MIRA INFORM REPORT
|
Report No. : |
340869 |
|
Report Date : |
15.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
SINGER FRERES |
|
|
|
|
Registered Office : |
Singer Freres Zone Eurofret 54 Rue De L Europe 59279 Craywick |
|
|
|
|
Country : |
France |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
December 1991 |
|
|
|
|
Legal Form : |
Simplified Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesale
(intercompany trade) of various industrial supplies and equipment . |
|
|
|
|
No. of Employees : |
10 to 19 Employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
France |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
FRANCE - ECONOMIC OVERVIEW
The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With more than 84 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that mitigate economic inequality. France's real GDP increased by 0.4% in 2014. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.4% in the fourth quarter of 2014. Youth unemployment in metropolitan France decreased from a high of 25.4% in the fourth quarter of 2012 to 24.3% in the fourth quarter of 2014. Lower-than-expected growth and high spending have strained France's public finances. The budget deficit rose sharply from 3.3% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4% of GDP in 2014, while France's public debt rose from 68% of GDP to more than 95% in 2014, and may hit 100% by 2016. Elected on a conventionally leftist platform, President Francois HOLLANDE surprised and angered many supporters with a January 2014 speech announcing a sharp change in his economic policy, recasting himself as a liberalizing reformer. The government's budget for 2014 shifted the balance of fiscal consolidation from taxes to a total of $24 billion in spending cuts. In December 2014, HOLLANDE announced additional reforms, including a plan to extend commercial business hours, liberalize professional services, and sell off $6.2-12.4 billion in state owned assets. France’s tax burden remains well above the EU average and income tax cuts over the past decade are being partly reversed, particularly for higher earners. The top rate of income tax is 41%. The government is allowing a 75% payroll tax on salaries over $1.24 million to lapse.
|
Source
: CIA |
Company
summary
|
SIRET
|
383
733 623 00029 |
||
|
Name
|
SINGER
FRERES |
||
|
Acronym
|
-
|
||
|
Trade
name |
-
|
||
|
Status
|
Economically
active |
||
|
Postal
Address |
SINGER
FRERES |
||
|
Share
Capital |
662,490
Euros |
||
|
Incorporiation
Date |
12/1991
|
||
|
Activity
(APE) |
Wholesale
(intercompany trade) of various industrial supplies and equipment ( 4669B) |
RCS
Registration |
RCS
Dunkerque B 383 733 623 |
|
Formation
Date |
11/1991
|
EUR
VAT Number |
FR31383733623
|
|
Deregistration
Date |
-
|
Last
account Date |
31/12/2010
|
|
Court
Registry Number |
20
0 6B00279 |
Telephone
|
03
28 28 29 00 |
|
Registration
Court |
Dunkerque
(59) |
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
|
|
31/12/2010
|
15,131,859
€ |
17.92%
Turnover |
10,490,146
€ |
1,608,021
€ |
10
to 19 employees |
|
31/12/2009
|
12,541,709
€ |
15.64%
Turnover |
9,382,240
€ |
1,212,322
€ |
-
|
|
31/12/2008
|
12,988,020
€ |
18.51%
Turnover |
8,670,034
€ |
1,277,745
€ |
-
|
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 |
46 |
|
Total
number of Invoices paid within or up to 30 days after the due date |
45 |
|
Total
number of Invoices paid more than 30 days after the dues date |
1 |
|
Total
number of Invoices currently outstanding where the due date has not yet been
reached |
0 |
|
Total
number of Invoices currently outstanding beyond the due date |
0 |
Establishment
Details
|
Type
of Establishment |
Single
(translated to H) |
Production
Role |
- |
|
APE/NAF
Code |
4669B |
Activity |
Wholesale (intercompany trade) of various industrial supplies and equipment |
|
Formation
Date |
08/2006 |
Reason
for Formation |
Formation |
|
Closure
Date |
- |
Reason
for Closure |
- |
|
Reactivation
Date |
- |
Seasonality |
- |
|
Activity
Nature |
- |
Activity
Location |
- |
|
Trading
Address |
54
RUE DE L EUROPE |
Department |
Nord
(59) |
|
Location
Surface |
- |
District |
4 |
|
City |
CRAYWICK |
Status |
Economically
active |
|
Business
Pages FT® |
VETEMENTS
ET ACCESSOIRES DE PROTECTION |
Region |
Nord-Pas-de-Calais |
|
Area |
27 |
||
|
Size
of Urban Area |
Establishment
in a rural municipality |
Other
Establishment(s)
|
Regionality |
Legal
unit with all establishments in same area |
|
Mono-activity
status |
Legal
unit having all establishments with the same main activity |
|
Branches |
1
branch entities in this company |
|
Company
Name |
Company
Type |
APE/NAF
Code |
Activity |
City |
Post
Code |
|
SINGER
FRERES |
Head
Office |
4669B |
Wholesale
(intercompany trade) of various industrial supplies and equipment |
CRAYWICK |
59279 |
|
SINGER
FRERES |
Branch |
518M |
Wholesale of
industrial equipment and miscellaneous supplies |
LONGUENESSE |
62219 |
Workforces
|
Workforce
at address |
Workforce
unknown |
Company
workforce |
10
to 19 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
latest account data is more than 4 years old, this has an impact on the
rating. |
|
|
The
stock to turnover ratio is 24.80 |
|
|
The
sales to current assets ratio is 1.34 |
|
|
The
liabilities are 2,889,544 € |
|
|
The
return on total assets employed is 18.04 |
|
|
The
net turnover is 15,131,859 € |
|
|
The
net current assets are 11,316,342 € |
|
|
The
total assets are 13,379,692 € |
|
|
The
risk provisions are 0 € |
|
|
Department
code with medium risk rating |
|
|
Industry
code with low risk rating |
|
|
The
company has 3 directors |
|
|
Low
risk workforce size |
|
|
The
pre-tax profit is 2,413,690 € |
|
|
The
decrease in the gearing percentage over the last two accounting periods is 58
% |
|
|
The
creditor days are 33.25 |
|
|
The
ratio total assets to total liabilities is 4.63 |
|
|
The
shareholder's equity is 10,490,146 € |
Industry
comparison
|
Activity
(APE) |
Commerce
de gros (commerce interentreprises) de fournitures et équipements industriels
divers (4669B) |
Collective
procedures
|
No
judgment information for the company |
|
Company
monitored since |
24/01/2013 |
||
|
Status
of Monitoring |
No
social security and tax office preferential right to date |
||
Preferential
rights details and history
Summary
of preferential rights
|
Company
monitored since |
24/01/2013 |
||
|
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 |
P.L.S.V.P.
HOLDING |
|||
|
Name
of representative |
||||
|
Manager
position |
President |
Date
of birth |
- |
|
|
Place
of birth |
||||
|
Type |
Moral
person |
Name
at birth |
||
Director(s)
|
Name |
M.
SINGER PATRICK |
|||
|
Manager
position |
Managing
director |
Date
of birth |
27/02/1965 |
|
|
Place
of birth |
ST
OMER (62) |
|||
|
Type |
Individual |
Name
at birth |
||
|
Name |
M.
SINGER LAURENT |
|||
|
Manager
position |
Managing
director |
Date
of birth |
02/07/1966 |
|
|
Place
of birth |
ST
OMER (62) |
|||
|
Type |
Individual |
Name
at birth |
||
Previous
Directors
|
Manager
position |
Title
and name |
Date
of Birth/Place of Birth |
|
|
President |
M.
SINGER PATRICK |
27/02/1965
- SAINT OMER |
|
|
President |
SINGER
PATRICK |
27/02/1965
- ST OMER (62) |
|
|
Managing
director |
M.
SINGER LAURENT |
02/07/1966
- S TOMER |
Status
history
|
No
Status History |
Recent
publications in Gazettes
|
Publication
date |
Gazette
Name |
Description
|
|
|
|
04/12/2013
|
Bodacc
B |
Modification
et mutation diverse |
|
59
- NORD GREFFE
DU TRIBUNAL DE COMMERCE DE DUNKERQUE 977
- 383 733 623 RCS Dunkerque. SINGER FRERES. Forme : Société par
actions simplifiée. Administration : Président : P.L.S.V.P. HOLDING
(SAS) Directeur général : SINGER Patrick Directeur général : SINGER Laurent
Commissaire aux comptes titulaire : AEQUITAS SOCIETE D'EXPERTISE COMPTABLE ET
DE COMMISSARIAT (SARL) Commissaire aux comptes suppléant : VANDERSCHELDEN
Benoit. Activité : . |
|||
|
|
08/11/2013
|
JAL
|
Appointment
of the social representative |
|
Syndicat
agricole (Le)
|
|||
|
|
08/11/2013
|
JAL
|
Resignation
/ Revocation of the social representative |
|
Syndicat
agricole (Le)
|
|||
|
|
09/09/2010
|
Bodacc
C |
Comptes
annuels et rapports |
|
59
- NORD GREFFE
DU TRIBUNAL DE COMMERCE DE DUNKERQUE 6922
- 383733623 RCS. SINGER FRERES. Forme : Société par actions
simplifiée. Adresse : rue de l'Europe Zone Eurofrêt 59279 Craywick. Commentaires
: Comptes annuels et rapports de l'exercice clos le : 31/12/2009. |
|||
|
|
19/08/2010
|
Bodacc
B |
Modification
et mutation diverse |
|
59
- NORD GREFFE
DU TRIBUNAL DE COMMERCE DE DUNKERQUE 1813
- 383 733 623 RCS Dunkerque. SINGER FRERES. Forme : Société par
actions simplifiée. Administration : Président : SINGER Patrick
Directeur général : SINGER Laurent Commissaire aux comptes titulaire :
AEQUITAS SOCIETE D'EXPERTISE COMPTABLE ET DE COMMISSARIAT (SARL) Commissaire
aux comptes suppléant : VANDERSCHELDEN Benoit. |
|||
|
|
23/09/2009
|
Bodacc
C |
Comptes
annuels et rapports |
|
59
- NORD GREFFE
DU TRIBUNAL DE COMMERCE DE DUNKERQUE 6265
- 383733623 RCS. SINGER FRERES. Forme : Société par actions
simplifiée. Adresse : rue de l'Europe Zone Eurofrêt 59279 Craywick. Commentaires
: Comptes annuels et rapports de l'exercice clos le : 31/12/2008. |
|||
|
|
21/08/2008
|
Bodacc
C |
Comptes
annuels et rapports |
|
59
- NORD GREFFE
DU TRIBUNAL DE COMMERCE DE DUNKERQUE 4515
- 383733623 RCS. SINGER FRERES. Forme : Société par actions simplifiée.
