MIRA INFORM REPORT

Report No. :	340234
Report Date :	12.09.2015

IDENTIFICATION DETAILS

Name :	AFCM DIFFUSION
Registered Office :	Loxwood, 14 Rue Du Cherche Midi, 75006 Paris 6
Country :	France
Financials (as on) :	31.12.2013
Date of Incorporation :	November 1989
Com. Reg. No.:	352 256 200
Legal Form :	Limited Liability Company
Line of Business :	Subject is engaged in retail sale of leather and travel goods
No. of Employee :	10 to 19 (2013)

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

AFCM DIFFUSION

Enquiries Trend

SIRET	352 256 200 00069
Name	AFCM DIFFUSION
Acronym	-
Trade name	LOXWOOD
Status	Economically active
Postal Address	AFCM DIFFUSION LOXWOOD 14 RUE DU CHERCHE MIDI 75006 PARIS 6
Share Capital	996,874 Euros
Incorporiation Date	11/1989
Activity (APE)	Retail sale of leather and travel goods (4772B)	RCS Registration	RCS Paris B 352 256 200
Formation Date	10/1989	EUR VAT Number	FR75352256200
Deregistration Date	-	Last account Date	31/12/2013
Court Registry Number	20 0 2B19331	Telephone	01 42 22 11 21
Registration Court	Paris (75)	Fax	-
Nationality	France
		Legal form	Limited Liability Company
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2013	1,897,038 €	5.83% Turnover	1,330,427 €	31,094 €	10 to 19 employees
31/12/2012	2,212,653 €	-16.72% Turnover	1,299,333 €	317,924 €	-
31/12/2011	2,671,241 €	6.91% Turnover	981,407 €	90,570 €	-

Directors

Current Directors

1

Preferential Right

Last published Judgment

27/11/2012

No social security and tax office preferential right to date

Payment Information Summary – Trade Payment Data

Total number of Invoices available	137
Total number of Invoices paid within or up to 30 days after the due date	75
Total number of Invoices paid more than 30 days after the dues date	57
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	5

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4772B	Activity	Retail sale of leather and travel goods
Formation Date	12/2003	Reason for Formation	Purchase
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	14 RUE DU CHERCHE MIDI 75006 PARIS 6	Department	Paris (75)
Location Surface	-	District	1
City	PARIS 6	Status	Economically active
Business Pages FT®	MAROQUINERIE ET ARTICLES DE VOYAGE (DETAIL)	Region	Ile-de-France
		Area	99
		Size of Urban Area	Paris conglomeration

Other Establishment(s)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which no activity grouping more than 50% of workforce
Branches	4 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
AFCM DIFFUSION	Head Office	4772B	Retail sale of leather and travel goods	PARIS 6	75006
AFCM DIFFUSION	Branch	524F	Retail sale of leather and travel goods	PARIS 9	75009
AFCM DIFFUSION	Branch	524F	Retail sale of leather and travel goods	LE PECQ	78230
AFCM DIFFUSION	Branch	4772B	Retail sale of leather and travel goods	PARIS 8	75008
AFCM DIFFUSION	Branch	4772B	Retail sale of leather and travel goods	CROISSY SUR SEINE	78290

Workforces

Workforce at address

3 to 5 employees

Company workforce

10 to 19 employees

Industry comparison

Activity (APE)

Retail sale of leather and travel goods (4772B)

Collective procedures

Courts

Judgment	Protection Procedure	Effective date	07/06/2012
Court	VERSAILLES
Details Par Arrêt de la Cour d'Appel de PARIS en date du 20/03/2012, il a infirmé le jugement rendu le 3/10/2011 ayant rejeté le plan de sauvegarde et au vu de l'article L 661-9 du Code de Comerce, ouvre une nouvelle période d'observation d'une durée de 3 mois et renvoie l'affaire devant le Tribunal de Commerce de PARIS
Judgment	Protection Procedure	Effective date	08/10/2010
Court	VERSAILLES
Details Le tribunal de commerce de PARIS a prononcé en date du 29/09/2010 l'ouverture d'une procédure de sauvegarde, Administrateur SCP VALLIOT LE GUERNEVE ABITBOL en la personne de Me ABITBOL, 41 rue du Four - 75006 PARIS - avec pour mission de : surveiller , Mandataire judiciaire SELAFA MJA en la personne de Me Frédérique LEVY, 102 rue du Faubourg Saint Denis CS10023 - 75479 PARIS CEDEX 10 - . Les déclarations de créances sont à déposer au Mandataire Judiciaire dans les deux mois de la publication au Bodacc du jugement d'ouverture.

Judgment	Protection Procedure	Effective date	29/09/2010
Court	PARIS
Details LE TRIBUNAL DE COMMERCE DE PARIS A PRONONCE EN DATE DU 29/09/2010 L'OUVERTURE D'UNE PROCEDURE DE SAUVEGARDE SOUS LE NUMERO P201002866 ET A DESIGNE JUGE COMMISSAIRE : Monsieur GENTIN, JUGE COMMISSAIRE SUPPLEANT : Monsieur FRAIBERGER, ADMINISTRATEUR : SCP VALLIOT-LE GUERNEVE-ABITBOL en la personne de Me ABITBOL 41 rue du Four 75006 Paris, AVEC POUR MISSION : de surveiller, MANDATAIRE JUDICIAIRE : SELAFA MJA en la personne de Me Frédérique LEVY 102 rue du Faubourg Saint-Denis CS10023 75479 Paris Cedex 10, ET A OUVERT UNE PERIODE D'OBSERVATION EXPIRANT LE 29/03/2011, LES DECLARATIONS DES CREANCES SONT A DEPOSER AU MANDATAIRE JUDICIAIRE DANS LES DEUX MOIS DE LA PUBLICATION AU BODACC DU JUGEMENT D'OUVERTURE.

