MIRA INFORM REPORT

Report No. :	344317
Report Date :	09.10.2015

IDENTIFICATION DETAILS

Name :	ETABLISSEMENTS COGLIANDRO
Registered Office :	29 Rue Lieut Col Duchatelet 59200 Tourcoing
Country :	France
Financials (as on) :	31.12.2014
Date of Incorporation :	January 1972
Legal Form :	Plc with management board
Line of Business :	Wholesale (business to business) machinery for the textile and clothing industry
No. of Employee :	20 employees

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
France	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	ETABLISSEMENTS COGLIANDRO
Acronym	-
Trade name	-
Status	Economically active
Postal Address	ETABLISSEMENTS COGLIANDRO 29 RUE LIEUT COL DUCHATELET 59200 TOURCOING
Share Capital	128,132 Euros
Telephone	03 20 25 49 49
Activity (APE)	Wholesale (business to business) machinery for the textile and clothing industry (4664Z)	RCS Registration	RCS Lille Metropole B 302 898 465
Formation Date	01/1972	EUR VAT Number	FR86302898465
Deregistration Date	-	Last account Date	31/12/2014
Court Registry Number	19 7 4B40002	Incorporiation Date	05/1989
Registration Court	Lille Metropole (59)	Fax	03 20 25 00 21
Nationality	France
		Legal form	Plc with management board
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2014	4,614,926 €	1.17% Turnover	1,789,316 €	3,123 €	20 employees
31/12/2013	4,733,707 €	1.61% Turnover	1,786,193 €	40,109 €	20 to 49 employees
31/12/2012	4,424,966 €	0.88% Turnover	1,746,084 €	13,886 €	22 employees

Trends

Profitability

Liquidity

Net Worth

Directors

Current Directors

2

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	4664Z	Activity	Wholesale (business to business) machinery for the textile and clothing industry
Formation Date	02/1989	Reason for Formation	Other
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	29 RUE LIEUT COL DUCHATELET 59200 TOURCOING	Department	Nord (59)
Location Surface	-	District	5
City	TOURCOING	Status	Economically active
Business Pages FT®	DEMENAGEMENTS INDUSTRIELS ET DE BUREAUX	Region	Nord-Pas-de-Calais
		Area	97
		Size of Urban Area	Urban unit with 200 000 to 1 999 999 inhabitants

Other Establishment(s)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	1 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
ETABLISSEMENTS COGLIANDRO	Head Office	4664Z	Wholesale (business to business) machinery for the textile and clothing industry	TOURCOING	59200
ETABLISSEMENTS COGLIANDRO	Branch	4664Z	Wholesale (business to business) machinery for the textile and clothing industry	FOUGEROLLES	70220

Workforces

Workforce at address

20 to 49 employees

Company workforce

20 to 49 employees

Commentary

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

The liquidity acid test is less than 65%

The sales to current assets ratio is 1.69

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

The debtor days are 58.84

The tangible fixed assets are 155,145 €

The company is 43 years old

Industry code with low risk rating

The return on total assets employed is positive

The ratio total assets to total liabilities is 2.58

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

Industry comparison

Activity (APE)	(4664Z)
Industry average credit rating	46
Industry average credit limit	16,146

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	26/05/2014
Status of Monitoring	No social security and tax office preferential right to date

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company.

Director(s)

Name	M. TRIVERI MARCO
Manager position	President of the management board	Date of birth	03/12/1960
Place of birth	APRILIA (ITALIE)(ITALIE)
Type	Individual	Name at birth
Name	M. COGLIANDRO CONSOLATO
Manager position	President of the supervisory council	Date of birth	01/10/1941
Place of birth	PALIZZI (ITALIE)(ITALIE)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President of the management board	M. TRIVERI MARCO	-
President of the management board	M. TRIVERI MARCO	03/12/1960 - APRILIA (ITALIE)(ITALIE)
President of the supervisory council	M. COGLIANDRO CONSOLATO	-
President of the supervisory council	M. COGLIANDRO CONSOLATO	01/10/1941 - PALIZZI (ITALIE)(ITALIE)

