3decades

MIRA INFORM REPORT

Report No. :	490293
Report Date :	17.02.2018

IDENTIFICATION DETAILS

Name :	KSB SAS

Registered Office :	4 Allee Des Barbanniers, 92230 Gennevilliers

Country :	France

Financials (as on) :	31.12.2016

Date of Incorporation :	January 1900

Com. Reg. No.:	RCS Nanterre B 569 801 897

Legal Form :	Simplified Joint Stock Company

Line of Business :	Manufacture of other valves (2814Z)

No. of Employees :	1171 [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

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 summary

SIRET	569 801 897 00632
Name	KSB SAS
Acronym	-
Trade name	-
Status	Economically active
Postal Address	KSB SAS 4 ALLEE DES BARBANNIERS 92230 GENNEVILLIERS FRANCE
Share Capital	10,000,000 Euros
Telephone	01 41 47 75 00
Activity (APE)	Manufacture of other valves (2814Z)	RCS Registration	RCS Nanterre B 569 801 897
Formation Date	01/1900	EUR VAT Number	FR20569801897
Deregistration Date	-	Last account Date	31/12/2016
Court Registry Number	19 8 0B13221	Incorporation Date	12/1964
Registration Court	Nanterre (92)	Fax	01 41 47 75 10
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	298,145,106 €	10.18% Turnover	149,180,651 €	12,496,155 €	1171 employees
31/12/2015	305,254,873 €	11.14% Turnover	146,463,991 €	16,989,422 €	1190 employees
31/12/2014	297,860,140 €	11.05% Turnover	140,285,944 €	17,806,340 €	1183 employees

Directors

Current Directors

Ultimate Holding Company

Name	Safe Number	Country	Company Number
KSB AG	DE21422570		-
Affiliation links.
54 companies in the international Group Structure from 24 countries.

Judgment and Preferential

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

Payment Details Summary

Company DBT Industry DBT Region DBT6 Days 14 Days 21 Days DBT Trend15 Days 30 Days 45 Days 60 DaysInvoice due dates are exceeded by 6 days.

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	2813Z	Activity	Manufacture of other pumps and compressors
Formation Date	04/1995	Reason for Formation	Other
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	4 ALLÉE DES BARBANNIERS 92230 GENNEVILLIERS	Department	Hauts-de-Seine (92)
Location Surface	-	District	2
City	GENNEVILLIERS	Status	Economically active
Business Pages FT®	-	Region	Ile-de-France
		Area	14
		Size of Urban Area	Paris conglomeration

Other Establishment(s)

Regionality	Legal unit with multiple establishments in many areas but no one grouping more than 50% of workforce
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	27 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
KSB SAS	Head Office	2814Z	Manufacture of other pumps and compressors	GENNEVILLIERS	92230
KSB SAS	Branch	2814Z	Manufacture of other pumps and compressors	MOURENX	64150
KSB SAS	Branch	2814Z	Manufacture of other pumps and compressors	DECINES CHARPIEU	69150
KSB SAS	Branch	2814Z	Manufacture of other pumps and compressors	BRON	69500
KSB SAS	Branch	2814Z	Manufacture of other pumps and compressors	CRISSEY	71530

Workforces

Workforce at address	100 to 199 employees	Company workforce	1 000 to 1 999 employees
		Workforce account	1 000 to 1 999 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 5 directors

The decrease in the gearing percentage over the last two accounting periods is 12 %

Department code with low risk rating

Low risk workforce size

The net turnover is 298,145,106 €

The pre-tax profit is 18,894,747 €

Industry code with low risk rating

The increase of tangible fixed assets over the last two accounting periods is 17 %

The ratio total assets to total liabilities is 2.87

The net current assets are 160,256,982 €

The liabilities are 73,109,272 €

The risk provisions are 6,701,304 €

The shareholder's equity is 149,180,651 €

The total assets are 229,269,406 €

The creditor days are 42.65

The return on total assets employed is 8.24

The stock to turnover ratio is 17.05

The sales to current assets ratio is 1.86

Industry comparison

Activity (APE)

Manufacture of other valves (2814Z)

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	14/09/2007
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	KSB AG
Direct parent	KSB FINANZ SA - 99.99 %
Group – Number of companies	92
Linkages – Number of companies	54
Number of countries	24

	NAME	SIREN	PARTS	LAST ACCOUNT PUBLISHED
1	KSB AG	-	-	-
2	KSB SAS	569801897	0.01 %	31/12/2016
3	AMRI INC	-	10 %	-
3	KSB SERVICE ENERGIE	385382536	100 %	31/12/2016
4	SOC TRAVAUX INGENIERIE INDUSTRIELLE	700500598	100 %	31/12/2016
	KSB SERVICE COTUMER	450838974	100 %	31/12/2015
	SPI ENERGIE	408650273	100 %	31/12/2016
	METIS LEVAGE	303283907	100 %	31/12/2015
	KSB SERVICE EITB SITELEC	430054676	100 %	31/12/2015
	KSB POMPES ET ROBINETTERIE	-	100 %	-
2	KSB SERVICE GMBH	HRB 21839	100 %	31/12/2010
3	PUMPEN- UND MOTOREN-SERVICE GMBH	-	100 %	-
	KSB ATLANTIC PUMP & VALVE SERVICE	603287	47 %	-
	KSB SERVICE GMBH	HRB 21839	100 %	31/12/2010
	UDER ELEKTROMECHANIK GMBH	HRB 805	100 %	31/12/2014
2	PAB PUMPEN- UND ARMATUREN- BETEILIGUNGSGESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 21027	51 %	31/12/2016
3	KSB AMERICA CORPORATION	-	51 %	-
4	GIW INDUSTRIES INC	-	51 %	-
	AMRI INC	-	55.91 %	-
	KSB INC	-	51 %	-
	PPM - KSB INC	-	51 %	-
	MOTOREN-JACOBS GMBH	HRB 705 ME	100 %	31/12/2009
	PUMPEN-SERVICE BENTZ GMBH	HRB 1394RE	100 %	31/12/2015
	DYNAMIK-PUMPEN GMBH	-	100 %	-
	NOMIG GMBH	HRB 4784	49 %	31/12/2016
	B & C PUMPENVERTRIEB GMBH	-	100 %	-
	PMS-BERCHEM GMBH	HRB 16847	100 %	31/12/2016
2	KSB ARMATUREN VERWALTUNGS- UND BETEILIGUNGS-GMBH	HRB 21840	100 %	31/12/2016
3	KSB OOO	-	100 %	-
	KSB FINLAND OY	09879832	100 %	31/12/2016
	KSB MÖRCK AB	-	55 %	-
	KSB POMPY I ARMATURA SP ZOO	-	100 %	-
	KSB PUMPY + ARMATURY SRO	-	100 %	-
	KSB CERPADLÁ A ARMATÚRY SPOL SRO	-	100 %	-
	KSB SZIVATTYU ÉS ARMATURA KFT	-	100 %	-
	KSB (SCHWEIZ) AG	9665	100 %	-
	MOTORI SOMMERSI RIAVVOLGIBILI SRL	-	25 %	-
	KSB BOMBAS E VÁLVULAS SA	-	95 %	-
2	HYDROSKEPI GMBH	-	100 %	-
3	KSB TESMA AG	-	59.74 %	-
	KSB VIOSEN AG	-	60.28 %	-
	KSB SERVICE LLC	-	49 %	-
	KSB PUMPS COMPANY	-	58.89 %	31/12/2016
	MIL CONTROLS LIMITED	-	70.86 %	-
	KSB TECH PVT LTD	-	100 %	-
	KSB LIMITED	-	100 %	-
	KSB VALVES SHANGHAI CO LTD	-	100 %	-
	KSB TAIWAN CO LTD	-	100 %	-
	KSB KOREA LTD	-	100 %	-
	KSB LTD	-	100 %	-
	KSB PUMPS CO LTD	-	40 %	-
	KSB SINGAPORE ASIA PACIFIC PTE LTD	-	100 %	-
2	CANADIAN KAY PUMP LTD	-	100 %	-
3	KSB PUMPS	00011635	40.54 %	31/12/2016
	KSB DE MEXICO SA DE CV	-	100 %	-
	KSB MEXICANA SA DE CV	-	100 %	-
	KSB CHILE SA	-	100 %	-
2	KSB FINANZ S.A.	B67916	100 %	31/12/2016
3	KSB SAS	569801897	99.99 %	31/12/2016
4	AMRI INC	-	10 %	-
4	KSB SERVICE ENERGIE	385382536	100 %	31/12/2016
5	SOC TRAVAUX INGENIERIE INDUSTRIELLE	700500598	100 %	31/12/2016
	KSB SERVICE COTUMER	450838974	100 %	31/12/2015
	SPI ENERGIE	408650273	100 %	31/12/2016
	METIS LEVAGE	303283907	100 %	31/12/2015
	KSB SERVICE EITB SITELEC	430054676	100 %	31/12/2015
	KSB POMPES ET ROBINETTERIE	-	100 %	-
3	KSB LIMITED	00188357	100 %	31/12/2016
4	RES ROTARY EQUIPMENT SERVICES LTD	-	100 %	-
	H. A. KIDD ELECTRICAL ENGINEERS LIMITED	05576381	100 %	31/12/2010
3	KSB FINANCE NEDERLAND B.V.	34062968	100 %	31/12/2015
4	D.P. INDUSTRIES B.V.	28058288	100 %	31/12/2015
4	KSB FINANCE NEDERLAND B.V.	34062968	100 %	31/12/2015
5	NEDERLANDSE POMPSERVICE (N.P.S.) B.V.	34232619	100 %	31/12/2012
3	K.S.B. BELGIUM SA	401899506	100 %	31/12/2015
4	KSB SERVICE BELGIUM SA	473406718	100 %	31/12/2015
	KSA ON SITE MACHINING BVBA	-	100 %	-
	INDUSTRIAL MAINTENANCE ENGINEERING NV	891319835	51 %	31/12/2013
	KSB SERVICE VRS SA	455146665	100 %	31/12/2014
	SISTO ARMATUREN S.A.	B20425	52.86 %	31/12/2016
3	KSB ÖSTERREICH GESELLSCHAFT MBH	-	100 %	-
4	KSB SRB DOO	-	100 %	-
3	KSB ITALIA S.P.A.	MB99219	100 %	31/12/2011
4	KSB SERVICE ITALIA S.R.L.	VE236394	100 %	31/12/2015
	KSB AMVI	243251	100 %	31/12/2014
3	AMVI APLICAC, MECÁNICAS VÁLVULAS INDUSTRIALES SA	-	100 %	-
4	KSB ITUR SPAIN	160498	100 %	31/12/2016
	KSB SERVICE SUCIBA	2393366	100 %	-
	KSB-POMPA ARMATÜR SANAYI VE TICARET AS	-	99 %	-
	KSB MIDDLE EAST FZE	-	100 %	-
	KSB PUMPS ARABIA LTD	-	50 %	-
	KSB SHANGHAI PUMP CO LTD	-	80 %	-
	DALIAN KSB AMRI VALVES CO LTD	-	100 %	-
	PT KSB INDONESIA	-	100 %	-
	KSB AUSTRALIA PTY LTD	-	100 %	-
	KSB ALGÉRIE EURL	-	100 %	-
3	KSB PUMPS SA PTY LTD	-	100 %	-
4	KSB PUMPS AND VALVES PTY LTD	-	74.99 %	-
	KSB PUMPS INC	-	100 %	-
3	KSB BOMBAS HIDRÁULICAS SA	-	100 %	-
4	KSB VÁLVULAS LTDA., BARUERI	-	100 %	-
	KSB COMP SUDAMERICANA DE BOMBAS SA	-	100 %	-
	TECHNI POMPE SERVICE MAROC TPSM	-	50 %	-

