MIRA INFORM REPORT

Report No. :	336780
Report Date :	02.09.2015

IDENTIFICATION DETAILS

Name :	MATY
Registered Office :	5 BD John F Kennedy, 25049 Besancon Cedex
Country :	France
Financials (as on) :	31.12.2014
Date of Incorporation :	09.1995
Com. Reg. No.:	B 402 327 597
Legal Form :	Simplified Joint Stock Company
Line of Business :	Distance selling on specialized catalog.
No. of Employees :	500 to 999 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 Name and Summary

Name	MATY
Acronym	-
Trade name	MATY
Status	Economically active
Postal Address	MATY 5 BD JOHN F KENNEDY 25049 BESANCON CEDEX
Share Capital	20,000,000 Euros
Incorporation Date	09/1995
Activity (APE)	Distance selling on specialized catalog (4791B)	RCS Registration	RCS Besancon B 402 327 597
Formation Date	10/1995	EUR VAT Number	FR66402327597
Deregistration Date	-	Last account Date	31/12/2014
Court Registry Number	19 9 5B00387	Telephone	03 81 50 81 41
Registration Court	Besancon (25)	Fax	-
Nationality	France	Legal form	Simplified joint stock company
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2014	84,700,672 €	2.53% Turnover	18,771,359 €	-1,384,989 €	500 to 999 employees
31/12/2013	95,244,318 €	0.59% Turnover	20,058,313 €	-3,566,782 €	-
31/12/2012	101,013,135 €	1.80% Turnover	23,432,834 €	103,197 €	-

Ultimate Holding Company

Name	Country	Company Number
GEMAFI		592820518
Affiliation links.

Directors

Current Directors

1

Preferential Right

No social security and tax office preferential right to date

Payment Information Summary – Trade Payment Data

Total number of Invoices available	56
Total number of Invoices paid within or up to 30 days after the due date	53
Total number of Invoices paid more than 30 days after the dues date	1
Total number of Invoices currently outstanding where the due date has not yet been reached	2
Total number of Invoices currently outstanding beyond the due date	0

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4791B	Activity	Distance selling on specialized catalog
Formation Date	09/1996	Reason for Formation	Contribution
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	5 BOULEVARD JOHN F KENNEDY 25000 BESANCON	Department	Doubs (25)
Location Surface	-	District	1
City	BESANCON	Status	Economically active
Business Pages FT®	-	Region	Franche-Comté
		Area	99
		Size of Urban Area	Urban unit with 100 000 to 199 999 inhabitants

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
GEMAFI	Commerce de détail d'articles d'horlogerie et de bijouterie en magasin spécialisé	4777Z	BESANCON	25000

Other Establishment(s)

Regionality	Legal unit with multiple establishments in many areas having at least 50% of workforce in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 50 to 80% of workforce
Branches	40 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
MATY	Head Office	4791B	Distance selling on specialized catalog	BESANCON	25000
MATY	Branch	4791B	Distance selling on specialized catalog	LILLE	59800
MATY	Branch	4791B	Distance selling on specialized catalog	COQUELLES	62231
MATY	Branch	4791B	Distance selling on specialized catalog	CHALON SUR SAONE	71100
MATY	Branch	4791B	Distance selling on specialized catalog	PARIS 16	75016

Workforces

Workforce at address

250 to 499 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 increase in the gearing percentage over the last two accounting periods is 21 %

The return on total assets employed is -2

The stock to turnover ratio is 33.16

The pre-tax profit is -1,436,378 €

The ratio total assets to total liabilities is 1.35

The sales to current assets ratio is 2.21

The company has 1 director(s)

Industry code with medium risk rating

Department code with low risk rating

Low risk workforce size

The total assets are 72,648,464 €

The risk provisions are 3,711,711 €

The net turnover is 84,700,672 €

The net current assets are 38,304,074 €

The liabilities are 50,165,393 €

The increase of tangible fixed assets over the last two accounting periods is 27 %

The creditor days are 55.26

The shareholder's equity is 18,771,359 €

Industry comparison

Activity (APE)	Distance selling on specialized catalog (4791B)
Industry average credit rating	42
Industry average credit limit	2,337

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	01/01/2007
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	GEMAFI
Direct parent	GEMAFI - 100 %
Group – Number of companies	5
Linkages – Number of companies	-
Number of countries	-

	Name	SIREN	Parts	Last account published
1	GEMAFI	592820518	-	31/12/2014
2	MATY	402327597	100 %	31/12/2014
	GEM'SERVICES	420332009	100 %	31/12/2014
	SFM	314175530	100 %	31/12/2014
	BIJOO.COM	490859303	100 %	31/12/2014

Shareholders

Type of shareholders

Company: 100%Company

Shareholders

Linkages

No Linkages information available for the company.

Shareholder(s)

Name	GEMAFI
Name of representative	M CORDIER PATRICK
Manager position	President	Date of birth	21/06/1956
Place of birth	BESANCON (25)
Type	Moral person	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	GEMAFI SA	14/05/1947 - BESANCON
President	GEMAFI	21/06/1956 - BESANCON (25)
President	GEMAFI	14/05/1947 - BESANCON
President	GEMAFI	14/05/1947 - BESANCON (DOUBS)
President	GEMAFI	21/06/1956 - BESANCON (25)

