412,090	152.3 %	17,995,705	-5.4 %	19,021,042
Gross	BV	45,412,090	152.3 %	17,995,705	-5.4 %	19,021,042
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Trade accounts receivable	Net	54,290,155	20.2 %	45,150,628	-0.6 %	45,405,494
Gross	BX	54,376,359	20.1 %	45,263,018	-1.5 %	45,964,845
Amortisation	BY	86,204	-23.3 %	112,391	-79.9 %	559,351
Other debtors	Net	4,879,055	-74.9 %	19,473,650	53.7 %	12,673,674
Gross	BZ	4,879,055	-74.9 %	19,473,650	53.7 %	12,673,674
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	59,169,210	-8.4 %	64,624,278	11.3 %	58,079,168

Divers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	427,235	32.8 %	321,783	-9.8 %	356,556
Gross	CF	427,235	32.8 %	321,783	-9.8 %	356,556
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	427,235	32.8 %	321,783	-9.8 %	356,556

Prepaid expenses

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid expenses	Net	41,227	-5.4 %	43,562	44.4 %	30,161
Gross	CH	41,227	-5.4 %	43,562	44.4 %	30,161
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	3,403,167	404.2 %	675,005	34.7 %	501,055
Gross		3,403,167	404.2 %	675,005	34.7 %	501,055

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	31/12/2012
Grand Total (I to V)	EE	156,851,819	23.2 %	127,341,780	14.7 %	111,032,710

Shareholder Equity (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total shareholders' equity (Total I)	DL	107,042,259	22.2 %	87,584,693	30.8 %	66,985,456
Equity and shareholders' equity	DA	15,533,010	0%	15,533,010	0%	15,533,010
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%	1,553,301	0%	1,553,301
Statutory or contractual reserve	DE	1,553,301	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	67,433,244	42.3 %	47,383,395	81.4 %	26,117,418
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	9,077	0%	9,077	0%	9,077
Profit or loss for the period	DI	18,457,333	-7.9 %	20,049,849	-5.7 %	21,265,977
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	4,056,294	32.7 %	3,056,061	21.9 %	2,506,673

Other capital resources (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	31/12/2012
Total provisions for risks and charges (Total III)	DR	5,560,239	347.9 %	1,241,368	-30.8 %	1,793,215
Risk provisions	DP	5,560,239	347.9 %	1,241,368	-30.8 %	1,793,215
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Liabilities (Total IV)	EC	42,014,982	13.3 %	37,071,367	-11.5 %	41,909,460
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	6,000	-20.0 %	7,500	0%	7,500
Sundry loans and financial liabilities	DV	6,230,736	0%	0	0%	0
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	1,845,723	72.1 %	1,072,291	186.5 %	374,299
Trade accounts payables	DX	17,388,835	-11.2 %	19,575,064	-25.3 %	26,202,655
Tax and social security liabilities	DY	11,109,578	10.1 %	10,093,445	-23.8 %	13,244,530
Fixed asset liabilities	DZ	2,572,046	-48.7 %	5,010,238	449.3 %	912,064
Other debts	EA	1,706,923	83.4 %	930,756	-11.6 %	1,052,457

Translation loss (V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Translation loss (Total V)	ED	2,234,339	54.7 %	1,444,352	319.2 %	344,577

Equalization accounts

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Deferred income	EB	1,155,141	202.3 %	382,073	229.5 %	115,955

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	0	0%	0
Of which current bank facilities	EH	0	0%	0	0%	0

Result account

1 - Operating result (I-II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating result (Total I-II)	GG	33,807,615	-1.2 %	34,209,392	-3.6 %	35,477,584

2 - Financial result (V-VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Financial result (Total V-VI)	GV	-430,862	48.2 %	-831,875	-484.5 %	216,363

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	33,376,753	0.0 %	33,377,517	-6.5 %	35,693,947

4 - Extraordinary result (VII-VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Extraordinary result (Total VII-VIII)	HI	-1,103,884	-74.9 %	-631,325	-10.6 %	-570,976

Profit or loss

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Profit or loss	HN	18,457,334	-7.9 %	20,049,849	-5.7 %	21,265,977

Total Income (I+III+V+VII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Income (Total I+III+V+VII)	HL	343,138,251	12.4 %	305,205,236	2.3 %	298,314,607