RNCS

Judgment	Protecion Plan	Effective date	25/06/2012
Director	ME SCP VALLIOT-LE GUERNEVE-ABITBOL EN LA PERSONNE DE ME ABITBOL	Position	Court-appointed reviewer of a proposal
Address	75006
Director	ME SELAFA MJA EN LA PERSONNE DE ME FRÉDÉRIQUE LEVY	Position	Representative judicial
Address	75006
Judgment	Protection Procedure	Effective date	29/09/2010
Director	ME SELAFA MJA EN LA PERSONNE DE ME FRÉDÉRIQUE LEVY	Position	Representative judicial
Address	75479
Director	ME SCP VALLIOT-LE GUERNEVE-ABITBOL EN LA PERSONNE DE ME ABITBOL	Position	Court-appointed reviewer of a proposal
Address	75479

BODACC

Judgment	Rulings linked to debts	Effective date	27/11/2012
Court	Paris	Parution date from Gazette	11/12/2012
Avis de dépôt Liste des créances nées après le jugement d'ouverture d'une procédure de redressement judiciaire La liste des créances de l'article L 622-17 du code de commerce est déposée au greffe où tout intéressé peut contester cette liste devant le juge-commissaire dans le délai d'un mois à compter de la présente publication.
Judgment	Rulings linked to the protection plan	Effective date	25/06/2012
Court	Paris	Parution date from Gazette	17/07/2012
Extrait de jugement Jugement arrêtant le plan de sauvegarde Jugement arrêtant le plan de sauvegarde, durée du plan 8 nommant Commissaire à l'exécution du plan SCP Valliot-le Guerneve-Abitbol en la personne de Me Abitbol.

Judgment	Other rulings and court orders	Effective date	20/03/2012
Court	Paris	Parution date from Gazette	18/04/2012
Arrêt de la Cour d'Appel Autre arrêt de la Cour d'Appel Par arrêt de la Cour d'Appel de Paris en date du : 20 mars 2012 infirme le jugement rendu le 03/10/2011 ayant rejeté le plan de sauvegarde vu l'article L661-9 du code de commerce. Ouvre une nouvelle période d'observation d'une durée de 3 mois. Renvoie l'affaire devant le tribunal de commerce de Paris
Judgment	Rulings linked to debts	Effective date	19/07/2011
Court	Paris	Parution date from Gazette	16/10/2012
Avis de dépôt Dépôt de l'état des créances L'état des créances est déposé au greffe où tout intéressé peut présenter réclamation devant le juge-commissaire dans le délai d'un mois à compter de la présente publication.

Judgment	Protection Procedure	Effective date	29/09/2010
Court	Paris	Parution date from Gazette	27/10/2010
Jugement d'ouverture Jugement d'ouverture d'une procédure de sauvegarde Jugement prononçant l'ouverture d'une procédure de sauvegarde et désignant mandataire judiciaire Selafa Mja en la personne de Me Frédérique Levy 102 rue du Faubourg Saint-Denis Cs10023 75479 Paris Cedex 10. Les déclarations de créances sont à déposer auprès du Mandataire Judiciaire dans les deux mois de la présente publication.
Judgment	Homologation of Legal Settlement	Effective date	15/09/2008
Court	Paris	Parution date from Gazette	10/10/2008
Extrait de jugement Jugement d'homologation de l'accord Jugement d'homologation de l'accord intervenu dans la procédure de conciliation. Le jugement est déposé au greffe où tout intéressé peut en prendre connaissance.

Other sources

No recent judgment publication in other sources for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	21/08/2015
Status of Monitoring	No social security and tax office preferential right to date

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company.

Director(s)

Name	M. MEUNIER CYRILLE JEAN CHARLES
Manager position	Manager	Date of birth	20/02/1964
Place of birth	NEUILLY SUR SEINE (92200)
Type	Individual	Name at birth

