MIRA INFORM REPORT

Report No. :	351403
Report Date :	27.11.2015

IDENTIFICATION DETAILS

Name :	SENIOR & CIE

Registered Office :	Vpc Promotion-Bleu Bonheur-Club Senior 155 A 159 155 Rue Du Docteur Bauer93585 Saint Ouen Cedex

Country :	France

Financials (as on) :	31.12.2014

Date of Incorporation :	February 1982

Legal Form :	Simplified Joint Stock Company with Single Associate

Line of Business :	Distance selling on catalog.

No. of Employee :	176 employees

RATING & COMMENTS

MIRA’s Rating :

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

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 and summary

Name	SENIOR & CIE
Acronym	-
Trade name	SENIOR ET CIE
Status	Economically active
Postal Address	SENIOR & CIE VPC PROMOTION-BLEU BONHEUR-CLUB SENIOR 155 A 159 155 RUE DU DOCTEUR BAUER 93585 SAINT OUEN CEDEX
Share Capital	3,725,630 Euros
Telephone	01 49 48 80 80
Activity (APE)	Distance selling on catalog (4791A)	RCS Registration	RCS Bobigny B 300 094 562
Formation Date	02/1982	EUR VAT Number	FR23300094562
Deregistration Date	-	Last account Date	31/12/2014
Court Registry Number	19 9 1B00443	Incorporiation Date	07/1976
Registration Court	Bobigny (93)	Fax	01 49 48 80 49
Nationality	France
		Legal form	Simplified Joint Stock Company with Single Associate
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2014	47,749,237 €	0.05% Turnover	4,413,489 €	555,462 €	176 employees
31/12/2013	54,721,266 €	-3.96% Turnover	3,872,260 €	-1,641,601 €	197 employees
31/12/2012	54,491,557 €	-8.38% Turnover	5,623,234 €	-3,901,681 €	200 to 249 employees

Trends

Profitability
Liquidity
Net Worth

Directors

Current Directors

Ultimate Holding Company

Name	Country	Company Number
HELIOS DEVELOPPEMENT		410046783
Affiliation links.

Judgment and Preferential

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

Payment Details Summary

ESTABLISHMENT DETAILS

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4791B	Activity	Distance selling on catalog
Formation Date	08/1996	Reason for Formation	Other
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	N/R
Trading Address	155 RUE DU DOCTEUR BAUER 93400 SAINT OUEN	Department	Seine-Saint-Denis (93)
Location Surface	-	District	3
City	SAINT OUEN	Status	Economically active
Business Pages FT®	VENTES PAR CORRESPONDANCE ET A DISTANCE	Region	Ile-de-France
		Area	99
		Size of Urban Area	Paris conglomeration

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
HELIOS DEVELOPPEMENT	Activities of holding companies	6420Z	CROIX	59170

Other Establishment(s)

Regionality	Legal unit with multiple establishments in many areas having at least 50% of workforce in same area
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	4 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
SENIOR & CIE	Head Office	4791A	Distance selling on catalog	SAINT OUEN	93400
SENIOR & CIE	Branch	4791A	Distance selling on catalog	NOGENT SUR OISE	60180
SENIOR & CIE	Branch	4791A	Distance selling on catalog	CAUFFRY	60290
SENIOR & CIE	Branch	4791A	Distance selling on catalog	BREUIL LE SEC	60600
SENIOR & CIE	Branch	4791A	Distance selling on catalog	BREUIL LE SEC	60840

Workforces

Workforce at address

50 to 99 employees

Company workforce

200 to 249 employees

Commentary

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


	The decrease of tangible fixed assets over the last two accounting periods is 29 %
	High risk workforce size
	The return on total assets employed is 3.60
	The stock to turnover ratio is 12.62
	The ratio total assets to total liabilities is 1.40
	The sales to current assets ratio is 3.25
	The pre-tax profit is 551,862 €
	The net current assets are 14,674,198 €
	The liabilities are 9,240,173 €
	The total assets are 15,331,613 €
	Industry code with medium risk rating
	Department code with low risk rating
	The company has 3 directors
	The risk provisions are 1,677,951 €
	The net turnover is 47,749,237 €
	The decrease in the gearing percentage over the last two accounting periods is 14 %
	The creditor days are 42.16
	The shareholder's equity is 4,413,489 €

Industry comparison

Activity (APE)

Distance selling on catalog

(4791A)

Industry average credit rating

Industry average credit limit

2,092

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	03/02/2009
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	HELIOS DEVELOPPEMENT
Direct parent	B.B. DEVELOPPEMENT - 99.99 %
Group – Number of companies	3
Linkages – Number of companies	-
Number of countries	-

	Name	SIREN	Parts	Last account published
1	HELIOS DEVELOPPEMENT	410046783	-	31/12/2003
2	B.B. DEVELOPPEMENT	533112652	60 %	-
3	SENIOR & CIE	300094562	99.99 %	31/12/2014

Linkages

No Linkages information available for the company.

Shareholder(s)

Name	B.B. DEVELOPPEMENT
Name of representative
Manager position	President	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Statutory Auditor

Name	Mme. GOALEC ISABELLE
Manager position	Deputy auditor		Date of birth		-
Place of birth
Type	Individual		Name at birth

Name		KPMG S.A
Name of representative
Manager position		Statutory auditor		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
Statutory auditor	KPMG	-
President	B.B. DEVELOPPEMENT	-