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	324,680,917	13.9 %	285,155,387	2.9 %	277,048,629

Operating income (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating income (Total I)	FR	335,896,157	11.0 %	302,736,927	2.6 %	294,996,972

Operating income (details)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Sale of goods for resale	FC	95,664,182	19.4 %	80,148,978	1.3 %	79,086,165
France	FA	36,763,745	162.3 %	14,013,523	-82.3 %	79,086,165
Export	FB	58,900,437	-10.9 %	66,135,455	0%	0
Sale of goods produced	FF	221,821,051	8.7 %	204,033,871	2.1 %	199,806,432
France	FD	85,245,829	-12.5 %	97,441,861	-51.2 %	199,806,432
Export	FE	136,575,222	28.1 %	106,592,010	0%	0
Sale of services	FI	4,628,244	19.7 %	3,867,783	-0.2 %	3,876,412
France	FG	1,778,105	15.8 %	1,535,510	-60.4 %	3,876,412
Export	FH	2,850,139	22.2 %	2,332,273	0%	0
Net turnover	FL	322,113,477	11.8 %	288,050,632	1.9 %	282,769,009
France	FJ	123,787,679	9.6 %	112,990,894	-60.0 %	282,769,009
Export	FK	198,325,798	13.3 %	175,059,738	0%	0
Stocked production	FM	-219,059	-109.3 %	2,356,250	6026.6 %	-39,757
Self-constructed assets	FN	0	0%	130,185	0%	0
Operating grants	FO	130,481	-43.7 %	231,633	115.3 %	107,588
Release of reserves and provisions	FP	2,355,894	-6.4 %	2,517,663	18.7 %	2,120,750
Other income	FQ	11,515,364	21.8 %	9,450,565	-5.9 %	10,039,382

Operating charges (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating charges (Total II)	GF	302,088,542	12.5 %	268,527,535	3.5 %	259,519,388

Exploitation charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Purchase of goods for resale	FS	95,668,889	19.2 %	80,271,914	1.4 %	79,129,214
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	135,411,681	8.7 %	124,588,812	4.9 %	118,813,582
Change in stocks of raw materials	FV	-636,320	-1916.0 %	35,039	106.4 %	-545,971
Other external purchases and charges	FW	35,085,500	5.1 %	33,372,547	2.8 %	32,475,691
Tax, duty and similar payments	FX	2,588,950	3.8 %	2,495,180	6.2 %	2,349,900
Payroll	FY	18,444,819	11.7 %	16,513,512	11.0 %	14,876,284
Social security costs	FZ	8,492,149	9.2 %	7,776,700	0.7 %	7,724,098

Depreciation

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Depreciation of fixed assets	GA	2,680,293	15.1 %	2,329,110	8.6 %	2,144,289
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	1,855,827	0%	0	0%	0
Provisions for risks and charges	GD	2,496,754	118.1 %	1,144,721	-55.1 %	2,552,301

Other charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Other charges	GE	0	0%	0	0%	0

Operating charges (III-IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	31/12/2012
Total financial income (Total V)	GP	7,236,363	258.8 %	2,016,829	-34.7 %	3,086,405
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	667,379	97.7 %	337,564	85.7 %	181,799
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	6,568,984	291.2 %	1,679,265	-42.2 %	2,904,606
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial charge (VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial charge (Total VI)	GU	7,667,225	169.1 %	2,848,704	-0.7 %	2,870,042
Financial reserves and provisions	GQ	2,728,162	1468.4 %	173,950	-51.1 %	355,934
Interest and similar charges	GR	452,682	16.4 %	388,881	20.7 %	322,092
Exchange losses	GS	4,486,381	96.3 %	2,285,873	4.3 %	2,192,016
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary income (Total VII)	HD	5,731	-98.7 %	451,480	95.3 %	231,230
Extraordinary operating income	HA	5,731	5464.1 %	103	-91.6 %	1,230
Extraordinary income from capital transactions	HB	0	0%	0	0%	205,000
Released provisions and transferred charges	HC	0	0%	451,377	1705.5 %	25,000

Extraordinary charges (VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary charges (Total VIII)	HH	1,109,615	2.5 %	1,082,806	35.0 %	802,206
Extraordinary operating charges	HE	10,579	-97.7 %	455,134	20644.5 %	2,194
Extraordinary charges from capital transactions	HF	21,803	-72.1 %	78,284	346.5 %	17,532
Extraordinary reserves and provisions	HG	1,077,233	96.1 %	549,388	-29.8 %	782,480

