MIRA INFORM REPORT

Report No. :	341826
Report Date :	18.09.2015

IDENTIFICATION DETAILS

Name :	ESCAL ESCARGOT D'ALSACE
Registered Office :	Escal Escargot D'Alsace Nutrana-Liesel Escargots-Liesel-Escal. 6 Rue De La Minoterie Bp 59 67017 Strasbourg Cedex
Country :	France
Financials (as on) :	31.12.2013
Date of Incorporation :	October 1976
Legal Form :	Public limited company with board of directors
Line of Business :	Processing and preserving of fish, crustaceans and molluscs (1020Z)
No. of Employees :	50 to 99

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	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 summery

SIRET	307 667 089 00022
Name	ESCAL ESCARGOT D'ALSACE
Acronym	-
Trade name	NUTRANA-LIESEL ESCARGOTS-LIESEL-ESCAL...
Status	Economically active
Postal Address	ESCAL ESCARGOT D'ALSACE NUTRANA-LIESEL ESCARGOTS-LIESEL-ESCAL. 6 RUE DE LA MINOTERIE BP 59 67017 STRASBOURG CEDEX
Share Capital	160,000 Euros
Incorporiation Date	10/1976
Activity (APE)	Transformation et conservation de poisson, de crustacés et de mollusques (1020Z)	RCS Registration	RCS Strasbourg B 307 667 089
Formation Date	01/1976	EUR VAT Number	FR10307667089
Deregistration Date	-	Last account Date	31/12/2013
Court Registry Number	19 7 6B00393	Telephone	03 88 60 05 56
Registration Court	Strasbourg (67)	Fax	03 88 60 78 50
Nationality	France	Legal form	Public limited company with board of directors
		Currency	Euros

Key Financials

YEAR TO DATE	TURNOVER	GROSS OPERATING SURPLUS	SHAREHOLDER'S EQUITY	NET RESULT	EMPLOYEES
31/12/2013	87,622,134 €	4.76% Turnover	21,560,352 €	2,383,672 €	50 to 99 employees
31/12/2012	81,658,875 €	2.88% Turnover	18,837,241 €	1,560,149 €	-
31/12/2011	71,848,966 €	1.86% Turnover	17,213,235 €	1,012,279 €	-

Directors

Current Directors

3

Preferential Right

Last published preferential right

This company is not under monitoring

Collection of preferential rights impossible on this company

Payment Information Summary – Trade Payment Data

Total number of Invoices available	12
Total number of Invoices paid within or up to 30 days after the due date	11
Total number of Invoices paid more than 30 days after the dues date	0
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	1

Trends

Profitability

Liquidity

Net Worth

Establishment Details

Type of Establishment	Single (translated to H)	Production Role	-
APE/NAF Code	1020Z	Activity	Transformation et conservation de poisson, de crustacés et de mollusques
Formation Date	08/1980	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	6 RUE DE LA MINOTERIE  67000 STRASBOURG	Department	Bas-Rhin (67)
Location Surface	-	District	8
City	STRASBOURG	Status	Economically active
Business Pages FT®	SURGELES: PRODUITS ALIMENTAIRES (FABRICATION, GROS)	Region	Alsace
		Area	99
		Size of Urban Area	Urban unit with 200 000 to 1 999 999 inhabitants

Other Establishment(s)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	0 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
ESCAL ESCARGOT D'ALSACE	Head Office	1020Z	Transformation et conservation de poisson, de crustacés et de mollusques	STRASBOURG	67000

Workforces

Workforce at address

50 to 99 employees

Company workforce

50 to 99 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 shareholder's equity is 21,560,352 €

The liabilities are 26,846,553 €

The net current assets are 47,660,769 €

The net turnover is 87,622,134 €

The pre-tax profit is 3,556,899 €

The risk provisions are 672,183 €

The total assets are 49,079,088 €

The company has 3 directors

Industry code with low risk rating

Department code with low risk rating

The ratio total assets to total liabilities is 1.78

The creditor days are 61.31

The return on total assets employed is 7.25

High risk workforce size

The sales to current assets ratio is 1.84

The stock to turnover ratio is 18.70

Industry comparison

Activity (APE)	Transformation et conservation de poisson, de crustacés et de mollusques (1020Z)
Industry average credit rating	46
Industry average credit limit	43,360

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Status of Monitoring	Collection of preferential rights impossible on this company
Number of active preferential rights	0
Total amount	-
Due remaining amount	-

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. TOURRES LOIS
Manager position	Chairman of the Board	Date of birth	-
Place of birth
Type	Individual	Name at birth
Name	Mme. TOURRES BABETTE
Manager position	Managing director	Date of birth	-
Place of birth
Type	Individual	Name at birth

Name	Mme. RADKE CONSTANCE
Manager position	Administrator	Date of birth	04/02/1961
Place of birth	BAMBERG ALLEMAGNE
Type	Individual	Name at birth	TOURRES