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	20/08/2015	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 12535 - 300094562 RCS. SENIOR & CIE. Forme : Société par actions simplifiée à associé unique. Adresse : 155 159 rue du Docteur Bauer 93400 Saint-Ouen. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	07/06/2014	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 13666 - 300094562 RCS. SENIOR & CIE. Forme : Société par actions simplifiée à associé unique. Adresse : 155 159 rue du Docteur Bauer 93400 Saint-Ouen. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	08/10/2013	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 13490 - 300094562 RCS. SENIOR & CIE. Forme : Société par actions simplifiée à associé unique. Adresse : 155 159 rue du Docteur Bauer 93400 Saint-Ouen. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	13/06/2013	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 2718 - 300 094 562 RCS Bobigny. SENIOR & CIE. Forme : Société par actions simplifiée à associé unique. Capital : 3725630 EUR. Activité : . Commentaires : Modification du capital.
	16/05/2013	JAL	Modification of the share capital
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 02/05/2013 La société : 300094562 - SENIOR & CIE, SENIOR ET CIE, 155 RUE DU DOCTEUR BAUER, 155 A 159, 93400 SAINT OUEN a subi une diminution de son capital social désormais de 3 725 630 € Date d'effet : 02/05/2013
	16/05/2013	JAL	Continuation of activity in spite of stockholders' equity become lower in the middle of the share capital
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 02/05/2013 Poursuite d'activité malgré des fonds propres devenus inférieurs à la moitié du capital social de la société 300094562 - SENIOR & CIE, SENIOR ET CIE, 155 RUE DU DOCTEUR BAUER, 155 A 159, 93400 SAINT OUEN Date d'effet : 02/05/2013
	09/07/2012	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 14437 - 300094562 RCS. SENIOR & CIE. Forme : Société par actions simplifiée à associé unique. Adresse : 155 159 rue du Docteur Bauer 93400 Saint-Ouen. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	07/10/2011	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 1795 - 300 094 562 RCS Bobigny. SENIOR & CIE. Forme : Société par actions simplifiée à associé unique. Administration : Commissaire aux comptes titulaire : KPMG modification le 27 Novembre 2000 Commissaire aux comptes suppléant : GOALEC Isabelle en fonction le 11 Septembre 2009 Président : B. B. DEVELOPPEMENT en fonction le 29 Septembre 2011. Activité : . Commentaires : Modification de représentant.
	04/10/2011	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 10933 - 300094562 RCS. SENIOR & CIE. Forme : Société par actions simplifiée à associé unique. Adresse : 155 159 rue du Docteur Bauer 93400 Saint-Ouen. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
	08/09/2011	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 1678 - 300 094 562 RCS Bobigny. SENIOR & CIE. Forme : Société par actions simplifiée à associé unique. Capital : 11825630.40 EUR. Activité : . Commentaires : Modification du capital.
	29/08/2011	JAL	Modification of the share capital
Affiches parisiennes (Les) Date de décision : 30/06/2011 La société : 300094562 - SENIOR & CIE, 155 RUE DU DOCTEUR BAUER, 155 A 159, 93400 SAINT OUEN a subi une augmentation de son capital social désormais de 11 825 630 € Date d'effet : 30/06/2011
	23/08/2011	JAL	Modification of the share capital
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 30/06/2011 La société : 300094562 - SENIOR & CIE, 155 RUE DU DOCTEUR BAUER, 155 A 159, 93400 SAINT OUEN a subi une augmentation de son capital social désormais de 9 825 639 € Date d'effet : 30/06/2011
	20/09/2010	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 13917 - 300094562 RCS. SENIOR & CIE. Forme : Société par actions simplifiée à associé unique. Adresse : 155 159 rue du Docteur Bauer 93400 Saint-Ouen. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	30/12/2009	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 3057 - 300 094 562 RCS Bobigny. SENIOR& CIE. Forme : Société par actions simplifiée unipersonnelle. Administration : Commissaire aux comptes titulaire : KPMG modification le 27 Novembre 2000 Membre du conseil de direction : VAD HOLDING représenté par PLATIAU Eric modification le 08 Décembre 2008 Membre du conseil de direction : 3 SUISSES INTERNATIONAL représenté par GAIN Annie modification le 21 Novembre 2003 Commissaire aux comptes suppléant : GOALEC Isabelle en fonction le 11 Septembre 2009 Président : HERMANNS Franz en fonction le 16 Décembre 2009. Commentaires : Modification de représentant.
	30/11/2009	JAL	Appointment of the social representative
LES PETITES AFFICHES Société faisant objet d'une nomination : 300094562 - SENIOR & CIE, 155 RUE DU DOCTEUR BAUER, 155 A 159, 93400 SAINT OUEN Nominé : Monsieur Franz HERMANNS En la fonction de : Président
	30/11/2009	JAL	Resignation / Revocation of the social representative
LES PETITES AFFICHES Date de décision : 23/11/2009 La société 300094562 - SENIOR & CIE, 155 RUE DU DOCTEUR BAUER, 155 A 159, 93400 SAINT OUEN Fait l'objet du départ de Monsieur Jacques MONIEZ
	07/10/2009	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 9872 - 300094562 RCS. SENIOR & CIE. Forme : Société par actions simplifiée unipersonnelle. Adresse : 155 159 rue du Docteur Bauer 93400 Saint-Ouen. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	22/09/2009	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 1624 - 300 094 562 RCS Bobigny. SENIOR & CIE. Forme : Société par actions simplifiée unipersonnelle. Administration : Commissaire aux comptes titulaire : KPMG modification le 27 Novembre 2000 Président : MONIEZ Jacques modification le 18 Octobre 2002 Membre du conseil de direction : VAD HOLDING représenté par PLATIAU Eric modification le 08 Décembre 2008 Membre du conseil de direction : 3 SUISSES INTERNATIONAL représenté par GAIN Annie modification le 21 Novembre 2003 Commissaire aux comptes suppléant : GOALEC Isabelle en fonction le 11 Septembre 2009. Commentaires : Modification de la forme juridique. Modification de représentant.
	19/12/2008	Bodacc B	Modification et mutation diverse
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 2665 - 300 094 562 RCS Bobigny. SENIOR & CIE. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : KPMG modification le 27 Novembre 2000. Président : MONIEZ Jacques modification le 18 Octobre 2002. Membre du conseil de direction : VAD HOLDING représenté par PLATIAU Eric modification le 08 Décembre 2008. Membre du conseil de direction : 3 SUISSES INTERNATIONAL représenté par GAIN Annie modification le 21 Novembre 2003. Commissaire aux comptes suppléant : BMD ASSOCIES en fonction le 02 Décembre 2005. Commissaire aux comptes titulaire : ACEA en fonction le 02 Décembre 2005. Commissaire aux comptes suppléant : SCP DE COMMISSAIRES AUX COMPTES JEAN CLAUDE ANDRE ET AUTRES en fonction le 02 Décembre 2005. Commentaires : Modification de représentant.
	18/12/2008	Bodacc C	Comptes annuels et rapports
93 - SEINE-SAINT-DENIS GREFFE DU TRIBUNAL DE COMMERCE DE BOBIGNY 10329 - 300094562 RCS. SENIOR & CIE. Forme : Société par actions simplifiée. Adresse : 155 159 rue du Docteur Bauer 93400 Saint-Ouen. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	23/11/2007	Bodacc C	Avis de dépôt des comptes
10432 - 300 094 562. RCS Bobigny SENIOR & CIE. Forme: Société par actions simplifiée. Adresse du siège social: 155 159 rue du Docteur Bauer 93400 Saint-Ouen. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	02/10/2007	Bodacc B	Modifications et mutations diverses