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	11/08/2015	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 6945 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	08/03/2015	Bodacc A	Vente et cession : Acheteur
80 - SOMME GREFFE DU TRIBUNAL DE COMMERCE D'AMIENS 993 - 402 327 597 RCS Besançon. MATY. Forme : Société par Actions Simplifiée. Adresse : boulevard John Kennedy, 25000 Besançon. Origine du fonds : Etablissement secondaire acquis par achat au prix stipulé de 330000 EUR. Etablissement : Etablissement secondaire. Activité : Horlogerie, bijouterie, joaillerie, orfèvrerie. Adresse : 2 rue de la République, 80000 Amiens. Précédent propriétaire : A LA CONFIANCE - BEAUGEZ ET FILS. 561 720 095 RCS Amiens. Date de commencement de l’activité : 06/02/2015. Publication légale : Picardie la Gazette du 20/02/2015. Oppositions : Maître Julien FLAMENT, Notaire associé 18 Place Parmentier 80000 AMIENS. Descriptif : . Commentaires : Achat d'un établissement secondaire ou complémentaire par une personne morale.
	26/02/2015	Bodacc A	Vente et cession : Acheteur
80 - SOMME GREFFE DU TRIBUNAL DE COMMERCE D'AMIENS 1182 - 402 327 597 RCS Besançon. MATY. Forme : Société par Actions Simplifiée. Capital : 20000000 EUR. Adresse : boulevard John Kennedy, 25000 Besançon. Origine du fonds : Etablissement secondaire acquis par achat au prix stipulé de 330000 EUR. Etablissement : Etablissement secondaire. Activité : Bijouterie, horlogerie, Orfévrerie, bibeloterie, Articles de Paris, Verrerie, Etains. Adresse : 2 rue de la République, 80000 Amiens. Précédent propriétaire : A LA CONFIANCE - BEAUGEZ ET FILS. 561 720 095 RCS Amiens. Date de commencement de l’activité : 06/02/2015. Publication légale : Picardie la Gazette du 20/02/2015. Oppositions : SCP BOURBON DAILLEZ WAYMEL MASSY Notaires 18 Place Parmentier 80003 AMIENS CEDEX. Descriptif : . Commentaires : Achat d'un établissement secondaire ou complémentaire par une personne morale.
	20/02/2015	JAL	Activity or goodwill cession: Buyer
Picardie La Gazette Date de décision : 06/02/2015 Cédant : 561720095 - A LA CONFIANCE-BEAUGEZ ET FILS, 2 RUE DE LA REPUBLIQUE, 80000 AMIENS Cessionnaire : 402327597 - MATY, MATY, 5 BD JOHN F KENNEDY, 25000 BESANCON Prix de vente : 330000 € Date d’effet : 06/02/2015
	30/06/2014	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 3500 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	31/07/2012	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 3763 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	15/07/2011	JAL	Appointment of the social representative
Eclaireur de Chateaubriant (L') Société faisant l'objet d'une nomination : 857801914 - JOAILLERIE DAGUZE WILLIAMSON, 2 RUE CREBILLON, 44000 NANTES Nominé : En la fonction de : Président
	13/08/2010	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 2432 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	13/07/2010	Bodacc B	Modification et mutation diverse
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 596 - 402 327 597 RCS Besançon. MATY. Forme : Société par actions simplifiée. Capital : 20000000 EUR. Commentaires : Modification survenue sur le capital.
	03/05/2010	JAL	Proposed merger
LA TERRE DE CHEZ NOUS Date de décision : 28/04/2010 Absorbant : 402327597 - MATY, 5 BD JOHN F KENNEDY, 25000 BESANCON Absorbé : 662047505 - C.S.C., 9 RUE JACQUARD, 25000 BESANCON Prime de fusion : 1 246 890 €
	03/05/2010	JAL	Proposed merger
LA TERRE DE CHEZ NOUS Date de décision : 28/04/2010 Absorbant : 402327597 - MATY, 5 BD JOHN F KENNEDY, 25000 BESANCON Absorbé : 582118683 - COMADIS, MATY, 4 PL DE L OPERA, 75002 PARIS 2 Prime de fusion : 934 427 €
	08/08/2009	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 2466 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	19/08/2008	Bodacc C	Comptes annuels et rapports
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 3213 - 402327597 RCS. MATY. Forme : Société par actions simplifiée. Adresse : boulevard Kennedy 25000 Besançon. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	29/07/2008	Bodacc B	Modification et mutation diverse
25 - DOUBS GREFFE DU TRIBUNAL DE COMMERCE DE BESANÇON 272 - 402 327 597 RCS Besançon. MATY. Forme : Société par actions simplifiée. Administration : Président : GEMAFI (SA) représenté par LABOURDETTE PierreCommissaire aux comptes titulaire : EXCO ACE (SA). Commissaire aux comptes suppléant : GENIN Murielle Monique. Commentaires : Modification survenue sur l'administration.
	08/08/2007	Bodacc C	Avis de dépôt des comptes
2661 - 402 327 597. RCS Besançon MATY. Forme: Société par actions simplifiée. Adresse du siège social: boulevard Kennedy 25000 Besançon. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	25/07/2006	Bodacc C	Avis de dépôt des comptes
2400 - RCS Besançon B 402 327 597. RC 95-B 387. MATY. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: boulevard Kennedy,25000 Besancon. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	30/08/2005	Bodacc C	Avis de dépôt des comptes
483 - RCS Besançon B 402 327 597. RC 95-B 387. MATY. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: boulevard Kennedy,25000 Besancon. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	28/07/2002	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A.S. Capital : 13 005 000 euros Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur la forme juridique et l' administration. Administration : président : GEMAFI, représentée par LABOURDETTE (Pierre) ( Nom d'usage : LABOURDETTE). Commissaire aux comptes titulaire : A.C.E. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 14 juin 2002.
	19/12/2001	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A. Capital : 13 005 000 euros Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur l'administration. Administration : président du conseil d' administration : MANTION (Gérard) ( Nom d'usage : MANTION). Directeur général et administrateur : LABOURDETTE (Pierre) ( Nom d'usage : LABOURDETTE). Administrateurs : GEMAFI, représentée par ROTH (Damien) ( Nom d'usage : ROTH) MORMIN (Rolande) ( Nom d'usage : DURIN) MANTION (Frédéric) ( Nom d'usage : MANTION). Commissaire aux comptes titulaire : A.C.E. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 15 novembre 2001.
	31/07/2001	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A. Capital : 13 005 000 euros Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur le capital (augmentation et conversion en euros) et l' administration. Administration : président du conseil d'administration : MANTION (Gérard) ( Nom d'usage : MANTION). Directeur général : LABOURDETTE (Pierre) ( Nom d'usage : LABOURDETTE). Administrateurs : GEMAFI, représentée par ROTH (Damien) ( Nom d' usage : ROTH) MORMIN (Rolande) ( Nom d'usage : DURIN) MANTION (Frédéric) ( Nom d'usage : MANTION). Commissaire aux comptes titulaire : A.C.E. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 9 juin 2001.
	17/06/2001	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur l'administration. Administration : président du conseil d' administration : MANTION (Gérard) ( Nom d'usage : MANTION). Directeur général : LABOURDETTE (Pierre) ( Nom d'usage : LABOURDETTE). Administrateurs : ROTH ( Marie, Hélène) ( Nom d'usage : MANTION) GEMAFI, représentée par ROTH (Damien) ( Nom d'usage : ROTH) MORMIN (Rolande) ( Nom d'usage : DURIN). Commissaire aux comptes titulaire : A.C.E. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 23 avril 2001.
	30/01/2001	Bodacc A	Création d'établissement