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	21/09/2015	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE LILLE MÉTROPOLE 6322 - 302898465 RCS. ETABLISSEMENTS COGLIANDRO. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 29 rue du Lieutenant Colonel Duchatelet 59200 Tourcoing. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	29/09/2014	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE LILLE MÉTROPOLE 5683 - 302898465 RCS. ETABLISSEMENTS COGLIANDRO. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 29 rue du Lieutenant Colonel Duchatelet 59200 Tourcoing. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	02/06/2014	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE LILLE MÉTROPOLE 8076 - 302898465 RCS. ETABLISSEMENTS COGLIANDRO. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 29 rue du Lieutenant Colonel Duchatelet 59200 Tourcoing. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	20/05/2014	Bodacc B	Modification et mutation diverse
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE LILLE METROPOLE 619 - 302 898 465 RCS Lille Métropole. ETABLISSEMENTS COGLIANDRO. Forme : Société anonyme à directoire et conseil de surveillance. Administration : Commissaire aux comptes titulaire partant : KPMG SA, nomination du Commissaire aux comptes titulaire : KPMG AUDIT NORD, modification du Commissaire aux comptes suppléant Merlin, Jacques, nomination du Commissaire aux comptes suppléant : KPMG AUDIT PARIS ET CENTRE. Capital : 128132 EUR. Activité : . Adresse du siège social : 29 rue du Lieutenant Colonel Duchatelet, 59200 Tourcoing. Commentaires : modification survenue sur l'administration.
	03/10/2013	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE LILLE MÉTROPOLE 4880 - 302898465 RCS. ETABLISSEMENTS COGLIANDRO. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 29 rue du Lieutenant Colonel Duchatelet 59200 Tourcoing. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	17/09/2012	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE ROUBAIX-TOURCOING 9221 - 302898465 RCS. ETABLISSEMENTS COGLIANDRO. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 29 rue du Lieutenant Colonel Duchatelet 59200 Tourcoing. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	03/09/2010	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE ROUBAIX-TOURCOING 5942 - 302898465 RCS. ETABLISSEMENTS COGLIANDRO. Forme : Société anonyme à directoire. Adresse : 29 rue du Lieutenant Colonel Duchatelet 59200 Tourcoing. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	31/08/2009	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE ROUBAIX-TOURCOING 9363 - 302898465 RCS. ETABLISSEMENTS COGLIANDRO. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 29 rue du Lieutenant Colonel Duchatelet 59200 Tourcoing. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	29/09/2008	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE ROUBAIX-TOURCOING 6655 - 302898465 RCS. ETABLISSEMENTS COGLIANDRO. Forme : Société anonyme à directoire et conseil de surveillance. Adresse : 29 rue du Lieutenant Colonel Duchatelet 59200 Tourcoing. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	04/11/2007	Bodacc C	Avis de dépôt des comptes
3632 - 302 898 465. RCS Roubaix ETABLISSEMENTS COGLIANDRO. Forme: Société Anonyme à Directoire et Conseil de Surveillance. Adresse du siège social: 29 rue du Lieutenant Colonel Duchatelet 59200 Tourcoing. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	05/10/2006	Bodacc C	Avis de dépôt des comptes
2899 - RCS Roubaix-Tourcoing B 302 898 465. RC 74-B 20002. ETABLISSEMENTS COGLIANDRO. Forme: S.A. à directoire. . Adresse du siège social: 29, rue du Lieutenant Colonel Duchatelet,59200 Tourcoing. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	17/03/2006	Bodacc C	Avis de dépôt des comptes
2049 - RCS Roubaix-Tourcoing B 302 898 465. RC 74-B 20002. ETABLISSEMENTS COGLIANDRO. Forme: S.A. à directoire. . Adresse du siège social: 29, rue du Lieutenant Colonel Duchatelet,59200 Tourcoing. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	18/06/2005	Bodacc C	Avis de dépôt des comptes
2289 - RCS Roubaix-Tourcoing B 302 898 465. RC 74-B 20002. ETABLISSEMENTS COGLIANDRO. Forme: S.A. à directoire. . Adresse du siège social: 29, rue du Lieutenant Colonel Duchatelet,59200 Tourcoing. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2003.
	25/08/2002	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Roubaix-Tourcoing B 302898465 RC 74-B 20002 ETABLISSEMENTS COGLIANDRO. Forme : S.A. à conseil d'administration. Capital : 128 132 euros. Adresse : 29 rue du Lieutenant-Colonel-Duchatelet, 59200 Tourcoing. Administration : président du directoire : TRIVERI (Marco). Président du conseil de surveillance : COGLIANDRO (Consolato). Vice-président du conseil de surveillance : M m e COGLIANDRO ( Nathalie). Membres du conseil de surveillance : M m e COGLIANDRO, née MIGNOT (Chantal, Denise) M m e COGLIANDRO (Nathalie). Commissaire aux comptes titulaire : FIDUCIAIRE DU NORD D'EXPERTISE COMPTABLE. Commissaire aux comptes suppléant : MERLIN (Jacques) Nouvelle situation du siège social. Forme : S.A. à directoire Etablissement principal: Activité : démontage de matériel textile. Adresse : 29 rue du Lieutenant-Colonel-Duchatelet, 59200 Tourcoing. Date d'effet : 1 e r juillet 2002.
	29/05/2002	Bodacc B	Modifications et mutations diverses
RCS Roubaix-Tourcoing B 302898465 RC 74- B 20002 ETABLISSEMENTS COGLIANDRO. Forme : S.A. à conseil d'administration. Capital : 128 132 euros. Adresse du siège social : 29 rue du Lieutenant-Colonel-Duchatelet, 59200 Tourcoing. Administration : président du conseil d'administration : TRIVERI (Marco). Administrateurs : M m e COGLIANDRO, née MIGNOT (Chantal, Denise) COGLIANDRO (Consolato). Commissaire aux comptes titulaire : FIDUCIAIRE DU NORD D'EXPERTISE COMPTABLE. Commissaire aux comptes suppléant : MERLIN (Jacques). Ancien président du conseil d'administration : COGLIANDRO (Consolato) Etablissement principal: Activité : démontage de matériel de textile. Adresse : 29 rue du Lieutenant-Colonel-Duchatelet, 59200 Tourcoing. Date d'effet : 20 mars 2002.
	19/12/1999	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Roubaix-Tourcoing B 302898465 RC 74-B 20002 ETABLISSEMENTS COGLIANDRO. Forme : S.A. à conseil d'administration. Capital : 257 500 F. Adresse : 29 rue du Lieutenant- Colonel-Duchatelet, 59200 Tourcoing Nouvelle situation du siège social. Capital : 128 132 euros Etablissement principal: Activité : démontage de matériel de textile. Adresse : 29 rue du Lieutenant-Colonel-Duchatelet, 59200 Tourcoing. Date d'effet : 10 novembre 1999.