Employee profit sharing (IX)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Employee profit sharing (Total IX)	HJ	2,155,371	-2.1 %	2,200,609	-4.2 %	2,296,035

Tax on profits (X)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Tax on profits (Total X)	HK	11,660,164	11.1 %	10,495,733	-9.2 %	11,560,958

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	0	0%	0	0%	0

Research and development Charge (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	31/12/2012
Gross value at begin of period	KD	0	0%	0	0%	0
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	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	0	0%	0	0%	0

Tangible fixed assets (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LN	0	0%	0	0%	0
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	0	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	0	0%	0	0%	0

Financial assets (Total IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LQ	0	0%	0	0%	0
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	0	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	0	0%	0	0%	0

Reserve for depreciation

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	31/12/2012
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	31/12/2012
Reserve for depreciation value at begin of period	PE	0	0%	0	0%	0
Increases	PF	0	0%	0	0%	0
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	0	0%	0	0%	0

Total fixed assets amotisation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	QU	0	0%	0	0%	0
Increases	QV	0	0%	0	0%	0
Decreases	QW	0	0%	0	0%	0
Decreasess by budget item transfer	QX	0	0%	0	0%	0

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	31/12/2012
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	31/12/2012
Value at begining of period	7C	0	0%	0	0%	834
Increases	UB	0	0%	0	0%	2,862
Decreases	UC	0	0%	0	0%	1,903
Value at the end of period	UD	0	0%	0	0%	1,793

Includes Total allocations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UE	0	0%	0	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UF	0	0%	0	0%	0
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	31/12/2012
Value at begining of period	5Z	0	0%	0	0%	834
Increases	TV	0	0%	0	0%	2,862
Decreases	TW	0	0%	0	0%	1,903
Value at the end of period	TX	0	0%	0	0%	1,793

Total Provision for depreciation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	7B	0	0%	0	0%	0
Increases	TY	0	0%	0	0%	0
Decreases	TZ	0	0%	0	0%	0
Value at the end of period	UA	0	0%	0	0%	0

State deadlines claims and debts at the end of period

State claims

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value	VT	0	0%	0	0%	0
1 year at most	VU	0	0%	0	0%	0
More than one year	VV	0	0%	0	0%	0

State of loans

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	0	0%	0	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	0	0%	0	0%	0
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	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	0	0%	0
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	0	0%	0	0%	0

Prepaid

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid	VS	0	0%	0	0%	0

State Debt

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total debt (gross)	VY	0	0%	0	0%	0
1 year at most	VZ2	0	0%	0	0%	0
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	31/12/2012
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	0	0%	0	0%	0
1 year at most	8B2	0	0%	0	0%	0
More than 1 year and 5 years at most	8B3	0	0%	0	0%	0
Personnel and associated accounts (gross)	8C1	0	0%	0	0%	0
1 year at most	8C2	0	0%	0	0%	0
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	0	0%	0	0%	0
1 year at most	8D2	0	0%	0	0%	0
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	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	0	0%	0	0%	0
1 year at most	VQ2	0	0%	0	0%	0
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most	8J2	0	0%	0	0%	0
More than 1 year and 5 years at most	8J3	0	0%	0	0%	0
More than 5 years	8J4	0	0%	0	0%	0
Groups and associates (gross)	VI1	0	0%	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	0	0%	0	0%	0
1 year at most	8K2	0	0%	0	0%	0
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%	0
1 year at most	8L2	0	0%	0	0%	0
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	31/12/2012
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	31/12/2012
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	31/12/2012
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	31/12/2012
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	31/12/2012
Average number of employees	YP	452	9.4 %	413	0%	0

Groups and Shareholders

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Groups and Shareholders	ZR	0	-	-	-	-

