MIRA INFORM REPORT

Report No. :	506058
Report Date :	30.04.2018

IDENTIFICATION DETAILS

Name :	ARGEVILLE S A
Registered Office :	Argeville S A Par Poste De Mougins Argeville Bp 18 06560 Valbonne
Country :	France
Financials (as on) :	31.12.2016
Date of Incorporation :	May 1955
Legal Form :	Simplified joint stock company
Line of Business :	Manufacture of essential oils
No. of Employees :	212 (2016)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
France	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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. France is the most visited country in the world with 83 million foreign tourists in 2016, including 530,000 visitors for the 2016 Euro Cup. 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 grew by 1.6% in 2017, up from 1.2% the year before. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.2% in 2015, before falling to 9.5% in 2017. Youth unemployment in metropolitan France decreased from 24.6% in the fourth quarter of 2014 to 24% in the fourth quarter of 2016.

France’s public finances have historically been strained by high spending and low growth. Despite measures to restore public finances, the budget deficit rose from 3.3% of GDP in 2008 to 7.5% of GDP in 2009. In 2017, the budget deficit improved to 2.9% of GDP, bringing it in compliance with the EU-mandated 3% deficit target. Meanwhile, France's public debt rose from 89.5% of GDP in 2012 to 96.9% in 2017.

Since entering office in May 2017, President Emmanuel MACRON launched a series of economic reforms to improve competitiveness and boost economic growth. President MACRON campaigned on reforming France’s labor code and in late 2017 implemented a range of reforms to increase flexibility in the labor market by making it easier for firms to hire and fire and simplifying negotiations between employers and employees. In addition to labor reforms, President MACRON’s proposed 2018 budget cuts public spending, taxes, and social security contributions to spur private investment and increase purchasing power.

Source : CIA

Company summery

SIRET	415 550 227 00011
Name	ARGEVILLE S A
Acronym	-
Trade name	-
Status	Economically active
Postal Address	ARGEVILLE S A PAR POSTE DE MOUGINS ARGEVILLE BP 18 06560 VALBONNE FRANCE
Share Capital	5,775,000 Euros
Telephone	04 92 92 43 43
Activity (APE)	Manufacture of essential oils (2053Z)	RCS Registration	RCS Grasse B 415 550 227
Formation Date	01/1955	EUR VAT Number	FR00415550227
Deregistration Date	-	Last account Date	31/12/2016
Court Registry Number	19 5 5B00022	Incorporiation Date	05/1955
Registration Court	Grasse (06)	Fax	04 92 92 48 58
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
31/12/2016	54,352,592 €	9.49% Turnover	14,942,524 €	1,877,533 €	212 employees
31/12/2015	51,921,118 €	9.65% Turnover	13,144,326 €	2,587,987 €	200 employees
31/12/2014	50,511,450 €	9.95% Turnover	10,652,251 €	2,016,877 €	193 employees

Directors

Current Directors

4

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	2053Z	Activity	Manufacture of essential oils
Formation Date	01/1955	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	ARGEVILLE 06560 VALBONNE	Department	Alpes-Maritimes (06)
Location Surface	-	District	1
City	VALBONNE	Status	Economically active
Business Pages FT®	ALIMENTATION: ADDITIFS, AROMES, LEVURES (FABRICATION, GROS)	Region	Côte d'Azur
		Area	25
		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	3 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
ARGEVILLE S A	Head Office	2053Z	Manufacture of essential oils	VALBONNE	06560
ARGEVILLE S A	Branch	2053Z	Manufacture of essential oils	PARIS 8	75008
ARGEVILLE S A	Branch	2053Z	Manufacture of essential oils	GRASSE	06130
ARGEVILLE S A	Branch	2053Z	Manufacture of essential oils	MOUGINS	06250

Workforces

Workforce at address	200 to 249 employees	Company workforce	200 to 249 employees
		Workforce account	200 to 249 employees
		31/12/2016

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 company has 4 directors

The creditor days are 47.90

The total assets are 35,353,067 €

The shareholder's equity is 14,942,524 €

The liabilities are 20,182,389 €

The net current assets are 19,933,527 €

The net turnover is 54,352,592 €

The pre-tax profit is 2,610,120 €

The sales to current assets ratio is 2.73

The risk provisions are 86,527 €

The return on total assets employed is 7.38

The stock to turnover ratio is 9.85

The ratio total assets to total liabilities is 1.74

High risk workforce size

Industry comparison

Activity (APE)

Manufacture of essential oils (2053Z)

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	09/09/2009
Status of Monitoring	No social security and tax office preferential right to date

Social security, pension funds preferential rights

Number of preferential rights	0
Total amount	-
Due remaining amount	-
Date of last preferential right	-

Historical

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

30400583

22/11/2004

29/09/2005

URSSAF

77,409 EUR

-

Reason for closure	Crossed Off
Court	Grasse
Creditor	URSSAF 152 A Californie Bp 5 06025, NICE CEDEX
Debtor	ARGEVILLE DOMAINE DARGEVILLE 06 VALBONNE

31500178

26/05/2015

26/11/2017

KLESIA Retraite AGIRC

6,381 EUR

-

Reason for closure	Void
Court	Grasse
Description	COTI 2013 MAJO 03T 2014
Creditor	KLESIA Retraite AGIRC 5 à 9 rue Van Gogh 75591, PARIS CEDEX 12
Debtor	ARGEVILLE DOMAINE DARGEVILLE 06 VALBONNE

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. ARDIZIO XAVIER
Manager position	President		Date of birth		22/04/1981
Place of birth	GENEVE(SUISSE)
Type	Individual		Name at birth
Name		Mme. ARDIZIO STEPHANIE CATHERINE MARIE
Manager position		Delegated managing director		Date of birth		23/09/1983
Place of birth		GENEVE(SUISSE)
Type		Individual		Name at birth

Statutory Auditor

Name	Mme. DELHOMME BÉNÉDICTE, GEORGETTE, JULIA
Manager position	Deputy auditor	Date of birth	18/07/1968
Place of birth	LOURDES
Type	Individual	Name at birth	BEAUCHAMPS
Name	PROVENCE EXPERTISE AUDIT
Name of representative
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	M. ARDIZIO XAVIER	22/04/1981 - GENEVE(SUISSE)
Chairman of the Board	ARDIZIO JEAN-JACQUES CHARLES	02/04/1949 - GENEVE (SUISSE)
Chairman of the Board	M. ARDIZIO XAVIER	22/04/1981 - GENEVE(SUISSE)
Chief Executive Officer	M. ARDIZIO XAVIER	22/04/1981 - GENEVE(SUISSE)
Managing director	ARDIZIO JEAN-JACQUES CHARLES	02/04/1949 - GENEVE (SUISSE)
Managing director	M. ARDIZIO XAVIER	22/04/1981 - GENEVE(SUISSE)
Delegated managing director	Mme. ARDIZIO STEPHANIE CATHERINE MARIE	23/09/1983 - GENEVE(SUISSE)
Delegated managing director	Mme. CHAMBOSSE STEPHANIE CATHERINE MARIE	23/09/1983 - GENEVE(SUISSE)
Administrator	MME. ARDIZIO STEPHANIE	-
Administrator	Mme. ARDIZIO STEPHANIE CATHERINE MARIE	23/09/1983 - GENEVE(SUISSE)
Administrator	Mme. ARDIZIO SYLVIANE MICHÈLE MARIE	04/08/1959 - LE CANNET (ALPES MARITIMES)
Administrator	Mme. CHAMBOSSE STEPHANIE CATHERINE MARIE	23/09/1983 - GENEVE(SUISSE)
Administrator	CIFININCO	-
Administrator	COFINCO PTE LTD	-
Administrator	COFININCO PTE LTD	-
Administrator	COFININCO	-
Administrator	MME. CROCHET CATHERINE	-
Administrator	M. FASOLI PRIMO	-
Administrator	MME. SOUSTELLE SYLVIANE	-
Deputy auditor	Mme. DELHOMME BÉNÉDICTE, GEORGETTE, JULIA	18/07/1968 - LOURDES