Previous Directors

No data about previous directors is available for this company

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	30/05/2015	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 4762 - 352256200 RCS. AFCM DIFFUSION. Forme : Société à responsabilité limitée. Adresse : 14 rue du Cherche-Midi 75006 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	02/06/2014	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 10922 - 352256200 RCS. AFCM DIFFUSION. Forme : Société à responsabilité limitée. Adresse : 14 rue du Cherche-Midi 75006 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	11/12/2012	Bodacc A	Avis de dépôt
75 - PARIS TRIBUNAL DE COMMERCE DE PARIS 3540 - Date : 27 novembre 2012. Liste des créances nées après le jugement d'ouverture d'une procédure de redressement judiciaire. 352 256 200 RCS Paris. AFCM DIFFUSION. Forme : Société à responsabilité limitée. Activité : Maroquinerie chaussures habillement et articles connexes. Adresse : 14 rue du Cherche-Midi, 75006 Paris. Complément de jugement : La liste des créances de l'article L 622-17 du code de commerce est déposée au greffe où tout intéressé peut contester cette liste devant le juge-commissaire dans le délai d'un mois à compter de la présente publication.
	19/11/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8393 - 352256200 RCS. AFCM DIFFUSION. Forme : Société à responsabilité limitée. Adresse : 14 rue du Cherche-Midi 75006 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	16/10/2012	Bodacc A	Avis de dépôt
75 - PARIS TRIBUNAL DE COMMERCE DE PARIS 3254 - Date : 19 juillet 2011. Dépôt de l'état des créances. 352 256 200 RCS Paris. AFCM DIFFUSION. Forme : Société à responsabilité limitée. Activité : Maroquinerie chaussures habillement et articles connexes. Adresse : 14 rue du Cherche-Midi, 75006 Paris. Complément de jugement : L'état des créances est déposé au greffe où tout intéressé peut présenter réclamation devant le juge-commissaire dans le délai d'un mois à compter de la présente publication.
	17/07/2012	Bodacc A	Extrait de jugement
75 - PARIS TRIBUNAL DE COMMERCE DE PARIS 2723 - Date : 25 juin 2012. Jugement arrêtant le plan de sauvegarde. 352 256 200 RCS Paris. AFCM DIFFUSION. Forme : Société à responsabilité limitée. Activité : Maroquinerie chaussures habillement et articles connexes. Adresse : 14 rue du Cherche-Midi, 75006 Paris. Complément de jugement : Jugement arrêtant le plan de sauvegarde, durée du plan 8 nommant Commissaire à l'exécution du plan SCP Valliot-le Guerneve-Abitbol en la personne de Me Abitbol.
	18/04/2012	Bodacc A	Arrêt de la Cour d'Appel
75 - PARIS TRIBUNAL DE COMMERCE DE PARIS 2123 - Date : 20 mars 2012. Autre arrêt de la Cour d'Appel. 352 256 200 RCS Paris. AFCM DIFFUSION. Forme : Société à responsabilité limitée. Activité : Maroquinerie chaussures habillement et articles connexes. Adresse : 14 rue du Cherche-Midi, 75006 Paris. Complément de jugement : Par arrêt de la Cour d'Appel de Paris en date du : 20 mars 2012 infirme le jugement rendu le 03/10/2011 ayant rejeté le plan de sauvegarde vu l'article L661-9 du code de commerce. Ouvre une nouvelle période d'observation d'une durée de 3 mois. Renvoie l'affaire devant le tribunal de commerce de Paris.
	14/10/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 6470 - 352256200 RCS. AFCM DIFFUSION. Forme : Société à responsabilité limitée. Adresse : 14 rue du Cherche-Midi 75006 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
	27/10/2010	Bodacc A	Jugement d'ouverture
75 - PARIS TRIBUNAL DE COMMERCE DE PARIS 2630 - Date : 29 septembre 2010. Jugement d'ouverture d'une procédure de sauvegarde. 352 256 200 RCS Paris. AFCM DIFFUSION. Forme : Société à responsabilité limitée. Activité : Maroquinerie chaussures habillement et articles connexes. Adresse : 14 rue du Cherche-Midi, 75006 Paris. Complément de jugement : Jugement prononçant l'ouverture d'une procédure de sauvegarde et désignant mandataire judiciaire Selafa Mja en la personne de Me Frédérique Levy 102 rue du Faubourg Saint-Denis Cs10023 75479 Paris Cedex 10. Les déclarations de créances sont à déposer auprès du Mandataire Judiciaire dans les deux mois de la présente publication.
	21/06/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7106 - 352256200 RCS. AFCM DIFFUSION. Forme : Société à responsabilité limitée. Adresse : 14 R DU CHERCHE MIDI 75006 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	21/06/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 7107 - 352256200 RCS. AFCM DIFFUSION. Forme : Société à responsabilité limitée. Adresse : 14 R DU CHERCHE MIDI 75006 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	10/10/2008	Bodacc A	Extrait de jugement
75 - PARIS TRIBUNAL DE COMMERCE DE PARIS 2501 - Date : 15 septembre 2008. Jugement d'homologation de l'accord. 352 256 200 RCS Paris. AFCM DIFFUSION. Forme : Société à responsabilité limitée. Activité : Maroquinerie chaussures habillement et articles connexes. Adresse : 14 rue du Cherche-Midi, 75006 Paris. Complément de jugement : Jugement d'homologation de l'accord intervenu dans la procédure de conciliation. Le jugement est déposé au greffe où tout intéressé peut en prendre connaissance.
	21/08/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 5959 - 352256200 RCS. AFCM DIFFUSION. Forme : Société à responsabilité limitée. Adresse : 14 rue du Cherche-Midi 75006 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	04/03/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 4835 - 352256200 RCS. AFCM DIFFUSION. Forme : Société à responsabilité limitée. Adresse : 14 rue du Cherche-Midi 75006 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
	27/11/2007	Bodacc C	Avis de dépôt des comptes
2890 - 352 256 200. RCS Paris AFCM DIFFUSION. Forme: Société à responsabilité limitée. Adresse du siège social: 14 rue du Cherche-Midi 75006 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	13/09/2006	Bodacc C	Avis de dépôt des comptes
1120 - RCS Paris B 352 256 200. RC 02-B 19331. AFCM DIFFUSION. Forme: S.A.R.L.. Adresse du siège social: 14, R du Cherche Midi,Paris, 75006 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	18/06/2006	Bodacc B	Modifications et mutations diverses
1574 - RCS Paris B 352 256 200. RC 02-B 19331. AFCM DIFFUSION. Forme : S.A.R.L. Capital : 996 874 euros. Adresse du siège social : 14 rue du Cherche-Midi,, 75006 Commentaires : modification survenue sur le capital (augmentation).
	11/05/2006	Bodacc C	Avis de dépôt des comptes
3184 - RCS Paris B 352 256 200. RC 02-B 19331. AFCM DIFFUSION. Forme: S.A.R.L.. Adresse du siège social: 14, R du Cherche Midi,Paris, 75006 Paris. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	27/01/2005	Bodacc B	Modifications et mutations diverses
1016 - RCS Paris B 352 256 200. RC 02-B 19331. AFCM DIFFUSION. Forme : S.A.R.L. Capital : 596 874 euros. Nom commercial : Loxwood. Commentaires : modification survenue sur le capital (augmentation).
	26/01/2005	Bodacc B	Modifications et mutations diverses
1415 - RCS Paris B 352 256 200. RC 02-B 19331. AFCM DIFFUSION. Forme : S.A.R.L. Capital : 473 055 euros. Nom commercial : Loxwood. Commentaires : modification survenue sur le capital (augmentation).
	12/10/2004	Bodacc B	Modifications et mutations diverses
RCS Paris B 352256200 RC 02-B 19331 AFCM DIFFUSION. Forme : S.A.R.L. Capital : 323 055 euros Nom commercial: Loxwood. Activité : achat, vente d'articles d' habillement, de textile, de maroquinerie, de cadeaux, d'accessoires et de produits services promotionnels ou publicitaires. Adresse du siège social : 14 rue du Cherche-Midi, 75006 Paris. Commentaires : cette société transfère son siège du 34 rue du Président-Wilson, 78230 le Pecq. Ancien RC : 92-B 22. Modification survenue sur l'adresse du siège social et la date de début d'activité Date de début d' activité: 30 octobre 1989. Date d'effet : 19 décembre 2002.
	21/12/2003	Bodacc A	Création d'établissement
RCS Paris B 352256200 RC 02-B 19331 AFCM DIFFUSION. Forme : S.A.R.L. Capital : 323 055 euros Nom commercial: Loxwood. Adresse du siège social : 14 rue Vignon, 75009 Paris Etablissement principal: Activité : achat, vente d'articles d' habillement, de textile, de maroquinerie, de cadeaux et d' accessoires produits et services promotionnels ou publicitaires. Adresse : 14 rue Vignon, 75009 Paris Etablissement Complémentaire. Activité : maroquinerie, chaussures, habillement et articles connexes. Adresse : 14 rue du Cherche-Midi, 75006 Paris Etablissement complémentaire acquis par achat au prix stipulé de 790 000 euros Date de début d'activité: 30 octobre 1989. Date d'effet : 1 e r décembre 2003. Précédent propriétaire : MULBERRY COMPANY FRANCE S. A.R.L. RCS B 322960790 Publication légale: La Gazette du Palais du 4 décembre 2003. Oppositions : Cabinet Castaldi Mourre Sprague, 3 rue du Boccador, 75008 Paris.
	19/10/2003	Bodacc B	Modifications et mutations diverses
RCS Paris B 352256200 RC 02-B 19331 AFCM DIFFUSION. Forme : S.A.R.L. Capital : 323 055 euros Nom commercial: Loxwood. Commentaires : modification survenue sur le capital (augmentation).
	03/01/2003	Bodacc B	Modifications et mutations diverses
RCS Paris B 352256200 RC 02-B 19331 A.F. C.M. DIFFUSION. Forme : S.A.R.L. Capital : 22 000 euros Nom commercial: Loxwood. Activité : achat, vente d'articles d' habillement, de textile, de maroquinerie, de cadeaux, d'accessoires de produits et services promotionnels ou publicitaires. Adresse du siège social : 14 rue Vignon, 75009 Paris. Administration : gérant : MEUNIER ( Cyrille, Jean, Charles). Commentaires : cette société transfère son siège du 34 rue du Président-Wilson, 78230 Le Pecq. Ancien RC : 92-B 22. Date d'effet : 19 décembre 2002.
	24/03/2002	Bodacc B	Modifications et mutations diverses
RCS Versailles B 352256200 RC 92-B 22 A. F.C.M. DIFFUSION. Forme : S.A.R.L. Capital : 22 000 euros Nom commercial: Loxwood. Commentaires : modification survenue sur le capital (augmentation).
	12/11/2000	Bodacc B	Modifications et mutations diverses
RCS Versailles B 352256200 RC 92-B 22 A. F.C.M. DIFFUSION. Forme : S.A.R.L Nom commercial: Loxwood. Commentaires : modification survenue sur le nom commercial.
	25/07/1996	Bodacc B	Modifications et mutations diverses
RCS *. RCS Versailles B 352 256 200 RC RC 92-B 22 A.F.C.M. DIFFUSION. Forme : S. A.R.L. Administration : gérant : MEUNIER (Cyrille, Jean, Charles). Commentaires : modification survenue sur l' administration.