Adresse : rue de l'Europe Zone Eurofrêt, 59279 Craywick. Commentaires
: Comptes annuels et rapports de l'exercice clos le : 31/12/2007. |
|||
|
|
31/10/2006
|
Bodacc
B |
Radiation
|
|
1031
- RCS Saint-Omer B 383 733 623. RC 91-B 134. SINGER FRERES. Forme : S.A.S.
Adresse du siège social : 54 route de Lumbres, 62219 Longuenesse. Date de
radiation : 7 août 2006. Commentaires : pour cause de transfert. |
|||
|
|
19/10/2006
|
Bodacc
B |
Modifications
et mutations diverses |
|
1797
- RCS B 383 733 623. RC 06-B 279. SINGER FRERES. Forme : S.A.S. Capital : 662
490 euros. Adresse du siège social : zone Eurofret, rue de l'Europe, 59279 Craywick.
Administration : président : SINGER (Patrick) (Nom d'usage : SINGER).
Directeur général : SINGER (Laurent) (Nom d'usage : SINGER). Commissaire aux
comptes titulaire : AEQUITAS SOCIETE D'EXPERTISE COMPTABLE ET DE
COMMISSARIAT. Commissaire aux comptes suppléant : DE RUYFFELAERE (Roger) (Nom
d'usage : DE RUYFFELAERE). Etablissement principal - Activité : négoce ainsi
que fabrication d'articles et d'équipements de protection et de signalisation
prise de participations dans toutes sociétés ou entreprises, tant en France
qu'à l'étranger . Adresse : zone Eurofret, rue de l'Europe, 59279 Craywick.
Commentaires : immatriculation d'une personne morale suite au transfert du
siège hors ressort. Date de début d'activité : 7 août 2006. |
|||
|
|
18/09/2006
|
Bodacc
C |
Avis
de dépôt des comptes |
|
3728
- RCS Saint-Omer B 383 733 623. RC 91-B 134. SINGER FRERES. Forme: SOCIETE
PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 54, route de Lumbres,62219
Longuenesse. Comptes annuels et rapports de l'exercice clos le: 31 décembre
2005. |
|||
|
|
08/09/2005
|
Bodacc
C |
Avis
de dépôt des comptes |
|
4017
- RCS Saint-Omer B 383 733 623. RC 91-B 134. SINGER FRERES. Forme: SOCIETE
PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 54, route de Lumbres,62219 Longuenesse.
Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004. |
|||
|
|
16/08/2002
|
Bodacc
B |
Modifications
et mutations diverses |
|
RCS
Saint-Omer B 383733623 RC 91-B 134 SINGER FRERES. Forme : S.A.S. Capital : 662
490 euros. Adresse du siège social : 54 route de Lumbres, 62219 Longuenesse.
Commentaires : modification survenue sur la forme juridique et
l'administration. Administration : président : SINGER ( Patrick) ( Nom
d'usage : SINGER). Directeur général : SINGER (Laurent) ( Nom d'usage :
SINGER). Commissaire aux comptes titulaire : C.E.E.C.-CONTROLE ET EXPERTISE
COMPTABLE. Commissaire aux comptes suppléant : DE RUYFFELAERE ( Roger) ( Nom
d'usage : DE RUYFFELAERE). Date d'effet : 28 juin 2002. |
|||
|
|
24/05/2001
|
Bodacc
B |
Modifications
et mutations diverses |
|
RCS
Saint-Omer B 383733623 RC 91-B 134 SINGER FRERES. Forme : S.A. Capital : 662
490 euros. Adresse du siège social : 54 route de Lumbres, 62219 Longuenesse. Commentaires
: modification survenue sur le capital (augmentation et conversion en euros).
Date d'effet : 16 février 2001. |
|||
|
|
20/10/1999
|
Bodacc
B |
Modifications
et mutations diverses |
|
RCS
Saint-Omer B 383733623 RC 91-B 134 SINGER FRERES. Forme : S.A. Activité :
négoce, fabrication d'articles et d' équipements de protection et de
signalisation prise de participations dans toutes sociétés ou entreprises, en
France ou à l'étranger. Adresse du siège social : 54 route de Lumbres, 62219
Longuenesse. Commentaires : modification survenue sur la dénomination,
l'activité et l' administration. Administration : président du conseil
d'administration et administrateur : SINGER (Patrick) ( Nom d'usage : SINGER).
Administrateur : SINGER (Michel) ( Nom d'usage : SINGER) . Directeur général
et administrateur : SINGER (Laurent) ( Nom d'usage : SINGER). Commissaire aux
comptes titulaire : C.E.E.C.-CONTROLE ET EXPERTISE COMPTABLE. Commissaire aux
comptes suppléant : DE RUYFFELAERE ( Roger) ( Nom d'usage : DE RUYFFELAERE).
Date d'effet : 10 aout 1999. |
|||
|
|
27/05/1997
|
Bodacc
B |
Modifications
et mutations diverses |
|
RCS
Saint-Omer B 383733623 RC 91-B 134 FINANCIERE SINGER FRERES. Forme : S.A. Capital
: 4 330 000 F (fixe). Adresse du siège social : 54, route de Lumbres, 62219
Longuenesse. Commentaires : il n'a pas été procédé au remplacement de Mme
SINGER-DARRAS (Catherine), administrateur décédé. Administration : nouveau
commissaire aux comptes suppléant : DE RUYFFELAERE (Roger) ancien commissaire
aux comptes suppléant : WALLAERT (Jean-Jacques), démissionnaire. Date d'effet
: 27 février 1997. |
|||
Company
events history
|
Date |
Description |
|
04/12/2013 |
Bodacc
B: Various editing or changing |
|
08/11/2013 |
New
chairman (CEO, CoB) |
|
08/11/2013 |
Minutes
of general meeting of shareholders |
|
08/11/2013 |
Legal
Gazette: Resignation / Revocation of the social representative |
|
08/11/2013 |
Updated
articles of association |
|
31/10/2013 |
Legal
Gazette: Appointment of the social representative |
|
24/01/2013 |
Collection
of preferential rights activated for this company |
|
12/08/2011 |
Consideration
of a balance sheet that has led to a reassessment of this company's
creditworthiness |
|
31/12/2010 |
New
accounts available |
|
09/09/2010 |
Bodacc
C : Deposit accounts notice |
|
19/08/2010 |
Bodacc
B: Various editing or changing |
|
26/07/2010 |
Minutes
of general meeting of shareholders |
|
31/12/2009 |
New
accounts available |
|
23/09/2009 |
Bodacc
C : Deposit accounts notice |
|
31/12/2008 |
New
accounts available |
|
21/08/2008 |
Bodacc
C : Deposit accounts notice |
|
31/12/2007 |
New
accounts available |
|
29/09/2006 |
Registered
office transferred inside jurisdiction of the Commercial Court |
|
29/09/2006 |
Registration
after transfer |
|
29/09/2006 |
Updated
articles of association |
|
29/09/2006 |
Minutes
of general meeting of shareholders |
|
29/09/2006 |
Minutes
of general meeting of shareholders |
|
29/09/2006 |
Private
document |
|
29/09/2006 |
Updated
articles of association |
|
31/12/2005 |
New
accounts available |
|
31/12/2004 |
New
accounts available |
|
31/12/2003 |
New
accounts available |
|
31/07/2002 |
Amendment |
|
31/07/2002 |
Appointment/resignation
of company officers |
|
31/07/2002 |
Audit
or Management Report |
|
31/07/2002 |
Minutes
of general meeting of shareholders |
|
31/07/2002 |
New
legal form – new category |
|
31/07/2002 |
Private
document |
|
31/07/2002 |
Updated
articles of association |
|
31/07/2002 |
New
legal form – no new category |
|
11/09/2001 |
Private
document |
|
11/09/2001 |
New
closing date |
|
11/09/2001 |
Minutes
of general meeting of shareholders |
|
11/09/2001 |
Amendment |
|
11/09/2001 |
Updated
articles of association |
|
26/04/2001 |
Amendment |
|
26/04/2001 |
Capital
increase |
|
26/04/2001 |
Conversion
of equity to euro |
|
26/04/2001 |
Minutes
of general meeting of shareholders |
|
26/04/2001 |
Private
document |
|
26/04/2001 |
Updated
articles of association |
|
17/09/1999 |
Merger |
|
17/09/1999 |
Updated
articles of association |
|
17/09/1999 |