Shareholders

Type of shareholders

Company: 100%Company

Shareholders

KSB FINANZ SA: 99.99%KSB AG: 0.01%KSB FINANZ SAKSB AG

Linkages

COMPANY NAME	SIREN	LAST ACCOUNT PUBLISHED	TURNOVER
KSB SE & CO. KGAA	HRB 65657	30/06/2017	1,107,318,000 €
KSB NORGE AS	813938022	31/12/2016	162,318 KNOK
KSB SERVICE GMBH	HRB 9918 NP	31/12/2010	20,243,025 €
GEAR TEC GMBH	HRB 7788 FL	31/12/2016	-
REEL S.R.L. UNIPERSONALE	VI178163	31/12/2016	11,874,354 €
KAGEMA INDUSTRIEAUSRÜSTUNGEN GMBH	HRB 101397	31/12/2015	-
ALGEMENE MONTAGE PIJPLEIDINGEN BVBA	446371531	31/12/2011	-
KSB SVERIGE AKTIEBOLAG	5563312676	31/12/2016	242,898 KSEK
PMS PUMPEN- UND MOTOREN-SERVICE GMBH	HRB 9589	31/12/2011	-
PALATINA VERSICHERUNGSSERVICE GMBH	HRB 21146	31/12/2015	-
KSB NEDERLAND B.V.	34036913	31/12/2016	-
PUMPHUSET SVERIGE AKTIEBOLAG	5565495412	31/12/2016	68,490 KSEK
DYNAMIK-PUMPEN GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 110268	31/12/2016	-
B & C INDUSTRIETECHNIK GMBH & CO. KG	HRA 33198	31/12/2016	-
SMEDEGAARD PUMPS LIMITED	07071659	31/12/2015	3,979,445 £
KSB ON SITE MACHINING EBVBA	473361582	31/12/2014	-
DECOM SERVICES SPRL	462454527	30/06/2001	47,918 €
VM PUMPAR AB	5566643150	31/12/2016	138 KSEK
DUIJVELAAR INSTALLATIE BOUW B.V.	28040035	-	-
KSB B.V.	28040036	-	-
D.P. POMPEN B.V.	28040038	-	-
D.P. SERVICE B.V.	28040039	-	-
D.P. PUMPS B.V.	28058289	-	-
NOACK VERMÖGENSVERWALTUNG GMBH & CO. KG	HRA 7003	30/09/2016	-
JOHANNES UND JACOB KLEIN GMBH	HRB 21006	31/12/2015	-
STANDARD ALLOYS INC	-	-	20,000,000 $
PRECISION PUMP & MACHINE-KSB	-	-	103,000 $
KSB AMRI, INC.	-	-	10,000,000 $
BOMBAS ITUR S.A., SPAIN	-	-	-
CANADIAN KAY PUMP LTD.	-	-	-
DELIAN KSB AMRI VALVES CO. LTD	-	-	-
DP INDUSTRIES B.V., NEDERLAND	-	-	-
KSB	-	-	-
KSB BRAZIL	-	-	-
KSB CHILE S.A.	-	-	-
KSB FINANZ S.A.	-	-	-
KSB INC.USA	-	-	-
KSB LIMITED, HONGKONG	-	-	-
KSB LTD., U.K.	-	-	-
KSB MIDDLE EAST FZE, DUBAI	-	-	-
KSB NEDERLAND	-	-	-
KSB POMPA TURKEY	-	-	-
KSB PUMPS (S.A.) (PTY.) LTD.	-	-	-
KSB PUMPS CO.LTD.	-	-	-
KSB S.A.	-	-	-
KSB SHANGHAI PUMP CO. LTD., CH	-	-	-
KSB SINGAPORE (ASIA PACIFIC) P	-	-	-
KSB TAIWAN CO.LTD.	-	-	-
KSB TECH. PVT. LTD., INDIA	-	-	-
MERCANTILE-KSB OY AB, FINLAND	-	-	-
MIL CONTROLS LTD.	-	-	-
P.T. KSB., INDONESIA	-	-	-
POFRAN ENGINEERING LTD	-	-	-
POFRAN SALES & AGENCY LTD	-	-	-

Director(s)

Name	M. LOMBARD BORIS ANDRÉ
Manager position	President	Date of birth	23/01/1969
Place of birth	TOULOUSE
Type	Individual	Name at birth

Statutory Auditor

Name	MAZARS
Name of representative
Manager position	Statutory auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Name	MAZARS FIDUCO
Name of representative
Manager position	Deputy auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Name	M. GEORGHIOU JEAN-CHRISTOPHE
Manager position	Deputy auditor	Date of birth	04/05/1965
Place of birth	GRENOBLE
Type	Individual	Name at birth

Name	PRICEWATERHOUSECOOPERS 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. LOMBARD BORIS ANDRÉ	23/01/1969 - TOULOUSE
President	M. SCHILD RENÉ YVES	31/01/1954 - MOLEZON
President	M. SCHILD RENÉ YVES	31/01/1954 - MOLEZON
Deputy auditor	M. GEORGHIOU JEAN-CHRISTOPHE	04/05/1965 - GRENOBLE

