MIRA INFORM REPORT

 

 

Report No. :

343154

Report Date :

28.09.2015

 

IDENTIFICATION DETAILS

 

Name :

RUBEL & MENASCHE

 

 

Registered Office :

10 Rue De La Paix75002 Paris 2

 

 

Country :

France

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

January 1956

 

 

Legal Form :

Simplified joint stock company

 

 

Line of Business :

Wholesale (intercompany trade) of watches and jewelery

 

 

No. of Employee :

20 to 49 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

 

Name

RUBEL & MENASCHE

Acronym

-

Trade name

-

Status

Economically active

Postal Address

RUBEL & MENASCHE
10 RUE DE LA PAIX
75002 PARIS 2

Share Capital

155,498 Euros

Telephone

01 55 33 50 50

Activity (APE)

Wholesale (intercompany trade) of watches and jewelery (4648Z)

RCS Registration

RCS Paris B 562 082 990

Formation Date

01/1956

EUR VAT Number

FR12562082990

Deregistration Date

-

Last account Date

31/12/2009

Court Registry Number

19 5 6B08299

Incorporiation Date

07/1956

Registration Court

Paris (75)

Fax

-

Nationality

France

Legal form

Simplified joint stock company

Currency

Euros

 

 

Key Financials

 

Year to date

Turnover

Gross operating surplus

Shareholder's equity

Net result

Employees

31/12/2009

17,304,421 €

1.30% Turnover

3,493,176 €

-82,727 €

20 to 49 employees

31/12/2008

22,040,452 €

4.49% Turnover

3,575,903 €

333,421 €

20 to 49 employees

31/12/2007

25,172,057 €

1.57% Turnover

3,242,482 €

271,318 €

31 employees

 

 

Trends

 

Profitability

Liquidity

Net Worth

 

 

Directors

 

Current Directors

3

 

 

Ultimate Holding Company

 

Name

Country

Company Number

JACQUES ZAICIK CONSULTING AND DEVELOPMENT

523358091

Affiliation links.

 

 

Judgment and Preferential

 

Judgment

No judgement

Preferential Right

No social security and tax office preferential right to date

 

 

Establishment Details

 

Type of Establishment

Head Office

Production Role

-

APE/NAF Code

4648Z

Activity

Wholesale (intercompany trade) of watches and jewelery

Formation Date

10/2006

Reason for Formation

Formation

Closure Date

-

Reason for Closure

-

Reactivation Date

10/2006

Seasonality

-

Activity Nature

-

Activity Location

-

Trading Address

10 RUE DE LA PAIX
75002 PARIS 2

Department

Paris (75)

Location Surface

-

District

1

City

PARIS 2

Status

Economically active

Business Pages FT®

BIJOUTERIE FANTAISIE (FABRICATION, GROS)

Region

Ile-de-France

Area

99

Size of Urban Area

Paris conglomeration

 

 

Ultimate Parent(s)

 

1 ultimate parent company/companies for this company

Company Name

Activity (APE)

APE/NAF Code

City

Post Code

JACQUES ZAICIK CONSULTING DEVELOPMENT

Conseil pour les affaires et autres conseils de gestion

7022Z

PARIS 2

75002

 

 

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

RUBEL & MENASCHE

Head Office

4648Z

Commerce de gros (commerce interentreprises) d'articles d'horlogerie et de bijouterie

PARIS 2

75002

RUBEL & MENASCHE

Branch

4648Z

Commerce de gros (commerce interentreprises) d'articles d'horlogerie et de bijouterie

PARIS 9

75009

 

 

Workforces

 

Workforce at address

20 to 49 employees

Company workforce

20 to 49 employees

 

 

Commentary

 

The comments are ordered according to the class of risk. Companies are compared with regard to other companies of the same type. Thus a positive comment for one category can be negative for another or can change depending on its value. This is a purely statistical decision.

 

The latest account data is more than 5 years old, this has an impact on the rating. Please contact Creditsafe with your latest financial statements if you want the risk score to be recalculated

The decrease of tangible fixed assets over the last two accounting periods is 11 %

The return on total assets employed is 0

The stock to turnover ratio is 32.52

The creditor days are 96.92

The sales to current assets ratio is 1.87

The pre-tax profit is -8,343 €

The ratio total assets to total liabilities is 1.60

The shareholder's equity is 3,493,176 €

The net turnover is 17,304,421 €

The net current assets are 9,265,597 €

The liabilities are 6,282,531 €

The total assets are 10,033,952 €

The risk provisions are 2,604 €

Department code with low risk rating

Industry code with low risk rating

The company has 3 directors

Low risk workforce size

The decrease in the gearing percentage over the last two accounting periods is 45 %

 

 

Industry comparison

 

Activity (APE)

Wholesale (intercompany trade) of watches and jewelery

Industry average credit rating

41

Industry average credit limit

25,605

 

 

Collective procedures

 

No judgment information for the company

 

 

Preferential rights details and history

 

SUMMARY OF PREFERENTIAL RIGHTS

 

Company monitored since

25/03/2009

Status of Monitoring

No social security and tax office preferential right to date

 

 

GROUP DATA

 

Parent

JACQUES ZAICIK CONSULTING AND DEVELOPMENT

Direct parent

JACQUES ZAICIK CONSULTING AND DEVELOPMENT - 35 %

Group – Number of companies

3

Linkages – Number of companies

-

Number of countries

-

 

 

 

Name

SIREN

Parts

Last account published

1

JACQUES ZAICIK CONSULTING DEVELOPMENT

523358091

-

31/12/2011

2

TOFFENSEN INC

-

50 %

-

RUBEL & MENASCHE

562082990

35 %

31/12/2009

 

 

Linkages

 

No Linkages information available for the company.

 

 

Director(s)

 

Name

M. ZAICIK MARC JACQUES

 

Manager position

President

Date of birth

06/07/1952

 

Place of birth

PARIS (75010)

 

Type

Individual

Name at birth

 

 

Name

Mme. WIBAUX MURIELLE

Manager position

Managing director

Date of birth

28/05/1954

Place of birth

LILLE (59000)

Type

Individual

Name at birth

 

Name

M. WOLZOK STEPHAN

Manager position

Managing director

Date of birth

15/06/1961

Place of birth

NICE (06000)

Type

Individual

Name at birth

 

 

Previous Directors

 

Manager position

Title and name

Date of Birth/Place of Birth

President

M. ZAICIK MARC JACQUES

06/07/1952 - PARIS (75010)

Chairman of the Board

M. ZAICIK MARC

06/07/1952 - PARIS

Managing director

Mme. WIBAUX MURIELLE

28/05/1954 - LILLE (59000)

Managing director

MME. WIBAUX MURIELLE

28/05/1954 - LILLE

Managing director

M. ZAICIK YANAI

09/09/1975 - SAFED(ISRAEL)

Managing director

M. ZAICIK YANAI

09/09/1975 - SAFED(ISRAEL)

Delegated managing director

M. ZAICIK AMI

09/09/1975 - SAFED ISRAEL

Delegated managing director

ZAICIK YANAI

-

Administrator

MME. WIBAUX MURIELLE

-

Administrator

M. ZAICIK AMI

09/09/1975 - SAFED ISRAEL

Administrator

ZAICIK YANAI

-

 

 

Status history

 

No Status History

 

 

Recent publications in Gazettes

 

Publication date

Gazette Name

Description

12/06/2013

Bodacc B

Modification et mutation diverse

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

3033 - 562 082 990 RCS Paris. RUBEL & MENASCHE. Forme : Société par actions simplifiée. Administration : Directeur général partant : Zaicik, Yanai. Capital : 155498 EUR. Activité : .
Adresse du siège social : 10 rue de la Paix, 75002 Paris.
Commentaires : modification survenue sur l'administration.