Company events history

Date	Description
24/09/2015
24/09/2015
24/09/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
21/09/2015	Bodacc C : Deposit accounts notice
27/05/2015
16/05/2015
31/12/2014	New accounts available
29/09/2014	Bodacc C : Deposit accounts notice
12/09/2014
12/09/2014
12/09/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
02/06/2014	Bodacc C : Deposit accounts notice
28/05/2014
26/05/2014	Collection of preferential rights activated for this company
20/05/2014	Bodacc B: Various editing or changing
15/05/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
07/05/2014
05/05/2014	New auditor
05/05/2014	Minutes of general meeting of shareholders
31/12/2013	New accounts available
14/10/2013
14/10/2013
03/10/2013	Bodacc C : Deposit accounts notice
17/09/2013
17/09/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2012	New accounts available
02/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
17/09/2012	Bodacc C : Deposit accounts notice
31/12/2011	New accounts available
06/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/09/2011	Bodacc C : Deposit accounts notice
31/12/2010	Modification of Company Activity
31/12/2010	New accounts available
31/12/2010	Update of Company Activity
03/09/2010	Bodacc C : Deposit accounts notice
31/12/2009	Modification of Company Activity
31/12/2009	New accounts available
31/12/2009	Update of Company Activity
31/08/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
29/09/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
08/08/2002	Updated articles of association
08/08/2002	Private document
08/08/2002	New legal form – new category
08/08/2002	Minutes of general meeting of shareholders
08/08/2002	Change to the administration of a public limited company
08/08/2002	Appointment/resignation of company officers
08/08/2002	Amendment
08/08/2002	New chairman (CEO, CoB)
13/05/2002	Appointment/resignation of company officers
13/05/2002	Changes to the Board of Directors
13/05/2002	Minutes of Board meeting
13/05/2002	New chairman (CEO, CoB)
13/05/2002	Amendment
13/05/2002	Private document
02/12/1999	Capital increase
02/12/1999	Conversion of equity to euro
02/12/1999	Minutes of general meeting of shareholders
02/12/1999	Private document
02/12/1999	Updated articles of association

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	23/09/2015	11/09/2014	13/05/2014
Activity Code	4664Z	4664Z	4664Z
Employees	20	0	22

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	199,958	-17.9 %	243,455	24.5 %	195,619	45,485	339.6 %
Intangible assets	0	0%	92	-60.0 %	230	333	0%
Tangible assets	155,145	-21.9 %	198,646	24.4 %	159,688	10,707	1349.0 %
Financial assets	44,813	0.2 %	44,717	25.3 %	35,701	1,559	2774.5 %
Net current assets	2,724,551	10.1 %	2,474,013	-13.1 %	2,846,485	432,841	529.5 %
Stocks	1,656,866	31.5 %	1,259,710	-23.0 %	1,636,147	89,343	1754.5 %
Advanced payments	44,000	-39.8 %	73,100	17.9 %	62,000	0	0%
Receivables	744,004	25.8 %	591,529	-14.1 %	688,685	153,904	383.4 %
Securities and cash	279,681	-49.1 %	549,674	19.6 %	459,653	83,262	235.9 %
Prepaid expenses	-	-	-	-	-	194	-
Accounts of regularization	0	0%	1,758	1064.2 %	151	0	0%
Total Assets	2,924,509	7.5 %	2,719,226	-10.6 %	3,042,255	653,124	347.8 %

Passive Account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Shareholders' equity	1,789,316	0.2 %	1,786,193	2.3 %	1,746,084	279,547	540.1 %
Share capital	128,132	0%	128,132	0%	128,132	32,745	291.3 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	657	-72.8 %	2,415	46.1 %	1,653	0	0%
Liabilities	1,133,892	21.8 %	930,618	-28.1 %	1,294,518	255,165	344.4 %
Financial liabilities	47,006	-51.6 %	97,219	49.6 %	64,976	13,912	237.9 %
Advanced payments received	339,585	178.8 %	121,800	-61.3 %	314,620	0	0%
Trade account payables	350,341	29.0 %	271,558	-37.0 %	431,369	85,558	309.5 %
Tax and social liabilities	189,672	-9.2 %	208,947	-0.4 %	209,811	60,232	214.9 %
Other debts and fixed assets liabilities	18,232	23.2 %	14,793	332.3 %	3,422	9,090	100.6 %
Account regularization	189,700	-12.3 %	216,301	-20.0 %	270,320	0	0%
Total liabilities	2,924,509	7.5 %	2,719,226	-10.6 %	3,042,255	653,124	347.8 %