2885 - RCS Bobigny B 300 094 562. RC 91-B 443. SENIOR ET Cie. Forme : S.A.S. Nom commercial : VPC Promotion Bleu Bonheur-Club Sénior Mode Sénior VPC Sénior. Activité : vente par correspondance, publicité générale, promotion des ventes, marketing, édition, location d'adresses, services informatiques et intermédiation en assurances . Commentaires : modification survenue sur l'activité.
	25/09/2006	Bodacc C	Avis de dépôt des comptes
4561 - RCS Bobigny B 300 094 562. RC 91-B 443. SENIOR & CIE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE - SAS. Adresse du siège social: 155, 159, rue du Docteur Bauer,93400 Saint-Ouen. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	08/01/2006	Bodacc B	Modifications et mutations diverses
2551 - RCS Bobigny B 300 094 562. RC 91-B 443. SENIOR ET COMPAGNIE. Forme : S.A.S. Commentaires : modification survenue sur l'administration. Administration : commissaire aux comptes titulaire partant : CABINET BRACQ VANDENBURIE ET ASSOCIES. Commissaires aux comptes suppléants partants : BMD ASSOCIES PEROT (Bernard). Nomination d'un commissaire aux comptes suppléant : BMD ASSOCIES. Nomination d'un commissaire aux comptes titulaire : ACEA. Nomination d'un commissaire aux comptes suppléant : S.C.P. DE COMMISSAIRES AUX COMPTES JEAN CLAUDE ANDRE ET AUTRES.
	18/08/2005	Bodacc C	Avis de dépôt des comptes
3508 - RCS Bobigny B 300 094 562. RC 91-B 443. SENIOR & CIE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 155, 159, rue du Docteur Bauer,93400 Saint-Ouen. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	29/01/2004	Bodacc B	Modifications et mutations diverses
RCS Bobigny B 300094562 RC 91-B 443 SENIOR ET COMPAGNIE. Forme : S.A.S Nom commercial: Vente par Correspondance Promotion Bleu Bonheur-Club Sénior Mode Sénior Vente par Correspondance Sénior. Commentaires : modification survenue sur l'administration. Administration : modification d'un membre du comité de direction : VAD HOLDING, représentée par VITTU (Thierry).
	03/12/2003	Bodacc B	Modifications et mutations diverses
RCS Bobigny B 300094562 RC 91-B 443 SENIOR ET COMPAGNIE. Forme : S.A.S Nom commercial: Vente par Correspondance Promotion Bleu Bonheur-Club Senior Mode Senior Vente par Correspondance Senior. Commentaires : modification survenue sur l'administration. Administration : commissaires aux comptes suppléants partants : VANDENBURIE (Pierre) RIVIERE (Gérard). Modification de membres du comité de direction : VAD HOLDING, représentée par FILLIETTE (Antoine) 3 SUISSES INTERNATIONAL, représentée par GAIN ( Annie). Nomination de commissaires aux comptes suppléants : BMD ASSOCIES PEROT (Bernard).
	19/11/2003	Bodacc B	Modifications et mutations diverses
RCS Bobigny B 300094562 RC 91-B 443 SENIOR ET COMPAGNIE. Forme : S.A.S Nom commercial: Vente par correspondance Promotion Bleu Bonheur-Club Sénior Mode Sénior Vente par Correspondance Sénior. Commentaires : modification survenue sur l'administration. Administration : nomination d' administrateurs : VAD HOLDING, représentée par FILLIETTE (Antoine) 3 SUISSES INTERNATIONAL, représentée par GAIN (Annie).
	31/10/2002	Bodacc B	Modifications et mutations diverses
RCS Bobigny B 300094562 RC 91-B 443 SENIOR ET COMPAGNIE. Forme : S.A.S Nom commercial: V.P.C. Promotion Bleu Bonheur-Club Senior Mode Senior V.P. C. Senior. Commentaires : modification survenue sur la forme juridique et l' administration. Administration : commissaire aux comptes titulaire partant : CABINET BRACQ ET ASSOCIES. Administrateur partant : 3 SUISSES INTERNATIONAL, représentée par GAIN ( Annie). Modification du président : MONIEZ (Jacques). Administrateur partant : VAD HOLDING, représentée par FILLIETTE (Antoine). Nomination d'un commissaire aux comptes titulaire : CABINET BRACQ VANDENBURIE ET ASSOCIES.
	02/04/2002	Bodacc B	Modifications et mutations diverses
RCS Bobigny B 300094562 RC 91-B 443 SENIOR & COMPAGNIE. Forme : S.A Nom commercial: V.P.C. Promotion Bleu Bonheur-Club Senior Mode Senior V.P. C. Senior. Commentaires : modification survenue sur l'administration. Administration : administrateur partant : CONTENTIA FRANCE, représentée par FILLIETTE (Antoine). Nomination d'un administrateur : VAD HOLDING, représentée par FILLIETTE (Antoine).
	05/03/2002	Bodacc B	Modifications et mutations diverses
RCS Bobigny B 300094562 RC 91-B 443 SENIOR & COMPAGNIE. Forme : S.A. Capital : 167 640 euros Nom commercial: V.P.C. Promotion Bleu Bonheur-Club Senior Mode Senior V.P.C. Senior. Commentaires : modification survenue sur le capital (diminution).
	26/12/2001	Bodacc B	Modifications et mutations diverses
RCS Bobigny B 300094562 RC 91-B 443 SENIOR & COMPAGNIE. Forme : S.A Nom commercial: V.P.C. Promotion Bleu Clair Club Sénior Mode Sénior V.P.C. Sénior. Commentaires : modification survenue sur le nom commercial et l' administration. Administration : nomination du président du conseil d' administration et administrateur : MONIEZ (Jacques). Président du conseil d'administration partant : ZECCHINI ( Pierre).
	03/01/2001	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 300094562 RC 90- B 458 SENIOR & COMPAGNIE. Forme : S.A. à conseil d'administration. Activité : publicité générale, promotion de vente, marketing, édition, location d'adresses, vente par correspondance et services informatiques. Adresse du siège social : 4 place de la République, 59170 Croix.
	29/12/2000	Bodacc B	Modifications et mutations diverses
RCS Bobigny B 300094562 RC 91-B 443 SENIOR & COMPAGNIE. Forme : S.A. Capital : 1 100 000 F. Activité : vente par correspondance, publicité générale, promotion des ventes, marketing, édition, location d'adresses et services informatiques. Adresse du siège social : 155-159 rue du Docteur-Bauer, 93400 Saint-Ouen. Commentaires : modification survenue sur l'adresse du siège social, l'activité, l'adresse de l'établissement principal et l' administration. Cette société transfère son siège du 4 place de la République, 59170 Croix. Ancien RC : 90-B 458. Administration : modification du président du conseil d'administration : ZECCHINI (Pierre). Administrateurs partants : SARTORIS (Olivier) GUILLOIS (Michel). Nomination d' administrateurs : 3 SUISSES INTERNATIONAL CONTENTIA FRANCE. Modification des commissaires aux comptes titulaires : CABINET BRACQ ET ASSOCIES K.P.M.G. Commissaire aux comptes suppléant partant : BERTRAND ( Arnaud). Modification du commissaire aux comptes suppléant : VANDENBURIE ( Pierre). Nomination du commissaire aux comptes suppléant : RIVIERE (Gérard). Date d'effet : 30 aout 2000.
	24/12/2000	Bodacc B	Modifications et mutations diverses
RCS Bobigny B 300094562 RC 91-B 443 SENIOR & COMPAGNIE. Forme : S.A. Commentaires : modification survenue sur l'adresse de l'établissement principal Etablissement principal: Adresse : 155- 159 rue du Docteur-Bauer, 93400 Saint- Ouen.
	16/08/2000	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 300094562 RC 90- B 458 SENIOR & COMPAGNIE. Forme : S.A. à conseil d'administration. Capital : 1 100 000 F. Adresse du siège social : 4 place de la République, 59170 Croix. Administration : P.-D.G. : ZECCHINI ( Pierre). Administrateurs : 3 SUISSES INTERNATIONAL CONTENTIA FRANCE. Commissaires aux comptes titulaires : CABINET BRACQ ET ASSOCIES-STE D' EXPERTISE COMPTABLE ET DE COMMISSARIAT AUX COMPTES K.P.M.G. Commissaires aux comptes suppléants : VANDENBURIE ( Pierre) RIVIERE (Gérard). Ancien président du conseil d'administration : BLAIN (Jacques) Etablissement principal: Activité : publicité générale, promotion des ventes, marketing, édition, location d'adresses, vente par correspondance et services informatiques. Adresse : 69-73 boulevard Victor-Hugo, 93400 Saint-Ouen. Date d'effet : 5 juin 2000.