27/05/2013

JAL

Resignation / Revocation of the social representative

Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France


Date de décision : 30/04/2013
La société 562082990 - RUBEL & MENASCHE, 10 RUE DE LA PAIX, 75002 PARIS 2
Fait l'objet du départ de Monsieur Yanaï ZAICIK

19/07/2011

Bodacc B

Modification et mutation diverse

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

454 - 562 082 990 RCS Paris. RUBEL & MENASCHE. Forme : Société par actions simplifiée. Administration : nomination du Directeur général : Wolzok, Stephan. Capital : 155498 EUR. Activité : .
Adresse du siège social : 10 rue de la Paix, 75002 Paris.
Commentaires : modification survenue sur l'administration.

27/06/2011

JAL

Appointment of the social representative

Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France


Société faisant l'objet d'une nomination : 562082990 - RUBEL & MENASCHE, 10 RUE DE LA PAIX, 75002 PARIS 2
Nominé : Monsieur Stéphan WOLZOK, 10 Rue de la Paix, 75002 PARIS 02
En la fonction de : Directeur général
Date d'effet : 01/07/2011

10/03/2011

Bodacc B

Modification et mutation diverse

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

2170 - 562 082 990 RCS Paris. RUBEL & MENASCHE. Forme : Société par actions simplifiée. Administration : modification du Président Zaicik, Marc Jacques, modification du Directeur général Zaicik, Yanai, modification du Directeur général Wibaux, Murielle. Capital : 155498 EUR. Activité : .
Adresse du siège social : 10 rue de la Paix, 75002 Paris.
Commentaires : modification survenue sur la forme juridique et l'administration.

10/01/2011

Bodacc C

Comptes annuels et rapports

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

9635 - 562082990 RCS. RUBEL & MENASCHE. Forme : Société anonyme. Adresse : 10 R DE LA PAIX 75002 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.

30/12/2010

JAL

Appointment of the social representative

Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France


Société faisant l'objet d'une nomination : 562082990 - RUBEL & MENASCHE, 10 RUE DE LA PAIX, 75002 PARIS 2
Nominé : Monsieur Marc Jacques ZAICIK, 2 Rue Nicolas Appert, 75011 PARIS 11
En la fonction de : Président
Nominé : Non renseignée Yanai ZAICIK, 14 Passage Sainte Anne Popincourt, 75011 PARIS 11
En la fonction de : Directeur général
Nominé : Non renseignée Murielle WIBAUX, 56 Avenue Ile de Migneaux, 78300 POISSY
En la fonction de : Directeur général
Date d'effet : 23/12/2010

05/02/2010

Bodacc C

Comptes annuels et rapports

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

10192 - 562082990 RCS. RUBEL & MENASCHE. Forme : Société anonyme. Adresse : 10 R DE LA PAIX 75002 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2005.

05/02/2010

Bodacc C

Comptes annuels et rapports

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

10191 - 562082990 RCS. RUBEL & MENASCHE. Forme : Société anonyme. Adresse : 10 R DE LA PAIX 75002 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2004.

04/01/2010

Bodacc C

Comptes annuels et rapports

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

7659 - 562082990 RCS. RUBEL & MENASCHE. Forme : Société anonyme. Adresse : 10 R DE LA PAIX 75002 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.

04/01/2010

Bodacc C

Comptes annuels et rapports

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

7660 - 562082990 RCS. RUBEL & MENASCHE. Forme : Société anonyme. Adresse : 10 R DE LA PAIX 75002 PARIS. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.

09/12/2009

Bodacc C

Comptes annuels et rapports

75 - PARIS

GREFFE DU TRIBUNAL DE COMMERCE DE PARIS

8405 - 562082990 RCS. RUBEL & MENASCHE. Forme : Société anonyme. Adresse : 10 rue de la Paix 75002 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.

26/12/2006

Bodacc B

Modifications et mutations diverses

1686 - RCS Paris B 562 082 990. RC 56-B 8299. RUBEL & MENASCHE. Forme : S.A. Capital : 155 498 euros. Nom commercial : Rubel & Menasche. Adresse du siège social : 10 rue de la Paix,, 75002 Commentaires : modification survenue sur l'adresse du siège social.

22/01/2006

Bodacc B

Modifications et mutations diverses

1591 - RCS Paris B 562 082 990. RC 56-B 08299. RUBEL & MENASCHE. Forme : S.A. Adresse du siège social : 62 rue La Fayette,, 75009 Commentaires : modification survenue sur l'administration. Administration : modification du directeur général délégué et administrateur : ZAICIK (Yanai).

02/09/2004

Bodacc B

Modifications et mutations diverses

RCS Paris B 562082990 RC 56-B 8299 RUBEL & MENASCHE. Forme : S.A Nom commercial: Rubel & Menasche. Commentaires : modification survenue sur l'administration. Administration : directeur général et administrateur partant : ZAICIK (Ami).

28/01/2001

Bodacc B

Modifications et mutations diverses

RCS Paris B 562082990 RC 56-B 8299 RUBEL & MENASCHE. Forme : S.A Nom commercial: Rubel et Menasche. Commentaires : modification survenue sur l'administration. Administration : modification du directeur général et administrateur : ZAICIK (Ami).

01/06/2000

Bodacc B

Modifications et mutations diverses

*. RCS Paris B 562 082 990 RC 56-B 8299 RUBEL ET MENASCHE. Forme : S.A Nom commercial: Rubel et Menasche. Commentaires : modification survenue sur l'administration. Administration : nomination en qualité de directeur général et administrateur : WIBAUX ( Murielle).

16/05/1999

Bodacc B

Modifications et mutations diverses

RCS Paris B 562 082 990 RC 56-B 8299 RUBEL ET MENASCHE. Forme : S.A. Capital : 1 020 000 F Nom commercial: Rubel et Ménasche. Commentaires : modification survenue sur la forme juridique, le capital (augmentation) et l' administration. Administration : modification du président du conseil d' administration : ZAICIK (Marc, Jacques). Nomination d'administrateurs : ZAICIK ( Yanai) ZAICIK (Ami).