Results

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sales of Goods	4,730,471	-0.8 %	4,767,892	5.9 %	4,503,949	744,645	535.3 %
Net turnover	4,614,926	-2.5 %	4,733,707	7.0 %	4,424,966	743,129	521.0 %
of which net export turnover	4,095,579	7.3 %	3,818,013	21.2 %	3,149,960	15,407	26482.6 %
Operating charges	4,728,895	-0.4 %	4,749,372	5.5 %	4,500,398	689,883	585.5 %
Operating profit/loss	1,576	-91.5 %	18,520	421.5 %	3,551	21,224	-92.6 %
Financial income	3,999	2.6 %	3,899	-42.2 %	6,743	540	641.2 %
Financial charges	1,614	-60.6 %	4,093	94.3 %	2,107	1,149	40.5 %
Financial profit/loss	2,385	1329.4 %	-194	-104.2 %	4,636	0	0%
Pretax net operating income	3,961	-78.4 %	18,326	123.8 %	8,187	20,251	-80.4 %
Extraordinary income	0	0%	33,089	121.0 %	14,970	186	0%
Extraordinary charges	838	-86.4 %	6,167	24.3 %	4,963	166	404.8 %
Extraordinary profit/loss	-838	-103.1 %	26,922	169.0 %	10,007	0	0%
Net result	3,123	-92.2 %	40,109	188.8 %	13,886	19,478	-84.0 %

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	2,924,509	7.5 %	2,719,226	-10.6 %	3,042,255
Gross	CO	3,515,366	5.4 %	3,334,856	-9.6 %	3,690,169
Amortisation	1A	590,857	-4.0 %	615,630	-5.0 %	647,914

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	199,958	-17.9 %	243,455	24.5 %	195,619
Gross	BJ	690,938	0.7 %	686,291	5.4 %	650,878
Amortisation	BK	490,980	10.9 %	442,836	-2.7 %	455,259

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	0	0%	92	-60.0 %	230
Gross	AF	7,874	0%	7,874	0%	7,874
Amortisation	AG	7,874	1.2 %	7,782	1.8 %	7,644
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	0	0%	92	-60.0 %	230

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%	8	-91.2 %	91
Gross	AP	833	0%	833	0%	833
Amortisation	AQ	833	1.0 %	825	11.2 %	742
Plant	Net	17,342	-12.7 %	19,857	-2.9 %	20,450
Gross	AR	60,818	1.1 %	60,152	4.3 %	57,653
Amortisation	AS	43,476	7.9 %	40,295	8.3 %	37,203
Other tangible fixed assets	Net	137,803	-22.9 %	178,781	28.5 %	139,147
Gross	AT	576,600	0.7 %	572,715	4.4 %	548,817
Amortisation	AU	438,797	11.4 %	393,934	-3.8 %	409,670
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	155,145	-21.9 %	198,646	24.4 %	159,688

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	35,112	0.3 %	35,016	34.7 %	26,000
Gross	CU	35,112	0.3 %	35,016	34.7 %	26,000
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	9,701	0%	9,701	0%	9,701
Gross	BH	9,701	0%	9,701	0%	9,701
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	44,813	0.2 %	44,717	25.3 %	35,701

Current Assets (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Current Assets	Net	2,724,551	10.1 %	2,474,013	-13.1 %	2,846,485
Gross	CJ	2,824,428	6.7 %	2,646,807	-12.9 %	3,039,140
Amortisation	CK	99,877	-42.2 %	172,794	-10.3 %	192,655

Stocks

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
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	39,427	-53.9 %	85,589	508.5 %	14,066
Gross	BP	39,427	-53.9 %	85,589	508.5 %	14,066
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	1,617,439	37.8 %	1,174,121	-27.6 %	1,622,081
Gross	BT	1,687,464	33.2 %	1,266,570	-27.1 %	1,736,229
Amortisation	BU	70,025	-24.3 %	92,449	-19.0 %	114,148
Sub Total Stocks	Net	1,656,866	31.5 %	1,259,710	-23.0 %	1,636,147

Advance payments to suppliers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Advance payments to suppliers	Net	44,000	-39.8 %	73,100	17.9 %	62,000
Gross	BV	44,000	-39.8 %	73,100	17.9 %	62,000
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Trade accounts receivable	Net	602,687	41.3 %	426,628	-10.5 %	476,748
Gross	BX	632,539	24.8 %	506,973	-8.7 %	555,255
Amortisation	BY	29,852	-62.8 %	80,345	2.3 %	78,507
Other debtors	Net	105,379	-3.0 %	108,680	-13.0 %	124,894
Gross	BZ	105,379	-3.0 %	108,680	-13.0 %	124,894
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	708,066	32.3 %	535,308	-11.0 %	601,642