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
	22/04/2015	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 1237 - 307667089 RCS. ESCAL - ESCARGOTS D'ALSACE. Forme : S.A.. Adresse : 6, rue de la Minoterie 67100 Strasbourg. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	03/03/2014	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 1015 - 307667089 RCS. ESCAL - ESCARGOTS D'ALSACE. Forme : S.A.. Adresse : 6, rue de la Minoterie 67100 Strasbourg. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	31/08/2013	Bodacc B	Modification et mutation diverse
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 1056 - 307 667 089 RCS Strasbourg. ESCAL ESCARGOTS D'ALSACE. Forme : SA. Administration : président du conseil d'administration, directeur général : TOURRES (Lois) ; directrice générale déléguée, administratrice : TOURRES (Babette) née HOFFMANN ; administratrice : RADKE (Constance) née TOURRES ; commissaires aux comptes titulaires : ZIMMER (Frédéric), IN EXTENSO AUDIT (SA) (SACAh) ; commissaires aux comptes suppléants : FRITZINGER (Fredy), LEVY (Michel). Activité : .  Commentaires : modification survenue sur l'administration.
	14/06/2013	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 1008 - 307667089 RCS. ESCAL - ESCARGOTS D'ALSACE. Forme : S.A.. Adresse : 6, rue de la Minoterie 67100 Strasbourg. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	25/07/2012	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 1351 - 307667089 RCS. ESCAL - ESCARGOTS D'ALSACE. Forme : S.A.. Adresse : 6, rue de la Minoterie 67100 Strasbourg. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
	25/07/2012	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 1350 - 307667089 RCS. ESCAL - ESCARGOTS D'ALSACE. Forme : S.A.. Adresse : 6, rue de la Minoterie 67100 Strasbourg. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	16/05/2010	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 1188 - 307667089 RCS. ESCAL - ESCARGOTS D'ALSACE. Forme : S.A. Adresse : 6, rue de la Minoterie, 67100 Strasbourg. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	28/02/2007	Bodacc C	Avis de dépôt des comptes
1802 - RCS Strasbourg B 307 667 089. RC 76-B 393. ESCAL - ESCARGOTS D'ALSACE. Forme: S.A. Adresse du siège social: 6, rue de la Minoterie,67100 Strasbourg. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	10/12/2006	Bodacc B	Modifications et mutations diverses
1328 - RCS Strasbourg 307 667 089. RC 76-B 393. ESCAL ESCARGOTS D'ALSACE. Sigle : ESCAL. Forme : S.A. Capital : 160 000 euros. Nom commercial : Nutrana Liesel Escargots Liesel Escal Gelima. Adresse du siège social : 6 rue de la Minoterie,, 67100 Administration : ancien commissaire aux comptes titulaire : EURO AUDIT. Nouveaux commissaires aux comptes titulaires : STIRNWEISS (Bernard) et PFAUWADEL (Claude). Ancien commissaire aux comptes suppléant : MERRAN (Richard). Nouveaux commissaires aux comptes suppléants : FINCK (Jacques) et MULLER (Michel). Date d'effet : 19 août 2006.
	18/04/2006	Bodacc C	Avis de dépôt des comptes
1488 - RCS Strasbourg B 307 667 089. RC 76-B 393. ESCAL ESCARGOTS D'ALSACE. Forme: S.A.. Adresse du siège social: 6, rue de la Minoterie67100 Strasbourg. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	16/03/2005	Bodacc C	Avis de dépôt des comptes
2042 - RCS Strasbourg B 307 667 089. RC 76-B 393. ESCAL ESCARGOTS D'ALSACE. Forme: S.A.. Adresse du siège social: 6, rue de la Minoterie67100 Strasbourg. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2003.
	13/02/2003	Bodacc B	Modifications et mutations diverses
RCS Strasbourg 307667089 RC 76-B 393 ESCAL-ESCARGOTS D'ALSACE. Sigle : ESCAL. Forme : S.A. Capital : 160 000 euros Nom commercial: Nutraba, Liesel Escargots Liesel Escal, Gelima. Adresse du siège social : 6 rue de la Minoterie, 67100 Strasbourg. Commentaires : modification survenue sur le nom commercial ( adjonction). Date d'effet : 1 e r janvier 2002.
	26/12/2000	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Strasbourg B 307667089 RC 76-B 393 ESCAL-ESCARGOTS D'ALSACE. Sigle : ESCAL. Forme : S.A. Capital : 1 000 000 de F. Adresse : 6 rue de la Minoterie, 67100 Strasbourg Nouvelle situation du siège social. Capital : 160 000 euros. Administration : nouveau commissaire aux comptes suppléant : MERRAND (Richard), ancien commissaire aux comptes titulaire. Nouveau commissaire aux comptes titulaire : EURO AUDIT. Ancien commissaire aux comptes suppléant : BINGLER (Pierre). Date d'effet : 26 juin 2000.
	04/06/1998	Bodacc B	Modifications et mutations diverses
RCS Strasbourg B 307 667 089 RC 76-B 393 ESCAL - ESCARGOTS D'ALSACE. Sigle : ESCAL. Forme : S.A. Capital : 1 000 000 de F (fixe). Adresse du siège social : 6 rue de la Minoterie, 67100 Strasbourg. Administration : ancien président du conseil d'administration : TOURRES ( Didier) nouveau président du conseil d'administration : Mme TOURRES (Lois), déjà administrateur Nouvel administrateur : Mme RADKE, née TOURRES (Constance). Date d'effet : 3 novembre 1997.
	08/04/1997	Bodacc B	Modifications et mutations diverses
RCS Strasbourg B 307 667 089 RC 76-B 393 ESCAL - ESCARGOTS D'ALSACE. Sigle : ESCAL. Forme : S.A. Capital : 1 000 000 de F (fixe). Adresse du siège social : 6 rue de la Minoterie, 67100 Strasbourg. Administration : ancien administrateur : Mme RADKE, née TOURRES (Constance) nouvel administrateur : TOURRES (Lois). Date d'effet : 23 janvier 1995.
	20/09/1996	Bodacc B	Modifications et mutations diverses
RCS Strasbourg B 307667089 RC 76-B 393 ESCAL ESCARGOTS D'ALSACE. Forme : S.A. Capital : 1 000 000 F (fixe). Adresse du siège social : 6, rue de la Minoterie 67100 Strasbourg. Commentaires : cession de la branche d'activité de logistique pour les produits frais et congelés à la S.A.R.L. Coldis, 6, rue de la Minoterie, 67100 Strasbourg. Date d'effet : 1 e r mars 1996.

Company events history

Date	Description
06/08/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
10/06/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
22/04/2015	Bodacc C : Deposit accounts notice
29/10/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
03/03/2014	Bodacc C : Deposit accounts notice
31/12/2013	New accounts available
31/08/2013	Bodacc B: Various editing or changing
30/07/2013	Private document
30/07/2013	Amendment
30/07/2013	Minutes of general meeting of shareholders
14/06/2013	Bodacc C : Deposit accounts notice
31/12/2012	New accounts available
25/07/2012	Bodacc C : Deposit accounts notice
10/07/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
17/08/2011	Bodacc C : Deposit accounts notice
02/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
16/05/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
31/12/2008	New accounts available
31/12/2007	New accounts available
31/12/2006	New consolidated accounts available
31/12/2006	New accounts available
13/11/2006	Appointment/resignation of company officers
13/11/2006	Appointment/resignation of company officers
13/11/2006	Minutes of general meeting of shareholders
13/11/2006	Minutes of general meeting of shareholders
13/11/2006	New auditor
13/11/2006	New auditor
13/11/2006	Private document
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available
06/10/2003	Updated articles of association
06/10/2003	Private document
06/10/2003	Minutes of general meeting of shareholders
06/10/2003	Amendment
03/11/2000	Appointment/resignation of company officers
03/11/2000	Updated articles of association
03/11/2000	Private document
03/11/2000	New auditor
03/11/2000	Minutes of general meeting of shareholders
03/11/2000	Conversion of equity to euro
03/11/2000	Capital increase
03/11/2000	Amendment
26/03/1998	Changes to the Board of Directors
26/03/1998	Minutes of general meeting of shareholders
26/03/1998	New chairman (CEO, CoB)
26/03/1998	Private document
26/03/1998	Minutes of Board meeting
26/03/1998	Appointment/resignation of company officers
07/02/1997	Amendment
07/02/1997	Private document
07/02/1997	Appointment/resignation of company officers
07/02/1997	Changes to the Board of Directors
07/02/1997	Minutes of general meeting of shareholders

