MIRA INFORM REPORT

Report No. :	344054.2
Report Date :	07.10.2015

IDENTIFICATION DETAILS

Name :	ITM ALIMENTAIRE INTERNATIONAL
Registered Office :	24 Rue Auguste Chabrieres75015 Paris 15
Country :	France
Financials (as on) :	31.12.2014
Date of Incorporation :	January 1987
Legal Form :	Simplified Joint Stock Company with Single Associate
Line of Business :	Wholesale (intercompany trade) Non-specialized food. [Note: We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employee :	803 employees

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 :	--

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 summary

Name	ITM ALIMENTAIRE INTERNATIONAL
Acronym	ITM AI
Trade name	BOISSONS SANDOUVILLE
Status	Economically active
Postal Address	ITM ALIMENTAIRE INTERNATIONAL 24 RUE AUGUSTE CHABRIERES 75015 PARIS 15
Share Capital	149,184 Euros
Telephone	-
Activity (APE)	Wholesale ( intercompany trade) Non-specialized food (4639B)	RCS Registration	RCS Paris B 341 192 227
Formation Date	01/1987	EUR VAT Number	FR04341192227
Deregistration Date	-	Last account Date	31/12/2014
Court Registry Number	19 8 7B07867	Incorporiation Date	08/1987
Registration Court	Paris (75)	Fax	-
Nationality	France
		Legal form	Simplified Joint Stock Company with Single Associate
		Currency	Euros

Branch address

21 Allee Des Mousquetaires 91078 Bondoufle France

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2014	15,011,231,769 €	0.16% Turnover	364,161,462 €	5,940,287 €	803 employees
31/12/2012	3,912,014,661 €	1.33% Turnover	334,322,391 €	364,016,682 €	216 employees
31/12/2009	1,022,360,452 €	0.81% Turnover	248,049,214 €	245,601,146 €	47 employees

Trends

Profitability

Liquidity

Net Worth

Directors

Current Directors

3

Ultimate Holding Company

Name	Country	Company Number
SOCIETE CIVILE DES MOUSQUETAIRES		344092093
Affiliation links.
2 companies in the international Group Structure from 2 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	7010Z	Activity	Activities of head offices
Formation Date	01/1987	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	Other	Activity Location	Other
Trading Address	24 RUE AUGUSTE CHABRIERES 75015 PARIS 15	Department	Paris (75)
Location Surface	-	District	1
City	PARIS 15	Status	Economically active
Business Pages FT®	-	Region	Ile-de-France
		Area	29
		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
SOCIETE CIVILE DES MOUSQUETAIRES	Activities of head offices	6420Z	PARIS 15	75015

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	40 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
ITM ALIMENTAIRE INTERNATIONAL	Head Office	4639B	Wholesale (intercompany trade) Non-specialized food	PARIS 15	75015
ITM ALIMENTAIRE INTERNATIONAL	Branch	4639B	Wholesale (intercompany trade) Non-specialized food	CASTETS	40260
ITM ALIMENTAIRE INTERNATIONAL	Branch	4639B	Wholesale (intercompany trade) Non-specialized food	LONGJUMEAU	91160
ITM ALIMENTAIRE INTERNATIONAL	Branch	4639B	Wholesale (intercompany trade) Non-specialized food	LA BOISSE	01120
ITM ALIMENTAIRE INTERNATIONAL	Branch	4639B	Wholesale (intercompany trade) Non-specialized food	TREVOUX	01600

Workforces

Workforce at address

10 to 19 employees

Company workforce

500 to 999 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 364,161,462 €

The sales to current assets ratio is 4.96

The creditor days are 48.70

The decrease in the gearing percentage over the last two accounting periods is 11 %

The liabilities are 2,954,392,349 €

The net current assets are 3,027,202,569 €

The net turnover is 15,011,231,769 €

The pre-tax profit is 4,350,806 €

The risk provisions are 24,657,959 €

The total assets are 3,343,214,527 €

Low risk workforce size

The company has 3 directors

Industry code with low risk rating

Department code with low risk rating

The stock to turnover ratio is 3.88

The return on total assets employed is 0.13

The ratio total assets to total liabilities is 1.12

Industry comparison

Activity (APE)	Wholesale (intercompany trade) Non-specialized food (4639B)
Industry average credit rating	41
Industry average credit limit	22,167

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	10/09/2012
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	SOCIETE CIVILE DES MOUSQUETAIRES
Direct parent	ITM ENTREPRISES - 100 %
Group – Number of companies	147
Linkages – Number of companies	2
Number of countries	2