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	17/08/2017	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 11545 - 569801897 RCS. KSB SAS. Forme : Société par actions simplifiée. Adresse : 4 allée des Barbanniers 92230 Gennevilliers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2016.
	16/07/2017	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 2724 - 569 801 897 RCS Nanterre. KSB SAS. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : MAZARS modification le 01 Décembre 2014 ; Commissaire aux comptes suppléant : MAZARS FIDUCO en fonction le 01 Décembre 2014 ; Commissaire aux comptes suppléant : GEORGHIOU Jean-Christophe en fonction le 16 Novembre 2016 ; Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT en fonction le 16 Novembre 2016 ; Président : LOMBARD Boris André en fonction le 11 Juillet 2017. Activité : . Commentaires : Modification de représentant..
	20/11/2016	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 1888 - 569 801 897 RCS Nanterre. KSB SAS. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes titulaire : MAZARS modification le 01 Décembre 2014 ; Président : SCHILD René Yves en fonction le 31 Mars 2010 ; Commissaire aux comptes suppléant : MAZARS FIDUCO en fonction le 01 Décembre 2014 ; Commissaire aux comptes suppléant : GEORGHIOU Jean-Christophe en fonction le 16 Novembre 2016 ; Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT en fonction le 16 Novembre 2016. Activité : . Commentaires : Modification de représentant..
	17/08/2016	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 12085 - 569801897 RCS. KSB SAS. Forme : Société par actions simplifiée. Adresse : 4 allée des Barbanniers 92230 Gennevilliers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2015.
	20/08/2015	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 12168 - 569801897 RCS. KSB SAS. Forme : Société par actions simplifiée. Adresse : 4 allée des Barbanniers 92230 Gennevilliers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	08/08/2014	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 16518 - 569801897 RCS. KSB SAS. Forme : Société par actions simplifiée. Adresse : 4 allée des Barbanniers 92230 Gennevilliers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	06/09/2013	Bodacc A	Vente et cession : Acheteur
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 412 - 569 801 897 RCS Nanterre. KSB SAS. Forme : Société par actions simplifiée. Capital : 10000000 EUR. Adresse : 4 allée des Barbanniers, 92230 Gennevilliers. Date de commencement de l’activité : 01/01/0001. Oppositions : Les créanciers des sociétés fusionnantes pourront former opposition à cette fusion dans les conditions et délais prévus par l'article L. 236-14 du Code de Commerce. Descriptif : AVIS DE PROJET DE FUSION SOCIETE BERRICHONNE DE CONSTRUCTIONS MECANIQUES S.B.C.M. Forme juridique Soci¿t¿ ¿ responsabilit¿ limit¿e Au capital de 84610 EUR Si¿ge social 4 ALLE DES BARBANNIERS 92230 GENNEVILLIERS N¿ RCS 816220362 RCS NANTERRE, est soci¿t¿ absorb¿e. KSB SAS Forme juridique Soci¿t¿ par actions simplifi¿e Au capital de 10000000 EUR Si¿ge social 4 ALL DES BARBANNIERS 92230 GENNEVILLIERS N¿ RCS 569801897 RCS NANTERRE, est soci¿t¿ absorbante. Actif : 241463 euros Passif : 17762 euros Rapport d'¿change des droits sociaux : La soci¿t¿ absorbante d¿tenant 100% du capital de la soci¿t¿ absorb¿e, il ne sera proc¿d¿ ¿ aucune augmentation de son capital, de sorte qu'il n'a pas ¿t¿ arr¿t¿ de parit¿ d'¿change Montant pr¿vu de la prime de fusion : 25826 Euros. Date du projet : 19/08/2013 Date du d¿p¿t : 29/08/2013, lieu du d¿p¿t : Greffe du TC de Nanterre . Commentaires : Autre achat, apport, attribution.
	29/08/2013	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 11916 - 569801897 RCS. KSB SAS. Forme : Société par actions simplifiée. Adresse : 4 allée des Barbanniers 92230 Gennevilliers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	07/09/2012	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 8446 - 569801897 RCS. KSB SAS. Forme : Société par actions simplifiée. Adresse : 4 allée des Barbanniers 92230 Gennevilliers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	07/09/2010	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 8089 - 569801897 RCS. KSB SAS. Forme : Société par actions simplifiée. Adresse : 4 allée des Barbanniers 92230 Gennevilliers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	14/04/2010	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 2738 - 569 801 897 RCS Nanterre. KSB SAS. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes suppléant : FIDUCIAIRE DE L'INDUSTRIE ET DU COMMERCE modification le 11 Septembre 2001 Commissaire aux comptes titulaire : SOCIETE EINHORN-MAZARS& GUERARD en fonction le 11 Septembre 2001 Président : SCHILD René Yves en fonction le 31 Mars 2010. Commentaires : Modification de représentant.
	25/03/2010	JAL	Appointment of the social representative
LES PETITES AFFICHES Société faisant objet d'une nomination : 569801897 - KSB SAS, 4 ALL DES BARBANNIERS, 92230 GENNEVILLIERS Nominé : Monsieur René SCHILD, 4 ALLEE 4 ALLEE DES CHARMES, 59420 MOUVAUX En la fonction de : Président
	25/03/2010	JAL	Resignation / Revocation of the social representative
LES PETITES AFFICHES Date de décision : 10/03/2010 La société 569801897 - KSB SAS, 4 ALL DES BARBANNIERS, 92230 GENNEVILLIERS Fait l'objet du départ de Monsieur Antoine MAZE
	23/09/2009	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 10041 - 569801897 RCS. KSB SAS. Forme : Société par actions simplifiée. Adresse : 4 allée des Barbanniers 92230 Gennevilliers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	26/08/2008	Bodacc C	Comptes annuels et rapports
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 8517 - 569801897 RCS. KSB SAS. Forme : Société par actions simplifiée. Adresse : 4 allée des Barbanniers 92230 Gennevilliers. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	09/11/2007	Bodacc C	Avis de dépôt des comptes
8730 - 569 801 897. RCS Nanterre KSB SAS. Forme: Société par actions simplifiée. Adresse du siège social: 4 allée des Barbanniers 92230 Gennevilliers. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	21/10/2006	Bodacc C	Avis de dépôt des comptes
8610 - RCS Nanterre B 569 801 897. RC 80-B 13221. KSB SAS. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 4, allée des Barbanniers,92230 Gennevilliers. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	02/03/2006	Bodacc B	Modifications et mutations diverses
1010 - RCS Châteauroux B 441 090 495. RC 02-B 71. ESPA PRODUCTIONS FRANCE S.A.S. Forme : S.A.S. Adresse du siège social : allée de Sagan, 36230 Neuvy-Saint-Sépulchre. Commentaires : modification survenue sur la prise d'activité, l'adresse de l'établissement principal et la date de début d'activité. Administration : président : S.A. BOMBAS ELECTRICAS, représentée par PAGES PAGES (José) (Nom d'usage : PAGES PAGES). Directeurs généraux : COMPTA MONER (José) (Nom d'usage : COMPTA MONER) DE PALOL MASDEVALL (Jaume) (Nom d'usage : DE PALOL MASDEVALL) REIXACH GELABERT (Lidia) (Nom d'usage : REIXACH GELABERT). Commissaire aux comptes titulaire : S.A.R.L. F.2A-FOURCADE AUDIT ASSOCIES. Commissaire aux comptes suppléant : MANELLI (Bruno) (Nom d'usage : MANELLI). Etablissement principal - Activité : fabrication, distribution de pompes et de tous objets qui sont liés à cette activité ou qui en sont des accessoires de tout ce qui peut se rapporter, directement ou indirectement, à l'objet social . Adresse : 36230 Neuvy-Saint-Sépulchre. Etablissement principal reçu en location-gérance. Date de début d'activité : 1er janvier 2002. Propriétaires : NEUVY MOTORS S.A. RCS B 421 126 582. KSB S.A. RCS B 569 801 897.
	23/10/2005	Bodacc C	Avis de dépôt des comptes
5585 - RCS Nanterre B 569 801 897. RC 80-B 13221. KSB SAS. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 4, allée des Barbanniers,92230 Gennevilliers. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	10/08/2004	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 569801897 RC 80-B 13221 K.S.B. S.A.S. Forme : S.A.S. Commentaires : modification survenue sur l' administration. Administration : président partant : BOUVET (Jacques). Nomination du président : MAZE (Antoine).
	04/10/2002	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 569801897 RC 80-B 13221 K.S.B. SOCIETE PAR ACTIONS SIMPLIFIEE. Forme : S.A.S. Commentaires : modification survenue sur la dénomination, le sigle ( suppression), la forme juridique et l' administration. Administration : modification du président : BOUVET ( Jacques). Administrateurs partants : LEDERER (Richard) MAULVAULT (Michel) BOES (Heiko).
	02/05/2002	Bodacc A	Création d'établissement
RCS B 441090495 RC 02-B 71 ESPA PRODUCTIONS FRANCE SOCIETE PAR ACTIONS SIMPLIFIEE. Forme : S.A.S. Adresse du siège social : espace Polygone, 166 rue Aristide-Bergès, 66000 Perpignan ETABLISSEMENT SECONDAIRE. Activité : fabrication, distribution de pompes et de tous objets qui sont liés à cette activité ou qui en sont des accessoires tout ce qui peut se rapporter, directement ou indirectement, à l'objet social. Adresse : allée de Sagan, 36000 Chateauroux Etablissement secondaire acquis par achat au prix stipulé de 2 595 688 F Date de début d'activité: 1 e r janvier 2002. Précédent propriétaire : K. S.B. S.A. RCS B 569801897 Publication légale: La Nouvelle République du 23 mars 2002. Oppositions : au fonds.
	23/09/2001	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 569801897 RC 80-B 13221 K.S.B. S.A. Sigle : K.S.B. S.A. Forme : S.A. Capital : 10 000 000 d'euros. Commentaires : modification survenue sur le capital (diminution) et l' administration. Administration : commissaire aux comptes titulaire partant : PRAXOR AUDIT. Nomination du commissaire aux comptes titulaire : STE EINHORN-MAZARS ET GUERARD. Commissaire aux comptes suppléant partant : GRILLET (Henry). Modification du commissaire aux comptes suppléant : FIDUCIAIRE DE L' INDUSTRIE ET DU COMMERCE. Commissaire aux comptes suppléant partant : EINHORN (André).
	11/10/2000	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 569801897 RC 80-B 13221 K.S.B. S.A. Sigle : K.S.B. S.A. Forme : S.A. Commentaires : modification survenue sur l'administration. Administration : vice- président et administrateur partant : MALLET (Xavier). Administrateur partant GABRIEL (Joseph). Nomination d' administrateurs : MAULVAULT (Michel) BOES (Heiko). Modification du commissaire aux comptes titulaire : PRAXOR AUDIT.
	25/01/2000	Bodacc A	Création d'établissement
Ancienne situation du siège social. RCS B 423 788 199 A dater du: 27 décembre 1999 RC 99-B 416 DAVID BROWN GUINARD PUMPS SOCIETE PAR ACTIONS SIMPLIFIEE. Forme : Société par actions simplifiée. Capital : 250 000 F (fixe). Adresse : Z.A. E. de Meythet, 39 avenue du Pont de Tasset, 74000 Annecy Nouvelle situation du siège social. Capital : 85 250 000 F Mise en activité de la société suite à l'apport du fonds principal, au montant évalué à 85 000 000 de F Etablissement principal: Activité : conception, production et distribution de pompes pour le gaz, le pétrole, Upstream, nucléaire et la marine nationale et leur service après- vente. Adresse : Z.A.E. de Meythet, 39 avenue du Pont de Tasset, 74000 Annecy Date de début d'activité: 30 novembre 1999 Précédente propriétaire- exploitante K.S.B. S.A. 569 807 897. RCS Nanterre. Publication légale: L'Essor savoyard du 30 décembre 1999 déclaration de créances: au greffe du tribunal de grande instance d'Annecy.
	18/12/1998	Bodacc B	Modifications et mutations diverses
RCS *. RCS Nanterre B 569 801 897 RC RC 80-B 13221 K.S.B. S.A. Sigle : K.S.B. S.A. Forme : S.A. Administration : suppression : directeur général et administrateur : STARKE (Jorg). Nomination en qualité d' administrateur : LEDERER (Richard). Commentaires : modification survenue sur l'administration.
	05/09/1996	Bodacc B	Modifications et mutations diverses
RCS *. RCS Nanterre B 569 801 897 RC RC 80-B 13221 K.S.B. S.A. Sigle : K.S.B. S.A. Forme : S.A. Administration : président du conseil d'administration : BOUVET ( Jacques) Vice-président et administrateur : MALLET (Xavier). Directeur général et administrateur : STARKE (Jorg). Administrateur : GABRIEL (Joseph). Commissaires aux comptes titulaires : SOCIETE SOCOREX SOCIETE GENERALE DE CONTROLE D' ORGANISATION ET D'EXPERTISE-COMPTABLE S.A. FIDUCIAIRE DE L'INDUSTRIE ET DU COMMERCE. Commissaires aux comptes suppléants : GRILLET (Henry) EINHORN (André). Commentaires : modification survenue sur l' administration.
	23/06/1996	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 569 801 897 RC 80-B 13221 K.S.B. S.A. Sigle : K.S.B. S.A. Forme : S.A. Administration : président du conseil d'administration : VOM BERGE ( Hans, Siegmund). Vice-président et administrateur : MALLET (Xavier). Administrateurs : GABRIEL (Joseph) STARKE (Jorg) BOUVET (Jacques). Commissaires aux comptes titulaires : STE SOCOREX-STE GENERALE DE CONTROLE D' ORGANISATION ET D'EXPERTISE COMPTABLE FIDUCIAIRE DE L'INDUSTRIE ET DU COMMERCE. Commissaires aux comptes suppléants : GRILLET (Henry) EINHORN ( André). Commentaires : modification survenue sur l'administration.
	10/03/1996	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 569 801 897 RC 80-B 13221 K.S.B. S.A. Sigle : K.S.B. S.A. Forme : S.A. Administration : président du conseil d'administration : VOM BERGE ( Hans, Siegmund). Vice-président et administrateur : MALLET (Xavier). Administrateur : GABRIEL (Joseph). Commissaires aux comptes titulaires : STE SOCOREX-STE GENERALE DE CONTROLE D' ORGANISATION ET D'EXPERTISE COMPTABLE S. A. FIDUCIAIRE DE L'INDUSTRIE ET DU COMMERCE. Commissaires aux comptes suppléants : GRILLET (Henry) EINHORN ( André). Commentaires : modification survenue sur l'administration.
	07/03/1996	Bodacc B	Modifications et mutations diverses
RCS *. RCS Nanterre B 569 801 897 RC RC 80-B 13221 K.S.B. S.A. Sigle : K.S.B. S.A. Forme : S.A. Administration : président du conseil d'administration : VOM BERGE ( Hans, Siegmund) Vice-président et administrateur : MALLET (Xavier). Administrateurs : DE RIVIERES (Michel) GABRIEL (Joseph). Commissaires aux comptes titulaires : SOCIETE SOCOREX SOCIETE GENERALE DE CONTROLE D' ORGANISATION ET D'EXPERTISE COMPTABLE S.A. FIDUCIAIRE DE L'INDUSTRIE ET DU COMMERCE. Commissaires aux comptes suppléants : GRILLET (Henry) EINHORN (André). Commentaires : modification survenue sur l' administration.
	25/07/1995	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 569 801 897 RC 80-B 13221 K.S.B. S.A. Sigle : K.S.B. S.A. Forme : S.A. Adresse du siège social : 4 allée des Barbanniers 92230 Gennevilliers. Administration : président du conseil d'administration : VON DER TANN (Kilian). Vice-président et administrateur : MALLET (Xavier). Administrateurs : VON BERGE (Hans, Siegmund) DE RIVIERES (Michel) GABRIEL (Joseph). Commissaires aux comptes titulaires : STE SOCOREX-STE GENERALE DE CONTROLE D'ORGANISATION ET D'EXPERTISE COMPTABLE S.A. FIDUCIAIRE DE L'INDUSTRIE ET DU COMMERCE. Commissaires aux comptes suppléants : GRILLET (Henry) EINHORN (André) Etablissement principal: Adresse : 4 allée des Barbanniers 92230 Gennevilliers. Commentaires : modification survenue sur l'adresse du siège social, l'adresse de l' établissement principal et l' administration.
	05/01/1995	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 569 801 897 K.S.B. S.A. Forme : S.A. Adresse du siège social : 179 boulevard Saint-Denis, 92400 Courbevoie ETABLISSEMENT SECONDAIRE RC Nancy 93-B 0489. Adresse : 3 rue de l'Ile- de-Corse, 54000 Nancy ETABLISSEMENT SECONDAIRE nouvelle situation. Enseigne : K.S.B. S.A. Adresse : 6 bis rue de la Saone, 54- Laxou. Date d'effet : 1er septembre 1994.