Divers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Investment securities	Net	90,959	0.6 %	90,445	-41.4 %	154,472
Gross	CD	90,959	0.6 %	90,445	-41.4 %	154,472
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	188,722	-58.9 %	459,229	50.5 %	305,181
Gross	CF	188,722	-58.9 %	459,229	50.5 %	305,181
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	279,681	-49.1 %	549,674	19.6 %	459,653

Prepaid expenses

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid expenses	Net	35,938	-36.1 %	56,221	-35.4 %	87,043
Gross	CH	35,938	-36.1 %	56,221	-35.4 %	87,043
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%	1,758	1064.2 %	151
Gross		0	0%	1,758	1064.2 %	151

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Grand Total (I to V)	EE	2,924,509	7.5 %	2,719,226	-10.6 %	3,042,255

Shareholder Equity (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total shareholders' equity (Total I)	DL	1,789,316	0.2 %	1,786,193	2.3 %	1,746,084
Equity and shareholders' equity	DA	128,132	0%	128,132	0%	128,132
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	12,813	0%	12,813	0%	12,813
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	1,645,248	2.5 %	1,605,139	0.9 %	1,591,253
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	0	0%	0	0%	0
Profit or loss for the period	DI	3,123	-92.2 %	40,109	188.8 %	13,886
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2014	Variation	31/12/2013	Variation	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	657	-72.8 %	2,415	46.1 %	1,653
Risk provisions	DP	657	-72.8 %	2,415	46.1 %	1,653
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Liabilities (Total IV)	EC	1,133,892	21.8 %	930,618	-28.1 %	1,294,518
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	47,006	-51.6 %	97,219	49.6 %	64,976
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	339,585	178.8 %	121,800	-61.3 %	314,620
Trade accounts payables	DX	350,341	29.0 %	271,558	-37.0 %	431,369
Tax and social security liabilities	DY	189,672	-9.2 %	208,947	-0.4 %	209,811
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	17,588	18.9 %	14,793	332.3 %	3,422

Translation loss (V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Translation loss (Total V)	ED	644	0%	0	0%	0

Equalization accounts

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Deferred income	EB	189,700	-12.3 %	216,301	-20.0 %	270,320

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	782,585	2.7 %	761,845	-19.4 %	945,044
Of which current bank facilities	EH	0	0%	0	0%	0

Result account

1 - Operating result (I-II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating result (Total I-II)	GG	1,576	-91.5 %	18,520	421.5 %	3,551

2 - Financial result (V-VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Financial result (Total V-VI)	GV	2,385	1329.4 %	-194	-104.2 %	4,636

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	3,961	-78.4 %	18,326	123.8 %	8,187

4 - Extraordinary result (VII-VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Extraordinary result (Total VII-VIII)	HI	-838	-103.1 %	26,922	169.0 %	10,007

Profit or loss

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Profit or loss	HN	3,123	-92.2 %	40,109	188.8 %	13,886

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	4,734,470	-1.5 %	4,804,880	6.2 %	4,525,662

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	4,731,347	-0.7 %	4,764,771	5.6 %	4,511,776

Operating income (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating income (Total I)	FR	4,730,471	-0.8 %	4,767,892	5.9 %	4,503,949

Operating income (details)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Sale of goods for resale	FC	3,619,197	19.5 %	3,028,170	-14.2 %	3,530,385
France	FA	182,961	177.8 %	65,871	-87.5 %	526,822
Export	FB	3,436,236	16.0 %	2,962,299	-1.4 %	3,003,563
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	995,729	-41.6 %	1,705,537	90.7 %	894,581
France	FG	336,386	-60.4 %	849,823	13.6 %	748,184
Export	FH	659,343	-22.9 %	855,714	484.5 %	146,397
Net turnover	FL	4,614,926	-2.5 %	4,733,707	7.0 %	4,424,966
France	FJ	519,347	-43.3 %	915,694	-28.2 %	1,275,006
Export	FK	4,095,579	7.3 %	3,818,013	21.2 %	3,149,960
Stocked production	FM	39,427	380.3 %	-14,066	-2724.3 %	536
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	0
Release of reserves and provisions	FP	72,916	55.3 %	46,940	-40.1 %	78,364
Other income	FQ	3,202	144.2 %	1,311	1479.5 %	83

Operating charges (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating charges (Total II)	GF	4,728,895	-0.4 %	4,749,372	5.5 %	4,500,398

Exploitation charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Purchase of goods for resale	FS	2,535,619	79.5 %	1,412,958	-35.4 %	2,186,522
Change in stocks of goods for resale	FT	-420,895	-189.6 %	469,659	643.8 %	-86,361
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	1,341,943	-14.7 %	1,572,888	38.7 %	1,133,928
Tax, duty and similar payments	FX	69,401	-17.1 %	83,670	6.8 %	78,340
Payroll	FY	745,833	-2.3 %	763,577	6.1 %	719,488
Social security costs	FZ	328,298	-3.6 %	340,547	-4.0 %	354,862

