MIRA INFORM REPORT

Report No. :	491666
Report Date :	15.02.2018

IDENTIFICATION DETAILS

Name :	PRECIFORGE S A
Registered Office :	Preciforge S A, 45 Avenue Leo Lagrange, BP 38, 63306 Thiers Cedex
Country :	France
Financials (as on) :	31.12.2016
Date of Incorporation :	January 1971
Legal Form :	Simplified Joint Stock Company with Single Associate
Line of Business :	Forging, Stamping, Powder Metallurgy
No. of Employees :	117

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	Acceptable Risk	Business dealings permissible with moderate 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 (30.06.2017)	Current Rating (30.09.2017)
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 NAME AND ADDRESS

SIRET	775 636 137 00017
Name	PRECIFORGE S A
Acronym	-
Trade name	-
Status	Economically active
Postal Address	PRECIFORGE S A 45 AVENUE LEO LAGRANGE BP 38 63306 THIERS CEDEX FRANCE
Share Capital	5,016,000 Euros
Telephone	04 73 80 05 33
Activity (APE)	Forging, Stamping, Powder Metallurgy (2550A)
Formation Date	01/1971
Deregistration Date	-
Court Registry Number	19 7 1B70007
Registration Court	Clermont-Ferrand (63)
Nationality	France
RCS Registration	RCS Clermont-Ferrand B 775 636 137
EUR VAT Number	FR61775636137
Last account Date	31/12/2016
Incorporiation Date	04/1971
Fax	04 73 80 22 25
Legal form	Simplified Joint Stock Company with Single Associate
Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2016	36,799,450 €	12.16% Turnover	10,582,355 €	2,761,436 €	117 employees
31/12/2015	37,351,024 €	12.61% Turnover	23,282,867 €	3,048,362 €	116 employees
31/12/2014	35,248,249 €	13.32% Turnover	24,175,352 €	3,160,004 €	112 employees

View details

Directors

Current Directors

3

View Details

Ultimate Holding Company

Name	Country	Company Number
FORLAM		443828009
Affiliation links. View Details

Judgment and Preferential

Judgment	No judgement	View details
Preferential Right	No social security and tax office preferential right to date	View details

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	2550A	Activity	Forging, Stamping, Powder Metallurgy
Formation Date	01/1971	Reason for Formation	-
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	45 AVENUE LEO LAGRANGE 63300 THIERS	Department	Puy-de-Dôme (63)
Location Surface	-	District	5
City	THIERS	Status	Economically active
Business Pages FT®	FONDERIES DE METAUX NON FERREUX ET ALLIAGES	Region	-
		Area	30
		Size of Urban Area	-

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
FORLAM	Activities of head offices	7010Z	REAUMONT	38140

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
PRECIFORGE S A	Head Office	2550A	Forging, Stamping, Powder Metallurgy	THIERS	63300

Workforces

Workforce at address	100 to 199 employees	Company workforce	100 to 199 employees
		Workforce account	100 to 199 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 company has 3 directors

The ratio total assets to total liabilities is 2.57

The creditor days are 39.58

The shareholder's equity is 10,582,355 €

The pre-tax profit is 4,066,358 €

The net current assets are 15,075,664 €

The liabilities are 6,744,578 €

The risk provisions are 15,000 €

The return on total assets employed is 23.45

The sales to current assets ratio is 2.44

The total assets are 17,341,933 €

The stock to turnover ratio is 9.82

The net turnover is 36,799,450 €

High risk workforce size

The increase in the gearing percentage over the last two accounting periods is 104 %

Industry comparison

Activity (APE)

Forging, Stamping, Powder Metallurgy (2550A)

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	15/09/2009
Status of Monitoring	No social security and tax office preferential right to date

Preferential rights details and history

Summary of preferential rights

Company monitored since	15/09/2009
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	FORLAM
Direct parent	FORLAM - 100 %
Group – Number of companies	11
Linkages – Number of companies	-
Number of countries	-

Group Structure

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Rating Information

		Name	SIREN	Parts	Last account published
1		FORLAM	443828009	-	31/12/2016
2		PRECIFORGE S A	775636137	100 %	31/12/2016
		ACIERIES DE BONPERTUIS	563620616	100 %	31/12/2016
		PERFOMAT	312147853	50 %	31/12/2016
		ACIERIES ET LAMINOIRS DE RIVES	312138696	100 %	31/12/2016
		ETABLISSEMENTS M.CHEVALIER	957526494	100 %	31/12/2016
		SAFIR DISTRIBUTION	465801082	100 %	31/12/2016
		GANTOIS CLOTURES	531839041	100 %	31/12/2016
		EUROTECHNI	063500730	100 %	30/06/2015
		SCI VAUJOURS	319608816	99 %	-
		GIRARDOT INDUSTRIE	779658517	100 %	31/12/2016
Shareholders
FORLAM	100

Linkages

No Linkages information available for the company.

Shareholder(s)

Name	FORLAM
Name of representative
Manager position	President	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Statutory Auditor

Name	BUREAU D'AUDIT DE BERTRAND
Name of representative
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth
Name	M. PEPIN JEAN-PAUL
Manager position	Deputy auditor	Date of birth	20/06/1967
Place of birth	GRENOBLE
Type	Individual	Name at birth

Previous Directors

View the directors history for this company
If you want to view the directors history, please click on the link view details.

Manager position	Title and name	Date of Birth/Place of Birth
President	ETABLISSEMENTS P. EXPERTON-REVOLLIER	-	View Details
President	M. EXPERTON DU BOIS DE ROMAND THIERRY YVES MARIE JOSEPH	27/01/1951 - VALENCE (26)	View Details
President	M. EXPERTON DU BOIS DE ROMAND THIERRY YVES-MARIE-JOSEPH	27/01/1951 - VALENCE (26)	View Details
President	M. EXPERTON DU BOIS DE ROMAND THIERRY	27/01/1951 - VALENCE	View Details
President	EXPERTON DU BOIS ROMAND THIERRY	27/01/1951 - VALENCE	View Details
Administrator	ETABLISSEMENTS P EXPERTON REVOLLIER	-	View Details
Deputy auditor	M. PEPIN JEAN-PAUL	20/06/1967 - GRENOBLE (38)	View Details