	Name	SIREN	Parts	Last account published
1	SOCIETE CIVILE DES MOUSQUETAIRES	344092093	-	-
2	BANQUE CHABRIERES	314007709	1 %	-
2	ITM ENTREPRISES SA	722064102	100 %	31/12/2013
3	BANQUE CHABRIERES	314007709	73.99 %	-
3	ITM OUEST F	403466550	100 %	-
4	DRANAUD	433783040	100 %	31/12/2011
	GEPRI	330074600	99.83 %	31/12/2012
3	ITM EQUIPEMENT DE LA PERSONNE - ITM EP	380826552	100 %	31/12/2013
4	SCA TEXTILE	383527355	90 %	-
	RULONPE	442203295	20 %	31/12/2013
	M T O DISTRIBUTION	518588637	100 %	31/12/2013
3	SCA PETROLE ET DERIVES	353597677	100 %	31/12/2013
4	SA GESTION SECURITE DE STOCKS SECURITE	344547708	7.98 %	31/12/2014
	SOCIETE EUROPEENNE DE STOCKAGE	304575194	8.80 %	31/12/2014
	VDK TRANSPORTS	443328612	35 %	31/12/2010
	WAGRAM TERMINAL	509398749	8.80 %	31/12/2014
	KERLYS	333385706	100 %	31/12/2013
3	CIE FINANCIERE DE PARTICIPATIONS	316742980	100 %	31/12/2013
4	FDL	328385596	100 %	31/12/2012
5	SAS ETABLISSEMENTS AMIEL	601850100	100 %	31/12/2013
	LES DELICES DE ST LEONARD SNC	387965395	70 %	31/12/2004
	LES MOULINS DE SAINT ARMEL	330658345	90 %	31/12/2011
	LES MOULINS DE SAINT AUBERT	344270210	70 %	31/12/2012
	SAS EQUIPEMENT DE LA MAISON	383527330	10 %	-
4	SOCIETE CENTRALE D'APPROVISIONNEMENT DES PRODUITS DE LA MER	327787743	100 %	-
5	CAPITAINE HOUAT	344603006	70 %	31/12/2013
4	SOCIETE VITREENNE D'ABATTAGE	775591563	100 %	31/12/2007
5	SAVIEL FRANCE	414337402	100 %	31/12/2008
5	AGROLOG	438360356	99.99 %	31/12/2008
6	SOC ARMOR VALORISATION ENERGETIQUE	421709494	Min blocking	31/12/2007
	CORNILLE	429325285	51 %	31/12/2007
	SOC ARMOR VALORISATION ENERGETIQUE	421709494	Min blocking	31/12/2007
	SOCIETE DE VALORISATION ET D ENERGIE	440512655	100 %	31/12/2008
	GATINE VIANDES	382204519	50.78 %	31/12/2008
	S.C.O.	342048055	100 %	31/12/2012
	SVELTIC	331760900	100 %	31/12/2012
	LES MOULINS DE SAINT PREUIL	352681779	90 %	31/12/2012
	EAUX MINERALES GAZEUSES DE SAINTE MARGUERITE	348651811	100 %	31/12/2012
	ETABLISSEMENTS DELVERT	676720147	99.98 %	31/12/2012
4	LAITERIE SAINT PERE	316252477	100 %	31/12/2012
5	SARL FRUITIERE DE DOMESSIN	334805231	100 %	31/12/2012
	COMPAGNIE MARITIME DES TERRES AUSTRALES	389048059	100 %	31/12/2005
3	ITM CENTRE EST F	403528177	100 %	31/12/2013
4	TELVANJU	405163437	100 %	31/12/2014
	REPTIDE	411925639	100 %	31/12/2011
3	ITM SUD OUEST F	403388119	100 %	31/12/2011
4	AMERI	423662907	99.98 %	31/12/2014
	SCI ANPIER	439960923	99 %	31/12/2007
3	SOCIETE DE TRAITEMENT INFORMATIQUES DES MOYENNES ENTREPRISES	301850277	100 %	31/12/2014
4	DIS INFO	353296643	99.62 %	31/12/2010
	STIME PECOS INFO SRL	-	100 %	-
	SCAPECHE	401540851	100 %	31/12/2013
	SOCIETE ALIMENTAIRE DE GUIDEL	301275319	100 %	31/12/2013
	LES MANUFACTURES DU CHATEAU	401254370	70 %	31/12/2012
3	ITM AUTOMOBILE	379627664	100 %	-
4	SCA AUTO	383542974	90 %	-
	CLOCAR	448396739	100 %	31/12/2013
	KRISTALIN	394867956	99.96 %	31/12/2005
	GERSI AUTO	414864710	100 %	31/12/2013
3	ITM CENTRE OUEST F	442730156	100 %	-
4	AMANDIS	408889640	99.99 %	31/12/2014
	SCI DE ARGENT SCIE	347777286	100 %	-
3	ITM NORD F	403326358	100 %	31/12/2013
4	SA DES ETANGS	320291297	Majority	31/12/2013
	FAPAJ	412140469	Majority	31/12/2013
	LAURALEX	432142107	34 %	31/12/2013
	LES CELLULOSES DE BROCELIANDE	379095342	70 %	31/12/2013
3	FILET BLEU	402224554	100 %	31/12/2012
4	SCI MIKANT	407751726	100 %	-
	CENTRAL EXPANSION	612046078	73.75 %	-
	SALAISONS CELTIQUES	862500279	100 %	31/12/2013
	MOULIN DE LA MARCHE	334766177	100 %	31/12/2012
3	ITM EQUIPEMENT DE LA MAISON - ITM EM	323347872	100 %	31/12/2014
4	FONCIERE CHABRIERES	344092341	33 %	-
	SAS EQUIPEMENT DE LA MAISON	383527330	90 %	-
	BRITAIN	351149828	99.97 %	31/12/2013
	JANYMAF	402179196	Majority	31/12/2013
	DUMAFI	395167828	100 %	31/12/2013
	CAMPY	485327571	99.99 %	31/12/2014
	STORWAN	347538670	95 %	31/12/2004
	IMMO MOUSQUETAIRES	323347880	100 %	31/12/2013
	REGIEX PUBLICITE	301161170	100 %	31/12/2013
	SALAISONS DU GUEMENE	388199143	100 %	31/12/2013
	CAPITAINE COOK	376080305	Majority	31/12/2012
3	ITM ALIMENTAIRE INTERNATIONAL	341192227	100 %	31/12/2014
4	SCA PORC FRAIS	418659918	100 %	-
	SCAGEL	300286853	100 %	31/12/2004
	COMI	342034212	40 %	31/12/2013
4	ITM ALIMENTAIRE EST	452534340	100 %	31/12/2013
5	SANLYNE	379094899	Majority	31/12/2012
	RABODIS	333906022	100 %	31/12/2013
	CYDIELLE	479440885	99.98 %	31/12/2013
	BARVIN	439125014	95.76 %	31/12/2014
4	ITM ALIMENTAIRE SUD OUEST	452539679	99 %	31/12/2013
5	LAGUNE	418679064	34 %	31/12/2013
	PONTCASSI	399510098	34 %	31/12/2013
	LES DELICES D'AUZAN	388770356	30 %	31/12/2012
	CAULANDES	443824776	10 %	31/12/2014
	GOTXOKI	499876068	10 %	31/12/2013
	VOSTOYA	441385408	10 %	31/12/2013
	ASTERIA	395380231	5 %	31/12/2013
	AUXANDRE	338521560	5 %	31/12/2014
	CABEVAL	390002921	5 %	31/12/2012
	COMPAGNIE PORT SAINTE MARIE DISTRIBUTI	393798053	5 %	31/12/2013
	DUCRES SA	350666871	5 %	31/12/2014
	FRIMONT DISTRIBUTION	351339189	5 %	31/12/2007
	JUCEL	391348844	5 %	31/12/2013
	LES CORAILLEURS S.A.	414866814	5 %	31/12/2014
	MIRANE	513948901	5 %	31/12/2013
	MURSUD	407898097	5 %	31/12/2014
	ALMARY	380310821	5 %	31/12/2013
	FANCHE	384174587	5 %	31/12/2013
	SAMAGE	383790367	5 %	31/12/2014
	TRYLAN	419807797	5 %	31/12/2014
	VALAGNON	400928503	5 %	31/12/2013
	LAKSHMI	379091366	4 %	31/12/2013
	VAURAL	326467040	4 %	31/12/2014
	SOBEDEX	341770550	4 %	31/12/2013
4	SCA FRUITS LEGUMES FLEURS	353402779	90 %	31/12/2009
5	TERMINAL FRUITIER DE L ATLANTIQUE	393233754	61 %	31/12/2010
	LES SERRES D'ANJOU	424577989	90 %	31/12/2012
	LES ATELIERS DE SAINT VALENTIN	383879483	90 %	31/12/2012
4	ITM ALIMENTAIRE CENTRE EST	452534126	100 %	-
5	NOEMAE	531294890	99.96 %	31/12/2014
	SABE	340358548	99.85 %	31/12/2013
3	L'IMMOBILIERE EUROPEENE DES MOUSQUETAIRES	334055647	100 %	-
4	SOCIETE POUR LE FINANCEMENT ET LE DEVELOPPEMENT EN EUROPE DU	381781608	100 %	31/12/2014
5	SAS DISTRIMAG	301970471	100 %	31/12/2014
6	PYREVAL	751255837	99.99 %	31/12/2013
	SOCIETE DES SUPERMARCHES DU BASSIN	324754894	50 %	31/12/2013
5	ALTIS	310710223	100 %	31/12/2014
6	IRRANBE	325185205	99.99 %	31/12/2012
	SOLUP	400221974	100 %	31/12/2014
	ITM IMMO LOG	529220857	100 %	31/12/2013
	IMMO AMONT	529232662	100 %	31/12/2013
	IMMO MOUSQUETAIRES EST	500029616	100 %	-
	ARGEPER	751254491	99.99 %	31/12/2014
	SCI LE PLAN DE ROQUEFORT	430786434	100 %	-
	LA ROMAINE	438824880	100 %	-
	IMMO MOUSQUETAIRES CENTRE OUEST	500195250	100 %	-
	IMMO MOUSQUETAIRES CENTRE EST	499874576	100 %	-
	IMMO MOUSQUETAIRES SUD EST	500008644	100 %	31/12/2008
	IMMO MOUSQUETAIRES NORD	499597441	100 %	31/12/2011
	IMMO MOUSQUETAIRES OUEST	499511376	100 %	-
	IMMO MOUSQUETAIRES REGION PARISIENNE	499557189	100 %	-
	ITM IMMO LOG EM	529334799	100 %	31/12/2013
	BERCO	402666168	100 %	-
	CALLISTO	417495934	99.95 %	-
	DEVEST	424267227	Majority	-
	NOLAS	433877206	100 %	-
	SCI L ARLESIENNE DU QUARTIER DES MOINES	443923545	100 %	-
	SCI LE THOUAR	381697291	100 %	-
	SCI PASTEUR	429868045	100 %	-
	SCI SAPOSA	351730296	100 %	-
	SECOVIL	327071940	100 %	31/12/2013
	BELGIL	392038667	100 %	-
	VINS D'ALSACE J. HAULLER ET FILS	915620330	100 %	31/12/2012
	ITM LOGISTIQUE EQUIPEMENT MAISON INT	514111145	100 %	-
	ITM LOGISTIQUE ALIMENTAIRE INT	514080837	100 %	-
	KRISTALIN	394867956	0.04 %	31/12/2005
	ITM SERVICES PRODUCTION	400096475	100 %	-
	DIS INFO	353296643	0.38 %	31/12/2010
	ROYE DISTRIBUTION	309345643	0.04 %	31/12/2014
	LE MOULIN DE LA CHAUME	326144151	100 %	31/12/2013
	SCI A. FLEURY	354081010	40 %	-
	CAMERONE	433676012	0.04 %	31/12/2013
	LOISAG	424153088	34 %	31/12/2013
3	MIRAND	339360307	100 %	31/12/2014
4	JUTRA	392811832	99.58 %	31/12/2014
	SA AUREMI	342388766	Majority	31/12/2013
	SALAISONS DU LIGNON	586250417	100 %	31/12/2012
	DUC DISTRIBUTION	302519368	Min blocking	31/12/2014
	LANIDIS	353682560	Majority	31/12/2013
	HUILERIES & MAISERIES P.DUMORTIER FRER	885782797	100 %	-
	CAB	344933544	0.03 %	31/12/2011
3	ITM REGION PARISIENNE F	403432925	100 %	31/12/2009
4	VAUX DISTRIBUTION	316569953	100 %	31/12/2013
4	CASBAN	479206377	99.98 %	31/12/2014
5	SOLOPRE	393749577	100 %	31/12/2012
	COPPA MG	617120373	100 %	31/12/2012
	SOCIETE DES BISCOTTES FAISSOLE	310531538	100 %	31/12/2011

Linkages

Company Name	Siren	Last Account Published	Turnover
ARMORICAINE LIMITED	03134327	28/02/2015	101,061 £
SRE HOLDING VERMÖGENSVERWALTUNGS GMBH & CO. KG	HRA 107201	-	-

Director(s)

Name	M. COTILLARD THIERRY
Manager position	President	Date of birth	10/03/1974
Place of birth	SAINT-BRIEUC (22000)
Type	Individual	Name at birth

Statutory Auditor

Name	KPMG S.A.
Name of representative
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth
Name	M. BUSSIERE ANDRE
Manager position	Deputy auditor	Date of birth	13/08/1937
Place of birth	PARIS 16EME
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M. MANZONI PHILIPPE ALBERT	02/01/1957 - DIJON (21000)
President	M. MANZONI PHILIPPE ALBERT	02/01/1957 - DIJON (21000)
Not associated manager	M. MANZONI PHILIPPE ALBERT	02/01/1957 - DIJON (21000)
President	M. MANZONI PHILIPPE ALBERT	02/01/1957 - DIJON (21000)