	30/01/2000	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 300094562 RC 90- B 458 SENIOR & COMPAGNIE. Forme : S.A. à conseil d'administration. Capital : 1 100 000 F. Adresse du siège social : 4 place de la République, 59170 Croix. Administration : P.-D.G. : BLAIN ( Jacques). Administrateurs : 3 SUISSES INTERNATIONAL CONTENTIA FRANCE. Commissaires aux comptes titulaires : CABINET BRACQ ET ASSOCIES STE D' EXPERTISE COMPTABLE ET DE COMMISSARIAT AUX COMPTES K.P.M.G. Commissaires aux comptes suppléants : VANDENBURIE ( Pierre) RIVIERE (Gérard). Changement de représentant permanent de la STE 3 SUISSES INTERNATIONAL. Ancien : DEWAVRIN (Hubert). Nouveau : GAIN ( Annie) Etablissement principal: Activité : publicité générale, promotion des ventes, marketing, édition, location d'adresses, vente par correspondance et services informatiques. Adresse : 69-73 boulevard Victor-Hugo, 93400 Saint-Ouen. Date d'effet : 13 décembre 1999.
	16/08/1998	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 300 094 562 RC 90-B 458 SENIOR ET COMPAGNIE. Forme : S.A. à conseil d'administration. Capital : 1 100 000 F. Adresse du siège social : 4 place de la République 59170 Croix. Administration : P.-D.G. : BLAIN ( Jacques). Administrateurs : 3 SUISSES INTERNATIONAL CONTENTIA FRANCE. Commissaires aux comptes titulaires : CABINET BRACQ ET ASSOCIES STE D' EXPERTISE COMPTABLE ET DE COMMISSARIAT AUX COMPTES K.P.M.G. Commissaires aux comptes suppléants : VANDENBURIE ( Pierre) RIVIERE (Gérard). Changement de représentant permanent de la STE 3 SUISSES INTERNATIONAL. Ancien : DAIGNES (Thierry). Nouveau : DEWAVRIN (Hubert) Etablissement principal: Activité : publicité générale, promotion des ventes, marketing, édition, location d' adresses, vente par correspondance et services informatiques. Adresse : 69-73 boulevard Victor-Hugo 93400 Saint-Ouen. Date d'effet : 11 mai 1998.
	01/06/1997	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 300 094 562 RC 90-B 458 SENIOR ET COMPAGNIE. Forme : S.A. à conseil d'administration. Capital : 1 100 000 F. Adresse du siège social : 4 place de la République 59170 Croix. Administration : P.-D.G. : BLAIN ( Jacques). Administrateur : CONTENTIA FRANCE. Commissaires aux comptes titulaires : CABINET BRACQ ET ASSOCIES- STE D'EXPERTISE COMPTABLE ET DE COMMISSARIAT AUX COMPTES K.P.M.G. Commissaires aux comptes suppléants : VANDENBURIE (Pierre) RIVIERE (Gérard). Changement de représentant permanent des 3 SUISSES INTERNATIONAL, administrateur. Ancien : GUILLOIS ( Michel). Nouveau : DAIGNES (Thierry) Etablissement principal: Activité : publicité générale, promotion des ventes, marketing, édition, location adresses vente par correspondance et services informatiques. Adresse : 69-73 boulevard Victor-Hugo 93400 Saint-Ouen. Date d'effet : 15 janvier 1997.
	02/05/1997	Bodacc A	Création d'établissement
RCS Roubaix-Tourcoing B 475 580 437 A dater du: 19 février 1955 RC 55-B 43 COGEMAG. Forme : société en commandite simple. Capital : 252 000 F. Adresse du siège social : 12 rue de la Centenaire 59170 Croix. Administration : gérant non associé : MONIEZ (Jacques). Commissaire aux comptes titulaire : CABINET BRACQ ET ASSOCIES-STE D'EXPERTISE COMPTABLE ET DE COMMISSARIAT AUX COMPTES. Commissaire aux comptes suppléant : VANDENBURIE (Pierre) Etablissement principal: Activité : vente au détail de toutes marchandises. Adresse : 12 rue de la Centenaire 59170 Croix ETABLISSEMENT SECONDAIRE. Activité : commerce au détail de tous articles textiles, vente par correspondance. Adresse : 228 avenue Alfred-Motte 59100 Roubaix Etablissement secondaire acquis par achat au prix stipulé de 430 000 F Date de début d'activité: 28 janvier 1952. Date d'effet : 1er mars 1997. Précédent propriétaire : SENIOR ET COMPAGNIE Publication légale: La Gazette de la région du Nord du 25 mars 1997. Oppositions : au fonds.
	02/05/1997	Bodacc A	Création d'établissement
RCS Roubaix-Tourcoing B 475 580 437 A dater du: 19 février 1955 RC 55-B 43 COGEMAG. Forme : société en commandite simple. Capital : 252 000 F. Adresse du siège social : 12 rue de la Centenaire 59170 Croix. Administration : gérant non associé : MONIEZ (Jacques). Commissaire aux comptes titulaire : CABINET BRACQ ET ASSOCIES-STE D'EXPERTISE COMPTABLE ET DE COMMISSARIAT AUX COMPTES. Commissaire aux comptes suppléant : VANDENBURIE (Pierre) Etablissement principal: Activité : vente au détail de toutes marchandises. Adresse : 12 rue de la Centenaire 59170 Croix ETABLISSEMENT SECONDAIRE. Activité : vente par correspondance. Adresse : place de la Victoire 59200 Tourcoing Etablissement secondaire acquis par achat au prix stipulé de 300 000 F Date de début d' activité: 28 janvier 1952. Date d'effet : 1er mars 1997. Précédent propriétaire : SENIOR ET COMPAGNIE Publication légale: La Gazette de la région du Nord du 25 mars 1997. Oppositions : au fonds.
	30/03/1997	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 300 094 562 RC 90-B 458 SENIOR ET COMPAGNIE. Forme : S.A. à conseil d'administration. Capital : 1 100 000 F. Adresse du siège social : 4 place de la République 59170 Croix Etablissement principal: Activité : publicité générale, promotion des ventes, marketing, édition, location d' adresses, vente par correspondance et services informatiques. Adresse : 69-73 boulevard Victor-Hugo 93400 Saint-Ouen. Commentaires : adoption des enseignes < V.P.C. Promotion > et < Bleu Bonheur >. Date d'effet : 24 février 1997.
	19/05/1996	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 300 094 562 RC 90-B 458 SENIOR ET COMPAGNIE. Forme : S.A. Capital : 1 100 000 F. Adresse du siège social : 4 place de la République 59170 Croix. Administration : P.-D.G. : BLANCHARD (Jean, Pierre). Administrateurs : 3 SUISSES INTERNATIONAL BLANCHARD (Jean, Pierre) CONTENTIA FRANCE. Commissaires aux comptes titulaires : CABINET BRACQ ET ASSOCIES-STE D'EXPERTISE COMPTABLE ET DE COMMISSARIAT AUX COMPTES K.P.M.G. Commissaires aux comptes suppléants : VANDENBURIE (Pierre) RIVIERE (Gérard). Ancien commissaire aux comptes suppléant : BERTRAND (Arnaud) Etablissement principal: Activité : vente par correspondance. Adresse : 69-73 boulevard Victor-Hugo 93400 Saint-Ouen. Date d'effet : 26 aout 1994.
	19/05/1996	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 300 094 562 RC 90-B 458 SENIOR ET COMPAGNIE. Forme : S.A. Capital : 1 100 000 F. Adresse du siège social : 4 place de la République 59170 Croix. Administration : P.-D.G. : BLAIN ( Jacques). Administrateurs : 3 SUISSES INTERNATIONAL CONTENTIA FRANCE. Commissaires aux comptes titulaires : CABINET BRACQ ET ASSOCIES-STE D' EXPERTISE COMPTABLE ET DE COMMISSARIAT AUX COMPTES K.P.M.G. Commissaires aux comptes suppléants : VANDENBURIE ( Pierre) RIVIERE (Gérard). Ancien président du conseil d'administration : BLANCHARD (Jean-Pierre) Etablissement principal: Activité : vente par correspondance. Adresse : 69-73 boulevard Victor-Hugo 93400 Saint-Ouen. Date d'effet : 25 mars 1996.
	22/03/1996	Bodacc B	Modifications et mutations diverses
RCS *. RCS Bobigny B 300 094 562 RC RC 91-B 443 SENIOR ET COMPAGNIE. Forme : S. A. Commentaires : modification survenue sur la dénomination.
	14/03/1996	Bodacc B	Modifications et mutations diverses
RCS o. RCS Roubaix-Tourcoing B 300 094 562 RC RC 90-B 458 SENIOR ET COMPAGNIE. Forme : S.A. à conseil d'administration. Capital : 1 100 000 F. Adresse du siège social : 4, place de la République 59170 Croix. Commentaires : ancienne dénomination : V.P.C. PROMOTION Etablissement principal: Activité : vente par correspondance. Adresse : 44, rue de Villiers 92300 Levallois-Perret Date de début d'activité: 9 février 1990. Date d'effet : 28 septembre 1995.