Synthesized Accounts

Annual Accounts

	31/12/2013	31/12/2012	31/12/2011
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	11/05/2015	09/05/2014	07/12/2012
Activity Code	4772B	4772B	4772B
Employees	9	7	0

Active account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	819,793	-14.9 %	963,278	-28.9 %	1,355,756	98,196	734.9 %
Intangible assets	730,607	1.6 %	719,212	0.2 %	717,683	60,000	1117.7 %
Tangible assets	17,342	-53.6 %	37,374	-90.3 %	385,628	11,916	45.5 %
Financial assets	71,844	-65.2 %	206,691	-18.1 %	252,445	3,310	2070.5 %
Net current assets	1,420,631	-0.3 %	1,424,205	-32.8 %	2,120,913	125,175	1034.9 %
Stocks	844,555	5.8 %	797,927	-13.1 %	918,651	71,280	1084.8 %
Advanced payments	0	0%	1,420	-26.0 %	1,920	0	0%
Receivables	210,325	-27.2 %	289,091	-54.8 %	639,405	8,854	2275.6 %
Securities and cash	365,751	8.9 %	335,767	-40.1 %	560,937	22,556	1521.5 %
Prepaid expenses	-	-	-	-	-	372	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	2,240,424	-6.2 %	2,387,483	-31.3 %	3,476,669	251,037	792.5 %

Passive Account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Shareholders' equity	1,330,427	2.4 %	1,299,333	32.4 %	981,407	71,509	1760.5 %
Share capital	996,874	0%	996,874	0%	996,874	8,000	12360.9 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	13,744	0	0%
Liabilities	909,997	-16.4 %	1,088,150	-56.1 %	2,481,517	150,677	503.9 %
Financial liabilities	794,612	-13.0 %	913,745	-55.4 %	2,048,216	39,136	1930.4 %
Advanced payments received	0	0%	0	0%	0	0	0%
Trade account payables	35,025	-64.0 %	97,307	-65.7 %	283,874	35,577	-1.6 %
Tax and social liabilities	79,584	3.2 %	77,099	-48.4 %	149,427	23,876	233.3 %
Other debts and fixed assets liabilities	776	0%	0	0%	0	3,944	-80.3 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	2,240,424	-6.2 %	2,387,483	-31.3 %	3,476,669	252,522	787.2 %

Results

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Sales of Goods	1,975,804	-11.0 %	2,220,699	-18.6 %	2,728,525	292,964	574.4 %
Net turnover	1,897,038	-14.3 %	2,212,653	-17.2 %	2,671,241	285,444	564.6 %
of which net export turnover	410,256	42.9 %	287,067	9.4 %	262,316	0	0%
Operating charges	1,931,488	-28.9 %	2,718,069	2.2 %	2,660,846	292,020	561.4 %
Operating profit/loss	44,316	108.9 %	-497,370	-834.9 %	67,679	7,564	485.9 %
Financial income	3,705	-76.4 %	15,704	31.3 %	11,964	0	0%
Financial charges	4,841	-2.7 %	4,973	-86.1 %	35,754	1,079	348.7 %
Financial profit/loss	-1,136	-110.6 %	10,731	145.1 %	-23,790	-701	-62.1 %
Pretax net operating income	43,180	108.9 %	-486,639	-1208.8 %	43,889	5,650	664.3 %
Extraordinary income	19,171	-98.4 %	1,209,987	1718.9 %	66,523	0	0%
Extraordinary charges	54,777	-87.2 %	427,729	764.4 %	49,481	34	161008.8 %
Extraordinary profit/loss	-35,606	-104.6 %	782,258	4490.2 %	17,042	0	0%
Net result	31,094	-90.2 %	317,924	251.0 %	90,570	5,855	431.1 %

Accounts – Active

Normal Account

	31/12/2013	31/12/2012	31/12/2011
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Grand Total (I to VI)	Net	2,240,424	-6.2 %	2,387,483	-31.3 %	3,476,669
Gross	CO	2,839,783	-4.8 %	2,981,750	-30.8 %	4,309,616
Amortisation	1A	599,359	0.9 %	594,267	-28.7 %	832,947

Non declared distributed capital (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Active fixed asset (II)	Net	819,793	-14.9 %	963,278	-28.9 %	1,355,756
Gross	BJ	1,418,679	-8.9 %	1,556,749	-28.8 %	2,187,908
Amortisation	BK	598,886	0.9 %	593,472	-28.7 %	832,152