19/05/1998

Bodacc B

Modifications et mutations diverses

RCS Paris B 562 082 990 RC 56-B 8299 RUBEL ET MENASCHE. Forme : S.A.R.L Nom commercial: Rubel et Menasche. Commentaires : modification survenue sur la dénomination et le nom commercial.

06/02/1998

Bodacc B

Modifications et mutations diverses

RCS *. RCS Paris B 562 082 990 RC RC 56- B 8299 ETABLISSEMENTS MENASCHE FRANCE. Forme : S.A.R.L. Activité : négoce de pierres précieuses et imitations et toutes matières premières et produits manufacturés et changeur manuel. Administration : modification : gérant : ZAICIK (Marc, Jacques). Commentaires : modification survenue sur l'activité et l'administration.

 

 

Company events history

 

Date

Description

03/01/2015

21/10/2014

21/10/2014

01/11/2013

New ultimate parent

01/11/2013

New parent detected

19/10/2013

12/06/2013

Bodacc B: Various editing or changing

28/05/2013

Changes to the Board of Directors

28/05/2013

Amendment

27/05/2013

Legal Gazette: Resignation / Revocation of the social representative

25/06/2012

Activity absence of Company

25/06/2012

Economical Suspension of Company

26/01/2012

Amendment

26/01/2012

Application and court order

19/07/2011

Bodacc B: Various editing or changing

01/07/2011

Changes to the Board of Directors

01/07/2011

Amendment

19/05/2011

Legal Gazette: Appointment of the social representative

10/03/2011

Bodacc B: Various editing or changing

23/02/2011

Changes to the Board of Directors

23/02/2011

Updated articles of association

23/02/2011

New legal form – new category

23/02/2011

New chairman (CEO, CoB)

23/02/2011

Minutes of general meeting of shareholders

23/02/2011

Change to corporate purpose

23/02/2011

Audit or Management Report

10/01/2011

Bodacc C : Deposit accounts notice

23/12/2010

Update of Company Legal Form

23/12/2010

Other modification of Establishment (error correction)

23/12/2010

Legal Gazette: Appointment of the social representative

05/02/2010

Bodacc C : Deposit accounts notice

04/01/2010

Bodacc C : Deposit accounts notice

31/12/2009

New accounts available

09/12/2009

Bodacc C : Deposit accounts notice

25/03/2009

Collection of preferential rights activated for this company

31/12/2008

New accounts available

31/12/2007

New accounts available

31/12/2006

New accounts available

05/12/2006

Updated articles of association

05/12/2006

Minutes of general meeting of shareholders

05/12/2006

Minutes of general meeting of shareholders

05/12/2006

Updated articles of association

05/12/2006

Private document

05/12/2006

Registered office transferred inside jurisdiction of the Commercial Court

05/12/2006

Registered office transferred inside jurisdiction of the Commercial Court

30/10/2006

Reactivation of Company

04/11/2005

Amendment

04/11/2005

Changes to the Board of Directors

04/11/2005

Conversion of equity to euro

04/11/2005

Minutes of Board meeting

04/11/2005

Minutes of Board meeting

04/11/2005

Minutes of general meeting of shareholders

04/11/2005

Minutes of general meeting of shareholders

04/11/2005

Private document

04/11/2005

Updated articles of association

04/11/2005

Updated articles of association

18/08/2004

Appointment/resignation of company officers

18/08/2004

Changes to the Board of Directors

18/08/2004

Minutes of general meeting of shareholders

18/08/2004

Minutes of general meeting of shareholders

18/08/2004

Changes to the Board of Directors

18/08/2004

Private document

31/12/2003

New accounts available

12/01/2001

Amendment

12/01/2001

Changes to the Board of Directors

12/01/2001

Appointment/resignation of company officers

12/01/2001

Minutes of Board meeting

12/01/2001

Private document

17/05/2000

Minutes of Board meeting

17/05/2000

Private document

17/05/2000

Changes to the Board of Directors

17/05/2000

Appointment/resignation of company officers

17/05/2000

Amendment

04/05/1999

Updated articles of association

04/05/1999

Sale of shares

04/05/1999

New legal form – no new category

04/05/1999

New legal form – new category

04/05/1999

New chairman (CEO, CoB)

04/05/1999

New auditor

04/05/1999

Minutes of general meeting of shareholders

04/05/1999

Minutes of Board meeting

04/05/1999

Changes to the Board of Directors

04/05/1999

Capital increase

04/05/1999

Audit or Management Report

04/05/1999

Appointment/resignation of company officers

04/05/1999

Amendment

04/05/1999

Private document

29/04/1998

Private document

29/04/1998

New company name

29/04/1998

Minutes of general meeting of shareholders

29/04/1998

Updated articles of association

20/01/1998

Updated articles of association

20/01/1998

Private document

20/01/1998

Minutes of general meeting of shareholders

20/01/1998

Change to corporate purpose

 

 

Synthesized Accounts

 

Annual Accounts

 

31/12/2009

31/12/2008

31/12/2007

Account period (month)

12

12

12

Account Type

Normal

Normal

Normal

Date of capture

14/12/2010

08/10/2009

10/12/2009

Activity Code

4648Z

4648Z

4648Z

Employees

0

0

31

 

 

Active account

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sector Median 2009

Capital not called

0

0%

0

0%

0

0

0%

Total fixed assets

765,750

15.2 %

664,862

1.1 %

657,351

52,699

1353.1 %

Intangible assets

91,469

0%

91,469

0%

91,469

5,793

1479.0 %

Tangible assets

451,733

-11.5 %

510,180

1.1 %

504,868

11,853

3711.1 %

Financial assets

222,548

252.1 %

63,213

3.6 %

61,014

2,984

7358.0 %

Net current assets

9,265,597

-14.4 %

10,818,971

-9.2 %

11,915,613

460,172

1913.5 %

Stocks

5,628,116

-29.4 %

7,974,677

-10.1 %

8,871,084

173,034

3152.6 %

Advanced payments

0

0%

0

0%

0

0

0%

Receivables

3,619,759

33.3 %

2,715,242

-10.8 %

3,042,305

110,680

3170.5 %

Securities and cash

17,722

-86.3 %

129,052

5702.7 %

2,224

38,566

-54.0 %

Prepaid expenses

-

-

-

-

-

0

-

Accounts of regularization

2,604

-98.5 %

170,832

103.9 %

83,802

0

0%

Total Assets

10,033,952

-13.9 %

11,654,666

-7.9 %

12,656,767

573,349

1650.1 %

 

 