Company events history

Date	Description
21/08/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
17/08/2017	Bodacc C : Deposit accounts notice
16/07/2017	Bodacc B: Various editing or changing
11/07/2017	Amendment
11/07/2017	New chairman (CEO, CoB)
06/01/2017	Disengagement in other companies
31/12/2016	New accounts available
20/11/2016	Bodacc B: Various editing or changing
16/11/2016	Amendment
16/11/2016	New auditor
17/08/2016	Bodacc C : Deposit accounts notice
04/08/2016	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2015	New accounts available
28/08/2015	Update Rating
28/08/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
20/08/2015	Bodacc C : Deposit accounts notice
31/12/2014	New accounts available
05/09/2014	New shareholders detected
05/09/2014	New participations in other companies
05/09/2014	New subsidiarie(s) detected
23/08/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
08/08/2014	Bodacc C : Deposit accounts notice
08/02/2014	Disengagement in other companies
31/12/2013	New accounts available
14/11/2013	Merger
14/11/2013	Declaration of conformity
14/11/2013	Amendment
06/09/2013	Update of participations in other companies
06/09/2013	New subsidiarie(s) detected
06/09/2013	Bodacc A : Sale and transfer
29/08/2013	Bodacc C : Deposit accounts notice
29/08/2013	Planned merger
27/08/2013	Update Rating
27/08/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
07/06/2013	Disengagement in other companies
31/12/2012	New accounts available
02/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
07/09/2012	Bodacc C : Deposit accounts notice
03/08/2012	Disengagement in other companies
04/05/2012	Disengagement in other companies
04/05/2012	New subsidiarie(s) detected
06/04/2012	Disengagement in other companies
31/12/2011	New accounts available
28/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
06/09/2011	Bodacc C : Deposit accounts notice
31/12/2010	New accounts available
08/09/2010	Payment incident closed
07/09/2010	Bodacc C : Deposit accounts notice
20/07/2010	Payment incident detected
14/04/2010	Bodacc B: Various editing or changing
31/03/2010	Minutes of general meeting of shareholders
31/03/2010	Amendment
31/03/2010	New chairman (CEO, CoB)
25/03/2010	Legal Gazette: Resignation / Revocation of the social representative
10/03/2010	Legal Gazette: Appointment of the social representative
31/12/2009	New accounts available
23/09/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
02/12/2008	Payment incident closed
03/11/2008	Payment incident closed
22/10/2008	Payment incident detected
22/10/2008	Payment incident protested
07/10/2008	Payment incident detected
26/08/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
14/09/2007	Collection of preferential rights activated for this company
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
26/08/2004	Private document
26/08/2004	Minutes of general meeting of shareholders
26/08/2004	Appointment/resignation of company officers
23/07/2004	New chairman (CEO, CoB)
23/07/2004	Minutes of general meeting of shareholders
23/07/2004	Appointment/resignation of company officers
23/07/2004	Amendment
23/07/2004	Private document
31/12/2003	New accounts available
21/09/2002	Appointment/resignation of company officers
21/09/2002	Audit or Management Report
21/09/2002	Minutes of general meeting of shareholders
21/09/2002	New legal form – new category
21/09/2002	New legal form – no new category
21/09/2002	Private document
21/09/2002	Updated articles of association
11/09/2001	Capital reduction
11/09/2001	Private document
11/09/2001	New auditor
11/09/2001	Minutes of general meeting of shareholders
11/09/2001	Appointment/resignation of company officers
11/09/2001	Updated articles of association
11/09/2001	Changes to the Board of Directors
11/09/2001	Conversion of equity to euro
26/09/2000	Private document
26/09/2000	Minutes of general meeting of shareholders
26/09/2000	Changes to the Board of Directors
26/09/2000	Appointment/resignation of company officers
02/12/1998	Private document
02/12/1998	Appointment/resignation of company officers
02/12/1998	Changes to the Board of Directors
02/12/1998	Amendment
02/12/1998	Minutes of Board meeting
21/07/1998	Minutes of general meeting of shareholders
21/07/1998	Private document
21/07/1998	Updated articles of association
20/08/1996	Amendment
20/08/1996	Minutes of Board meeting
08/06/1996	Amendment
08/06/1996	Changes to the Board of Directors
08/06/1996	Minutes of general meeting of shareholders
08/06/1996	Appointment/resignation of company officers
22/02/1996	Amendment
22/02/1996	Appointment/resignation of company officers
22/02/1996	Changes to the Board of Directors
22/02/1996	Minutes of Board meeting
22/02/1996	New chairman (CEO, CoB)
27/06/1995	Amendment
27/06/1995	Minutes of Board meeting
27/06/1995	Minutes of general meeting of shareholders
27/06/1995	Registered office transferred inside jurisdiction of the Commercial Court
27/06/1995	Updated articles of association
01/09/1993	Capital increase
01/09/1993	Updated articles of association
01/09/1993	Private document
01/09/1993	Planned merger
01/09/1993	Minutes of general meeting of shareholders
01/09/1993	Merger
01/09/1993	Declaration of conformity
01/09/1993	Change to corporate purpose
01/09/1993	Audit or Management Report
01/09/1993	Amendment
24/08/1993	Minutes of general meeting of shareholders
24/08/1993	Amendment
27/05/1993	Amendment
27/05/1993	Private document
27/05/1993	Merger
02/04/1993	Amendment
02/04/1993	Capital increase
02/04/1993	Declaration of conformity
02/04/1993	Merger
02/04/1993	Private document
02/04/1993	Updated articles of association
02/04/1993	Minutes of general meeting of shareholders
28/12/1992	Amendment
28/12/1992	Audit or Management Report
26/11/1992	Amendment
26/11/1992	Private document
26/11/1992	Planned merger
24/08/1992	Minutes of general meeting of shareholders
24/08/1992	Appointment/resignation of company officers
24/08/1992	Changes to the Board of Directors
17/07/1992	Minutes of general meeting of shareholders
17/07/1992	Declaration of conformity
17/07/1992	New company name
17/07/1992	Amendment
17/07/1992	Updated articles of association
26/05/1992	Amendment
26/05/1992	Application and court order
18/02/1992	Minutes of general meeting of shareholders
18/02/1992	Amendment