Intangible fixed assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	30,607	59.3 %	19,212	8.6 %	17,683
Gross	AF	58,597	57.5 %	37,196	27.1 %	29,261
Amortisation	AG	27,990	55.6 %	17,984	55.3 %	11,578
Goodwill	Net	700,000	0%	700,000	0%	700,000
Gross	AH	700,000	0%	700,000	0%	700,000
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	730,607	1.6 %	719,212	0.2 %	717,683

Tangilble fixed assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	3,984	-7.7 %	4,318	-98.2 %	242,126
Gross	AP	6,000	0%	6,000	-98.4 %	374,325
Amortisation	AQ	2,016	19.9 %	1,682	-98.7 %	132,199
Plant	Net	604	0%	0	0%	2,112
Gross	AR	14,211	5.4 %	13,484	-73.2 %	50,318
Amortisation	AS	13,607	0.9 %	13,484	-72.0 %	48,206
Other tangible fixed assets	Net	12,754	-61.4 %	33,056	-76.6 %	141,390
Gross	AT	332,184	-7.1 %	357,536	-33.5 %	537,634
Amortisation	AU	319,431	-1.6 %	324,479	-18.1 %	396,244
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	17,342	-53.6 %	37,374	-90.3 %	385,628

Financial assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	235,843	0%	235,843	236.9 %	70,000
Amortisation	CV	235,843	0%	235,843	236.9 %	70,000
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	173,925
Amortisation	BC	0	0%	0	0%	173,925
Other investment securities	Net	8,740	-94.0 %	144,706	21.1 %	119,539
Gross	BD	8,740	-94.0 %	144,706	21.1 %	119,539
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	63,104	1.8 %	61,985	-53.4 %	132,906
Gross	BH	63,104	1.8 %	61,985	-53.4 %	132,906
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	71,844	-65.2 %	206,691	-18.1 %	252,445

Current Assets (III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Assets	Net	1,420,631	-0.3 %	1,424,205	-32.8 %	2,120,913
Gross	CJ	1,421,105	-0.3 %	1,425,001	-32.8 %	2,121,709
Amortisation	CK	474	-40.5 %	796	0%	796

Stocks

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Raw materials	Net	20,310	-4.3 %	21,232	-34.0 %	32,180
Gross	BL	20,310	-4.3 %	21,232	-34.0 %	32,180
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	824,245	6.1 %	776,695	-12.4 %	886,471
Gross	BT	824,245	6.1 %	776,695	-12.4 %	886,471
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	844,555	5.8 %	797,927	-13.1 %	918,651

Advance payments to suppliers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Advance payments to suppliers	Net	0	0%	1,420	-26.0 %	1,920
Gross	BV	0	0%	1,420	-26.0 %	1,920
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Trade accounts receivable	Net	91,505	-12.5 %	104,611	-49.5 %	207,080
Gross	BX	91,979	-12.7 %	105,407	-49.3 %	207,876
Amortisation	BY	474	-40.5 %	796	0%	796
Other debtors	Net	74,105	-37.3 %	118,158	-58.4 %	283,876
Gross	BZ	74,105	-37.3 %	118,158	-58.4 %	283,876
Amortisation	CA	0	0%	0	0%	0
Capital subscribed and called up	Net	0	0%	0	0%	0
Gross	CB	0	0%	0	0%	0
Amortisation	CC	0	0%	0	0%	0
Sub Total debtors	Net	165,610	-25.7 %	222,769	-54.6 %	490,956

Divers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	365,751	8.9 %	335,767	-40.1 %	560,937
Gross	CF	365,751	8.9 %	335,767	-40.1 %	560,937
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	365,751	8.9 %	335,767	-40.1 %	560,937

Prepaid expenses

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid expenses	Net	44,715	-32.6 %	66,322	-55.3 %	148,449
Gross	CH	44,715	-32.6 %	66,322	-55.3 %	148,449
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	0	0%	0	0%	0
Gross		0	0%	0	0%	0

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Due within one year	CP	0	0%	0	0%	0
Due after one year	CR	0	0%	0	0%	0

Accounts – Passive

Grand Total - Passive Accounts (I to V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Grand Total (I to V)	EE	2,240,424	-6.2 %	2,387,483	-31.3 %	3,476,669

Shareholder Equity (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total shareholders' equity (Total I)	DL	1,330,427	2.4 %	1,299,333	32.4 %	981,407
Equity and shareholders' equity	DA	996,874	0%	996,874	0%	996,874
Issue and merger premiums	DB	200,127	0%	200,127	0%	200,127
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	7,345	0%	7,345	0%	7,345
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	69,328	0%	69,328	0%	69,328
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	25,658	108.8 %	-292,266	23.7 %	-382,837
Profit or loss for the period	DI	31,094	-90.2 %	317,924	251.0 %	90,570
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

Other capital resources (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total provisions for risks and charges (Total III)	DR	0	0%	0	0%	13,744
Risk provisions	DP	0	0%	0	0%	13,744
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Liabilities (Total IV)	EC	909,997	-16.4 %	1,088,150	-56.1 %	2,481,517
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	3,805	-80.0 %	19,071	-99.0 %	1,955,303
Sundry loans and financial liabilities	DV	790,807	-11.6 %	894,674	862.9 %	92,913
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	0	0%	0	0%	0
Trade accounts payables	DX	35,025	-64.0 %	97,307	-65.7 %	283,874
Tax and social security liabilities	DY	79,584	3.2 %	77,099	-48.4 %	149,427
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	776	0%	0	0%	0

Translation loss (V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Translation loss (Total V)	ED	0	0%	0	0%	0

Equalization accounts

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	324,480	-18.1 %	396,086	-9.1 %	435,911
Of which current bank facilities	EH	3,805	-80.0 %	19,071	-98.6 %	1,337,170

Result account

1 - Operating result (I-II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating result (Total I-II)	GG	44,316	108.9 %	-497,370	-834.9 %	67,679

2 - Financial result (V-VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Financial result (Total V-VI)	GV	-1,136	-110.6 %	10,731	145.1 %	-23,790

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	43,180	108.9 %	-486,639	-1208.8 %	43,889

4 - Extraordinary result (VII-VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Extraordinary result (Total VII-VIII)	HI	-35,606	-104.6 %	782,258	4490.2 %	17,042