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	29/09/2017	Bodacc B	Modification et mutation diverse
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 1726 - 775 636 137 RCS Clermont-Ferrand. PRECIFORGE. Forme : Société par actions simplifiée. Administration : Président : FORLAM (SACA) ; Commissaire aux comptes titulaire : BUREAU D'AUDIT DE BERTRAND (SARL) ; Commissaire aux comptes suppléant : PEPIN Jean-Paul. Activité : . Commentaires : Modification survenue sur l'administration.
Hide	15/09/2017	JAL	Appointment of the social representative
Le Semeur hebdo Date de décision : 01/09/2017 Nominé : 443828009 - FORLAM, 100 ROUTE DU PRE IZARD, 38140 REAUMONT En la fonction de : Président
Hide	16/08/2017	Bodacc C	Comptes annuels et rapports
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 4562 - 775636137 RCS. PRECIFORGE. Forme : Société par actions simplifiée. Adresse : 45 avenue Léo Lagrange 63300 Thiers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2016.
Hide	22/08/2016	Bodacc C	Comptes annuels et rapports
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 7609 - 775636137 RCS. PRECIFORGE. Forme : Société par actions simplifiée. Adresse : 45 avenue Léo Lagrange 63300 Thiers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2015.
Hide	28/04/2016	Bodacc B	Modification et mutation diverse
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 900 - 775 636 137 RCS Clermont-Ferrand. PRECIFORGE. Forme : Société par actions simplifiée. Administration : Président : ETABLISSEMENTS P. EXPERTON-REVOLLIER (SACA) Commissaire aux comptes titulaire : BUREAU D'AUDIT DE BERTRAND (SARL) Commissaire aux comptes suppléant : PEPIN Jean-Paul. Activité : . Commentaires : Modification survenue sur l'administration.
Hide	15/04/2016	JAL	Appointment of the social representative
Le Semeur hebdo Date de décision : 23/03/2016 Société faisant l'objet d'une nomination : 775636137 - PRECIFORGE S A, 45 AV LEO LAGRANGE, 63300 THIERS Nominé : Non renseignée ETS P. EXPERTON-REVOLLIER En la fonction de : Président
Hide	15/04/2016	JAL	Resignation / Revocation of the social representative
Le Semeur hebdo Date de décision : 23/03/2016 La société 775636137 - PRECIFORGE S A, 45 AV LEO LAGRANGE, 63300 THIERS Fait l'objet du départ de Monsieur Thierry EXPERTON DU BOIS DE ROMAND
Hide	04/08/2015	Bodacc C	Comptes annuels et rapports
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 6164 - 775636137 RCS. PRECIFORGE. Forme : Société par actions simplifiée. Adresse : 45 avenue Léo Lagrange 63300 Thiers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
Hide	01/08/2014	Bodacc C	Comptes annuels et rapports
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 10218 - 775636137 RCS. PRECIFORGE. Forme : Société par actions simplifiée. Adresse : 45 avenue Léo Lagrange 63300 Thiers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
Hide	17/09/2013	Bodacc C	Comptes annuels et rapports
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 9531 - 775636137 RCS. PRECIFORGE. Forme : Société par actions simplifiée. Adresse : 45 avenue Léo Lagrange 63300 Thiers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
Hide	27/07/2012	Bodacc C	Comptes annuels et rapports
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 9105 - 775636137 RCS. PRECIFORGE. Forme : Société par actions simplifiée. Adresse : 45 avenue Léo Lagrange 63300 Thiers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	10/08/2011	Bodacc B	Modification et mutation diverse
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 2278 - 775 636 137 RCS Clermont-Ferrand. PRECIFORGE. Forme : Société par actions simplifiée. Capital : 5016000 EUR. Activité : . Commentaires : Modification survenue sur le capital.
Hide	23/06/2011	JAL	Modification of the share capital
Annonceur légal d'Auvergne et du Centre (L') Date de décision : 17/06/2011 La société : 775636137 - PRECIFORGE S A, PRECIFORGE, 45 AV LEO LAGRANGE, 63300 THIERS a subi une augmentation de son capital social désormais de 5 016 000 € Date d'effet : 17/06/2011
Hide	04/09/2010	Bodacc C	Comptes annuels et rapports
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 4446 - 775636137 RCS. PRECIFORGE. Forme : Société par actions simplifiée. Adresse : 45 avenue Léo Lagrange 63300 Thiers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	02/10/2009	Bodacc C	Comptes annuels et rapports
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE CLERMONT-FERRAND 6593 - 775636137 RCS. PRECIFORGE. Forme : Société par actions simplifiée. Adresse : 45 avenue Léo Lagrange 63300 Thiers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	31/08/2008	Bodacc C	Comptes annuels et rapports
63 - PUY-DE-DOME GREFFE DU TRIBUNAL DE COMMERCE DE THIERS 7956 - 775636137 RCS. PRECIFORGE. Forme : Société par actions simplifiée. Adresse : 45 avenue Léo Lagrange 63300 Thiers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	15/10/2007	Bodacc C	Avis de dépôt des comptes
3169 - 775 636 137. RCS Thiers PRECIFORGE. Forme: Société par actions simplifiée. Adresse du siège social: 45 avenue Léo Lagrange 63300 Thiers. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
Hide	28/08/2007	Bodacc B	Modifications et mutations diverses
866 - RCS Thiers B 775 636 137. RC 71-B 7. PRECIFORGE. Forme : S.A.S. Nom commercial : Préciforge. Adresse du siège social : 45 avenue Léo-Lagrange,, 63300 Commentaires : modification survenue sur l'administration. Administration : président : EXPERTON DU BOIS DE ROMAND (Thierry, Yves, Marie, Joseph) (Nom d'usage : EXPERTON DU BOIS DE ROMAND). Commissaire aux comptes titulaire : BUREAU D'AUDIT DE BERTRAND. Commissaire aux comptes suppléant : OMNIA CONSEILS. Date d'effet : 20 juin 2007.
Hide	04/09/2006	Bodacc C	Avis de dépôt des comptes
2792 - RCS Thiers B 775 636 137. RC 71-B 7. PRECIFORGE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 45, avenue Leo Lagrange,63300 Thiers. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
Hide	28/08/2005	Bodacc C	Avis de dépôt des comptes
4651 - RCS Thiers B 775 636 137. RC 71-B 7. PRECIFORGE. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 45, avenue Leo Lagrange,63300 Thiers. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
Hide	02/08/2002	Bodacc B	Modifications et mutations diverses
RCS Thiers B 775636137 RC 71-B 7 PRECIFORGE. Forme : S.A.S. Capital : 1 520 000 euros Nom commercial: Préciforge. Adresse du siège social : 45 avenue Léo- Lagrange, 63300 Thiers. Commentaires : modification survenue sur la forme juridique et l'administration. Administration : président : EXPERTON DU BOIS DE ROMAND (Thierry, Yves, Marie, Joseph) ( Nom d'usage : EXPERTON DU BOIS DE ROMAND). Commissaire aux comptes titulaire : BUREAU D'AUDIT DE BERTRAND. Commissaire aux comptes suppléant : VEILLET (Marc) ( Nom d' usage : VEILLET). Date d'effet : 26 juin 2002.
Hide	12/08/2001	Bodacc B	Modifications et mutations diverses
RCS Thiers B 775636137 RC 71-B 7 PRECIFORGE. Forme : S.A. Capital : 1 520 000 euros Nom commercial: Préciforge. Adresse du siège social : 45 avenue Léo- Lagrange, 63300 Thiers. Commentaires : modification survenue sur le capital ( diminution et conversion en euros) et l' administration. Administration : P.-D.G. et administrateur : EXPERTON DU BOIS DE ROMAND (Thierry, Yves, Marie, Joseph) ( Nom d'usage : EXPERTON DU BOIS DE ROMAND). Administrateur : ETABLISSEMENTS P. EXPERTON-REVOLLIER, représentée par EXPERTON DU BOIS DE ROMAND (Pierre, Marie, Louis, Marcel) ( Nom d'usage : EXPERTON DU BOIS DE ROMAND). Administrateur : ETABLISSEMENTS M. CHEVALIER, représentée par FONTANILLES (Thierry) ( Nom d'usage : FONTANILLES). Commissaire aux comptes titulaire : BUREAU D'AUDIT DE BERTRAND. Commissaire aux comptes suppléant : VEILLET (Marc) ( Nom d'usage : VEILLET). Date d'effet : 27 juin 2001.
Hide	25/08/1998	Bodacc B	Modifications et mutations diverses
Ancienne situation du siège social. RCS Thiers B 775 636 137 RC 71-B 7 PRECIFORGE. Forme : S.A. Capital : 2 500 000 F Nom commercial: Préciforge. Adresse : 45 avenue Léo-Lagrange 63300 Thiers Nouvelle situation du siège social. Capital : 10 000 000 de F. Date d'effet : 27 juin 1998.

Company events history

Date	Description
29/09/2017	Bodacc B: Various editing or changing
20/09/2017	New chairman (CEO, CoB)
20/09/2017	Minutes of general meeting of shareholders
01/09/2017	Legal Gazette: Appointment of the social representative
24/08/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
22/08/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
16/08/2017	Bodacc C : Deposit accounts notice
31/12/2016	New accounts available
09/09/2016	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
22/08/2016	Bodacc C : Deposit accounts notice
28/04/2016	Bodacc B: Various editing or changing
19/04/2016	New chairman (CEO, CoB)
19/04/2016	New auditor
19/04/2016	Amendment
15/04/2016	Legal Gazette: Resignation / Revocation of the social representative
23/03/2016	Legal Gazette: Appointment of the social representative
05/03/2016	New ultimate parent
31/12/2015	New accounts available
04/08/2015	Bodacc C : Deposit accounts notice
30/07/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2014	New accounts available
01/08/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
01/08/2014	Bodacc C : Deposit accounts notice
31/12/2013	New accounts available
17/09/2013	Bodacc C : Deposit accounts notice
07/09/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2012	New accounts available
07/12/2012	Disengagement in other companies
27/07/2012	Bodacc C : Deposit accounts notice
24/07/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
22/09/2011	Bodacc C : Deposit accounts notice
11/08/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
10/08/2011	Bodacc B: Various editing or changing
18/07/2011	Updated articles of association
18/07/2011	Capital increase
18/07/2011	Amendment
17/06/2011	Legal Gazette: Modification of the share capital
17/06/2011	Other modification of Establishment
31/12/2010	New accounts available
04/09/2010	Bodacc C : Deposit accounts notice
21/05/2010	New subsidiarie(s) detected
21/05/2010	New ultimate parent
21/05/2010	New parent detected
31/12/2009	New accounts available
02/10/2009	Bodacc C : Deposit accounts notice
15/09/2009	Collection of preferential rights activated for this company
31/12/2008	New accounts available
31/08/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
23/07/2007	Amendment
23/07/2007	Appointment/resignation of company officers
23/07/2007	Minutes of general meeting of shareholders
23/07/2007	New auditor
23/07/2007	Private document
23/07/2007	New auditor
31/12/2006	New accounts available
31/12/2005	New accounts available
26/07/2005	Updated articles of association
26/07/2005	Updated articles of association
26/07/2005	Private document
26/07/2005	Minutes of general meeting of shareholders
26/07/2005	Minutes of general meeting of shareholders
31/12/2004	New accounts available
31/12/2003	New accounts available
17/07/2002	Private document
17/07/2002	Amendment
17/07/2002	Appointment/resignation of company officers
17/07/2002	Audit or Management Report
17/07/2002	New legal form – no new category
17/07/2002	New auditor
17/07/2002	Updated articles of association
17/07/2002	New legal form – new category
17/07/2002	Minutes of general meeting of shareholders
27/07/2001	Amendment
27/07/2001	Appointment/resignation of company officers
27/07/2001	Audit or Management Report
27/07/2001	Capital reduction
27/07/2001	Changes to the Board of Directors
27/07/2001	Conversion of equity to euro
27/07/2001	New auditor
27/07/2001	Private document
27/07/2001	Updated articles of association
27/07/2001	Minutes of general meeting of shareholders
08/07/1998	Private document
08/07/1998	Minutes of general meeting of shareholders
08/07/1998	Capital increase
08/07/1998	Amendment
08/07/1998	Updated articles of association

Establishment events history

Date	Description
05/08/2016	Update of phone numbers
31/03/2016	Update of phone numbers
30/07/2015	Update of phone numbers
22/02/2014	Update of phone numbers
17/06/2011	Modification of Head office

FINANCIALS

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	11/08/2017	24/08/2016	29/07/2015
Activity Code	2550A	2550A	2550A
Employees	117	116	112

