MIRA INFORM REPORT

Report No. :	339525
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	CIPA - CIE INTER PRODUITS ALIMENTAIRES
Registered Office :	132 Rue De Rivoli 75001 Paris 1
Country :	France
Financials (as on) :	31.12.2014
Date of Incorporation :	April 2008
Legal Form :	Simplified joint stock
Line of Business :	Wholesale (intercompany trade) of frozen products.
No. of Employee :	20 to 49 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
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 address

Name	CIPA - CIE INTER PRODUITS ALIMENTAIRES
Acronym	-
Trade name	-
Status	Economically active
Postal Address	CIPA - CIE INTER PRODUITS ALIMENTAIRES 132 RUE DE RIVOLI 75001 PARIS 1
Share Capital	218,974 Euros
Incorporiation Date	04/2008
Activity (APE)	Wholesale ( intercompany trade) of frozen products (4639A)	RCS Registration	RCS Paris B 504 017 047
Formation Date	04/2008	EUR VAT Number	FR21504017047
Deregistration Date	-	Last account Date	31/12/2014
Court Registry Number	20 0 8B10277	Telephone	09 67 42 14 37
Registration Court	Paris (75)	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	124,684,951 €	1.14% Turnover	3,148,066 €	732,429 €	20 to 49 employees
31/12/2013	118,662,456 €	0.89% Turnover	2,415,637 €	648,434 €	-
31/12/2012	100,039,054 €	0.86% Turnover	1,767,203 €	374,353 €	-

Directors

Current Directors

3

Preferential Right

No social security and tax office preferential right to date

Payment Information Summary – Trade Payment Data

Total number of Invoices available	41
Total number of Invoices paid within or up to 30 days after the due date	33
Total number of Invoices paid more than 30 days after the dues date	8
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Trends

Profitability

Liquidity

Net Worth

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4639A	Activity	Wholesale ( intercompany trade) of frozen products
Formation Date	12/2013	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	-
Trading Address	132 RUE DE RIVOLI  75001 PARIS 1	Department	-
Location Surface	-	District	-
City	PARIS 1	Status	Economically active
Business Pages FT®	-	Region	Ile-de-France
		Area	-
		Size of Urban Area	-

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	2 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
CIPA - CIE INTER PRODUITS ALIMENTAIRES	Head Office	4639A	Wholesale ( intercompany trade) of frozen products	PARIS 1	75001
CIPA - CIE INTER PRODUITS ALIMENTAIRES	Branch	4639A	Wholesale ( intercompany trade) of frozen products	PARIS 1	75001
CIPA - CIE INTER PRODUITS ALIMENTAIRES	Branch	4639A	Wholesale ( intercompany trade) of frozen products	PARIS 15	75015

Workforces

Workforce at address

10 to 19 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 sales to current assets ratio is 5.91

The creditor days are 24.98

The stock to turnover ratio is 0.06

The decrease in the gearing percentage over the last two accounting periods is 30 %

The liabilities are 19,003,500 €

The net current assets are 21,082,921 €

The net turnover is 124,684,951 €

The total assets are 23,403,883 €

Low risk workforce size

The company has 3 directors

Industry code with low risk rating

Department code with low risk rating

The risk provisions are 252,316 €

The pre-tax profit is 1,077,917 €

The shareholder's equity is 3,148,066 €

The ratio total assets to total liabilities is 1.22

The return on total assets employed is 4.61

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

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	23/11/2010
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.

Shareholder(s)

Name	ERNST & YOUNG AUDIT
Name of representative
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth
Name	AUDITEX
Name of representative
Manager position	Deputy auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Director(s)

Name	M. MORON JACQUES
Manager position	President	Date of birth	24/10/1948
Place of birth	CHÂTEAU-GONTIER (53200)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M. MORON JACQUES	24/10/1948 - CHÂTEAU-GONTIER (53200)