Profit or loss

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Profit or loss	HN	31,094	-90.2 %	317,924	251.0 %	90,570

Total Income (I+III+V+VII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Income (Total I+III+V+VII)	HL	1,998,680	-42.0 %	3,446,389	22.8 %	2,807,012

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	1,967,587	-37.1 %	3,128,465	15.2 %	2,716,441

Operating income (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating income (Total I)	FR	1,975,804	-11.0 %	2,220,699	-18.6 %	2,728,525

Operating income (details)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Sale of goods for resale	FC	1,890,290	-14.3 %	2,205,640	-17.2 %	2,664,794
France	FA	1,480,687	-22.8 %	1,918,573	-20.1 %	2,402,478
Export	FB	409,603	42.7 %	287,067	9.4 %	262,316
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	6,748	-3.8 %	7,013	8.8 %	6,447
France	FG	6,095	-13.1 %	7,013	8.8 %	6,447
Export	FH	653	0%	0	0%	0
Net turnover	FL	1,897,038	-14.3 %	2,212,653	-17.2 %	2,671,241
France	FJ	1,486,782	-22.8 %	1,925,586	-20.1 %	2,408,925
Export	FK	410,256	42.9 %	287,067	9.4 %	262,316
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	45,673	1422.4 %	3,000	-89.8 %	29,503
Release of reserves and provisions	FP	796	-72.8 %	2,922	-88.6 %	25,622
Other income	FQ	32,298	1421.3 %	2,123	-1.7 %	2,159

Operating charges (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating charges (Total II)	GF	1,931,488	-28.9 %	2,718,069	2.2 %	2,660,846

Exploitation charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Purchase of goods for resale	FS	828,724	-15.8 %	984,266	-2.3 %	1,007,658
Change in stocks of goods for resale	FT	-47,550	-143.3 %	109,776	1033.2 %	-11,764
Purchase of raw materials	FU	20,497	-28.8 %	28,787	10.0 %	26,164
Change in stocks of raw materials	FV	922	-91.6 %	10,948	899.8 %	1,095
Other external purchases and charges	FW	593,393	-37.0 %	941,152	-3.4 %	974,200
Tax, duty and similar payments	FX	24,018	-9.4 %	26,497	-26.9 %	36,249
Payroll	FY	298,751	-12.5 %	341,298	-0.9 %	344,451
Social security costs	FZ	113,270	-20.8 %	142,960	3.5 %	138,167

Depreciation

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Depreciation of fixed assets	GA	35,416	-23.0 %	46,012	-28.2 %	64,096
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	474	0%	0	0%	0
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Other charges	GE	63,573	-26.4 %	86,373	7.3 %	80,530

Operating charges (III-IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total financial income (Total V)	GP	3,705	-76.4 %	15,704	31.3 %	11,964
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	3,705	162.0 %	1,414	143.8 %	580
Released provisions and transferred charges	GM	0	0%	8,082	0%	0
Exchange gains	GN	0	0%	6,209	-45.5 %	11,384
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial charge (VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total financial charge (Total VI)	GU	4,841	-2.7 %	4,973	-86.1 %	35,754
Financial reserves and provisions	GQ	0	0%	0	0%	31,307
Interest and similar charges	GR	4,841	10.7 %	4,374	-1.6 %	4,447
Exchange losses	GS	0	0%	599	0%	0
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary income (Total VII)	HD	19,171	-98.4 %	1,209,987	1718.9 %	66,523
Extraordinary operating income	HA	19,171	-85.4 %	131,243	228.9 %	39,902
Extraordinary income from capital transactions	HB	0	0%	1,065,000	0%	0
Released provisions and transferred charges	HC	0	0%	13,744	-48.4 %	26,621

Extraordinary charges (VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary charges (Total VIII)	HH	54,777	-87.2 %	427,729	764.4 %	49,481
Extraordinary operating charges	HE	54,777	-52.1 %	114,277	131.0 %	49,481
Extraordinary charges from capital transactions	HF	0	0%	313,451	0%	0
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Tax on profits (Total X)	HK	-23,519	-5.4 %	-22,306	24.7 %	-29,640

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Of which equipment leases	HP	3,866	31.9 %	2,930	-18.7 %	3,606
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	2,922	-88.4 %	25,204
Of which trader's own contributions	A2	25,262	-16.3 %	30,176	11.8 %	27,003
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	56,890	-24.2 %	75,010	-4.9 %	78,904

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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%	13,500
Decreasess by transfers	OK2	176,323	-73.5 %	665,977	1001.1 %	60,483
Gross value at the end of period	OL	1,418,679	-8.9 %	1,556,749	-28.8 %	2,187,907

Research and development Charge (Total I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	KD	737,196	1.1 %	729,261	1.1 %	721,111
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	21,401	169.7 %	7,935	-2.6 %	8,150
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	758,597	2.9 %	737,196	1.1 %	729,261

Tangible fixed assets (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LN	377,020	-60.8 %	962,277	4.7 %	918,938
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	5,932	245.5 %	1,717	-97.0 %	56,839
Decreasess by budget item transfer	NG1	0	0%	0	0%	13,500
Decreasess by transfers	NG2	30,557	-94.8 %	586,974	0%	0
Gross value at the end of period	NH	352,395	-6.5 %	377,020	-60.8 %	962,277

Financial assets (Total IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LQ	442,534	-10.8 %	496,370	-5.6 %	525,546
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	10,920	-56.6 %	25,167	-19.6 %	31,307
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	145,766	84.5 %	79,003	30.6 %	60,483
Gross value at the end of period	NK	307,687	-30.5 %	442,534	-10.8 %	496,370

Reserve for depreciation

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	PE	17,984	55.3 %	11,578	74.3 %	6,641
Increases	PF	10,006	56.2 %	6,406	29.8 %	4,937
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	27,990	55.6 %	17,984	55.3 %	11,578

Total fixed assets amotisation (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	QU	339,645	-41.1 %	576,649	11.4 %	517,490
Increases	QV	26,519	-33.0 %	39,606	-33.1 %	59,159
Decreases	QW	31,111	-88.8 %	276,609	0%	0
Decreasess by budget item transfer	QX	335,053	-1.4 %	339,645	-41.1 %	576,649

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	7C	0	0%	0	0%	0
Increases	UB	0	0%	0	0%	0
Decreases	UC	0	0%	0	0%	0
Value at the end of period	UD	0	0%	0	0%	0