Active account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Capital not called	0 0 K	0%	0 0 K	0%	0 0 K	580.00 0.58 K	0%	0 0 K	0%
Total fixed assets	2,266,269 2,266 K	-5.4%	2,396,666 2,397 K	30.1%	1,842,773 1,843 K	3,842,152.90 3,842.15 K	-41.0%	54,261 54 K	4076.6%
Intangible assets	28,552 29 K	-13.6%	33,054 33 K	13.4%	29,140 29 K	156,512.07 156.51 K	-81.8%	2,230 2 K	1180.4%
Tangible assets	2,077,239 2,077 K	-0.9%	2,095,311 2,095 K	23.6%	1,695,490 1,695 K	3,120,765.17 3,120.77 K	-33.4%	28,882 29 K	7092.2%
Financial assets	160,474 160 K	-40.2%	268,302 268 K	127.1%	118,143 118 K	565,944.72 565.94 K	-71.6%	420 0 K	38108.1%
Net current assets	15,075,664 15,076 K	-46.8%	28,331,324 28,331 K	-4.5%	29,665,638 29,666 K	5,680,890.90 5,680.89 K	165.4%	135,358 135 K	11037.6%
Stocks	3,612,313 3,612 K	4.7%	3,450,938 3,451 K	-4.3%	3,604,786 3,605 K	3,065,108.87 3,065.11 K	17.9%	18,800 19 K	19114.4%
Advanced payments	0 0 K	0%	0 0 K	0%	70,500 71 K	104,499.13 104.50 K	0%	0 0 K	0%
Receivables	10,973,527 10,974 K	-55.3%	24,573,642 24,574 K	-3.4%	25,444,818 25,445 K	1,978,290.14 1,978.29 K	454.7%	66,411 66 K	16423.7%
Securities and cash	489,821 490 K	59.7%	306,745 307 K	-43.8%	545,534 546 K	532,467.65 532.47 K	-8.0%	26,838 27 K	1725.1%
Prepaid expenses	- -	-	- -	-	- -	1,435.97 1.44 K	-	516 1 K	-
Accounts of regularization	0 0 K	0%	0 0 K	0%	0 0 K	1,041.97 1.04 K	0%	0 0 K	0%
Total Assets	17,341,933 17,342 K	-43.6%	30,727,990 30,728 K	-2.5%	31,508,411 31,508 K	9,524,078.14 9,524.08 K	82.1%	209,850 210 K	8164.0%

Passive Account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Shareholders' equity	10,582,355 10,582 K	-54.5%	23,282,867 23,283 K	-3.7%	24,175,352 24,175 K	3,567,288.49 3,567.29 K	196.6%	81,200 81 K	12932.5%
Share capital	5,016,000 5,016 K	0%	5,016,000 5,016 K	0%	5,016,000 5,016 K	1,692,956.78 1,692.96 K	196.3%	10,000 10 K	50060.0%
Other capital resources	0 0 K	0%	0 0 K	0%	0 0 K	49,593.46 49.59 K	0%	0 0 K	0%
Risk Provisions	15,000 15 K	0%	0 0 K	0%	0 0 K	534,994.61 534.99 K	-97.2%	0 0 K	0%
Liabilities	6,744,578 6,745 K	-9.4%	7,445,123 7,445 K	1.5%	7,333,058 7,333 K	5,388,401.14 5,388.40 K	25.2%	132,275 132 K	4998.9%
Financial liabilities	1,072,172 1,072 K	-8.6%	1,172,590 1,173 K	6.5%	1,100,667 1,101 K	2,477,757.12 2,477.76 K	-56.7%	30,881 31 K	3371.9%
Advanced payments received	0 0 K	0%	0 0 K	0%	0 0 K	223,131.87 223.13 K	0%	0 0 K	0%
Trade account payables	3,990,956 3,991 K	-14.0%	4,639,452 4,639 K	1.5%	4,570,656 4,571 K	1,276,716.65 1,276.72 K	212.6%	22,526 23 K	17617.1%
Tax and social liabilities	1,664,132 1,664 K	2.5%	1,624,035 1,624 K	-1.4%	1,647,103 1,647 K	1,054,514.68 1,054.51 K	57.8%	76,421 76 K	2077.6%
Other debts and fixed assets liabilities	17,316 17 K	91.4%	9,047 9 K	-38.2%	14,631 15 K	725,671.22 725.67 K	-97.6%	12,156 12 K	42.4%
Account regularization	0 0 K	0%	0 0 K	0%	0 0 K	28,349.18 28.35 K	0%	0 0 K	0%
Total liabilities	17,341,933 17,342 K	-43.6%	30,727,990 30,728 K	-2.5%	31,508,411 31,508 K	9,524,099.19 9,524.10 K	82.1%	209,850 210 K	8164.0%

Results

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Sales of Goods	37,431,351 37,431 K	0.3%	37,324,088 37,324 K	3.9%	35,936,794 35,937 K	10,532,901.19 10,532.90 K	255.4%	273,940 274 K	13564.1%
Net turnover	36,799,450 36,799 K	-1.5%	37,351,024 37,351 K	6.0%	35,248,249 35,248 K	9,944,744.89 9,944.74 K	270.0%	268,178 268 K	13622.0%
of which net export turnover	33,216,781 33,217 K	-1.4%	33,695,724 33,696 K	7.2%	31,430,491 31,430 K	4,705,185.39 4,705.19 K	606.0%	0 0 K	0%
Operating charges	33,023,474 33,023 K	1.0%	32,689,534 32,690 K	4.5%	31,296,590 31,297 K	10,411,164.62 10,411.16 K	217.2%	258,511 259 K	12674.5%
Operating profit/loss	4,407,876 4,408 K	-4.9%	4,634,554 4,635 K	-0.1%	4,640,204 4,640 K	121,746.63 121.75 K	3520.5%	7,045 7 K	62467.4%
Financial income	159,477 159 K	-30.1%	228,132 228 K	-18.4%	279,691 280 K	28,798.46 28.80 K	453.8%	4 0 K	3986825.0%
Financial charges	67,686 68 K	-16.4%	81,012 81 K	22.1%	66,348 66 K	143,286.65 143.29 K	-52.8%	618 1 K	10852.4%
Financial profit/loss	91,790 92 K	-37.6%	147,120 147 K	-31.0%	213,343 213 K	-114,493.24 -114.49 K	180.2%	-338 0 K	27256.8%
Pretax net operating income	4,499,667 4,500 K	-5.9%	4,781,674 4,782 K	-1.5%	4,853,547 4,854 K	7,253.37 7.25 K	61935.5%	5,689 6 K	78994.2%
Extraordinary income	99,001 99 K	22.4%	80,857 81 K	-66.8%	243,512 244 K	229,125.27 229.13 K	-56.8%	0 0 K	0%
Extraordinary charges	155,992 156 K	17.0%	133,336 133 K	20.9%	110,319 110 K	365,801.19 365.80 K	-57.4%	401 0 K	38800.7%
Extraordinary profit/loss	-56,991 -57 K	-8.6%	-52,479 -52 K	-139.4%	133,193 133 K	-136,665.79 -136.67 K	58.3%	0 0 K	0%
Net result	2,761,436 2,761 K	-9.4%	3,048,362 3,048 K	-3.5%	3,160,004 3,160 K	-130,780.66 -130.78 K	2211.5%	6,718 7 K	41005.0%

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	17,341,933 17,342 K	-43.6%	30,727,990 30,728 K	-2.5%	31,508,411 31,508 K
Gross	CO	21,741,809 21,742 K	-38.0%	35,059,728 35,060 K	-1.8%	35,692,498 35,692 K
Amortisation	1A	4,399,876 4,400 K	1.6%	4,331,738 4,332 K	3.5%	4,184,087 4,184 K

Non declared distributed capital (I)

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

Active fixed asset (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Active fixed asset (II)	Net	2,266,269 2,266 K	-5.4%	2,396,666 2,397 K	30.1%	1,842,773 1,843 K
Gross	BJ	6,666,145 6,666 K	-0.9%	6,728,404 6,728 K	12.1%	6,004,103 6,004 K
Amortisation	BK	4,399,876 4,400 K	1.6%	4,331,738 4,332 K	4.1%	4,161,330 4,161 K

Intangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Start-up cost	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AC	0 0 K	0%	0 0 K	0%	0 0 K
R&D expenses	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CX	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CQ	0 0 K	0%	0 0 K	0%	0 0 K
Distributorships, patents	Net	1,112 1 K	-80.2%	5,613 6 K	230.4%	1,699 2 K
Gross	AF	53,158 53 K	0%	53,158 53 K	20.4%	44,158 44 K
Amortisation	AG	52,045 52 K	9.5%	47,546 48 K	12.0%	42,460 42 K
Goodwill	Net	27,440 27 K	0.0%	27,441 27 K	0%	27,441 27 K
Gross	AH	27,440 27 K	0.0%	27,441 27 K	0%	27,441 27 K
Amortisation	AI	0 0 K	0%	0 0 K	0%	0 0 K
Other intangible fixed assets	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AJ	9,336 9 K	0%	9,336 9 K	0%	9,336 9 K
Amortisation	AK	9,336 9 K	0%	9,336 9 K	0%	9,336 9 K
Pre-payments and downpayments	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AL	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AM	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Intangible asset	Net	28,552 29 K	-13.6%	33,054 33 K	13.4%	29,140 29 K

Tangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Lands	Net	242,880 243 K	21.8%	199,479 199 K	-1.0%	201,579 202 K
Gross	AN	250,433 250 K	22.7%	204,146 204 K	0%	204,146 204 K
Amortisation	AO	7,552 8 K	61.8%	4,668 5 K	81.8%	2,567 3 K
Buildings	Net	697,429 697 K	-3.4%	722,243 722 K	153.4%	285,029 285 K
Gross	AP	1,937,613 1,938 K	-6.5%	2,071,467 2,071 K	31.4%	1,576,248 1,576 K
Amortisation	AQ	1,240,183 1,240 K	-8.1%	1,349,224 1,349 K	4.5%	1,291,219 1,291 K
Plant	Net	1,127,138 1,127 K	-3.0%	1,161,539 1,162 K	68.4%	689,738 690 K
Gross	AR	4,043,840 4,044 K	3.4%	3,911,522 3,912 K	17.2%	3,336,167 3,336 K
Amortisation	AS	2,916,701 2,917 K	6.1%	2,749,983 2,750 K	3.9%	2,646,429 2,646 K
Other tangible fixed assets	Net	9,792 10 K	-18.7%	12,050 12 K	10.4%	10,915 11 K
Gross	AT	183,848 184 K	0.4%	183,031 183 K	1.6%	180,234 180 K
Amortisation	AU	174,056 174 K	1.8%	170,981 171 K	1.0%	169,319 169 K
Fixed assets in construction	Net	0 0 K	0%	0 0 K	0%	508,229 508 K
Gross	AV	0 0 K	0%	0 0 K	0%	508,229 508 K
Amortisation	AW	0 0 K	0%	0 0 K	0%	0 0 K
Advances and payments on account	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AX	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AY	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Tangible asset	Net	2,077,239 2,077 K	-0.9%	2,095,311 2,095 K	23.6%	1,695,490 1,695 K

Financial assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Associates at equity	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CS	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CT	0 0 K	0%	0 0 K	0%	0 0 K
Other participations	Net	230 0 K	0%	230 0 K	0%	230 0 K
Gross	CU	230 0 K	0%	230 0 K	0%	230 0 K
Amortisation	CV	0 0 K	0%	0 0 K	0%	0 0 K
Inter-company receivables	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BC	0 0 K	0%	0 0 K	0%	0 0 K
Other investment securities	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BE	0 0 K	0%	0 0 K	0%	0 0 K
Loans	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BF	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BG	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets	Net	160,244 160 K	-40.2%	268,072 268 K	127.3%	117,913 118 K
Gross	BH	160,244 160 K	-40.2%	268,072 268 K	127.3%	117,913 118 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	160,474 160 K	-40.2%	268,302 268 K	127.1%	118,143 118 K

Current Assets (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Current Assets	Net	15,075,664 15,076 K	-46.8%	28,331,324 28,331 K	-4.5%	29,665,638 29,666 K
Gross	CJ	15,075,664 15,076 K	-46.8%	28,331,324 28,331 K	-4.6%	29,688,394 29,688 K
Amortisation	CK	0 0 K	0%	0 0 K	0%	22,757 23 K

Stocks

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Raw materials	Net	2,014,724 2,015 K	-5.1%	2,123,639 2,124 K	11.4%	1,907,128 1,907 K
Gross	BL	2,014,724 2,015 K	-5.1%	2,123,639 2,124 K	11.4%	1,907,128 1,907 K
Amortisation	BM	0 0 K	0%	0 0 K	0%	0 0 K
Work in progress (goods)	Net	1,597,589 1,598 K	20.4%	1,327,299 1,327 K	-21.8%	1,697,658 1,698 K
Gross	BN	1,597,589 1,598 K	20.4%	1,327,299 1,327 K	-21.8%	1,697,658 1,698 K
Amortisation	BO	0 0 K	0%	0 0 K	0%	0 0 K
Work in progress (services)	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BP	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BQ	0 0 K	0%	0 0 K	0%	0 0 K
Semi-finished and finished products	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BR	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BS	0 0 K	0%	0 0 K	0%	0 0 K
Goods for resale	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BT	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BU	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Stocks	Net	3,612,313 3,612 K	4.7%	3,450,938 3,451 K	-4.3%	3,604,786 3,605 K

Advance payments to suppliers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Advance payments to suppliers	Net	0 0 K	0%	0 0 K	0%	70,500 71 K
Gross	BV	0 0 K	0%	0 0 K	0%	70,500 71 K
Amortisation	BW	0 0 K	0%	0 0 K	0%	0 0 K

Debtors

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Trade accounts receivable	Net	1,531,834 1,532 K	-4.4%	1,601,817 1,602 K	-37.3%	2,555,991 2,556 K
Gross	BX	1,531,834 1,532 K	-4.4%	1,601,817 1,602 K	-37.9%	2,578,747 2,579 K
Amortisation	BY	0 0 K	0%	0 0 K	0%	22,757 23 K
Other debtors	Net	9,403,509 9,404 K	-59.0%	22,931,625 22,932 K	0.3%	22,866,584 22,867 K
Gross	BZ	9,403,509 9,404 K	-59.0%	22,931,625 22,932 K	0.3%	22,866,584 22,867 K
Amortisation	CA	0 0 K	0%	0 0 K	0%	0 0 K
Capital subscribed and called up	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CB	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CC	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total debtors	Net	10,935,343 10,935 K	-55.4%	24,533,442 24,533 K	-3.5%	25,422,575 25,423 K

Divers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Investment securities	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CD	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CE	0 0 K	0%	0 0 K	0%	0 0 K
Cash and cash equivalents	Net	489,821 490 K	59.7%	306,745 307 K	-43.8%	545,534 546 K
Gross	CF	489,821 490 K	59.7%	306,745 307 K	-43.8%	545,534 546 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	489,821 490 K	59.7%	306,745 307 K	-43.8%	545,534 546 K

Prepaid expenses

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid expenses	Net	38,184 38 K	-5.0%	40,200 40 K	80.7%	22,243 22 K
Gross	CH	38,184 38 K	-5.0%	40,200 40 K	80.7%	22,243 22 K
Amortisation	CI	0 0 K	0%	0 0 K	0%	0 0 K

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 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Premiums on redemption of bonds	CM3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K
Currency differential gain	CN3	0 0 K	0%	0 0 K	0%	0 0 K
Gross		0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Due within one year	CP	0 0 K	0%	0 0 K	0%	0 0 K
Due after one year	CR	0 0 K	0%	0 0 K	0%	0 0 K

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	17,341,933 17,342 K	-43.6%	30,727,990 30,728 K	-2.5%	31,508,411 31,508 K

Shareholder Equity (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total shareholders' equity (Total I)	DL	10,582,355 10,582 K	-54.5%	23,282,867 23,283 K	-3.7%	24,175,352 24,175 K
Equity and shareholders' equity	DA	5,016,000 5,016 K	0%	5,016,000 5,016 K	0%	5,016,000 5,016 K
Issue and merger premiums	DB	0 0 K	0%	0 0 K	0%	0 0 K
Revaluation differentials	DC	0 0 K	0%	0 0 K	0%	0 0 K
Of which equity differential	EK	0 0 K	0%	0 0 K	0%	0 0 K
Legal reserve	DD	531,941 532 K	0%	531,941 532 K	0%	531,941 532 K
Statutory or contractual reserve	DE	0 0 K	0%	0 0 K	0%	0 0 K
Special regulated reserves	DF	4,490 4 K	0%	4,490 4 K	0%	4,490 4 K
Of which special reserve of provisions for current fluctuation	B1	0 0 K	0%	0 0 K	0%	0 0 K
Other reserves	DG	69,479 69 K	0%	69,479 69 K	0%	69,479 69 K
Of which reserve for buying originals works from alive artists	EJ	0 0 K	0%	0 0 K	0%	0 0 K
Profits or losses brought forward	DH	1,604,739 1,605 K	-88.6%	14,056,378 14,056 K	-5.6%	14,896,374 14,896 K
Profit or loss for the period	DI	2,761,436 2,761 K	-9.4%	3,048,362 3,048 K	-3.5%	3,160,004 3,160 K
Investment grants	DJ	0 0 K	0%	0 0 K	0%	0 0 K
Special tax-allowable reserves	DK	594,269 594 K	6.8%	556,217 556 K	11.9%	497,064 497 K

Other capital resources (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total other capital resources (Total II)	DO	0 0 K	0%	0 0 K	0%	0 0 K
Income from participating securities	DM	0 0 K	0%	0 0 K	0%	0 0 K
Conditional loans	DN	0 0 K	0%	0 0 K	0%	0 0 K

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	15,000 15 K	0%	0 0 K	0%	0 0 K
Risk provisions	DP	15,000 15 K	0%	0 0 K	0%	0 0 K
Reserves for charges	DQ	0 0 K	0%	0 0 K	0%	0 0 K

Liabilities (IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Liabilities (Total IV)	EC	6,744,578 6,745 K	-9.4%	7,445,123 7,445 K	1.5%	7,333,058 7,333 K
Convertible debentures	DS	0 0 K	0%	0 0 K	0%	0 0 K
Other debentures	DT	0 0 K	0%	0 0 K	0%	0 0 K
Bank loans and liabilities	DU	381,170 381 K	-32.9%	567,701 568 K	-17.9%	691,788 692 K
Sundry loans and financial liabilities	DV	691,002 691 K	14.2%	604,889 605 K	47.9%	408,879 409 K
Of which participating loans	EI	0 0 K	0%	0 0 K	0%	0 0 K
Advance payments received for current orders	DW	0 0 K	0%	0 0 K	0%	0 0 K
Trade accounts payables	DX	3,990,956 3,991 K	-14.0%	4,639,452 4,639 K	1.5%	4,570,656 4,571 K
Tax and social security liabilities	DY	1,664,132 1,664 K	2.5%	1,624,035 1,624 K	-1.4%	1,647,103 1,647 K
Fixed asset liabilities	DZ	0 0 K	0%	0 0 K	0%	0 0 K
Other debts	EA	17,316 17 K	91.4%	9,047 9 K	-38.2%	14,631 15 K