Depreciation

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Depreciation of fixed assets	GA	51,119	14.4 %	44,697	38.8 %	32,193
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	25,578	-44.9 %	46,411
Provisions for risks and charges	GD	0	0%	657	0%	0

Other charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Other charges	GE	77,577	120.8 %	35,141	0.4 %	35,015

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	3,999	2.6 %	3,899	-42.2 %	6,743
Share financial income	GJ	102	363.6 %	22	-15.4 %	26
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	14	-75.4 %	57	1325.0 %	4
Released provisions and transferred charges	GM	2,784	1743.7 %	151	-80.9 %	789
Exchange gains	GN	0	0%	0	0%	26
Net income from disposal of investment securities	GO	1,099	-70.0 %	3,669	-37.8 %	5,898

Financial charge (VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial charge (Total VI)	GU	1,614	-60.6 %	4,093	94.3 %	2,107
Financial reserves and provisions	GQ	8	-99.5 %	1,757	1079.2 %	149
Interest and similar charges	GR	1,606	-31.3 %	2,336	20.7 %	1,936
Exchange losses	GS	0	0%	0	0%	22
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	0	0%	33,089	121.0 %	14,970
Extraordinary operating income	HA	0	0%	19,589	56.7 %	12,500
Extraordinary income from capital transactions	HB	0	0%	13,500	446.6 %	2,470
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary charges (Total VIII)	HH	838	-86.4 %	6,167	24.3 %	4,963
Extraordinary operating charges	HE	838	-86.4 %	6,167	24.3 %	4,963
Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

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	0	0%	5,139	19.3 %	4,308

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Of which equipment leases	HP	0	0%	0	0%	0
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	2,657
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	2,977	0%	0	0%	15,532
Gross value at the end of period	OL	690,938	0%	0	0%	650,878

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	7,874	0%	0	0%	7,874
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	7,874	0%	0	0%	7,874

Tangible fixed assets (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LN	633,701	0%	0	0%	525,913
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	7,527	0%	0	0%	96,900
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	2,977	0%	0	0%	15,510
Gross value at the end of period	NH	638,251	0%	0	0%	607,303

Financial assets (Total IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LQ	44,717	0%	0	0%	10,670
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	96	0%	0	0%	25,053
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	0	0%	22
Gross value at the end of period	NK	44,813	0%	0	0%	35,701

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	7,782	0%	0	0%	7,505
Increases	PF	92	0%	0	0%	139
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	7,874	0%	0	0%	7,644

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	435,055	0%	0	0%	431,070
Increases	QV	51,028	0%	0	0%	32,055
Decreases	QW	2,977	0%	0	0%	15,510
Decreasess by budget item transfer	QX	483,105	0%	0	0%	447,615

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	175,209	0%	0	0%	224,242
Increases	UB	0	0%	0	0%	46,562
Decreases	UC	74,675	0%	0	0%	76,497
Value at the end of period	UD	100,534	0%	0	0%	194,307

Includes Total allocations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UE	0	0%	0	0%	46,411
Financial	UG	0	0%	0	0%	151
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UF	72,917	0%	0	0%	76,495
Financial	UH	1,758	0%	0	0%	2
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	2,415	0%	0	0%	4,293
Increases	TV	0	0%	0	0%	151
Decreases	TW	1,758	0%	0	0%	2,792
Value at the end of period	TX	657	0%	0	0%	1,652

Total Provision for depreciation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	7B	172,794	0%	0	0%	219,949
Increases	TY	0	0%	0	0%	46,411
Decreases	TZ	72,917	0%	0	0%	73,705
Value at the end of period	UA	99,877	0%	0	0%	192,655

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	783,557	0%	0	0%	776,893
1 year at most	VU	739,982	0%	0	0%	674,869
More than one year	VV	43,575	0%	0	0%	102,024

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	9,701	0%	0	0%	9,701
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	33,874	0%	0	0%	94,131
Other claims customer	UX	598,665	0%	0	0%	461,124
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	1,419	0%	0	0%	2,773
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	30,325	0%	0	0%	65,461
Value added tax	VB	53,005	0%	0	0%	49,297
Other taxes and payments assimilated	VN	848	0%	0	0%	1,615
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	19,782	0%	0	0%	5,748

Prepaid

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid	VS	35,938	0%	0	0%	87,043

State Debt

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total debt (gross)	VY	794,307	0%	0	0%	979,898
1 year at most	VZ2	782,585	0%	0	0%	0
More than 1 year and 5 years at most	VZ3	11,722	0%	0	0%	945,044
More than 5 years	VZ4	0	0%	0	0%	34,854