Passive Account

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sector Median 2009

Shareholders' equity

3,493,176

-2.3 %

3,575,903

10.3 %

3,242,482

146,256

2288.4 %

Share capital

155,498

0%

155,498

0%

155,498

22,211

600.1 %

Other capital resources

0

0%

0

0%

0

0

0%

Risk Provisions

2,604

-98.5 %

170,832

103.9 %

83,802

0

0%

Liabilities

6,282,531

-20.2 %

7,874,942

-13.2 %

9,075,506

327,712

1817.1 %

Financial liabilities

906,620

-40.6 %

1,525,395

-53.7 %

3,291,650

62,912

1341.1 %

Advanced payments received

0

0%

0

0%

0

0

0%

Trade account payables

4,595,105

-15.3 %

5,427,877

3.7 %

5,231,838

100,752

4460.8 %

Tax and social liabilities

743,519

4.4 %

712,003

69.7 %

419,531

74,849

893.4 %

Other debts and fixed assets liabilities

292,930

20.7 %

242,656

-37.4 %

387,464

12,244

2292.5 %

Account regularization

0

0%

0

0%

0

0

0%

Total liabilities

10,033,952

-13.9 %

11,654,666

-7.9 %

12,656,768

573,349

1650.1 %

 

 

Results

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sector Median 2009

Sales of Goods

17,985,237

-19.2 %

22,267,302

-11.9 %

25,285,029

725,815

2377.9 %

Net turnover

17,304,421

-21.5 %

22,040,452

-12.4 %

25,172,057

704,206

2357.3 %

of which net export turnover

15,019,984

-27.5 %

20,704,457

-12.9 %

23,774,043

40

38025175.9 %

Operating charges

17,585,844

-19.2 %

21,754,546

-13.0 %

24,997,401

780,775

2152.4 %

Operating profit/loss

399,393

-22.1 %

512,756

78.3 %

287,628

11,927

3248.8 %

Financial income

589,179

-50.8 %

1,197,106

35.4 %

883,929

233

252766.5 %

Financial charges

948,594

-16.8 %

1,140,808

77.2 %

643,898

5,361

17594.3 %

Financial profit/loss

-359,415

-738.4 %

56,298

-76.5 %

240,031

-961

-37319.6 %

Pretax net operating income

39,978

-93.0 %

569,054

7.8 %

527,659

10,237

290.5 %

Extraordinary income

2,200

-95.0 %

44,067

2847.6 %

1,495

342

544.2 %

Extraordinary charges

50,521

-80.7 %

261,872

111.0 %

124,087

572

8732.3 %

Extraordinary profit/loss

-48,321

77.8 %

-217,805

-77.7 %

-122,592

0

0%

Net result

-82,727

-124.8 %

333,421

22.9 %

271,318

7,923

-1144.2 %

 

 

Accounts – Active

 

Normal Account

 

31/12/2009

31/12/2008

31/12/2007

Months

12

12

12

 

 

Grand Total - Active Accounts (I to VI)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Grand Total (I to VI)

Net

10,033,952

-13.9 %

11,654,666

-7.9 %

12,656,767

Gross

CO

10,815,691

-12.3 %

12,330,323

-4.2 %

12,875,086

Amortisation

1A

781,739

15.7 %

675,657

209.5 %

218,319

 

 

Non declared distributed capital (I)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Non declared distributed capital (I)

AA3

0

0%

0

0%

0

Gross

AA

0

0%

0

-

-

 

 

Active fixed asset (II)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Total Active fixed asset (II)

Net

765,750

15.2 %

664,862

1.1 %

657,351

Gross

BJ

1,096,313

22.2 %

897,043

8.5 %

826,671

Amortisation

BK

330,563

42.4 %

232,181

37.1 %

169,320

 

 

Intangible fixed assets

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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

CQ

0

0%

0

0%

0

Distributorships, patents

Net

0

0%

0

0%

0

Gross

AF

0

0%

0

0%

0

Amortisation

AG

0

0%

0

0%

0

Goodwill

Net

91,469

0%

91,469

0%

91,469

Gross

AH

91,469

0%

91,469

0%

91,469

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

91,469

0%

91,469

0%

91,469

 

 

Tangilble fixed assets

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Lands

Net

0

0%

0

0%

0

Gross

AN

0

0%

0

0%

0

Amortisation

AO

0

0%

0

0%

0

Buildings

Net

0

0%

0

0%

0

Gross

AP

0

0%

0

0%

0

Amortisation

AQ

0

0%

0

0%

0

Plant

Net

106,060

-24.6 %

140,677

-3.5 %

145,768

Gross

AR

242,700

1.6 %

238,940

13.6 %

210,329

Amortisation

AS

136,640

39.1 %

98,263

52.2 %

64,561

Other tangible fixed assets

Net

345,673

-6.4 %

369,503

2.9 %

359,100

Gross

AT

539,596

7.2 %

503,421

8.5 %

463,859

Amortisation

AU

193,923

44.8 %

133,918

27.8 %

104,759

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

451,733

-11.5 %

510,180

1.1 %

504,868

 

 

Financial assets

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Associates at equity

Net

0

0%

0

0%

0

Gross

CS

0

0%

0

0%

0

Amortisation

CT

0

0%

0

0%

0

Other participations

Net

0

0%

0

0%

0

Gross

CU

0

0%

0

0%

0

Amortisation

CV

0

0%

0

0%

0

Inter-company receivables

Net

151,652

0%

0

0%

0

Gross

BB

151,652

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

70,896

12.2 %

63,213

3.6 %

61,014

Gross

BH

70,896

12.2 %

63,213

3.6 %

61,014

Amortisation

BI

0

0%

0

0%

0

Sub Total Financial assets

Net

222,548

252.1 %

63,213

3.6 %

61,014

 

 

Current Assets (III)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Total Current Assets

Net

9,265,597

-14.4 %

10,818,971

-9.2 %

11,915,613

Gross

CJ

9,716,774

-13.7 %

11,262,448

-5.9 %

11,964,611

Amortisation

CK

451,177

1.7 %

443,477

805.1 %

48,998

 

 

Stocks

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Raw materials

Net

0

0%

0

0%

0

Gross

BL

0

0%

0

0%

0

Amortisation

BM

0

0%

0

0%

0

Work in progress (goods)

Net

0

0%

0

0%

0

Gross

BN

0

0%

0

0%

0

Amortisation

BO

0

0%

0

0%

0

Work in progress (services)

Net

0

0%

0

0%

0

Gross

BP

0

0%

0

0%

0

Amortisation

BQ

0

0%

0

0%

0

Semi-finished and finished products

Net

0

0%

0

0%

0

Gross

BR

0

0%

0

0%

0

Amortisation

BS

0

0%

0

0%

0

Goods for resale

Net

5,628,116

-29.4 %

7,974,677

-10.1 %

8,871,084

Gross

BT

5,951,740

-28.9 %

8,372,044

-6.1 %

8,920,082

Amortisation

BU

323,624

-18.6 %

397,367

711.0 %

48,998

Sub Total Stocks

Net

5,628,116

-29.4 %

7,974,677

-10.1 %

8,871,084

 