Translation loss (V)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Translation loss (Total V)	ED	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts

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

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	6,095,253 6,095 K	-8.6%	6,667,388 6,667 K	0.7%	6,618,418 6,618 K
Of which current bank facilities	EH	158,221 158 K	-39.6%	261,940 262 K	-13.1%	301,293 301 K

Result account

1 - Operating result (I-II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating result (Total I-II)	GG	4,407,876 4,408 K	-4.9%	4,634,554 4,635 K	-0.1%	4,640,204 4,640 K

2 - Financial result (V-VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Financial result (Total V-VI)	GV	91,790 92 K	-37.6%	147,120 147 K	-31.0%	213,343 213 K

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	4,499,667 4,500 K	-5.9%	4,781,674 4,782 K	-1.5%	4,853,547 4,854 K

4 - Extraordinary result (VII-VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Extraordinary result (Total VII-VIII)	HI	-56,991 -57 K	-8.6%	-52,479 -52 K	-139.4%	133,193 133 K

Profit or loss

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Profit or loss	HN	2,761,436 2,761 K	-9.4%	3,048,362 3,048 K	-3.5%	3,160,004 3,160 K

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	37,689,831 37,690 K	0.2%	37,633,077 37,633 K	3.2%	36,459,997 36,460 K

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	34,928,394 34,928 K	1.0%	34,584,715 34,585 K	3.9%	33,299,993 33,300 K

Operating income (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating income (Total I)	FR	37,431,351 37,431 K	0.3%	37,324,088 37,324 K	3.9%	35,936,794 35,937 K

Operating income (details)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Sale of goods for resale	FC	0 0 K	0%	0 0 K	0%	0 0 K
France	FA	0 0 K	0%	0 0 K	0%	0 0 K
Export	FB	0 0 K	0%	0 0 K	0%	0 0 K
Sale of goods produced	FF	36,722,609 36,723 K	-1.3%	37,213,275 37,213 K	5.9%	35,137,231 35,137 K
France	FD	3,566,637 3,567 K	-1.6%	3,625,270 3,625 K	-3.9%	3,770,615 3,771 K
Export	FE	33,155,971 33,156 K	-1.3%	33,588,005 33,588 K	7.1%	31,366,615 31,367 K
Sale of services	FI	76,841 77 K	-44.2%	137,749 138 K	24.1%	111,018 111 K
France	FG	16,031 16 K	-46.6%	30,031 30 K	-36.3%	47,143 47 K
Export	FH	60,810 61 K	-43.5%	107,719 108 K	68.6%	63,876 64 K
Net turnover	FL	36,799,450 36,799 K	-1.5%	37,351,024 37,351 K	6.0%	35,248,249 35,248 K
France	FJ	3,582,668 3,583 K	-2.0%	3,655,300 3,655 K	-4.3%	3,817,758 3,818 K
Export	FK	33,216,781 33,217 K	-1.4%	33,695,724 33,696 K	7.2%	31,430,491 31,430 K
Stocked production	FM	270,291 270 K	173.0%	-370,360 -370 K	-180.6%	459,772 460 K
Self-constructed assets	FN	61,341 61 K	-36.5%	96,600 97 K	443.0%	17,789 18 K
Operating grants	FO	0 0 K	0%	0 0 K	0%	0 0 K
Release of reserves and provisions	FP	300,234 300 K	21.7%	246,744 247 K	17.0%	210,886 211 K
Other income	FQ	33 0 K	-58.2%	79 0 K	-19.4%	98 0 K

Operating charges (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating charges (Total II)	GF	33,023,474 33,023 K	1.0%	32,689,534 32,690 K	4.5%	31,296,590 31,297 K

Exploitation charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Purchase of goods for resale	FS	0 0 K	0%	0 0 K	0%	0 0 K
Change in stocks of goods for resale	FT	0 0 K	0%	0 0 K	0%	0 0 K
Purchase of raw materials	FU	14,965,280 14,965 K	-5.0%	15,756,889 15,757 K	1.0%	15,599,423 15,599 K
Change in stocks of raw materials	FV	108,914 109 K	150.3%	-216,511 -217 K	-321.5%	97,754 98 K
Other external purchases and charges	FW	11,221,890 11,222 K	5.7%	10,616,279 10,616 K	9.6%	9,687,522 9,688 K
Tax, duty and similar payments	FX	457,129 457 K	0.7%	453,780 454 K	2.7%	441,891 442 K
Payroll	FY	4,101,629 4,102 K	2.4%	4,006,506 4,007 K	8.4%	3,695,441 3,695 K
Social security costs	FZ	1,800,805 1,801 K	2.9%	1,749,218 1,749 K	15.9%	1,508,630 1,509 K

Depreciation

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Depreciation of fixed assets	GA	367,563 368 K	23.8%	296,861 297 K	22.1%	243,046 243 K
Amortisation of fixed assets	GB	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation/amortisation of current assets	GC	0 0 K	0%	0 0 K	0%	22,757 23 K
Provisions for risks and charges	GD	0 0 K	0%	0 0 K	0%	0 0 K

Other charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Other charges	GE	262 0 K	-99.0%	26,511 27 K	20940.5%	126 0 K

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 K	0%	0 0 K	0%	0 0 K
Share of joint venture transferred from other partner(s) (Total IV)	GI	0 0 K	0%	0 0 K	0%	0 0 K

Financial income (V)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total financial income (Total V)	GP	159,477 159 K	-30.1%	228,132 228 K	-18.4%	279,691 280 K
Share financial income	GJ	0 0 K	0%	0 0 K	0%	0 0 K
Other investment income & capitalised receivables	GK	0 0 K	0%	0 0 K	0%	0 0 K
Other interest and similar income	GL	159,477 159 K	-30.1%	228,132 228 K	-18.4%	279,691 280 K
Released provisions and transferred charges	GM	0 0 K	0%	0 0 K	0%	0 0 K
Exchange gains	GN	0 0 K	0%	0 0 K	0%	0 0 K
Net income from disposal of investment securities	GO	0 0 K	0%	0 0 K	0%	0 0 K

Financial charge (VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total financial charge (Total VI)	GU	67,686 68 K	-16.4%	81,012 81 K	22.1%	66,348 66 K
Financial reserves and provisions	GQ	0 0 K	0%	0 0 K	0%	0 0 K
Interest and similar charges	GR	67,686 68 K	-16.4%	81,012 81 K	22.1%	66,348 66 K
Exchange losses	GS	0 0 K	0%	0 0 K	0%	0 0 K
Net loss from disposal of investment securities	GT	0 0 K	0%	0 0 K	0%	0 0 K

Extraordinary income (VII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary income (Total VII)	HD	99,001 99 K	22.4%	80,857 81 K	-66.8%	243,512 244 K
Extraordinary operating income	HA	930 1 K	-88.4%	7,987 8 K	-0.2%	8,000 8 K
Extraordinary income from capital transactions	HB	0 0 K	0%	0 0 K	0%	0 0 K
Released provisions and transferred charges	HC	98,070 98 K	34.6%	72,869 73 K	-69.1%	235,512 236 K

Extraordinary charges (VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary charges (Total VIII)	HH	155,992 156 K	17.0%	133,336 133 K	20.9%	110,319 110 K
Extraordinary operating charges	HE	15,838 16 K	-37.3%	25,264 25 K	-55.0%	56,155 56 K
Extraordinary charges from capital transactions	HF	0 0 K	0%	0 0 K	0%	0 0 K
Extraordinary reserves and provisions	HG	140,154 140 K	29.7%	108,072 108 K	99.5%	54,164 54 K

Employee profit sharing (IX)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Employee profit sharing (Total IX)	HJ	376,318 376 K	29.7%	290,173 290 K	-7.7%	314,395 314 K

Tax on profits (X)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Tax on profits (Total X)	HK	1,304,922 1,305 K	-6.2%	1,390,660 1,391 K	-8.0%	1,512,341 1,512 K

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which equipment leases	HP	645,777 646 K	48.9%	433,620 434 K	158.1%	168,021 168 K
Of which property leases	HQ	0 0 K	0%	0 0 K	0%	0 0 K
Of which transferred charges	A1	300,234 300 K	34.0%	223,988 224 K	9.3%	204,935 205 K
Of which trader's own contributions	A2	0 0 K	0%	0 0 K	0%	0 0 K
Of which royalties on licences and patents (income)	A3	0 0 K	0%	0 0 K	0%	0 0 K
Of which royalties on licences and patents (charges)	A4	0 0 K	0%	0 0 K	0%	0 0 K

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 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	OH	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess, acquisitions, creations, contributions	OJ	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	OK1	0 0 K	0%	508,229 508 K	0%	0 0 K
Decreasess by transfers	OK2	407,253 407 K	222.1%	126,454 126 K	221.9%	39,286 39 K
Gross value at the end of period	OL	6,666,145 6,666 K	-0.9%	6,728,403 6,728 K	12.1%	6,004,101 6,004 K

Research and development Charge (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	CZ	0 0 K	0%	0 0 K	0%	0 0 K
Increasess due to revaluation	KB	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KC	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	CO1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	CO2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	DO	0 0 K	0%	0 0 K	0%	0 0 K

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	89,935 90 K	11.1%	80,935 81 K	-1.7%	82,365 82 K
Increasess due to revaluation	KE	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	KF	0 0 K	0%	9,000 9 K	0%	0 0 K
Decreasess by budget item transfer	LV1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	LV2	0 0 K	0%	0 0 K	0%	1,430 1 K
Gross value at the end of period	LW	89,935 90 K	0%	89,935 90 K	11.1%	80,935 81 K