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	10/08/2017	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 381 - 415550227 RCS. ARGEVILLE. Forme : Société par actions simplifiée. Adresse : Domaine d'Argeville 6560 Valbonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2016.
	23/08/2016	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 356 - 415550227 RCS. ARGEVILLE. Forme : Société par actions simplifiée. Adresse : Domaine d'Argeville 6560 Valbonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2015.
	24/08/2015	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 390 - 415550227 RCS. ARGEVILLE. Forme : Société par actions simplifiée. Adresse : Domaine d'Argeville 6560 Valbonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	16/11/2014	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 128 - 415 550 227 RCS Grasse. ARGEVILLE. Forme : Société par actions simplifiée. Administration : Président : ARDIZIO Xavier modification le 06 Novembre 2014 Directeur général délégué : ARDIZIO Stephanie Catherine Marie modification le 06 Novembre 2014 Commissaire aux comptes suppléant : BEAUCHAMPS Bénédicte, Georgette, Julia en fonction le 11 Juillet 2013 Commissaire aux comptes titulaire : PROVENCE EXPERTISE AUDIT en fonction le 11 Juillet 2013. Activité : . Commentaires : Modification de la forme juridique. Modification de représentant.
	07/11/2014	JAL	Resignation / Revocation of the social representative
Tribune (La) - Le bulletin de la côte d azur Date de décision : 13/10/2014 La société 415550227 - ARGEVILLE S A, ARGEVILLE, PAR POSTE DE MOUGINS, BP 18, 06560 VALBONNE Fait l'objet du départ de Monsieur Xavier ARDIZIO, 239 Chemin de la Peyrière, 06250, MOUGINS, De COFININCO PTE LTD, 123 Penang Road 8-12, 228465, De Madame Stéphanie ARDIZIO, 2 Impasse Turgot, villa Saint Honorat, 06110, LE CANNET, De Monsieur Xavier ARDIZIO, 239 Chemin de la Peyrière, 06250, MOUGINS
	07/11/2014	JAL	Appointment of the social representative
Tribune (La) - Le bulletin de la côte d azur Date de décision : 13/10/2014 Société faisant l'objet d'une nomination : 415550227 - ARGEVILLE S A, ARGEVILLE, PAR POSTE DE MOUGINS, BP 18, 06560 VALBONNE Nominé : Monsieur Xavier ARDIZIO, 06250 MOUGINS En la fonction de : Président
	25/08/2014	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 475 - 415550227 RCS. ARGEVILLE. Forme : Société anonyme. Adresse : Domaine d'Argeville 6560 Valbonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	23/10/2013	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 16 - 415 550 227 RCS Grasse. ARGEVILLE. Forme : Société anonyme. Administration : Président du conseil d'administration Directeur général : ARDIZIO Xavier modification le 08 Décembre 2010 Directeur général délégué Administrateur : ARDIZIO Stephanie Catherine Marie modification le 23 Juillet 2013 Administrateur : COFININCO PTE LTD modification le 04 Décembre 2012 Commissaire aux comptes suppléant : BEAUCHAMPS Bénédicte, Georgette, Julia en fonction le 11 Juillet 2013 Commissaire aux comptes titulaire : PROVENCE EXPERTISE AUDIT en fonction le 11 Juillet 2013. Activité : . Commentaires : Modification de représentant.
	11/10/2013	JAL	Resignation / Revocation of the social representative
Avenir Côte d azur (L ) Date de décision : 11/10/2013 La société 415550227 - ARGEVILLE S A, ARGEVILLE, PAR POSTE DE MOUGINS, BP 18, 06560 VALBONNE Fait l'objet du départ de Madame Sylviane ARDIZIO, 751 Chemin de Pigranel, 06250, MOUGINS
	28/08/2013	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 387 - 415550227 RCS. ARGEVILLE. Forme : Société anonyme. Adresse : Domaine d'Argeville 6560 Valbonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	19/07/2013	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 195 - 415 550 227 RCS Grasse. ARGEVILLE. Forme : Société anonyme. Administration : Administrateur : SOUSTELLE Sylviane Michèle Marie modification le 13 Octobre 2008 Président du conseil d'administration Directeur général : ARDIZIO Xavier modification le 08 Décembre 2010 Directeur général délégué Administrateur : ARDIZIO Stephanie Catherine Marie modification le 11 Juillet 2013 Administrateur : COFININCO PTE LTD modification le 04 Décembre 2012 Commissaire aux comptes suppléant : BEAUCHAMPS Bénédicte, Georgette, Julia en fonction le 11 Juillet 2013 Commissaire aux comptes titulaire : PROVENCE EXPERTISE AUDIT en fonction le 11 Juillet 2013. Activité : . Commentaires : Modification de représentant.
	06/12/2012	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 25 - 415 550 227 RCS Grasse. ARGEVILLE. Forme : Société anonyme. Administration : Administrateur : SOUSTELLE Sylviane Michèle Marie modification le 13 Octobre 2008 Président directeur général : ARDIZIO Xavier modification le 08 Décembre 2010 Directeur général délégué et administrateur : ARDIZIO Stephanie Catherine Marie modification le 13 Octobre 2008 Commissaire aux comptes titulaire : ZARKA AND C° AUDITEUR ASSOCIES en fonction le 04 Août 2008 Administrateur : COFINCO PTE LTD en fonction le 27 Novembre 2012 Commissaire aux comptes suppléant : BERTONE Stéphane Pierre José en fonction le 27 Novembre 2012. Activité : . Commentaires : Modification de représentant.
	30/11/2012	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 46 - 415 550 227 RCS Grasse. ARGEVILLE. Forme : Société anonyme. Administration : Administrateur : SOUSTELLE Sylviane Michèle Marie modification le 13 Octobre 2008 Commissaire aux comptes suppléant : LASCH Gerard en fonction le 02 Avril 2002 Président directeur général : ARDIZIO Xavier modification le 08 Décembre 2010 Administrateur : COFININCO représenté par HAY Franck Olivier modification le 22 Août 2007 Directeur général délégué et administrateur : ARDIZIO Stephanie Catherine Marie modification le 13 Octobre 2008 Commissaire aux comptes titulaire : ZARKA AND C° AUDITEUR ASSOCIES en fonction le 04 Août 2008. Activité : . Commentaires : Modification de représentant.
	30/07/2012	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 235 - 415550227 RCS. ARGEVILLE. Forme : Société anonyme. Adresse : Domaine d'Argeville 6560 Valbonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	20/07/2012	JAL	Resignation / Revocation of the social representative
Avenir Côte d azur (L ) Date de décision : 21/06/2012 La société 415550227 - ARGEVILLE S A, ARGEVILLE, PAR POSTE DE MOUGINS, BP 18, 06560 VALBONNE Fait l'objet du départ de Monsieur Gérard LASCH
	20/07/2012	JAL	Appointment of the social representative
Avenir Côte d azur (L ) Date de décision : 21/06/2012 Société faisant l'objet d'une nomination : 415550227 - ARGEVILLE S A, ARGEVILLE, PAR POSTE DE MOUGINS, BP 18, 06560 VALBONNE Nominé : Non renseignée COFININCO PTE LTD, SINGAPORE En la fonction de : Administrateur
	19/12/2010	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 107 - 415 550 227 RCS Grasse. ARGEVILLE. Forme : Société anonyme. Administration : Administrateur : SOUSTELLE Sylviane Michèle Marie modification le 13 Octobre 2008 Commissaire aux comptes suppléant : LASCH Gerard en fonction le 02 Avril 2002 Administrateur : FASOLI Primo modification le 13 Octobre 2008 Président directeur général : ARDIZIO Xavier modification le 08 Décembre 2010 Administrateur : COFININCO représenté par HAY Franck Olivier modification le 22 Août 2007 Directeur général délégué et administrateur : ARDIZIO Stephanie Catherine Marie modification le 13 Octobre 2008 Commissaire aux comptes titulaire : ZARKA AND C° AUDITEUR ASSOCIES en fonction le 04 Août 2008. Capital : 5775000 EUR. Activité : . Commentaires : Modification du capital. Modification de représentant.