 

Advance payments to suppliers

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Trade accounts receivable

Net

3,181,134

33.6 %

2,381,058

-12.8 %

2,729,423

Gross

BX

3,308,687

36.3 %

2,427,168

-11.1 %

2,729,423

Amortisation

BY

127,553

176.6 %

46,110

0%

0

Other debtors

Net

406,341

35.6 %

299,755

7.8 %

278,163

Gross

BZ

406,341

35.6 %

299,755

7.8 %

278,163

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

3,587,475

33.8 %

2,680,813

-10.9 %

3,007,586

 

 

Divers

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Investment securities

Net

1,442

0%

1,442

0%

1,442

Gross

CD

1,442

0%

1,442

0%

1,442

Amortisation

CE

0

0%

0

0%

0

Cash and cash equivalents

Net

16,280

-87.2 %

127,610

16218.4 %

782

Gross

CF

16,280

-87.2 %

127,610

16218.4 %

782

Amortisation

CG

0

0%

0

0%

0

Sub Total Divers

Net

17,722

-86.3 %

129,052

5702.7 %

2,224

 

 

Prepaid expenses

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Prepaid expenses

Net

32,284

-6.2 %

34,429

-0.8 %

34,719

Gross

CH

32,284

-6.2 %

34,429

-0.8 %

34,719

Amortisation

CI

0

0%

0

0%

0

 

 

Equalization accounts (IV to VI)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Expenses of loan issue to be spread

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

2,604

-98.5 %

170,832

103.9 %

83,802

Gross

2,604

-98.5 %

170,832

103.9 %

83,802

 

 

References

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Grand Total (I to V)

EE

10,033,952

-13.9 %

11,654,666

-7.9 %

12,656,768

 

 

Shareholder Equity (I)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Total shareholders' equity (Total I)

DL

3,493,176

-2.3 %

3,575,903

10.3 %

3,242,482

Equity and shareholders' equity

DA

155,498

0%

155,498

0%

155,498

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

15,550

0%

15,550

0%

15,550

Statutory or contractual reserve

DE

3,404,855

10.9 %

3,071,434

9.7 %

2,800,116

Special regulated reserves

DF

0

0%

0

0%

0

Of which special reserve of provisions for current fluctuation

B1

0

0%

0

0%

0

Other reserves

DG

0

0%

0

0%

0

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

-82,727

-124.8 %

333,421

22.9 %

271,318

Investment grants

DJ

0

0%

0

0%

0

Special tax-allowable reserves

DK

0

0%

0

0%

0

 

 

Other capital resources (II)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Total provisions for risks and charges (Total III)

DR

2,604

-98.5 %

170,832

103.9 %

83,802

Risk provisions

DP

2,604

-98.5 %

170,832

103.9 %

83,802

Reserves for charges

DQ

0

0%

0

0%

0

 

 

Liabilities (IV)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Total Liabilities (Total IV)

EC

6,282,531

-20.2 %

7,874,942

-13.2 %

9,075,506

Convertible debentures

DS

0

0%

0

0%

0

Other debentures

DT

0

0%

0

0%

0

Bank loans and liabilities

DU

79,466

-35.9 %

123,934

-88.5 %

1,082,105

Sundry loans and financial liabilities

DV

827,154

-41.0 %

1,401,461

-36.6 %

2,209,545

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

4,595,105

-15.3 %

5,427,877

3.7 %

5,231,838

Tax and social security liabilities

DY

743,519

4.4 %

712,003

69.7 %

419,531

Fixed asset liabilities

DZ

869

0%

0

0%

2,612

Other debts

EA

36,418

-82.6 %

209,667

61.4 %

129,875

 

 

Translation loss (V)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Translation loss (Total V)

ED

255,643

674.9 %

32,989

-87.1 %

254,977

 

 

Equalization accounts

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Deferred income

EB

0

0%

0

0%

0

 

 

References

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Of which tax-allowable reserve

EF

0

0%

0

0%

0

Deferred income and liabilities

EG

0

0%

0

0%

0

Of which current bank facilities

EH

0

0%

0

0%

0

 

 

Result account

 

1 - Operating result (I-II)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Operating result (Total I-II)

GG

399,393

-22.1 %

512,756

78.3 %

287,628

 

 

2 - Financial result (V-VI)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Financial result (Total V-VI)

GV

-359,415

-738.4 %

56,298

-76.5 %

240,031

 

 

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

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Pre-tax net operating income (Total I-II+II-IV+V-VI)

GW

39,978

-93.0 %

569,054

7.8 %

527,659

 

 

4 - Extraordinary result (VII-VIII)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Extraordinary result (Total VII-VIII)

HI

-48,321

77.8 %

-217,805

-77.7 %

-122,592

 

 

Profit or loss

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Profit or loss

HN

-82,727

-124.8 %

333,421

22.9 %

271,318

 

 

Total Income (I+III+V+VII)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Total Income (Total I+III+V+VII)

HL

18,576,616

-21.0 %

23,508,475

-10.2 %

26,170,453

 

 

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

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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

HM

18,659,343

-19.5 %

23,175,054

-10.5 %

25,899,135

 

 

Operating income (I)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Total operating income (Total I)

FR

17,985,237

-19.2 %

22,267,302

-11.9 %

25,285,029

 

 

Operating income (details)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sale of goods for resale

FC

17,051,939

-20.8 %

21,530,331

-13.5 %

24,877,454

France

FA

2,141,257

101.6 %

1,061,969

-15.9 %

1,262,565

Export

FB

14,910,682

-27.2 %

20,468,362

-13.3 %

23,614,889

Sale of goods produced

FF

0

0%

0

0%

0

France

FD

0

0%

0

0%

0

Export

FE

0

0%

0

0%

0

Sale of services

FI

252,482

-50.5 %

510,121

73.2 %

294,603

France

FG

143,180

-47.7 %

274,026

102.3 %

135,449

Export

FH

109,302

-53.7 %

236,095

48.3 %

159,154

Net turnover

FL

17,304,421

-21.5 %

22,040,452

-12.4 %

25,172,057

France

FJ

2,284,437

71.0 %

1,335,995

-4.4 %

1,398,014

Export

FK

15,019,984

-27.5 %

20,704,457

-12.9 %

23,774,043

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

680,556

200.0 %

226,850

101.6 %

112,539

Other income

FQ

260

0%

0

0%

433

 

 

Operating charges (II)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Total operating charges (Total II)

GF

17,585,844

-19.2 %

21,754,546

-13.0 %

24,997,401

 

 

Exploitation charges

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Purchase of goods for resale