Amendment |
|
17/09/1999 |
Change
to corporate purpose |
|
17/09/1999 |
New
company name |
|
17/09/1999 |
Winding
up |
|
17/09/1999 |
Minutes
of general meeting of shareholders |
|
17/09/1999 |
Private
document |
|
05/07/1999 |
Private
document |
|
05/07/1999 |
Minutes
of general meeting of shareholders |
|
05/07/1999 |
Audit
or Management Report |
|
05/07/1999 |
Amendment |
|
30/06/1999 |
Planned
merger |
|
30/06/1999 |
Minutes
of general meeting of shareholders |
|
30/06/1999 |
Amendment |
|
30/06/1999 |
Private
document |
|
31/05/1999 |
Minutes
of general meeting of shareholders |
|
31/05/1999 |
Appointment/resignation
of company officers |
|
31/05/1999 |
Amendment |
|
31/05/1999 |
Application
and court order |
|
03/04/1997 |
Private
document |
|
03/04/1997 |
New
auditor |
|
03/04/1997 |
Changes
to the Board of Directors |
|
03/04/1997 |
Appointment/resignation
of company officers |
|
03/04/1997 |
Amendment |
|
03/04/1997 |
Minutes
of general meeting of shareholders |
|
17/04/1992 |
Declaration
of conformity |
|
17/04/1992 |
Updated
articles of association |
|
17/04/1992 |
Capital
increase |
|
17/04/1992 |
Amendment |
|
17/04/1992 |
Minutes
of general meeting of shareholders |
|
12/02/1992 |
Minutes
of general meeting of shareholders |
|
12/02/1992 |
Audit
or Management Report |
|
12/02/1992 |
Amendment |
|
13/01/1992 |
Amendment |
|
13/01/1992 |
Minutes
of general meeting of shareholders |
|
13/01/1992 |
Application
and court order |
|
10/12/1991 |
Minutes
of Board meeting |
|
10/12/1991 |
Fund
deposit certificate |
|
10/12/1991 |
Declaration
of conformity |
|
10/12/1991 |
Company
formation |
|
10/12/1991 |
Articles
of association |
|
10/12/1991 |
Appointment/resignation
of company officers |
|
10/12/1991 |
Private
document |
Synthesized
Accounts
Annual
Accounts
|
31/12/2010 |
31/12/2009 |
31/12/2008 |
||||||
|
Account
period (month) |
12
|
12
|
12
|
|||||
|
Account
Type |
Normal
|
Normal
|
Normal
|
|||||
|
Date
of capture |
10/08/2011
|
13/08/2010
|
- |
|||||
|
Activity
Code |
4669B
|
4669B
|
4669B
|
|||||
|
Employees
|
20
|
0
|
0
|
Active
account
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|
Sector Median 2010 |
|||||
|
Capital
not called |
0
|
0% |
0
|
0% |
0
|
|
|
0
|
0% |
||
|
Total
fixed assets |
2,063,350
|
-7.8
% |
2,237,959
|
-6.4
% |
2,391,518
|
|
|
28,786
|
7068.0
% |
||
|
Intangible
assets |
3,041
|
0% |
0
|
0% |
661
|
|
|
0
|
0% |
||
|
Tangible
assets |
2,060,309
|
-7.8
% |
2,234,017
|
-6.4
% |
2,386,916
|
|
|
12,120
|
16900.0
% |
||
|
Financial
assets |
0
|
0% |
3,942
|
0% |
3,942
|
|
|
1,801
|
0% |
||
|
Net
current assets |
11,316,342
|
7.0
% |
10,571,589
|
0.8
% |
10,492,845
|
|
|
397,319
|
2748.2
% |
||
|
Stocks
|
3,752,626
|
28.7
% |
2,915,140
|
-33.2
% |
4,363,730
|
|
|
47,877
|
7738.1
% |
||
|
Advanced
payments |
0
|
0% |
0
|
0% |
0
|
|
|
0
|
0% |
||
|
Receivables
|
2,983,562
|
10.3
% |
2,704,017
|
-9.4
% |
2,984,409
|
|
|
191,538
|
1457.7
% |
||
|
Securities
and cash |
4,580,154
|
-7.5
% |
4,952,432
|
57.5
% |
3,144,706
|
|
|
59,463
|
7602.6
% |
||
|
Prepaid
expenses |
-
|
- |
-
|
- |
-
|
|
|
230
|
-
|
||
|
Accounts
of regularization |
0
|
0% |
0
|
0% |
0
|
|
|
0
|
0%
|
||
|
Total
Assets |
13,379,692
|
4.5
% |
12,809,548
|
-0.6
% |
12,884,363
|
|
|
470,306
|
2744.9
% |
||
Passive
Account
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|
Sector Median 2010 |
|||||
|
Shareholders'
equity |
10,490,146
|
11.8
% |
9,382,240
|
8.2
% |
8,670,034
|
|
|
149,174
|
6932.2
% |
||
|
Share
capital |
662,490
|
0% |
662,490
|
0% |
662,490
|
|
|
37,000
|
1690.5
% |
||
|
Other
capital resources |
0
|
0% |
0
|
0% |
0
|
|
|
0
|
0%
|
||
|
Risk
Provisions |
0
|
0% |
0
|
0% |
0
|
|
|
0
|
0% |
||
|
Liabilities
|
2,889,544
|
-15.7
% |
3,427,307
|
-18.7
% |
4,214,329
|
|
|
266,099
|
985.9
% |
||
|
Financial
liabilities |
1,046,226
|
-53.5
% |
2,249,955
|
-18.0
% |
2,744,475
|
|
|
19,885
|
5161.4
% |
||
|
Advanced
payments received |
0
|
0% |
0
|
0% |
0
|
|
|
0
|
0% |
||
|
Trade
account payables |
1,378,542
|
91.7
% |
719,288
|
-43.3
% |
1,267,608
|
|
|
107,489
|
1182.5
% |
||
|
Tax
and social liabilities |
464,776
|
1.5
% |
458,064
|
126.5
% |
202,247
|
|
|
70,381
|
560.4
% |
||
|
Other
debts and fixed assets liabilities |
0
|
0% |
0
|
0% |
0
|
|
|
4,088
|
0% |
||
|
Account
regularization |
0
|
0% |
0
|
0% |
0
|
|
|
0
|
0%
|
||
|
Total
liabilities |
13,379,692
|
4.5
% |
12,809,548
|
-0.6
% |
12,884,363
|
|
|
470,306
|
2744.9
% |
||
Results
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|
Sector Median 2010 |
|||||
|
Sales
of Goods |
15,667,777
|
18.8
% |
13,184,177
|
-0.1
% |
13,192,464
|
|
|
786,426
|
1892.3
% |
||
|
Net
turnover |
15,131,859
|
20.7
% |
12,541,709
|
-3.4
% |
12,988,020
|
|
|
766,876
|
1873.2
% |
||
|
of
which net export turnover |
1,075,220
|
0% |
0
|
0% |
993,213
|
|
|
0
|
0% |
||
|
Operating
charges |
13,198,399
|
15.7
% |
11,405,312
|
2.1
% |
11,167,364
|
|
|
750,308
|
1659.1
% |
||
|
Operating
profit/loss |
2,469,378
|
38.8
% |
1,778,865
|
-12.2
% |
2,025,099
|
|
|
21,333
|
11475.7
% |
||
|
Financial
income |
46,550
|
-63.3
% |
126,950
|
67.4
% |
75,840
|
|
|
131
|
35434.4
% |
||
|
Financial
charges |
98,069
|
4.2
% |
94,136
|
-44.0
% |
167,975
|
|
|
1,639
|
5883.5
% |
||
|
Financial
profit/loss |
-51,519
|
-257.0
% |
32,814
|
135.6
% |
-92,135
|
|
|
-377
|
-13583.7
% |
||
|
Pretax
net operating income |
2,417,859
|
33.5
% |
1,811,679
|
-6.3
% |
1,932,964
|
|
|
19,770
|
12129.9
% |
||
|
Extraordinary
income |
12,392
|
89.7
% |
6,533
|
2680.0
% |
235
|
|
|
298
|
4065.4
% |
||
|
Extraordinary
charges |
16,560
|
173.6
% |
6,053
|
123.5
% |
2,708
|
|
|
333
|
4873.0
% |
||
|
Extraordinary
profit/loss |
-4,168
|
-968.3
% |
480
|
119.4
% |
-2,473
|
|
|
0
|
0%
|
||
|
Net
result |
1,608,021
|
32.6
% |
1,212,322
|
-5.1
% |
1,277,745
|
|
|
17,916
|
8875.6
% |
||
Accounts
– Active
Normal
Account
|
31/12/2010 |
31/12/2009 |
31/12/2008 |
|||||
|
Months
|
12
|
12
|
12
|
Grand
Total - Active Accounts (I to VI)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Grand
Total (I to VI) |
Net
|
13,379,692
|
4.5
% |
12,809,548
|
-0.6
% |
12,884,363
|
|
|
Gross
|
CO
|
15,063,109
|
4.9
% |
14,356,991
|
-0.1
% |
14,374,464
|
|
|
Amortisation
|
1A
|
1,683,417
|
8.8
% |
1,547,443
|
3.8
% |
1,490,102
|
Non
declared distributed capital (I)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Non
declared distributed capital (I) |
AA3
|
0
|
0% |
0
|
0% |
0
|
|
|
Gross
|
AA
|
0
|
0% |
0
|
- |
-
|
Active
fixed asset (II)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Total
Active fixed asset (II) |
Net
|
2,063,350
|
-7.8
% |
2,237,959
|
-6.4
% |
2,391,518
|
|
|
Gross
|
BJ
|
3,192,270
|
-3.1
% |
3,293,757
|
1.2
% |
3,253,501
|
|
|
Amortisation
|
BK
|
1,128,920
|
6.9
% |
1,055,798
|
22.5
% |
861,983
|
Intangible
fixed assets
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
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
|
3,041
|
0% |
0
|
0% |
661
|
|
|
Gross
|
AF
|
194,516
|
-22.3
% |
250,202
|
0% |