Tangible fixed assets (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LN	6,370,166 6,370 K	9.7%	5,805,025 5,805 K	13.6%	5,108,481 5,108 K
Increasess due to revaluation	LO	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LP	344,995 345 K	-71.2%	1,199,824 1,200 K	63.6%	733,398 733 K
Decreasess by budget item transfer	NG1	0 0 K	0%	508,229 508 K	0%	0 0 K
Decreasess by transfers	NG2	299,425 299 K	136.8%	126,454 126 K	243.1%	36,856 37 K
Gross value at the end of period	NH	6,415,736 6,416 K	0.7%	6,370,166 6,370 K	9.7%	5,805,023 5,805 K

Financial assets (Total IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LQ	268,302 268 K	127.1%	118,143 118 K	27.5%	92,638 93 K
Increasess due to revaluation	LR	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LS	0 0 K	0%	150,159 150 K	466.5%	26,505 27 K
Decreasess by budget item transfer	NJ1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NJ2	107,828 108 K	0%	0 0 K	0%	1,000 1 K
Gross value at the end of period	NK	160,474 160 K	-40.2%	268,302 268 K	127.1%	118,143 118 K

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 K	0%	0 0 K	0%	0 0 K
Increases	OP	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess	OQ	0 0 K	0%	0 0 K	0%	0 0 K
Reserve for depreciation value at the end of period	OR	0 0 K	0%	0 0 K	0%	0 0 K

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 K	0%	0 0 K	0%	0 0 K
Increases	PB	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess	PC	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PD	0 0 K	0%	0 0 K	0%	0 0 K

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	56,882 57 K	9.8%	51,796 52 K	3.4%	50,106 50 K
Increases	PF	4,500 5 K	-11.5%	5,086 5 K	63.1%	3,119 3 K
Decreasess	PG	0 0 K	0%	0 0 K	0%	1,430 1 K
Decreasess by budget item transfer	PH	61,382 61 K	7.9%	56,882 57 K	9.8%	51,795 52 K

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	4,274,856 4,275 K	4.0%	4,109,534 4,110 K	5.2%	3,906,463 3,906 K
Increases	QV	363,065 363 K	24.4%	291,774 292 K	21.6%	239,928 240 K
Decreases	QW	299,426 299 K	136.8%	126,454 126 K	243.1%	36,856 37 K
Decreasess by budget item transfer	QX	4,338,495 4,338 K	1.5%	4,274,854 4,275 K	4.0%	4,109,535 4,110 K

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 K	0%	0 0 K	0%	0 0 K
Increases	Z92	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	Z9	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	B1	0 0 K	0%	0 0 K	0%	0 0 K

Premium refund of obligations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Net value at begin of period	SP1	0 0 K	0%	0 0 K	0%	0 0 K
Increases	SP2	0 0 K	0%	0 0 K	0%	0 0 K
Depreciation of fixed assets during period	SP	0 0 K	0%	0 0 K	0%	0 0 K
Net value at the end of period	SR	0 0 K	0%	0 0 K	0%	0 0 K

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	556,217 556 K	7.0%	519,821 520 K	-24.0%	684,364 684 K
Increases	UB	140,155 140 K	29.7%	108,072 108 K	40.5%	76,921 77 K
Decreases	UC	87,103 87 K	21.5%	71,675 72 K	-70.3%	241,464 241 K
Value at the end of period	UD	609,269 609 K	9.5%	556,217 556 K	7.0%	519,821 520 K

Includes Total allocations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UE	0 0 K	0%	0 0 K	0%	22,757 23 K
Financial	UG	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UJ	140,155 140 K	29.7%	108,072 108 K	99.5%	54,164 54 K

Includes Total Withdrawal

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UF	0 0 K	0%	22,757 23 K	282.3%	5,952 6 K
Financial	UH	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UK	87,103 87 K	78.1%	48,919 49 K	-79.2%	235,512 236 K

Total regulated provisions (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	3Z	556,217 556 K	11.9%	497,064 497 K	-26.7%	678,412 678 K
Increases	TS	125,155 125 K	15.8%	108,072 108 K	99.5%	54,164 54 K
Decreases	TT	87,103 87 K	78.1%	48,919 49 K	-79.2%	235,512 236 K
Value at the end of period	TU	594,269 594 K	6.8%	556,217 556 K	11.9%	497,064 497 K

Total risk and charge provisions (Total II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	5Z	0 0 K	0%	0 0 K	0%	0 0 K
Increases	TV	15,000 15 K	0%	0 0 K	0%	0 0 K
Decreases	TW	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	TX	15,000 15 K	0%	0 0 K	0%	0 0 K

Total Provision for depreciation (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7B	0 0 K	0%	22,757 23 K	282.3%	5,952 6 K
Increases	TY	0 0 K	0%	0 0 K	0%	22,757 23 K
Decreases	TZ	0 0 K	0%	22,757 23 K	282.3%	5,952 6 K
Value at the end of period	UA	0 0 K	0%	0 0 K	0%	22,757 23 K

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	11,133,772 11,134 K	-55.2%	24,841,713 24,842 K	-2.9%	25,585,487 25,585 K
1 year at most	VU	11,133,772 11,134 K	-55.2%	24,841,713 24,842 K	-2.9%	25,585,487 25,585 K
More than one year	VV	0 0 K	0%	0 0 K	0%	0 0 K

State of loans

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Claims related to holdings (gross)	UL	0 0 K	0%	0 0 K	0%	0 0 K
Claims related to shareholdings (1 year at most)	UM	0 0 K	0%	0 0 K	0%	0 0 K
Loans (gross)	UP	0 0 K	0%	0 0 K	0%	0 0 K
Loans (1 year at most)	UR	0 0 K	0%	0 0 K	0%	0 0 K
Other financial assets (gross)	UT	160,244 160 K	-40.2%	268,072 268 K	127.3%	117,913 118 K
Other financial assets (1 year at most)	UV	160,244 160 K	-40.2%	268,072 268 K	127.3%	117,913 118 K

Receivables statement of assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Customers doubtful or disputed	VA	0 0 K	0%	0 0 K	0%	27,308 27 K
Other claims customer	UX	1,531,834 1,532 K	-4.4%	1,601,817 1,602 K	-37.2%	2,551,439 2,551 K
Receivables represent Loaned Securities	UU	0 0 K	0%	0 0 K	0%	0 0 K
Provision for depreciation previously established	UQ	0 0 K	0%	0 0 K	0%	0 0 K
Personnel and associated accounts	UY	193,956 194 K	2.7%	188,804 189 K	8.7%	173,754 174 K
Social Security and other social organizations	UZ	0 0 K	0%	0 0 K	0%	0 0 K
Income taxes	VM	283,623 284 K	-9.4%	312,979 313 K	3372.5%	9,013 9 K
Value added tax	VB	461,270 461 K	-17.0%	555,831 556 K	39.5%	398,355 398 K
Other taxes and payments assimilated	VN	0 0 K	0%	0 0 K	0%	0 0 K
State and other public - Miscellaneous	VP	16,973 17 K	3.7%	16,374 16 K	7.0%	15,297 15 K
Group and Associates	VC	8,311,245 8,311 K	-61.2%	21,431,644 21,432 K	-3.3%	22,166,141 22,166 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	136,442 136 K	-68.0%	425,992 426 K	309.5%	104,024 104 K

Prepaid

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid	VS	38,185 38 K	-5.0%	40,200 40 K	80.7%	22,243 22 K

State Debt

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total debt (gross)	VY	6,744,580 6,745 K	-9.4%	7,445,123 7,445 K	1.5%	7,333,058 7,333 K
1 year at most	VZ2	0 0 K	0%	6,667,388 6,667 K	0.7%	6,618,418 6,618 K
More than 1 year and 5 years at most	VZ3	6,095,255 6,095 K	683.7%	777,735 778 K	8.8%	714,640 715 K
More than 5 years	VZ4	649,325 649 K	0%	0 0 K	0%	0 0 K