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	23/02/2015	13/01/2014	18/02/2013
Activity Code	1020Z	1020Z	1020Z
Employees	0	0	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	1,409,526	-35.1 %	2,171,556	-7.0 %	2,335,253	185,691	659.1 %
Intangible assets	61,087	-13.5 %	70,582	27.1 %	55,537	2,875	2024.8 %
Tangible assets	1,010,276	1.3 %	997,235	-16.2 %	1,189,870	110,565	813.7 %
Financial assets	338,163	-69.4 %	1,103,739	1.3 %	1,089,845	4,847	6876.7 %
Net current assets	47,660,769	6.3 %	44,851,737	7.3 %	41,807,040	557,046	8456.0 %
Stocks	16,385,157	14.9 %	14,257,518	-14.1 %	16,596,703	72,225	22586.3 %
Advanced payments	0	0%	0	0%	0	0	0%
Receivables	26,576,588	7.0 %	24,839,375	6.7 %	23,288,685	295,563	8891.9 %
Securities and cash	4,699,024	-18.3 %	5,754,844	199.5 %	1,921,652	73,434	6299.0 %
Prepaid expenses	-	-	-	-	-	357	-
Accounts of regularization	8,793	108.5 %	4,218	0%	0	0	0%
Total Assets	49,079,088	4.4 %	47,027,511	6.5 %	44,142,293	876,452	5499.7 %

Passive Account

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Shareholders' equity	21,560,352	14.5 %	18,837,241	9.4 %	17,213,235	150,634	14213.1 %
Share capital	160,000	0%	160,000	0%	160,000	67,200	138.1 %
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	672,183	83.0 %	367,411	5.3 %	348,983	0	0%
Liabilities	26,846,553	-3.4 %	27,802,852	4.6 %	26,579,957	617,812	4245.4 %
Financial liabilities	1,263,418	-2.5 %	1,295,701	-68.9 %	4,160,148	106,931	1081.5 %
Advanced payments received	0	0%	0	0%	0	0	0%
Trade account payables	14,718,378	-10.7 %	16,478,408	9.6 %	15,037,930	191,967	7567.1 %
Tax and social liabilities	2,525,895	2.6 %	2,461,215	28.9 %	1,909,611	132,028	1813.2 %
Other debts and fixed assets liabilities	8,338,862	9.9 %	7,587,534	38.7 %	5,472,387	9,753	85400.5 %
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	49,079,088	4.4 %	47,027,511	6.5 %	44,142,293	876,451	5499.8 %

Results

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Sales of Goods	91,994,257	8.0 %	85,206,961	10.4 %	77,183,911	1,724,913	5233.3 %
Net turnover	87,622,134	7.3 %	81,658,875	13.7 %	71,848,966	1,711,236	5020.4 %
of which net export turnover	48,941,645	10.8 %	44,166,161	18.8 %	37,167,485	0	0%
Operating charges	87,796,337	6.8 %	82,240,094	9.9 %	74,852,185	1,705,135	5048.9 %
Operating profit/loss	4,197,920	41.5 %	2,966,866	27.2 %	2,331,726	14,633	28588.0 %
Financial income	80,268	260.5 %	22,264	-85.3 %	151,388	47	170683.0 %
Financial charges	139,234	-54.7 %	307,379	-0.4 %	308,530	3,861	3506.2 %
Financial profit/loss	-58,966	79.3 %	-285,115	-81.4 %	-157,142	-1,611	-3560.2 %
Pretax net operating income	4,138,954	54.3 %	2,681,752	23.3 %	2,174,584	9,763	42294.3 %
Extraordinary income	80,092	-42.2 %	138,627	-59.3 %	341,002	2,512	3088.4 %
Extraordinary charges	469,710	169.0 %	174,581	-83.9 %	1,084,450	1,776	26347.6 %
Extraordinary profit/loss	-389,618	-983.7 %	-35,954	95.2 %	-743,448	0	0%
Net result	2,383,672	52.8 %	1,560,149	54.1 %	1,012,279	10,702	22173.1 %

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	49,079,088	4.4 %	47,027,511	6.5 %	44,142,293
Gross	CO	53,799,349	4.7 %	51,362,943	6.4 %	48,258,551
Amortisation	1A	4,720,261	8.9 %	4,335,432	5.3 %	4,116,258

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	-	-

Active fixed asset (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Active fixed asset (II)	Net	1,409,526	-35.1 %	2,171,556	-7.0 %	2,335,253
Gross	BJ	5,299,367	-8.5 %	5,794,246	1.8 %	5,694,327
Amortisation	BK	3,889,841	7.4 %	3,622,690	7.8 %	3,359,074

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	50,000	0%	50,000	0%	50,000
Gross	AF	50,000	0%	50,000	0%	50,000
Amortisation	AG	0	0%	0	0%	0
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	11,087	-46.1 %	20,582	271.7 %	5,537
Gross	AJ	130,809	2.0 %	128,184	23.7 %	103,612
Amortisation	AK	119,722	11.3 %	107,602	9.7 %	98,074
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	61,087	-13.5 %	70,582	27.1 %	55,537

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	43,531	-18.9 %	53,644	-20.3 %	67,287
Gross	AP	1,016,535	0%	1,016,535	0%	1,016,535
Amortisation	AQ	973,004	1.1 %	962,891	1.4 %	949,247
Plant	Net	274,950	3.4 %	265,881	-17.4 %	321,823
Gross	AR	1,515,644	6.3 %	1,425,683	1.3 %	1,407,664
Amortisation	AS	1,240,694	7.0 %	1,159,802	6.8 %	1,085,840
Other tangible fixed assets	Net	691,795	2.1 %	677,710	-15.4 %	800,760
Gross	AT	2,248,216	8.6 %	2,070,105	2.1 %	2,026,672
Amortisation	AU	1,556,421	11.8 %	1,392,395	13.6 %	1,225,912
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	1,010,276	1.3 %	997,235	-16.2 %	1,189,870

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	335,494	0%	335,494	0%	335,494
Gross	CU	335,494	0%	335,494	0%	335,494
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	2,669	-99.7 %	768,245	1.8 %	754,351
Gross	BH	2,669	-99.7 %	768,245	1.8 %	754,351
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	338,163	-69.4 %	1,103,739	1.3 %	1,089,845

Current Assets (III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Assets	Net	47,660,769	6.3 %	44,851,737	7.3 %	41,807,040
Gross	CJ	48,491,189	6.4 %	45,564,479	7.0 %	42,564,224
Amortisation	CK	830,420	16.5 %	712,742	-5.9 %	757,184

Stocks

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Raw materials	Net	11,697,404	19.3 %	9,803,981	-17.6 %	11,894,921
Gross	BL	12,315,689	19.6 %	10,294,022	-17.3 %	12,443,453
Amortisation	BM	618,285	26.2 %	490,041	-10.7 %	548,532
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	4,687,753	5.3 %	4,453,537	-5.3 %	4,701,782
Gross	BR	4,858,554	4.8 %	4,634,904	-4.8 %	4,869,100
Amortisation	BS	170,801	-5.8 %	181,367	8.4 %	167,318
Goods for resale	Net	0	0%	0	0%	0
Gross	BT	0	0%	0	0%	0
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	16,385,157	14.9 %	14,257,518	-14.1 %	16,596,703

Advance payments to suppliers

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

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Trade accounts receivable	Net	20,167,889	12.3 %	17,963,842	-3.1 %	18,539,815
Gross	BX	20,209,223	12.2 %	18,005,176	-3.1 %	18,581,149
Amortisation	BY	41,334	0%	41,334	0%	41,334
Other debtors	Net	4,342,468	18.4 %	3,666,974	64.5 %	2,229,548
Gross	BZ	4,342,468	18.4 %	3,666,974	64.5 %	2,229,548
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	24,510,357	13.3 %	21,630,816	4.1 %	20,769,363