	16/09/2010	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 235 - 415550227 RCS. ARGEVILLE. Forme : Société anonyme. Adresse : Domaine d'Argeville 6560 Valbonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	02/02/2010	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 70 - 415 550 227 RCS Grasse. ARGEVILLE. Forme : Société anonyme. Administration : Administrateur : SOUSTELLE Sylviane Michèle Marie modification le 13 Octobre 2008 Président du conseil d'administration et directeur général : ARDIZIO JEAN-JACQUES CHARLES modification le 13 Octobre 2008 Commissaire aux comptes suppléant : LASCH Gerard en fonction le 02 Avril 2002 Administrateur : FASOLI Primo modification le 13 Octobre 2008 Directeur général délégué et administrateur : ARDIZIO Xavier modification le 13 Octobre 2008 Administrateur : COFININCO représenté par HAY Franck Olivier modification le 22 Août 2007 Directeur général délégué et administrateur : ARDIZIO Stephanie Catherine Marie modification le 13 Octobre 2008 Commissaire aux comptes titulaire : ZARKA AND C° AUDITEUR ASSOCIES en fonction le 04 Août 2008. Commentaires : Modification de représentant.
	08/01/2010	JAL	Resignation / Revocation of the social representative
L'AVENIR COTE D'AZUR Date de décision : 08/01/2010 La société 415550227 - ARGEVILLE S A, 9 RUE D'ARTOIS, 75008 PARIS 8 Fait l'objet du départ de Madame Catherine CROCHET
	23/09/2009	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 464 - 415550227 RCS. ARGEVILLE. Forme : Société anonyme. Adresse : Domaine d'Argeville 6560 Valbonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	19/07/2009	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 268 - 415550227 RCS. ARGEVILLE. Forme : Société anonyme. Adresse : Domaine d'Argeville 6560 Valbonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
	22/10/2008	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 41 - 415 550 227 RCS Grasse. ARGEVILLE. Forme : Société anonyme. Administration : Administrateur : SOUSTELLE Sylviane Michèle Marie modification le 13 Octobre 2008. Président du conseil d'administration et directeur général : ARDIZIO JEAN-JACQUES CHARLES modification le 13 Octobre 2008. Commissaire aux comptes suppléant : LASCH Gerard en fonction le 02 Avril 2002. Administrateur : FASOLI Primo modification le 13 Octobre 2008. Directeur général délégué et administrateur : ARDIZIO Xavier modification le 13 Octobre 2008. Administrateur : COFININCO représenté par HAY Franck Olivier modification le 22 Août 2007. Directeur général délégué et administrateur : ARDIZIO Stephanie Catherine Marie modification le 13 Octobre 2008. Administrateur : CROCHET Catherine Thérèse en fonction le 27 Juillet 2007. Commissaire aux comptes titulaire : ZARKA AND C° AUDITEUR ASSOCIES en fonction le 04 Août 2008. Commentaires : Modification de représentant.
	26/08/2008	Bodacc C	Comptes annuels et rapports
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 494 - 415550227 RCS. ARGEVILLE. Forme : Société anonyme. Adresse : Domaine d'Argeville 6560 Valbonne. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	12/08/2008	Bodacc B	Modification et mutation diverse
06 - ALPES-MARITIMES GREFFE DU TRIBUNAL DE COMMERCE DE GRASSE 80 - 415 550 227 RCS Grasse. ARGEVILLE. Forme : Société anonyme. Administration : Administrateur : ARDIZIO SYLVIANE MICHELE MARIEPrésident du conseil d'administration et directeur général : ARDIZIO JEAN-JACQUES CHARLES modification le 16 Octobre 2007. Commissaire aux comptes suppléant : LASCH Gerard en fonction le 02 Avril 2002. Administrateur : FASOLI Primo en fonction le 22 Avril 2002. Directeur général délégué : ARDIZIO Xavier modification le 16 Octobre 2007. Administrateur : COFININCO représenté par HAY Franck Olivier modification le 22 Août 2007. Directeur général délégué et administrateur : ARDIZIO Stephanie Catherine Marie modification le 16 Octobre 2007. Administrateur : CROCHET Catherine Thérèse en fonction le 27 Juillet 2007. Commissaire aux comptes titulaire : ZARKA AND C° AUDITEUR ASSOCIES en fonction le 04 Août 2008. Commentaires : Modification de représentant.
	30/10/2007	Bodacc B	Modifications et mutations diverses
210 - RCS Grasse B 415 550 227. RC 55-B 22. ARGEVILLE. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification du président du conseil d'administration et directeur général : ARDIZIO (Jean-Jacques, Charles). Modification d'un directeur général délégué : ARDIZIO (Xavier). Modification d'un directeur général délégué et administrateur : ARDIZIO (Stéphanie, Catherine, Marie).
	02/09/2007	Bodacc B	Modifications et mutations diverses
104 - RCS Grasse B 415 550 227. RC 55-B 22. ARGEVILLE. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : modification d'un directeur général délégué : ARDIZIO (Xavier). Modification d'un administrateur : ARDIZIO (Stéphanie, Catherine, Marie).
	02/09/2007	Bodacc B	Modifications et mutations diverses
105 - RCS Grasse B 415 550 227. RC 55-B 22. ARGEVILLE. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : nomination d'un administrateur : CROCHET (Catherine, Thérèse).
	28/06/2007	Bodacc B	Modifications et mutations diverses
82 - RCS Grasse B 415 550 227. RC 55-B 22. ARGEVILLE. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : nomination d'administrateurs : CIFININCO, représentée par HAY (Franck, Olivier) ARDIZIO (Stéphanie, Catherine, Marie).
	15/10/2006	Bodacc C	Avis de dépôt des comptes
513 - RCS Grasse B 415 550 227. RC 55-B 22. ARGEVILLE. Forme: S.A. Adresse du siège social: domaine D Argeville,06560 Valbonne. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	28/02/2006	Bodacc B	Modifications et mutations diverses
0148 - RCS Grasse B 415 550 227. RC 55-B 22. ARGEVILLE. Forme : S.A. Capital : 3 000 000 d'euros. Activité : fabrication et vente de matières premières aromatiques pour la parfumerie. Adresse du siège social : Domaine d'Argeville,, 06560 Commentaires : modification survenue sur le capital (augmentation). Société ayant participé à l'opération de fusion : PARCOM FINANCE HOLDING S.A., RCS 324 415 314, Domaine d'Argeville, 06560 Valbonne, avec effet rétroactif au 1er janvier 2005.
	18/08/2005	Bodacc C	Avis de dépôt des comptes
1057 - RCS Grasse B 415 550 227. RC 55-B 22. ARGEVILLE. Forme: S.A. Adresse du siège social: domaine D Argeville,06560 Valbonne. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	27/10/2004	Bodacc B	Modifications et mutations diverses
RCS Grasse B 415550227 RC 55-B 22 ARGEVILLE. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : nomination d'un administrateur : ARDIZIO (Xavier).
	23/04/2002	Bodacc B	Modifications et mutations diverses
RCS Grasse B 415550227 RC 55-B 22 ARGEVILLE. Forme : S.A. Capital : 3 000 000 d'euros. Commentaires : modification survenue sur le capital (augmentation).
	16/04/2002	Bodacc B	Modifications et mutations diverses
RCS Grasse B 415550227 RC 55-B 22 ARGEVILLE. Forme : S.A. Commentaires : modification survenue sur l' administration. Administration : commissaire aux comptes suppléant partant : SALUSTRO REYDEL S.A. Administrateur partant : FASOLI PRIMO. Nomination d'un commissaire aux comptes suppléant : LASCH (Gérard). Nomination d'un commissaire aux comptes titulaire : ZARKA (Gérard).
	22/03/1996	Bodacc B	Modifications et mutations diverses
RCS *. RCS Grasse B 415 550 227 RC RC 55- B 22 ARGEVILLE. Forme : S.A. Administration : président du conseil d' administration : ARDIZIO (Jean-Jacques, Charles) Administrateurs : ARDIZIO ( Sylviane, Michèle, Marie) CROCHET ( Catherine, Thérèse). Commissaire aux comptes titulaire : GAGNEUX (Jean). Commissaire aux comptes suppléant : SALUSTRO REYDEL S.A. Commentaires : modification survenue sur l' administration.
	11/08/1995	Bodacc B	Modifications et mutations diverses
RCS *. RCS Grasse B 415 550 227 RC RC 55- B 22 ARGEVILLE. Forme : S.A. Administration : président du conseil d' administration : ARDIZIO (Jean-Jacques, Charles) Administrateurs : ARDIZIO ( Sylviane, Michèle, Marie) CROCHET ( Catherine, Thérèse). Commissaire aux comptes titulaire : GAGNEUX (Jean). Commissaire aux comptes suppléant : LA S.A. SOCIETE DE REVISION ET DE CONTROLE COMPTABLE. Commentaires : modification survenue sur l' administration.