250,202
|
|
|
Amortisation
|
AG
|
191,475
|
-23.5
% |
250,202
|
0.3
% |
249,541
|
|
|
Goodwill
|
Net
|
0
|
0% |
0
|
0% |
0
|
|
|
Gross
|
AH
|
0
|
0% |
0
|
0% |
0
|
|
|
Amortisation
|
AI
|
0
|
0% |
0
|
0% |
0
|
|
|
Other
intangible fixed assets |
Net
|
0
|
0% |
0
|
0% |
0
|
|
|
Gross
|
AJ
|
0
|
0% |
0
|
0% |
0
|
|
|
Amortisation
|
AK
|
0
|
0% |
0
|
0% |
0
|
|
|
Pre-payments
and downpayments |
Net
|
0
|
0% |
0
|
0% |
0
|
|
|
Gross
|
AL
|
0
|
0% |
0
|
0% |
0
|
|
|
Amortisation
|
AM
|
0
|
0% |
0
|
0% |
0
|
|
|
Sub
Total Intangible asset |
Net
|
3,041
|
0% |
0
|
0% |
661
|
Tangilble
fixed assets
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Lands
|
Net
|
1,244
|
0% |
1,244
|
0% |
1,244
|
|
|
Gross
|
AN
|
1,244
|
0% |
1,244
|
0% |
1,244
|
|
|
Amortisation
|
AO
|
0
|
0% |
0
|
0% |
0
|
|
|
Buildings
|
Net
|
1,955,990
|
-6.9
% |
2,099,983
|
-5.9
% |
2,231,209
|
|
|
Gross
|
AP
|
2,688,620
|
0.1
% |
2,687,025
|
0.5
% |
2,673,437
|
|
|
Amortisation
|
AQ
|
732,630
|
24.8
% |
587,042
|
32.7
% |
442,228
|
|
|
Plant
|
Net
|
41,024
|
-44.7
% |
74,140
|
-10.7
% |
83,023
|
|
|
Gross
|
AR
|
176,298
|
-0.6
% |
177,341
|
14.3
% |
155,147
|
|
|
Amortisation
|
AS
|
135,274
|
31.1
% |
103,201
|
43.1
% |
72,124
|
|
|
Other
tangible fixed assets |
Net
|
62,051
|
5.8
% |
58,650
|
-17.9
% |
71,440
|
|
|
Gross
|
AT
|
131,592
|
-24.4
% |
174,003
|
2.6
% |
169,529
|
|
|
Amortisation
|
AU
|
69,541
|
-39.7
% |
115,353
|
17.6
% |
98,089
|
|
|
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
|
2,060,309
|
-7.8
% |
2,234,017
|
-6.4
% |
2,386,916
|
Financial
assets
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
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% |
61
|
0% |
61
|
|
|
Gross
|
CU
|
0
|
0% |
61
|
0% |
61
|
|
|
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
|
0
|
0% |
3,881
|
0% |
3,881
|
|
|
Gross
|
BH
|
0
|
0% |
3,881
|
0% |
3,881
|
|
|
Amortisation
|
BI
|
0
|
0% |
0
|
0% |
0
|
|
|
Sub
Total Financial assets |
Net
|
0
|
0% |
3,942
|
0% |
3,942
|
Current
Assets (III)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Total
Assets |
Net
|
11,316,342
|
7.0
% |
10,571,589
|
0.8
% |
10,492,845
|
|
|
Gross
|
CJ
|
11,870,839
|
7.3
% |
11,063,235
|
-0.5
% |
11,120,964
|
|
|
Amortisation
|
CK
|
554,497
|
12.8
% |
491,646
|
-21.7
% |
628,119
|
Stocks
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Raw
materials |
Net
|
5,419
|
-10.8
% |
6,074
|
-80.7
% |
31,533
|
|
|
Gross
|
BL
|
27,528
|
-4.8
% |
28,907
|
-8.3
% |
31,533
|
|
|
Amortisation
|
BM
|
22,109
|
-3.2
% |
22,833
|
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
|
3,747,207
|
28.8
% |
2,909,066
|
-32.9
% |
4,332,197
|
|
|
Gross
|
BT
|
4,009,570
|
29.0
% |
3,107,299
|
-33.3
% |
4,660,510
|
|
|
Amortisation
|
BU
|
262,363
|
32.4
% |
198,233
|
-39.6
% |
328,313
|
|
|
Sub
Total Stocks |
Net
|
3,752,626
|
28.7
% |
2,915,140
|
-33.2
% |
4,363,730
|
Advance
payments to suppliers
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
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
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Trade
accounts receivable |
Net
|
2,942,009
|
23.1
% |
2,390,855
|
-13.7
% |
2,771,862
|
|
|
Gross
|
BX
|
3,212,034
|
20.7
% |
2,661,435
|
-13.4
% |
3,071,668
|
|
|
Amortisation
|
BY
|
270,025
|
-0.2
% |
270,580
|
-9.7
% |
299,806
|
|
|
Other
debtors |
Net
|
22,874
|
-92.3
% |
298,238
|
48.9
% |
200,296
|
|
|
Gross
|
BZ
|
22,874
|
-92.3
% |
298,238
|
48.9
% |
200,296
|
|
|
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
|
2,964,883
|
10.3
% |
2,689,093
|
-9.5
% |
2,972,158
|
Divers
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Investment
securities |
Net
|
315,515
|
0% |
0
|
0% |
799,959
|
|
|
Gross
|
CD
|
315,515
|
0% |
0
|
0% |
799,959
|
|
|
Amortisation
|
CE
|
0
|
0% |
0
|
0% |
0
|
|
|
Cash
and cash equivalents |
Net
|
4,264,639
|
-13.9
% |
4,952,432
|
111.2
% |
2,344,747
|
|
|
Gross
|
CF
|
4,264,639
|
-13.9
% |
4,952,432
|
111.2
% |
2,344,747
|
|
|
Amortisation
|
CG
|
0
|
0% |
0
|
0% |
0
|
|
|
Sub
Total Divers |
Net
|
4,580,154
|
-7.5
% |
4,952,432
|
57.5
% |
3,144,706
|
Prepaid
expenses
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Prepaid
expenses |
Net
|
18,679
|
25.2
% |
14,924
|
21.8
% |
12,251
|
|
|
Gross
|
CH
|
18,679
|
25.2
% |
14,924
|
21.8
% |
12,251
|
|
|
Amortisation
|
CI
|
0
|
0% |
0
|
0% |
0
|
Equalization
accounts (IV to VI)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Multi-period
charges |
CW3
|
0
|
0% |
0
|
0% |
0
|
|
|
Gross
|
0
|
0% |
0
|
- |
-
|
||
|
Premiums
on redemption of bonds |
CM3
|
0
|
0% |
0
|
0% |
0
|
|
|
Gross
|
0
|
0% |
0
|
- |
-
|
||
|
Currency
differential gain |
CN3
|
0
|
0% |
0
|
0% |
0
|
|
|
Gross
|
0
|
0% |
0
|
- |
-
|
References
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
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)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Grand
Total (I to V) |
EE
|
13,379,692
|
4.5
% |
12,809,548
|
-0.6
% |
12,884,363
|
Shareholder
Equity (I)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Total
shareholders' equity (Total I) |
DL
|
10,490,146
|
11.8
% |
9,382,240
|
8.2
% |
8,670,034
|
|
|
Equity
and shareholders' equity |
DA
|
662,490
|
0% |
662,490
|
0% |
662,490
|
|
|
Issue
and merger premiums |
DB
|
1,461,116
|
0% |
1,461,116
|
0% |
1,461,116
|
|
|
Revaluation
differentials |
DC
|
0
|
0% |
0
|
0% |
0
|
|
|
Of
which equity differential |
EK
|
0
|
0% |
0
|
0% |
0
|
|
|
Legal
reserve |
DD
|
66,249
|
0% |
66,249
|
0% |
66,249
|
|
|
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
|
6,692,270
|
11.9
% |
5,980,063
|
14.9
% |
5,202,433
|
|
|
Of
which reserve for buying originals works from alive artists |
EJ
|
0
|
0% |
0
|
0% |
0
|
|
|
Profits
or losses brought forward |
DH
|
0
|
0% |
0
|
0% |
0
|
|
|
Profit
or loss for the period |
DI
|
1,608,021
|
32.6
% |
1,212,322
|
-5.1
% |
1,277,745
|
|
|
Investment
grants |
DJ
|
0
|
0% |
0
|
0% |
0
|
|
|
Special
tax-allowable reserves |
DK
|
0
|
0% |
0
|
0% |
0
|
Other
capital resources (II)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
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)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Total
provisions for risks and charges (Total III) |
DR
|
0
|
0% |
0
|
0% |
0
|
|
|
Risk
provisions |
DP
|
0
|
0% |
0
|
0% |
0
|
|
|
Reserves
for charges |
DQ
|
0
|
0% |
0
|
0% |
0
|
Liabilities
(IV)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Total
Liabilities (Total IV) |
EC
|
2,889,544
|
-15.7
% |
3,427,307
|
-18.7
% |
4,214,329
|
|
|
Convertible
debentures |
DS
|
0
|
0% |
0
|
0% |
0
|
|
|
Other
debentures |
DT
|
0
|
0% |
0
|
0% |
0
|
|
|
Bank
loans and liabilities |
DU
|
1,040,909
|
-53.6
% |
2,244,402
|
-11.1
% |
2,525,159
|
|
|
Sundry
loans and financial liabilities |
DV
|
5,317
|
-4.2
% |
5,553
|
-97.5
% |
219,316
|
|
|
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
|
1,378,542
|
91.7
% |
719,288
|
-43.3
% |
1,267,608
|
|
|
Tax
and social security liabilities |
DY
|
464,776
|
1.5
% |
458,064
|
126.5