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	29/05/2015	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1110 - 341 192 227 RCS Paris. ITM ALIMENTAIRE INTERNATIONAL. Forme : Société par actions simplifiée (à associé unique). Sigle : ITM AI. Administration : Président partant : Manzoni, Philippe Albert, nomination du Président : Cotillard, Thierry. Capital : 149184 EUR. Activité : . Adresse du siège social : 24 rue Auguste Chabrières, 75015 Paris. Commentaires : modification survenue sur l'administration.
	08/05/2015	JAL	Resignation / Revocation of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 29/04/2015 La société 341192227 - ITM ALIMENTAIRE INTERNATIONAL, BOISSONS VERT SAINT DENIS, ITM AI, 24 RUE AUGUSTE CHABRIERES, 75015 PARIS 15 Fait l'objet du départ de Monsieur Philippe MANZONI, 96 Rue du Bizard, 39100, DOLE
	08/05/2015	JAL	Appointment of the social representative
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 29/04/2015 Société faisant l'objet d'une nomination : 341192227 - ITM ALIMENTAIRE INTERNATIONAL, BOISSONS VERT SAINT DENIS, ITM AI, 24 RUE AUGUSTE CHABRIERES, 75015 PARIS 15 Nominé : Monsieur Thierry COTILLARD, 92130 ISSY LES MOULINEAUX En la fonction de : Président
	10/02/2015	JAL	Activity or goodwill cession: Seller
Semaine de l'Ile-de-France (La) Date de décision : 29/10/2014 Cédant : 341192227 - ITM ALIMENTAIRE INTERNATIONAL, BOISSONS VERT SAINT DENIS, ITM AI, 24 RUE AUGUSTE CHABRIERES, 75015 PARIS 15 Cessionnaire : 508729068 - CSP DU PARC, 24 RUE AUGUSTE CHABRIERES, 75015 PARIS 15 Prix de vente : 1 € Date d’effet : 31/10/2014
	10/02/2015	JAL	Activity or goodwill cession: Seller
Semaine de l'Ile-de-France (La) Date de décision : 29/10/2014 Cédant : 341192227 - ITM ALIMENTAIRE INTERNATIONAL, BOISSONS VERT SAINT DENIS, ITM AI, 24 RUE AUGUSTE CHABRIERES, 75015 PARIS 15 Cessionnaire : 508729068 - CSP DU PARC, 24 RUE AUGUSTE CHABRIERES, 75015 PARIS 15 Prix de vente : 1 € Date d’effet : 31/10/2014
	06/01/2014	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 : 25/09/2013 Poursuite d'activité malgré des fonds propres devenus inférieurs à la moitié du capital social de la société 341192227 -  ITM ALIMENTAIRE INTERNATIONAL, BOISSONS SAINT DIE, ITM AI, 24 RUE AUGUSTE CHABRIERES, 75015 PARIS 15 Date d'effet : 25/09/2013
	03/01/2013	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2247 - 341 192 227 RCS Paris. ITM ALIMENTAIRE INTERNATIONAL. Forme : Société par actions simplifiée à associé unique. Sigle : ITM AI. Capital : 149184 EUR. Activité : . Adresse du siège social : 24 rue Auguste Chabrières, 75015 Paris. Commentaires : modification survenue sur le sigle.
	19/12/2012	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1681 - 341 192 227 RCS Paris. ITM ALIMENTAIRE INTERNATIONAL. Forme : Société par actions simplifiée à associé unique. Capital : 149184 EUR. Activité : . Adresse du siège social : 24 rue Auguste Chabrières, 75015 Paris. Commentaires : modification survenue sur le capital (augmentation) et SOCIETES AYANT PARTICIPE A L'OPERATION DE FUSION : SCA PRODUITS REGIONAUX EST Société anonyme RN4 Les Herbues 55190 Pagny sur Meuse 335 323 150 R.C.S.Bar le Duc - SCA PRODUITS D'ENTRETIEN Société par actions simplifiée 24 rue Auguste Chabrières 75015 Paris 353 430 069 R.C.S.Paris - SCA CONDIMENTS ET DERIVES Société par actions simplifiée 24 rue Auguste Chabrières 75015 Paris 353 402 258 R.C.S.Paris - SCA SUCRES ET DERIVES Société par actions simplifiée 24 rue Auguste Chabrières 75015 Paris 353 430 168 R.C.S.Paris.
	03/08/2012	Bodacc B	Modification et mutation diverse
01 - AIN GREFFE DU TRIBUNAL DE COMMERCE DE BOURG-EN-BRESSE 62 - 341 192 227 RCS Paris. ITM ALIMENTAIRE INTERNATIONAL. Forme : Société par actions simplifiée. Activité : . Commentaires : Mise en activité de la société sur création. Date de commencement de l’activité : 01/07/2012.
	30/06/2012	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1417 - 341 192 227 RCS Paris. ITM ALIMENTAIRE INTERNATIONAL. Forme : Société par actions simplifiée à associé unique. Capital : 144000 EUR. Activité : . Adresse du siège social : 24 rue Auguste Chabrières, 75015 Paris. Commentaires : modification survenue sur la dénomination.
	25/11/2011	JAL	Appointment of the social representative
Echo de l'Ouest (L') Société faisant l'objet d'une nomination : 393233754 - TERMINAL FRUITIER DE L ATLANTIQUE, QU DES DARSES, BASSIN DE PENHOUET, 44600 SAINT NAZAIRE Nominé : En la fonction de : Administrateur Nominé : En la fonction de : Administrateur Date d'effet : 10/05/2011
	25/11/2011	JAL	Appointment of the social representative
Echo de l'Ouest (L') Société faisant l'objet d'une nomination : 393233754 - TERMINAL FRUITIER DE L ATLANTIQUE, QU DES DARSES, BASSIN DE PENHOUET, 44600 SAINT NAZAIRE Nominé : En la fonction de : Administrateur Nominé : En la fonction de : Administrateur Date d'effet : 10/05/2011
	20/09/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1681 - 341 192 227 RCS Paris. ITM ALIMENTAIRE FRANCE. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire partant : SALUSTRO REYDEL, nomination du Commissaire aux comptes titulaire : KPMG S.A. Capital : 144000 EUR. Activité : . Adresse du siège social : 24 rue Auguste Chabrières, 75015 Paris. Commentaires : modification survenue sur l'administration.
	22/03/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 869 - 341 192 227 RCS Paris. ITM ALIMENTAIRE FRANCE. Forme : Société par actions simplifiée. Administration : Associé en nom partant : CIE FINANCIERE DE PARTICIPATIONS - COFIPAR. Capital : 144000 EUR. Activité : . Adresse du siège social : 24 rue Auguste Chabrières, 75015 Paris. Commentaires : modification survenue sur le capital (augmentation), la forme juridique et l'administration.
	24/12/2010	JAL	Appointment of the social representative
Annonces de la seine (Les) Société faisant l'objet d'une nomination : 300286853 - SCAGEL, 24 RUE AUGUSTE CHABRIERES, 75015 PARIS 15 Nominé : En la fonction de : Administrateur Date d'effet : 01/11/2010
	20/12/2010	JAL	Modification of the share capital
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 10/12/2010 La société : 341192227 - ITM ALIMENTAIRE FRANCE, DCAF, 24 RUE AUGUSTE CHABRIERES, 75015 PARIS 15 a subi une augmentation de son capital social désormais de 144 000 € Date d'effet : 10/12/2010
	22/06/2010	JAL	Appointment of the social representative
LES PETITES AFFICHES Société faisant objet d'une nomination : 452534415 - ITM ALIMENTAIRE OUEST, 24 RUE AUGUSTE CHABRIERES, 75015 PARIS 15 Nominé : En la fonction de : Co-Gérante
	05/01/2010	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1766 - 341 192 227 RCS Paris. ITM ALIMENTAIRE FRANCE. Forme : Société en nom collectif. Administration : Gérant non associé partant : Mozas, Eric Dominique, nomination du Gérant non associé : Manzoni, Philippe Albert, modification de l'Associé en nom ITM ENTREPRISES. Capital : 48000 EUR. Adresse du siège social : 24 rue Auguste Chabrières, 75015 Paris. Commentaires : modification survenue sur l'administration.
	18/11/2009	JAL	Resignation / Revocation of the social representative
LES PETITES AFFICHES Date de décision : 13/10/2009 La société 341192227 - ITM ALIMENTAIRE FRANCE, DCAF, 24 RUE AUGUSTE CHABRIERES, 75015 PARIS 15 Fait l'objet du départ de Monsieur Eric MOZAS
	18/11/2009	JAL	Appointment of the social representative
LES PETITES AFFICHES Société faisant objet d'une nomination : 341192227 - ITM ALIMENTAIRE FRANCE, DCAF, 24 RUE AUGUSTE CHABRIERES, 75015 PARIS 15 Nominé : Monsieur Philippe MANZONI, 96 RUE DU BIZARD, 39100 DOLE En la fonction de : Gérant
	03/10/2008	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 864 - 341 192 227 RCS Paris. ITM ALIMENTAIRE FRANCE. Forme : Société en nom collectif. Administration : Gérant non associé partant : Boutron, Philippe, nomination du Gérant non associé : Mozas, Eric Dominique. Capital : 48000 EUR. Adresse du siège social : 24 rue Auguste Chabrières, 75015 Paris. Commentaires : modification survenue sur l'administration.
	07/06/2006	Bodacc B	Modifications et mutations diverses
1862 - RCS Paris B 341 192 227. RC 87-B 7867. ITM ALIMENTAIRE FRANCE. Forme : S.N.C. Capital : 48 000 euros. Adresse du siège social : 24 rue Auguste-Chabrières,, 75015 Commentaires : modification survenue sur la dénomination et le sigle (suppression).
	09/03/2004	Bodacc B	Modifications et mutations diverses
RCS Paris B 341192227 RC 87-B 7867 INTER MARCHANDISES FRANCE. Sigle : ITM FRANCE. Forme : S.N.C. Commentaires : modification survenue sur l' administration. Administration : gérant non associé partant : MANZONI (Philippe, Albert). Nomination du gérant non associé : BOUTRON (Philippe).
	03/10/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 341192227 RC 87-B 7867 INTER MARCHANDISES FRANCE. Sigle : ITM FRANCE. Forme : S.N.C. Commentaires : modification survenue sur la dénomination, le sigle, la forme juridique et l'administration. Administration : modification du gérant non associé : MANZONI (Philippe, Albert) . Administrateur partant : BOUTRON ( Philippe). Modification d'associés en nom : I.T.M. ENTREPRISES S.A. COMPAGNIE FINANCIERE DE PARTICIPATIONS- COFIPAR.
	07/06/2002	Bodacc B	Modifications et mutations diverses
RCS Paris B 341192227 RC 87-B 7867 I.T. M. MARCHANDISES INTERNATIONAL. Sigle : ITM MI. Forme : S.A. Capital : 48 000 euros. Commentaires : modification survenue sur le capital (augmentation).
	08/03/1998	Bodacc B	Modifications et mutations diverses
RCS Paris B 341 192 227 RC 87-B 7867 I. T.M. MARCHANDISES INTERNATIONAL. Sigle : I.T.M. M.I. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration partant : SERRA (Patrick). Nomination du P.-D.G. : MANZONI (Philippe, Albert).
	19/05/1996	Bodacc B	Modifications et mutations diverses
RCS Paris B 341 192 227 RC 87-B 7867 I. T.M. MARCHANDISES INTERNATIONAL. Sigle : I.T.M. M.I. Forme : S.A. Administration : président du conseil d'administration : SERRA (Patrick). Administrateurs : I.T. M. ENTREPRISES S.A. BOUTRON (Philippe) COMPAGNIE FINANCIERE DE PARTICIPATIONS- COFIPAR. Commissaire aux comptes titulaire : SALUSTRO REYDEL. Commissaire aux comptes suppléant : BUSSIERE (André). Commentaires : modification survenue sur la dénomination, le sigle et l' administration.
	07/04/1996	Bodacc B	Modifications et mutations diverses
RCS Paris B 341 192 227 RC 87-B 7867 INTER MARCHANDISES FRANCE. Forme : S.A. Administration : président du conseil d' administration : SERRA (Patrick). Administrateurs : I.T.M. ENTREPRISES S. A. BOUTRON (Philippe) COMPAGNIE FINANCIERE DE PARTICIPATIONS-COFIPAR. Commissaire aux comptes titulaire : CABINET SALUSTRO VINCENT GAYET ET ASSOCIES. Commissaire aux comptes suppléant : BUSSIERE (André). Commentaires : modification survenue sur l'administration.