Ratios

Structure and Liquidity

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Fixed Asset Financing	2.35	12.4 %	2.09	3.5 %	2.02	1.53	53.6 %
Global Debt	47 days	2.2 %	46 days	-13.2 %	53 days	105 days	-55.0 %
Working Capital Fund overall net	101 days	24.7 %	81 days	20.9 %	67 days	105 days	-3.3 %
Financial independence	1,716.32 %	-99.9 %	1,167,795.91 %	30.8 %	893,139.41 %	389.20 %	341.0 %
Solvability	68.24 %	-0.8 %	68.78 %	14.0 %	60.33 %	48.93 %	39.5 %
Capacity debt futures	-	-	-	-	-	2,544.37 %	-
Coverage of current assets by net working capital overall	71.19 %	14.2 %	62.34 %	15.0 %	54.19 %	51.36 %	38.6 %
General Liquidity	-	-	-	-	-	0.86	-
Restricted Liquidity	-	-	-	-	-	1.34	-

Management or rotation

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Need background in operating working capital	100 days	22.0 %	82 days	24.2 %	66 days	58 days	73.9 %
Treasury	0 days	0%	0 days	0%	0 days	27 days	0%
Inventory turnover of goods	0 days	0%	0 days	0%	0 days	15 days	0%
Average length of credit granted to customers	61 days	7.0 %	57 days	-3.4 %	59 days	61 days	0%
Average length of credit obtained suppliers	24 days	-20.0 %	30 days	-26.8 %	41 days	58 days	-58.6 %
Inventory turnover of raw materials in industrial enterprises	8 days	14.3 %	7 days	-36.4 %	11 days	84 days	-90.5 %
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	254 days	-
Rotation tangible assets	-	-	-	-	-	233.05 %	-

Profitability of the business

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Margin trading	0.00 %	0%	-0.04 %	-100.0 %	-0.02 %	0.00 %	0%
Profitability of the business	8.37 %	-6.3 %	8.93 %	-9.9 %	9.91 %	6.12 %	36.8 %
Net profit	5.73 %	-17.7 %	6.96 %	-7.4 %	7.52 %	3.51 %	63.2 %
Growth rate of turnover (excluding VAT)	11.83 %	532.6 %	1.87 %	-93.6 %	29.35 %	3.52 %	236.1 %
Rates integration	17.50 %	-3.6 %	18.15 %	-2.9 %	18.69 %	36.54 %	-52.1 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	47.79 %	2.8 %	46.47 %	8.7 %	42.76 %	74.84 %	-36.1 %
Weight interests	2.38 %	140.4 %	0.99 %	-2.0 %	1.01 %	0.42 %	466.7 %

Return on capital

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Cash flow from the overall profitability	7.75 %	-3.7 %	8.05 %	-6.6 %	8.62 %	5.18 %	49.6 %
Rates of economic profitability	24.00 %	-17.2 %	29.00 %	-31.0 %	42.00 %	15.00 %	60.0 %
Financial profitability	107,042,259.00 %	22.2 %	87,584,693.00 %	30.8 %	66,985,456.00 %	564,055.00 %	18877.3 %
Return on investment	23.06 %	-11.8 %	26.14 %	-27.4 %	36.03 %	9.24 %	149.6 %

Management intermediate balances

	31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Turnover	322,113,477		11.8 %		288,050,632		1.9 %		282,769,009		2,379,300		13438.2 %
		31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Sales of goods		95,664,182		19.4 %		80,148,978		1.3 %		79,086,165				-
- Purchase of goods		95,668,889		19.2 %		80,271,914		1.4 %		79,129,214				-
+/- Stock of goods variation		0		0%		0		0%		0				-
Trading margin		-4,707 €		96.2 %		-122,936 €		-185.6 %		-43,049 €		0 €		0%
		0.00 % CA		0%		-0.04 % CA		-100.0 %		-0.02 % CA		0.00 % CA		0%

	31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Sale of goods produced	226,449,295		8.9 %		207,901,654		2.1 %		203,682,844				-
+/- Stocked production	-219,059		-109.3 %		2,356,250		6026.6 %		-39,757				-
+ Self-constructed assets	0		0%		130,185		0%		0				-
Period production	226,230,236 €		7.5 %		210,388,089 €		3.3 %		203,643,087 €		1,857,337 €		12080.4 %
	70.23 % CA		-3.8 %		73.04 % CA		1.4 %		72.02 % CA		99.02 % CA		-29.1 %
		31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Trading margin		-4,707		96.2 %		-122,936		-185.6 %		-43,049		0		0%
+ Period Production		226,230,236		7.5 %		210,388,089		3.3 %		203,643,087		1,857,337		12080.4 %
- Purchase of raw materials		135,411,681		8.7 %		124,588,812		4.9 %		118,813,582				-
+/- Change in stocks of raw materiels		-636,320		-1916.0 %		35,039		106.4 %		-545,971				-
- Other external purchases and charges		35,085,500		5.1 %		33,372,547		2.8 %		32,475,691				-
Added value		56,364,668 €		7.8 %		52,268,755 €		-1.1 %		52,856,736 €		1,030,621 €		5369.0 %
		17.50 % CA		-3.6 %		18.15 % CA		-2.9 %		18.69 % CA		36.54 % CA		-52.1 %