Company events history

Date	Description
20/08/2015	Bodacc C : Deposit accounts notice
04/08/2015
04/08/2015
04/08/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2014	New accounts available
07/06/2014	Bodacc C : Deposit accounts notice
05/06/2014
05/06/2014
05/06/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2013	New accounts available
14/10/2013
08/10/2013	Bodacc C : Deposit accounts notice
27/09/2013
27/09/2013
27/09/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
17/07/2013
17/07/2013
13/06/2013	Bodacc B: Various editing or changing
04/06/2013	Other modification of Establishment
04/06/2013	Capital reduction
04/06/2013	Amendment
04/06/2013	Updated articles of association
02/05/2013	Other modification of Establishment
02/05/2013	Legal Gazette: Modification of the share capital
02/05/2013	Legal Gazette: Continuation of activity
31/12/2012	New accounts available
28/07/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
09/07/2012	Bodacc C : Deposit accounts notice
31/12/2011	New accounts available
07/10/2011	Bodacc B: Various editing or changing
04/10/2011	Bodacc C : Deposit accounts notice
30/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
27/09/2011	Amendment
27/09/2011	Capital increase
27/09/2011	Updated articles of association
27/09/2011	Audit or Management Report
14/09/2011	Minutes of general meeting of shareholders
14/09/2011	Continuation of business despite loss of equity
14/09/2011	Reconstitution of net assets
08/09/2011	Bodacc B: Various editing or changing
02/09/2011	Disengagement of the group
02/09/2011	New ultimate parent
02/09/2011	New parent detected
31/08/2011	Capital increase
31/08/2011	Updated articles of association
31/08/2011	Amendment
30/06/2011	Other modification of Establishment
30/06/2011	Legal Gazette: Modification of the share capital
30/06/2011	Update of Company Workforce
04/03/2011	New ultimate parent
31/12/2010	New accounts available
20/09/2010	Bodacc C : Deposit accounts notice
23/07/2010	Other modification of Establishment (error correction)
23/07/2010	Update of Company Legal Form
17/03/2010	Amendment
17/03/2010	Appointment/resignation of company officers
02/03/2010	New ultimate parent
02/03/2010	New parent detected
31/12/2009	New accounts available
31/12/2009	Modification of Company Activity
31/12/2009	Update of Company Activity
30/12/2009	Bodacc B: Various editing or changing
16/12/2009	New chairman (CEO, CoB)
16/12/2009	Minutes of general meeting of shareholders
16/12/2009	Amendment
30/11/2009	Legal Gazette: Resignation / Revocation of the social representative
23/11/2009	Legal Gazette: Appointment of the social representative
07/10/2009	Bodacc C : Deposit accounts notice
22/09/2009	Bodacc B: Various editing or changing
11/09/2009	Updated articles of association
11/09/2009	New legal form – new category
11/09/2009	New auditor
11/09/2009	Minutes of general meeting of shareholders
03/02/2009	Collection of preferential rights activated for this company
31/12/2008	New accounts available
19/12/2008	New Bodacc B ads detected
19/12/2008	Bodacc B: Various editing or changing
18/12/2008	Bodacc C : Deposit accounts notice
08/12/2008	Private document
08/12/2008	Updated articles of association
08/12/2008	Minutes of general meeting of shareholders
08/12/2008	Appointment/resignation of company officers
08/12/2008	Amendment
08/12/2008	Amendment
08/12/2008	Updated articles of association
31/12/2007	New accounts available
28/08/2007	Commencement or resumption of business
28/08/2007	Minutes of general meeting of shareholders
28/08/2007	Minutes of general meeting of shareholders
28/08/2007	Reconstitution of net assets
28/08/2007	Reconstitution of net assets
28/08/2007	Updated articles of association
28/08/2007	Updated articles of association
28/08/2007	Change to corporate purpose
28/08/2007	Private document
31/12/2006	New accounts available
31/12/2005	New accounts available
02/12/2005	Amendment
02/12/2005	Appointment/resignation of company officers
02/12/2005	Appointment/resignation of company officers
02/12/2005	Minutes of general meeting of shareholders
02/12/2005	Minutes of general meeting of shareholders
02/12/2005	New auditor
02/12/2005	New auditor
02/12/2005	Private document
02/12/2005	Private document
04/08/2005	Updated articles of association
04/08/2005	Private document
04/08/2005	Private document
04/08/2005	Minutes of general meeting of shareholders
04/08/2005	Minutes of general meeting of shareholders
04/08/2005	Updated articles of association
31/12/2004	New accounts available
08/10/2004	Updated articles of association
08/10/2004	Private document
08/10/2004	Private document
08/10/2004	Minutes of general meeting of shareholders
08/10/2004	Minutes of general meeting of shareholders
08/10/2004	Updated articles of association
19/01/2004	Private document
19/01/2004	Amendment
19/01/2004	Amendment
19/01/2004	Private document
31/12/2003	New accounts available
21/11/2003	Private document
21/11/2003	Private document
21/11/2003	Updated articles of association
21/11/2003	Updated articles of association
21/11/2003	Minutes of general meeting of shareholders
21/11/2003	Minutes of general meeting of shareholders
21/11/2003	Change to the administration of a public limited company
21/11/2003	Appointment/resignation of company officers
21/11/2003	Appointment/resignation of company officers
21/11/2003	New auditor
21/11/2003	New auditor
05/11/2003	Appointment/resignation of company officers
05/11/2003	Change to the administration of a public limited company
05/11/2003	Changes to the Board of Directors
05/11/2003	New chairman (CEO, CoB)
05/11/2003	Private document
05/11/2003	Minutes of general meeting of shareholders
18/10/2002	Private document
18/10/2002	New legal form – no new category
18/10/2002	New legal form – new category
18/10/2002	New chairman (CEO, CoB)
18/10/2002	Updated articles of association
18/10/2002	Audit or Management Report
18/10/2002	Appointment/resignation of company officers
18/10/2002	Minutes of general meeting of shareholders
15/05/2002	Amendment
15/05/2002	Application and court order
20/03/2002	Change to the administration of a public limited company
20/03/2002	Appointment/resignation of company officers
20/03/2002	Changes to the Board of Directors
20/03/2002	Private document
20/03/2002	Minutes of general meeting of shareholders
29/01/2002	New closing date
29/01/2002	Private document
29/01/2002	Updated articles of association
29/01/2002	Minutes of general meeting of shareholders
29/01/2002	Conversion of equity to euro
29/01/2002	Capital reduction
13/12/2001	Appointment/resignation of company officers
13/12/2001	Changes to the Board of Directors
13/12/2001	Minutes of Board meeting
13/12/2001	Minutes of general meeting of shareholders
13/12/2001	New chairman (CEO, CoB)
13/12/2001	Private document
27/11/2000	Amendment
27/11/2000	Appointment/resignation of company officers
27/11/2000	Changes to the Board of Directors
27/11/2000	Minutes of general meeting of shareholders
27/11/2000	Registered office transferred inside jurisdiction of the Commercial Court
27/11/2000	Updated articles of association
27/11/2000	Private document
31/07/2000	New chairman (CEO, CoB)
31/07/2000	Minutes of general meeting of shareholders
31/07/2000	Minutes of Board meeting
31/07/2000	Changes to the Board of Directors
31/07/2000	Private document
31/07/2000	Amendment
31/07/2000	Appointment/resignation of company officers
14/01/2000	Private document
14/01/2000	Appointment/resignation of company officers
04/08/1998	Private document
04/08/1998	Appointment/resignation of company officers
16/05/1997	Appointment/resignation of company officers
16/05/1997	Private document
22/01/1997	Change to corporate purpose
22/01/1997	Minutes of general meeting of shareholders
22/01/1997	Updated articles of association
22/01/1997	Private document
02/12/1996	Appointment/resignation of company officers
02/12/1996	Private document
30/04/1996	Changes to the Board of Directors
30/04/1996	New chairman (CEO, CoB)
30/04/1996	New auditor
30/04/1996	Minutes of general meeting of shareholders
30/04/1996	Minutes of Board meeting
30/04/1996	Appointment/resignation of company officers
30/04/1996	Amendment
29/02/1996	Minutes of general meeting of shareholders
29/02/1996	New company name
29/02/1996	Updated articles of association
22/06/1994	Continuation of business despite loss of equity
22/06/1994	Minutes of general meeting of shareholders
14/06/1994	New chairman (CEO, CoB)
14/06/1994	Minutes of general meeting of shareholders
14/06/1994	Minutes of Board meeting
14/06/1994	Appointment/resignation of company officers
14/06/1994	Amendment
14/06/1994	Changes to the Board of Directors

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	03/08/2015	04/06/2014	23/09/2013
Activity Code	4791A	4791A	4791A
Employees	176	197	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	657,415	-20.7 %	829,020	-12.9 %	951,946	4,702	13881.6 %
Intangible assets	215,646	1.5 %	212,469	-5.6 %	224,966	0	0%
Tangible assets	388,183	-29.2 %	548,537	-17.0 %	661,281	889	43565.1 %
Financial assets	53,585	-21.2 %	68,011	3.5 %	65,699	0	0%
Net current assets	14,674,198	1.2 %	14,500,824	-23.4 %	18,939,720	56,439	25900.3 %
Stocks	6,025,512	0.7 %	5,982,898	-25.9 %	8,075,691	10,387	57910.1 %
Advanced payments	0	0%	1,929	438.8 %	358	0	0%
Receivables	5,139,646	-11.2 %	5,788,173	-6.3 %	6,177,663	9,762	52552.2 %
Securities and cash	3,509,041	28.6 %	2,727,821	-41.8 %	4,686,008	12,408	28181.6 %
Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	15,331,613	0.0 %	15,329,844	-22.9 %	19,891,667	69,229	22046.4 %