Company events history

Date	Description
03/10/2015
03/10/2015	Invalid balance sheet
03/10/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
29/05/2015	Bodacc B: Various editing or changing
13/05/2015	Amendment
13/05/2015	New chairman (CEO, CoB)
08/05/2015	Legal Gazette: Resignation / Revocation of the social representative
01/05/2015	Disengagement in other companies
29/04/2015	Legal Gazette: Appointment of the social representative
03/01/2015
31/12/2014	New accounts available
29/10/2014	Legal Gazette: Activity or goodwill cession: Seller
08/02/2014	New subsidiarie(s) detected
08/01/2014
06/01/2014	Continuation of business despite loss of equity
06/01/2014	Amendment
06/01/2014	Reconstitution of net assets
25/09/2013	Legal Gazette: Continuation of activity
04/05/2013	Update of participations in other companies
03/05/2013	Disengagement in other companies
03/05/2013	New subsidiarie(s) detected
02/02/2013	Disengagement in other companies
03/01/2013	Bodacc B: Various editing or changing
31/12/2012	Modification of Company Activity
31/12/2012	Update of Company Activity
31/12/2012	Modification of Establishment Activity
31/12/2012	New accounts available
19/12/2012	Bodacc B: Various editing or changing
18/12/2012	Amendment
18/12/2012	Change to company acronym or name
18/12/2012	Updated articles of association
07/12/2012	Disengagement in other companies
04/12/2012	Amendment
04/12/2012	Capital increase
04/12/2012	Merger
04/12/2012	Updated articles of association
04/12/2012	Declaration of conformity
02/11/2012	Disengagement in other companies
01/10/2012	Other modification of Establishment
01/10/2012	Modification to Establishment Address or Identifier
01/10/2012	Modification of Establishment Activity
01/10/2012	Formation of Establishment
21/09/2012	Audit or Management Report
10/09/2012	Collection of preferential rights activated for this company
29/08/2012	Modification to Establishment Address or Identifier
28/08/2012	Private document
28/08/2012	Planned merger
07/08/2012	Amendment
07/08/2012	Application and court order
03/08/2012	Bodacc B: Various editing or changing
01/07/2012	Formation of Establishment
01/07/2012	Modification to Company Identifier
01/07/2012	Other modification of Establishment
01/07/2012	Update of Company Legal Form
30/06/2012	Bodacc B: Various editing or changing
14/06/2012	Amendment
14/06/2012	Updated articles of association
14/06/2012	New company name
04/06/2012	Update of Company Name
04/06/2012	Update of Company Acronym
04/06/2012	Other modification of Establishment (error correction)
04/06/2012	Modification to Company Identifier
04/06/2012	Update of Company Workforce
01/06/2012	Update of participations in other companies
13/04/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
02/03/2012	New subsidiarie(s) detected
20/09/2011	Bodacc B: Various editing or changing
05/09/2011	New auditor
05/09/2011	Amendment
22/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
21/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
20/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
16/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
10/05/2011	Legal Gazette: Appointment of the social representative
22/03/2011	Bodacc B: Various editing or changing
07/03/2011	Updated articles of association
07/03/2011	New legal form – new category
07/03/2011	New chairman (CEO, CoB)
07/03/2011	Minutes of general meeting of shareholders
07/03/2011	Capital increase
07/03/2011	Amendment
14/12/2010	Audit or Management Report
10/12/2010	Other modification of Establishment (error correction)
10/12/2010	Update of Company Workforce
10/12/2010	Legal Gazette: Modification of the share capital
10/12/2010	Update of Company Legal Form
18/11/2010	Legal Gazette: Appointment of the social representative
22/02/2010	New subsidiarie(s) detected
22/02/2010	New ultimate parent
22/02/2010	New parent detected
05/01/2010	Bodacc B: Various editing or changing
31/12/2009	New accounts available
15/12/2009	Appointment/resignation of company officers
15/12/2009	New manager
15/12/2009	Amendment
18/11/2009	Legal Gazette: Resignation / Revocation of the social representative
14/10/2009	Legal Gazette: Appointment of the social representative
13/10/2009	Legal Gazette: Appointment of the social representative
31/12/2008	New accounts available
03/10/2008	New Bodacc B ads detected
03/10/2008	Bodacc B: Various editing or changing
06/08/2008	Appointment/resignation of company officers
06/08/2008	Appointment/resignation of company officers
06/08/2008	Minutes of general meeting of shareholders
06/08/2008	Minutes of general meeting of shareholders
06/08/2008	New manager
06/08/2008	New manager
06/08/2008	Private document
02/01/2008	Modification of Company Activity
02/01/2008	Update of Company Activity
31/12/2007	New accounts available
31/12/2006	New accounts available
02/02/2006	Minutes of general meeting of shareholders
02/02/2006	Updated articles of association
02/02/2006	Updated articles of association
02/02/2006	Private document
02/02/2006	New company name
02/02/2006	New company name
02/02/2006	Minutes of general meeting of shareholders
25/02/2004	New manager
25/02/2004	Updated articles of association
25/02/2004	Private document
25/02/2004	Appointment/resignation of company officers
25/02/2004	Minutes of general meeting of shareholders
25/02/2004	New company name
20/09/2002	Appointment/resignation of company officers
20/09/2002	Minutes of general meeting of shareholders
20/09/2002	New company name
20/09/2002	New legal form – new category
20/09/2002	New legal form – no new category
20/09/2002	Private document
20/09/2002	Updated articles of association
20/09/2002	Amendment
24/05/2002	Private document
24/05/2002	Minutes of general meeting of shareholders
24/05/2002	Conversion of equity to euro
24/05/2002	Capital increase
24/05/2002	Amendment
24/05/2002	Updated articles of association
06/11/2000	Appointment/resignation of company officers
06/11/2000	Amendment
06/11/2000	Private document
18/07/2000	Minutes of Board meeting
18/07/2000	Private document
18/07/2000	Appointment/resignation of company officers
24/02/1998	Changes to the Board of Directors
24/02/1998	New chairman (CEO, CoB)
24/02/1998	Amendment
24/02/1998	Appointment/resignation of company officers
24/02/1998	Private document
24/02/1998	Minutes of Board meeting
02/12/1996	Updated articles of association
02/12/1996	Amendment
02/12/1996	Minutes of general meeting of shareholders
02/12/1996	Private document
03/05/1996	Updated articles of association
03/05/1996	New company name
03/05/1996	Minutes of general meeting of shareholders
03/05/1996	Amendment
03/05/1996	Change to company acronym or name
25/03/1996	Minutes of general meeting of shareholders
25/03/1996	Appointment/resignation of company officers
25/03/1996	Amendment
25/03/1996	Changes to the Board of Directors
04/03/1994	Changes to the Board of Directors
04/03/1994	Minutes of Board meeting
04/03/1994	Amendment
04/03/1994	Appointment/resignation of company officers
24/02/1993	Amendment
24/02/1993	Changes to the Board of Directors
24/02/1993	Minutes of Board meeting
24/02/1993	New chairman (CEO, CoB)
24/02/1993	Appointment/resignation of company officers
16/10/1992	Changes to the Board of Directors
16/10/1992	Appointment/resignation of company officers
16/10/1992	Amendment
16/10/1992	Minutes of Board meeting