Divers

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Investment securities	Net	0	0%	0	0%	2,600
Gross	CD	0	0%	0	0%	2,600
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	4,699,024	-18.3 %	5,754,844	199.9 %	1,919,052
Gross	CF	4,699,024	-18.3 %	5,754,844	199.9 %	1,919,052
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	4,699,024	-18.3 %	5,754,844	199.5 %	1,921,652

Prepaid expenses

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid expenses	Net	2,066,231	-35.6 %	3,208,559	27.4 %	2,519,322
Gross	CH	2,066,231	-35.6 %	3,208,559	27.4 %	2,519,322
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	8,793	108.5 %	4,218	0%	0
Gross		8,793	108.5 %	4,218	0%	0

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Due within one year	CP	0	0%	0	0%	754,351
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	49,079,088	4.4 %	47,027,511	6.5 %	44,142,293

Shareholder Equity (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total shareholders' equity (Total I)	DL	21,560,352	14.5 %	18,837,241	9.4 %	17,213,235
Equity and shareholders' equity	DA	160,000	0%	160,000	0%	160,000
Issue and merger premiums	DB	0	0%	0	0%	0
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	16,000	0%	16,000	0%	16,000
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	16,925,176	10.2 %	15,365,027	7.1 %	14,352,749
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	2,383,669	52.8 %	1,560,149	54.1 %	1,012,279
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	2,075,507	19.6 %	1,736,065	3.8 %	1,672,208

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	672,183	83.0 %	367,411	5.3 %	348,983
Risk provisions	DP	382,135	71.8 %	222,463	9.0 %	204,035
Reserves for charges	DQ	290,048	100.1 %	144,948	0%	144,948

Liabilities (IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total Liabilities (Total IV)	EC	26,846,553	-3.4 %	27,802,852	4.6 %	26,579,957
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	1,077,768	-3.0 %	1,110,913	-72.1 %	3,979,808
Sundry loans and financial liabilities	DV	185,650	0.5 %	184,788	2.5 %	180,340
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	14,718,378	-10.7 %	16,478,408	9.6 %	15,037,930
Tax and social security liabilities	DY	2,525,895	2.6 %	2,461,215	28.9 %	1,909,611
Fixed asset liabilities	DZ	60,354	0%	60,354	0%	60,354
Other debts	EA	8,278,508	10.3 %	7,507,173	38.7 %	5,411,915

Translation loss (V)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Translation loss (Total V)	ED	0	0%	20,007	16855.1 %	118

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	0	0%	27,802,852	12.7 %	24,672,082
Of which current bank facilities	EH	0	0%	0	0%	3,968,073

Result account

1 - Operating result (I-II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Operating result (Total I-II)	GG	4,197,920	41.5 %	2,966,866	27.2 %	2,331,726

2 - Financial result (V-VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Financial result (Total V-VI)	GV	-58,966	79.3 %	-285,115	-81.4 %	-157,142

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	4,138,954	54.3 %	2,681,752	23.3 %	2,174,584

4 - Extraordinary result (VII-VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Extraordinary result (Total VII-VIII)	HI	-389,618	-983.7 %	-35,954	95.2 %	-743,448

Profit or loss

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Profit or loss	HN	2,383,672	52.8 %	1,560,149	54.1 %	1,012,279

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	92,154,617	8.0 %	85,367,852	9.9 %	77,676,300

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	89,770,945	7.1 %	83,807,704	9.3 %	76,664,022

Operating income (I)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating income (Total I)	FR	91,994,257	8.0 %	85,206,961	10.4 %	77,183,911

Operating income (details)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Sale of goods for resale	FC	0	0%	0	0%	0
France	FA	0	0%	0	0%	0
Export	FB	0	0%	0	0%	0
Sale of goods produced	FF	87,622,134	7.3 %	81,658,875	13.7 %	71,848,966
France	FD	38,680,489	3.2 %	37,492,714	8.1 %	34,681,481
Export	FE	48,941,645	10.8 %	44,166,161	18.8 %	37,167,485
Sale of services	FI	0	0%	0	0%	0
France	FG	0	0%	0	0%	0
Export	FH	0	0%	0	0%	0
Net turnover	FL	87,622,134	7.3 %	81,658,875	13.7 %	71,848,966
France	FJ	38,680,489	3.2 %	37,492,714	8.1 %	34,681,481
Export	FK	48,941,645	10.8 %	44,166,161	18.8 %	37,167,485
Stocked production	FM	223,650	195.5 %	-234,196	-127.1 %	863,887
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	44,041	-29.2 %	62,242	877.7 %	6,366
Release of reserves and provisions	FP	811,354	-11.8 %	919,885	-41.4 %	1,569,273
Other income	FQ	3,293,078	17.6 %	2,800,155	-3.3 %	2,895,419

Operating charges (II)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total operating charges (Total II)	GF	87,796,337	6.8 %	82,240,094	9.9 %	74,852,185

Exploitation charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Purchase of goods for resale	FS	0	0%	0	0%	0
Change in stocks of goods for resale	FT	0	0%	0	0%	0
Purchase of raw materials	FU	59,536,732	13.1 %	52,643,739	2.6 %	51,327,485
Change in stocks of raw materials	FV	-2,021,667	-194.1 %	2,149,431	174.7 %	-2,877,504
Other external purchases and charges	FW	20,429,540	7.6 %	18,978,065	5.7 %	17,959,278
Tax, duty and similar payments	FX	650,438	25.0 %	520,174	14.5 %	454,142
Payroll	FY	3,464,423	7.9 %	3,210,875	6.9 %	3,003,214
Social security costs	FZ	1,657,148	1.4 %	1,634,240	7.7 %	1,517,762

Depreciation

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Depreciation of fixed assets	GA	304,093	-1.3 %	308,189	3.9 %	296,758
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	789,086	17.5 %	671,408	-6.2 %	715,850
Provisions for risks and charges	GD	455,471	203.8 %	149,946	-30.6 %	216,018

Other charges

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Other charges	GE	2,531,073	28.2 %	1,974,027	-11.8 %	2,239,182

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	80,268	260.5 %	22,264	-85.3 %	151,388
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	1,197	40.2 %	854	-81.9 %	4,723
Released provisions and transferred charges	GM	72,517	0%	0	0%	99,860
Exchange gains	GN	226	-98.8 %	19,283	-18.4 %	23,621
Net income from disposal of investment securities	GO	6,328	197.5 %	2,127	-90.8 %	23,184