Passive Account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Shareholders' equity	4,413,489	14.0 %	3,872,260	-31.1 %	5,623,234	13,802	31878.3 %
Share capital	3,725,630	0%	3,725,630	-68.5 %	11,825,630	7,622	48780.0 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	1,677,951	-12.8 %	1,925,052	20.7 %	1,595,004	0	0%
Liabilities	9,240,173	-3.1 %	9,532,531	-24.8 %	12,673,429	47,071	19530.5 %
Financial liabilities	372,963	123.4 %	166,940	-92.0 %	2,078,400	3,434	10760.9 %
Advanced payments received	1,532,574	-19.2 %	1,896,947	35.2 %	1,403,131	0	0%
Trade account payables	5,514,782	6.8 %	5,164,775	-28.3 %	7,207,590	9,901	55602.1 %
Tax and social liabilities	1,814,682	-18.9 %	2,236,587	15.2 %	1,942,209	9,390	19225.7 %
Other debts and fixed assets liabilities	5,172	-92.3 %	67,280	59.8 %	42,099	3,580	44.5 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	15,331,613	0.0 %	15,329,843	-22.9 %	19,891,667	69,229	22046.4 %

Results

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sales of Goods	49,513,161	-13.1 %	56,995,330	-0.6 %	57,342,193	132,255	37337.6 %
Net turnover	47,749,237	-12.7 %	54,721,266	0.4 %	54,491,557	129,590	36746.4 %
of which net export turnover	4,039,744	-28.7 %	5,668,087	41.0 %	4,019,907	0	0%
Operating charges	49,005,772	-16.9 %	58,941,562	-4.4 %	61,628,228	135,303	36119.4 %
Operating profit/loss	507,389	126.1 %	-1,946,232	54.6 %	-4,286,035	1,074	47142.9 %
Financial income	60,284	-84.1 %	379,670	-17.4 %	459,415	0	0%
Financial charges	24,832	-66.6 %	74,385	54.5 %	48,150	54	45885.2 %
Financial profit/loss	35,452	-88.4 %	305,285	-25.8 %	411,265	0	0%
Pretax net operating income	542,841	133.1 %	-1,640,946	57.7 %	-3,874,770	948	57161.7 %
Extraordinary income	26,921	-79.3 %	129,898	157.0 %	50,541	0	0%
Extraordinary charges	17,900	-86.3 %	130,552	68.6 %	77,450	0	0%
Extraordinary profit/loss	9,021	1479.4 %	-654	97.6 %	-26,909	0	0%
Net result	555,462	133.8 %	-1,641,601	57.9 %	-3,901,681	1,047	52952.7 %

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	15,331,613	0.0 %	15,329,844	-22.9 %	19,891,667
Gross	CO	20,479,557	-1.9 %	20,877,816	-20.3 %	26,180,227
Amortisation	1A	5,147,944	-7.2 %	5,547,972	-11.8 %	6,288,560

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	657,415	-20.7 %	829,020	-12.9 %	951,946
Gross	BJ	5,052,239	-0.4 %	5,070,902	-3.4 %	5,251,338
Amortisation	BK	4,394,824	3.6 %	4,241,882	-1.3 %	4,299,392

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	215,646	1.5 %	212,469	-5.6 %	224,966
Gross	AF	821,209	11.9 %	733,695	9.9 %	667,585
Amortisation	AG	605,562	16.2 %	521,226	17.8 %	442,619
Goodwill	Net	0	0%	0	0%	0
Gross	AH	0	0%	0	0%	0
Amortisation	AI	0	0%	0	0%	0
Other intangible fixed assets	Net	0	0%	0	0%	0
Gross	AJ	0	0%	0	0%	0
Amortisation	AK	0	0%	0	0%	0
Pre-payments and downpayments	Net	0	0%	0	0%	0
Gross	AL	0	0%	0	0%	0
Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible asset	Net	215,646	1.5 %	212,469	-5.6 %	224,966

Tangilble fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	65,777	-26.5 %	89,524	-8.9 %	98,273
Gross	AR	447,742	0.2 %	446,832	-2.5 %	458,517
Amortisation	AS	381,965	6.9 %	357,308	-0.8 %	360,244
Other tangible fixed assets	Net	310,176	-12.8 %	355,738	-34.3 %	541,408
Gross	AT	3,717,472	0.0 %	3,719,087	-7.9 %	4,037,937
Amortisation	AU	3,407,296	1.3 %	3,363,348	-3.8 %	3,496,529
Fixed assets in construction	Net	12,230	-88.2 %	103,275	378.1 %	21,600
Gross	AV	12,230	-88.2 %	103,275	378.1 %	21,600
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	388,183	-29.2 %	548,537	-17.0 %	661,281

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%	0	0%	0
Gross	CU	0	0%	0	0%	0
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	53,585	-21.2 %	68,011	3.5 %	65,699
Gross	BH	53,585	-21.2 %	68,011	3.5 %	65,699
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	53,585	-21.2 %	68,011	3.5 %	65,699

Current Assets (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Current Assets	Net	14,674,198	1.2 %	14,500,824	-23.4 %	18,939,720
Gross	CJ	15,427,318	-2.4 %	15,806,914	-24.5 %	20,928,888
Amortisation	CK	753,120	-42.3 %	1,306,090	-34.3 %	1,989,168

Stocks

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Raw materials	Net	105,756	27.3 %	83,103	17.4 %	70,759
Gross	BL	105,756	27.3 %	83,103	17.4 %	70,759
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	5,919,756	0.3 %	5,899,795	-26.3 %	8,004,932
Gross	BT	6,668,456	-7.1 %	7,177,262	-28.2 %	9,994,100
Amortisation	BU	748,700	-41.4 %	1,277,467	-35.8 %	1,989,168
Sub Total Stocks	Net	6,025,512	0.7 %	5,982,898	-25.9 %	8,075,691

Advance payments to suppliers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Advance payments to suppliers	Net	0	0%	1,929	438.8 %	358
Gross	BV	0	0%	1,929	438.8 %	358
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Trade accounts receivable	Net	4,279,133	-12.8 %	4,904,495	-6.9 %	5,266,776
Gross	BX	4,283,553	-13.2 %	4,933,118	-6.3 %	5,266,776
Amortisation	BY	4,420	-84.6 %	28,623	0%	0
Other debtors	Net	811,797	-2.9 %	835,798	-4.0 %	870,578
Gross	BZ	811,797	-2.9 %	835,798	-4.0 %	870,578
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	5,090,930	-11.3 %	5,740,293	-6.5 %	6,137,354

Divers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Investment securities	Net	0	0%	0	0%	3,690,453
Gross	CD	0	0%	0	0%	3,690,453
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	3,509,041	28.6 %	2,727,821	174.0 %	995,555
Gross	CF	3,509,041	28.6 %	2,727,821	174.0 %	995,555
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	3,509,041	28.6 %	2,727,821	-41.8 %	4,686,008

Prepaid expenses

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid expenses	Net	48,716	1.7 %	47,880	18.8 %	40,309
Gross	CH	48,716	1.7 %	47,880	18.8 %	40,309
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	0	0%	0	0%	0
Gross		0	0%	0	0%	0

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%	10,000

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	15,331,613	0.0 %	15,329,843	-22.9 %	19,891,667