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F Nom commercial: Maty. Activité : achat, vente d'articles d'horlogerie, de bijouterie, d'orfèvrerie, de joaillerie, de métaux précieux, d'art de la table de tous instruments de précision et de tous appareils ménagers ou domestiques, de tous articles d'ameublement et de décoration, de tous articles cadeaux et jouets, d'articles de luxe ou de prestige concourant à l'équipement de la personne et de la maison. Routage et impression, plus particulièrement de formulaires et d'imprimés commerciaux. Adresse du siège social : boulevard Kennedy, 25000 Besançon ETABLISSEMENT SECONDAIRE. Adresse : 35 rue des Granges, 25000 Besançon Etablissement secondaire acquis par achat au prix stipulé de 780 000 F. Date d'effet : 1er juillet 1999 Date de début d'activité: 31 aout 1999 ( régularisation). Précédent propriétaire : S.A. GEMAFI Publication légale: La Terre de chez-nous du 9 septembre 1999. Oppositions : Me Bercot (Jean-Paul), notaire, 2 D rue Isenbart, 25000 Besançon.
	06/10/2000	Bodacc A	Création d'établissement
RCS Besançon B 402327597 A dater du: 18 septembre 2000 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F. Enseigne : Maty Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Administration : président du conseil d'administration : MANTION ( Gérard). Administrateurs : ROTH-MANTION (Marie-Hélène) ROTH (Damien) et MORMIN-DURIN (Rolande). Commissaire aux comptes titulaire : BERTHET (Michel) Etablissement principal: Activité : bijouterie, horlogerie, joaillerie et orfèvrerie. Adresse : 35 rue des Granges, 25000 Besançon Etablissement principal acquis par achat au prix stipulé de 780 000 F. Date d'effet : 1er juillet 2000. Précédent propriétaire : GEMAFI. RCS Besançon B 592820518 RC 59-B 51 Publication légale: La Terre de chez- nous du 9 septembre 2000. Oppositions : Me Bercot, notaire, 2 D rue Isenbart, 25000 Besançon.
	16/08/2000	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur l'administration. Administration : président du conseil d' administration : MANTION (Gérard) ( Nom d'usage : MANTION). Administrateurs : ROTH (Marie, Hélène) ( Nom d'usage : MANTION) GEMAFI, représentée par ROTH (Damien) ( Nom d'usage : ROTH) MORMIN (Rolande) ( Nom d'usage : DURIN) . Commissaire aux comptes titulaire : ACE. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 23 juin 2000.
	04/02/2000	Bodacc A	Création d'établissement
RCS Besançon B 402327597 RC 95-B 00387 MATY. Forme : S.A. Capital : 85 000 000 de F. Activité : achat, vente d'articles d' horlogerie, de bijouterie, d'orfèvrerie, de joaillerie et de métaux précieux. Adresse du siège social : boulevard Kennedy, 25000 Besançon Etablissement principal acquis par fusion-absorption au montant net évalué à 68 193 869,80 F. Date d'effet : 1er janvier 1999. Précédent propriétaire : SOCIETE FRANCAISE DE PARTICIPATIONS S.A Publication légale: L'Est républicain du 17 décembre 1999. Oppositions : au fonds.
	29/09/1999	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402327597 RC 95-B 387 MATY. Forme : S.A Nom commercial: Maty. Adresse du siège social : boulevard Kennedy, 25000 Besançon. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration : MANTION (Gérard) ( Nom d'usage : MANTION). Directeur général non administrateur : LAPORTE (Bernard) ( Nom d'usage : LAPORTE). Administrateurs : ROTH (Marie, Hélène) ( Nom d'usage : MANTION) GEMAFI, représentée par ROTH (Damien) ( Nom d' usage : ROTH) MORMIN (Rolande) ( Nom d'usage : DURIN). Commissaire aux comptes titulaire : ACE. Commissaire aux comptes suppléant : BERTHET (Michel) ( Nom d'usage : BERTHET). Date d'effet : 10 aout 1999.
	08/09/1998	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402 327 597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F Nom commercial: Maty. Adresse du siège social : boulevard Kennedy 25000 Besançon. Administration : nomination en qualité de représentant permanent de la S.A. GEMAFI, administrateur : DESQUINS ( Dominique), en remplacement de MARREC ( Guy). Date d'effet : 1er juillet 1998.
	25/04/1998	Bodacc A	Création d'établissement
RCS Besançon B 402 327 597 MATY. Forme : S.A. Adresse du siège social : boulevard Kennedy, 25000 Besançon Droit au bail dépendant du fonds sis 29 avenue des Etats-Unis à Clermont-Ferrand (63), acquis par achat au prix stipulé de 400 000 F et fonds de commerce sis 31 avenue des Etats-Unis à Clermont- Ferrand (63) acquis par achat au prix stipulé de 2 600 000 F. Commentaires : ne forment qu'un seul et meme établissement secondaire ETABLISSEMENT SECONDAIRE RC Clermont-Ferrand 98-B 93. Enseigne : Maty. Activité : horlogerie , bijouterie, joaillerie, orfèvrerie et tous articles, cadeaux. Adresse : 29-31 avenue des Etats-Unis, 63000 Clermont- Ferrand Date de début d'activité: 1er février 1998. Précédent propriétaire : du fonds de commerce ROBERT COUSSEDIERE ET CIE. RCS B 865 200 380 RC 65-B 38. Précédent propriétaire : du droit au bail WOLNIEWICZ Zygmunt. RCS A 410 503 973 RC 97-A 20 Publication légale: L'Auvergne agricole du 12 février 1998. Oppositions : Me Papon (François), notaire, 34 rue Maréchal-de-Lattre-de-Tassigny à Clermont-Ferrand (63).
	18/11/1997	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Besançon B 402 327 597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F. Adresse : boulevard Kennedy 25000 Besançon Nouvelle situation du siège social Adjonction d'activité: entreprise d'impression en général plus particulièrement, impression de formulaires et d'imprimés commerciaux Adjonction d'objet social: entreprise d' impression en général plus particulièrement, impression de formulaires et d'imprimés commerciaux. Administration : nouvel administrateur : Mme DURIN (Rolande). Date d'effet : 18 septembre 1997.
	18/10/1997	Bodacc B	Modifications et mutations diverses
RCS Besançon B 402 327 597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F (fixe). Adresse du siège social : boulevard Kennedy, 25000 Besançon. Administration : nouveau directeur général non administrateur : LAPORTE ( Bernard). Date d'effet : 1er septembre 1997.
	17/11/1996	Bodacc A	Création d'établissement
RCS B 402 327 597 A dater du: 4 novembre 1996 RC 96-B 1274 MATY. Forme : S.A. à conseil d'administration. Capital : . Adresse du siège social : boulevard Kennedy 25000 Besancon ETABLISSEMENT SECONDAIRE. Activité : vente d'horlogerie, de bijouterie, de joaillerie, d' orfèvrerie et d'articles cadeaux. Adresse : 10 rue Boileau 44000 Nantes Etablissement secondaire acquis par apport au montant évalué à 93 350 000 F Date de début d'activité: 1er octobre 1995. Précédent propriétaire : S.A. MATY. RCS B 592 820 518 Publication légale: La Terre de chez-nous du 10 aout 1996 déclaration de créances: au tribunal de commerce de Besançon.
	05/11/1996	Bodacc A	Création d'établissement
RCS Besançon B 402 327 597 RC 95-B 387 MATY. Forme : S.A. Capital : 85 000 000 de F (fixe). Adresse du siège social : boulevard Kennedy, 25000 Besançon Fonds secondaire acquis par apport partiel d'actif, au montant évalué à 93 350 000 F ETABLISSEMENT SECONDAIRE. Activité : vente de montres et articles d' horlogerie , bijouterie, orfèvrerie, joaillerie, métaux précieux. Adresse : centre commercial Valentin, 25480 Ecole-Valentin. Date d'effet : 1er octobre 1995 Précédente propriétaire S. A. GEMAFI Publication légale: La Terre de Chez Nous du 21 septembre 1996. Oppositions : au siège social.
	01/05/1996	Bodacc A	Création d'établissement
RCS. RCS Besançon B 402 327 597 A dater du: 27 septembre 1995 RC RC 95-B 387 YTAM. Forme : E.U.R.L. Capital : 50 000 F ( fixe). Adresse du siège social : 1, rue Gay-Lussac 25000 Besançon. Administration : gérant et associé unique : MANTION (Gérard) Cette société se constitue Etablissement principal: Activité : achat, vente d' articles d' horlogerie , bijouterie, orfèvrerie, joaillerie, métaux précieux, arts de la table, de tous instruments de précision, de tous appareils ménagers ou domestiques, de tous articles d' ameublement et de décoration, de tous articles de cadeaux et jouets, de tous articles de luxe ou de prestige concourant à l'équipement de la personne et de la maison. Adresse : 1, rue Gay-Lussac 25000 Besançon Date de début d'activité: 1er octobre 1995.