Status history

Date	Description
09/12/2013	Economically active

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	22/08/2015	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8700 - 504017047 RCS. CIPA-COMPAGNIE INTERNATIONALE DE PRODUITS ALIMENTAIRES. Forme : Société par actions simplifiée. Adresse : 132 rue de Rivoli 75001 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	12/08/2015	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 3593 - 504 017 047 RCS Paris. CIPA-COMPAGNIE INTERNATIONALE DE PRODUITS ALIMENTAIRES. Forme : Société par actions simplifiée.Administration : Commissaire aux comptes titulaire partant : ERNST & YOUNG ET AUTRES, nomination du Commissaire aux comptes titulaire : ERNST & YOUNG AUDIT. Capital : 218974 EUR. Activité : .  Adresse du siège social : 132 rue de Rivoli, 75001 Paris.  Commentaires : modification survenue sur le capital (augmentation) et l'administration.
	22/07/2015	JAL	Modification of the share capital
Annonces de la seine (Les) Date de décision : 23/06/2015 La société : 504017047 - CIPA - CIE INTER PRODUITS ALIMENTAIRES, 132 RUE DE RIVOLI, 75001 PARIS 1 a subi une augmentation de son capital socialdésormais de 218 974 €  Date d'effet : 30/06/2015
	05/08/2014	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6540 - 504017047 RCS. CIPA-COMPAGNIE INTERNATIONALE DE PRODUITS ALIMENTAIRES. Forme : Société par actions simplifiée. Adresse : 132 rue de Rivoli 75001 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	30/04/2014	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9318 - 504017047 RCS. CIPA-COMPAGNIE INTERNATIONALE DE PRODUITS ALIMENTAIRES. Forme : Société par actions simplifiée. Adresse : 132 rue de Rivoli 75001 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	19/02/2014	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2265 - 504 017 047 RCS Paris. CIPA-COMPAGNIE INTERNATIONALE DE PRODUITS ALIMENTAIRES. Forme : Société par actions simplifiée. Capital :198432 EUR. Activité : . Adresse de l’établissement principal : 132 rue de Rivoli, 75001 Paris.  Adresse du siège social : 132 rue de Rivoli, 75001 Paris.  Commentaires : modification survenue sur l'adresse du siège et l'adresse de l'établissement.
	13/12/2013	JAL	Head Office Transfer
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 05/12/2013 Transfert du siège social de la société 504017047 -  CIPA - CIE INTER PRODUITS ALIMENTAIRES  Adresse du nouveau siège : 132 RUE DE RIVOLI, 75001 PARIS 01 Ancienne localisation : 35 RUE BERGER, 75001 PARIS 1 Date d'effet : 09/12/2013
	06/05/2013	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 12946 - 504017047 RCS. CIPA-COMPAGNIE INTERNATIONALE DE PRODUITS ALIMENTAIRES. Forme : Société par actions simplifiée. Adresse : 35 rue Berger 75001 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	28/04/2013	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1352 - 504 017 047 RCS Paris. CIPA-COMPAGNIE INTERNATIONALE DE PRODUITS ALIMENTAIRES. Forme : Société par actions simplifiée. Capital :198432 EUR. Activité : .  Adresse du siège social : 35 rue Berger, 75001 Paris.  Commentaires : modification survenue sur le capital (augmentation).
	29/03/2013	JAL	Modification of the share capital
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 13/09/2012 La société : 504017047 - CIPA - CIE INTER PRODUITS ALIMENTAIRES, 35 RUE BERGER, 75001 PARIS 1 a subi une augmentation de son capital socialdésormais de 198 432 €  Date d'effet : 13/09/2012
	24/10/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 11247 - 504017047 RCS. CIPA-COMPAGNIE INTERNATIONALE DE PRODUITS ALIMENTAIRES. Forme : Société par actions simplifiée. Adresse : 35 rue Berger 75001 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
	24/10/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 11246 - 504017047 RCS. CIPA-COMPAGNIE INTERNATIONALE DE PRODUITS ALIMENTAIRES. Forme : Société par actions simplifiée. Adresse : 35 rue Berger 75001 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	16/10/2011	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1428 - 504 017 047 RCS Paris. CIPA-COMPAGNIE INTERNATIONALE DE PRODUITS ALIMENTAIRES. Forme : Société par actions simplifiée. Capital :162817 EUR. Activité : .  Adresse du siège social : 35 rue Berger, 75001 Paris.  Commentaires : modification survenue sur le capital (augmentation).
	01/09/2011	JAL	Modification of the share capital
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 30/06/2011 La société : 504017047 - CIPA - CIE INTER PRODUITS ALIMENTAIRES, 35 RUE BERGER, 75001 PARIS 1 a subi une augmentation de son capital social désormais de 162 817 €  Date d'effet : 30/06/2011
	31/05/2010	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1492 - 504 017 047 RCS Paris. CIPA-COMPAGNIE INTERNATIONALE DE PRODUITS ALIMENTAIRES. Forme : Société par actions simplifiée. Capital :140000 EUR. Activité : Importation, exportation, négoce international de produits carnés, de leurs dérivés et de bétail vivant. Adresse de l’établissement principal : 35 rue Berger, 75001 Paris.  Adresse du siège social : 35 rue Berger, 75001 Paris.  Commentaires : modification survenue sur l'activité de l'établissement principal, l'adresse du siège et l'adresse de l'établissement.
	12/03/2010	JAL	Head Office Transfer
LES PETITES AFFICHES Date de décision : 01/02/2010 Transfert du siège social de la société 504017047 -  CIPA - CIE INTER PRODUITS ALIMENTAIRES  Adresse du nouveau siège : 35 RUE BERGER, 75001 PARIS Ancienne localisation : 33 AV DU MAINE, TOUR MAINE MONTPARNASSE, PARIS 15, 75015 PARIS 15
	05/09/2008	Bodacc A	Vente et cession : Acheteur
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 621 - 504 017 047 RCS Paris. CIPA-COMPAGNIE INTERNATIONALE DE PRODUITS ALIMENTAIRES. Forme : Société par actions simplifiée. Capital :140000 EUR. Adresse : 33 avenue du Maine Tour Maine Montparnasse, 75755 Paris.  Origine du fonds : Fonds acquis par achat au prix stipulé de 2200000,00 euros. Etablissement : Etablissement principal. Activité : La partie d'un fonds de commerce d'exportation, d'importation et de négoce international de bétail et de viandes de toute nature. Adresse : 33 avenue du Maine, Tour Maine Montparnasse, 75755 Paris.  Précédent propriétaire : SOCINTER. 775 558 018 RCS Paris.  Date de commencement de l’activité : 15/07/2008. Publication légale : Journal spécial des sociétés françaises par actions du 17/07/2008. Oppositions : société d'Avocats DIZIER ET BOURAYNE 217 rue du Faubourg Saint-Honoré 75008 PARIS pour la validité . Commentaires : Achat d'un fonds par une personne morale (insertion provisoire).
	11/07/2008	Bodacc A	Création d'établissement
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 660 - 504 017 047 RCS paris. CIPA-COMPAGNIE INTERNATIONALE DE PRODUITS ALIMENTAIRES. Forme : Société par actions simplifiée. Administration : Président : Moron, Jacques, Commissaire aux comptes titulaire : ERNST & YOUNG ET AUTRES, Commissaire aux comptes suppléant : AUDITEX. . Capital :140000 EUR. Adresse : 33 avenue du Maine Tour Maine Montparnasse, 75755 Paris.  Origine du fonds : Création d'un fonds de commerce. Etablissement : Etablissement principal. Activité : Importation, exportation, négoce international de produits carnés, de leurs dérivés et de bétail vivant. Adresse : 33 avenue du Maine Tour Maine Montparnasse, 75755 Paris.  A dater du : 29/04/2008. Date de commencement de l’activité : 17/04/2008. Commentaires : Immatriculation d'une personne morale (B, C, D) suite à création d'un établissement principal.