Establishment events history

Date	Description
22/01/2017	Update of phone numbers
03/01/2017	Modification of Head office
20/11/2016	Update of phone numbers
31/03/2016	Update of phone numbers
30/07/2015	Update of phone numbers
20/06/2015	Update of phone numbers
25/12/2014	Update of phone numbers
12/01/2013	Update of phone numbers

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	09/08/2017	03/08/2016	27/08/2015
Activity Code	2814Z	2814Z	2814Z
Employees	1171	1190	1183

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	68,826,367	5.8%	65,043,432	27.9%	50,862,561	611,904	11147.9%
Intangible assets	795,615	4.1%	763,918	-10.5%	853,848	16,985	4584.2%
Tangible assets	57,227,709	16.8%	48,996,819	19.3%	41,062,887	369,576	15384.7%
Financial assets	11,401,418	-27.9%	15,820,518	66.4%	9,507,027	29,721	38262.1%
Net current assets	160,256,982	-3.1%	165,372,666	-2.5%	169,544,597	4,121,096	3788.7%
Stocks	50,828,179	-4.0%	52,962,289	1.2%	52,350,338	1,330,253	3720.9%
Advanced payments	341,788	3.7%	329,616	68.9%	195,208	0	0%
Receivables	105,335,120	31.9%	79,877,800	7.1%	74,598,271	1,626,625	6375.7%
Securities and cash	3,751,895	-88.3%	32,202,961	-24.1%	42,400,780	191,584	1858.4%
Prepaid expenses	-	-	-	-	-	4,845	-
Accounts of regularization	186,057	28.4%	144,919	-11.0%	162,752	0	0%
Total Assets	229,269,406	-0.6%	230,561,017	4.5%	220,569,910	4,982,919	4501.1%

Passive Account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Shareholders' equity	149,180,651	1.9%	146,463,991	4.4%	140,285,944	2,476,924	5922.8%
Share capital	10,000,000	0%	10,000,000	0%	10,000,000	346,151	2788.9%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	6,701,304	-13.0%	7,704,325	22.2%	6,303,417	12,633	52948.1%
Liabilities	73,109,272	-4.0%	76,182,215	3.6%	73,545,634	1,803,205	3954.4%
Financial liabilities	436,133	59.9%	272,697	-5.5%	288,530	179,124	143.5%
Advanced payments received	4,945,188	-12.7%	5,663,031	-27.8%	7,842,621	0	0%
Trade account payables	34,842,114	-4.7%	36,554,615	18.8%	30,772,431	743,772	4584.5%
Tax and social liabilities	22,389,673	-15.1%	26,360,600	-3.3%	27,259,583	379,223	5804.1%
Other debts and fixed assets liabilities	9,750,731	33.7%	7,293,256	-6.7%	7,817,383	45,002	21567.6%
Account regularization	1,023,610	311.9%	248,500	0%	0	0	0%
Total liabilities	229,269,404	-0.6%	230,561,015	4.5%	220,569,909	4,982,919	4501.1%

Results

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Sales of Goods	301,294,186	-2.4%	308,687,406	1.4%	304,495,875	5,677,127	5207.2%
Net turnover	298,145,106	-2.3%	305,254,873	2.5%	297,860,140	5,529,602	5291.8%
of which net export turnover	169,436,520	-4.7%	177,793,554	6.0%	167,799,638	614,121	27490.1%
Operating charges	276,070,499	-1.5%	280,199,380	1.7%	275,502,223	5,512,983	4907.6%
Operating profit/loss	25,223,686	-11.5%	28,488,026	-1.7%	28,993,651	126,749	19800.6%
Financial income	3,251,772	17.0%	2,779,393	70.2%	1,632,921	8,204	39538.8%
Financial charges	6,806,481	166.2%	2,556,687	144.9%	1,043,820	20,983	32338.1%
Financial profit/loss	-3,554,709	-1696.2%	222,704	-62.2%	589,100	-4,060	-87465.2%
Pretax net operating income	21,668,976	-24.5%	28,710,732	-2.9%	29,582,751	142,087	15150.6%
Extraordinary income	556,070	-56.4%	1,275,430	55.0%	823,086	13,364	4061.1%
Extraordinary charges	1,755,920	75.3%	1,001,835	-7.2%	1,079,281	19,557	8878.7%
Extraordinary profit/loss	-1,199,849	-538.6%	273,594	206.8%	-256,195	0	0%
Net result	12,496,155	-26.4%	16,989,422	-4.6%	17,806,340	120,644	10257.9%

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	229,269,406	-0.6%	230,561,017	4.5%	220,569,910
Gross	CO	338,213,893	2.5%	329,833,071	4.0%	317,126,215
Amortisation	1A	108,944,487	9.7%	99,272,054	2.8%	96,556,305

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	68,826,367	5.8%	65,043,432	27.9%	50,862,561
Gross	BJ	169,554,813	7.3%	158,078,183	11.1%	142,225,640
Amortisation	BK	100,728,446	8.3%	93,034,751	1.8%	91,363,079

Intangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Start-up cost	Net	700,617	6.3%	659,159	-10.8%	739,329
Gross	AB	700,617	6.3%	659,159	-10.8%	739,329
Amortisation	AC	598,375	11.3%	537,823	-4.2%	561,201
R&D expenses	Net	0	0%	0	0%	0
Gross	CX	0	0%	0	0%	0
Amortisation	CQ	0	0%	0	0%	0
Distributorships, patents	Net	0	0%	0	0%	0
Gross	AF	56,064	0%	56,064	0%	56,064
Amortisation	AG	56,064	0%	56,064	0%	56,064
Goodwill	Net	94,998	-9.3%	104,759	-8.5%	114,519
Gross	AH	8,390,317	0%	8,390,317	0%	8,390,317
Amortisation	AI	8,295,319	0.1%	8,285,558	0.1%	8,275,798
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	795,615	4.1%	763,918	-10.5%	853,848

Tangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Lands	Net	3,871,139	20.7%	3,207,896	-0.5%	3,224,740
Gross	AN	3,871,139	20.7%	3,207,896	-0.5%	3,224,740
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	11,888,401	27.5%	9,327,446	98.2%	4,705,344
Gross	AP	25,020,515	14.0%	21,952,231	28.6%	17,068,046
Amortisation	AQ	13,132,114	4.0%	12,624,785	2.1%	12,362,702
Plant	Net	31,469,414	11.3%	28,284,725	0.5%	28,139,149
Gross	AR	99,795,896	7.4%	92,931,288	1.7%	91,410,127
Amortisation	AS	68,326,482	5.7%	64,646,563	2.2%	63,270,978
Other tangible fixed assets	Net	583,284	21.1%	481,851	-12.1%	548,146
Gross	AT	3,600,567	6.0%	3,398,198	-0.5%	3,416,871
Amortisation	AU	3,017,283	3.5%	2,916,347	1.7%	2,868,725
Fixed assets in construction	Net	8,665,703	24.2%	6,976,669	68.0%	4,152,001
Gross	AV	8,665,703	24.2%	6,976,669	68.0%	4,152,001
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	749,768	4.4%	718,232	144.7%	293,507
Gross	AX	749,768	4.4%	718,232	144.7%	293,507
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	57,227,709	16.8%	48,996,819	19.3%	41,062,887