Financial charge (VI)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total financial charge (Total VI)	GU	139,234	-54.7 %	307,379	-0.4 %	308,530
Financial reserves and provisions	GQ	61,763	-14.8 %	72,517	0%	0
Interest and similar charges	GR	66,963	-71.2 %	232,179	-22.9 %	301,257
Exchange losses	GS	10,508	291.5 %	2,684	-63.1 %	7,273
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	80,092	-42.2 %	138,627	-59.3 %	341,002
Extraordinary operating income	HA	6,368	-90.2 %	64,678	209.4 %	20,903
Extraordinary income from capital transactions	HB	0	0%	0	0%	259,417
Released provisions and transferred charges	HC	73,724	-0.3 %	73,949	21.9 %	60,682

Extraordinary charges (VIII)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary charges (Total VIII)	HH	469,710	169.0 %	174,581	-83.9 %	1,084,450
Extraordinary operating charges	HE	56,544	53.8 %	36,776	-36.6 %	58,009
Extraordinary charges from capital transactions	HF	0	0%	0	0%	212,239
Extraordinary reserves and provisions	HG	413,166	199.8 %	137,805	-83.1 %	814,203

Employee profit sharing (IX)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Employee profit sharing (Total IX)	HJ	192,437	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	1,173,227	0%	0	0%	418,856

References

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Of which equipment leases	HP	0	0%	0	0%	162,405
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	732

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	765,576	0%	0	0%	0
Decreasess by transfers	OK2	36,943	-17.1 %	44,573	0%	0
Gross value at the end of period	OL	5,299,366	-8.5 %	5,794,246	0%	0

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	178,184	16.0 %	153,612	0%	0
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	2,625	-89.3 %	24,572	0%	0
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	180,809	1.5 %	178,184	0%	0

Tangible fixed assets (Total III)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LN	4,512,323	1.4 %	4,450,870	0%	0
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	305,014	187.7 %	106,025	0%	0
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	36,943	-17.1 %	44,573	0%	0
Gross value at the end of period	NH	4,780,394	5.9 %	4,512,323	0%	0

Financial assets (Total IV)

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LQ	1,103,739	1.3 %	1,089,845	0%	0
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	0	0%	13,894	0%	0
Decreasess by budget item transfer	NJ1	765,576	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	0	0%	0
Gross value at the end of period	NK	338,163	-69.4 %	1,103,739	0%	0

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	0	0%	98,074	0%	0
Increases	PF	0	0%	9,528	0%	0
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	0	0%	107,602	0%	0

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	0	0%	3,260,999	0%	0
Increases	QV	0	0%	298,661	0%	0
Decreases	QW	0	0%	44,573	0%	0
Decreasess by budget item transfer	QX	0	0%	3,515,088	0%	0

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%	2,778,375	0%	0
Increases	UB	0	0%	1,031,677	0%	0
Decreases	UC	0	0%	993,834	0%	0
Value at the end of period	UD	0	0%	2,816,218	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%	348,983	0%	0
Increases	TV	0	0%	222,463	0%	0
Decreases	TW	0	0%	204,035	0%	0
Value at the end of period	TX	0	0%	367,411	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%	757,184	0%	0
Increases	TY	0	0%	671,408	0%	0
Decreases	TZ	0	0%	715,850	0%	0
Value at the end of period	UA	0	0%	712,742	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	26,620,591	3.8 %	25,648,954	0%	0
1 year at most	VU	26,576,399	3.6 %	25,648,954	0%	0
More than one year	VV	44,192	0%	0	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	2,669	-99.7 %	768,245	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	41,524	0%	41,524	0%	0
Other claims customer	UX	20,167,699	12.3 %	17,963,652	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	4,643	-38.1 %	7,500	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	1,905,238	0%	1,905,238	0%	0
Value added tax	VB	862,693	19.4 %	722,826	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	3,436	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	1,566,458	51.9 %	1,031,410	0%	0

Prepaid

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Prepaid	VS	2,066,231	-35.6 %	3,208,559	0%	0

State Debt

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011
Total debt (gross)	VY	26,846,553	-3.4 %	27,802,852	0%	0
1 year at most	VZ2	26,846,553	-3.4 %	27,802,852	0%	0
More than 1 year and 5 years at most	VZ3	0	0%	0	0%	0
More than 5 years	VZ4	0	0%	0	0%	0

Details

		31/12/2013	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	1,077,768	-3.0 %	1,110,913	0%	0
1 year at most	VG2	1,077,768	-3.0 %	1,110,913	0%	0
More than 1 year and 5 years at most	VG3	0	0%	0	0%	0
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most	VH2	0	0%	0	0%	0
More than 1 year and 5 years at most	VH3	0	0%	0	0%	0
Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most	8A2	0	0%	0	0%	0
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	14,718,378	-10.7 %	16,478,408	0%	0
1 year at most	8B2	14,718,378	-10.7 %	16,478,408	0%	0
More than 1 year and 5 years at most	8B3	14,718,378	-10.7 %	16,478,408	0%	0
Personnel and associated accounts (gross)	8C1	924,964	19.5 %	774,309	0%	0
1 year at most	8C2	924,964	19.5 %	774,309	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	879,040	11.4 %	789,320	0%	0
1 year at most	8D2	879,040	11.4 %	789,320	0%	0
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	169,748	-67.5 %	522,984	0%	0
1 year at most	8E2	169,748	-67.5 %	522,984	0%	0
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	232,788	129.9 %	101,258	0%	0
1 year at most	VW2	232,788	129.9 %	101,258	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	316,700	17.0 %	270,690	0%	0
1 year at most	VQ2	0	0%	0	0%	0
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	60,354	0%	60,354	0%	0
1 year at most	8J2	60,354	0%	60,354	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	188,305	0.5 %	187,443	0%	0
1 year at most	VI2	188,305	0.5 %	187,443	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	8,278,508	10.3 %	7,507,173	0%	0
1 year at most	8K2	8,278,508	10.3 %	7,507,173	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	0	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	0	0%	0	0%	0

Groups and Shareholders

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

Ratios

Structure and Liquidity

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Fixed Asset Financing	5.17	24.3 %	4.16	12.1 %	3.71	1.31	294.7 %
Global Debt	110 days	-10.6 %	123 days	-7.5 %	133 days	107 days	2.8 %
Working Capital Fund overall net	91 days	12.3 %	81 days	5.2 %	77 days	33 days	175.8 %
Financial independence	1,706.51 %	17.4 %	1,453.83 %	251.4 %	413.76 %	149.62 %	1040.6 %
Solvability	43.93 %	9.7 %	40.06 %	2.7 %	38.99 %	31.09 %	41.3 %
Capacity debt futures	2,000.46 %	18.0 %	1,695.65 %	-	-	683.97 %	192.5 %
Coverage of current assets by net working capital overall	47.57 %	9.9 %	43.27 %	12.4 %	38.50 %	30.73 %	54.8 %
General Liquidity	0.99	7.6 %	0.92	-	-	0.64	54.7 %
Restricted Liquidity	1.16	2.7 %	1.13	-	-	0.96	20.8 %