Company events history

Date	Description
22/08/2015	Bodacc C : Deposit accounts notice
12/08/2015	Bodacc B: Various editing or changing
28/07/2015	Capital increase
28/07/2015	Amendment
28/07/2015	New auditor
28/07/2015	Updated articles of association
28/07/2015	Audit or Management Report
24/07/2015	Update Limit
24/07/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
23/06/2015	Legal Gazette: Modification of the share capital
31/12/2014	New accounts available
05/08/2014	Bodacc C : Deposit accounts notice
10/07/2014	Update Limit
10/07/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
30/04/2014	Bodacc C : Deposit accounts notice
08/04/2014	Update Limit
08/04/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
19/02/2014	Bodacc B: Various editing or changing
04/02/2014	Amendment
04/02/2014	Updated articles of association
04/02/2014	Registered office transferred inside jurisdiction of the Commercial Court
31/12/2013	New accounts available
13/12/2013	Legal Gazette: Head Office Transfer
09/12/2013	Update of Company Head Office Identifier
09/12/2013	Transfer of Establishment
18/10/2013	Update Rating
18/10/2013	Update Limit
17/07/2013	Update Limit
17/07/2013	Update Rating
06/05/2013	Bodacc C : Deposit accounts notice
28/04/2013	Bodacc B: Various editing or changing
23/04/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
12/04/2013	Minutes of general meeting of shareholders
12/04/2013	Capital increase
12/04/2013	Audit or Management Report
12/04/2013	Amendment
12/04/2013	Updated articles of association
31/12/2012	New accounts available
13/09/2012	Legal Gazette: Modification of the share capital
31/12/2011	New accounts available
24/10/2011	Bodacc C : Deposit accounts notice
16/10/2011	Bodacc B: Various editing or changing
12/10/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
07/10/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
30/09/2011	Fund deposit certificate
30/09/2011	Minutes of general meeting of shareholders
30/09/2011	Amendment
30/09/2011	Capital increase
30/09/2011	Updated articles of association
30/09/2011	Audit or Management Report
29/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
30/06/2011	Legal Gazette: Modification of the share capital
31/12/2010	New accounts available
23/11/2010	Collection of preferential rights activated for this company
31/05/2010	Bodacc B: Various editing or changing
10/05/2010	Amendment
10/05/2010	Registered office transferred inside jurisdiction of the Commercial Court
10/05/2010	Updated articles of association
12/03/2010	Legal Gazette: Head Office Transfer
31/12/2009	New accounts available
24/07/2009	Updated articles of association
24/07/2009	Updated articles of association
24/07/2009	New closing date
24/07/2009	New closing date
24/07/2009	Minutes of general meeting of shareholders
24/07/2009	Minutes of general meeting of shareholders
24/07/2009	Private document
05/09/2008	Updated articles of association
05/09/2008	Private document
05/09/2008	New Bodacc A ads detected
05/09/2008	Minutes of general meeting of shareholders
05/09/2008	Minutes of general meeting of shareholders
05/09/2008	Bodacc A : Sale and transfer
05/09/2008	Updated articles of association
11/07/2008	New Bodacc A ads detected
11/07/2008	Bodacc A : Establishment creation
13/06/2008	Audit or Management Report
13/06/2008	Audit or Management Report
13/06/2008	Private document
15/05/2008	Application and court order
15/05/2008	Application and court order
15/05/2008	Amendment
29/04/2008	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	23/07/2015	09/07/2014	07/04/2014
Activity Code	4639A	4639A	4639A
Employees	1875	19	18

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	2,304,951	-6.9 %	2,475,310	-0.1 %	2,477,932	125,267	1740.0 %
Intangible assets	2,185,627	-4.7 %	2,293,924	0.0 %	2,294,007	90	2428374.4 %
Tangible assets	66,111	-19.6 %	82,267	-30.8 %	118,939	45,119	46.5 %
Financial assets	53,212	-74.4 %	207,970	28.2 %	162,260	11,519	362.0 %
Net current assets	21,082,921	-6.0 %	22,429,089	27.6 %	17,581,715	1,896,314	1011.8 %
Stocks	79,363	560.6 %	12,013	-89.3 %	112,741	465,868	-83.0 %
Advanced payments	0	0%	0	0%	0	0	0%
Receivables	19,759,606	-6.1 %	21,036,398	42.6 %	14,756,357	1,063,043	1758.8 %
Securities and cash	1,243,950	-9.9 %	1,380,678	-49.1 %	2,712,617	142,319	774.1 %
Prepaid expenses	-	-	-	-	-	602	-
Accounts of regularization	16,010	0%	0	0%	0	0	0%
Total Assets	23,403,883	-6.0 %	24,904,399	24.2 %	20,059,647	2,568,799	811.1 %