% |
202,247
|
|
|
Fixed
asset liabilities |
DZ
|
0
|
0% |
0
|
0% |
0
|
|
|
Other
debts |
EA
|
0
|
0% |
0
|
0% |
0
|
Translation
loss (V)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Translation
loss (Total V) |
ED
|
0
|
0% |
0
|
0% |
0
|
Equalization
accounts
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Deferred
income |
EB
|
0
|
0% |
0
|
0% |
0
|
References
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Of
which tax-allowable reserve |
EF
|
0
|
0% |
0
|
0% |
0
|
|
|
Deferred
income and liabilities |
EG
|
2,217,262
|
-33.5
% |
3,334,253
|
18.4
% |
2,815,674
|
|
|
Of
which current bank facilities |
EH
|
0
|
0% |
845,747
|
8.5
% |
779,317
|
Result
account
1
- Operating result (I-II)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Operating
result (Total I-II) |
GG
|
2,469,378
|
38.8
% |
1,778,865
|
-12.2
% |
2,025,099
|
2
- Financial result (V-VI)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Financial
result (Total V-VI) |
GV
|
-51,519
|
-257.0
% |
32,814
|
135.6
% |
-92,135
|
3
- Pre-tax net operating income result (I to VI)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Pre-tax
net operating income (Total I-II+II-IV+V-VI) |
GW
|
2,417,859
|
33.5
% |
1,811,679
|
-6.3
% |
1,932,964
|
4
- Extraordinary result (VII-VIII)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Extraordinary
result (Total VII-VIII) |
HI
|
-4,168
|
-968.3
% |
480
|
119.4
% |
-2,473
|
Profit
or loss
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Profit
or loss |
HN
|
1,608,021
|
32.6
% |
1,212,322
|
-5.1
% |
1,277,745
|
Total
Income (I+III+V+VII)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Total
Income (Total I+III+V+VII) |
HL
|
15,726,719
|
18.1
% |
13,317,660
|
0.4
% |
13,268,539
|
Total
Charges (Total II+IV+VI+VIII+IX+X)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Total
Charges (Total II+IV+VI+VIII+IX+X) |
HM
|
14,118,697
|
16.6
% |
12,105,338
|
1.0
% |
11,990,794
|
Operating
income (I)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Total
operating income (Total I) |
FR
|
15,667,777
|
18.8
% |
13,184,177
|
-0.1
% |
13,192,464
|
Operating
income (details)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Sale
of goods for resale |
FC
|
15,065,783
|
21.0
% |
12,455,617
|
-3.3
% |
12,885,490
|
|
|
France
|
FA
|
14,000,212
|
12.4
% |
12,455,617
|
4.7
% |
11,892,277
|
|
|
Export
|
FB
|
1,065,571
|
0% |
0
|
0% |
993,213
|
|
|
Sale
of goods produced |
FF
|
826
|
-92.1
% |
10,411
|
-65.3
% |
29,984
|
|
|
France
|
FD
|
728
|
-93.0
% |
10,411
|
-65.3
% |
29,984
|
|
|
Export
|
FE
|
98
|
0% |
0
|
0% |
0
|
|
|
Sale
of services |
FI
|
65,249
|
-13.8
% |
75,681
|
4.3
% |
72,547
|
|
|
France
|
FG
|
55,698
|
-26.4
% |
75,681
|
4.3
% |
72,547
|
|
|
Export
|
FH
|
9,551
|
0% |
0
|
0% |
0
|
|
|
Net
turnover |
FL
|
15,131,859
|
20.7
% |
12,541,709
|
-3.4
% |
12,988,020
|
|
|
France
|
FJ
|
14,056,639
|
12.1
% |
12,541,709
|
4.6
% |
11,994,807
|
|
|
Export
|
FK
|
1,075,220
|
0% |
0
|
0% |
993,213
|
|
|
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
|
531,751
|
-17.0
% |
640,338
|
213.3
% |
204,398
|
|
|
Other
income |
FQ
|
4,167
|
95.6
% |
2,130
|
4633.3
% |
45
|
Operating
charges (II)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Total
operating charges (Total II) |
GF
|
13,198,399
|
15.7
% |
11,405,312
|
2.1
% |
11,167,364
|
Exploitation
charges
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Purchase
of goods for resale |
FS
|
9,469,946
|
57.6
% |
6,008,664
|
-29.3
% |
8,498,125
|
|
|
Change
in stocks of goods for resale |
FT
|
-902,271
|
-158.1
% |
1,553,212
|
240.8
% |
-1,102,814
|
|
|
Purchase
of raw materials |
FU
|
608,304
|
78.1
% |
341,575
|
-33.8
% |
516,277
|
|
|
Change
in stocks of raw materials |
FV
|
1,379
|
-47.5
% |
2,626
|
390.8
% |
535
|
|
|
Other
external purchases and charges |
FW
|
2,015,923
|
27.5
% |
1,581,597
|
-7.8
% |
1,715,413
|
|
|
Tax,
duty and similar payments |
FX
|
205,636
|
-7.3
% |
221,760
|
29.3
% |
171,515
|
|
|
Payroll
|
FY
|
711,251
|
17.3
% |
606,536
|
7.4
% |
564,621
|
|
|
Social
security costs |
FZ
|
310,114
|
17.5
% |
264,027
|
20.0
% |
220,107
|
Depreciation
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Depreciation
of fixed assets |
GA
|
197,499
|
1.9
% |
193,815
|
2.4
% |
189,359
|
|
|
Amortisation
of fixed assets |
GB
|
0
|
0% |
0
|
0% |
0
|
|
|
Depreciation/amortisation
of current assets |
GC
|
554,497
|
12.8
% |
491,646
|
24.7
% |
394,222
|
|
|
Provisions
for risks and charges |
GD
|
0
|
0% |
0
|
0% |
0
|
Other
charges
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Other
charges |
GE
|
26,122
|
-81.3
% |
139,854
|
2796980.0
% |
5
|
Operating
charges (III-IV)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
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)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Total
financial income (Total V) |
GP
|
46,550
|
-63.3
% |
126,950
|
67.4
% |
75,840
|
|
|
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
|
42,165
|
1138.0
% |
3,406
|
151.9
% |
1,352
|
|
|
Released
provisions and transferred charges |
GM
|
0
|
0% |
0
|
0% |
0
|
|
|
Exchange
gains |
GN
|
4,385
|
-93.9
% |
72,254
|
2761.5
% |
2,525
|
|
|
Net
income from disposal of investment securities |
GO
|
0
|
0% |
51,290
|
-28.7
% |
71,963
|
Financial
charge (VI)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Total
financial charge (Total VI) |
GU
|
98,069
|
4.2
% |
94,136
|
-44.0
% |
167,975
|
|
|
Financial
reserves and provisions |
GQ
|
0
|
0% |
0
|
0% |
0
|
|
|
Interest
and similar charges |
GR
|
75,315
|
-5.2
% |
79,458
|
-31.3
% |
115,706
|
|
|
Exchange
losses |
GS
|
22,754
|
55.0
% |
14,678
|
-71.9
% |
52,269
|
|
|
Net
loss from disposal of investment securities |
GT
|
0
|
0% |
0
|
0% |
0
|
Extraordinary
income (VII)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Total
extraordinary income (Total VII) |
HD
|
12,392
|
89.7
% |
6,533
|
2680.0
% |
235
|
|
|
Extraordinary
operating income |
HA
|
12,392
|
89.7
% |
6,533
|
2680.0
% |
235
|
|
|
Extraordinary
income from capital transactions |
HB
|
0
|
0% |
0
|
0% |
0
|
|
|
Released
provisions and transferred charges |
HC
|
0
|
0% |
0
|
0% |
0
|
Extraordinary
charges (VIII)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Total
extraordinary charges (Total VIII) |
HH
|
16,560
|
173.6
% |
6,053
|
123.5
% |
2,708
|
|
|
Extraordinary
operating charges |
HE
|
16,560
|
173.6
% |
6,053
|
123.5
% |
2,708
|
|
|
Extraordinary
charges from capital transactions |
HF
|
0
|
0% |
0
|
0% |
0
|
|
|
Extraordinary
reserves and provisions |
HG
|
0
|
0% |
0
|
0% |
0
|
Employee
profit sharing (IX)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Employee
profit sharing (Total IX) |
HJ
|
0
|
0% |
0
|
0% |
0
|
Tax
on profits (X)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Tax
on profits (Total X) |
HK
|
805,669
|
34.3
% |
599,837
|
-8.1
% |
652,746
|
References
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
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