Company events history

Date	Description
10/08/2017	Bodacc C : Deposit accounts notice
29/07/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2016	New accounts available
23/08/2016	Bodacc C : Deposit accounts notice
06/08/2016	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2015	New accounts available
24/08/2015	Bodacc C : Deposit accounts notice
11/08/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
26/05/2015	New Filling of Social Security preferential right
31/12/2014	New accounts available
16/11/2014	Bodacc B: Various editing or changing
07/11/2014	Legal Gazette: Resignation / Revocation of the social representative
06/11/2014	Changes to the Board of Directors
06/11/2014	Updated articles of association
06/11/2014	New legal form – new category
06/11/2014	New chairman (CEO, CoB)
06/11/2014	Minutes of general meeting of shareholders
13/10/2014	Update of Company Legal Form
13/10/2014	Legal Gazette: Appointment of the social representative
28/08/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
25/08/2014	Bodacc C : Deposit accounts notice
31/12/2013	New accounts available
23/10/2013	Bodacc B: Various editing or changing
15/10/2013	Amendment
15/10/2013	Changes to the Board of Directors
11/10/2013	Legal Gazette: Resignation / Revocation of the social representative
28/08/2013	Bodacc C : Deposit accounts notice
13/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
19/07/2013	Bodacc B: Various editing or changing
11/07/2013	Minutes of general meeting of shareholders
11/07/2013	New auditor
31/12/2012	New accounts available
06/12/2012	Bodacc B: Various editing or changing
30/11/2012	Bodacc B: Various editing or changing
22/11/2012	Changes to the Board of Directors
22/11/2012	New auditor
22/11/2012	Minutes of general meeting of shareholders
19/11/2012	Changes to the Board of Directors
19/11/2012	Minutes of general meeting of shareholders
11/08/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
30/07/2012	Bodacc C : Deposit accounts notice
20/07/2012	Legal Gazette: Resignation / Revocation of the social representative
21/06/2012	Legal Gazette: Appointment of the social representative
31/12/2011	New accounts available
02/08/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
19/12/2010	Bodacc B: Various editing or changing
08/12/2010	Changes to the Board of Directors
08/12/2010	Updated articles of association
08/12/2010	New chairman (CEO, CoB)
08/12/2010	Amendment
08/12/2010	Capital increase
08/12/2010	Minutes of Board meeting
08/12/2010	Minutes of general meeting of shareholders
16/09/2010	Bodacc C : Deposit accounts notice
02/02/2010	Bodacc B: Various editing or changing
08/01/2010	Legal Gazette: Resignation / Revocation of the social representative
31/12/2009	New accounts available
23/09/2009	Bodacc C : Deposit accounts notice
09/09/2009	Collection of preferential rights activated for this company
19/07/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
22/10/2008	New Bodacc B ads detected
22/10/2008	Bodacc B: Various editing or changing
26/08/2008	Bodacc C : Deposit accounts notice
12/08/2008	Bodacc B: Various editing or changing
12/08/2008	New Bodacc B ads detected
01/08/2008	Appointment/resignation of company officers
01/08/2008	Capital increase
01/08/2008	Minutes of general meeting of shareholders
01/08/2008	Minutes of general meeting of shareholders
01/08/2008	New auditor
01/08/2008	New auditor
01/08/2008	Private document
01/08/2008	Reconstitution of net assets
15/07/2008	Private document
15/07/2008	Updated articles of association
15/07/2008	Updated articles of association
15/07/2008	Capital increase
15/07/2008	Capital increase
15/07/2008	Capital reduction
15/07/2008	Capital reduction
15/07/2008	Minutes of general meeting of shareholders
15/07/2008	Minutes of general meeting of shareholders
31/12/2007	New accounts available
10/10/2007	Private document
10/10/2007	Minutes of Board meeting
10/10/2007	Amendment
10/10/2007	Appointment/resignation of company officers
10/10/2007	Changes to the Board of Directors
10/10/2007	Minutes of Board meeting
24/07/2007	Amendment
24/07/2007	Appointment/resignation of company officers
24/07/2007	Changes to the Board of Directors
24/07/2007	Minutes of Board meeting
24/07/2007	Minutes of Board meeting
24/07/2007	Minutes of general meeting of shareholders
24/07/2007	Minutes of general meeting of shareholders
24/07/2007	Private document
24/07/2007	Changes to the Board of Directors
31/05/2007	Updated articles of association
31/05/2007	Private document
31/05/2007	Minutes of general meeting of shareholders
31/05/2007	Minutes of general meeting of shareholders
31/05/2007	Updated articles of association
31/05/2007	Capital increase
31/05/2007	Capital increase
31/05/2007	Appointment/resignation of company officers
31/05/2007	Changes to the Board of Directors
31/12/2006	New accounts available
20/01/2006	Capital reduction
20/01/2006	Capital increase
20/01/2006	Declaration of conformity
20/01/2006	Private document
20/01/2006	Minutes of general meeting of shareholders
20/01/2006	Merger
31/12/2005	New accounts available
18/07/2005	Private document
18/07/2005	Merger
18/07/2005	Audit or Management Report
22/06/2005	Planned merger
22/06/2005	Private document
22/06/2005	Merger
25/04/2005	Amendment
25/04/2005	Application and court order
31/12/2004	New accounts available
22/11/2004	Unfiling of a Social Security preferential right
12/10/2004	Appointment/resignation of company officers
12/10/2004	Minutes of general meeting of shareholders
12/10/2004	Private document
12/10/2004	Changes to the Board of Directors
31/12/2003	New accounts available
02/04/2002	Conversion of equity to euro
02/04/2002	Minutes of general meeting of shareholders
02/04/2002	Private document
02/04/2002	Updated articles of association
02/04/2002	Capital increase
18/03/2002	Minutes of general meeting of shareholders
18/03/2002	Appointment/resignation of company officers
18/03/2002	Amendment
18/03/2002	New auditor
18/03/2002	Private document
24/01/1997	Appointment/resignation of company officers
24/01/1997	Changes to the Board of Directors
24/01/1997	Minutes of general meeting of shareholders
24/01/1997	Private document
14/02/1996	Minutes of general meeting of shareholders
14/02/1996	Amendment
16/06/1995	Amendment
16/06/1995	Appointment/resignation of company officers
16/06/1995	Changes to the Board of Directors
16/06/1995	Minutes of Board meeting
16/06/1995	New chairman (CEO, CoB)
11/05/1992	Minutes of Board meeting
11/05/1992	Fund deposit certificate
11/05/1992	Declaration of conformity
11/05/1992	Capital increase
11/05/1992	Updated articles of association
25/03/1992	Minutes of general meeting of shareholders
25/03/1992	Merger
25/03/1992	Declaration of conformity
25/03/1992	Capital reduction
25/03/1992	Capital increase
25/03/1992	Updated articles of association

Establishment events history

Date	Description
05/05/2017	Update of phone numbers
26/03/2017	Update of phone numbers
22/01/2017	Update of phone numbers
20/11/2016	Update of phone numbers
03/08/2016	Update of phone numbers
25/12/2014	Update of phone numbers
13/10/2014	Modification of Head office

Financial

Synthesized Accounts

Annual Accounts

	31/12/2016	31/12/2015	31/12/2014
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	28/07/2017	05/08/2016	10/08/2015
Activity Code	2053Z	2053Z	2053Z
Employees	212	200	193

Active account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Capital not called	0	0%	0	0%	0	0	0%
Total fixed assets	15,351,805	9.9%	13,963,519	12.4%	12,423,632	275,575	5470.8%
Intangible assets	4,014,396	-2.7%	4,124,056	-0.3%	4,135,351	6,652	60248.7%
Tangible assets	8,410,221	6.4%	7,907,996	9.1%	7,251,082	156,148	5286.1%
Financial assets	2,927,184	40.3%	2,086,256	75.0%	1,191,994	6,005	48645.8%
Net current assets	19,933,527	16.5%	17,109,692	7.5%	15,918,693	686,614	2803.2%
Stocks	5,355,700	29.3%	4,143,000	10.9%	3,735,635	128,369	4072.1%
Advanced payments	36,287	82.1%	19,924	-94.8%	383,696	0	0%
Receivables	14,199,571	14.1%	12,441,561	15.3%	10,793,117	245,127	5692.7%
Securities and cash	341,966	-32.3%	505,205	-49.8%	1,006,244	181,080	88.8%
Prepaid expenses	-	-	-	-	-	637	-
Accounts of regularization	67,734	137.3%	28,542	161.3%	10,924	0	0%
Total Assets	35,353,067	13.7%	31,101,753	9.7%	28,353,248	1,180,672	2894.3%

Passive Account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Shareholders' equity	14,942,524	13.7%	13,144,326	23.4%	10,652,251	474,212	3051.0%
Share capital	5,775,000	0%	5,775,000	0%	5,775,000	100,000	5675.0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	86,527	82.8%	47,335	-59.1%	115,713	0	0%
Liabilities	20,182,389	13.0%	17,854,512	2.0%	17,506,932	596,645	3282.6%
Financial liabilities	5,844,832	11.3%	5,250,674	-1.8%	5,344,234	127,184	4495.6%
Advanced payments received	359,704	-46.0%	665,896	17.1%	568,734	0	0%
Trade account payables	7,133,146	31.6%	5,420,004	0.5%	5,394,966	128,122	5467.5%
Tax and social liabilities	3,653,577	8.8%	3,357,075	8.5%	3,092,854	118,173	2991.7%
Other debts and fixed assets liabilities	3,332,753	3.6%	3,216,439	1.0%	3,184,497	23,044	14362.6%
Account regularization	0	0%	0	0%	0	0	0%
Total liabilities	35,353,067	13.7%	31,101,753	9.7%	28,353,248	1,180,674	2894.3%