Company events history

Date	Description
11/08/2015	Bodacc C : Deposit accounts notice
04/08/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
08/03/2015	Bodacc A : Sale and transfer
26/02/2015	Bodacc A : Sale and transfer
06/02/2015	Legal Gazette: Activity or goodwill cession: Buyer
31/12/2014	New accounts available
02/07/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
30/06/2014	Bodacc C : Deposit accounts notice
31/12/2013	New accounts available
02/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/07/2013	Disengagement in other companies
30/06/2013	Formation of Establishment
04/01/2013	New subsidiarie(s) detected
31/12/2012	New accounts available
01/09/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
01/08/2012	Formation of Establishment
31/07/2012	Bodacc C : Deposit accounts notice
15/03/2012	Formation of Establishment
15/03/2012	Update of Company Workforce
31/12/2011	New accounts available
22/09/2011	Bodacc C : Deposit accounts notice
01/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
15/07/2011	Legal Gazette: Appointment of the social representative
15/06/2011	Formation of Establishment
15/06/2011	Update of Company Workforce
11/03/2011	Collection of preferential rights activated for this company
31/12/2010	New accounts available
13/08/2010	Bodacc C : Deposit accounts notice
13/07/2010	Bodacc B: Various editing or changing
05/07/2010	Amendment
25/06/2010	Capital increase
25/06/2010	Updated articles of association
25/06/2010	Private document
25/06/2010	Minutes of general meeting of shareholders
25/06/2010	Declaration of conformity
25/06/2010	Audit or Management Report
01/06/2010	Update of Company Workforce
01/06/2010	Other modification of Establishment
01/05/2010	Legal Gazette: Proposed merger
28/04/2010	Private document
01/04/2010	Amendment
01/04/2010	Application and court order
31/12/2009	New accounts available
08/08/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
15/09/2008	Payment incident closed
19/08/2008	Bodacc C : Deposit accounts notice
12/08/2008	Payment incident detected
29/07/2008	New Bodacc B ads detected
29/07/2008	Bodacc B: Various editing or changing
01/07/2008	New auditor
01/07/2008	New auditor
01/07/2008	Minutes of general meeting of shareholders
01/07/2008	Minutes of general meeting of shareholders
01/07/2008	Appointment/resignation of company officers
01/07/2008	Private document
31/12/2007	New accounts available
18/07/2007	Modification to Establishment Address or Identifier
10/05/2007	Formation of Establishment
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
11/07/2002	Appointment/resignation of company officers
11/07/2002	Audit or Management Report
11/07/2002	Changes to the Board of Directors
11/07/2002	Minutes of general meeting of shareholders
11/07/2002	New chairman (CEO, CoB)
11/07/2002	New legal form – new category
11/07/2002	New legal form – no new category
11/07/2002	Private document
11/07/2002	Updated articles of association
29/11/2001	Minutes of general meeting of shareholders
29/11/2001	Changes to the Board of Directors
29/11/2001	Appointment/resignation of company officers
29/11/2001	Private document
09/07/2001	Amendment
09/07/2001	Updated articles of association
09/07/2001	Private document
09/07/2001	Minutes of general meeting of shareholders
09/07/2001	Conversion of equity to euro
09/07/2001	Changes to the Board of Directors
09/07/2001	Capital increase
09/07/2001	Appointment/resignation of company officers
21/05/2001	Private document
21/05/2001	Amendment
21/05/2001	Appointment/resignation of company officers
21/05/2001	Changes to the Board of Directors
21/05/2001	Minutes of Board meeting
18/07/2000	Private document
18/07/2000	Minutes of Board meeting
18/07/2000	Amendment
18/07/2000	Appointment/resignation of company officers
18/07/2000	Changes to the Board of Directors
23/12/1999	Minutes of general meeting of shareholders
23/12/1999	Private document
23/12/1999	Merger
23/12/1999	Declaration of conformity
23/12/1999	Amendment
06/12/1999	Amendment
06/12/1999	Private document
06/12/1999	Audit or Management Report
04/11/1999	Amendment
04/11/1999	Planned merger
04/11/1999	Private document
13/09/1999	Amendment
13/09/1999	Appointment/resignation of company officers
13/09/1999	Changes to the Board of Directors
13/09/1999	Minutes of Board meeting
13/09/1999	Minutes of general meeting of shareholders
13/09/1999	Private document
13/09/1999	Updated articles of association
20/04/1998	Private document
20/04/1998	New closing date
20/04/1998	Minutes of general meeting of shareholders
20/04/1998	Updated articles of association
13/10/1997	Appointment/resignation of company officers
13/10/1997	Updated articles of association
13/10/1997	Private document
13/10/1997	Minutes of general meeting of shareholders
13/10/1997	Changes to the Board of Directors
13/10/1997	Change to corporate purpose
04/09/1997	Minutes of Board meeting
04/09/1997	Changes to the Board of Directors
04/09/1997	Appointment/resignation of company officers
04/09/1997	Amendment
04/09/1997	Private document
25/09/1996	Minutes of general meeting of shareholders
25/09/1996	Minutes of Board meeting
25/09/1996	Declaration of conformity
25/09/1996	New company name
25/09/1996	New legal form – new category
25/09/1996	New legal form – no new category
25/09/1996	Private document
25/09/1996	Registered office transferred inside jurisdiction of the Commercial Court
25/09/1996	Change to corporate purpose
25/09/1996	Updated articles of association
25/09/1996	Amendment
25/09/1996	Appointment/resignation of company officers
25/09/1996	Capital increase
30/08/1996	Sale of shares
30/08/1996	Private document
30/08/1996	Minutes of general meeting of shareholders
30/08/1996	Amendment
30/08/1996	Updated articles of association
01/08/1996	Amendment
27/09/1995	Private document
27/09/1995	Company formation
27/09/1995	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	03/08/2015	20/06/2014	01/08/2013
Activity Code	4791B	4791B	4791B
Employees	548	0	0

Active account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	34,211,077	16.5 %	29,354,516	7.8 %	27,221,415	4,126	829158.9 %
Intangible assets	18,453,044	10.4 %	16,709,747	12.1 %	14,911,254	196	9438797.2 %
Tangible assets	14,734,943	26.8 %	11,623,182	26.6 %	9,181,404	612	2407570.4 %
Financial assets	1,023,091	0.1 %	1,021,587	-67.3 %	3,128,757	0	0%
Net current assets	38,304,074	-6.9 %	41,137,847	5.6 %	38,937,937	54,942	69617.3 %
Stocks	28,085,402	-4.1 %	29,282,378	10.4 %	26,521,459	10,959	256188.7 %
Advanced payments	213,768	-21.3 %	271,752	634.3 %	37,008	0	0%
Receivables	6,240,077	-7.1 %	6,717,869	-11.1 %	7,553,265	8,818	70665.2 %
Securities and cash	3,764,827	-22.6 %	4,865,848	0.8 %	4,826,205	10,739	34957.5 %
Prepaid expenses	-	-	-	-	-	0	-
Accounts of regularization	133,313	459600.0 %	29	-17.1 %	35	0	0%
Total Assets	72,648,464	3.1 %	70,492,391	6.5 %	66,159,391	70,151	103460.9 %

Passive Account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Shareholders' equity	18,771,359	-6.4 %	20,058,313	-14.4 %	23,432,834	14,341	130793.0 %
Share capital	20,000,000	0%	20,000,000	0%	20,000,000	7,622	262298.3 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	3,711,711	13.4 %	3,273,648	19.6 %	2,737,820	0	0%
Liabilities	50,165,393	6.5 %	47,093,553	17.9 %	39,955,191	45,991	108977.7 %
Financial liabilities	26,310,176	13.7 %	23,140,648	40.8 %	16,439,551	4,481	587115.2 %
Advanced payments received	1,773,673	-6.6 %	1,898,024	-18.3 %	2,322,290	0	0%
Trade account payables	12,823,556	1.7 %	12,609,105	8.2 %	11,648,594	8,445	151747.9 %
Tax and social liabilities	7,611,327	-5.8 %	8,082,429	-1.8 %	8,231,448	10,035	75751.6 %
Other debts and fixed assets liabilities	1,644,236	16.3 %	1,414,054	6.5 %	1,328,163	2,756	59571.1 %
Account regularization	2,425	-85.0 %	16,170	-13.5 %	18,690	0	0%
Total liabilities	72,648,464	3.1 %	70,492,391	6.5 %	66,159,390	70,150	103461.6 %