Passive Account

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Shareholders' equity	3,148,066	30.3 %	2,415,637	36.7 %	1,767,203	818,796	284.5 %
Share capital	198,432	0%	198,432	0%	198,432	89,924	120.7 %
Other capital resources	1,000,000	0%	1,000,000	0%	1,000,000	0	0%
Risk Provisions	252,316	-31.9 %	370,256	-9.2 %	407,955	0	0%
Liabilities	19,003,500	-10.0 %	21,118,505	25.1 %	16,884,488	1,508,265	1160.0 %
Financial liabilities	9,194,480	-8.1 %	10,000,501	51.5 %	6,600,883	151,907	5952.7 %
Advanced payments received	141,543	-31.8 %	207,665	0%	0	0	0%
Trade account payables	8,531,734	-12.9 %	9,792,843	4.9 %	9,331,931	743,993	1046.8 %
Tax and social liabilities	588,203	-15.9 %	699,456	45.3 %	481,544	145,371	304.6 %
Other debts and fixed assets liabilities	547,537	31.0 %	418,040	-11.1 %	470,130	11,475	4671.6 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	23,403,883	-6.0 %	24,904,399	24.2 %	20,059,646	2,569,799	810.7 %

Results

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Sales of Goods	124,786,407	4.9 %	118,912,229	18.7 %	100,189,087	7,693,309	1522.0 %
Net turnover	124,684,951	5.1 %	118,662,456	18.6 %	100,039,054	7,644,482	1531.0 %
of which net export turnover	116,771,280	6.0 %	110,136,106	27.6 %	86,316,232	1,140	10242994.7 %
Operating charges	123,304,803	4.7 %	117,761,174	18.7 %	99,235,677	7,360,094	1575.3 %
Operating profit/loss	1,481,604	28.7 %	1,151,056	20.7 %	953,410	181,235	717.5 %
Financial income	804,625	-56.4 %	1,846,892	-7.3 %	1,992,799	563	142817.4 %
Financial charges	1,175,442	-39.5 %	1,944,305	-14.7 %	2,278,096	7,025	16633.5 %
Financial profit/loss	-370,817	-280.7 %	-97,414	65.9 %	-285,297	-1,080	-34250.8 %
Pretax net operating income	1,110,787	5.4 %	1,053,642	57.7 %	668,113	161,850	586.3 %
Extraordinary income	127,206	2084.9 %	5,822	-96.4 %	160,147	3,839	3214.0 %
Extraordinary charges	160,077	59.3 %	100,516	-61.9 %	263,613	1,238	12835.5 %
Extraordinary profit/loss	-32,871	65.3 %	-94,694	8.5 %	-103,466	0	0%
Net result	732,429	13.0 %	648,434	73.2 %	374,353	94,995	671.0 %

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	23,403,883	-6.0 %	24,904,399	24.2 %	20,059,647
Gross	CO	23,686,691	-6.3 %	25,279,151	23.6 %	20,444,807
Amortisation	1A	282,807	-24.5 %	374,752	-2.7 %	385,160

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	2,304,951	-6.9 %	2,475,310	-0.1 %	2,477,932
Gross	BJ	2,587,759	-8.7 %	2,835,733	-0.7 %	2,855,155
Amortisation	BK	282,807	-21.5 %	360,423	-4.5 %	377,223

Intangible fixed assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Start-up cost	Net	0	0%	108,850	0%	108,850
Gross	AB	0	0%	108,850	0%	108,850
Amortisation	AC	0	0%	108,850	11.9 %	97,279
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	553	0%	0	0%	83
Gross	AF	201,158	0.3 %	200,467	0%	200,467
Amortisation	AG	200,604	0.1 %	200,467	0.0 %	200,379
Goodwill	Net	2,185,074	0%	2,185,074	0%	2,185,074
Gross	AH	2,185,074	0%	2,185,074	0%	2,185,074
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	2,185,627	-4.7 %	2,293,924	0.0 %	2,294,007

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	0	0%	0	0%	0
Gross	AR	0	0%	0	0%	0
Amortisation	AS	0	0%	0	0%	0
Other tangible fixed assets	Net	66,111	-19.6 %	82,267	-30.8 %	118,939
Gross	AT	148,314	11.2 %	133,372	-32.8 %	198,504
Amortisation	AU	82,203	60.8 %	51,106	-35.8 %	79,565
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	66,111	-19.6 %	82,267	-30.8 %	118,939

Financial assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Associates at equity	Net	0	0%	0	0%	0
Gross	CS	0	0%	0	0%	0
Amortisation	CT	0	0%	0	0%	0
Other participations	Net	0	0%	0	0%	0
Gross	CU	0	0%	0	0%	0
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	53,212	-74.4 %	207,970	28.2 %	162,260
Gross	BH	53,212	-74.4 %	207,970	28.2 %	162,260
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	53,212	-74.4 %	207,970	28.2 %	162,260

Current Assets (III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total Assets	Net	21,082,921	-6.0 %	22,429,089	27.6 %	17,581,715
Gross	CJ	21,082,921	-6.1 %	22,443,417	27.6 %	17,589,652
Amortisation	CK	0	0%	14,329	80.5 %	7,937

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	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	79,363	560.6 %	12,013	-89.3 %	112,741
Gross	BT	79,363	560.6 %	12,013	-89.3 %	112,741
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	79,363	560.6 %	12,013	-89.3 %	112,741

Advance payments to suppliers

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Advance payments to suppliers	Net	0	0%	0	0%	0
Gross	BV	0	0%	0	0%	0
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Trade accounts receivable	Net	17,513,225	-7.8 %	18,998,061	44.8 %	13,124,437
Gross	BX	17,513,225	-7.8 %	18,998,061	44.8 %	13,124,437
Amortisation	BY	0	0%	0	0%	0
Other debtors	Net	2,182,859	9.4 %	1,996,179	24.2 %	1,606,597
Gross	BZ	2,182,859	8.6 %	2,010,508	24.5 %	1,614,534
Amortisation	CA	0	0%	14,329	80.5 %	7,937
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	19,696,084	-6.2 %	20,994,240	42.5 %	14,731,034