Results

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Sales of Goods	54,541,292	4.6%	52,165,797	2.9%	50,720,195	952,014	5629.0%
Net turnover	54,352,592	4.7%	51,921,118	2.8%	50,511,450	942,963	5664.0%
of which net export turnover	46,529,856	2.6%	45,336,311	7.1%	42,322,000	44,620	104180.3%
Operating charges	50,308,343	4.7%	48,044,308	1.9%	47,169,781	1,001,705	4922.3%
Operating profit/loss	4,232,949	2.7%	4,121,489	16.1%	3,550,414	53,126	7867.8%
Financial income	204,819	-52.3%	429,294	77.4%	241,933	1,589	12789.8%
Financial charges	410,432	8.0%	379,917	37.9%	275,415	2,813	14490.5%
Financial profit/loss	-205,613	-516.4%	49,377	247.5%	-33,482	-435	-47167.4%
Pretax net operating income	4,027,335	-3.4%	4,170,866	18.6%	3,516,932	51,448	7728.0%
Extraordinary income	20,500	-86.0%	146,558	-42.5%	254,675	3,500	485.7%
Extraordinary charges	1,113,538	92.7%	577,890	-9.8%	640,857	1,329	83687.7%
Extraordinary profit/loss	-1,093,038	-153.4%	-431,331	-11.7%	-386,182	0	0%
Net result	1,877,533	-27.5%	2,587,987	28.3%	2,016,877	46,237	3960.7%

Accounts - Active

Normal Account

	31/12/2016	31/12/2015	31/12/2014
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Grand Total (I to VI)	Net	35,353,067	13.7%	31,101,753	9.7%	28,353,248
Gross	CO	44,851,899	14.7%	39,116,474	10.9%	35,257,502
Amortisation	1A	9,498,832	18.5%	8,014,720	16.1%	6,904,254

Non declared distributed capital (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Non declared distributed capital (I)	AA3	0	0%	0	0%	0
Gross	AA	0	0%	0	0%	0

Active fixed asset (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Active fixed asset (II)	Net	15,351,805	9.9%	13,963,519	12.4%	12,423,632
Gross	BJ	24,419,085	13.5%	21,520,368	13.2%	19,013,563
Amortisation	BK	9,067,279	20.0%	7,556,848	14.7%	6,589,931

Intangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Start-up cost	Net	0	0%	154,793	0.0%	154,794
Gross	AB	0	0%	154,793	0.0%	154,794
Amortisation	AC	0	0%	154,793	0.0%	154,794
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	52,465	615.6%	7,332	-60.6%	18,625
Gross	AF	492,577	13.9%	432,594	2.8%	421,014
Amortisation	AG	440,112	3.5%	425,261	5.7%	402,389
Goodwill	Net	3,961,931	0%	3,961,931	0.0%	3,961,932
Gross	AH	3,961,931	0%	3,961,931	0.0%	3,961,932
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	4,014,396	-2.7%	4,124,056	-0.3%	4,135,351

Tangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Lands	Net	630,723	1.1%	624,070	-6.0%	663,935
Gross	AN	1,094,893	9.2%	1,002,987	4.0%	964,288
Amortisation	AO	464,170	22.5%	378,917	26.2%	300,353
Buildings	Net	4,597,182	-1.1%	4,647,830	-2.4%	4,763,489
Gross	AP	8,468,485	5.7%	8,013,070	4.5%	7,670,396
Amortisation	AQ	3,871,303	15.0%	3,365,239	15.8%	2,906,907
Plant	Net	1,198,764	8.6%	1,103,603	10.1%	1,001,927
Gross	AR	3,261,524	14.2%	2,855,572	15.8%	2,466,368
Amortisation	AS	2,062,759	17.7%	1,751,968	19.6%	1,464,441
Other tangible fixed assets	Net	485,179	-7.2%	522,710	10.7%	472,050
Gross	AT	2,114,113	5.5%	2,003,377	9.3%	1,833,097
Amortisation	AU	1,628,934	10.0%	1,480,667	8.8%	1,361,047
Fixed assets in construction	Net	1,498,373	48.4%	1,009,783	188.8%	349,681
Gross	AV	1,498,373	48.4%	1,009,783	188.8%	349,681
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	8,410,221	6.4%	7,907,996	9.1%	7,251,082

Financial assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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	627,322	-7.4%	677,322	182.3%	239,922
Gross	CU	627,322	-7.4%	677,322	182.3%	239,922
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	1,073,906	-19.8%	1,339,536	51.5%	884,352
Gross	BB	1,673,906	25.0%	1,339,536	51.5%	884,352
Amortisation	BC	600,000	0%	0	0%	0
Other investment securities	Net	50,030	0%	0	0%	0
Gross	BD	50,030	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	1,175,926	1594.5%	69,398	2.5%	67,720
Gross	BH	1,175,926	1594.5%	69,398	2.5%	67,720
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	2,927,184	40.3%	2,086,256	75.0%	1,191,994

Current Assets (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Current Assets	Net	19,933,527	16.5%	17,109,692	7.5%	15,918,693
Gross	CJ	20,365,080	15.9%	17,567,564	8.2%	16,233,016
Amortisation	CK	431,552	-5.7%	457,872	45.7%	314,323

Stocks

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Raw materials	Net	5,355,700	29.3%	4,143,000	10.9%	3,735,635
Gross	BL	5,355,700	29.3%	4,143,000	10.9%	3,735,635
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	0	0%	0	0%	0
Gross	BT	0	0%	0	0%	0
Amortisation	BU	0	0%	0	0%	0
Sub Total Stocks	Net	5,355,700	29.3%	4,143,000	10.9%	3,735,635

Advance payments to suppliers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Advance payments to suppliers	Net	36,287	82.1%	19,924	-94.8%	383,696
Gross	BV	36,287	82.1%	19,924	-94.8%	383,696
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Trade accounts receivable	Net	13,523,302	15.9%	11,672,360	10.4%	10,568,997
Gross	BX	13,954,855	15.0%	12,130,232	11.5%	10,883,319
Amortisation	BY	431,552	-5.7%	457,872	45.7%	314,323
Other debtors	Net	676,269	-12.1%	769,201	243.2%	224,120
Gross	BZ	676,269	-12.1%	769,201	243.2%	224,120
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	14,199,571	14.1%	12,441,561	15.3%	10,793,117

Divers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Investment securities	Net	5,108	0%	5,108	0.9%	5,063
Gross	CD	5,108	0%	5,108	0.9%	5,063
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	336,858	-32.6%	500,097	-50.0%	1,001,181
Gross	CF	336,858	-32.6%	500,097	-50.0%	1,001,181
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	341,966	-32.3%	505,205	-49.8%	1,006,244

Prepaid expenses

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid expenses	Net	0	0%	0	0%	0
Gross	CH	0	0%	0	0%	0
Amortisation	CI	0	0%	0	0%	0

Equalization accounts (IV to VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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	67,734	137.3%	28,542	161.3%	10,924
Gross		67,734	137.3%	28,542	161.3%	10,924

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Grand Total (I to V)	EE	35,353,067	13.7%	31,101,753	9.7%	28,353,248

Shareholder Equity (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total shareholders' equity (Total I)	DL	14,942,524	13.7%	13,144,326	23.4%	10,652,251
Equity and shareholders' equity	DA	5,775,000	0%	5,775,000	0%	5,775,000
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	389,764	49.7%	260,364	63.2%	159,520
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	5,578,771	50.6%	3,704,187	56.2%	2,372,158
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	0	0%	0	0%	0
Profit or loss for the period	DI	1,877,533	-27.5%	2,587,987	28.3%	2,016,877
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	1,321,456	61.8%	816,787	148.5%	328,695

Other capital resources (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total provisions for risks and charges (Total III)	DR	86,527	82.8%	47,335	-59.1%	115,713
Risk provisions	DP	86,527	82.8%	47,335	-59.1%	115,713
Reserves for charges	DQ	0	0%	0	0%	0

Liabilities (IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Liabilities (Total IV)	EC	20,182,389	13.0%	17,854,512	2.0%	17,506,932
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	4,817,284	7.5%	4,481,034	-16.2%	5,344,234
Sundry loans and financial liabilities	DV	1,027,548	33.5%	769,640	0%	0
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	359,704	-46.0%	665,896	17.1%	568,734
Trade accounts payables	DX	7,133,146	31.6%	5,420,004	0.5%	5,394,966
Tax and social security liabilities	DY	3,653,577	8.8%	3,357,075	8.5%	3,092,854
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	3,191,128	1.0%	3,160,860	1.8%	3,106,144