Management or rotation

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Need background in operating working capital	63 days	53.7 %	41 days	-45.3 %	75 days	13 days	404.0 %
Treasury	19 days	-24.0 %	25 days	350.0 %	-10 days	11 days	81.0 %
Inventory turnover of goods	-	-	-	-	-	3 days	-
Average length of credit granted to customers	83 days	5.1 %	79 days	-15.1 %	93 days	39 days	112.8 %
Average length of credit obtained suppliers	68 days	-15.0 %	80 days	-2.4 %	82 days	55 days	23.6 %
Inventory turnover of raw materials in industrial enterprises	74 days	5.7 %	70 days	-19.5 %	87 days	36 days	108.5 %
Inventory turnover of intermediate and finished products in the industrial enterprise	1,833 days	1.3 %	1,810 days	-	-	341 days	438.3 %
Rotation tangible assets	1,832.95 %	1.3 %	1,809.69 %	-	-	316.83 %	478.5 %

Profitability of the business

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Margin trading	0.00 %	0%	0.00 %	0%	0.00 %	0.92 %	0%
Profitability of the business	4.76 %	65.3 %	2.88 %	54.8 %	1.86 %	2.92 %	63.0 %
Net profit	2.72 %	42.4 %	1.91 %	35.5 %	1.41 %	0.88 %	209.1 %
Growth rate of turnover (excluding VAT)	7.30 %	-46.5 %	13.65 %	33.0 %	10.26 %	3.34 %	118.6 %
Rates integration	11.30 %	20.6 %	9.37 %	6.8 %	8.77 %	23.77 %	-52.5 %
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.23 %	0.00 %	0%
Work Factor	51.73 %	-18.3 %	63.31 %	-11.7 %	71.72 %	78.04 %	-33.7 %
Weight interests	0.16 %	-57.9 %	0.38 %	-11.6 %	0.43 %	0.27 %	-40.7 %

Return on capital

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Cash flow from the overall profitability	3.61 %	41.6 %	2.55 %	-11.8 %	2.89 %	2.29 %	57.6 %
Rates of economic profitability	18.00 %	50.0 %	12.00 %	100.0 %	6.00 %	12.00 %	50.0 %
Financial profitability	21,560,352.00 %	14.5 %	18,837,241.00 %	9.4 %	17,213,235.00 %	138,640.00 %	15451.3 %
Return on investment	11.05 %	19.1 %	9.28 %	50.2 %	6.18 %	6.13 %	80.3 %

Management intermediate balances

	31/12/2013		Variation		31/12/2012		Variation		31/12/2011		SECTOR MEDIAN 2013
Turnover	87,622,134		7.3 %		81,658,875		13.7 %		71,848,966		1,711,236		5020.4 %
		31/12/2013		Variation		31/12/2012		Variation		31/12/2011		SECTOR MEDIAN 2013
Sales of goods		0		0%		0		0%		0				-
- Purchase of goods		0		0%		0		0%		0				-
+/- Stock of goods variation		0		0%		0		0%		0				-
Trading margin		0 €		0%		0 €		0%		0 €		8,821 €		0%
		0.00 % CA		0%		0.00 % CA		0%		0.00 % CA		1.43 % CA		0%

	31/12/2013		Variation		31/12/2012		Variation		31/12/2011		SECTOR MEDIAN 2013
Sale of goods produced	87,622,134		7.3 %		81,658,875		13.7 %		71,848,966				-
+/- Stocked production	223,650		195.5 %		-234,196		-127.1 %		863,887				-
+ Self-constructed assets	0		0%		0		0%		0				-
Period production	87,845,784 €		7.9 %		81,424,679 €		12.0 %		72,712,853 €		583,225 €		14962.1 %
	100.26 % CA		0.6 %		99.71 % CA		-1.5 %		101.20 % CA		95.05 % CA		5.5 %
		31/12/2013		Variation		31/12/2012		Variation		31/12/2011		SECTOR MEDIAN 2013
Trading margin		0		0%		0		0%		0		8,821		0%
+ Period Production		87,845,784		7.9 %		81,424,679		12.0 %		72,712,853		583,225		14962.1 %
- Purchase of raw materials		59,536,732		13.1 %		52,643,739		2.6 %		51,327,485				-
+/- Change in stocks of raw materiels		-2,021,667		-194.1 %		2,149,431		174.7 %		-2,877,504				-
- Other external purchases and charges		20,429,540		7.6 %		18,978,065		5.7 %		17,959,278				-
Added value		9,901,179 €		29.4 %		7,653,444 €		21.4 %		6,303,594 €		421,642 €		2248.2 %
		11.30 % CA		20.6 %		9.37 % CA		6.8 %		8.77 % CA		23.77 % CA		-52.5 %

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Added value	9,901,179 €	29.4 %	7,653,444 €	21.4 %	6,303,594 €	421,642 €		2248.2 %
+ Operating grants	44,041	-29.2 %	62,242	877.7 %	6,366			-
- Tax, duty and similar payments	650,438	25.0 %	520,174	14.5 %	454,142			-
- Personal charges	5,121,571	5.7 %	4,845,115	7.2 %	4,520,976			-
Gross operating surplus	4,173,211 €	77.6 %	2,350,397 €	76.1 %	1,334,842 €	34,336 €		12054.0 %
	4.76 % CA	65.3 %	2.88 % CA	54.8 %	1.86 % CA	2.92 % CA		63.0 %
	31/12/2013	Variation	31/12/2012	Variation	31/12/2011		SECTOR MEDIAN 2013
Gross operating surplus	4,173,211 €	77.6 %	2,350,397 €	76.1 %	1,334,842 €		34,336 €	12054.0 %
+ Release of reserves and provisions	811,354	-11.8 %	919,885	-41.4 %	1,569,273			-
+ Other operating income	3,293,078	17.6 %	2,800,155	-3.3 %	2,895,419			-
- Depreciation/ Amortisation	1,548,650	37.1 %	1,129,543	-8.1 %	1,228,626			-
- Other charges	2,531,073	28.2 %	1,974,027	-11.8 %	2,239,182			-
Operating result	4,197,920 €	41.5 %	2,966,867 €	27.2 %	2,331,726 €		14,633 €	28588.0 %
	4.79 % CA	32.0 %	3.63 % CA	11.7 %	3.25 % CA		1.46 % CA	228.1 %

		31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Operating result		4,197,920 €	41.5 %	2,966,867 €	27.2 %	2,331,726 €	14,633 €		28588.0 %
+/- Result of joint-venture transferred from/to other partners		0	0%	0	0%	0			-
+ Financial income		80,268	260.5 %	22,264	-85.3 %	151,388			-
- Financial charges		139,234	-54.7 %	307,379	-0.4 %	308,530			-
Pre-tax result		4,138,954 €	54.3 %	2,681,752 €	23.3 %	2,174,584 €	9,763 €		42294.3 %
		4.72 % CA	43.9 %	3.28 % CA	8.3 %	3.03 % CA	1.21 % CA		290.1 %
	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Extraordinary income	80,092	-42.2 %	138,627	-59.3 %	341,002	2,512		3088.4 %
- Extraordinary charges	469,710	169.0 %	174,581	-83.9 %	1,084,450			-
Extraordinary result	-389,618 €	-983.7 %	-35,954 €	95.2 %	-743,448 €	0 €		0%
	-0.44 % CA	-1000.0 %	-0.04 % CA	96.1 %	-1.03 % CA	0.00 % CA		0%