Details

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Convertible bonds (gross)	7Y1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Y2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Y3	0 0 K	0%	0 0 K	0%	0 0 K
Other bonds (gross)	7Z1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	7Z2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	7Z3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to 1 year maximum at the origin (gross)	VG1	158,222 158 K	-39.6%	261,940 262 K	-14.1%	305,097 305 K
1 year at most	VG2	0 0 K	0%	261,940 262 K	-14.1%	305,097 305 K
More than 1 year and 5 years at most	VG3	158,222 158 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to more than 1 year at the origin (gross)	VH1	222,949 223 K	-27.1%	305,761 306 K	-20.9%	386,692 387 K
1 year at most	VH2	0 0 K	0%	82,812 83 K	2.3%	80,931 81 K
More than 1 year and 5 years at most	VH3	84,737 85 K	-62.0%	222,949 223 K	-27.1%	305,761 306 K
Loans and various financial liabilities (gross)	8A1	691,002 691 K	14.2%	604,889 605 K	47.9%	408,879 409 K
1 year at most	8A2	0 0 K	0%	50,103 50 K	0%	0 0 K
More than 1 year and 5 years at most	8A3	179,890 180 K	-67.6%	554,786 555 K	35.7%	408,879 409 K
Suppliers and associated accounts (gross)	8B1	3,990,957 3,991 K	-14.0%	4,639,452 4,639 K	1.5%	4,570,656 4,571 K
1 year at most	8B2	3,990,957 3,991 K	-14.0%	4,639,452 4,639 K	1.5%	4,570,656 4,571 K
More than 1 year and 5 years at most	8B3	3,990,957 3,991 K	-14.0%	4,639,452 4,639 K	1.5%	4,570,656 4,571 K
Personnel and associated accounts (gross)	8C1	1,078,888 1,079 K	10.3%	977,795 978 K	-5.2%	1,031,429 1,031 K
1 year at most	8C2	0 0 K	0%	977,795 978 K	-5.2%	1,031,429 1,031 K
More than 1 year and 5 years at most	8C3	1,078,888 1,079 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations (gross)	8D1	536,887 537 K	-8.6%	587,470 587 K	7.2%	547,988 548 K
1 year at most	8D2	0 0 K	0%	587,470 587 K	7.2%	547,988 548 K
More than 1 year and 5 years at most	8D3	536,887 537 K	0%	0 0 K	0%	0 0 K
Taxes on profits (gross)	8E1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8E2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8E3	0 0 K	0%	0 0 K	0%	0 0 K
VAT (Gross)	VW1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VW2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VW3	0 0 K	0%	0 0 K	0%	0 0 K
Backed Obligations (gross)	VX1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VX2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VX3	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and assimilated (gross)	VQ1	48,358 48 K	-17.7%	58,769 59 K	-13.2%	67,686 68 K
1 year at most	VQ2	0 0 K	0%	58,769 59 K	-13.2%	67,686 68 K
More than 1 year and 5 years at most	VQ3	48,358 48 K	0%	0 0 K	0%	0 0 K
Assets and liabilities associated accounts (gross)	8J1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8J2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8J3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	8J4	0 0 K	0%	0 0 K	0%	0 0 K
Groups and associates (gross)	VI1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VI2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VI3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	V14	0 0 K	0%	0 0 K	0%	0 0 K
Other liabilities (gross)	8K1	17,316 17 K	91.4%	9,047 9 K	-38.2%	14,631 15 K
1 year at most	8K2	0 0 K	0%	9,047 9 K	-38.2%	14,631 15 K
More than 1 year and 5 years at most	8K3	17,316 17 K	0%	0 0 K	0%	0 0 K
Debt representative of borrowed securities (gross)	SZ1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	SZ2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	SZ3	0 0 K	0%	0 0 K	0%	0 0 K
Products in advance (gross)	8L1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8L2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8L3	0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Loans made during the period	VJ	0 0 K	0%	339,243 339 K	0%	0 0 K
Debt repaid during the period	VK	0 0 K	0%	224,164 224 K	0%	0 0 K

Table allocation results and other information

Dividends distributed

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

Commitments

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Commitments leasing furniture	YQ	0 0 K	0%	0 0 K	0%	0 0 K
Commitments Real Estate Leasing	YR	0 0 K	0%	0 0 K	0%	0 0 K
Effects brought to the discount and unmatured	YS	0 0 K	0%	0 0 K	0%	0 0 K

Other charges Externes

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Subcontracting	YT	0 0 K	0%	0 0 K	0%	0 0 K
Rentals, rental charges and condominiums	XQ	0 0 K	0%	0 0 K	0%	0 0 K
Staff outside the company	YU	0 0 K	0%	0 0 K	0%	0 0 K
Remuneration intermediaries and fees (excluding fees)	SS	0 0 K	0%	0 0 K	0%	0 0 K
Fees, commissions and brokerage	YV	0 0 K	0%	0 0 K	0%	0 0 K
Other accounts	ST	0 0 K	0%	0 0 K	0%	0 0 K
Total Other purchases and external	ZJ	0 0 K	0%	0 0 K	0%	0 0 K

Taxes and Fees

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Business tax	YW	0 0 K	0%	0 0 K	0%	0 0 K
Other taxes and payments assimilated	9Z	0 0 K	0%	0 0 K	0%	0 0 K
Total taxes and fees	YX	0 0 K	0%	0 0 K	0%	0 0 K

VAT

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Amount VAT collected	YY	0 0 K	0%	0 0 K	0%	0 0 K
Total VAT on goods and services	YZ	0 0 K	0%	0 0 K	0%	0 0 K

Average number of employees

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Average number of employees	YP	117 0 K	0.9%	116 0 K	3.6%	112 0 K

Groups and Shareholders

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

Ratios

Synthetic financial performance indicators

31/12/2016

31/12/2015

31/12/2014

Score

Situation

Score

Situation

Score

Situation

Hide AFDCC 2

6.57

Healthy +

9.76

Healthy +

10.19

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

0.25

0%

0.27

0%

0.28

0%

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 Average 2016		Sector Median 2016
Fixed Asset Financing	2.39	-43.6%	4.24	-12.6%	4.85	3.98	-39.9%	1.38	73.2%
Global Debt	66 days	-8.3%	72 days	-4.0%	75 days	305.66 days	-78.4%	141 days	-53.0%
Working Capital Fund overall net	90 days	-57.1%	210 days	-11.0%	236 days	129.23 days	-30.4%	81 days	11.1%
Financial independence	987.00 %	-50.3%	1,985.59 %	-9.6%	2,196.43 %	12,617.38 %	-92.2%	129.56 %	661.8%
Solvability	61.02 %	-19.5%	75.77 %	-1.3%	76.73 %	26.05 %	134.2%	39.01 %	56.4%
Capacity debt futures	3,344.15 %	-50.5%	6,753.51 %	7.8%	6,262.59 %	41,907.20 %	-92.0%	2,384.86 %	40.2%
Coverage of current assets by net working capital overall	61.48 %	-20.2%	77.04 %	-1.2%	77.97 %	11.46 %	436.5%	47.41 %	29.7%
General Liquidity	-	-	3.73	-3.6%	3.87	0.74	-	0.64	-
Restricted Liquidity	-	-	3.77	-4.6%	3.95	1.35	-	1.05	-

Management or rotation

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Need background in operating working capital	-5 days	58.3%	-12 days	0%	0 days	46.00 days	-110.9%	36 days	-114.1%
Treasury	3 days	0%	0 days	0%	2 days	33.12 days	-90.9%	1 days	200.0%
Inventory turnover of goods	-	-	-	-	-	10.79 days	-	0 days	-
Average length of credit granted to customers	15 days	0%	15 days	-42.3%	26 days	61.23 days	-75.5%	52 days	-71.2%
Average length of credit obtained suppliers	55 days	-14.1%	64 days	-1.5%	65 days	68.19 days	-19.3%	59 days	-6.8%
Inventory turnover of raw materials in industrial enterprises	48 days	-2.0%	49 days	11.4%	44 days	350.01 days	-86.3%	65 days	-26.2%
Inventory turnover of intermediate and finished products in the industrial enterprise	574 days	-2.0%	586 days	-3.5%	607 days	277.77 days	106.6%	194 days	196.6%
Rotation tangible assets	573.58 %	-2.2%	586.34 %	-3.4%	607.20 %	543.05 %	5.6%	261.71 %	119.2%

Profitability of the business

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Margin trading	0.00 %	0%	0.00 %	0%	0.00 %	2.89 %	0%	0.00 %	0%
Profitability of the business	12.16 %	-3.6%	12.61 %	-5.3%	13.32 %	3.30 %	268.5%	5.48 %	121.9%
Net profit	7.50 %	-8.1%	8.16 %	-8.9%	8.96 %	0.09 %	8233.3%	2.27 %	230.4%
Growth rate of turnover (excluding VAT)	-1.48 %	-124.8%	5.97 %	-26.7%	8.15 %	2.46 %	-160.2%	0.00 %	0%
Rates integration	29.44 %	0.7%	29.24 %	-0.3%	29.34 %	38.01 %	-22.5%	40.71 %	-27.7%
Rate leasing furniture	1.75 %	50.9%	1.16 %	141.7%	0.48 %	0.66 %	165.2%	0.00 %	0%
Work Factor	54.48 %	3.4%	52.71 %	4.7%	50.32 %	76.42 %	-28.7%	80.05 %	-31.9%
Weight interests	0.18 %	-18.2%	0.22 %	15.8%	0.19 %	0.76 %	-76.3%	0.25 %	-28.0%

Return on capital

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Cash flow from the overall profitability	8.65 %	-4.4%	9.05 %	-0.8%	9.12 %	12.09 %	-28.5%	5.45 %	58.7%
Rates of economic profitability	38.00 %	100.0%	19.00 %	0%	19.00 %	4.20 %	804.8%	14.00 %	171.4%
Financial profitability	10,582,355.00 %	-54.5%	23,282,867.00 %	-3.7%	24,175,352.00 %	3,578,035.17 %	195.8%	27,285.00 %	38684.5%
Return on investment	24.27 %	89.6%	12.80 %	0.3%	12.76 %	-8.71 %	378.6%	6.74 %	260.1%