Results

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Sales of Goods	86,147,387	-10.4 %	96,183,113	-5.6 %	101,900,083	114,385	75213.9 %
Net turnover	84,700,672	-11.1 %	95,244,318	-5.7 %	101,013,135	109,568	77204.6 %
of which net export turnover	0	0%	0	0%	731,055	0	0%
Operating charges	86,444,638	-11.6 %	97,800,586	-3.9 %	101,820,136	115,004	75067.0 %
Operating profit/loss	-297,251	81.6 %	-1,617,473	-2123.2 %	79,947	1,081	-27610.5 %
Financial income	66,153	-11.3 %	74,571	-92.3 %	974,372	0	0%
Financial charges	709,457	-58.4 %	1,704,255	199.2 %	569,580	70	1020701.4 %
Financial profit/loss	-643,304	60.5 %	-1,629,684	-502.6 %	404,792	0	0%
Pretax net operating income	-940,555	71.0 %	-3,247,157	-769.9 %	484,739	966	-97465.9 %
Extraordinary income	382,077	37.3 %	278,308	-73.9 %	1,066,032	0	0%
Extraordinary charges	877,900	37.1 %	640,212	-57.9 %	1,519,840	0	0%
Extraordinary profit/loss	-495,822	-37.0 %	-361,904	20.3 %	-453,808	0	0%
Net result	-1,384,989	61.2 %	-3,566,782	-3556.3 %	103,197	1,095	-126583.0 %

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	72,648,464	3.1 %	70,492,391	6.5 %	66,159,391
Gross	CO	85,423,778	3.3 %	82,670,229	5.1 %	78,675,882
Amortisation	1A	12,775,314	4.9 %	12,177,838	-2.7 %	12,516,491

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	34,211,077	16.5 %	29,354,516	7.8 %	27,221,415
Gross	BJ	46,112,591	13.7 %	40,550,544	4.6 %	38,753,777
Amortisation	BK	11,901,514	6.3 %	11,196,028	-2.9 %	11,532,362

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	AE	0	0%	0	0%	0
Distributorships, patents	Net	1,098,690	3004.3 %	35,393	-35.0 %	54,466
Gross	AF	2,317,745	95.0 %	1,188,741	1.1 %	1,175,569
Amortisation	AG	1,219,055	5.7 %	1,153,348	2.9 %	1,121,103
Goodwill	Net	17,354,354	4.1 %	16,674,354	12.2 %	14,856,788
Gross	AH	17,354,354	4.1 %	16,674,354	12.2 %	14,856,788
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	18,453,044	10.4 %	16,709,747	12.1 %	14,911,254

Tangilble fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	0	0%	0	0%	0
Gross	AP	0	0%	0	0%	0
Amortisation	AQ	0	0%	0	0%	0
Plant	Net	2,981,739	454.5 %	537,730	6.0 %	507,372
Gross	AR	3,675,821	183.0 %	1,298,810	8.7 %	1,194,428
Amortisation	AS	694,082	-8.8 %	761,080	10.8 %	687,056
Other tangible fixed assets	Net	11,716,380	22.1 %	9,595,305	13.2 %	8,476,557
Gross	AT	21,704,756	15.0 %	18,876,905	3.7 %	18,200,760
Amortisation	AU	9,988,377	7.6 %	9,281,600	-4.6 %	9,724,203
Fixed assets in construction	Net	36,824	-97.5 %	1,490,147	654.6 %	197,475
Gross	AV	36,824	-97.5 %	1,490,147	654.6 %	197,475
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	14,734,943	26.8 %	11,623,182	26.6 %	9,181,404

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	103,518	0%	103,518	-95.4 %	2,268,938
Gross	CU	103,518	0%	103,518	-95.4 %	2,268,938
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	26,776	0.3 %	26,702	11.7 %	23,897
Gross	BB	26,776	0.3 %	26,702	11.7 %	23,897
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	3,820	-46.3 %	7,114	-26.9 %	9,738
Gross	BF	3,820	-46.3 %	7,114	-26.9 %	9,738
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	888,977	0.5 %	884,253	7.0 %	826,184
Gross	BH	888,977	0.5 %	884,253	7.0 %	826,184
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	1,023,091	0.1 %	1,021,587	-67.3 %	3,128,757

Current Assets (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Assets	Net	38,304,074	-6.9 %	41,137,847	5.6 %	38,937,937
Gross	CJ	39,177,874	-7.0 %	42,119,656	5.5 %	39,922,065
Amortisation	CK	873,800	-11.0 %	981,809	-0.2 %	984,128

Stocks

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Raw materials	Net	342,360	0.7 %	339,821	5.5 %	322,101
Gross	BL	342,360	0.7 %	339,821	5.5 %	322,101
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	27,743,042	-4.1 %	28,942,557	10.5 %	26,199,358
Gross	BT	28,328,081	-4.3 %	29,594,275	10.2 %	26,859,894
Amortisation	BU	585,039	-10.2 %	651,718	-1.3 %	660,536
Sub Total Stocks	Net	28,085,402	-4.1 %	29,282,378	10.4 %	26,521,459

Advance payments to suppliers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Advance payments to suppliers	Net	213,768	-21.3 %	271,752	634.3 %	37,008
Gross	BV	213,768	-21.3 %	271,752	634.3 %	37,008
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Trade accounts receivable	Net	2,317,232	-18.7 %	2,848,868	-25.1 %	3,804,857
Gross	BX	2,581,558	-18.2 %	3,154,024	-23.1 %	4,102,564
Amortisation	BY	264,326	-13.4 %	305,156	2.5 %	297,707
Other debtors	Net	2,275,684	6.4 %	2,139,718	13.5 %	1,884,722
Gross	BZ	2,300,119	6.3 %	2,164,653	13.3 %	1,910,607
Amortisation	CA	24,435	-2.0 %	24,935	-3.7 %	25,885
Capital subscribed and called up	Net	0	0%	0	0%	0
Gross	CB	0	0%	0	0%	0
Amortisation	CC	0	0%	0	0%	0
Sub Total debtors	Net	4,592,916	-7.9 %	4,988,586	-12.3 %	5,689,579

Divers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	3,764,827	-22.6 %	4,865,848	0.8 %	4,826,205
Gross	CF	3,764,827	-22.6 %	4,865,848	0.8 %	4,826,205
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	3,764,827	-22.6 %	4,865,848	0.8 %	4,826,205

Prepaid expenses

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid expenses	Net	1,647,161	-4.7 %	1,729,283	-7.2 %	1,863,686
Gross	CH	1,647,161	-4.7 %	1,729,283	-7.2 %	1,863,686
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Multi-period charges	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	133,313	459600.0 %	29	-17.1 %	35
Gross		133,313	459600.0 %	29	-17.1 %	35

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Due within one year	CP	0	0%	0	0%	27,248
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	72,648,464	3.1 %	70,492,391	6.5 %	66,159,390

Shareholder Equity (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total shareholders' equity (Total I)	DL	18,771,359	-6.4 %	20,058,313	-14.4 %	23,432,834
Equity and shareholders' equity	DA	20,000,000	0%	20,000,000	0%	20,000,000
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	1,342,211	0%	1,342,211	0%	1,342,211
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	1,969,820	0%	1,969,820	0%	1,969,820
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	-3,909,250	-1041.5 %	-342,468	23.2 %	-445,665
Profit or loss for the period	DI	-1,384,989	61.2 %	-3,566,782	-3556.3 %	103,197
Investment grants	DJ	9,293	-14.5 %	10,875	-12.7 %	12,457
Special tax-allowable reserves	DK	744,274	15.5 %	644,657	43.0 %	450,814