Synthesized Accounts

Annual Accounts

	31/12/2014	31/12/2012	31/12/2009
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	02/10/2015	02/10/2015	20/07/2011
Activity Code	4639B	4639B	4639B
Employees	803	216	47

Active account

	31/12/2014	Variation	31/12/2012	Variation	31/12/2009	Sector Median 2014
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	315,942,601	-38.9 %	516,883,079	41.4 %	365,431,236	30,036	1051779.7 %
Intangible assets	3,613,548	14.3 %	3,160,776	-54.8 %	6,989,677	0	0%
Tangible assets	468,368	7.2 %	436,710	217.2 %	137,663	9,845	4657.4 %
Financial assets	311,860,686	-39.2 %	513,285,592	43.3 %	358,303,896	1,400	22275663.3 %
Net current assets	3,027,202,569	8.5 %	2,789,814,354	436.4 %	520,111,527	269,435	1123437.2 %
Stocks	582,083,393	-10.6 %	651,150,028	0%	0	18,749	3104510.3 %
Advanced payments	31,558,574	-33.9 %	47,737,697	9018.0 %	523,552	0	0%
Receivables	2,117,490,866	3.1 %	2,053,986,169	298.5 %	515,413,674	124,534	1700231.5 %
Securities and cash	296,069,736	701.5 %	36,940,460	784.9 %	4,174,301	33,434	885434.9 %
Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	69,355	0%	0	0%	0	0	0%
Total Assets	3,343,214,527	1.1 %	3,306,697,432	273.4 %	885,542,762	369,401	904936.7 %

Passive Account

	31/12/2014	Variation	31/12/2012	Variation	31/12/2009	Sector Median 2014
Shareholders' equity	364,161,462	8.9 %	334,322,391	34.8 %	248,049,214	73,507	495310.6 %
Share capital	149,184	0%	149,184	210.8 %	48,000	10,000	1391.8 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	24,657,959	-35.2 %	38,061,013	919.1 %	3,734,599	0	0%
Liabilities	2,954,392,349	0.7 %	2,934,312,132	363.0 %	633,758,949	232,144	1272555.1 %
Financial liabilities	564,616,642	-0.4 %	567,072,506	21.8 %	465,707,820	24,309	2322565.0 %
Advanced payments received	0	0%	0	0%	0	0	0%
Trade account payables	2,002,821,416	-0.1 %	2,004,994,444	1467.3 %	127,930,227	80,296	2494197.9 %
Tax and social liabilities	189,205,033	-5.9 %	201,065,623	958.6 %	18,994,263	44,875	421531.5 %
Other debts and fixed assets liabilities	197,752,013	22.7 %	161,181,455	662.9 %	21,126,639	3,659	5404437.1 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	3,343,214,525	1.1 %	3,306,697,432	273.4 %	885,542,762	369,401	904936.7 %

Results

	31/12/2014	Variation	31/12/2012	Variation	31/12/2009	Sector Median 2014
Sales of Goods	15,059,661,103	282.1 %	3,941,667,581	285.5 %	1,022,524,471	794,777	1894728.5 %
Net turnover	15,011,231,769	283.7 %	3,912,014,661	282.6 %	1,022,360,452	745,978	2012188.8 %
of which net export turnover	0	0%	0	0%	0	0	0%
Operating charges	15,082,435,378	287.3 %	3,894,669,599	282.7 %	1,017,655,137	770,409	1957618.0 %
Operating profit/loss	-22,774,277	-148.5 %	46,997,981	865.2 %	4,869,334	13,036	-174803.0 %
Financial income	65,856,732	-86.2 %	478,945,936	57.6 %	303,949,015	0	0%
Financial charges	47,802,613	-73.6 %	181,411,827	201.8 %	60,101,879	858	5571300.1 %
Financial profit/loss	18,054,119	-93.9 %	297,534,109	22.0 %	243,847,136	-247	7309459.9 %
Pretax net operating income	-4,720,158	-101.4 %	344,532,090	38.5 %	248,716,470	11,604	-40777.0 %
Extraordinary income	14,787,881	-37.7 %	23,734,014	2616.1 %	873,817	0	0%
Extraordinary charges	5,707,276	-15.6 %	6,759,244	69.4 %	3,989,141	338	1688443.2 %
Extraordinary profit/loss	9,080,605	-46.5 %	16,974,770	644.9 %	-3,115,324	0	0%
Net result	5,940,287	-98.4 %	364,016,682	48.2 %	245,601,146	12,572	47150.1 %

Accounts – Active

Normal Account

	31/12/2014	31/12/2012	31/12/2009
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Grand Total (I to VI)	Net	3,343,214,527	1.1 %	3,306,697,432	273.4 %	885,542,762
Gross	CO	3,497,727,947	1.7 %	3,437,856,154	257.1 %	962,694,724
Amortisation	1A	154,513,420	17.8 %	131,158,722	70.0 %	77,151,962

Non declared distributed capital (I)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
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	31/12/2012	Variation	31/12/2009
Total Active fixed asset (II)	Net	315,942,601	-38.9 %	516,883,079	41.4 %	365,431,236
Gross	BJ	448,821,093	-28.3 %	626,183,010	41.5 %	442,533,260
Amortisation	BK	132,878,491	21.6 %	109,299,931	41.8 %	77,102,024

Intangible fixed assets

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
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	2,668	0%	2,668	0%	0
Amortisation	CQ	2,668	0%	2,668	0%	0
Distributorships, patents	Net	144,713	-95.4 %	3,160,776	-41.0 %	5,354,126
Gross	AF	56,117,295	1.0 %	55,558,909	16.6 %	47,631,195
Amortisation	AG	55,972,582	6.8 %	52,398,133	23.9 %	42,277,069
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	3,468,835	0%	0	0%	1,635,551
Gross	AJ	3,468,835	0%	0	0%	1,635,551
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	3,613,548	14.3 %	3,160,776	-54.8 %	6,989,677

Tangilble fixed assets

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	180,030	132.4 %	77,474	0%	0
Gross	AP	227,456	149.2 %	91,266	0%	0
Amortisation	AQ	47,426	243.9 %	13,792	0%	0
Plant	Net	78,993	-44.0 %	141,105	0%	0
Gross	AR	522,293	0.4 %	520,393	0%	0
Amortisation	AS	443,300	16.9 %	379,288	0%	0
Other tangible fixed assets	Net	209,345	-4.0 %	218,131	58.5 %	137,663
Gross	AT	1,761,542	8.6 %	1,621,395	282.4 %	424,019
Amortisation	AU	1,552,197	10.6 %	1,403,264	390.0 %	286,356
Fixed assets in construction	Net	0	0%	0	0%	0
Gross	AV	0	0%	0	0%	0
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	0	0%	0	0%	0
Gross	AX	0	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	468,368	7.2 %	436,710	217.2 %	137,663

Financial assets

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
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	46,023,179	8.4 %	42,439,367	2976.4 %	1,379,506
Gross	CU	55,535,644	30.4 %	42,599,559	1306.6 %	3,028,625
Amortisation	CV	9,512,465	5838.2 %	160,192	-90.3 %	1,649,119
Inter-company receivables	Net	222,158,021	-48.6 %	432,380,094	21.2 %	356,892,157
Gross	BB	283,418,527	-41.7 %	485,860,627	24.6 %	389,781,637
Amortisation	BC	61,260,506	14.5 %	53,480,533	62.6 %	32,889,480
Other investment securities	Net	12,644	-19.8 %	15,756	200.7 %	5,239
Gross	BD	12,644	-19.8 %	15,756	200.7 %	5,239
Amortisation	BE	0	0%	0	0%	0
Loans	Net	161,662	9691.8 %	1,651	-48.4 %	3,200
Gross	BF	184,195	661.6 %	24,184	655.8 %	3,200
Amortisation	BG	22,533	0%	22,533	0%	0
Other financial assets	Net	43,505,180	13.2 %	38,448,724	161490.0 %	23,794
Gross	BH	47,569,993	19.3 %	39,888,252	167540.0 %	23,794
Amortisation	BI	4,064,813	182.4 %	1,439,528	0%	0
Sub Total Financial assets	Net	311,860,686	-39.2 %	513,285,592	43.3 %	358,303,896

Current Assets (III)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Total Current Assets	Net	3,027,202,569	8.5 %	2,789,814,354	436.4 %	520,111,527
Gross	CJ	3,048,837,499	8.4 %	2,811,673,144	440.5 %	520,161,464
Amortisation	CK	21,634,930	-1.0 %	21,858,790	43672.7 %	49,937