Includes Total allocations

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating	UE	0	0%	0	0%	0
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	5Z	0	0%	0	0%	0
Increases	TV	0	0%	0	0%	0
Decreases	TW	0	0%	0	0%	0
Value at the end of period	TX	0	0%	0	0%	0

Total Provision for depreciation (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value	VT	273,903	-22.2 %	351,872	0%	0
1 year at most	VU	210,799	-27.3 %	289,887	0%	0
More than one year	VV	63,104	1.8 %	61,985	0%	0

State of loans

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	63,104	1.8 %	61,985	0%	0
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Customers doubtful or disputed	VA	1,133	-28.8 %	1,591	0%	0
Other claims customer	UX	90,846	-12.5 %	103,816	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	40	-60.0 %	100	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	45,825	-5.2 %	48,330	0%	0
Value added tax	VB	6,133	83.1 %	3,349	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	5,856	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	16,250	-75.5 %	66,379	0%	0

Prepaid

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid	VS	44,715	-32.6 %	66,322	0%	0

State Debt

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total debt (gross)	VY	909,997	-16.4 %	1,088,150	0%	0
1 year at most	VZ2	324,480	-18.1 %	396,086	0%	0
More than 1 year and 5 years at most	VZ3	461,702	4.0 %	443,945	0%	0
More than 5 years	VZ4	123,815	-50.1 %	248,119	0%	0

Details

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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	3,805	-80.0 %	19,071	0%	0
1 year at most	VG2	3,805	-80.0 %	19,071	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	692,064	-13.3 %	798,611	0%	0
1 year at most	8A2	106,547	0%	106,547	0%	0
More than 1 year and 5 years at most	8A3	461,702	4.0 %	443,945	0%	0
Suppliers and associated accounts (gross)	8B1	35,025	-64.0 %	97,307	0%	0
1 year at most	8B2	35,025	-64.0 %	97,307	0%	0
More than 1 year and 5 years at most	8B3	35,025	-64.0 %	97,307	0%	0
Personnel and associated accounts (gross)	8C1	18,341	-3.4 %	18,993	0%	0
1 year at most	8C2	18,341	-3.4 %	18,993	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	40,111	11.8 %	35,863	0%	0
1 year at most	8D2	40,111	11.8 %	35,863	0%	0
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most	8E2	0	0%	0	0%	0
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	11,476	-19.5 %	14,264	0%	0
1 year at most	VW2	11,476	-19.5 %	14,264	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	9,656	21.0 %	7,979	0%	0
1 year at most	VQ2	9,656	21.0 %	7,979	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	98,743	2.8 %	96,063	0%	0
1 year at most	VI2	98,743	2.8 %	96,063	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	776	0%	0	0%	0
1 year at most	8K2	776	0%	0	0%	0
More than 1 year and 5 years at most	8K3	0	0%	0	0%	0
Debt representative of borrowed securities (gross)	SZ1	0	0%	0	0%	0
1 year at most	SZ2	0	0%	0	0%	0
More than 1 year and 5 years at most	SZ3	0	0%	0	0%	0
Products in advance (gross)	8L1	0	0%	0	0%	0
1 year at most	8L2	0	0%	0	0%	0
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Loans made during the period	VJ	0	0%	0	0%	0
Debt repaid during the period	VK	106,547	0%	0	0%	0

Table allocation results and other information

Dividends distributed

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Average number of employees	YP	9	28.6 %	7	0%	0

Groups and Shareholders

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Groups and Shareholders	ZR	0	-	-	-	-

Ratios

Structure and Liquidity

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Fixed Asset Financing	1.92	7.3 %	1.79	54.3 %	1.16	1.32	45.5 %
Global Debt	173 days	-2.3 %	177 days	-47.0 %	334 days	181 days	-4.4 %
Working Capital Fund overall net	247 days	23.5 %	200 days	325.5 %	47 days	56 days	341.1 %
Financial independence	167.43 %	17.7 %	142.20 %	196.7 %	47.92 %	89.95 %	86.1 %
Solvability	59.38 %	9.1 %	54.42 %	92.8 %	28.23 %	33.88 %	75.3 %
Capacity debt futures	34,965.23 %	413.2 %	6,813.14 %	-	-	1,365.12 %	2461.3 %
Coverage of current assets by net working capital overall	94.55 %	4.4 %	90.58 %	410.0 %	17.76 %	39.45 %	139.7 %
General Liquidity	0.65	-11.0 %	0.73	-	-	0.08	712.5 %
Restricted Liquidity	1.78	12.7 %	1.58	-	-	0.34	423.5 %

Management or rotation

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Need background in operating working capital	170 days	23.2 %	138 days	4.5 %	132 days	14 days	1114.3 %
Treasury	69 days	32.7 %	52 days	149.5 %	-105 days	5 days	1280.0 %
Inventory turnover of goods	380 days	48.4 %	256 days	-20.0 %	320 days	175 days	117.8 %
Average length of credit granted to customers	17 days	0%	17 days	-39.3 %	28 days	0 days	0%
Average length of credit obtained suppliers	9 days	-47.1 %	17 days	-66.7 %	51 days	58 days	-84.5 %
Inventory turnover of raw materials in industrial enterprises	17 days	-29.2 %	24 days	-40.0 %	40 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	377 days	-
Rotation tangible assets	538.33 %	-8.3 %	586.88 %	111.4 %	277.60 %	538.33 %	0%

Profitability of the business

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Margin trading	58.47 %	16.4 %	50.24 %	-19.6 %	62.48 %	45.02 %	29.9 %
Profitability of the business	5.83 %	134.9 %	-16.72 %	-342.0 %	6.91 %	4.26 %	36.9 %
Net profit	1.64 %	-88.6 %	14.37 %	323.9 %	3.39 %	2.07 %	-20.8 %
Growth rate of turnover (excluding VAT)	-14.26 %	16.9 %	-17.17 %	-1751.0 %	1.04 %	-2.16 %	-560.2 %
Rates integration	26.41 %	324.6 %	6.22 %	-75.3 %	25.23 %	25.78 %	2.4 %
Rate leasing furniture	0.20 %	53.8 %	0.13 %	0%	0.13 %	0.00 %	0%
Work Factor	77.19 %	-76.6 %	329.70 %	387.6 %	67.61 %	73.87 %	4.5 %
Weight interests	0.26 %	18.2 %	0.22 %	-83.6 %	1.34 %	0.38 %	-31.6 %