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	3,711,711	13.4 %	3,273,648	19.6 %	2,737,820
Risk provisions	DP	2,574,233	31.9 %	1,952,185	19.9 %	1,627,755
Reserves for charges	DQ	1,137,478	-13.9 %	1,321,463	19.0 %	1,110,065

Liabilities (IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Liabilities (Total IV)	EC	50,165,393	6.5 %	47,093,553	17.9 %	39,955,191
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	10,037	-91.9 %	123,266	66.9 %	73,860
Sundry loans and financial liabilities	DV	26,300,139	14.3 %	23,017,382	40.6 %	16,365,691
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	1,773,673	-6.6 %	1,898,024	-18.3 %	2,322,290
Trade accounts payables	DX	12,823,556	1.7 %	12,609,105	8.2 %	11,648,594
Tax and social security liabilities	DY	7,611,327	-5.8 %	8,082,429	-1.8 %	8,231,448
Fixed asset liabilities	DZ	1,109,644	23.1 %	901,137	8.7 %	829,001
Other debts	EA	534,592	19.9 %	446,040	-4.2 %	465,617

Translation loss (V)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Translation loss (Total V)	ED	0	0%	66,877	99.4 %	33,545

Equalization accounts

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Deferred income	EB	2,425	-85.0 %	16,170	-13.5 %	18,690

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	36,891,719	24.5 %	29,636,762	17.2 %	25,292,381
Of which current bank facilities	EH	0	0%	123,266	66.9 %	73,860

Result account

1 - Operating result (I-II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating result (Total I-II)	GG	-297,251	81.6 %	-1,617,473	-2123.2 %	79,947

2 - Financial result (V-VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Financial result (Total V-VI)	GV	-643,304	60.5 %	-1,629,684	-502.6 %	404,792

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	-940,555	71.0 %	-3,247,157	-769.9 %	484,739

4 - Extraordinary result (VII-VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Extraordinary result (Total VII-VIII)	HI	-495,822	-37.0 %	-361,904	20.3 %	-453,808

Profit or loss

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Profit or loss	HN	-1,384,989	61.2 %	-3,566,782	-3556.3 %	103,197

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	86,595,617	-10.3 %	96,535,992	-7.1 %	103,940,487

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	87,980,606	-12.1 %	100,102,778	-3.6 %	103,837,291

Operating income (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating income (Total I)	FR	86,147,387	-10.4 %	96,183,113	-5.6 %	101,900,083

Operating income (details)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Sale of goods for resale	FC	78,562,838	-11.2 %	88,493,070	-5.4 %	93,568,184
France	FA	78,562,838	-11.2 %	88,493,070	-4.7 %	92,899,012
Export	FB	0	0%	0	0%	669,172
Sale of goods produced	FF	4,670	323.0 %	1,104	10.3 %	1,001
France	FD	4,670	323.0 %	1,104	10.3 %	1,001
Export	FE	0	0%	0	0%	0
Sale of services	FI	6,133,164	-9.1 %	6,750,144	-9.3 %	7,443,950
France	FG	6,133,164	-9.1 %	6,750,144	-8.6 %	7,382,067
Export	FH	0	0%	0	0%	61,883
Net turnover	FL	84,700,672	-11.1 %	95,244,318	-5.7 %	101,013,135
France	FJ	84,700,672	-11.1 %	95,244,318	-5.0 %	100,282,080
Export	FK	0	0%	0	0%	731,055
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	440,913	0%	0	0%	0
Operating grants	FO	74,518	178.4 %	26,765	152.9 %	10,583
Release of reserves and provisions	FP	649,598	6.2 %	611,527	4.9 %	583,209
Other income	FQ	281,686	-6.3 %	300,503	2.5 %	293,156

Operating charges (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating charges (Total II)	GF	86,444,638	-11.6 %	97,800,586	-3.9 %	101,820,136

Exploitation charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Purchase of goods for resale	FS	31,918,701	-23.0 %	41,471,019	-7.7 %	44,924,360
Change in stocks of goods for resale	FT	1,266,195	146.5 %	-2,722,295	-61.2 %	-1,689,042
Purchase of raw materials	FU	254,532	27.4 %	199,817	-32.6 %	296,508
Change in stocks of raw materials	FV	-2,539	85.7 %	-17,719	45.3 %	-32,400
Other external purchases and charges	FW	29,704,372	-15.7 %	35,238,937	-0.9 %	35,550,541
Tax, duty and similar payments	FX	1,553,084	-12.4 %	1,772,262	8.2 %	1,637,599
Payroll	FY	13,699,078	-1.0 %	13,834,676	1.8 %	13,583,897
Social security costs	FZ	4,681,882	-5.0 %	4,928,999	-0.1 %	4,931,824

Depreciation

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Depreciation of fixed assets	GA	2,090,081	16.6 %	1,792,803	36.2 %	1,316,177
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	19,924	-78.1 %	91,138	277.8 %	24,121
Provisions for risks and charges	GD	555,366	-9.9 %	616,444	3.2 %	597,156

Other charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Other charges	GE	703,962	18.4 %	594,505	-12.5 %	679,395

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	66,153	-11.3 %	74,571	-92.3 %	974,372
Share financial income	GJ	74	-97.4 %	2,805	-98.8 %	239,736
Other investment income & capitalised receivables	GK	0	0%	13	0%	0
Other interest and similar income	GL	8,809	101.7 %	4,368	-99.4 %	707,572
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	57,270	-15.0 %	67,385	149.0 %	27,064
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial charge (VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial charge (Total VI)	GU	709,457	-58.4 %	1,704,255	199.2 %	569,580
Financial reserves and provisions	GQ	52,333	0%	0	0%	0
Interest and similar charges	GR	611,058	-63.8 %	1,689,898	282.3 %	441,984
Exchange losses	GS	46,066	220.9 %	14,357	-88.7 %	127,596
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	382,077	37.3 %	278,308	-73.9 %	1,066,032
Extraordinary operating income	HA	41,611	-8.1 %	45,299	68.0 %	26,960
Extraordinary income from capital transactions	HB	2,121	-46.9 %	3,992	129.6 %	1,739
Released provisions and transferred charges	HC	338,345	47.7 %	229,017	-77.9 %	1,037,333

Extraordinary charges (VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary charges (Total VIII)	HH	877,900	37.1 %	640,212	-57.9 %	1,519,840
Extraordinary operating charges	HE	146,647	60.5 %	91,357	-78.0 %	415,976
Extraordinary charges from capital transactions	HF	276,158	448.0 %	50,393	-93.3 %	746,774
Extraordinary reserves and provisions	HG	455,095	-8.7 %	498,462	39.6 %	357,090

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	-51,389	-21.6 %	-42,275	41.5 %	-72,265

References

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

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	OG	0	0%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	3,186,577	0%	0	0%	3,538,607
Gross value at the end of period	OL	46,112,591	0%	0	0%	38,753,779

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	17,863,095	0%	0	0%	13,251,169
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	1,909,004	0%	0	0%	3,177,032
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	100,000	0%	0	0%	395,843
Gross value at the end of period	LW	19,672,099	0%	0	0%	16,032,358

Tangible fixed assets (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LN	21,665,862	0%	0	0%	17,536,105
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	6,797,611	0%	0	0%	5,129,396
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	3,046,071	0%	0	0%	3,072,837
Gross value at the end of period	NH	25,417,402	0%	0	0%	19,592,664

Financial assets (Total IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LQ	1,021,587	0%	0	0%	3,096,605
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	42,009	0%	0	0%	102,081
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	40,506	0%	0	0%	69,928
Gross value at the end of period	NK	1,023,090	0%	0	0%	3,128,758