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	1,243,950	-9.9 %	1,380,678	-49.1 %	2,712,617
Gross	CF	1,243,950	-9.9 %	1,380,678	-49.1 %	2,712,617
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	1,243,950	-9.9 %	1,380,678	-49.1 %	2,712,617

Prepaid expenses

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid expenses	Net	63,522	50.7 %	42,158	66.5 %	25,323
Gross	CH	63,522	50.7 %	42,158	66.5 %	25,323
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	16,010	0%	0	0%	0
Gross		16,010	0%	0	0%	0

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Due within one year	CP	0	0%	150,000	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	23,403,883	-6.0 %	24,904,399	24.2 %	20,059,646

Shareholder Equity (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total shareholders' equity (Total I)	DL	3,148,066	30.3 %	2,415,637	36.7 %	1,767,203
Equity and shareholders' equity	DA	198,432	0%	198,432	0%	198,432
Issue and merger premiums	DB	281,593	0%	281,593	0%	281,593
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	45,641	0%	45,641	0%	45,641
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	0	0%	11,571	-65.4 %	33,401
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	1,889,971	53.7 %	1,229,966	47.5 %	833,783
Profit or loss for the period	DI	732,429	13.0 %	648,434	73.2 %	374,353
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	1,000,000	0%	1,000,000	0%	1,000,000
Income from participating securities	DM	750,000	0%	750,000	0%	750,000
Conditional loans	DN	250,000	0%	250,000	0%	250,000

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	252,316	-31.9 %	370,256	-9.2 %	407,955
Risk provisions	DP	252,316	-31.9 %	370,256	-9.2 %	407,955
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	19,003,500	-10.0 %	21,118,505	25.1 %	16,884,488
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	9,194,480	-8.1 %	10,000,501	51.5 %	6,600,883
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	141,543	-31.8 %	207,665	0%	0
Trade accounts payables	DX	8,531,734	-12.9 %	9,792,843	4.9 %	9,331,931
Tax and social security liabilities	DY	588,203	-15.9 %	699,456	45.3 %	481,544
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	547,537	31.0 %	418,040	-11.1 %	470,130

Translation loss (V)

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

Equalization accounts

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

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	18,861,956	-10.7 %	21,118,505	25.1 %	16,884,488
Of which current bank facilities	EH	794,480	158478.8 %	501	-100.0 %	6,600,883

Result account

1 - Operating result (I-II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating result (Total I-II)	GG	1,481,604	28.7 %	1,151,056	20.7 %	953,410

2 - Financial result (V-VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Financial result (Total V-VI)	GV	-370,817	-280.7 %	-97,414	65.9 %	-285,297

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	1,110,787	5.4 %	1,053,642	57.7 %	668,113

4 - Extraordinary result (VII-VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Extraordinary result (Total VII-VIII)	HI	-32,871	65.3 %	-94,694	8.5 %	-103,466

Profit or loss

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Profit or loss	HN	732,429	13.0 %	648,434	73.2 %	374,353

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	125,718,239	4.1 %	120,764,942	18.0 %	102,342,033

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	124,985,809	4.1 %	120,116,508	17.8 %	101,967,679

Operating income (I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating income (Total I)	FR	124,786,407	4.9 %	118,912,229	18.7 %	100,189,087

Operating income (details)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Sale of goods for resale	FC	124,334,466	5.4 %	118,019,298	18.5 %	99,607,241
France	FA	7,864,684	-7.0 %	8,457,632	-37.8 %	13,602,398
Export	FB	116,469,781	6.3 %	109,561,666	27.4 %	86,004,843
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	350,485	-45.5 %	643,158	48.9 %	431,813
France	FG	48,986	-28.7 %	68,718	-42.9 %	120,424
Export	FH	301,499	-47.5 %	574,440	84.5 %	311,389
Net turnover	FL	124,684,951	5.1 %	118,662,456	18.6 %	100,039,054
France	FJ	7,913,671	-7.2 %	8,526,350	-37.9 %	13,722,821
Export	FK	116,771,280	6.0 %	110,136,106	27.6 %	86,316,232
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	0
Release of reserves and provisions	FP	87,573	-44.8 %	158,755	19.8 %	132,464
Other income	FQ	13,882	-84.7 %	91,018	418.1 %	17,569

Operating charges (II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total operating charges (Total II)	GF	123,304,803	4.7 %	117,761,174	18.7 %	99,235,677

Exploitation charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Purchase of goods for resale	FS	112,793,889	5.3 %	107,086,705	18.9 %	90,029,142
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	-67,350	-166.9 %	100,727	119.2 %	45,942
Other external purchases and charges	FW	8,353,354	1.5 %	8,233,073	16.6 %	7,062,703
Tax, duty and similar payments	FX	165,740	-28.0 %	230,105	5.8 %	217,417
Payroll	FY	1,396,174	7.3 %	1,300,624	5.9 %	1,227,881
Social security costs	FZ	619,512	-4.9 %	651,111	10.1 %	591,495

Depreciation

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Depreciation of fixed assets	GA	33,095	-21.1 %	41,939	-14.5 %	49,042
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	14,329	80.5 %	7,937
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Other charges	GE	10,386	-89.9 %	102,561	2390.6 %	4,118

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	804,625	-56.4 %	1,846,892	-7.3 %	1,992,799
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	0	0%	0	0%	178
Released provisions and transferred charges	GM	259,940	451.4 %	47,144	0%	0
Exchange gains	GN	544,684	-69.7 %	1,799,678	-9.6 %	1,991,304
Net income from disposal of investment securities	GO	0	0%	69	-94.8 %	1,317