|
40,105
|
228.2
% |
12,220
|
71.5
% |
7,125
|
|
|
Of
which trader's own contributions |
A2
|
13,407
|
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)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Gross
value at begin of period |
OG
|
0
|
0% |
0
|
0% |
3,187,878
|
|
|
Increasess
due to revaluation |
OH
|
0
|
0% |
0
|
0% |
0
|
|
|
Decreasess,
acquisitions, creations, contributions |
OJ
|
0
|
0% |
0
|
0% |
65,622
|
|
|
Decreasess
by budget item transfer |
OK1
|
0
|
0% |
0
|
0% |
0
|
|
|
Decreasess
by transfers |
OK2
|
128,318
|
0% |
0
|
0% |
0
|
|
|
Gross
value at the end of period |
OL
|
3,192,269
|
0% |
0
|
0% |
3,253,501
|
Research
and development Charge (Total I)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
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)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Gross
value at begin of period |
KD
|
250,202
|
0% |
0
|
0% |
249,266
|
|
|
Increasess
due to revaluation |
KE
|
0
|
0% |
0
|
0% |
0
|
|
|
Increasess,
acquisitions, creations, contributions |
KF
|
5,315
|
0% |
0
|
0% |
936
|
|
|
Decreasess
by budget item transfer |
LV1
|
0
|
0% |
0
|
0% |
0
|
|
|
Decreasess
by transfers |
LV2
|
61,002
|
0% |
0
|
0% |
0
|
|
|
Gross
value at the end of period |
LW
|
194,515
|
0% |
0
|
0% |
250,202
|
Tangible
fixed assets (Total III)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Gross
value at begin of period |
LN
|
3,039,613
|
0% |
0
|
0% |
2,934,670
|
|
|
Increasess
due to revaluation |
LO
|
0
|
0% |
0
|
0% |
0
|
|
|
Increasess,
acquisitions, creations, contributions |
LP
|
21,515
|
0% |
0
|
0% |
64,686
|
|
|
Decreasess
by budget item transfer |
NG1
|
0
|
0% |
0
|
0% |
0
|
|
|
Decreasess
by transfers |
NG2
|
63,375
|
0% |
0
|
0% |
0
|
|
|
Gross
value at the end of period |
NH
|
2,997,753
|
0% |
0
|
0% |
2,999,356
|
Financial
assets (Total IV)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Gross
value at begin of period |
LQ
|
3,942
|
0% |
0
|
0% |
3,942
|
|
|
Increasess
due to revaluation |
LR
|
0
|
0% |
0
|
0% |
0
|
|
|
Increasess,
acquisitions, creations, contributions |
LS
|
0
|
0% |
0
|
0% |
0
|
|
|
Decreasess
by budget item transfer |
NJ1
|
0
|
0% |
0
|
0% |
0
|
|
|
Decreasess
by transfers |
NJ2
|
3,942
|
0% |
0
|
0% |
0
|
|
|
Gross
value at the end of period |
NK
|
0
|
0% |
0
|
0% |
3,942
|
Reserve
for depreciation
Situation
and movement of reserve for depreciation - Grand total (I-II-III)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Reserve
for depreciation value at begin of period |
ON
|
0
|
0% |
0
|
0% |
672,624
|
|
|
Increases
|
OP
|
0
|
0% |
0
|
0% |
189,360
|
|
|
Decreasess
|
OQ
|
0
|
0% |
0
|
0% |
0
|
|
|
Reserve
for depreciation value at the end of period |
OR
|
0
|
0% |
0
|
0% |
861,984
|
Research
and development charge (Total I)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
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)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Reserve
for depreciation value at begin of period |
PE
|
250,202
|
0% |
0
|
0% |
249,266
|
|
|
Increases
|
PF
|
2,275
|
0% |
0
|
0% |
276
|
|
|
Decreasess
|
PG
|
61,002
|
0% |
0
|
0% |
0
|
|
|
Decreasess
by budget item transfer |
PH
|
191,475
|
0% |
0
|
0% |
249,542
|
Total
fixed assets amotisation (Total III)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Reserve
for depreciation value at begin of period |
QU
|
805,596
|
0% |
0
|
0% |
423,358
|
|
|
Increases
|
QV
|
195,223
|
0% |
0
|
0% |
189,084
|
|
|
Decreases
|
QW
|
63,375
|
0% |
0
|
0% |
0
|
|
|
Decreasess
by budget item transfer |
QX
|
937,444
|
0% |
0
|
0% |
612,442
|
Movements
during period affecting charge allocated over several period
Deferred
charges and debt issuance costs
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
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
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
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)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Value
at begining of period |
7C
|
491,646
|
-21.7
% |
628,118
|
45.7
% |
431,169
|
|
|
Increases
|
UB
|
554,497
|
12.8
% |
491,645
|
24.7
% |
394,223
|
|
|
Decreases
|
UC
|
491,646
|
-21.7
% |
628,118
|
218.4
% |
197,273
|
|
|
Value
at the end of period |
UD
|
554,497
|
12.8
% |
491,645
|
-21.7
% |
628,119
|
Includes
Total allocations
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Operating
|
UE
|
554,497
|
0% |
0
|
0% |
0
|
|
|
Financial
|
UG
|
0
|
0% |
0
|
0% |
0
|
|
|
Exceptional
|
UJ
|
0
|
0% |
0
|
0% |
0
|
Includes
Total Withdrawal
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Operating
|
UF
|
491,646
|
0% |
0
|
0% |
0
|
|
|
Financial
|
UH
|
0
|
0% |
0
|
0% |
0
|
|
|
Exceptional
|
UK
|
0
|
0% |
0
|
0% |
0
|
Total
regulated provisions (Total I)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
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)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
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)
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Value
at begining of period |
7B
|
491,645
|
-21.7
% |
628,118
|
45.7
% |
431,169
|
|
|
Increases
|
TY
|
554,496
|
12.8
% |
491,645
|
24.7
% |
394,223
|
|
|
Decreases
|
TZ
|
491,645
|
-21.7
% |
628,118
|
218.4
% |
197,273
|
|
|
Value
at the end of period |
UA
|
554,496
|
12.8
% |
491,645
|
-21.7
% |
628,119
|
State
deadlines claims and debts at the end of period
State
claims
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Gross
value |
VT
|
3,253,588
|
9.2
% |
2,978,478
|
-9.4
% |
3,288,096
|
|
|
1
year at most |
VU
|
3,253,588
|
9.4
% |
2,974,597
|
-9.4
% |
3,284,215
|
|
|
More
than one year |
VV
|
0
|
0% |
3,881
|
0% |
3,881
|
State
of loans
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
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
|
0
|
0% |
3,881
|
0% |
3,881
|
|
|
Other
financial assets (1 year at most) |
UV
|
0
|
0% |
0
|
0% |
0
|
Receivables
statement of assets
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Customers
doubtful or disputed |
VA
|
328,102
|
0% |
0
|
0% |
0
|
|
|
Other
claims customer |
UX
|
2,883,932
|
0% |
0
|
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% |
0
|
0% |
0
|
|
|
Income
taxes |
VM
|
0
|
0% |
0
|
0% |
0
|
|
|
Value
added tax |
VB
|
17,711
|
0% |
0
|
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
|
0
|
0% |
0
|
0% |
0
|
|
|
Accounts
receivable (including claims relating to the operation of pension titles) |
VR
|
5,163
|
-99.8
% |
2,974,597
|
0% |
0
|
Prepaid
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Prepaid
|
VS
|
18,679
|
0% |
0
|
0% |
12,251
|
State
Debt
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Total
debt (gross) |
VY
|
2,889,544
|
-15.7
% |
3,427,307
|
-18.7
% |
4,214,330
|
|
|
1
year at most |
VZ2
|
2,217,262
|
-7.1
% |
2,386,398
|
-15.2
% |
2,815,675
|
|
|
More
than 1 year and 5 years at most |
VZ3
|
672,282
|
-35.4
% |
1,040,909
|
-25.6
% |
1,398,655
|
|
|
More
than 5 years |
VZ4
|
0
|
0% |
0
|
0% |
0
|
Details