Management intermediate balances

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Turnover	36,799,450 36,799 K	-1.5%	37,351,024 37,351 K	6.0%	35,248,249 35,248 K	9,944,744.89 9,944.74 K	270.0%	268,178 268 K	13622.0%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Sales of goods	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Purchase of goods	0 0 K	0%	0 0 K	0%	0 0 K		-		-
+/- Stock of goods variation	0 0 K	0%	0 0 K	0%	0 0 K		-		-
Trading margin	0 € 0 K €	0%	0 € 0 K €	0%	0 € 0 K €	29,619.70 € 29.62 K €	0%	0 € 0 K €	0%
	0.00 % CA 0.00 % CA	0%	0.00 % CA 0.00 % CA	0%	0.00 % CA 0.00 % CA	4.04 % CA 4.04 % CA	0%	0.00 % CA 0.00 % CA	0%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Sale of goods produced	36,799,450 36,799 K	-1.5%	37,351,024 37,351 K	6.0%	35,248,249 35,248 K		-		-
+/- Stocked production	270,291 270 K	173.0%	-370,360 -370 K	-180.6%	459,772 460 K		-		-
+ Self-constructed assets	61,341 61 K	-36.5%	96,600 97 K	443.0%	17,789 18 K		-		-
Period production	37,131,082 € 37,131 K €	0.1%	37,077,264 € 37,077 K €	3.8%	35,725,810 € 35,726 K €	10,029,340.09 € 10,029.34 K €	270.2%	251,713 € 252 K €	14651.4%
	100.90 % CA 100.90 % CA	1.6%	99.27 % CA 99.27 % CA	-2.1%	101.35 % CA 101.35 % CA	95.79 % CA 95.79 % CA	5.3%	100.00 % CA 100.00 % CA	0.9%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Trading margin	0 0 K	0%	0 0 K	0%	0 0 K	29,619.70 29.62 K	0%	0 0 K	0%
+ Period Production	37,131,082 37,131 K	0.1%	37,077,264 37,077 K	3.8%	35,725,810 35,726 K	10,029,340.09 10,029.34 K	270.2%	251,713 252 K	14651.4%
- Purchase of raw materials	14,965,280 14,965 K	-5.0%	15,756,889 15,757 K	1.0%	15,599,423 15,599 K		-		-
+/- Change in stocks of raw materiels	108,914 109 K	150.3%	-216,511 -217 K	-321.5%	97,754 98 K		-		-
- Other external purchases and charges	11,221,890 11,222 K	5.7%	10,616,279 10,616 K	9.6%	9,687,522 9,688 K		-		-
Added value	10,834,998 € 10,835 K €	-0.8%	10,920,607 € 10,921 K €	5.6%	10,341,111 € 10,341 K €	3,227,032.20 € 3,227.03 K €	235.8%	124,927 € 125 K €	8573.1%
	29.44 % CA 29.44 % CA	0.7%	29.24 % CA 29.24 % CA	-0.3%	29.34 % CA 29.34 % CA	38.01 % CA 38.01 % CA	-22.5%	40.71 % CA 40.71 % CA	-27.7%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Added value	10,834,998 € 10,835 K €	-0.8%	10,920,607 € 10,921 K €	5.6%	10,341,111 € 10,341 K €	3,227,032.20 € 3,227.03 K €	235.8%	124,927 € 125 K €	8573.1%
+ Operating grants	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Tax, duty and similar payments	457,129 457 K	0.7%	453,780 454 K	2.7%	441,891 442 K		-		-
- Personal charges	5,902,434 5,902 K	2.5%	5,755,724 5,756 K	10.6%	5,204,071 5,204 K		-		-
Gross operating surplus	4,475,435 € 4,475 K €	-5.0%	4,711,103 € 4,711 K €	0.3%	4,695,149 € 4,695 K €	507,984.95 € 507.98 K €	781.0%	15,171 € 15 K €	29399.9%
	12.16 % CA 12.16 % CA	-3.6%	12.61 % CA 12.61 % CA	-5.3%	13.32 % CA 13.32 % CA	3.30 % CA 3.30 % CA	268.5%	5.48 % CA 5.48 % CA	121.9%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Gross operating surplus	4,475,435 € 4,475 K €	-5.0%	4,711,103 € 4,711 K €	0.3%	4,695,149 € 4,695 K €	507,984.95 € 507.98 K €	781.0%	15,171 € 15 K €	29399.9%
+ Release of reserves and provisions	300,234 300 K	21.7%	246,744 247 K	17.0%	210,886 211 K		-		-
+ Other operating income	33 0 K	-58.2%	79 0 K	-19.4%	98 0 K		-		-
- Depreciation/ Amortisation	367,563 368 K	23.8%	296,861 297 K	11.7%	265,803 266 K		-		-
- Other charges	262 0 K	-99.0%	26,511 27 K	20940.5%	126 0 K		-		-
Operating result	4,407,877 € 4,408 K €	-4.9%	4,634,554 € 4,635 K €	-0.1%	4,640,204 € 4,640 K €	121,751.97 € 121.75 K €	3520.4%	7,044 € 7 K €	62476.3%
	11.98 % CA 11.98 % CA	-3.5%	12.41 % CA 12.41 % CA	-5.7%	13.16 % CA 13.16 % CA	-0.16 % CA -0.16 % CA	7587.5%	2.43 % CA 2.43 % CA	393.0%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Operating result	4,407,877 € 4,408 K €	-4.9%	4,634,554 € 4,635 K €	-0.1%	4,640,204 € 4,640 K €	121,751.97 € 121.75 K €	3520.4%	7,044 € 7 K €	62476.3%
+/- Result of joint-venture transferred from/to other partners	0 0 K	0%	0 0 K	0%	0 0 K		-		-
+ Financial income	159,477 159 K	-30.1%	228,132 228 K	-18.4%	279,691 280 K		-		-
- Financial charges	67,686 68 K	-16.4%	81,012 81 K	22.1%	66,348 66 K		-		-
Pre-tax result	4,499,668 € 4,500 K €	-5.9%	4,781,674 € 4,782 K €	-1.5%	4,853,547 € 4,854 K €	7,263.78 € 7.26 K €	61846.6%	5,688 € 6 K €	79008.1%
	12.23 % CA 12.23 % CA	-4.5%	12.80 % CA 12.80 % CA	-7.0%	13.77 % CA 13.77 % CA	-0.66 % CA -0.66 % CA	1953.0%	2.07 % CA 2.07 % CA	490.8%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Extraordinary income	99,001 99 K	22.4%	80,857 81 K	-66.8%	243,512 244 K	229,125.27 229.13 K	-56.8%	0 0 K	0%
- Extraordinary charges	155,992 156 K	17.0%	133,336 133 K	20.9%	110,319 110 K		-		-
Extraordinary result	-56,991 € -57 K €	-8.6%	-52,479 € -52 K €	-139.4%	133,193 € 133 K €	-136,675.92 € -136.68 K €	58.3%	0 € 0 K €	0%
	-0.15 % CA -0.15 % CA	-7.1%	-0.14 % CA -0.14 % CA	-136.8%	0.38 % CA 0.38 % CA	-0.16 % CA -0.16 % CA	6.3%	-0.01 % CA -0.01 % CA	-1400.0%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Average 2016		Sector Median 2016
Pre-tax result	4,499,668 € 4,500 K €	-5.9%	4,781,674 € 4,782 K €	-1.5%	4,853,547 € 4,854 K €	7,263.78 € 7.26 K €	61846.6%	5,688 € 6 K €	79008.1%
Extraordinary result	-56,991 € -57 K €	-8.6%	-52,479 € -52 K €	-139.4%	133,193 € 133 K €	-136,675.92 € -136.68 K €	58.3%	0 € 0 K €	0%
- Employee profit sharing	376,318 376 K	29.7%	290,173 290 K	-7.7%	314,395 314 K		-		-
- Tax on profits	1,304,922 1,305 K	-6.2%	1,390,660 1,391 K	-8.0%	1,512,341 1,512 K		-		-
Net result	2,761,437 € 2,761 K €	-9.4%	3,048,362 € 3,048 K €	-3.5%	3,160,004 € 3,160 K €	-130,780.27 € -130.78 K €	2211.5%	6,716 € 7 K €	41017.3%
	7.50 % CA 7.50 % CA	-8.1%	8.16 % CA 8.16 % CA	-8.9%	8.96 % CA 8.96 % CA	0.09 % CA 0.09 % CA	8233.3%	2.27 % CA 2.27 % CA	230.4%

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 2550A - Forging, pressing, stamping; powder metallurgy.

Key Performance Indicators

Net Turnover

	31/12/2016	31/12/2015	31/12/2014
Company Result	36,799,450 €	37,351,024 €	35,248,249 €
Sector Average	9,944,745 €	10,586,568 €	10,600,820 €

Net Profit

	31/12/2016	31/12/2015	31/12/2014
Company Result	2,761,436 €	3,048,362 €	3,160,004 €
Sector Average	-130,781 €	4,129 €	-38,641 €

Net Export Turnover

	31/12/2016	31/12/2015	31/12/2014
Company Result	33,216,781 €	33,695,724 €	31,430,491 €
Sector Average	4,705,185 €	4,968,171 €	4,776,324 €

Account Total

	31/12/2016	31/12/2015	31/12/2014
Company Result	17,341,933 €	30,727,990 €	31,508,411 €
Sector Average	9,524,099 €	10,113,888 €	10,094,014 €

Shareholders Equity

	31/12/2016	31/12/2015	31/12/2014
Company Result	10,582,355 €	23,282,867 €	24,175,352 €
Sector Average	3,567,288 €	3,886,618 €	3,839,582 €

Liabilities

	31/12/2016	31/12/2015	31/12/2014
Company Result	6,744,578 €	7,445,123 €	7,333,058 €
Sector Average	5,388,401 €	5,671,563 €	5,730,278 €

Need background in operating working capital

	31/12/2016	31/12/2015	31/12/2014
Company Result	-5 €	-12 €	0 €
Sector Average	46 €	58 €	187 €

Gross operating surplus (EBE)

	31/12/2016	31/12/2015	31/12/2014
Company Result	4,475,435 €	4,711,103 €	4,695,149 €
Sector Average	507,985 €	575,011 €	599,228 €

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.13
UK Pound	1	INR 89.17
Euro	1	INR 79.39
Euro	1	INR 79.70

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	SYL

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.