Translation loss (V)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Translation loss (Total V)	ED	141,625	154.8%	55,579	-29.1%	78,353

Equalization accounts

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Deferred income	EB	0	0%	0	0%	0

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	17,030,231	12.3%	15,159,468	3.6%	14,637,025
Of which current bank facilities	EH	3,454,804	26.6%	2,729,904	-16.3%	3,262,279

Result account

1 - Operating result (I-II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating result (Total I-II)	GG	4,232,949	2.7%	4,121,489	16.1%	3,550,414

2 - Financial result (V-VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Financial result (Total V-VI)	GV	-205,613	-516.4%	49,377	247.5%	-33,482

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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW	4,027,335	-3.4%	4,170,866	18.6%	3,516,932

4 - Extraordinary result (VII-VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Extraordinary result (Total VII-VIII)	HI	-1,093,038	-153.4%	-431,331	-11.7%	-386,182

Profit or loss

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Profit or loss	HN	1,877,533	-27.5%	2,587,987	28.3%	2,016,877

Total Income (I+III+V+VII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Income (Total I+III+V+VII)	HL	54,766,612	3.8%	52,741,651	3.0%	51,216,803

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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Charges (Total II+IV+VI+VIII+IX+X)	HM	52,889,078	5.5%	50,153,663	1.9%	49,199,925

Operating income (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating income (Total I)	FR	54,541,292	4.6%	52,165,797	2.9%	50,720,195

Operating income (details)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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	53,808,060	4.6%	51,454,051	2.7%	50,086,471
France	FD	7,776,336	19.4%	6,510,653	-19.7%	8,108,616
Export	FE	46,031,723	2.4%	44,943,398	7.1%	41,977,856
Sale of services	FI	544,532	16.6%	467,066	9.9%	424,979
France	FG	46,399	-37.4%	74,153	-8.3%	80,834
Export	FH	498,133	26.8%	392,913	14.2%	344,144
Net turnover	FL	54,352,592	4.7%	51,921,118	2.8%	50,511,450
France	FJ	7,822,735	18.8%	6,584,806	-19.6%	8,189,450
Export	FK	46,529,856	2.6%	45,336,311	7.1%	42,322,000
Stocked production	FM	0	0%	0	0%	-21,312
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	6,399	0%	0	0%	27,145
Release of reserves and provisions	FP	172,846	-27.6%	238,776	23.6%	193,196
Other income	FQ	9,453	60.2%	5,902	-39.3%	9,716

Operating charges (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating charges (Total II)	GF	50,308,343	4.7%	48,044,308	1.9%	47,169,781

Exploitation charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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	22,416,664	6.9%	20,963,253	1.0%	20,751,120
Change in stocks of raw materials	FV	-1,212,700	-197.7%	-407,364	-107.5%	-196,335
Other external purchases and charges	FW	13,914,973	9.8%	12,669,795	6.9%	11,853,612
Tax, duty and similar payments	FX	745,742	-7.3%	804,868	-2.6%	826,136
Payroll	FY	8,919,468	3.8%	8,591,625	4.2%	8,246,385
Social security costs	FZ	4,417,443	3.0%	4,290,625	7.0%	4,010,726

Depreciation

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Depreciation of fixed assets	GA	1,065,225	9.0%	977,165	-30.5%	1,406,198
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	0	0%	143,549	-34.3%	218,363
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Other charges	GE	41,524	284.8%	10,790	-79.9%	53,576

Operating charges (III-IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total financial income (Total V)	GP	204,819	-52.3%	429,294	77.4%	241,933
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	170	188.1%	59	-11.9%	67
Released provisions and transferred charges	GM	28,542	161.3%	10,923	-64.0%	30,305
Exchange gains	GN	176,107	-57.9%	418,311	97.7%	211,560
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial charge (VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total financial charge (Total VI)	GU	410,432	8.0%	379,917	37.9%	275,415
Financial reserves and provisions	GQ	67,734	137.3%	28,542	161.3%	10,924
Interest and similar charges	GR	188,093	-1.6%	191,121	-5.0%	201,149
Exchange losses	GS	154,604	-3.5%	160,254	153.0%	63,342
Net loss from disposal of investment securities	GT	0	0%	0	0%	0

Extraordinary income (VII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary income (Total VII)	HD	20,500	-86.0%	146,558	-42.5%	254,675
Extraordinary operating income	HA	20,500	698.0%	2,569	-96.2%	67,385
Extraordinary income from capital transactions	HB	0	0%	39,200	3919900.0%	1
Released provisions and transferred charges	HC	0	0%	104,789	-44.0%	187,289

Extraordinary charges (VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary charges (Total VIII)	HH	1,113,538	92.7%	577,890	-9.8%	640,857
Extraordinary operating charges	HE	8,869	-86.6%	66,403	-68.0%	207,373
Extraordinary charges from capital transactions	HF	0	0%	4,602	0%	0
Extraordinary reserves and provisions	HG	1,104,669	117.9%	506,885	16.9%	433,484

Employee profit sharing (IX)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Employee profit sharing (Total IX)	HJ	324,177	-8.4%	354,017	4.6%	338,297

Tax on profits (X)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Tax on profits (Total X)	HK	732,587	-8.1%	797,530	2.8%	775,576

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which equipment leases	HP	245,833	-28.7%	344,892	12.1%	307,651
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	146,526	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)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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%	20,986	-34.4%	31,982
Decreasess by transfers	OK2	2,039,207	411.4%	398,779	-69.7%	1,317,189
Gross value at the end of period	OL	24,419,080	13.5%	21,520,368	13.2%	19,013,563

Research and development Charge (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	CZ	154,793	0.0%	154,794	-84.8%	1,016,970
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	154,793	0%	0	0%	862,176
Gross value at the end of period	DO	0	0%	154,794	0%	154,794

Other budget item from Intangible fixed assets (Total II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	KD	4,394,529	0.3%	4,382,946	1.0%	4,340,721
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	59,983	418.0%	11,580	-72.6%	42,225
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	4,454,512	1.4%	4,394,526	0.3%	4,382,946

Tangible fixed assets (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LN	14,884,788	12.1%	13,283,830	15.2%	11,528,506
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	1,759,604	7.5%	1,636,799	-8.6%	1,790,529
Decreasess by budget item transfer	NG1	0	0%	20,986	-34.4%	31,982
Decreasess by transfers	NG2	207,009	1294.0%	14,850	360.8%	3,223
Gross value at the end of period	NH	16,437,383	10.4%	14,884,794	12.1%	13,283,828

Financial assets (Total IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LQ	2,086,256	75.0%	1,191,994	48.3%	803,538
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	3,118,334	144.0%	1,278,192	52.1%	840,246
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	1,677,405	336.9%	383,929	-15.0%	451,790
Gross value at the end of period	NK	3,527,185	69.1%	2,086,257	75.0%	1,191,994

Reserve for depreciation

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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Reserve for depreciation value at begin of period	PE	425,261	5.7%	402,389	119.5%	183,345
Increases	PF	14,850	-35.1%	22,873	-89.6%	219,044
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	440,112	3.5%	425,262	5.7%	402,389

Total fixed assets amotisation (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Reserve for depreciation value at begin of period	QU	6,976,790	15.6%	6,032,748	15.2%	5,235,748
Increases	QV	1,050,372	10.1%	954,293	19.3%	800,223
Decreases	QW	0	0%	10,249	218.0%	3,223
Decreasess by budget item transfer	QX	8,027,162	15.1%	6,976,792	15.6%	6,032,748

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Net value at begin of period	SP1	0	0%	0	0%	0
Increases	SP2	154,793	0%	0	0%	862,176
Depreciation of fixed assets during period	SP	0	0%	154,794	0%	154,794
Net value at the end of period	SR	0	0%	0	0%	0

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7C	1,321,994	74.2%	758,730	0%	0
Increases	UB	1,172,403	72.7%	678,976	0%	0
Decreases	UC	54,861	-52.6%	115,713	0%	0
Value at the end of period	UD	2,439,535	84.5%	1,321,994	0%	0

Includes Total allocations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UE	0	0%	143,549	0%	0
Financial	UG	67,734	137.3%	28,542	0%	0
Exceptional	UJ	1,104,669	117.9%	506,885	0%	0

Includes Total Withdrawal

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UF	26,319	0%	0	0%	0
Financial	UH	28,541	161.3%	10,924	0%	0
Exceptional	UK	0	0%	104,789	0%	0