	31/12/2013	Variation	31/12/2012	Variation	31/12/2011	SECTOR MEDIAN 2013
Pre-tax result	4,138,954 €	54.3 %	2,681,752 €	23.3 %	2,174,584 €	9,763 €	42294.3 %
Extraordinary result	-389,618 €	-983.7 %	-35,954 €	95.2 %	-743,448 €	0 €	0%
- Employee profit sharing	192,437	0%	0	0%	0		-
- Tax on profits	1,173,227	0%	0	0%	418,856		-
Net result	2,383,672 €	-9.9 %	2,645,798 €	161.4 %	1,012,280 €	10,703 €	22171.1 %
	2.72 % CA	-16.0 %	3.24 % CA	129.8 %	1.41 % CA	0.88 % CA	209.1 %

Synthesized Accounts

	31/12/2006
Account period (month)	12
Account Type	Consolidated
Activity Code	1020Z

Active account

	31/12/2006
Capital not called	0
Total fixed assets	2,514,203
Intangible assets	2,486
Tangible assets	1,702,771
Financial assets	808,946
Net current assets	35,669,645
Stocks	6,162,428
Advanced payments	0
Receivables	27,050,037
Securities and cash	2,457,180
Accounts of regularization	0
Total Assets	38,183,848

Passive account

	31/12/2006
Shareholders' equity	10,004,184
Share capital	160,000
Other capital resources	0
Risk Provisions	690,141
Liabilities	27,277,250
Financial liabilities	2,456,230
Advanced payments received	261,461
Trade account payables	20,856,664
Tax and social liabilities	2,685,235
Other debts and fixed assets liabilities	1,014,766
Account regularization	2,894
Total liabilities	38,183,848

Results

	31/12/2006
Sales of Goods	65,952,132
Net turnover	64,144,591
of which net export turnover	38,288,771
Operating charges	63,297,667
Operating profit/loss	2,654,465
Financial income	110,253
Financial charges	257,265
Financial profit/loss	-147,012
Pretax net operating income	2,507,453
Extraordinary income	61,141
Extraordinary charges	108,962
Extraordinary profit/loss	-47,821

Consolidation

	31/12/2006
Net result before amortisation of goodwill	1,730,865
Goodwill amortisation allocation	0
Net result of equity affiliates companies	0
Net result of integrated companies	0
Group result (consolidated net result)	1,730,865
Share of minority interest (Result except group)	46,263
Net result - group share (part of parent company)	1,684,602

Accounts – Active

Normal Account

	31/12/2006
Account period (month)	12

Grand Total - Active Accounts (I to VI)

		31/12/2006
Grand Total (I to VI)	Net	38,183,848
Gross	CO	43,344,184
Amortisation	1A	5,160,336

Capital subscribed not called (I)

		31/12/2006
Capital suscribed not called (I)	AA3	0

Active fixed asset (II)

		31/12/2006
Total Active fixed asset (II)	Net	2,514,203
Gross	BJ	6,132,121
Amortisation	BK	3,617,918

Intangible fixed assets

		31/12/2006
Start-up cost	Net	0
Gross	AB	0
Amortisation	AC	0
R&D expenses	Net	0
Gross	CX	0
Amortisation	AE	0
Distributorships, patents	Net	0
Gross	AF	2,973
Amortisation	AG	2,973
Goodwill	Net	0
Gross	AH	0
Amortisation	AI	0
Other intangible fixed assets	Net	2,486
Gross	AJ	88,769
Amortisation	AK	86,283
Pre-payments and downpayments	Net	0
Gross	AL	0
Amortisation	AM	0
Sub Total Intangible asset	Net	2,486

Tangible fixed assets

		31/12/2006
Acquisition difference	Net	0
Gross	A11	0
Amortisation	A12	0
Goodwill	Net	0
Gross	A21	0
Amortisation	A22	0
Difference from the first consolidation	Net	0
Gross	A31	0
Amortisation	A32	0
Lands	Net	0
Gross	AN	0
Amortisation	AO	0
Buildings	Net	141,393
Gross	AP	1,036,435
Amortisation	AQ	895,042
Plant	Net	938,924
Gross	AR	2,647,720
Amortisation	AS	1,708,796
Other tangible fixed assets	Net	622,454
Gross	AT	1,547,278
Amortisation	AU	924,824
Fixed assets in construction	Net	0
Gross	AV	0
Amortisation	AW	0
Advances and payments on account	Net	0
Gross	AX	0
Amortisation	AY	0
Sub Total Tangible asset	Net	1,702,771

Financial assets

		31/12/2006
Associates at equity	Net	0
Gross	CS	0
Amortisation	CT	0
Other participations	Net	0
Gross	CU	0
Amortisation	CV	0
Inter-company receivables	Net	0
Gross	BB	0
Amortisation	BC	0
Other investment securities	Net	0
Gross	BD	0
Amortisation	BE	0
Loans	Net	0
Gross	BF	0
Amortisation	BG	0
Other financial assets	Net	808,946
Gross	BH	808,946
Amortisation	BI	0
Other financial assets	Net	0
Gross	A41	0
Amortisation	A42	0
Sub Total Financial assets	Net	808,946

Current Assets (III)

		31/12/2006
Total Assets	Net	35,669,645
Gross	CJ	37,212,063
Amortisation	CK	1,542,418

Stocks

		31/12/2006
Raw materials	Net	4,164,434
Gross	BL	5,292,545
Amortisation	BM	1,128,111
Work in progress (goods)	Net	0
Gross	BN	0
Amortisation	BO	0
Work in progress (services)	Net	0
Gross	BP	0
Amortisation	BQ	0
Semi-finished and finished products	Net	1,634,922
Gross	BR	1,830,394
Amortisation	BS	195,472
Goods for resale	Net	363,072
Gross	BT	363,072
Amortisation	BU	0
Sub Total Stocks	Net	6,162,428

Advance payments to suppliers

		31/12/2006
Advance payments to suppliers	Net	0
Gross	BV	0
Amortisation	BW	0

Debtors

		31/12/2006
Trade accounts receivable	Net	24,701,270
Gross	BX	24,920,105
Amortisation	BY	218,835
Other debtors	Net	1,979,243
Gross	BZ	1,979,243
Amortisation	CA	0
Capital subscribed and called up	Net	11,940
Gross	CB	11,940
Amortisation	CC	0
Sub Total debtors	Net	26,692,453

Divers

		31/12/2006
Investment securities	Net	0
Gross	CD	0
Amortisation	CE	0
Cash and cash equivalents	Net	2,457,180
Gross	CF	2,457,180
Amortisation	CG	0
Sub Total Divers	Net	0

Prepaid expenses

		31/12/2006
Prepaid expenses	Net	357,584
Gross	CH	357,584
Amortisation	CI	0

Equalization accounts (IV to VI)