Stocks

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Raw materials	Net	0	0%	0	0%	0
Gross	BL	0	0%	0	0%	0
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	0	0%	0	0%	0
Gross	BN	0	0%	0	0%	0
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	582,083,393	-10.6 %	651,150,028	0%	0
Gross	BT	590,625,787	-10.1 %	656,913,806	0%	0
Amortisation	BU	8,542,394	48.2 %	5,763,778	0%	0
Sub Total Stocks	Net	582,083,393	-10.6 %	651,150,028	0%	0

Advance payments to suppliers

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Advance payments to suppliers	Net	31,558,574	-33.9 %	47,737,697	9018.0 %	523,552
Gross	BV	31,558,574	-33.9 %	47,737,697	9018.0 %	523,552
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Trade accounts receivable	Net	1,022,368,442	10.7 %	923,632,480	359.5 %	201,027,999
Gross	BX	1,033,033,978	10.2 %	937,279,531	366.2 %	201,027,999
Amortisation	BY	10,665,536	-21.8 %	13,647,051	0%	0
Other debtors	Net	1,092,108,055	-3.3 %	1,129,294,747	259.3 %	314,337,148
Gross	BZ	1,094,535,055	-3.3 %	1,131,742,708	260.0 %	314,337,148
Amortisation	CA	2,427,000	-0.9 %	2,447,961	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	2,114,476,497	3.0 %	2,052,927,227	298.3 %	515,365,147

Divers

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Investment securities	Net	0	0%	0	0%	4,107,708
Gross	CD	0	0%	0	0%	4,157,645
Amortisation	CE	0	0%	0	0%	49,937
Cash and cash equivalents	Net	296,069,736	701.5 %	36,940,460	55372.0 %	66,593
Gross	CF	296,069,736	701.5 %	36,940,460	55372.0 %	66,593
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	296,069,736	701.5 %	36,940,460	784.9 %	4,174,301

Prepaid expenses

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Prepaid expenses	Net	3,014,369	184.7 %	1,058,942	2082.2 %	48,527
Gross	CH	3,014,369	184.7 %	1,058,942	2082.2 %	48,527
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
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	69,355	0%	0	0%	0
Gross		69,355	0%	0	0%	0

References

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Due within one year	CP	0	0%	489,427,721	25.6 %	389,784,837
Due after one year	CR	0	0%	0	0%	0

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Grand Total (I to V)	EE	3,343,214,525	1.1 %	3,306,697,432	273.4 %	885,542,762

Shareholder Equity (I)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Total shareholders' equity (Total I)	DL	364,161,462	8.9 %	334,322,391	34.8 %	248,049,214
Equity and shareholders' equity	DA	149,184	0%	149,184	210.8 %	48,000
Issue and merger premiums	DB	104,115,649	0%	104,115,649	0%	0
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	14,919	226.2 %	4,573	0%	4,573
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	0	0%	0	0%	0
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	63,545	0%	63,545	0%	63,545
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	253,877,878	289.4 %	-134,027,243	-5847.4 %	2,331,949
Profit or loss for the period	DI	5,940,287	-98.4 %	364,016,682	48.2 %	245,601,147
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
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	31/12/2012	Variation	31/12/2009
Total provisions for risks and charges (Total III)	DR	24,657,959	-35.2 %	38,061,013	919.1 %	3,734,599
Risk provisions	DP	24,657,959	-35.1 %	37,968,013	4465.7 %	831,590
Reserves for charges	DQ	0	0%	93,000	-96.8 %	2,903,009

Liabilities (IV)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Total Liabilities (Total IV)	EC	2,954,392,349	0.7 %	2,934,312,132	363.0 %	633,758,949
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	881,931	-47.9 %	1,693,866	-22.3 %	2,179,524
Sundry loans and financial liabilities	DV	563,734,711	-0.3 %	565,378,640	22.0 %	463,528,296
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	0	0%	0	0%	0
Trade accounts payables	DX	2,002,821,416	-0.1 %	2,004,994,444	1467.3 %	127,930,227
Tax and social security liabilities	DY	189,205,033	-5.9 %	201,065,623	958.6 %	18,994,263
Fixed asset liabilities	DZ	1,478,774	5370.5 %	27,032	-99.5 %	5,003,913
Other debts	EA	196,270,484	21.8 %	161,152,526	899.5 %	16,122,726

Translation loss (V)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Translation loss (Total V)	ED	2,755	45.2 %	1,897	0%	0

Equalization accounts

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	0	0%	2,934,312,132	0%	0
Of which current bank facilities	EH	0	0%	800,087	-62.9 %	2,154,948

Result account

1 - Operating result (I-II)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Operating result (Total I-II)	GG	-22,774,277	-148.5 %	46,997,981	865.2 %	4,869,334

2 - Financial result (V-VI)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Financial result (Total V-VI)	GV	18,054,119	-93.9 %	297,534,109	22.0 %	243,847,136

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

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	-4,720,158	-101.4 %	344,532,090	38.5 %	248,716,470

4 - Extraordinary result (VII-VIII)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Extraordinary result (Total VII-VIII)	HI	9,080,605	-46.5 %	16,974,770	644.9 %	-3,115,324

Profit or loss

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Profit or loss	HN	5,940,287	-98.4 %	364,016,682	48.2 %	245,601,146

Total Income (I+III+V+VII)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Total Income (Total I+III+V+VII)	HL	15,140,305,716	240.7 %	4,444,347,531	234.8 %	1,327,347,303

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

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	15,134,365,427	270.9 %	4,080,330,849	277.2 %	1,081,746,157

Operating income (I)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Total operating income (Total I)	FR	15,059,661,103	282.1 %	3,941,667,581	285.5 %	1,022,524,471

Operating income (details)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Sale of goods for resale	FC	12,292,253,258	293.6 %	3,123,011,233	0%	0
France	FA	12,292,253,258	293.6 %	3,123,011,233	0%	0
Export	FB	0	0%	0	0%	0
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	2,718,978,511	244.6 %	789,003,428	-22.8 %	1,022,360,452
France	FG	2,718,978,511	244.6 %	789,003,428	-22.8 %	1,022,360,452
Export	FH	0	0%	0	0%	0
Net turnover	FL	15,011,231,769	283.7 %	3,912,014,661	282.6 %	1,022,360,452
France	FJ	15,011,231,769	283.7 %	3,912,014,661	282.6 %	1,022,360,452
Export	FK	0	0%	0	0%	0
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	15,667	11859.5 %	131	0%	0
Release of reserves and provisions	FP	43,885,136	48.0 %	29,652,789	17978.9 %	164,019
Other income	FQ	4,528,531	0%	0	0%	0

Operating charges (II)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Total operating charges (Total II)	GF	15,082,435,378	287.3 %	3,894,669,599	282.7 %	1,017,655,137

Exploitation charges

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Purchase of goods for resale	FS	12,877,282,710	307.5 %	3,160,123,681	0%	0
Change in stocks of goods for resale	FT	100,369,434	239.1 %	-72,159,908	0%	0
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	1,506,226,950	147.5 %	608,608,625	-39.6 %	1,007,372,550
Tax, duty and similar payments	FX	450,469,139	208.3 %	146,132,724	6709.9 %	2,145,882
Payroll	FY	37,223,822	227.4 %	11,369,084	248.6 %	3,261,005
Social security costs	FZ	16,394,806	179.7 %	5,861,855	347.4 %	1,310,104

Depreciation

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Depreciation of fixed assets	GA	1,523,649	-16.1 %	1,816,874	-33.7 %	2,742,397
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	14,980,528	81.2 %	8,265,910	0%	0
Provisions for risks and charges	GD	16,216,660	118.0 %	7,439,347	803.7 %	823,199

Other charges

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Other charges	GE	61,747,680	258.8 %	17,211,406	0%	0

Operating charges (III-IV)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
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	31/12/2012	Variation	31/12/2009
Total financial income (Total V)	GP	65,856,732	-86.2 %	478,945,936	57.6 %	303,949,015
Share financial income	GJ	59,663,653	24.4 %	47,956,359	-83.3 %	287,860,235
Other investment income & capitalised receivables	GK	276	51.6 %	182	-100.0 %	15,969,182
Other interest and similar income	GL	178,939	-100.0 %	429,685,465	5752048.1 %	7,470
Released provisions and transferred charges	GM	4,146,031	334.3 %	954,659	751.4 %	112,128
Exchange gains	GN	1,867,832	616.4 %	260,723	0%	0
Net income from disposal of investment securities	GO	0	0%	88,548	0%	0

Financial charge (VI)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Total financial charge (Total VI)	GU	47,802,613	-73.6 %	181,411,827	201.8 %	60,101,879
Financial reserves and provisions	GQ	17,435,432	-9.6 %	19,288,540	2213.5 %	833,752
Interest and similar charges	GR	29,799,481	-81.6 %	161,907,919	173.2 %	59,268,127
Exchange losses	GS	567,700	268.0 %	154,266	0%	0
Net loss from disposal of investment securities	GT	0	0%	61,103	0%	0

Extraordinary income (VII)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Total extraordinary income (Total VII)	HD	14,787,881	-37.7 %	23,734,014	2616.1 %	873,817
Extraordinary operating income	HA	14,787,849	-29.7 %	21,029,902	2917.0 %	697,044
Extraordinary income from capital transactions	HB	32	-100.0 %	1,885,289	966.5 %	176,773
Released provisions and transferred charges	HC	0	0%	818,822	0%	0