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	47,006	0%	0	0%	64,976
1 year at most	VH2	35,284	0%	0	0%	0
More than 1 year and 5 years at most	VH3	11,722	0%	0	0%	30,122
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	350,341	0%	0	0%	431,369
1 year at most	8B2	350,341	0%	0	0%	431,369
More than 1 year and 5 years at most	8B3	350,341	0%	0	0%	431,369
Personnel and associated accounts (gross)	8C1	55,476	0%	0	0%	57,352
1 year at most	8C2	55,476	0%	0	0%	0
More than 1 year and 5 years at most	8C3	0	0%	0	0%	57,352
Social Security and other social organizations (gross)	8D1	115,447	0%	0	0%	152,459
1 year at most	8D2	115,447	0%	0	0%	0
More than 1 year and 5 years at most	8D3	0	0%	0	0%	152,459
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	5,426	0%	0	0%	0
1 year at most	VW2	5,426	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	13,323	0%	0	0%	0
1 year at most	VQ2	13,323	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	17,588	0%	0	0%	3,422
1 year at most	8K2	17,588	0%	0	0%	0
More than 1 year and 5 years at most	8K3	0	0%	0	0%	3,422
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	189,700	0%	0	0%	270,320
1 year at most	8L2	189,700	0%	0	0%	0
More than 1 year and 5 years at most	8L3	0	0%	0	0%	270,320

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Loans made during the period	VJ	0	0%	0	0%	70,400
Debt repaid during the period	VK	50,148	0%	0	0%	18,941

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	329,954	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	170,196	0%	0	0%	0
Staff outside the company	YU	24,566	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	175,411	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	641,816	0%	0	0%	0
Total Other purchases and external	ZJ	1,341,943	0%	0	0%	0

Taxes and Fees

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Business tax	YW	23,964	0%	0	0%	0
Other taxes and payments assimilated	9Z	45,437	0%	0	0%	0
Total taxes and fees	YX	69,401	0%	0	0%	0

VAT

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Amount VAT collected	YY	281,029	0%	0	0%	0
Total VAT on goods and services	YZ	363,903	0%	0	0%	0

Average number of employees

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Average number of employees	YP	20	0%	0	0%	22

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	3.37	-0.6 %	3.39	-2.6 %	3.48	2.61	29.1 %
Global Debt	88 days	23.9 %	71 days	-32.4 %	105 days	93 days	-5.4 %
Working Capital Fund overall net	128 days	2.4 %	125 days	-5.3 %	132 days	108 days	19.1 %
Financial independence	3,806.57 %	107.2 %	1,837.29 %	-31.6 %	2,687.28 %	459.86 %	727.8 %
Solvability	61.18 %	-6.9 %	65.69 %	14.5 %	57.39 %	53.17 %	15.1 %
Capacity debt futures	5,071.18 %	-	-	-	-	5,845.51 %	-13.2 %
Coverage of current assets by net working capital overall	56.85 %	-7.2 %	61.26 %	17.7 %	52.05 %	53.57 %	6.1 %
General Liquidity	0.95	-	-	-	-	0.79	20.3 %
Restricted Liquidity	1.30	-	-	-	-	1.44	-9.7 %

Management or rotation

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Need background in operating working capital	118 days	24.2 %	95 days	-12.8 %	109 days	51 days	133.7 %
Treasury	22 days	-47.6 %	42 days	13.5 %	37 days	24 days	-8.3 %
Inventory turnover of goods	287 days	18.6 %	242 days	-18.8 %	298 days	107 days	169.5 %
Average length of credit granted to customers	47 days	20.5 %	39 days	-13.3 %	45 days	61 days	-23.0 %
Average length of credit obtained suppliers	33 days	17.9 %	28 days	-41.7 %	48 days	54 days	-38.3 %
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	764 days	-
Rotation tangible assets	723.06 %	-	-	-	728.63 %	1,010.36 %	-28.4 %

Profitability of the business

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Margin trading	32.60 %	34.7 %	24.20 %	-25.1 %	32.32 %	30.59 %	6.6 %
Profitability of the business	1.17 %	-27.3 %	1.61 %	83.0 %	0.88 %	3.30 %	-64.5 %
Net profit	0.07 %	-91.8 %	0.85 %	174.2 %	0.31 %	2.53 %	-97.2 %
Growth rate of turnover (excluding VAT)	-2.51 %	-136.0 %	6.98 %	1324.6 %	-0.57 %	3.97 %	-163.2 %
Rates integration	25.95 %	-2.8 %	26.70 %	-0.8 %	26.92 %	25.94 %	0.0 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	89.68 %	2.7 %	87.34 %	-3.1 %	90.17 %	78.52 %	14.2 %
Weight interests	0.03 %	-66.7 %	0.09 %	80.0 %	0.05 %	0.08 %	-62.5 %

Return on capital

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Cash flow from the overall profitability	-0.44 %	-128.6 %	1.54 %	308.1 %	-0.74 %	2.83 %	-115.5 %
Rates of economic profitability	3.00 %	-25.0 %	4.00 %	100.0 %	2.00 %	8.00 %	-62.5 %
Financial profitability	1,789,316.00 %	0.2 %	1,786,193.00 %	2.3 %	1,746,084.00 %	227,239.50 %	687.4 %
Return on investment	0.26 %	-88.9 %	2.35 %	167.0 %	0.88 %	8.47 %	-96.9 %