Financial charge (VI)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total financial charge (Total VI)	GU	1,175,442	-39.5 %	1,944,305	-14.7 %	2,278,096
Financial reserves and provisions	GQ	207,051	0%	0	0%	202,423
Interest and similar charges	GR	316,835	11.6 %	283,816	10.9 %	255,822
Exchange losses	GS	651,555	-60.8 %	1,660,490	-8.8 %	1,819,851
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	127,206	2084.9 %	5,822	-96.4 %	160,147
Extraordinary operating income	HA	17,689	203.8 %	5,822	-13.5 %	6,730
Extraordinary income from capital transactions	HB	750	0%	0	0%	75
Released provisions and transferred charges	HC	108,766	0%	0	0%	153,342

Extraordinary charges (VIII)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total extraordinary charges (Total VIII)	HH	160,077	59.3 %	100,516	-61.9 %	263,613
Extraordinary operating charges	HE	115,182	306.5 %	28,338	-82.8 %	164,292
Extraordinary charges from capital transactions	HF	1,179	-98.1 %	62,733	0%	0
Extraordinary reserves and provisions	HG	43,716	362.8 %	9,446	-90.5 %	99,321

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	345,488	11.3 %	310,513	63.2 %	190,293

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	73,244	-51.4 %	150,817	59.3 %	94,652
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	267,437	110.1 %	127,262	0%	0
Gross value at the end of period	OL	2,587,759	-8.7 %	2,835,733	0%	0

Research and development Charge (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	CZ	108,850	0%	108,850	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	108,850	0%	0	0%	0
Gross value at the end of period	DO	0	0%	108,850	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	2,385,541	0%	2,385,541	0%	0
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	691	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	2,386,232	0.0 %	2,385,541	0%	0

Tangible fixed assets (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LN	133,372	-32.8 %	198,504	0%	0
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	17,982	-68.1 %	56,341	0%	0
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	3,038	-97.5 %	121,472	0%	0
Gross value at the end of period	NH	148,314	11.2 %	133,372	0%	0

Financial assets (Total IV)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Gross value at begin of period	LQ	207,969	28.2 %	162,260	0%	0
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	791	-98.5 %	51,500	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	155,548	2586.5 %	5,790	0%	0
Gross value at the end of period	NK	53,212	-74.4 %	207,970	0%	0

Reserve for depreciation

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

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	ON	0	0%	0	0%	0
Increases	OP	0	0%	0	0%	0
Decreasess	OQ	0	0%	0	0%	0
Reserve for depreciation value at the end of period	OR	0	0%	0	0%	0

Research and development charge (Total I)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	CY	0	0%	0	0%	0
Increases	PB	0	0%	0	0%	0
Decreasess	PC	0	0%	0	0%	0
Decreasess by budget item transfer	PD	0	0%	0	0%	0

Other intangible assets (Total II)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	PE	200,467	0.0 %	200,379	0%	0
Increases	PF	137	55.7 %	88	0%	0
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	200,604	0.1 %	200,467	0%	0

Total fixed assets amotisation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Reserve for depreciation value at begin of period	QU	51,105	-35.8 %	79,565	0%	0
Increases	QV	32,958	8.8 %	30,280	0%	0
Decreases	QW	1,860	-96.8 %	58,740	0%	0
Decreasess by budget item transfer	QX	82,203	60.9 %	51,105	0%	0

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

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

Premium refund of obligations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Net value at begin of period	SP1	0	0%	0	0%	0
Increases	SP2	108,850	0%	0	0%	0
Depreciation of fixed assets during period	SP	0	0%	108,850	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	384,585	-7.5 %	415,892	0%	0
Increases	UB	250,767	954.8 %	23,774	0%	0
Decreases	UC	383,036	595.4 %	55,081	0%	0
Value at the end of period	UD	252,316	-34.4 %	384,585	0%	0

Includes Total allocations

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UE	0	0%	14,329	0%	0
Financial	UG	207,051	0%	0	0%	0
Exceptional	UJ	43,716	362.8 %	9,446	0%	0

Includes Total Withdrawal

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Operating	UF	14,328	80.5 %	7,937	0%	0
Financial	UH	259,940	451.4 %	47,144	0%	0
Exceptional	UK	108,766	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	370,256	-9.2 %	407,955	0%	0
Increases	TV	250,767	2554.7 %	9,446	0%	0
Decreases	TW	368,707	682.1 %	47,144	0%	0
Value at the end of period	TX	252,316	-31.9 %	370,256	0%	0

Total Provision for depreciation (Total III)

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Value at begining of period	7B	14,328	80.5 %	7,937	0%	0
Increases	TY	0	0%	14,329	0%	0
Decreases	TZ	14,328	80.5 %	7,937	0%	0
Value at the end of period	UA	0	0%	14,329	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	19,812,819	-6.8 %	21,258,696	0%	0
1 year at most	VU	19,759,607	-6.8 %	21,200,726	0%	0
More than one year	VV	53,212	-8.2 %	57,970	0%	0

State of loans

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	53,212	-74.4 %	207,970	0%	0
Other financial assets (1 year at most)	UV	0	0%	150,000	0%	0

Receivables statement of assets

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Customers doubtful or disputed	VA	0	0%	0	0%	0
Other claims customer	UX	17,513,225	-7.8 %	18,998,061	0%	0
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	85	0%	0
Income taxes	VM	0	0%	0	0%	0
Value added tax	VB	29,865	-64.0 %	82,885	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	177,587	6.5 %	166,793	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	1,975,406	12.2 %	1,760,744	0%	0

Prepaid

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Prepaid	VS	63,522	50.7 %	42,158	0%	0