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	1,153,348	0%	0	0%	1,076,083
Increases	PF	65,707	0%	0	0%	46,064
Decreasess	PG	0	0%	0	0%	1,043
Decreasess by budget item transfer	PH	1,219,055	0%	0	0%	1,121,104

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	10,042,681	0%	0	0%	11,743,679
Increases	QV	2,024,374	0%	0	0%	1,270,113
Decreases	QW	1,384,596	0%	0	0%	2,602,532
Decreasess by budget item transfer	QX	10,682,459	0%	0	0%	10,411,260

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	Z91	0	0%	0	0%	0
Increases	Z92	0	0%	0	0%	0
Depreciation of fixed assets during period	Z9	0	0%	0	0%	0
Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Net value at begin of period	SP1	0	0%	0	0%	0
Increases	SP2	0	0%	0	0%	0
Depreciation of fixed assets during period	SP	0	0%	0	0%	0
Net value at the end of period	SR	0	0%	0	0%	0

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	7C	0	0%	0	0%	3,131,469
Increases	UB	0	0%	0	0%	724,594
Decreases	UC	0	0%	0	0%	1,118,243
Value at the end of period	UD	0	0%	0	0%	2,737,820

Includes Total allocations

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

Includes Total Withdrawal

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

Total regulated provisions (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	3Z	0	0%	0	0%	0
Increases	TS	0	0%	0	0%	0
Decreases	TT	0	0%	0	0%	0
Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	5Z	0	0%	0	0%	3,131,469
Increases	TV	0	0%	0	0%	724,594
Decreases	TW	0	0%	0	0%	1,118,243
Value at the end of period	TX	0	0%	0	0%	2,737,820

Total Provision for depreciation (Total III)

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

State deadlines claims and debts at the end of period

State claims

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value	VT	7,448,411	0%	0	0%	8,736,677
1 year at most	VU	6,564,195	0%	0	0%	7,904,106
More than one year	VV	884,216	0%	0	0%	832,571

State of loans

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Claims related to holdings (gross)	UL	26,776	0%	0	0%	23,897
Claims related to shareholdings (1 year at most)	UM	26,776	0%	0	0%	23,897
Loans (gross)	UP	3,820	0%	0	0%	9,738
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	888,977	0%	0	0%	826,184
Other financial assets (1 year at most)	UV	8,581	0%	0	0%	3,351

Receivables statement of assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Customers doubtful or disputed	VA	2,581,558	0%	0	0%	0
Other claims customer	UX	0	0%	0	0%	4,102,565
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	0	0%	0	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	2,300,119	0%	0	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	0	0%	1,910,607

Prepaid

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid	VS	1,647,161	0%	0	0%	1,863,685

State Debt

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total debt (gross)	VY	48,391,720	0%	0	0%	37,632,899
1 year at most	VZ2	36,891,720	0%	0	0%	25,292,381
More than 1 year and 5 years at most	VZ3	10,587,143	0%	0	0%	12,240,109
More than 5 years	VZ4	912,857	0%	0	0%	100,409

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	10,037	0%	0	0%	73,861
1 year at most	VG2	10,037	0%	0	0%	73,861
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	11,655,789	0%	0	0%	16,365,692
1 year at most	8A2	155,789	0%	0	0%	4,025,174
More than 1 year and 5 years at most	8A3	10,587,143	0%	0	0%	12,240,109
Suppliers and associated accounts (gross)	8B1	12,823,556	0%	0	0%	11,648,595
1 year at most	8B2	12,823,556	0%	0	0%	11,648,595
More than 1 year and 5 years at most	8B3	12,823,556	0%	0	0%	11,648,595
Personnel and associated accounts (gross)	8C1	0	0%	0	0%	0
1 year at most	8C2	0	0%	0	0%	0
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	7,611,327	0%	0	0%	8,231,449
1 year at most	8D2	7,611,327	0%	0	0%	8,231,449
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most	8E2	0	0%	0	0%	0
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	0	0%	0	0%	0
1 year at most	VW2	0	0%	0	0%	0
More than 1 year and 5 years at most	VW3	0	0%	0	0%	0
Backed Obligations (gross)	VX1	0	0%	0	0%	0
1 year at most	VX2	0	0%	0	0%	0
More than 1 year and 5 years at most	VX3	0	0%	0	0%	0
Other taxes and assimilated (gross)	VQ1	0	0%	0	0%	0
1 year at most	VQ2	0	0%	0	0%	0
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	1,109,644	0%	0	0%	829,001
1 year at most	8J2	1,109,644	0%	0	0%	829,001
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	15,178,942	0%	0	0%	465,611
1 year at most	8K2	15,178,942	0%	0	0%	465,611
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	2,425	0%	0	0%	18,691
1 year at most	8L2	2,425	0%	0	0%	18,691
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Loans made during the period	VJ	49,587	0%	0	0%	0
Debt repaid during the period	VK	4,645,855	0%	0	0%	0

Table allocation results and other information

Dividends distributed

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

Commitments

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Commitments leasing furniture	YQ	0	0%	0	0%	0
Commitments Real Estate Leasing	YR	0	0%	0	0%	0
Effects brought to the discount and unmatured	YS	0	0%	0	0%	0

Other charges Externes

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Subcontracting	YT	0	0%	0	0%	0
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	0
Staff outside the company	YU	0	0%	0	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	0
Total Other purchases and external	ZJ	0	0%	0	0%	0

Taxes and Fees

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Business tax	YW	0	0%	0	0%	0
Other taxes and payments assimilated	9Z	0	0%	0	0%	0
Total taxes and fees	YX	0	0%	0	0%	0

VAT

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Amount VAT collected	YY	0	0%	0	0%	0
Total VAT on goods and services	YZ	0	0%	0	0%	0

Average number of employees

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Average number of employees	YP	548	0%	0	0%	0

Groups and Shareholders

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

Ratios

Structure and Liquidity

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Fixed Asset Financing	1.32	-7.0 %	1.42	1.4 %	1.40	2.33	-43.3 %
Global Debt	213 days	19.7 %	178 days	25.4 %	142 days	124 days	71.8 %
Working Capital Fund overall net	62 days	-3.1 %	64 days	16.4 %	55 days	55 days	12.7 %
Financial independence	71.35 %	-17.7 %	86.68 %	-39.2 %	142.54 %	78.32 %	-8.9 %
Solvability	25.84 %	-9.2 %	28.45 %	-19.7 %	35.42 %	28.39 %	-9.0 %
Capacity debt futures	187,021.61 %	-	-	-	31,725.58 %	869.90 %	21399.2 %
Coverage of current assets by net working capital overall	38.85 %	-7.7 %	42.08 %	4.6 %	40.24 %	43.33 %	-10.3 %
General Liquidity	0.18	-	-	-	0.31	0.25	-28.0 %
Restricted Liquidity	0.28	-	-	-	0.50	0.71	-60.6 %

Management or rotation

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Need background in operating working capital	38 days	-5.0 %	40 days	29.0 %	31 days	6 days	533.3 %
Treasury	16 days	-11.1 %	18 days	5.9 %	17 days	5 days	220.0 %
Inventory turnover of goods	307 days	11.6 %	275 days	22.8 %	224 days	95 days	223.2 %
Average length of credit granted to customers	11 days	-8.3 %	12 days	-20.0 %	15 days	7 days	57.1 %
Average length of credit obtained suppliers	73 days	19.7 %	61 days	15.1 %	53 days	36 days	102.8 %
Inventory turnover of raw materials in industrial enterprises	484 days	-20.9 %	612 days	410.0 %	120 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	333 days	-	-	-	516 days	1,148 days	-71.0 %
Rotation tangible assets	333.24 %	-	-	-	515.57 %	2,061.54 %	-83.8 %