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Convertible
bonds (gross) |
7Y1
|
0
|
0% |
0
|
0% |
0
|
|
|
1
year at most |
7Y2
|
0
|
0% |
0
|
0% |
0
|
|
|
More
than 1 year and 5 years at most |
7Y3
|
0
|
0% |
0
|
0% |
0
|
|
|
Other
bonds (gross) |
7Z1
|
0
|
0% |
0
|
0% |
0
|
|
|
1
year at most |
7Z2
|
0
|
0% |
0
|
0% |
0
|
|
|
More
than 1 year and 5 years at most |
7Z3
|
0
|
0% |
0
|
0% |
0
|
|
|
Borrowing
& debts to 1 year maximum at the origin (gross) |
VG1
|
0
|
0% |
2,244,402
|
0% |
0
|
|
|
1
year at most |
VG2
|
0
|
0% |
1,203,493
|
0% |
0
|
|
|
More
than 1 year and 5 years at most |
VG3
|
0
|
0% |
1,040,909
|
0% |
0
|
|
|
Borrowing
& debts to more than 1 year at the origin (gross) |
VH1
|
1,040,909
|
0% |
0
|
0% |
2,525,159
|
|
|
1
year at most |
VH2
|
368,627
|
0% |
0
|
0% |
1,126,504
|
|
|
More
than 1 year and 5 years at most |
VH3
|
672,282
|
0% |
0
|
0% |
1,398,655
|
|
|
Loans
and various financial liabilities (gross) |
8A1
|
1,343
|
-75.8
% |
5,553
|
-97.5
% |
219,316
|
|
|
1
year at most |
8A2
|
1,343
|
-75.8
% |
5,553
|
-97.5
% |
219,316
|
|
|
More
than 1 year and 5 years at most |
8A3
|
0
|
0% |
0
|
0% |
0
|
|
|
Suppliers
and associated accounts (gross) |
8B1
|
1,378,542
|
91.7
% |
719,288
|
-43.3
% |
1,267,608
|
|
|
1
year at most |
8B2
|
1,378,542
|
91.7
% |
719,288
|
-43.3
% |
1,267,608
|
|
|
More
than 1 year and 5 years at most |
8B3
|
1,378,542
|
91.7
% |
719,288
|
0% |
0
|
|
|
Personnel
and associated accounts (gross) |
8C1
|
80,237
|
0% |
0
|
0% |
0
|
|
|
1
year at most |
8C2
|
80,237
|
0% |
0
|
0% |
0
|
|
|
More
than 1 year and 5 years at most |
8C3
|
0
|
0% |
0
|
0% |
0
|
|
|
Social
Security and other social organizations (gross) |
8D1
|
108,041
|
-76.4
% |
458,064
|
126.5
% |
202,247
|
|
|
1
year at most |
8D2
|
108,041
|
-76.4
% |
458,064
|
126.5
% |
202,247
|
|
|
More
than 1 year and 5 years at most |
8D3
|
0
|
0% |
0
|
0% |
0
|
|
|
Taxes
on profits (gross) |
8E1
|
205,831
|
0% |
0
|
0% |
0
|
|
|
1
year at most |
8E2
|
205,831
|
0% |
0
|
0% |
0
|
|
|
More
than 1 year and 5 years at most |
8E3
|
0
|
0% |
0
|
0% |
0
|
|
|
VAT
(Gross) |
VW1
|
14,395
|
0% |
0
|
0% |
0
|
|
|
1
year at most |
VW2
|
14,395
|
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
|
56,272
|
0% |
0
|
0% |
0
|
|
|
1
year at most |
VQ2
|
56,272
|
0% |
0
|
0% |
0
|
|
|
More
than 1 year and 5 years at most |
VQ3
|
0
|
0% |
0
|
0% |
0
|
|
|
Assets
and liabilities associated accounts (gross) |
8J1
|
0
|
0% |
0
|
0% |
0
|
|
|
1
year at most |
8J2
|
0
|
0% |
0
|
0% |
0
|
|
|
More
than 1 year and 5 years at most |
8J3
|
0
|
0% |
0
|
0% |
0
|
|
|
More
than 5 years |
8J4
|
0
|
0% |
0
|
0% |
0
|
|
|
Groups
and associates (gross) |
VI1
|
3,974
|
0% |
0
|
0% |
0
|
|
|
1
year at most |
VI2
|
3,974
|
0% |
0
|
0% |
0
|
|
|
More
than 1 year and 5 years at most |
VI3
|
0
|
0% |
0
|
0% |
0
|
|
|
More
than 5 years |
V14
|
0
|
0% |
0
|
0% |
0
|
|
|
Other
liabilities (gross) |
8K1
|
0
|
0% |
0
|
0% |
0
|
|
|
1
year at most |
8K2
|
0
|
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
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Loans
made during the period |
VJ
|
0
|
0% |
0
|
0% |
0
|
|
|
Debt
repaid during the period |
VK
|
357,746
|
0% |
0
|
0% |
0
|
Table
allocation results and other information
Dividends
distributed
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Dividends
|
ZE
|
500,115
|
0% |
0
|
0% |
0
|
Commitments
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
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
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Subcontracting
|
YT
|
423,206
|
0% |
0
|
0% |
0
|
|
|
Rentals,
rental charges and condominiums |
XQ
|
74,626
|
0% |
0
|
0% |
0
|
|
|
Staff
outside the company |
YU
|
9,976
|
0% |
0
|
0% |
0
|
|
|
Remuneration
intermediaries and fees (excluding fees) |
SS
|
79,307
|
0% |
0
|
0% |
0
|
|
|
Fees,
commissions and brokerage |
YV
|
0
|
0% |
0
|
0% |
0
|
|
|
Other
accounts |
ST
|
1,428,808
|
0% |
0
|
0% |
0
|
|
|
Total
Other purchases and external |
ZJ
|
2,015,923
|
0% |
0
|
0% |
0
|
Taxes
and Fees
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Business
tax |
YW
|
0
|
0% |
0
|
0% |
0
|
|
|
Other
taxes and payments assimilated |
9Z
|
205,636
|
0% |
0
|
0% |
0
|
|
|
Total
taxes and fees |
YX
|
205,636
|
0% |
0
|
0% |
0
|
VAT
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Amount
VAT collected |
YY
|
2,778,323
|
0% |
0
|
0% |
0
|
|
|
Total
VAT on goods and services |
YZ
|
2,363,262
|
0% |
0
|
0% |
0
|
Average
number of employees
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Average
number of employees |
YP
|
20
|
0% |
0
|
0% |
0
|
Groups
and Shareholders
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|||
|
Groups
and Shareholders |
ZR
|
0
|
- |
-
|
- |
-
|
Ratios
Structure
and Liquidity
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|
Sector Median 2010 |
|||||
|
Fixed
Asset Financing |
3.97
|
10.3
% |
3.60
|
2.0
% |
3.53
|
|
|
3.04
|
30.6
% |
||
|
Global
Debt |
69
days |
-29.6
% |
98
days |
-16.2
% |
117
days |
|
|
110
days |
-37.0
% |
||
|
Working
Capital Fund overall net |
225
days |
-8.2
% |
245
days |
7.0
% |
229
days |
|
|
74
days |
204.1
% |
||
|
Financial
independence |
1,002.67
% |
140.4
% |
417.00
% |
32.0
% |
315.91
% |
|
|
275.01
% |
264.6
% |
||
|
Solvability
|
78.40
% |
7.0
% |
73.24
% |
8.8
% |
67.29
% |
|
|
38.85
% |
101.8
% |
||
|
Capacity
debt futures |
2,845.73
% |
896.5
% |
285.58
% |
-62.9
% |
769.64
% |
|
|
1,830.20
% |
55.5
% |
||
|
Coverage
of current assets by net working capital overall |
77.85
% |
0.6
% |
77.37
% |
11.8
% |
69.22
% |
|
|
43.68
% |
78.2
% |
||
|
General
Liquidity |
1.47
|
17.6
% |
1.25
|
6.8
% |
1.17
|
|
|
0.87
|
69.0
% |
||
|
Restricted
Liquidity |
3.53
|
6.3
% |
3.32
|
45.6
% |
2.28
|
|
|
1.28
|
175.8
% |
||
Management
or rotation
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|
Sector Median 2010 |
|||||
|
Need
background in operating working capital |
116
days |
-8.7
% |
127
days |
-22.1
% |
163
days |
|
|
34
days |
241.2
% |
||
|
Treasury
|
109
days |
-7.6
% |
118
days |
78.8
% |
66
days |
|
|
19
days |
489.2
% |
||
|
Inventory
turnover of goods |
168
days |
13.5
% |
148
days |
-34.8
% |
227
days |
|
|
51
days |
229.4
% |
||
|
Average
length of credit granted to customers |
65
days |
-14.5
% |
76
days |
-10.6
% |
85
days |
|
|
73
days |
-11.0
% |
||
|
Average
length of credit obtained suppliers |
37
days |
37.0
% |
27
days |
-42.6
% |
47
days |
|
|
67
days |
-44.8
% |
||
|
Inventory
turnover of raw materials in industrial enterprises |
6
days |
-80.0
% |
30
days |
275.0
% |
8
days |
|
|
0
days |
0% |
||
|
Inventory
turnover of intermediate and finished products in the industrial enterprise |
505
days |
- |
-
|
- |
433
days |
|
|
1,135
days |
-55.5
% |
||
|
Rotation
tangible assets |
504.77
% |
- |
-
|
- |
433.03
% |
|
|
1,526.91
% |
-66.9
% |
||
Profitability
of the business
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|
Sector Median 2010 |
|||||
|
Margin
trading |
42.94