FS

11,644,423

-30.5 %

16,744,762

-31.9 %

24,598,894

Change in stocks of goods for resale

FT

2,420,304

341.6 %

548,038

117.0 %

-3,228,154

Purchase of raw materials

FU

5,819

-35.1 %

8,966

23.9 %

7,238

Change in stocks of raw materials

FV

0

0%

0

0%

0

Other external purchases and charges

FW

962,107

-6.6 %

1,030,410

-2.4 %

1,055,216

Tax, duty and similar payments

FX

129,188

-31.5 %

188,631

8.8 %

173,372

Payroll

FY

1,315,900

-24.7 %

1,747,509

14.7 %

1,523,073

Social security costs

FZ

601,167

-23.3 %

783,620

21.0 %

647,374

 

 

Depreciation

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Depreciation of fixed assets

GA

99,265

12.4 %

88,301

6.7 %

82,762

Amortisation of fixed assets

GB

0

0%

0

0%

0

Depreciation/amortisation of current assets

GC

405,067

-8.7 %

443,477

805.1 %

48,998

Provisions for risks and charges

GD

2,604

-98.5 %

170,832

103.9 %

83,802

 

 

Other charges

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Other charges

GE

0

0%

0

0%

4,826

 

 

Operating charges (III-IV)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Total financial income (Total V)

GP

589,179

-50.8 %

1,197,106

35.4 %

883,929

Share financial income

GJ

2,215

0%

0

0%

0

Other investment income & capitalised receivables

GK

0

0%

0

0%

0

Other interest and similar income

GL

0

0%

0

0%

1,560

Released provisions and transferred charges

GM

0

0%

0

0%

111,000

Exchange gains

GN

586,964

-51.0 %

1,197,106

55.2 %

771,369

Net income from disposal of investment securities

GO

0

0%

0

0%

0

 

 

Financial charge (VI)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Total financial charge (Total VI)

GU

948,594

-16.8 %

1,140,808

77.2 %

643,898

Financial reserves and provisions

GQ

0

0%

0

0%

0

Interest and similar charges

GR

54,550

-56.9 %

126,555

-13.5 %

146,310

Exchange losses

GS

894,044

-11.9 %

1,014,253

103.8 %

497,588

Net loss from disposal of investment securities

GT

0

0%

0

0%

0

 

 

Extraordinary income (VII)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Total extraordinary income (Total VII)

HD

2,200

-95.0 %

44,067

2847.6 %

1,495

Extraordinary operating income

HA

0

0%

42,667

2754.0 %

1,495

Extraordinary income from capital transactions

HB

2,200

57.1 %

1,400

0%

0

Released provisions and transferred charges

HC

0

0%

0

0%

0

 

 

Extraordinary charges (VIII)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Total extraordinary charges (Total VIII)

HH

50,521

-80.7 %

261,872

111.0 %

124,087

Extraordinary operating charges

HE

48,085

-81.5 %

260,543

129.2 %

113,669

Extraordinary charges from capital transactions

HF

2,436

83.3 %

1,329

-87.2 %

10,418

Extraordinary reserves and provisions

HG

0

0%

0

0%

0

 

 

Employee profit sharing (IX)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Employee profit sharing (Total IX)

HJ

0

0%

0

0%

0

 

 

Tax on profits (X)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Tax on profits (Total X)

HK

74,384

317.2 %

17,828

-86.7 %

133,749

 

 

References

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Of which equipment leases

HP

0

0%

0

0%

0

Of which property leases

HQ

0

0%

0

0%

0

Of which transferred charges

A1

0

0%

0

0%

0

Of which trader's own contributions

A2

0

0%

0

0%

0

Of which royalties on licences and patents (income)

A3

0

0%

0

0%

0

Of which royalties on licences and patents (charges)

A4

0

0%

0

0%

0

 

 

Other incomes tax return forms

 

Fixed Assets

 

Grand Total Fixed Assets (I to IV)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Gross value at begin of period

OG

0

0%

0

0%

0

Increasess due to revaluation

OH

0

0%

0

0%

0

Decreasess, acquisitions, creations, contributions

OJ

0

0%

0

0%

0

Decreasess by budget item transfer

OK1

0

0%

0

0%

0

Decreasess by transfers

OK2

3,329

-88.4 %

28,672

-80.1 %

144,369

Gross value at the end of period

OL

1,096,313

22.2 %

897,043

8.5 %

826,672

 

 

Research and development Charge (Total I)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Gross value at begin of period

KD

91,469

0%

91,469

0%

91,469

Increasess due to revaluation

KE

0

0%

0

0%

0

Increasess, acquisitions, creations, contributions

KF

0

0%

0

0%

0

Decreasess by budget item transfer

LV1

0

0%

0

0%

0

Decreasess by transfers

LV2

0

0%

0

0%

0

Gross value at the end of period

LW

91,469

0%

91,469

0%

91,469

 

 

Tangible fixed assets (Total III)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Gross value at begin of period

LN

742,361

10.1 %

674,188

13.0 %

596,503

Increasess due to revaluation

LO

0

0%

0

0%

0

Increasess, acquisitions, creations, contributions

LP

43,263

-54.4 %

94,943

7.3 %

88,514

Decreasess by budget item transfer

NG1

0

0%

0

0%

0

Decreasess by transfers

NG2

3,329

-87.6 %

26,771

147.3 %

10,827

Gross value at the end of period

NH

782,295

5.4 %

742,360

10.1 %

674,190

 

 

Financial assets (Total IV)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Gross value at begin of period

LQ

63,213

3.6 %

61,014

-66.4 %

181,737

Increasess due to revaluation

LR

0

0%

0

0%

0

Increasess, acquisitions, creations, contributions

LS

159,336

3787.2 %

4,099

-68.0 %

12,819

Decreasess by budget item transfer

NJ1

0

0%

0

0%

0

Decreasess by transfers

NJ2

0

0%

1,901

-98.6 %

133,541

Gross value at the end of period

NK

222,549

252.1 %

63,212

3.6 %

61,015

 

 

Reserve for depreciation

 

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

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Reserve for depreciation value at begin of period

PE

0

0%

0

0%

0

Increases

PF

0

0%

0

0%

0

Decreasess

PG

0

0%

0

0%

0

Decreasess by budget item transfer

PH

0

0%

0

0%

0

 

 

Total fixed assets amotisation (Total III)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Reserve for depreciation value at begin of period

QU

232,181

37.1 %

169,320

92.5 %

87,968

Increases

QV

99,276

12.4 %

88,301

44.2 %

61,230

Decreases

QW

893

-96.5 %

25,442

0%

0

Decreasess by budget item transfer

QX

330,564

42.4 %

232,179

55.6 %

149,198

 

 

Movements during period affecting charge allocated over several period

 

Deferred charges and debt issuance costs

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Value at begining of period

7C

614,309

362.6 %

132,800

-31.4 %

193,720

Increases

UB

407,671

-33.6 %

614,309

157.0 %

239,003

Decreases

UC

568,199

327.9 %

132,800

-31.4 %

193,721

Value at the end of period

UD

453,781

-26.1 %

614,309

362.6 %

132,800

 