		31/12/2006
Multi-period charges	CW3	0
Premiums on redemption of bonds	CM3	0
Currency differential gain	CN3	0

References

		31/12/2006
Due within one year	CP	0
Due after one year	CR	0

Accounts – Passive

Grand Total - Passive Accounts (I to IV)

		31/12/2006
Grand Total (I to IV)	EE	38,183,848

Shareholder Equity (I)

		31/12/2006
Total shareholders' equity (Total I)	DL	10,004,184
Equity and shareholders' equity	DA	160,000
Issue and merger premiums	DB	0
Revaluation differentials	DC	0
Of which equity differential	EK	0
Legal reserve	DD	16,000
Statutory or contractual reserve	DE	0
Special regulated reserves	DF	0
Other reserves	DG	8,143,582
Profits or losses brought forward	DH	0
Conversion differences	P1	0
Net result - group part	P2	1,684,602
Investment grants	DJ	0
Special tax-allowable reserves	DK	0

Other capital resources (II)

		31/12/2006
Total other capital resources (Total II)	DO	0
Income from participating securities	DM	0
Conditional loans	DN	0
Others	P3	0

Provisions for risks and charges (III)

		31/12/2006
Total provisions for risks and charges (Total III)	DR	690,141
Conversion differences	P4	0
In reserves	P5	166,010
In results	P6	46,263
Total III	P7	212,273
Delayed tax	P8	0
Acquisition differences	P9	0
Risk provisions	DP	0
Reserves for charges	DQ	690,141

Liabilities (IV)

		31/12/2006
Total Liabilities (Total IV)	EC	27,277,250
Convertible debentures	DS	0
Other debentures	DT	0
Bank loans and liabilities	DU	1,961,390
Sundry loans and financial liabilities	DV	494,840
Of which participating loans	EI	0
Advance payments received for current orders	DW	261,461
Trade accounts payables	DX	20,856,664
Tax and social security liabilities	DY	2,685,235
Fixed asset liabilities	DZ	10,354
Other debts	EA	1,004,412

Translation loss (V)

		31/12/2006
Translation loss (Total V)	ED	0

Equalization accounts

		31/12/2006
Deferred income	EB	2,894

References

		31/12/2006
Of which tax-allowable reserve	EF	0
Deferred income and liabilities	EG	0
Of which current bank facilities	EH	0

Result account

1- Operating result (I-II)

		31/12/2006
Operating result (Total I-II)	GG	2,654,465

2 - Financial result (V - VI)

		31/12/2006
Financial result (Total V-VI)	GV	-147,012

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

		31/12/2006
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	2,507,453

4 - Extraordinary result (VII-VIII)

		31/12/2006
Extraordinary result (Total VII-VIII)	HI	-47,821

Consolidation

		31/12/2006
Delayed tax	R1	18,255
Net result before amortisation of acquisition differences	R2	1,730,865
Endowment to amortisation of acquisition differences	R3	0
Net result of companies set in equivalence	R4	0
Net result of integrated companies	R5	0
Group result (consolidated net result)	R6	1,730,865
Cross-reference : equipment leasing	R7	46,263
Cross-reference : property leasing	R8	1,684,602

Operating income (I)

		31/12/2006
Total operating income (Total I)	FR	65,952,132

Operating income (details)

		31/12/2006
Sale of goods for resale	FC	27,901,000
France	FA	4,858,563
Export	FB	23,042,437
Sale of goods produced	FF	36,243,591
France	FD	20,997,257
Export	FE	15,246,334
Sale of services	FI	0
France	FG	0
Export	FH	0
Net turnover	FL	64,144,591
France	FJ	25,855,820
Export	FK	38,288,771
Stocked production	FM	22,831
Self-constructed assets	FN	0
Operating grants	FO	12,000
Release of reserves and provisions	FP	1,459,257
Other income	FQ	313,453

Operating charges (II)

		31/12/2006
Total operating charges (Total II)	GF	63,297,667

Exploitation charges

		31/12/2006
Purchase of goods for resale	FS	4,704,244
Change in stocks of goods for resale	FT	105,101
Purchase of raw materials	FU	25,765,016
Change in stocks of raw materials	FV	113,832
Other external purchases and charges	FW	25,487,535
Tax, duty and similar payments	FX	524,304
Payroll	FY	3,404,518
Social security costs	FZ	1,371,253

Depreciation

		31/12/2006
Depreciation of fixed assets	GA	1,804,864
Amortisation of fixed assets	GB	0
Depreciation/amortisation of current assets	GC	0
Provisions for risks and charges	GD	0

Other charges

		31/12/2006
Other charges	GE	17,000

Operating charges (III-IV)

		31/12/2006
Share of joint-venture transferred to other partner(s) (Total III)	GH	0
Share of joint venture transferred from other partner(s) (Total IV)	GI	0

Financial income (V)

		31/12/2006
Total financial income (Total V)	GP	110,253
Share financial income	GJ	0
Other investment income & capitalised receivables	GK	32,815
Other interest and similar income	GL	22,681
Released provisions and transferred charges	GM	0
Exchange gains	GN	14,771
Net income from disposal of investment securities	GO	39,986

Financial charge (VI)

		31/12/2006
Total financial charge (Total VI)	GU	257,265
Financial reserves and provisions	GQ	0
Interest and similar charges	GR	242,406
Exchange losses	GS	14,859
Net loss from disposal of investment securities	GT	0

Extraordinary income (VII)

		31/12/2006
Total extraordinary income (Total VII)	HD	61,141
Extraordinary operating income	HA	61,141
Extraordinary income from capital transactions	HB	0
Released provisions and transferred charges	HC	0

Extraordinary charges (VIII)

		31/12/2006
Total extraordinary charges (Total VIII)	HH	108,962
Extraordinary operating charges	HE	17,232
Extraordinary charges from capital transactions	HF	0
Extraordinary reserves and provisions	HG	91,730

Employee profit sharing (IX)

		31/12/2006
Employee profit sharing (Total IX)	HJ	0

Tax on profits (X)

		31/12/2006
Tax on profits (Total X)	HK	710,512

References

		31/12/2006
Of which equipment leases	HP	0
Of which property leases	HQ	0

Ratios

Structure and Liquidity

	31/12/2006
Fixed Asset Financing	2.73
Global Debt	153.09 days
Working Capital Fund overall net	59.69 days
Financial independence	510.06 %
Solvability	26.20 %

Management or rotation

	31/12/2006
Need background in operating working capital	45.10 days
Treasury	13.79 days
Inventory turnover of goods	27.18 days
Inventory turnover of raw materials in industrial enterprises	39.04 days
Inventory turnover of intermediate and finished products in the industrial enterprise	0.00 days

Profitability of the business

	31/12/2006
Margin trading	27,900,992.50 %
Profitability of the business	4.21 %
Rates integration	12.46 %
Rate leasing furniture	0.00 %
Weight interests	0.40 %

Return on capital

	31/12/2006
Rates of economic profitability	21.70 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.50
UK Pound	1	Rs.101.99
Euro	1	Rs.75.03

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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