% |
10.0
% |
39.02
% |
-7.7
% |
42.27
% |
|
|
27.26
% |
57.5
% |
||
|
Profitability
of the business |
17.92
% |
14.6
% |
15.64
% |
-15.5
% |
18.51
% |
|
|
4.10
% |
337.1
% |
||
|
Net
profit |
10.63
% |
9.9
% |
9.67
% |
-1.7
% |
9.84
% |
|
|
2.49
% |
326.9
% |
||
|
Growth
rate of turnover (excluding VAT) |
20.65
% |
700.3
% |
-3.44
% |
-142.3
% |
-1.42
% |
|
|
2.49
% |
729.3
% |
||
|
Rates
integration |
26.03
% |
6.9
% |
24.35
% |
-5.9
% |
25.87
% |
|
|
24.89
% |
4.6
% |
||
|
Rate
leasing furniture |
0.00
% |
0% |
0.00
% |
0% |
0.00
% |
|
|
0.00
% |
0% |
||
|
Work
Factor |
25.59
% |
-10.2
% |
28.51
% |
22.1
% |
23.35
% |
|
|
73.57
% |
-65.2
% |
||
|
Weight
interests |
0.65
% |
-13.3
% |
0.75
% |
-41.9
% |
1.29
% |
|
|
0.21
% |
209.5
% |
||
Return
on capital
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|
Sector Median 2010 |
|||||
|
Cash
flow from the overall profitability |
8.68
% |
-22.6
% |
11.21
% |
-0.8
% |
11.30
% |
|
|
3.18
% |
173.0
% |
||
|
Rates
of economic profitability |
24.00
% |
41.2
% |
17.00
% |
-19.0
% |
21.00
% |
|
|
15.00
% |
60.0
% |
||
|
Financial
profitability |
10,490,146.00
% |
11.8
% |
9,382,240.00
% |
8.2
% |
8,670,034.00
% |
|
|
131,720.50
% |
7863.9
% |
||
|
Return
on investment |
14.79
% |
31.7
% |
11.23
% |
-11.4
% |
12.67
% |
|
|
10.92
% |
35.4
% |
||
Management
intermediate balances
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|
Sector Median 2010 |
||||||||||
|
Turnover
|
15,131,859
|
20.7
% |
12,541,709
|
-3.4
% |
12,988,020
|
|
|
766,876
|
1873.2
% |
|||||||
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|
Sector Median 2010 |
||||||||||
|
Sales
of goods |
15,065,783
|
21.0
% |
12,455,617
|
-3.3
% |
12,885,490
|
|
-
|
|||||||||
|
-
Purchase of goods |
9,469,946
|
57.6
% |
6,008,664
|
-29.3
% |
8,498,125
|
|
-
|
|||||||||
|
+/-
Stock of goods variation |
-902,271
|
-158.1
% |
1,553,212
|
240.8
% |
-1,102,814
|
|
-
|
|||||||||
|
Trading
margin |
6,498,108
€ |
32.8
% |
4,893,741
€ |
-10.9
% |
5,490,179
€ |
|
|
165,523
€ |
3825.8
% |
|||||||
|
42.94
% CA |
10.0
% |
39.02
% CA |
-7.7
% |
42.27
% CA |
|
|
27.99
% CA |
53.4
% |
||||||||
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|
Sector Median 2010 |
|||||||||||
|
Sale
of goods produced |
66,075
|
-23.3
% |
86,092
|
-16.0
% |
102,531
|
|
-
|
||||||||||
|
+/-
Stocked production |
0
|
0% |
0
|
0% |
0
|
|
-
|
||||||||||
|
+
Self-constructed assets |
0
|
0% |
0
|
0% |
0
|
|
-
|
||||||||||
|
Period
production |
66,075
€ |
-23.3
% |
86,092
€ |
-16.0
% |
102,531
€ |
|
|
64,783
€ |
2.0
% |
||||||||
|
0.44
% CA |
-36.2
% |
0.69
% CA |
-12.7
% |
0.79
% CA |
|
|
9.72
% CA |
-95.5
% |
|||||||||
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|
Sector Median 2010 |
|||||||||||
|
Trading
margin |
6,498,108
|
32.8
% |
4,893,741
|
-10.9
% |
5,490,179
|
|
|
165,523
|
3825.8
% |
||||||||
|
+
Period Production |
66,075
|
-23.3
% |
86,092
|
-16.0
% |
102,531
|
|
|
64,783
|
2.0
% |
||||||||
|
-
Purchase of raw materials |
608,304
|
78.1
% |
341,575
|
-33.8
% |
516,277
|
|
-
|
||||||||||
|
+/-
Change in stocks of raw materiels |
1,379
|
-47.5
% |
2,626
|
390.8
% |
535
|
|
-
|
||||||||||
|
-
Other external purchases and charges |
2,015,923
|
27.5
% |
1,581,597
|
-7.8
% |
1,715,413
|
|
-
|
||||||||||
|
Added
value |
3,938,577
€ |
29.0
% |
3,054,035
€ |
-9.1
% |
3,360,485
€ |
|
|
197,547
€ |
1893.7
% |
||||||||
|
26.03
% CA |
6.9
% |
24.35
% CA |
-5.9
% |
25.87
% CA |
|
|
24.89
% CA |
4.6
% |
|||||||||
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|
Sector Median 2010 |
|||||||||||
|
Added
value |
3,938,577
€ |
29.0
% |
3,054,035
€ |
-9.1
% |
3,360,485
€ |
|
|
197,547
€ |
1893.7
% |
||||||||
|
+
Operating grants |
0
|
0% |
0
|
0% |
0
|
|
-
|
||||||||||
|
-
Tax, duty and similar payments |
205,636
|
-7.3
% |
221,760
|
29.3
% |
171,515
|
|
-
|
||||||||||
|
-
Personal charges |
1,021,365
|
17.3
% |
870,563
|
10.9
% |
784,728
|
|
-
|
||||||||||
|
Gross
operating surplus |
2,711,576
€ |
38.2
% |
1,961,712
€ |
-18.4
% |
2,404,242
€ |
|
|
26,624
€ |
10084.9
% |
||||||||
|
17.92
% CA |
14.6
% |
15.64
% CA |
-15.5
% |
18.51
% CA |
|
|
4.10
% CA |
337.1
% |
|||||||||
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|
Sector Median 2010 |
|||||||||||
|
Gross
operating surplus |
2,711,576
€ |
38.2
% |
1,961,712
€ |
-18.4
% |
2,404,242
€ |
|
|
26,624
€ |
10084.9
% |
||||||||
|
+
Release of reserves and provisions |
531,751
|
-17.0
% |
640,338
|
213.3
% |
204,398
|
|
-
|
||||||||||
|
+
Other operating income |
4,167
|
95.6
% |
2,130
|
4633.3
% |
45
|
|
-
|
||||||||||
|
-
Depreciation/ Amortisation |
751,996
|
9.7
% |
685,461
|
17.5
% |
583,581
|
|
-
|
||||||||||
|
-
Other charges |
26,122
|
-81.3
% |
139,854
|
2796980.0
% |
5
|
|
-
|
||||||||||
|
Operating
result |
2,469,376
€ |
38.8
% |
1,778,865
€ |
-12.2
% |
2,025,099
€ |
|
|
21,313
€ |
11486.2
% |
||||||||
|
16.32
% CA |
15.1
% |
14.18
% CA |
-9.0
% |
15.59
% CA |
|
|
3.23
% CA |
405.3
% |
|||||||||
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|
Sector Median 2010 |
|||||||||||
|
Operating
result |
2,469,376
€ |
38.8
% |
1,778,865
€ |
-12.2
% |
2,025,099
€ |
|
|
21,313
€ |
11486.2
% |
||||||||
|
+/-
Result of joint-venture transferred from/to other partners |
0
|
0% |
0
|
0% |
0
|
|
-
|
||||||||||
|
+
Financial income |
46,550
|
-63.3
% |
126,950
|
67.4
% |
75,840
|
|
-
|
||||||||||
|
-
Financial charges |
98,069
|
4.2
% |
94,136
|
-44.0
% |
167,975
|
|
-
|
||||||||||
|
Pre-tax
result |
2,417,857
€ |
33.5
% |
1,811,679
€ |
-6.3
% |
1,932,964
€ |
|
|
19,702
€ |
12172.5
% |
||||||||
|
15.98
% CA |
10.6
% |
14.45
% CA |
-2.9
% |
14.88
% CA |
|
|
3.02
% CA |
429.1
% |
|||||||||
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|
Sector Median 2010 |
|||||||||||
|
Extraordinary
income |
12,392
|
89.7
% |
6,533
|
2680.0
% |
235
|
|
|
298
|
4065.4
% |
||||||||
|
-
Extraordinary charges |
16,560
|
173.6
% |
6,053
|
123.5
% |
2,708
|
|
-
|
||||||||||
|
Extraordinary
result |
-4,168
€ |
-968.3
% |
480
€ |
119.4
% |
-2,473
€ |
|
|
0
€ |
0%
|
||||||||
|
-0.03
% CA |
0% |
0.00
% CA |
0% |
-0.02
% CA |
|
|
0.00
% CA |
0%
|
|||||||||
|
31/12/2010 |
Variation |
31/12/2009 |
Variation |
31/12/2008 |
|
Sector Median 2010 |
|||||
|
Pre-tax
result |
2,417,857
€ |
33.5
% |
1,811,679
€ |
-6.3
% |
1,932,964
€ |
|
|
19,702
€ |
12172.5
% |
||
|
Extraordinary
result |
-4,168
€ |
-968.3
% |
480
€ |
119.4
% |
-2,473
€ |
|
|
0
€ |
0%
|
||
|
-
Employee profit sharing |
0
|
0% |
0
|
0% |
0
|
|
-
|
||||
|
-
Tax on profits |
805,669
|
34.3
% |
599,837
|
-8.1
% |
652,746
|
|
-
|
||||
|
Net
result |
1,608,020
€ |
32.6
% |
1,212,322
€ |
-5.1
% |
1,277,745
€ |
|
|
17,845
€ |
8911.0
% |
||
|
10.63
% CA |
9.9
% |
9.67
% CA |
-1.7
% |
9.84
% CA |
|
|
2.49
% CA |
326.9
% |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.37 |
|
UK Pound |
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.75.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
VNT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.