 

Includes Total allocations

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Operating

UE

0

0%

0

0%

0

Financial

UG

0

0%

0

0%

0

Exceptional

UJ

0

0%

0

0%

0

 

 

Includes Total Withdrawal

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Value at begining of period

5Z

170,832

103.9 %

83,802

14.9 %

72,929

Increases

TV

2,604

-98.5 %

170,832

-10.1 %

190,005

Decreases

TW

170,832

103.9 %

83,802

14.9 %

72,929

Value at the end of period

TX

2,604

-98.5 %

170,832

103.9 %

83,802

 

 

Total Provision for depreciation (Total III)

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Value at begining of period

7B

443,477

805.1 %

48,998

-59.4 %

120,792

Increases

TY

405,067

-8.7 %

443,477

805.1 %

48,998

Decreases

TZ

397,367

711.0 %

48,998

-59.4 %

120,792

Value at the end of period

UA

451,177

1.7 %

443,477

805.1 %

48,998

 

 

State deadlines claims and debts at the end of period

 

State claims

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Gross value

VT

0

0%

2,824,492

0%

0

1 year at most

VU

0

0%

2,761,279

0%

0

More than one year

VV

0

0%

63,213

0%

0

 

 

State of loans

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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%

63,213

0%

0

Other financial assets (1 year at most)

UV

0

0%

0

0%

0

 

 

Receivables statement of assets

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Customers doubtful or disputed

VA

0

0%

0

0%

0

Other claims customer

UX

0

0%

2,427,168

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%

1,800

0%

0

Social Security and other social organizations

UZ

0

0%

14,279

0%

0

Income taxes

VM

0

0%

170,445

0%

0

Value added tax

VB

0

0%

45,025

0%

0

Other taxes and payments assimilated

VN

0

0%

34,884

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

0

0%

33,249

0%

0

 

 

Prepaid

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Prepaid

VS

0

0%

34,429

0%

0

 

 

State Debt

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Total debt (gross)

VY

0

0%

7,874,942

0%

0

1 year at most

VZ2

0

0%

7,240,101

0%

0

More than 1 year and 5 years at most

VZ3

0

0%

634,841

0%

0

More than 5 years

VZ4

0

0%

0

0%

0

 

 

Details

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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%

8,845

0%

0

1 year at most

VG2

0

0%

8,845

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%

115,089

0%

0

1 year at most

VH2

0

0%

40,108

0%

0

More than 1 year and 5 years at most

VH3

0

0%

74,981

0%

0

Loans and various financial liabilities (gross)

8A1

0

0%

800,000

0%

0

1 year at most

8A2

0

0%

800,000

0%

0

More than 1 year and 5 years at most

8A3

0

0%

0

0%

0

Suppliers and associated accounts (gross)

8B1

0

0%

5,427,877

0%

0

1 year at most

8B2

0

0%

5,427,877

0%

0

More than 1 year and 5 years at most

8B3

0

0%

5,427,877

0%

0

Personnel and associated accounts (gross)

8C1

0

0%

363,302

0%

0

1 year at most

8C2

0

0%

363,302

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

0

0%

264,370

0%

0

1 year at most

8D2

0

0%

264,370

0%

0

More than 1 year and 5 years at most

8D3

0

0%

0

0%

0

Taxes on profits (gross)

8E1

0

0%

0

0%

0

1 year at most

8E2

0

0%

0

0%

0

More than 1 year and 5 years at most

8E3

0

0%

0

0%

0

VAT (Gross)

VW1

0

0%

849

0%

0

1 year at most

VW2

0

0%

849

0%

0

More than 1 year and 5 years at most

VW3

0

0%

0

0%

0

Backed Obligations (gross)

VX1

0

0%

0

0%

0

1 year at most

VX2

0

0%

0

0%

0

More than 1 year and 5 years at most

VX3

0

0%

0

0%

0

Other taxes and assimilated (gross)

VQ1

0

0%

83,481

0%

0

1 year at most

VQ2

0

0%

83,481

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

0

0%

601,461

0%

0

1 year at most

VI2

0

0%

41,602

0%

0

More than 1 year and 5 years at most

VI3

0

0%

559,859

0%

0

More than 5 years

V14

0

0%

0

0%

0

Other liabilities (gross)

8K1

0

0%

209,667

0%

0

1 year at most

8K2

0

0%

209,667

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

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Dividends

ZE

0

0%

0

0%

0

 

 

Commitments

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

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

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Average number of employees

YP

0

0%

0

0%

31

 

 

Groups and Shareholders

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Groups and Shareholders

ZR

0

-

-

-

0

 

 

Ratios

 

Structure and Liquidity

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sector Median 2009

Fixed Asset Financing

4.32

-29.6 %

6.14

-25.2 %

8.21

3.00

44.0 %

Global Debt

131 days

1.6 %

129 days

-0.8 %

130 days

155 days

-15.5 %

Working Capital Fund overall net

76 days

1.3 %

75 days

-11.8 %

85 days

98 days

-22.1 %

Financial independence

385.30 %

64.4 %

234.42 %

138.0 %

98.51 %

139.04 %

177.1 %

Solvability

34.81 %

13.5 %

30.68 %

19.8 %

25.62 %

34.80 %

0.0 %

Capacity debt futures

-

-

7,304.77 %

-

-

994.79 %

-

Coverage of current assets by net working capital overall

37.55 %

-8.5 %

41.03 %

-17.9 %

49.96 %

45.10 %

-16.7 %

General Liquidity

-

-

0.38

-

-

0.48

-

Restricted Liquidity

-

-

0.40

-

-

0.87

-

 

 

Management or rotation

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sector Median 2009

Need background in operating working capital

80 days

14.3 %

70 days

-19.5 %

87 days

62 days

30.1 %

Treasury

0 days

0%

2 days

0%

0 days

11 days

0%

Inventory turnover of goods

152 days

-12.6 %

174 days

16.0 %

150 days

178 days

-14.6 %

Average length of credit granted to customers

69 days

72.5 %

40 days

2.6 %

39 days

52 days

32.7 %

Average length of credit obtained suppliers

110 days

2.8 %

107 days

27.4 %

84 days

64 days

71.9 %

Inventory turnover of raw materials in industrial enterprises

0 days

0%

0 days

0%

0 days

0 days

0%

Inventory turnover of intermediate and finished products in the industrial enterprise

-

-

-

-

-

851 days

-

Rotation tangible assets

2,212.01 %

-25.5 %

2,968.97 %

-20.5 %

3,733.67 %

1,232.63 %

79.5 %

 

 

Profitability of the business

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sector Median 2009

Margin trading

17.26 %

-10.2 %

19.23 %

38.0 %

13.93 %

38.47 %

-55.1 %

Profitability of the business

1.30 %

-71.0 %

4.49 %

186.0 %

1.57 %

3.41 %

-61.9 %

Net profit

-0.48 %

-131.8 %

1.51 %

39.8 %

1.08 %

1.40 %

-134.3 %

Growth rate of turnover (excluding VAT)