Shareholder Equity (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total shareholders' equity (Total I)	DL	4,413,489	14.0 %	3,872,260	-31.1 %	5,623,234
Equity and shareholders' equity	DA	3,725,630	0%	3,725,630	-68.5 %	11,825,630
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	16,769	0%	16,769	0%	16,769
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	54	1.9 %	53	-1.9 %	54
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	1,694,787	0%	1,694,787	0%	1,694,787
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	-1,721,007	-2067.4 %	-79,405	98.1 %	-4,277,725
Profit or loss for the period	DI	555,462	133.8 %	-1,641,601	57.9 %	-3,901,681
Investment grants	DJ	0	0%	0	0%	95
Special tax-allowable reserves	DK	141,792	-9.1 %	156,026	-41.2 %	265,305

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	1,677,951	-12.8 %	1,925,052	20.7 %	1,595,004
Risk provisions	DP	481,213	-0.8 %	484,987	-3.0 %	499,851
Reserves for charges	DQ	1,196,738	-16.9 %	1,440,065	31.5 %	1,095,153

Liabilities (IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Liabilities (Total IV)	EC	9,240,173	-3.1 %	9,532,531	-24.8 %	12,673,429
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	372,963	123.4 %	166,940	-92.0 %	2,078,400
Sundry loans and financial liabilities	DV	0	0%	0	0%	0
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	1,532,574	-19.2 %	1,896,947	35.2 %	1,403,131
Trade accounts payables	DX	5,514,782	6.8 %	5,164,775	-28.3 %	7,207,590
Tax and social security liabilities	DY	1,814,682	-18.9 %	2,236,587	15.2 %	1,942,209
Fixed asset liabilities	DZ	5,172	-92.3 %	67,280	59.8 %	42,099
Other debts	EA	0	0%	0	0%	0

Translation loss (V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Deferred income	EB	0	0%	0	0%	0

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	7,707,599	0.9 %	7,635,584	-32.3 %	11,270,298
Of which current bank facilities	EH	362,035	0%	0	0%	2,064,579

Result account

1 - Operating result (I-II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating result (Total I-II)	GG	507,389	126.1 %	-1,946,232	54.6 %	-4,286,035

2 - Financial result (V-VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Financial result (Total V-VI)	GV	35,452	-88.4 %	305,285	-25.8 %	411,265

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	542,841	133.1 %	-1,640,946	57.7 %	-3,874,770

4 - Extraordinary result (VII-VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Extraordinary result (Total VII-VIII)	HI	9,021	1479.4 %	-654	97.6 %	-26,909

Profit or loss

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Profit or loss	HN	555,462	133.8 %	-1,641,601	57.9 %	-3,901,681

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	49,600,366	-13.7 %	57,504,898	-0.6 %	57,852,149

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	49,044,904	-17.1 %	59,146,500	-4.2 %	61,753,828

Operating income (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating income (Total I)	FR	49,513,161	-13.1 %	56,995,330	-0.6 %	57,342,193

Operating income (details)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Sale of goods for resale	FC	45,913,635	-12.3 %	52,327,587	1.0 %	51,813,696
France	FA	42,347,710	-10.3 %	47,186,362	-3.2 %	48,732,920
Export	FB	3,565,925	-30.6 %	5,141,224	66.9 %	3,080,776
Sale of goods produced	FF	0	0%	0	0%	0
France	FD	0	0%	0	0%	0
Export	FE	0	0%	0	0%	0
Sale of services	FI	1,835,602	-23.3 %	2,393,678	-10.6 %	2,677,861
France	FG	1,361,783	-27.1 %	1,866,815	7.4 %	1,738,730
Export	FH	473,819	-10.1 %	526,863	-43.9 %	939,131
Net turnover	FL	47,749,237	-12.7 %	54,721,266	0.4 %	54,491,557
France	FJ	43,709,493	-10.9 %	49,053,178	-2.8 %	50,471,650
Export	FK	4,039,744	-28.7 %	5,668,087	41.0 %	4,019,907
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	9,906	0%	0
Release of reserves and provisions	FP	1,763,198	-22.0 %	2,261,673	-19.1 %	2,796,853
Other income	FQ	726	-70.8 %	2,485	-95.4 %	53,783

Operating charges (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating charges (Total II)	GF	49,005,772	-16.9 %	58,941,562	-4.4 %	61,628,228

Exploitation charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Purchase of goods for resale	FS	14,224,633	3.8 %	13,709,747	-21.0 %	17,358,671
Change in stocks of goods for resale	FT	508,807	-81.9 %	2,816,837	759.0 %	-427,466
Purchase of raw materials	FU	119,302	9.1 %	109,305	3.3 %	105,841
Change in stocks of raw materials	FV	-22,653	-83.5 %	-12,344	-228.4 %	9,610
Other external purchases and charges	FW	24,392,519	-23.7 %	31,951,176	-4.5 %	33,446,261
Tax, duty and similar payments	FX	547,152	-7.5 %	591,747	5.3 %	562,000
Payroll	FY	5,560,270	0.5 %	5,531,565	-3.3 %	5,721,036
Social security costs	FZ	2,397,610	9.0 %	2,200,575	-3.5 %	2,279,491

Depreciation

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Depreciation of fixed assets	GA	239,197	13.0 %	211,591	6.2 %	199,309
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	748,700	-42.7 %	1,306,090	-34.3 %	1,989,168
Provisions for risks and charges	GD	189,201	-64.0 %	525,235	41.1 %	372,132

Other charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Other charges	GE	101,035	306066.7 %	33	-99.7 %	12,175

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	60,284	-84.1 %	379,670	-17.4 %	459,415
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	55,174	-84.0 %	345,501	-23.3 %	450,559
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	82	-99.7 %	31,532	27082.8 %	116
Net income from disposal of investment securities	GO	5,028	90.7 %	2,636	-69.8 %	8,740

Financial charge (VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial charge (Total VI)	GU	24,832	-66.6 %	74,385	54.5 %	48,150
Financial reserves and provisions	GQ	0	0%	31,156	-19.8 %	38,827
Interest and similar charges	GR	8,345	247.4 %	2,402	11338.1 %	21
Exchange losses	GS	16,487	-59.6 %	40,826	338.9 %	9,302
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	26,921	-79.3 %	129,898	157.0 %	50,541
Extraordinary operating income	HA	0	0%	1,365	0%	0
Extraordinary income from capital transactions	HB	2,290	132.5 %	985	-13.4 %	1,138
Released provisions and transferred charges	HC	24,631	-80.7 %	127,547	158.2 %	49,403

Extraordinary charges (VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary charges (Total VIII)	HH	17,900	-86.3 %	130,552	68.6 %	77,450
Extraordinary operating charges	HE	3,676	180.8 %	1,309	-95.3 %	27,954
Extraordinary charges from capital transactions	HF	3,828	-96.6 %	110,992	1245.2 %	8,251
Extraordinary reserves and provisions	HG	10,397	-43.0 %	18,251	-55.7 %	41,245

Employee profit sharing (IX)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Tax on profits (Total X)	HK	-3,600	0%	0	0%	0

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	25,226	-45.4 %	46,179	-80.8 %	240,746
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%	0
Increases	UB	0	0%	0	0%	0
Decreases	UC	0	0%	0	0%	0
Value at the end of period	UD	0	0%	0	0%	0

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%	0
Increases	TV	0	0%	0	0%	0
Decreases	TW	0	0%	0	0%	0
Value at the end of period	TX	0	0%	0	0%	0

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	176	-10.7 %	197	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	2.08	3.5 %	2.01	-8.6 %	2.20	2.39	-13.0 %
Global Debt	70 days	11.1 %	63 days	-25.0 %	84 days	110 days	-36.4 %
Working Capital Fund overall net	41 days	20.6 %	34 days	-17.1 %	41 days	49 days	-16.3 %
Financial independence	1,183.36 %	-49.0 %	2,319.55 %	757.3 %	270.56 %	86.30 %	1271.2 %
Solvability	28.79 %	14.0 %	25.26 %	-10.6 %	28.27 %	27.99 %	2.9 %
Capacity debt futures	-	-	-	-	-	855.73 %	-
Coverage of current assets by net working capital overall	35.41 %	8.7 %	32.59 %	27.6 %	25.55 %	41.36 %	-14.4 %
General Liquidity	-	-	-	-	-	0.25	-
Restricted Liquidity	-	-	-	-	-	0.75	-