Total regulated provisions (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	3Z	816,787	148.5%	328,695	0%	0
Increases	TS	504,669	3.4%	488,092	0%	0
Decreases	TT	0	0%	0	0%	0
Value at the end of period	TU	1,321,456	61.8%	816,787	0%	0

Total risk and charge provisions (Total II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	5Z	47,335	-59.1%	115,713	0%	0
Increases	TV	67,734	43.1%	47,335	0%	0
Decreases	TW	28,542	-75.3%	115,713	0%	0
Value at the end of period	TX	86,527	82.8%	47,335	0%	0

Total Provision for depreciation (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7B	457,872	45.7%	314,323	0%	0
Increases	TY	600,000	318.0%	143,549	0%	0
Decreases	TZ	26,319	0%	0	0%	0
Value at the end of period	UA	1,031,552	125.3%	457,872	0%	0

State deadlines claims and debts at the end of period

State claims

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value	VT	17,480,956	22.2%	14,308,368	18.6%	12,059,512
1 year at most	VU	14,761,390	3.2%	14,308,368	18.6%	12,059,512
More than one year	VV	2,719,566	0%	0	0%	0

State of loans

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Claims related to holdings (gross)	UL	1,673,906	25.0%	1,339,536	51.5%	884,352
Claims related to shareholdings (1 year at most)	UM	2,793	-99.8%	1,339,536	51.5%	884,352
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	1,175,926	1594.5%	69,398	2.5%	67,720
Other financial assets (1 year at most)	UV	736,000	960.5%	69,398	2.5%	67,720

Receivables statement of assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Customers doubtful or disputed	VA	608,527	-4.1%	634,847	0%	634,847
Other claims customer	UX	13,346,328	16.1%	11,495,386	12.2%	10,248,473
Receivables represent Loaned Securities	UU	0	0%	0	0%	0
Provision for depreciation previously established	UQ	0	0%	0	0%	0
Personnel and associated accounts	UY	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	228,688	27.2%	179,854	0%	0
Value added tax	VB	374,584	-26.3%	508,093	0%	0
Other taxes and payments assimilated	VN	0	0%	0	0%	145,575
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	72,997	-10.2%	81,254	3.4%	78,545

Prepaid

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid	VS	0	0%	0	0%	0

State Debt

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total debt (gross)	VY	19,822,678	15.3%	17,188,617	1.5%	16,938,198
1 year at most	VZ2	17,030,226	12.3%	15,159,469	3.6%	14,637,024
More than 1 year and 5 years at most	VZ3	2,412,276	66.3%	1,450,692	-7.4%	1,566,723
More than 5 years	VZ4	380,176	-34.3%	578,456	-21.2%	734,451

Details

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Convertible bonds (gross)	7Y1	0	0%	0	0%	0
1 year at most	7Y2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Y3	0	0%	0	0%	0
Other bonds (gross)	7Z1	0	0%	0	0%	0
1 year at most	7Z2	0	0%	0	0%	0
More than 1 year and 5 years at most	7Z3	0	0%	0	0%	0
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	3,454,804	26.6%	2,729,905	-16.3%	3,262,279
1 year at most	VG2	3,454,804	26.6%	2,729,905	-16.3%	3,262,279
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	1,362,479	-22.2%	1,751,130	-15.9%	2,081,955
1 year at most	VH2	309,985	-24.3%	409,474	-4.2%	427,490
More than 1 year and 5 years at most	VH3	996,495	-10.8%	1,117,217	-11.2%	1,258,311
Loans and various financial liabilities (gross)	8A1	8,351	0%	8,351	0%	0
1 year at most	8A2	8,351	0%	8,351	0%	0
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	7,133,146	31.6%	5,420,005	0.5%	5,394,966
1 year at most	8B2	7,133,146	31.6%	5,420,005	0.5%	5,394,966
More than 1 year and 5 years at most	8B3	7,133,146	31.6%	5,420,005	0.5%	5,394,966
Personnel and associated accounts (gross)	8C1	1,854,592	6.5%	1,741,660	7.4%	1,621,277
1 year at most	8C2	1,098,234	4.2%	1,054,168	8.2%	974,568
More than 1 year and 5 years at most	8C3	432,181	29.6%	333,475	8.1%	308,412
Social Security and other social organizations (gross)	8D1	1,132,477	14.0%	993,743	30.7%	760,437
1 year at most	8D2	1,132,477	14.0%	993,743	30.7%	760,437
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	0	0%	20,500	0%	0
1 year at most	8E2	0	0%	20,500	0%	0
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	10,669	0%	0	0%	11
1 year at most	VW2	10,669	0%	0	0%	11
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	655,836	9.1%	601,173	-15.5%	711,129
1 year at most	VQ2	655,836	9.1%	601,173	-15.5%	711,129
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	1,019,196	33.9%	761,290	0%	0
1 year at most	VI2	35,596	-95.3%	761,290	0%	0
More than 1 year and 5 years at most	VI3	983,600	0%	0	0%	0
More than 5 years	V14	0	0%	0	0%	0
Other liabilities (gross)	8K1	3,191,128	1.0%	3,160,860	1.8%	3,106,144
1 year at most	8K2	3,191,128	1.0%	3,160,860	1.8%	3,106,144
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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Loans made during the period	VJ	0	0%	0	0%	679,570
Debt repaid during the period	VK	0	0%	0	0%	398,591

Table allocation results and other information

Dividends distributed

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Dividends	ZE	0	0%	0	0%	0

Commitments

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
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

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Average number of employees	YP	212	6.0%	200	3.6%	193

Groups and Shareholders

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Groups and Shareholders	ZR	0	-	-	-	-

Ratios

Synthetic financial performance indicators

31/12/2016

31/12/2015

31/12/2014

Score

Situation

Score

Situation

Score

Situation

Hide AFDCC 2

3.08

Healthy +

3.52

Healthy +

3.66

Healthy +

Description

The AFDCC 2 score uses sectors of activity and company sizes for companies with a turnover of 150 000 to 75 million euros. This calculation allows a classification of the companies in three levels:
-	Healthy: the higher the score value is, the more the company is healthy.
-	Undetermined: it’s impossible to determine the situation.
-	Fragility/Failure: the lower the score value is, the more the company is in danger.
The status are completed which “+/-“ signs.

Hide Conan & Holder

0.10

30%

0.10

30%

0.10

30%

Description

The Conan and Holder (1979) is a recommended method for industrial companies with a turnover of 150 000 to 75 million euros. It is based only on a balance sheet. This calculation allows a classification of the most perilous situation (Score lower than 0.002) to the healthiest situation (score greater than 0.16):
-	Healthy situation: companies which maintain or develop their activity level.
-	Situation to monitor: companies which has to follow remedial measures or find a new strategy.
-	Perilous situation: companies which could have important cash difficulties and have a failure risk.

Hide Altman

-

-

-

-

-

-

Description

The Altman score is a method based only on a complete balance sheet, this calculation allows a classification of the companies in three levels:
-	Good shape: companies which have a low risk (with a score value higher than 2.99).
-	Warning signs: companies which should be approached with caution and with a high risk in the next two years for bankruptcy (with a score value between 2.99 and 1.81).
-	Bankruptcy: companies which are in immediate risk (with a score value lower than 1.81).

Structure and Liquidity

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Fixed Asset Financing	1.08	0%	1.08	5.9%	1.02	1.67	-35.3%
Global Debt	134 days	8.1%	124 days	-0.8%	125 days	127 days	5.5%
Working Capital Fund overall net	14 days	16.7%	12 days	300.0%	3 days	131 days	-89.3%
Financial independence	255.65 %	3.3%	247.39 %	25.9%	196.43 %	255.09 %	0.2%
Solvability	42.27 %	0.0%	42.26 %	12.5%	37.57 %	51.45 %	-17.8%
Capacity debt futures	396.90 %	-5.2%	418.69 %	45.0%	288.70 %	1,751.78 %	-77.3%
Coverage of current assets by net working capital overall	10.15 %	2.0%	9.95 %	278.3%	2.63 %	61.36 %	-83.5%
General Liquidity	0.87	-7.4%	0.94	14.6%	0.82	0.84	3.6%
Restricted Liquidity	0.89	-9.2%	0.98	10.1%	0.89	1.37	-35.0%