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	5,152,856	-41.4%	8,786,671	0%	8,786,671
Gross	CU	11,635,665	-2.5%	11,934,282	0%	11,934,282
Amortisation	CV	6,482,809	106.0%	3,147,611	0%	3,147,611
Inter-company receivables	Net	6,181,831	-11.5%	6,986,659	913.3%	689,521
Gross	BB	7,001,831	-10.3%	7,806,659	417.2%	1,509,521
Amortisation	BC	820,000	0%	820,000	0%	820,000
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	66,731	41.4%	47,188	53.0%	30,835
Gross	BH	66,731	41.4%	47,188	53.0%	30,835
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	11,401,418	-27.9%	15,820,518	66.4%	9,507,027

Current Assets (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Current Assets	Net	160,256,982	-3.1%	165,372,666	-2.5%	169,544,597
Gross	CJ	168,473,023	-1.8%	171,609,969	-1.8%	174,737,823
Amortisation	CK	8,216,041	31.7%	6,237,303	20.1%	5,193,226

Stocks

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Raw materials	Net	22,835,306	-1.9%	23,276,755	4.3%	22,322,437
Gross	BL	26,757,916	-1.4%	27,140,263	4.6%	25,951,013
Amortisation	BM	3,922,610	1.5%	3,863,508	6.5%	3,628,576
Work in progress (goods)	Net	16,089,960	0.0%	16,094,729	5.9%	15,193,070
Gross	BN	16,089,960	0.0%	16,094,729	5.9%	15,193,070
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	10,002,595	-9.1%	11,004,864	-4.4%	11,511,715
Gross	BR	11,163,278	-8.5%	12,200,017	-2.9%	12,558,455
Amortisation	BS	1,160,683	-2.9%	1,195,153	14.2%	1,046,740
Goods for resale	Net	1,900,318	-26.5%	2,585,941	-22.2%	3,323,116
Gross	BT	2,014,069	-25.3%	2,696,325	-23.0%	3,499,841
Amortisation	BU	113,751	3.1%	110,384	-37.5%	176,725
Sub Total Stocks	Net	50,828,179	-4.0%	52,962,289	1.2%	52,350,338

Advance payments to suppliers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Advance payments to suppliers	Net	341,788	3.7%	329,616	68.9%	195,208
Gross	BV	341,788	3.7%	329,616	68.9%	195,208
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Trade accounts receivable	Net	73,197,401	0.0%	73,188,655	5.6%	69,304,532
Gross	BX	74,016,765	-0.3%	74,251,280	6.6%	69,633,920
Amortisation	BY	819,364	-22.9%	1,062,625	222.6%	329,388
Other debtors	Net	30,564,455	574.3%	4,532,507	30.0%	3,487,333
Gross	BZ	32,764,088	622.0%	4,538,140	29.7%	3,499,130
Amortisation	CA	2,199,633	38949.1%	5,633	-52.3%	11,797
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	103,761,856	33.5%	77,721,162	6.8%	72,791,865

Divers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Investment securities	Net	3,102,422	-88.0%	25,807,207	9.5%	23,578,770
Gross	CD	3,102,422	-88.0%	25,807,207	9.5%	23,578,770
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	649,473	-89.8%	6,395,754	-66.0%	18,822,010
Gross	CF	649,473	-89.8%	6,395,754	-66.0%	18,822,010
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	3,751,895	-88.3%	32,202,961	-24.1%	42,400,780

Prepaid expenses

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid expenses	Net	1,573,264	-27.1%	2,156,638	19.4%	1,806,406
Gross	CH	1,573,264	-27.1%	2,156,638	19.4%	1,806,406
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	186,057	28.4%	144,919	-11.0%	162,752
Gross		186,057	28.4%	144,919	-11.0%	162,752

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	229,269,404	-0.6%	230,561,015	4.5%	220,569,909

Shareholder Equity (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total shareholders' equity (Total I)	DL	149,180,651	1.9%	146,463,991	4.4%	140,285,944
Equity and shareholders' equity	DA	10,000,000	0%	10,000,000	0%	10,000,000
Issue and merger premiums	DB	21,678,868	0%	21,678,868	0%	21,678,868
Revaluation differentials	DC	379,949	0%	379,949	-3.4%	393,388
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	1,012,641	0%	1,012,641	0%	1,012,641
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	126,418	0%	126,418	0%	126,418
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	5,243,736	0%	5,243,736	0%	5,243,736
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	78,029,174	8.3%	72,039,751	10.4%	65,233,410
Profit or loss for the period	DI	12,496,155	-26.4%	16,989,422	-4.6%	17,806,340
Investment grants	DJ	1,138,595	-4.4%	1,190,769	-0.8%	1,200,000
Special tax-allowable reserves	DK	19,075,115	7.1%	17,802,437	1.2%	17,591,143

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	6,701,304	-13.0%	7,704,325	22.2%	6,303,417
Risk provisions	DP	6,701,304	-13.0%	7,704,325	22.2%	6,303,417
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	73,109,272	-4.0%	76,182,215	3.6%	73,545,634
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	134,940	0%	0	0%	8,152
Sundry loans and financial liabilities	DV	301,193	10.4%	272,697	-2.7%	280,378
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	4,945,188	-12.7%	5,663,031	-27.8%	7,842,621
Trade accounts payables	DX	34,842,114	-4.7%	36,554,615	18.8%	30,772,431
Tax and social security liabilities	DY	22,389,673	-15.1%	26,360,600	-3.3%	27,259,583
Fixed asset liabilities	DZ	0	0%	-127	0%	0
Other debts	EA	9,472,554	33.7%	7,082,899	-4.1%	7,382,469

Translation loss (V)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Translation loss (Total V)	ED	278,177	32.2%	210,484	-51.6%	434,914

Equalization accounts

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Deferred income	EB	1,023,610	311.9%	248,500	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	1,023,610	311.9%	248,500	0%	0
Of which current bank facilities	EH	134,940	0%	0	0%	8,152

Result account

1 - Operating result (I-II)

			31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating result (Total I-II)	GG		25,223,686	-11.5%	28,488,026	-1.7%	28,993,651

2 - Financial result (V-VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Financial result (Total V-VI)	GV	-3,554,709	-1696.2%	222,704	-62.2%	589,100

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	21,668,976	-24.5%	28,710,732	-2.9%	29,582,751

4 - Extraordinary result (VII-VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Extraordinary result (Total VII-VIII)	HI	-1,199,849	-538.6%	273,594	206.8%	-256,195

Profit or loss

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Profit or loss	HN	12,496,155	-26.4%	16,989,422	-4.6%	17,806,340

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	305,102,029	-2.4%	312,742,230	1.9%	306,951,882

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	292,605,873	-1.1%	295,752,808	2.3%	289,145,540

Operating income (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating income (Total I)	FR	301,294,186	-2.4%	308,687,406	1.4%	304,495,875

Operating income (details)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Sale of goods for resale	FC	298,145,106	-2.3%	305,254,873	2.5%	297,860,140
France	FA	128,708,586	1.0%	127,461,319	-2.0%	130,060,502
Export	FB	169,436,520	-4.7%	177,793,554	6.0%	167,799,638
Sale of goods produced	FF	0	0%	0	0%	0
France	FD	0	0%	0	0%	0
Export	FE	0	0%	0	0%	0
Sale of services	FI	0	0%	0	0%	0
France	FG	0	0%	0	0%	0
Export	FH	0	0%	0	0%	0
Net turnover	FL	298,145,106	-2.3%	305,254,873	2.5%	297,860,140
France	FJ	128,708,586	1.0%	127,461,319	-2.0%	130,060,502
Export	FK	169,436,520	-4.7%	177,793,554	6.0%	167,799,638
Stocked production	FM	-1,041,508	-291.7%	543,221	-81.9%	2,999,121
Self-constructed assets	FN	0	0%	1,721	0%	0
Operating grants	FO	248,500	17.9%	210,731	17173.0%	1,220
Release of reserves and provisions	FP	3,549,830	60.4%	2,212,575	-30.8%	3,198,654
Other income	FQ	392,257	-15.5%	464,283	6.3%	436,739

Operating charges (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating charges (Total II)	GF	276,070,499	-1.5%	280,199,380	1.7%	275,502,223

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	148,275,514	-1.0%	149,702,120	3.5%	144,661,802
Change in stocks of raw materials	FV	1,064,603	376.0%	-385,734	-178.5%	491,350
Other external purchases and charges	FW	40,539,555	-6.0%	43,116,661	0.3%	43,008,782
Tax, duty and similar payments	FX	5,267,318	-2.1%	5,381,995	-0.4%	5,406,208
Payroll	FY	50,565,274	-2.8%	52,040,621	-0.9%	52,492,499
Social security costs	FZ	21,277,631	-3.9%	22,136,883	1.1%	21,894,220

Depreciation

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Depreciation of fixed assets	GA	5,448,370	9.6%	4,972,143	5.1%	4,730,315
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	304,673	-76.4%	1,291,733	197.1%	434,796
Provisions for risks and charges	GD	2,334,834	109.5%	1,114,740	-12.7%	1,277,081

Other charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Other charges	GE	992,724	19.9%	828,215	-25.1%	1,105,167

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	3,251,772	17.0%	2,779,393	70.2%	1,632,921
Share financial income	GJ	522,634	14.7%	455,791	-3.8%	473,995
Other investment income & capitalised receivables	GK	33,165	-80.1%	166,714	-38.1%	269,183
Other interest and similar income	GL	298,817	72.6%	173,097	-10.2%	192,803
Released provisions and transferred charges	GM	1,956,690	1102.3%	162,752	23.8%	131,465
Exchange gains	GN	440,463	-75.8%	1,821,038	222.0%	565,473
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	6,806,481	166.2%	2,556,687	144.9%	1,043,820
Financial reserves and provisions	GQ	5,715,255	250.3%	1,631,690	234.5%	487,752
Interest and similar charges	GR	66,669	-21.5%	84,956	75.4%	48,447
Exchange losses	GS	1,024,557	22.0%	840,041	65.5%	507,620
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	556,070	-56.4%	1,275,430	55.0%	823,086
Extraordinary operating income	HA	218,805	-46.2%	406,970	-36.9%	644,922
Extraordinary income from capital transactions	HB	304,674	12.6%	270,631	1475.5%	17,178
Released provisions and transferred charges	HC	32,591	-94.5%	597,829	271.4%	160,986