Return on capital

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Cash flow from the overall profitability	3.51 %	120.0 %	-17.52 %	-351.7 %	6.96 %	3.89 %	-9.8 %
Rates of economic profitability	5.00 %	129.4 %	-17.00 %	-383.3 %	6.00 %	9.00 %	-44.4 %
Financial profitability	1,330,427.00 %	2.4 %	1,299,333.00 %	32.4 %	981,407.00 %	18,208.50 %	7206.6 %
Return on investment	1.69 %	-88.4 %	14.59 %	249.9 %	4.17 %	6.23 %	-72.9 %

Management intermediate balances

	31/12/2013	Variation	31/12/2012	Variation		31/12/2011	Sector Median 2013
Turnover	1,897,038	-14.3 %	2,212,653	-17.2 %		2,671,241	285,444	564.6 %
		31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Sales of goods		1,890,290	-14.3 %	2,205,640	-17.2 %	2,664,794		-
- Purchase of goods		828,724	-15.8 %	984,266	-2.3 %	1,007,658		-
+/- Stock of goods variation		-47,550	-143.3 %	109,776	1033.2 %	-11,764		-
Trading margin		1,109,116 €	-0.2 %	1,111,598 €	-33.4 %	1,668,900 €	125,187 €	786.0 %
		58.47 % CA	16.4 %	50.24 % CA	-19.6 %	62.48 % CA	45.08 % CA	29.7 %

		31/12/2013		Variation		31/12/2012		Variation		31/12/2011		Sector Median 2013
Sale of goods produced		6,748		-3.8 %		7,013		8.8 %		6,447				-
+/- Stocked production		0		0%		0		0%		0				-
+ Self-constructed assets		0		0%		0		0%		0				-
Period production		6,748 €		-3.8 %		7,013 €		8.8 %		6,447 €		0 €		0%
		0.36 % CA		12.5 %		0.32 % CA		33.3 %		0.24 % CA		0.00 % CA		0%
	31/12/2013		Variation		31/12/2012		Variation		31/12/2011		Sector Median 2013
Trading margin	1,109,116		-0.2 %		1,111,598		-33.4 %		1,668,900		125,187		786.0 %
+ Period Production	6,748		-3.8 %		7,013		8.8 %		6,447		0		0%
- Purchase of raw materials	20,497		-28.8 %		28,787		10.0 %		26,164				-
+/- Change in stocks of raw materiels	922		-91.6 %		10,948		899.8 %		1,095				-
- Other external purchases and charges	593,393		-37.0 %		941,152		-3.4 %		974,200				-
Added value	501,052 €		263.8 %		137,724 €		-79.6 %		673,888 €		74,794 €		569.9 %
	26.41 % CA		324.6 %		6.22 % CA		-75.3 %		25.23 % CA		25.78 % CA		2.4 %

	31/12/2013	Variation	31/12/2012	Variation		31/12/2011	Sector Median 2013
Added value	501,052 €	263.8 %	137,724 €	-79.6 %		673,888 €	74,794 €	569.9 %
+ Operating grants	45,673	1422.4 %	3,000	-89.8 %		29,503		-
- Tax, duty and similar payments	24,018	-9.4 %	26,497	-26.9 %		36,249		-
- Personal charges	412,021	-14.9 %	484,258	0.3 %		482,618		-
Gross operating surplus	110,686 €	129.9 %	-370,031 €	-300.5 %		184,524 €	10,964 €	909.6 %
	5.83 % CA	134.9 %	-16.72 % CA	-342.0 %		6.91 % CA	4.26 % CA	36.9 %
		31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Gross operating surplus		110,686 €	129.9 %	-370,031 €	-300.5 %	184,524 €	10,964 €	909.6 %
+ Release of reserves and provisions		796	-72.8 %	2,922	-88.6 %	25,622		-
+ Other operating income		32,298	1421.3 %	2,123	-1.7 %	2,159		-
- Depreciation/ Amortisation		35,890	-22.0 %	46,012	-28.2 %	64,096		-
- Other charges		63,573	-26.4 %	86,373	7.3 %	80,530		-
Operating result		44,317 €	108.9 %	-497,371 €	-834.9 %	67,679 €	7,565 €	485.9 %
		2.34 % CA	110.4 %	-22.48 % CA	-988.5 %	2.53 % CA	2.90 % CA	-19.3 %

	31/12/2013	Variation	31/12/2012		Variation		31/12/2011		Sector Median 2013
Operating result	44,317 €	108.9 %	-497,371 €		-834.9 %		67,679 €		7,565 €	485.9 %
+/- Result of joint-venture transferred from/to other partners	0	0%	0		0%		0			-
+ Financial income	3,705	-76.4 %	15,704		31.3 %		11,964			-
- Financial charges	4,841	-2.7 %	4,973		-86.1 %		35,754			-
Pre-tax result	43,181 €	108.9 %	-486,640 €		-1208.8 %		43,889 €		5,650 €	664.3 %
	2.28 % CA	110.4 %	-21.99 % CA		-1440.9 %		1.64 % CA		2.28 % CA	0%
		31/12/2013	Variation	31/12/2012		Variation		31/12/2011	Sector Median 2013
Extraordinary income		19,171	-98.4 %	1,209,987		1718.9 %		66,523	0	0%
- Extraordinary charges		54,777	-87.2 %	427,729		764.4 %		49,481		-
Extraordinary result		-35,606 €	-104.6 %	782,258 €		4490.2 %		17,042 €	0 €	0%
		-1.88 % CA	-105.3 %	35.35 % CA		5423.4 %		0.64 % CA	0.00 % CA	0%

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	Sector Median 2013
Pre-tax result	43,181 €	108.9 %	-486,640 €	-1208.8 %	43,889 €	5,650 €	664.3 %
Extraordinary result	-35,606 €	-104.6 %	782,258 €	4490.2 %	17,042 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	-23,519	-5.4 %	-22,306	24.7 %	-29,640		-
Net result	31,094 €	-90.2 %	317,924 €	251.0 %	90,571 €	5,855 €	431.1 %
	1.64 % CA	-88.6 %	14.37 % CA	323.9 %	3.39 % CA	2.07 % CA	-20.8 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.39
UK Pound	1	Rs.102.59
Euro	1	Rs.74.90

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	ASH

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.