Extraordinary charges (VIII)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Total extraordinary charges (Total VIII)	HH	5,707,276	-15.6 %	6,759,244	69.4 %	3,989,141
Extraordinary operating charges	HE	3,865,800	-32.4 %	5,716,405	428.4 %	1,081,798
Extraordinary charges from capital transactions	HF	63,314	-60.6 %	160,875	3611.9 %	4,334
Extraordinary reserves and provisions	HG	1,778,162	101.6 %	881,964	-69.6 %	2,903,009

Employee profit sharing (IX)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Employee profit sharing (Total IX)	HJ	9,641	0%	0	0%	0

Tax on profits (X)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Tax on profits (Total X)	HK	-1,589,481	36.7 %	-2,509,821	0%	0

References

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
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%	74,458	10255.8 %	719
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	31/12/2012	Variation	31/12/2009
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	700,000	0%	0	0%	0
Decreasess by transfers	OK2	260,905,194	455.7 %	46,948,032	-76.9 %	203,372,550
Gross value at the end of period	OL	448,821,094	-28.3 %	626,183,011	41.5 %	442,533,260

Research and development Charge (Total I)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Gross value at begin of period	CZ	2,668	0%	0	0%	0
Increasess due to revaluation	KB	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KC	0	0%	2,668	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	2,668	0%	2,668	0%	0

Other budget item from Intangible fixed assets (Total II)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Gross value at begin of period	KD	57,893,392	11.6 %	51,879,131	19.8 %	43,294,844
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	2,398,351	-38.0 %	3,866,578	-35.3 %	5,971,902
Decreasess by budget item transfer	LV1	700,000	0%	0	0%	0
Decreasess by transfers	LV2	5,612	-97.0 %	186,799	0%	0
Gross value at the end of period	LW	59,586,131	7.2 %	55,558,910	12.8 %	49,266,746

Tangible fixed assets (Total III)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Gross value at begin of period	LN	2,472,560	455.1 %	445,428	5.4 %	422,486
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	100,719	-94.4 %	1,787,626	116509.7 %	1,533
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	61,987	0%	0	0%	0
Gross value at the end of period	NH	2,511,292	12.5 %	2,233,054	426.6 %	424,019

Financial assets (Total IV)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Gross value at begin of period	LQ	482,539,008	-1.7 %	490,964,471	5.0 %	467,598,934
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	165,019,590	32.9 %	124,185,141	-3.4 %	128,616,112
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	260,837,595	457.8 %	46,761,233	-77.0 %	203,372,550
Gross value at the end of period	NK	386,721,003	-32.0 %	568,388,379	44.7 %	392,842,496

Reserve for depreciation

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

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
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	31/12/2012	Variation	31/12/2009
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	31/12/2012	Variation	31/12/2009
Reserve for depreciation value at begin of period	PE	54,583,118	14.6 %	47,645,220	20.4 %	39,562,954
Increases	PF	1,393,762	-70.7 %	4,752,913	75.1 %	2,714,115
Decreasess	PG	4,297	0%	0	0%	0
Decreasess by budget item transfer	PH	55,972,583	6.8 %	52,398,133	23.9 %	42,277,069

Total fixed assets amotisation (Total III)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Reserve for depreciation value at begin of period	QU	1,916,136	464.7 %	339,335	31.5 %	258,074
Increases	QV	129,888	-91.1 %	1,457,009	5051.5 %	28,283
Decreases	QW	3,101	0%	0	0%	0
Decreasess by budget item transfer	QX	2,042,923	13.7 %	1,796,344	527.3 %	286,357

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
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	31/12/2012	Variation	31/12/2009
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	2,668	0%	2,668	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	31/12/2012	Variation	31/12/2009
Value at begining of period	7C	118,088,069	0%	0	0%	34,113,119
Increases	UB	50,410,782	0%	0	0%	4,535,382
Decreases	UC	47,345,645	0%	0	0%	275,428
Value at the end of period	UD	121,153,206	0%	0	0%	38,373,073

Includes Total allocations

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Operating	UE	31,197,188	0%	0	0%	823,199
Financial	UG	17,435,432	0%	0	0%	833,752
Exceptional	UJ	1,778,162	0%	0	0%	2,903,009

Includes Total Withdrawal

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Operating	UF	43,199,615	0%	0	0%	163,300
Financial	UH	4,146,031	0%	0	0%	112,128
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
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	31/12/2012	Variation	31/12/2009
Value at begining of period	5Z	32,920,006	0%	0	0%	171,691
Increases	TV	19,826,015	0%	0	0%	3,726,208
Decreases	TW	28,088,063	0%	0	0%	163,300
Value at the end of period	TX	24,657,958	0%	0	0%	3,734,599

Total Provision for depreciation (Total III)

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Value at begining of period	7B	85,168,063	0%	0	0%	33,941,428
Increases	TY	30,584,767	0%	0	0%	809,174
Decreases	TZ	19,257,582	0%	0	0%	112,128
Value at the end of period	UA	96,495,248	0%	0	0%	34,638,474

State deadlines claims and debts at the end of period

State claims

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Gross value	VT	0	0%	2,595,854,243	186.8 %	905,222,306
1 year at most	VU	0	0%	2,559,508,901	182.8 %	905,198,512
More than one year	VV	0	0%	36,345,342	152650.0 %	23,794

State of loans

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Claims related to holdings (gross)	UL	0	0%	485,860,627	24.6 %	389,781,637
Claims related to shareholdings (1 year at most)	UM	0	0%	485,860,627	24.6 %	389,781,637
Loans (gross)	UP	0	0%	24,184	655.8 %	3,200
Loans (1 year at most)	UR	0	0%	0	0%	3,200
Other financial assets (gross)	UT	0	0%	39,888,252	167540.0 %	23,794
Other financial assets (1 year at most)	UV	0	0%	3,567,093	0%	0

Receivables statement of assets

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Customers doubtful or disputed	VA	0	0%	17,200,428	0%	0
Other claims customer	UX	0	0%	920,079,103	357.7 %	201,027,999
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%	118,062	12236.7 %	957
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%	88,981,763	292.3 %	22,679,416
Other taxes and payments assimilated	VN	0	0%	342,184	295.7 %	86,471
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	0	0%	6,769,772	-97.5 %	275,305,594
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	1,035,530,927	6266.7 %	16,264,710

Prepaid

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Prepaid	VS	0	0%	1,058,942	2082.2 %	48,527

State Debt

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Total debt (gross)	VY	0	0%	2,934,312,131	363.0 %	633,758,948
1 year at most	VZ2	0	0%	2,934,312,131	363.0 %	633,758,948
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	31/12/2012	Variation	31/12/2009
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%	1,693,868	-22.3 %	2,179,524
1 year at most	VG2	0	0%	1,693,866	-22.3 %	2,179,524
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%	565,289,701	34.4 %	420,704,513
1 year at most	8A2	0	0%	565,289,701	34.4 %	420,704,513
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	0	0%	2,004,994,444	1467.3 %	127,930,227
1 year at most	8B2	0	0%	2,004,994,444	1467.3 %	127,930,227
More than 1 year and 5 years at most	8B3	0	0%	2,004,994,444	1467.3 %	127,930,227
Personnel and associated accounts (gross)	8C1	0	0%	5,909,887	1421.9 %	388,317
1 year at most	8C2	0	0%	5,909,887	1421.9 %	388,317
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%	6,368,110	1122.7 %	520,839
1 year at most	8D2	0	0%	6,368,110	1122.7 %	520,839
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%	164,609,134	909.0 %	16,313,883
1 year at most	VW2	0	0%	164,609,134	909.0 %	16,313,883
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%	24,177,303	1265.0 %	1,771,223
1 year at most	VQ2	0	0%	24,177,303	1265.0 %	1,771,223
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	0	0%	27,032	-99.5 %	5,003,913
1 year at most	8J2	0	0%	27,032	-99.5 %	5,003,913
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%	90,128	-99.8 %	42,823,783
1 year at most	VI2	0	0%	90,128	-99.8 %	42,823,783
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%	161,152,526	899.5 %	16,122,726
1 year at most	8K2	0	0%	161,152,526	899.5 %	16,122,726
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	31/12/2012	Variation	31/12/2009
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	31/12/2012	Variation	31/12/2009
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
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	31/12/2012	Variation	31/12/2009
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	31/12/2012	Variation	31/12/2009
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	31/12/2012	Variation	31/12/2009
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	31/12/2012	Variation	31/12/2009
Average number of employees	YP	803	271.8 %	216	359.6 %	47

Groups and Shareholders

		31/12/2014	Variation	31/12/2012	Variation	31/12/2009
Groups and Shareholders	ZR	0	-	-	-	-

Ratios

Structure and Liquidity

	31/12/2014	Variation	31/12/2012	Variation	31/12/2009	Sector Median 2014
Fixed Asset Financing	2.42	44.9 %	1.67	-6.7 %	1.79	2.10	15.2 %
Global Debt	71 days	-73.7 %	270 days	21.1 %	223 days	81 days	-12.3 %
Working Capital Fund overall net	15 days	-61.5 %	39 days	-68.3 %	123 days	38 days	-60.0 %
Financial independence	64.50 %	9.4 %	58.96 %	10.7 %	53.26 %	165.13 %	-60.9 %
Solvability	10.89 %	7.7 %	10.11 %	-63.9 %	28.01 %	30.69 %	-64.5 %
Capacity debt futures	-	-	19,737.24 %	73.4 %	11,380.89 %	904.80 %	-
Coverage of current assets by net working capital overall	20.93 %	39.4 %	15.01 %	-77.5 %	66.74 %	38.58 %	-45.7 %
General Liquidity	-	-	0.87	-39.2 %	1.43	0.69	-
Restricted Liquidity	-	-	0.88	-38.5 %	1.43	1.07	-