	31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Added value	56,364,668 €		7.8 %		52,268,755 €		-1.1 %		52,856,736 €		1,030,621 €		5369.0 %
+ Operating grants	130,481		-43.7 %		231,633		115.3 %		107,588				-
- Tax, duty and similar payments	2,588,950		3.8 %		2,495,180		6.2 %		2,349,900				-
- Personal charges	26,936,968		10.9 %		24,290,212		7.5 %		22,600,382				-
Gross operating surplus	26,969,231 €		4.9 %		25,714,996 €		-8.2 %		28,014,042 €		78,823 €		34114.9 %
	8.37 % CA		-6.3 %		8.93 % CA		-9.9 %		9.91 % CA		6.12 % CA		36.8 %
		31/12/2014		Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Gross operating surplus		26,969,231 €		4.9 %		25,714,996 €		-8.2 %		28,014,042 €		78,823 €		34114.9 %
+ Release of reserves and provisions		2,355,894		-6.4 %		2,517,663		18.7 %		2,120,750				-
+ Other operating income		11,515,364		21.8 %		9,450,565		-5.9 %		10,039,382				-
- Depreciation/ Amortisation		7,032,874		102.5 %		3,473,831		-26.0 %		4,696,590				-
- Other charges		0		0%		0		0%		0				-
Operating result		33,807,615 €		-1.2 %		34,209,393 €		-3.6 %		35,477,584 €		50,577 €		66743.9 %
		10.50 % CA		-11.6 %		11.88 % CA		-5.3 %		12.55 % CA		3.65 % CA		187.7 %

		31/12/2014	Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Operating result		33,807,615 €	-1.2 %		34,209,393 €		-3.6 %		35,477,584 €		50,577 €		66743.9 %
+/- Result of joint-venture transferred from/to other partners		0	0%		0		0%		0				-
+ Financial income		7,236,363	258.8 %		2,016,829		-34.7 %		3,086,405				-
- Financial charges		7,667,225	169.1 %		2,848,704		-0.7 %		2,870,042				-
Pre-tax result		33,376,753 €	0.0 %		33,377,518 €		-6.5 %		35,693,947 €		56,776 €		58686.7 %
		10.36 % CA	-10.6 %		11.59 % CA		-8.2 %		12.62 % CA		3.56 % CA		191.0 %
	31/12/2014	Variation		31/12/2013		Variation		31/12/2012		SECTOR MEDIAN 2014
Extraordinary income	5,731	-98.7 %		451,480		95.3 %		231,230		6,333		-9.5 %
- Extraordinary charges	1,109,615	2.5 %		1,082,806		35.0 %		802,206				-
Extraordinary result	-1,103,884 €	-74.9 %		-631,326 €		-10.6 %		-570,976 €		0 €		0%
	-0.34 % CA	-54.5 %		-0.22 % CA		-10.0 %		-0.20 % CA		0.00 % CA		0%

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Pre-tax result	33,376,753 €	0.0 %	33,377,518 €	-6.5 %	35,693,947 €	56,776 €	58686.7 %
Extraordinary result	-1,103,884 €	-74.9 %	-631,326 €	-10.6 %	-570,976 €	0 €	0%
- Employee profit sharing	2,155,371	-2.1 %	2,200,609	-4.2 %	2,296,035		-
- Tax on profits	11,660,164	11.1 %	10,495,733	-9.2 %	11,560,958		-
Net result	18,457,334 €	-7.9 %	20,049,850 €	-5.7 %	21,265,978 €	48,841 €	37690.7 %
	5.73 % CA	-17.7 %	6.96 % CA	-7.4 %	7.52 % CA	3.51 % CA	63.2 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.79
UK Pound	1	Rs.99.95
Euro	1	Rs.71.55

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	ASH

RATING EXPLANATIONS

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

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

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

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

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