-21.49 %

-72.7 %

-12.44 %

-186.6 %

14.36 %

-4.92 %

-336.8 %

Rates integration

13.13 %

-21.9 %

16.82 %

54.6 %

10.88 %

20.84 %

-37.0 %

Rate leasing furniture

0.00 %

0%

0.00 %

0%

0.00 %

0.00 %

0%

Work Factor

84.39 %

23.6 %

68.26 %

-13.9 %

79.25 %

68.85 %

22.6 %

Weight interests

5.48 %

5.8 %

5.18 %

102.3 %

2.56 %

0.65 %

743.1 %

 

 

Return on capital

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sector Median 2009

Cash flow from the overall profitability

0.10 %

-94.8 %

1.91 %

31.7 %

1.45 %

2.09 %

-95.2 %

Rates of economic profitability

5.00 %

-73.7 %

19.00 %

216.7 %

6.00 %

10.00 %

-50.0 %

Financial profitability

3,493,176.00 %

-2.3 %

3,575,903.00 %

10.3 %

3,242,482.00 %

135,622.50 %

2475.7 %

Return on investment

19.68 %

-31.9 %

28.90 %

106.3 %

14.01 %

9.13 %

115.6 %

 

 

Management intermediate balances

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sector Median 2009

Turnover

17,304,421

-21.5 %

22,040,452

-12.4 %

25,172,057

704,206

2357.3 %

 

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sector Median 2009

Sales of goods

17,051,939

-20.8 %

21,530,331

-13.5 %

24,877,454

-

- Purchase of goods

11,644,423

-30.5 %

16,744,762

-31.9 %

24,598,894

-

+/- Stock of goods variation

2,420,304

341.6 %

548,038

117.0 %

-3,228,154

-

Trading margin

2,987,212 €

-29.5 %

4,237,531 €

20.8 %

3,506,714 €

223,140 €

1238.7 %

17.26 % CA

-10.2 %

19.23 % CA

38.0 %

13.93 % CA

38.54 % CA

-55.2 %

 

 

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sector Median 2009

Sale of goods produced

252,482

-50.5 %

510,121

73.2 %

294,603

-

+/- Stocked production

0

0%

0

0%

0

-

+ Self-constructed assets

0

0%

0

0%

0

-

Period production

252,482 €

-50.5 %

510,121 €

73.2 %

294,603 €

13,239 €

1807.1 %

1.46 % CA

-36.8 %

2.31 % CA

97.4 %

1.17 % CA

1.78 % CA

-18.0 %

 

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sector Median 2009

Trading margin

2,987,212

-29.5 %

4,237,531

20.8 %

3,506,714

223,140

1238.7 %

+ Period Production

252,482

-50.5 %

510,121

73.2 %

294,603

13,239

1807.1 %

- Purchase of raw materials

5,819

-35.1 %

8,966

23.9 %

7,238

-

+/- Change in stocks of raw materiels

0

0%

0

0%

0

-

- Other external purchases and charges

962,107

-6.6 %

1,030,410

-2.4 %

1,055,216

-

Added value

2,271,768 €

-38.7 %

3,708,276 €

35.4 %

2,738,863 €

157,666 €

1340.9 %

13.13 % CA

-21.9 %

16.82 % CA

54.6 %

10.88 % CA

20.84 % CA

-37.0 %

 

 

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sector Median 2009

Added value

2,271,768 €

-38.7 %

3,708,276 €

35.4 %

2,738,863 €

157,666 €

1340.9 %

+ Operating grants

0

0%

0

0%

0

-

- Tax, duty and similar payments

129,188

-31.5 %

188,631

8.8 %

173,372

-

- Personal charges

1,917,067

-24.3 %

2,531,129

16.6 %

2,170,447

-

Gross operating surplus

225,513 €

-77.2 %

988,516 €

150.2 %

395,044 €

13,415 €

1581.1 %

1.30 % CA

-71.0 %

4.49 % CA

186.0 %

1.57 % CA

3.41 % CA

-61.9 %

 

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sector Median 2009

Gross operating surplus

225,513 €

-77.2 %

988,516 €

150.2 %

395,044 €

13,415 €

1581.1 %

+ Release of reserves and provisions

680,556

200.0 %

226,850

101.6 %

112,539

-

+ Other operating income

260

0%

0

0%

433

-

- Depreciation/ Amortisation

506,936

-27.8 %

702,610

225.9 %

215,562

-

- Other charges

0

0%

0

0%

4,826

-

Operating result

399,393 €

-22.1 %

512,756 €

78.3 %

287,628 €

11,927 €

3248.8 %

2.31 % CA

-0.9 %

2.33 % CA

104.4 %

1.14 % CA

2.29 % CA

0.9 %

 

 

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sector Median 2009

Operating result

399,393 €

-22.1 %

512,756 €

78.3 %

287,628 €

11,927 €

3248.8 %

+/- Result of joint-venture transferred from/to other partners

0

0%

0

0%

0

-

+ Financial income

589,179

-50.8 %

1,197,106

35.4 %

883,929

-

- Financial charges

948,594

-16.8 %

1,140,808

77.2 %

643,898

-

Pre-tax result

39,978 €

-93.0 %

569,054 €

7.8 %

527,659 €

10,237 €

290.5 %

0.23 % CA

-91.1 %

2.58 % CA

22.9 %

2.10 % CA

1.85 % CA

-87.6 %

 

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sector Median 2009

Extraordinary income

2,200

-95.0 %

44,067

2847.6 %

1,495

342

544.2 %

- Extraordinary charges

50,521

-80.7 %

261,872

111.0 %

124,087

-

Extraordinary result

-48,321 €

77.8 %

-217,805 €

-77.7 %

-122,592 €

0 €

0%

-0.28 % CA

71.7 %

-0.99 % CA

-102.0 %

-0.49 % CA

0.00 % CA

0%

 

 

 

31/12/2009

Variation

31/12/2008

Variation

31/12/2007

Sector Median 2009

Pre-tax result

39,978 €

-93.0 %

569,054 €

7.8 %

527,659 €

10,237 €

290.5 %

Extraordinary result

-48,321 €

77.8 %

-217,805 €

-77.7 %

-122,592 €

0 €

0%

- Employee profit sharing

0

0%

0

0%

0

-

- Tax on profits

74,384

317.2 %

17,828

-86.7 %

133,749

-

Net result

-82,727 €

-124.8 %

333,421 €

22.9 %

271,318 €

7,924 €

-1144.1 %

-0.48 % CA

-131.8 %

1.51 % CA

39.8 %

1.08 % CA

1.40 % CA

-134.3 %

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.10

UK Pound

1

Rs.100.89

Euro

1

Rs.73.96

 

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

ANK

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

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.