Profitability of the business

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Margin trading	53.57 %	2.6 %	52.23 %	4.8 %	49.83 %	33.58 %	59.5 %
Profitability of the business	2.53 %	328.8 %	0.59 %	-67.2 %	1.80 %	2.31 %	9.5 %
Net profit	-1.64 %	56.1 %	-3.74 %	-3840.0 %	0.10 %	1.32 %	-224.2 %
Growth rate of turnover (excluding VAT)	-11.07 %	-93.9 %	-5.71 %	-86.6 %	-3.06 %	1.91 %	-679.6 %
Rates integration	25.97 %	17.4 %	22.13 %	1.8 %	21.74 %	13.82 %	87.9 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	83.55 %	-6.2 %	89.03 %	5.6 %	84.30 %	31.57 %	164.6 %
Weight interests	0.84 %	-53.1 %	1.79 %	219.6 %	0.56 %	0.05 %	1580.0 %

Return on capital

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Cash flow from the overall profitability	1.76 %	236.4 %	-1.29 %	-151.6 %	2.50 %	2.47 %	-28.7 %
Rates of economic profitability	5.00 %	400.0 %	1.00 %	-80.0 %	5.00 %	15.00 %	-66.7 %
Financial profitability	18,771,359.00 %	-6.4 %	20,058,313.00 %	-14.4 %	23,432,834.00 %	99.58 %	18850431.2 %
Return on investment	-1.50 %	65.2 %	-4.31 %	-355.0 %	1.69 %	11.39 %	-113.2 %

Management intermediate balances

	31/12/2014	Variation	31/12/2013		Variation		31/12/2012		Sector Median 2014
Turnover	84,700,672	-11.1 %	95,244,318		-5.7 %		101,013,135		109,568	77204.6 %
		31/12/2014	Variation	31/12/2013		Variation		31/12/2012	Sector Median 2014
Sales of goods		78,562,838	-11.2 %	88,493,070		-5.4 %		93,568,184		-
- Purchase of goods		31,918,701	-23.0 %	41,471,019		-7.7 %		44,924,360		-
+/- Stock of goods variation		1,266,195	146.5 %	-2,722,295		-61.2 %		-1,689,042		-
Trading margin		45,377,942 €	-8.8 %	49,744,346 €		-1.2 %		50,332,866 €	26,872 €	168767.0 %
		53.57 % CA	2.6 %	52.23 % CA		4.8 %		49.83 % CA	34.55 % CA	55.1 %

		31/12/2014		Variation		31/12/2013		Variation		31/12/2012		Sector Median 2014
Sale of goods produced		6,137,834		-9.1 %		6,751,248		-9.3 %		7,444,951			-
+/- Stocked production		0		0%		0		0%		0			-
+ Self-constructed assets		440,913		0%		0		0%		0			-
Period production		6,578,747 €		-2.6 %		6,751,248 €		-9.3 %		7,444,951 €		3,589 €	183203.1 %
		7.77 % CA		9.6 %		7.09 % CA		-3.8 %		7.37 % CA		6.53 % CA	19.0 %
	31/12/2014		Variation		31/12/2013		Variation		31/12/2012		Sector Median 2014
Trading margin	45,377,942		-8.8 %		49,744,346		-1.2 %		50,332,866		26,872		168767.0 %
+ Period Production	6,578,747		-2.6 %		6,751,248		-9.3 %		7,444,951		3,589		183203.1 %
- Purchase of raw materials	254,532		27.4 %		199,817		-32.6 %		296,508				-
+/- Change in stocks of raw materiels	-2,539		85.7 %		-17,719		45.3 %		-32,400				-
- Other external purchases and charges	29,704,372		-15.7 %		35,238,937		-0.9 %		35,550,541				-
Added value	22,000,324 €		4.4 %		21,074,559 €		-4.0 %		21,963,168 €		15,119 €		145414.4 %
	25.97 % CA		17.4 %		22.13 % CA		1.8 %		21.74 % CA		13.82 % CA		87.9 %

	31/12/2014	Variation	31/12/2013		Variation		31/12/2012		Sector Median 2014
Added value	22,000,324 €	4.4 %	21,074,559 €		-4.0 %		21,963,168 €		15,119 €	145414.4 %
+ Operating grants	74,518	178.4 %	26,765		152.9 %		10,583			-
- Tax, duty and similar payments	1,553,084	-12.4 %	1,772,262		8.2 %		1,637,599			-
- Personal charges	18,380,960	-2.0 %	18,763,675		1.3 %		18,515,721			-
Gross operating surplus	2,140,798 €	278.6 %	565,387 €		-68.9 %		1,820,431 €		1,857 €	115213.7 %
	2.53 % CA	328.8 %	0.59 % CA		-67.2 %		1.80 % CA		2.32 % CA	9.1 %
		31/12/2014	Variation	31/12/2013		Variation		31/12/2012	Sector Median 2014
Gross operating surplus		2,140,798 €	278.6 %	565,387 €		-68.9 %		1,820,431 €	1,857 €	115213.7 %
+ Release of reserves and provisions		649,598	6.2 %	611,527		4.9 %		583,209		-
+ Other operating income		281,686	-6.3 %	300,503		2.5 %		293,156		-
- Depreciation/ Amortisation		2,665,371	6.6 %	2,500,385		29.1 %		1,937,454		-
- Other charges		703,962	18.4 %	594,505		-12.5 %		679,395		-
Operating result		-297,251 €	81.6 %	-1,617,473 €		-2123.2 %		79,947 €	1,074 €	-27789.9 %
		-0.35 % CA	79.4 %	-1.70 % CA		-2225.0 %		0.08 % CA	1.33 % CA	-126.3 %

	31/12/2014	Variation	31/12/2013		Variation		31/12/2012		Sector Median 2014
Operating result	-297,251 €	81.6 %	-1,617,473 €		-2123.2 %		79,947 €		1,074 €	-27789.9 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0		0%		0			-
+ Financial income	66,153	-11.3 %	74,571		-92.3 %		974,372			-
- Financial charges	709,457	-58.4 %	1,704,255		199.2 %		569,580			-
Pre-tax result	-940,555 €	71.0 %	-3,247,157 €		-769.9 %		484,739 €		926 €	-101726.7 %
	-1.11 % CA	67.4 %	-3.41 % CA		-810.4 %		0.48 % CA		1.21 % CA	-191.7 %
		31/12/2014	Variation	31/12/2013		Variation		31/12/2012	Sector Median 2014
Extraordinary income		382,077	37.3 %	278,308		-73.9 %		1,066,032	0	0%
- Extraordinary charges		877,900	37.1 %	640,212		-57.9 %		1,519,840		-
Extraordinary result		-495,823 €	-37.0 %	-361,904 €		20.3 %		-453,808 €	0 €	0%
		-0.59 % CA	-55.3 %	-0.38 % CA		15.6 %		-0.45 % CA	0.00 % CA	0%

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	Sector Median 2014
Pre-tax result	-940,555 €	71.0 %	-3,247,157 €	-769.9 %	484,739 €	926 €	-101726.7 %
Extraordinary result	-495,823 €	-37.0 %	-361,904 €	20.3 %	-453,808 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	-51,389	-21.6 %	-42,275	41.5 %	-72,265		-
Net result	-1,384,989 €	61.2 %	-3,566,786 €	-3556.3 %	103,196 €	1,084 €	-127925.5 %
	-1.64 % CA	56.1 %	-3.74 % CA	-3840.0 %	0.10 % CA	1.21 % CA	-235.5 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.26
UK Pound	1	Rs.101.99
Euro	1	Rs.74.79

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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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