Management intermediate balances

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Turnover	4,614,926	-2.5 %	4,733,707	7.0 %	4,424,966	743,129	521.0 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sales of goods	3,619,197	19.5 %	3,028,170	-14.2 %	3,530,385		-
- Purchase of goods	2,535,619	79.5 %	1,412,958	-35.4 %	2,186,522		-
+/- Stock of goods variation	-420,895	-189.6 %	469,659	643.8 %	-86,361		-
Trading margin	1,504,473 €	31.3 %	1,145,553 €	-19.9 %	1,430,224 €	161,776 €	830.0 %
	32.60 % CA	34.7 %	24.20 % CA	-25.1 %	32.32 % CA	30.59 % CA	6.6 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sale of goods produced	995,729	-41.6 %	1,705,537	90.7 %	894,581		-
+/- Stocked production	39,427	380.3 %	-14,066	-2724.3 %	536		-
+ Self-constructed assets	0	0%	0	0%	0		-
Period production	1,035,156 €	-38.8 %	1,691,471 €	89.0 %	895,117 €	117,409 €	781.7 %
	22.43 % CA	-37.2 %	35.73 % CA	76.6 %	20.23 % CA	15.54 % CA	44.3 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Trading margin	1,504,473	31.3 %	1,145,553	-19.9 %	1,430,224	161,776	830.0 %
+ Period Production	1,035,156	-38.8 %	1,691,471	89.0 %	895,117	117,409	781.7 %
- 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	1,341,943	-14.7 %	1,572,888	38.7 %	1,133,928		-
Added value	1,197,686 €	-5.3 %	1,264,136 €	6.1 %	1,191,413 €	248,790 €	381.4 %
	25.95 % CA	-2.8 %	26.70 % CA	-0.8 %	26.92 % CA	25.94 % CA	0.0 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Added value	1,197,686 €	-5.3 %	1,264,136 €	6.1 %	1,191,413 €	248,790 €	381.4 %
+ Operating grants	0	0%	0	0%	0		-
- Tax, duty and similar payments	69,401	-17.1 %	83,670	6.8 %	78,340		-
- Personal charges	1,074,131	-2.7 %	1,104,124	2.8 %	1,074,350		-
Gross operating surplus	54,154 €	-29.1 %	76,342 €	97.1 %	38,723 €	14,277 €	279.3 %
	1.17 % CA	-27.3 %	1.61 % CA	83.0 %	0.88 % CA	3.30 % CA	-64.5 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Gross operating surplus	54,154 €	-29.1 %	76,342 €	97.1 %	38,723 €	14,277 €	279.3 %
+ Release of reserves and provisions	72,916	55.3 %	46,940	-40.1 %	78,364		-
+ Other operating income	3,202	144.2 %	1,311	1479.5 %	83		-
- Depreciation/ Amortisation	51,119	-27.9 %	70,932	-9.8 %	78,604		-
- Other charges	77,577	120.8 %	35,141	0.4 %	35,015		-
Operating result	1,576 €	-91.5 %	18,520 €	421.5 %	3,551 €	21,225 €	-92.6 %
	0.03 % CA	-92.3 %	0.39 % CA	387.5 %	0.08 % CA	3.33 % CA	-99.1 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Operating result	1,576 €	-91.5 %	18,520 €	421.5 %	3,551 €	21,225 €	-92.6 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0		-
+ Financial income	3,999	2.6 %	3,899	-42.2 %	6,743		-
- Financial charges	1,614	-60.6 %	4,093	94.3 %	2,107		-
Pre-tax result	3,961 €	-78.4 %	18,326 €	123.8 %	8,187 €	20,251 €	-80.4 %
	0.09 % CA	-76.9 %	0.39 % CA	105.3 %	0.19 % CA	2.99 % CA	-97.0 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Extraordinary income	0	0%	33,089	121.0 %	14,970	186	0%
- Extraordinary charges	838	-86.4 %	6,167	24.3 %	4,963		-
Extraordinary result	-838 €	-103.1 %	26,922 €	169.0 %	10,007 €	0 €	0%
	-0.02 % CA	-103.5 %	0.57 % CA	147.8 %	0.23 % CA	0.00 % CA	0%

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Pre-tax result	3,961 €	-78.4 %	18,326 €	123.8 %	8,187 €	20,251 €	-80.4 %
Extraordinary result	-838 €	-103.1 %	26,922 €	169.0 %	10,007 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	0	0%	5,139	19.3 %	4,308		-
Net result	3,123 €	-92.2 %	40,109 €	188.8 %	13,886 €	19,479 €	-84.0 %
	0.07 % CA	-91.8 %	0.85 % CA	174.2 %	0.31 % CA	2.64 % CA	-97.3 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.16
UK Pound	1	Rs.99.78
Euro	1	Rs.73.33

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%)

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