State Debt

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Total debt (gross)	VY	18,861,956	-9.8 %	20,910,840	0%	0
1 year at most	VZ2	18,861,956	-9.8 %	20,910,840	0%	0
More than 1 year and 5 years at most	VZ3	0	0%	0	0%	0
More than 5 years	VZ4	0	0%	0	0%	0

Details

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most	7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Y3	0	0%	0	0%	0
Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most	7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Z3	0	0%	0	0%	0
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	9,194,480	-8.1 %	10,000,501	0%	0
1 year at most	VG2	9,194,480	-8.1 %	10,000,501	0%	0
More than 1 year and 5 years at most	VG3	0	0%	0	0%	0
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most	VH2	0	0%	0	0%	0
More than 1 year and 5 years at most	VH3	0	0%	0	0%	0
Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most	8A2	0	0%	0	0%	0
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	8,531,734	-12.9 %	9,792,843	0%	0
1 year at most	8B2	8,531,734	-12.9 %	9,792,843	0%	0
More than 1 year and 5 years at most	8B3	8,531,734	-12.9 %	9,792,843	0%	0
Personnel and associated accounts (gross)	8C1	224,471	23.8 %	181,292	0%	0
1 year at most	8C2	224,471	23.8 %	181,292	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	317,604	-2.3 %	325,201	0%	0
1 year at most	8D2	317,604	-2.3 %	325,201	0%	0
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	24,898	-85.3 %	169,794	0%	0
1 year at most	8E2	24,898	-85.3 %	169,794	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	21,230	-8.4 %	23,169	0%	0
1 year at most	VQ2	21,230	-8.4 %	23,169	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	305,000	144.0 %	125,000	0%	0
1 year at most	VI2	305,000	144.0 %	125,000	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	242,537	-17.2 %	293,040	0%	0
1 year at most	8K2	242,537	-17.2 %	293,040	0%	0
More than 1 year and 5 years at most	8K3	0	0%	0	0%	0
Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most	SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most	SZ3	0	0%	0	0%	0
Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most	8L2	0	0%	0	0%	0
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	0	0%	0	0%	0

Table allocation results and other information

Dividends distributed

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

Commitments

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

Other charges Externes

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Subcontracting	YT	12,719	10.6 %	11,501	0%	0
Rentals, rental charges and condominiums	XQ	212,996	-1.5 %	216,267	0%	0
Staff outside the company	YU	56,569	-26.8 %	77,296	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	1,049,824	18.7 %	884,172	0%	0
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	7,021,244	-0.3 %	7,043,836	0%	0
Total Other purchases and external	ZJ	8,353,354	1.5 %	8,233,073	0%	0

Taxes and Fees

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Business tax	YW	58,988	7.2 %	55,010	0%	0
Other taxes and payments assimilated	9Z	106,751	-39.0 %	175,095	0%	0
Total taxes and fees	YX	165,740	-28.0 %	230,105	0%	0

VAT

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Amount VAT collected	YY	0	0%	142,914	0%	0
Total VAT on goods and services	YZ	0	0%	353,613	0%	0

Average number of employees

		31/12/2014	Variation	31/12/2013	Variation	31/12/2012
Average number of employees	YP	1,875	9768.4 %	19	5.6 %	18

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	5.06	1.4 %	4.99	302.4 %	1.24	3.11	62.7 %
Global Debt	55 days	-14.1 %	64 days	4.9 %	61 days	71 days	-22.5 %
Working Capital Fund overall net	30 days	-11.8 %	34 days	1033.3 %	3 days	38 days	-21.1 %
Financial independence	34.24 %	48.4 %	23.07 %	-8.2 %	25.12 %	215.42 %	-84.1 %
Solvability	17.72 %	29.2 %	13.71 %	-0.6 %	13.79 %	34.36 %	-48.4 %
Capacity debt futures	34.24 %	41.7 %	24.16 %	-	-	699.30 %	-95.1 %
Coverage of current assets by net working capital overall	49.93 %	-1.1 %	50.49 %	1171.8 %	3.97 %	41.91 %	19.1 %
General Liquidity	1.05	4.0 %	1.01	-	-	0.87	20.7 %
Restricted Liquidity	1.11	2.8 %	1.08	-	-	1.09	1.8 %

Management or rotation

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Need background in operating working capital	29 days	-3.3 %	30 days	87.5 %	16 days	26 days	11.5 %
Treasury	1 days	-75.0 %	4 days	128.6 %	-14 days	7 days	-85.7 %
Inventory turnover of goods	0 days	0%	0 days	0%	0 days	33 days	0%
Average length of credit granted to customers	51 days	-12.1 %	58 days	23.4 %	47 days	43 days	18.6 %
Average length of credit obtained suppliers	25 days	-16.7 %	30 days	-14.3 %	35 days	43 days	-41.9 %
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	-	-	-	-	-	1,337 days	-
Rotation tangible assets	84,068.23 %	-5.5 %	88,971.04 %	-	-	3,797.02 %	2114.1 %

Profitability of the business

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Margin trading	9.26 %	0.5 %	9.21 %	-3.8 %	9.57 %	19.27 %	-51.9 %
Profitability of the business	1.14 %	28.1 %	0.89 %	3.5 %	0.86 %	3.34 %	-65.9 %
Net profit	0.59 %	7.3 %	0.55 %	48.6 %	0.37 %	1.53 %	-61.4 %
Growth rate of turnover (excluding VAT)	5.08 %	-72.7 %	18.62 %	3110.3 %	0.58 %	2.24 %	126.8 %
Rates integration	2.89 %	5.9 %	2.73 %	-5.9 %	2.90 %	10.10 %	-71.4 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	55.91 %	-7.1 %	60.20 %	-4.0 %	62.71 %	60.81 %	-8.1 %
Weight interests	0.94 %	-42.7 %	1.64 %	-28.1 %	2.28 %	0.11 %	754.5 %