Management or rotation

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Need background in operating working capital	17 days	6.3 %	16 days	-33.3 %	24 days	5 days	240.0 %
Treasury	24 days	33.3 %	18 days	5.9 %	17 days	3 days	700.0 %
Inventory turnover of goods	163 days	4.5 %	156 days	-26.8 %	213 days	85 days	91.8 %
Average length of credit granted to customers	32 days	0%	32 days	-8.6 %	35 days	7 days	357.1 %
Average length of credit obtained suppliers	51 days	34.2 %	38 days	-25.5 %	51 days	36 days	41.7 %
Inventory turnover of raw materials in industrial enterprises	10 days	66.7 %	6 days	-25.0 %	8 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	1,025 days	-
Rotation tangible assets	-	-	-	-	-	1,973.94 %	-

Profitability of the business

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Margin trading	65.30 %	-0.2 %	65.42 %	2.2 %	64.01 %	35.24 %	85.3 %
Profitability of the business	0.05 %	101.3 %	-3.96 %	52.7 %	-8.38 %	2.35 %	-97.9 %
Net profit	1.16 %	138.7 %	-3.00 %	58.1 %	-7.16 %	1.03 %	12.6 %
Growth rate of turnover (excluding VAT)	-12.74 %	-3133.3 %	0.42 %	106.0 %	-6.99 %	2.05 %	-721.5 %
Rates integration	17.86 %	59.0 %	11.23 %	53.0 %	7.34 %	13.25 %	34.8 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	93.33 %	-25.8 %	125.80 %	-37.1 %	200.08 %	31.52 %	196.1 %
Weight interests	0.05 %	-64.3 %	0.14 %	55.6 %	0.09 %	0.04 %	25.0 %

Return on capital

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Cash flow from the overall profitability	1.69 %	172.8 %	-2.32 %	65.0 %	-6.63 %	2.41 %	-29.9 %
Rates of economic profitability	0.00 %	0%	-54.00 %	8.5 %	-59.00 %	16.00 %	0%
Financial profitability	4,413,489.00 %	14.0 %	3,872,260.00 %	-31.1 %	5,623,234.00 %	104.13 %	4238341.4 %
Return on investment	12.12 %	131.2 %	-38.80 %	22.5 %	-50.04 %	10.64 %	13.9 %

Management intermediate balances

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Turnover	47,749,237	-12.7 %	54,721,266	0.4 %	54,491,557	129,590	36746.4 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sales of goods	45,913,635	-12.3 %	52,327,587	1.0 %	51,813,696		-
- Purchase of goods	14,224,633	3.8 %	13,709,747	-21.0 %	17,358,671		-
+/- Stock of goods variation	508,807	-81.9 %	2,816,837	759.0 %	-427,466		-
Trading margin	31,180,195 €	-12.9 %	35,801,003 €	2.6 %	34,882,491 €	35,833 €	86916.5 %
	65.30 % CA	-0.2 %	65.42 % CA	2.2 %	64.01 % CA	37.01 % CA	76.4 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sale of goods produced	1,835,602	-23.3 %	2,393,678	-10.6 %	2,677,861		-
+/- Stocked production	0	0%	0	0%	0		-
+ Self-constructed assets	0	0%	0	0%	0		-
Period production	1,835,602 €	-23.3 %	2,393,678 €	-10.6 %	2,677,861 €	3,335 €	54940.5 %
	3.84 % CA	-12.1 %	4.37 % CA	-11.0 %	4.91 % CA	6.93 % CA	-44.6 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Trading margin	31,180,195	-12.9 %	35,801,003	2.6 %	34,882,491	35,833	86916.5 %
+ Period Production	1,835,602	-23.3 %	2,393,678	-10.6 %	2,677,861	3,335	54940.5 %
- Purchase of raw materials	119,302	9.1 %	109,305	3.3 %	105,841		-
+/- Change in stocks of raw materiels	-22,653	-83.5 %	-12,344	-228.4 %	9,610		-
- Other external purchases and charges	24,392,519	-23.7 %	31,951,176	-4.5 %	33,446,261		-
Added value	8,526,629 €	38.7 %	6,146,544 €	53.7 %	3,998,640 €	15,542 €	54761.9 %
	17.86 % CA	59.0 %	11.23 % CA	53.0 %	7.34 % CA	13.25 % CA	34.8 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Added value	8,526,629 €	38.7 %	6,146,544 €	53.7 %	3,998,640 €	15,542 €	54761.9 %
+ Operating grants	0	0%	9,906	0%	0		-
- Tax, duty and similar payments	547,152	-7.5 %	591,747	5.3 %	562,000		-
- Personal charges	7,957,880	2.9 %	7,732,140	-3.4 %	8,000,527		-
Gross operating surplus	21,597 €	101.0 %	-2,167,437 €	52.5 %	-4,563,887 €	2,459 €	778.3 %
	0.05 % CA	101.3 %	-3.96 % CA	52.7 %	-8.38 % CA	2.38 % CA	-97.9 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Gross operating surplus	21,597 €	101.0 %	-2,167,437 €	52.5 %	-4,563,887 €	2,459 €	778.3 %
+ Release of reserves and provisions	1,763,198	-22.0 %	2,261,673	-19.1 %	2,796,853		-
+ Other operating income	726	-70.8 %	2,485	-95.4 %	53,783		-
- Depreciation/ Amortisation	1,177,098	-42.4 %	2,042,916	-20.2 %	2,560,609		-
- Other charges	101,035	306066.7 %	33	-99.7 %	12,175		-
Operating result	507,388 €	126.1 %	-1,946,228 €	54.6 %	-4,286,035 €	1,074 €	47142.8 %
	1.06 % CA	129.8 %	-3.56 % CA	54.8 %	-7.87 % CA	1.07 % CA	-0.9 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Operating result	507,388 €	126.1 %	-1,946,228 €	54.6 %	-4,286,035 €	1,074 €	47142.8 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0		-
+ Financial income	60,284	-84.1 %	379,670	-17.4 %	459,415		-
- Financial charges	24,832	-66.6 %	74,385	54.5 %	48,150		-
Pre-tax result	542,840 €	133.1 %	-1,640,943 €	57.7 %	-3,874,770 €	949 €	57101.3 %
	1.14 % CA	138.0 %	-3.00 % CA	57.8 %	-7.11 % CA	0.94 % CA	21.3 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Extraordinary income	26,921	-79.3 %	129,898	157.0 %	50,541	0	0%
- Extraordinary charges	17,900	-86.3 %	130,552	68.6 %	77,450		-
Extraordinary result	9,021 €	1479.4 %	-654 €	97.6 %	-26,909 €	0 €	0%
	0.02 % CA	0%	0.00 % CA	0%	-0.05 % CA	0.00 % CA	0%

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Pre-tax result	542,840 €	133.1 %	-1,640,943 €	57.7 %	-3,874,770 €	949 €	57101.3 %
Extraordinary result	9,021 €	1479.4 %	-654 €	97.6 %	-26,909 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	-3,600	0%	0	0%	0		-
Net result	555,461 €	133.8 %	-1,641,597 €	57.9 %	-3,901,679 €	1,097 €	50557.6 %
	1.16 % CA	138.7 %	-3.00 % CA	58.1 %	-7.16 % CA	1.04 % CA	11.5 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.55
UK Pound	1	Rs.100.64
Euro	1	Rs.70.70
EUR	1	Rs.70.77

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	TRI

Report Prepared by :	ANK

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

Company name and summary

Key Financials

Trends

Directors

Ultimate Holding Company

Judgment and Preferential

Payment Details Summary

Ultimate Parent(s)

Other Establishment(s)

Workforces

Commentary

Industry comparison

Collective procedures

Preferential rights details and history

Group Data

Linkages

Shareholder(s)

Statutory Auditor

Previous Directors

Status history

Recent publications in Gazettes

Company events history

Synthesized Accounts

Accounts – Active

Accounts – Passive

Result account

Ratios

Unit