Extraordinary charges (VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary charges (Total VIII)	HH	1,755,920	75.3%	1,001,835	-7.2%	1,079,281
Extraordinary operating charges	HE	110,078	-73.5%	415,133	12.9%	367,800
Extraordinary charges from capital transactions	HF	340,573	22.7%	277,578	480.0%	47,862
Extraordinary reserves and provisions	HG	1,305,268	322.2%	309,123	-53.4%	663,619

Employee profit sharing (IX)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Employee profit sharing (Total IX)	HJ	1,574,379	-43.5%	2,786,768	-2.3%	2,852,538

Tax on profits (X)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Tax on profits (Total X)	HK	6,398,592	-30.5%	9,208,134	6.2%	8,667,678

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which equipment leases	HP	15,801	-34.0%	23,959	-7.8%	25,991
Of which property leases	HQ	0	0%	0	0%	20,475
Of which transferred charges	A1	1,462,673	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	905,388	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	6,127,181	63.2%	3,754,996	294.3%	952,347
Decreasess by transfers	OK2	2,235,541	-40.9%	3,780,913	440.4%	699,690
Gross value at the end of period	OL	169,554,813	7.3%	158,078,179	11.1%	142,225,637

Research and development Charge (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	CZ	659,159	-10.8%	739,329	3.9%	711,882
Increasess due to revaluation	KB	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KC	41,458	322.0%	9,825	-64.2%	27,446
Decreasess by budget item transfer	CO1	0	0%	0	0%	0
Decreasess by transfers	CO2	0	0%	89,995	0%	0
Gross value at the end of period	DO	700,617	6.3%	659,159	-10.8%	739,328

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	8,446,382	0%	8,446,382	0%	8,446,382
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	0	0%	0	0%	0
Decreasess by budget item transfer	LV1	0	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	8,446,382	0%	8,446,382	0%	8,446,382

Tangible fixed assets (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LN	129,184,514	8.0%	119,565,291	7.0%	111,787,638
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	19,777,893	17.3%	16,862,270	84.1%	9,160,360
Decreasess by budget item transfer	NG1	6,127,181	63.2%	3,754,996	294.3%	952,347
Decreasess by transfers	NG2	1,131,639	-67.6%	3,488,056	710.5%	430,362
Gross value at the end of period	NH	141,703,587	9.7%	129,184,509	8.0%	119,565,289

Financial assets (Total IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LQ	19,788,129	46.9%	13,474,639	-2.0%	13,742,712
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	20,000	-99.7%	6,516,352	519545.3%	1,254
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	1,103,902	444.2%	202,862	-24.7%	269,328
Gross value at the end of period	NK	18,704,227	-5.5%	19,788,129	46.9%	13,474,638

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	8,341,623	0.1%	8,331,863	0.1%	8,322,103
Increases	PF	9,760	0%	9,760	0%	9,760
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	8,351,383	0.1%	8,341,623	0.1%	8,331,863

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	80,187,694	2.1%	78,502,404	5.7%	74,256,435
Increases	QV	5,377,867	9.8%	4,895,765	5.4%	4,643,711
Decreases	QW	1,089,684	-66.1%	3,210,477	707.2%	397,744
Decreasess by budget item transfer	QX	84,475,877	5.3%	80,187,692	2.1%	78,502,402

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	0	0%	89,995	0%	0
Depreciation of fixed assets during period	SP	700,617	6.3%	659,159	-10.8%	739,328
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	34,891,676	8.2%	32,235,397	-0.5%	32,407,253
Increases	UB	9,660,030	119.6%	4,399,107	53.6%	2,863,248
Decreases	UC	4,076,439	133.9%	1,742,828	-21.3%	2,215,105
Value at the end of period	UD	40,475,267	16.0%	34,891,676	5.6%	33,055,396

Includes Total allocations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UE	2,639,507	7.4%	2,458,292	43.6%	1,711,877
Financial	UG	5,715,255	250.3%	1,631,690	234.5%	487,752
Exceptional	UJ	1,305,268	322.2%	309,123	-53.4%	663,619

Includes Total Withdrawal

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UF	2,087,157	40.8%	1,482,247	-22.9%	1,922,654
Financial	UH	1,956,690	1102.3%	162,752	23.8%	131,465
Exceptional	UK	32,591	-66.7%	97,829	-39.2%	160,986

Total regulated provisions (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	3Z	17,802,437	1.2%	17,591,143	3.8%	16,947,509
Increases	TS	1,305,268	322.2%	309,123	-53.4%	663,619
Decreases	TT	32,591	-66.7%	97,829	389.5%	19,986
Value at the end of period	TU	19,075,114	7.1%	17,802,437	1.2%	17,591,142

Total risk and charge provisions (Total II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	5Z	7,704,325	22.2%	6,303,417	3.8%	6,069,800
Increases	TV	2,520,891	-8.2%	2,746,430	55.6%	1,764,833
Decreases	TW	3,523,913	161.9%	1,345,522	-12.1%	1,531,216
Value at the end of period	TX	6,701,303	-13.0%	7,704,325	22.2%	6,303,417

Total Provision for depreciation (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7B	9,384,914	12.5%	8,340,837	-11.2%	9,389,944
Increases	TY	5,833,871	334.2%	1,343,554	209.0%	434,796
Decreases	TZ	519,935	73.6%	299,477	-54.9%	663,903
Value at the end of period	UA	14,698,850	56.6%	9,384,914	2.4%	9,160,837

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	115,316,263	30.2%	88,567,056	15.8%	76,479,810
1 year at most	VU	107,676,120	33.8%	80,445,861	7.4%	74,895,872
More than one year	VV	7,640,143	-5.9%	8,121,195	412.7%	1,583,938

State of loans

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Claims related to holdings (gross)	UL	7,001,831	-10.3%	7,806,659	417.2%	1,509,521
Claims related to shareholdings (1 year at most)	UM	0	0%	204,828	1.0%	202,862
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	66,731	41.4%	47,188	53.0%	30,835
Other financial assets (1 year at most)	UV	0	0%	47,188	53.0%	30,835

Receivables statement of assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Customers doubtful or disputed	VA	571,581	10.1%	519,364	87.3%	277,279
Other claims customer	UX	73,445,183	-0.4%	73,731,915	6.3%	69,356,640
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	119,213	11.2%	107,195	40.6%	76,230
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	2,527,050	67.2%	1,511,646	43.6%	1,052,313
Value added tax	VB	1,391,894	1.0%	1,378,168	50.9%	913,307
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	26,546,039	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	2,073,477	58.5%	1,308,283	-10.2%	1,457,279

Prepaid

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid	VS	1,573,264	-27.1%	2,156,638	19.4%	1,806,406

State Debt

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total debt (gross)	VY	68,164,082	98.7%	34,297,457	-47.8%	65,703,012
1 year at most	VZ2	67,910,357	99.5%	34,034,246	-48.0%	65,433,143
More than 1 year and 5 years at most	VZ3	37,944	0.0%	37,947	0%	37,947
More than 5 years	VZ4	215,781	-4.2%	225,264	-2.9%	231,922

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	134,940	0%	0	0%	8,152
1 year at most	VG2	134,940	0%	0	0%	8,152
More than 1 year and 5 years at most	VG3	0	0%	0	0%	0
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most	VH2	0	0%	0	0%	0
More than 1 year and 5 years at most	VH3	0	0%	0	0%	0
Loans and various financial liabilities (gross)	8A1	301,193	10.4%	272,697	-2.7%	280,378
1 year at most	8A2	47,468	400.4%	9,486	-9.7%	10,509
More than 1 year and 5 years at most	8A3	37,944	0.0%	37,947	0%	37,947
Suppliers and associated accounts (gross)	8B1	34,842,114	0%	0	0%	30,772,431
1 year at most	8B2	34,842,114	0%	0	0%	30,772,431
More than 1 year and 5 years at most	8B3	34,842,114	0%	0	0%	30,772,431
Personnel and associated accounts (gross)	8C1	16,926,634	-14.6%	19,808,885	-1.5%	20,108,484
1 year at most	8C2	16,926,634	-14.6%	19,808,885	-1.5%	20,108,484
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	4,015,568	-19.4%	4,984,262	-10.6%	5,577,415
1 year at most	8D2	4,015,568	-19.4%	4,984,262	-10.6%	5,577,415
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most	8E2	0	0%	0	0%	0
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	46,973	-3.7%	48,800	27.8%	38,188
1 year at most	VW2	46,973	-3.7%	48,800	27.8%	38,188
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	1,400,497	-7.8%	1,518,652	-1.1%	1,535,495
1 year at most	VQ2	1,400,497	-7.8%	1,518,652	-1.1%	1,535,495
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	0	0%	-127	0%	0
1 year at most	8J2	0	0%	-127	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	1,676,532	0%	0	0%	0
1 year at most	VI2	1,676,532	0%	0	0%	0
More than 1 year and 5 years at most	VI3	0	0%	0	0%	0
More than 5 years	V14	0	0%	0	0%	0
Other liabilities (gross)	8K1	7,796,021	5.1%	7,415,788	0.5%	7,382,469
1 year at most	8K2	7,796,021	5.1%	7,415,788	0.5%	7,382,469
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	1,023,610	311.9%	248,500	0%	0
1 year at most	8L2	1,023,610	311.9%	248,500	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%	94,867
Debt repaid during the period	VK	9,487	0%	0	0%	0