Management or rotation

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Need background in operating working capital	51 days	15.9%	44 days	10.0%	40 days	65 days	-21.5%
Treasury	-21 days	-40.0%	-15 days	6.3%	-16 days	36 days	-158.3%
Inventory turnover of goods	-	-	-	-	-	69 days	-
Average length of credit granted to customers	92 days	9.5%	84 days	7.7%	78 days	62 days	48.4%
Average length of credit obtained suppliers	73 days	23.7%	59 days	-1.7%	60 days	58 days	27.0%
Inventory turnover of raw materials in industrial enterprises	86 days	21.1%	71 days	9.2%	65 days	92 days	-6.5%
Inventory turnover of intermediate and finished products in the industrial enterprise	331 days	-5.2%	349 days	-8.2%	380 days	303 days	9.2%
Rotation tangible assets	330.66 %	-5.2%	348.82 %	-8.3%	380.25 %	263.34 %	25.6%

Profitability of the business

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Margin trading	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Profitability of the business	9.49 %	-1.7%	9.65 %	-3.0%	9.95 %	9.33 %	1.7%
Net profit	3.45 %	-30.7%	4.98 %	24.8%	3.99 %	4.97 %	-30.6%
Growth rate of turnover (excluding VAT)	4.68 %	67.7%	2.79 %	-77.9%	12.65 %	6.34 %	-26.2%
Rates integration	35.39 %	-1.7%	36.01 %	0.6%	35.80 %	33.63 %	5.2%
Rate leasing furniture	0.45 %	-31.8%	0.66 %	8.2%	0.61 %	0.00 %	0%
Work Factor	69.34 %	0.6%	68.91 %	1.7%	67.79 %	56.08 %	23.6%
Weight interests	0.76 %	4.1%	0.73 %	32.7%	0.55 %	0.28 %	171.4%

Return on capital

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Cash flow from the overall profitability	7.47 %	-1.8%	7.61 %	-0.7%	7.66 %	8.45 %	-11.6%
Rates of economic profitability	25.00 %	-7.4%	27.00 %	-12.9%	31.00 %	15.00 %	66.7%
Financial profitability	14,942,524.00 %	13.7%	13,144,326.00 %	23.4%	10,652,251.00 %	438,288.00 %	3309.3%
Return on investment	11.01 %	-31.7%	16.13 %	12.6%	14.33 %	9.31 %	18.3%

Management intermediate balances

	31/12/2016	Variation	31/12/2015		Variation		31/12/2014		Sector Median 2016
Turnover	54,352,592	4.7%	51,921,118		2.8%		50,511,450		942,963	5664.0%
		31/12/2016	Variation	31/12/2015		Variation		31/12/2014	Sector Median 2016
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 €	0 €	0%
		0.00 % CA	0%	0.00 % CA		0%		0.00 % CA	0.02 % CA	0%

		31/12/2016		Variation		31/12/2015	Variation	31/12/2014	Sector Median 2016
Sale of goods produced		54,352,592		4.7%		51,921,117	2.8%	50,511,450		-
+/- Stocked production		0		0%		0	0%	-21,312		-
+ Self-constructed assets		0		0%		0	0%	0		-
Period production		54,352,592 €		4.7%		51,921,117 €	2.8%	50,490,138 €	608,496 €	8832.3%
		100.00 % CA		0%		100.00 % CA	0.0%	99.96 % CA	99.75 % CA	0.3%
	31/12/2016		Variation		31/12/2015		Variation	31/12/2014	Sector Median 2016
Trading margin	0		0%		0		0%	0	0	0%
+ Period Production	54,352,592		4.7%		51,921,117		2.8%	50,490,138	608,496	8832.3%
- Purchase of raw materials	22,416,664		6.9%		20,963,253		1.0%	20,751,120		-
+/- Change in stocks of raw materiels	-1,212,700		-197.7%		-407,364		-107.5%	-196,335		-
- Other external purchases and charges	13,914,973		9.8%		12,669,795		6.9%	11,853,612		-
Added value	19,233,655 €		2.9%		18,695,433 €		3.4%	18,081,741 €	291,031 €	6508.8%
	35.39 % CA		-1.7%		36.01 % CA		0.6%	35.80 % CA	33.63 % CA	5.2%

	31/12/2016	Variation		31/12/2015		Variation		31/12/2014		Sector Median 2016
Added value	19,233,655 €	2.9%		18,695,433 €		3.4%		18,081,741 €		291,031 €	6508.8%
+ Operating grants	6,399	0%		0		0%		27,145			-
- Tax, duty and similar payments	745,742	-7.3%		804,868		-2.6%		826,136			-
- Personal charges	13,336,911	3.5%		12,882,250		5.1%		12,257,111			-
Gross operating surplus	5,157,401 €	3.0%		5,008,315 €		-0.3%		5,025,639 €		92,200 €	5493.7%
	9.49 % CA	-1.7%		9.65 % CA		-3.0%		9.95 % CA		9.33 % CA	1.7%
		31/12/2016	Variation		31/12/2015		Variation		31/12/2014	Sector Median 2016
Gross operating surplus		5,157,401 €	3.0%		5,008,315 €		-0.3%		5,025,639 €	92,200 €	5493.7%
+ Release of reserves and provisions		172,846	-27.6%		238,776		23.6%		193,196		-
+ Other operating income		9,453	60.2%		5,902		-39.3%		9,716		-
- Depreciation/ Amortisation		1,065,225	-5.0%		1,120,714		-31.0%		1,624,561		-
- Other charges		41,524	284.8%		10,790		-79.9%		53,576		-
Operating result		4,232,951 €	2.7%		4,121,489 €		16.1%		3,550,414 €	51,895 €	8056.8%
		7.79 % CA	-1.9%		7.94 % CA		12.9%		7.03 % CA	5.34 % CA	45.9%

	31/12/2016	Variation		31/12/2015		Variation		31/12/2014		Sector Median 2016
Operating result	4,232,951 €	2.7%		4,121,489 €		16.1%		3,550,414 €		51,895 €		8056.8%
+/- Result of joint-venture transferred from/to other partners	0	0%		0		0%		0				-
+ Financial income	204,819	-52.3%		429,294		77.4%		241,933				-
- Financial charges	410,432	8.0%		379,917		37.9%		275,415				-
Pre-tax result	4,027,338 €	-3.4%		4,170,866 €		18.6%		3,516,932 €		45,094 €		8831.0%
	7.41 % CA	-7.7%		8.03 % CA		15.4%		6.96 % CA		5.58 % CA		32.8%
		31/12/2016	Variation		31/12/2015		Variation		31/12/2014		Sector Median 2016
Extraordinary income		20,500	-86.0%		146,558		-42.5%		254,675		3,500	485.7%
- Extraordinary charges		1,113,538	92.7%		577,890		-9.8%		640,857			-
Extraordinary result		-1,093,038 €	-153.4%		-431,332 €		-11.7%		-386,182 €		0 €	0%
		-2.01 % CA	-142.2%		-0.83 % CA		-9.2%		-0.76 % CA		0.00 % CA	0%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Pre-tax result	4,027,338 €	-3.4%	4,170,866 €	18.6%	3,516,932 €	45,094 €	8831.0%
Extraordinary result	-1,093,038 €	-153.4%	-431,332 €	-11.7%	-386,182 €	0 €	0%
- Employee profit sharing	324,177	-8.4%	354,017	4.6%	338,297		-
- Tax on profits	732,587	-8.1%	797,530	2.8%	775,576		-
Net result	1,877,536 €	-27.5%	2,587,987 €	28.3%	2,016,877 €	46,218 €	3962.3%
	3.45 % CA	-30.7%	4.98 % CA	24.8%	3.99 % CA	5.00 % CA	-31.0%

Key Performance Indicators

Find below a comparison of the company based on the industry code (primary) with other companies from the same industry. The following analysis has been based on the industry code 2053Z - Manufacture of essential oils.

Graphical analysis

	31/12/2016	31/12/2015	31/12/2014
Company Result	54,352,592 €	51,921,118 €	50,511,450 €
Sector Average	11,690,352 €	11,971,344 €	10,965,502 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	1,877,533 €	2,587,987 €	2,016,877 €
Sector Average	1,049,231 €	982,946 €	849,528 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	46,529,856 €	45,336,311 €	42,322,000 €
Sector Average	6,718,794 €	5,734,598 €	5,449,036 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	35,353,067 €	31,101,753 €	28,353,248 €
Sector Average	16,973,807 €	16,731,438 €	15,609,036 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	14,942,524 €	13,144,326 €	10,652,251 €
Sector Average	9,916,837 €	9,673,084 €	9,060,827 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	20,182,389 €	17,854,512 €	17,506,932 €
Sector Average	6,366,180 €	6,584,200 €	6,215,112 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	51 €	44 €	40 €
Sector Average	176 €	157 €	105 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	5,157,401 €	5,008,315 €	5,025,639 €
Sector Average	571,549 €	1,128,924 €	941,097 €

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
Euro	1	INR 80.47

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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