Management or rotation

	31/12/2014	Variation	31/12/2012	Variation	31/12/2009	Sector Median 2014
Need background in operating working capital	8 days	-77.1 %	35 days	-71.3 %	122 days	11 days	-27.3 %
Treasury	7 days	133.3 %	3 days	200.0 %	1 days	7 days	0%
Inventory turnover of goods	16 days	-79.2 %	77 days	-	-	23 days	-30.4 %
Average length of credit granted to customers	25 days	-70.9 %	86 days	21.1 %	71 days	40 days	-37.5 %
Average length of credit obtained suppliers	50 days	-74.4 %	195 days	323.9 %	46 days	44 days	13.6 %
Inventory turnover of raw materials in industrial enterprises	-	-	-	-	-	0 days	-
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	1,813 days	-
Rotation tangible assets	597,749.36 %	241.2 %	175,186.75 %	-27.3 %	241,111.94 %	1,910.12 %	31193.8 %

Profitability of the business

	31/12/2014	Variation	31/12/2012	Variation	31/12/2009	Sector Median 2014
Margin trading	-4.57 %	-607.8 %	0.90 %	0%	0.00 %	21.00 %	-121.8 %
Profitability of the business	0.16 %	-88.0 %	1.33 %	64.2 %	0.81 %	2.97 %	-94.6 %
Net profit	0.04 %	-99.6 %	9.31 %	-61.2 %	24.02 %	1.58 %	-97.5 %
Growth rate of turnover (excluding VAT)	283.72 %	0%	0.00 %	0%	-1.16 %	2.76 %	10179.7 %
Rates integration	3.51 %	-36.3 %	5.51 %	274.8 %	1.47 %	12.96 %	-72.9 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	10.17 %	27.1 %	8.00 %	-73.8 %	30.50 %	61.47 %	-83.5 %
Weight interests	0.32 %	-93.1 %	4.64 %	-21.1 %	5.88 %	0.09 %	255.6 %

Return on capital

	31/12/2014	Variation	31/12/2012	Variation	31/12/2009	Sector Median 2014
Cash flow from the overall profitability	-0.14 %	-101.4 %	9.82 %	-60.1 %	24.61 %	2.22 %	-106.3 %
Rates of economic profitability	3.00 %	-50.0 %	6.00 %	500.0 %	1.00 %	19.00 %	-84.2 %
Financial profitability	364,161,462.00 %	8.9 %	334,322,391.00 %	34.8 %	248,049,214.00 %	58,334.00 %	624169.7 %
Return on investment	5.79 %	-90.4 %	60.51 %	41.3 %	42.83 %	12.18 %	-52.5 %

Management intermediate balances

	31/12/2014	Variation	31/12/2012	Variation	31/12/2009	Sector Median 2014
Turnover	15,011,231,769	283.7 %	3,912,014,661	282.6 %	1,022,360,452	745,978	2012188.8 %

	31/12/2014	Variation	31/12/2012	Variation	31/12/2009	Sector Median 2014
Sales of goods	12,292,253,258	293.6 %	3,123,011,233	0%	0		-
- Purchase of goods	12,877,282,710	307.5 %	3,160,123,681	0%	0		-
+/- Stock of goods variation	100,369,434	239.1 %	-72,159,908	0%	0		-
Trading margin	-685,398,886 €	-2055.6 %	35,047,460 €	0%	0 €	155,819 €	-439968.6 %
	-4.57 % CA	-607.8 %	0.90 % CA	0%	0.00 % CA	21.79 % CA	-121.0 %

	31/12/2014	Variation	31/12/2012	Variation	31/12/2009	Sector Median 2014
Sale of goods produced	2,718,978,511	244.6 %	789,003,428	-22.8 %	1,022,360,452		-
+/- Stocked production	0	0%	0	0%	0		-
+ Self-constructed assets	0	0%	0	0%	0		-
Period production	2,718,978,511 €	244.6 %	789,003,428 €	-22.8 %	1,022,360,452 €	5,531 €	49158795.5 %
	18.11 % CA	-10.2 %	20.17 % CA	-79.8 %	100.00 % CA	0.94 % CA	1826.6 %

	31/12/2014	Variation	31/12/2012	Variation	31/12/2009	Sector Median 2014
Trading margin	-685,398,886	-2055.6 %	35,047,460	0%	0	155,819	-439968.6 %
+ Period Production	2,718,978,511	244.6 %	789,003,428	-22.8 %	1,022,360,452	5,531	49158795.5 %
- Purchase of raw materials	0	0%	0	0%	0		-
+/- Change in stocks of raw materiels	0	0%	0	0%	0		-
- Other external purchases and charges	1,506,226,950	147.5 %	608,608,625	-39.6 %	1,007,372,550		-
Added value	527,352,675 €	144.8 %	215,442,263 €	1337.4 %	14,987,902 €	117,376 €	449184.9 %
	3.51 % CA	-36.3 %	5.51 % CA	274.8 %	1.47 % CA	12.96 % CA	-72.9 %

	31/12/2014	Variation	31/12/2012	Variation	31/12/2009	Sector Median 2014
Added value	527,352,675 €	144.8 %	215,442,263 €	1337.4 %	14,987,902 €	117,376 €	449184.9 %
+ Operating grants	15,667	11859.5 %	131	0%	0		-
- Tax, duty and similar payments	450,469,139	208.3 %	146,132,724	6709.9 %	2,145,882		-
- Personal charges	53,618,628	211.2 %	17,230,939	277.0 %	4,571,109		-
Gross operating surplus	23,280,575 €	-55.3 %	52,078,731 €	529.7 %	8,270,911 €	19,138 €	121545.8 %
	0.16 % CA	-88.0 %	1.33 % CA	64.2 %	0.81 % CA	2.97 % CA	-94.6 %

	31/12/2014	Variation	31/12/2012	Variation	31/12/2009	Sector Median 2014
Gross operating surplus	23,280,575 €	-55.3 %	52,078,731 €	529.7 %	8,270,911 €	19,138 €	121545.8 %
+ Release of reserves and provisions	43,885,136	48.0 %	29,652,789	17978.9 %	164,019		-
+ Other operating income	4,528,531	0%	0	0%	0		-
- Depreciation/ Amortisation	32,720,837	86.7 %	17,522,131	391.4 %	3,565,596		-
- Other charges	61,747,680	258.8 %	17,211,406	0%	0		-
Operating result	-22,774,275 €	-148.5 %	46,997,983 €	865.2 %	4,869,334 €	12,666 €	-179906.4 %
	-0.15 % CA	-112.5 %	1.20 % CA	150.0 %	0.48 % CA	2.02 % CA	-107.4 %

	31/12/2014	Variation	31/12/2012	Variation	31/12/2009	Sector Median 2014
Operating result	-22,774,275 €	-148.5 %	46,997,983 €	865.2 %	4,869,334 €	12,666 €	-179906.4 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0		-
+ Financial income	65,856,732	-86.2 %	478,945,936	57.6 %	303,949,015		-
- Financial charges	47,802,613	-73.6 %	181,411,827	201.8 %	60,101,879		-
Pre-tax result	-4,720,156 €	-101.4 %	344,532,092 €	38.5 %	248,716,470 €	11,545 €	-40984.9 %
	-0.03 % CA	-100.3 %	8.81 % CA	-63.8 %	24.33 % CA	1.88 % CA	-101.6 %

	31/12/2014	Variation	31/12/2012	Variation	31/12/2009	Sector Median 2014
Extraordinary income	14,787,881	-37.7 %	23,734,014	2616.1 %	873,817	0	0%
- Extraordinary charges	5,707,276	-15.6 %	6,759,244	69.4 %	3,989,141		-
Extraordinary result	9,080,605 €	-46.5 %	16,974,770 €	644.9 %	-3,115,324 €	0 €	0%
	0.06 % CA	-86.0 %	0.43 % CA	243.3 %	-0.30 % CA	0.00 % CA	0%

	31/12/2014	Variation	31/12/2012	Variation	31/12/2009	Sector Median 2014
Pre-tax result	-4,720,156 €	-101.4 %	344,532,092 €	38.5 %	248,716,470 €	11,545 €	-40984.9 %
Extraordinary result	9,080,605 €	-46.5 %	16,974,770 €	644.9 %	-3,115,324 €	0 €	0%
- Employee profit sharing	9,641	0%	0	0%	0		-
- Tax on profits	-1,589,481	36.7 %	-2,509,821	0%	0		-
Net result	5,940,289 €	-98.4 %	364,016,683 €	48.2 %	245,601,146 €	12,159 €	48755.1 %
	0.04 % CA	-99.6 %	9.31 % CA	-61.2 %	24.02 % CA	1.58 % CA	-97.5 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.39
UK Pound	1	Rs.99.05
Euro	1	Rs.73.19

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	ANK

RATING EXPLANATIONS

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

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

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

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

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