Return on capital

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Cash flow from the overall profitability	0.51 %	-15.0 %	0.60 %	-16.7 %	0.72 %	2.08 %	-75.5 %
Rates of economic profitability	11.00 %	37.5 %	8.00 %	-11.1 %	9.00 %	21.00 %	-47.6 %
Financial profitability	4,148,066.00 %	21.4 %	3,415,637.00 %	23.4 %	2,767,203.00 %	893,833.50 %	364.1 %
Return on investment	14.30 %	-26.0 %	19.33 %	-31.7 %	28.31 %	12.58 %	13.7 %

Management intermediate balances

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Turnover	124,684,951	5.1 %	118,662,456	18.6 %	100,039,054	7,644,482	1531.0 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Sales of goods	124,334,466	5.4 %	118,019,298	18.5 %	99,607,241		-
- Purchase of goods	112,793,889	5.3 %	107,086,705	18.9 %	90,029,142		-
+/- Stock of goods variation	0	0%	0	0%	0		-
Trading margin	11,540,577 €	5.6 %	10,932,593 €	14.1 %	9,578,099 €	1,434,191 €	704.7 %
	9.26 % CA	0.5 %	9.21 % CA	-3.8 %	9.57 % CA	19.27 % CA	-51.9 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Sale of goods produced	350,485	-45.5 %	643,158	48.9 %	431,813		-
+/- Stocked production	0	0%	0	0%	0		-
+ Self-constructed assets	0	0%	0	0%	0		-
Period production	350,485 €	-45.5 %	643,158 €	48.9 %	431,813 €	16,693 €	1999.6 %
	0.28 % CA	-48.1 %	0.54 % CA	25.6 %	0.43 % CA	0.35 % CA	-20.0 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Trading margin	11,540,577	5.6 %	10,932,593	14.1 %	9,578,099	1,434,191	704.7 %
+ Period Production	350,485	-45.5 %	643,158	48.9 %	431,813	16,693	1999.6 %
- Purchase of raw materials	0	0%	0	0%	0		-
+/- Change in stocks of raw materiels	-67,350	-166.9 %	100,727	119.2 %	45,942		-
- Other external purchases and charges	8,353,354	1.5 %	8,233,073	16.6 %	7,062,703		-
Added value	3,605,058 €	11.2 %	3,241,951 €	11.7 %	2,901,267 €	637,562 €	465.4 %
	2.89 % CA	5.9 %	2.73 % CA	-5.9 %	2.90 % CA	10.10 % CA	-71.4 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Added value	3,605,058 €	11.2 %	3,241,951 €	11.7 %	2,901,267 €	637,562 €	465.4 %
+ Operating grants	0	0%	0	0%	0		-
- Tax, duty and similar payments	165,740	-28.0 %	230,105	5.8 %	217,417		-
- Personal charges	2,015,686	3.3 %	1,951,735	7.3 %	1,819,376		-
Gross operating surplus	1,423,632 €	34.3 %	1,060,111 €	22.6 %	864,474 €	194,236 €	632.9 %
	1.14 % CA	28.1 %	0.89 % CA	3.5 %	0.86 % CA	3.34 % CA	-65.9 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Gross operating surplus	1,423,632 €	34.3 %	1,060,111 €	22.6 %	864,474 €	194,236 €	632.9 %
+ Release of reserves and provisions	87,573	-44.8 %	158,755	19.8 %	132,464		-
+ Other operating income	13,882	-84.7 %	91,018	418.1 %	17,569		-
- Depreciation/ Amortisation	33,095	-41.2 %	56,268	-1.2 %	56,979		-
- Other charges	10,386	-89.9 %	102,561	2390.6 %	4,118		-
Operating result	1,481,606 €	28.7 %	1,151,055 €	20.7 %	953,410 €	181,235 €	717.5 %
	1.19 % CA	22.7 %	0.97 % CA	2.1 %	0.95 % CA	2.43 % CA	-51.0 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Operating result	1,481,606 €	28.7 %	1,151,055 €	20.7 %	953,410 €	181,235 €	717.5 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0	0%	0		-
+ Financial income	804,625	-56.4 %	1,846,892	-7.3 %	1,992,799		-
- Financial charges	1,175,442	-39.5 %	1,944,305	-14.7 %	2,278,096		-
Pre-tax result	1,110,789 €	5.4 %	1,053,642 €	57.7 %	668,113 €	161,849 €	586.3 %
	0.89 % CA	0%	0.89 % CA	32.8 %	0.67 % CA	2.27 % CA	-60.8 %

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Extraordinary income	127,206	2084.9 %	5,822	-96.4 %	160,147	3,839	3214.0 %
- Extraordinary charges	160,077	59.3 %	100,516	-61.9 %	263,613		-
Extraordinary result	-32,871 €	65.3 %	-94,694 €	8.5 %	-103,466 €	0 €	0%
	-0.03 % CA	62.5 %	-0.08 % CA	20.0 %	-0.10 % CA	0.00 % CA	0%

	31/12/2014	Variation	31/12/2013	Variation	31/12/2012	SECTOR MEDIAN 2014
Pre-tax result	1,110,789 €	5.4 %	1,053,642 €	57.7 %	668,113 €	161,849 €	586.3 %
Extraordinary result	-32,871 €	65.3 %	-94,694 €	8.5 %	-103,466 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	345,488	11.3 %	310,513	63.2 %	190,293		-
Net result	732,430 €	13.0 %	648,435 €	73.2 %	374,354 €	94,996 €	671.0 %
	0.59 % CA	7.3 %	0.55 % CA	48.6 %	0.37 % CA	1.53 % CA	-61.4 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

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