Table allocation results and other information

Dividends distributed

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Dividends	ZE	11,000,000	0%	11,000,000	0%	11,000,000

Commitments

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Commitments leasing furniture	YQ	0	0%	46,121	79.4%	25,711
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	11,249,328	-14.1%	13,097,209	1.1%	12,952,775
Rentals, rental charges and condominiums	XQ	2,030,728	1.6%	1,998,245	3.6%	1,928,862
Staff outside the company	YU	2,106,810	1.1%	2,084,819	3.2%	2,020,842
Remuneration intermediaries and fees (excluding fees)	SS	3,866,216	-12.7%	4,430,928	-9.1%	4,873,486
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	21,286,472	-1.0%	21,505,457	1.3%	21,232,815
Total Other purchases and external	ZJ	40,539,555	-6.0%	43,116,661	0.3%	43,008,782

Taxes and Fees

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Business tax	YW	2,469,938	1.1%	2,442,519	-3.2%	2,523,220
Other taxes and payments assimilated	9Z	2,797,380	-4.8%	2,939,475	2.0%	2,882,988
Total taxes and fees	YX	5,267,318	-2.1%	5,381,995	-0.4%	5,406,208

VAT

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Amount VAT collected	YY	23,242,244	-44.0%	41,530,175	0.4%	41,346,662
Total VAT on goods and services	YZ	18,334,560	-50.8%	37,249,486	4.4%	35,663,750

Average number of employees

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Average number of employees	YP	1,171	-1.6%	1,190	0.6%	1,183

Groups and Shareholders

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Groups and Shareholders	ZR	1	-	-	-	-

Ratios

Synthetic financial performance indicators

31/12/2016

31/12/2015

31/12/2014

Score

Situation

Score

Situation

Score

Situation

HideAFDCC 2

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.

HideConan & Holder

0.18

0.19

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.

HideAltman

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	1.52	-3.2%	1.57	-6.5%	1.68	2.19	-30.6%
Global Debt	88 days	-2.2%	90 days	1.1%	89 days	119 days	-26.1%
Working Capital Fund overall net	105 days	0%	105 days	-9.5%	116 days	137 days	-23.4%
Financial independence	34,044.67 %	-36.3%	53,467.71 %	10.6%	48,364.68 %	500.76 %	6698.6%
Solvability	65.07 %	2.4%	63.53 %	-0.1%	63.60 %	52.51 %	23.9%
Capacity debt futures	110,553.32 %	-	-	-	1,720,877.63 %	4,655.19 %	2274.8%
Coverage of current assets by net working capital overall	51.39 %	12.3%	45.78 %	-6.3%	48.86 %	55.63 %	-7.6%
General Liquidity	1.59	-32.6%	2.36	107.0%	1.14	1.05	51.4%
Restricted Liquidity	1.64	-50.5%	3.31	84.9%	1.79	1.47	11.6%

Management or rotation

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Need background in operating working capital	75 days	10.3%	68 days	0%	68 days	87 days	-13.8%
Treasury	4 days	-89.5%	38 days	-25.5%	51 days	15 days	-73.3%
Inventory turnover of goods	-	-	-	-	-	95 days	-
Average length of credit granted to customers	83 days	7.8%	77 days	4.1%	74 days	75 days	10.7%
Average length of credit obtained suppliers	60 days	5.3%	57 days	16.3%	49 days	70 days	-14.3%
Inventory turnover of raw materials in industrial enterprises	30 days	0%	30 days	0%	30 days	112 days	-73.2%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	357 days	-
Rotation tangible assets	210.40 %	-11.0%	236.29 %	-5.2%	249.12 %	342.01 %	-38.5%

Profitability of the business

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Margin trading	100.00 %	0%	100.00 %	0%	100.00 %	0.00 %	0%
Profitability of the business	10.18 %	-8.6%	11.14 %	0.8%	11.05 %	5.97 %	70.5%
Net profit	4.19 %	-24.8%	5.57 %	-6.9%	5.98 %	3.59 %	16.7%
Growth rate of turnover (excluding VAT)	-2.33 %	-194.0%	2.48 %	2580.0%	-0.10 %	-0.10 %	-2230.0%
Rates integration	35.96 %	-3.2%	37.14 %	-1.8%	37.84 %	36.44 %	-1.3%
Rate leasing furniture	0.01 %	0%	0.01 %	0%	0.01 %	0.00 %	0%
Work Factor	67.00 %	2.4%	65.43 %	-0.9%	66.01 %	78.96 %	-15.1%
Weight interests	2.28 %	171.4%	0.84 %	140.0%	0.35 %	0.35 %	551.4%

Return on capital

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Cash flow from the overall profitability	7.02 %	-3.3%	7.26 %	0.6%	7.22 %	4.39 %	59.9%
Rates of economic profitability	20.00 %	-13.0%	23.00 %	0%	23.00 %	10.00 %	100.0%
Financial profitability	149,180,651.00 %	1.9%	146,463,991.00 %	4.4%	140,285,944.00 %	2,476,924.00 %	5922.8%
Return on investment	12.90 %	-3.2%	13.32 %	-0.7%	13.41 %	7.21 %	78.9%

Management intermediate balances

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Turnover

298,145,106

-2.3%

305,254,873

2.5%

297,860,140

5,529,602

5291.8%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Sales of goods

298,145,106

-2.3%

305,254,873

2.5%

297,860,140

- Purchase of goods

+/- Stock of goods variation

Trading margin

298,145,106 €

-2.3%

305,254,873 €

2.5%

297,860,140 €

0 €

100.00 % CA

0.00 % CA

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Sale of goods produced

+/- Stocked production

-1,041,508

-291.7%

543,221

-81.9%

2,999,121

+ Self-constructed assets

1,721

Period production

-1,041,508 €

-291.1%

544,942 €

-81.8%

2,999,121 €

3,904,711 €

-126.7%

-0.35 % CA

-294.4%

0.18 % CA

-82.2%

1.01 % CA

97.50 % CA

-100.4%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Trading margin

298,145,106

-2.3%

305,254,873

2.5%

297,860,140

+ Period Production

-1,041,508

-291.1%

544,942

-81.8%

2,999,121

3,904,711

-126.7%

- Purchase of raw materials

148,275,514

-1.0%

149,702,120

3.5%

144,661,802

+/- Change in stocks of raw materiels

1,064,603

376.0%

-385,734

-178.5%

491,350

- Other external purchases and charges

40,539,555

-6.0%

43,116,661

0.3%

43,008,782

Added value

107,223,926 €

-5.4%

113,366,768 €

0.6%

112,697,327 €

1,837,027 €

5736.8%

35.96 % CA

-3.2%

37.14 % CA

-1.8%

37.84 % CA

36.44 % CA

-1.3%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Added value	107,223,926 €	-5.4%	113,366,768 €	0.6%	112,697,327 €	1,837,027 €	5736.8%
+ Operating grants	248,500	17.9%	210,731	17173.0%	1,220		-
- Tax, duty and similar payments	5,267,318	-2.1%	5,381,995	-0.4%	5,406,208		-
- Personal charges	71,842,905	-3.1%	74,177,504	-0.3%	74,386,719		-
Gross operating surplus	30,362,203 €	-10.7%	34,018,000 €	3.4%	32,905,620 €	207,881 €	14505.6%
	10.18 % CA	-8.6%	11.14 % CA	0.8%	11.05 % CA	5.97 % CA	70.5%
	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Gross operating surplus	30,362,203 €	-10.7%	34,018,000 €	3.4%	32,905,620 €	207,881 €	14505.6%
+ Release of reserves and provisions	3,549,830	60.4%	2,212,575	-30.8%	3,198,654		-
+ Other operating income	392,257	-15.5%	464,283	6.3%	436,739		-
- Depreciation/ Amortisation	8,087,877	9.6%	7,378,616	14.5%	6,442,192		-
- Other charges	992,724	19.9%	828,215	-25.1%	1,105,167		-
Operating result	25,223,689 €	-11.5%	28,488,027 €	-1.7%	28,993,654 €	126,748 €	19800.7%
	8.46 % CA	-9.3%	9.33 % CA	-4.1%	9.73 % CA	4.36 % CA	94.0%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Operating result

25,223,689 €

-11.5%

28,488,027 €

-1.7%

28,993,654 €

126,748 €

19800.7%

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

+ Financial income

3,251,772

17.0%

2,779,393

70.2%

1,632,921

- Financial charges

6,806,481

166.2%

2,556,687

144.9%

1,043,820

Pre-tax result

21,668,980 €

-24.5%

28,710,733 €

-2.9%

29,582,755 €

142,089 €

15150.3%

7.27 % CA

-22.7%

9.41 % CA

-5.2%

9.93 % CA

4.17 % CA

74.3%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Extraordinary income

556,070

-56.4%

1,275,430

55.0%

823,086

13,364

4061.1%

- Extraordinary charges

1,755,920

75.3%

1,001,835

-7.2%

1,079,281

Extraordinary result

-1,199,850 €

-538.5%

273,595 €

206.8%

-256,195 €

0 €

-0.40 % CA

-544.4%

0.09 % CA

200.0%

-0.09 % CA

0.00 % CA

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Pre-tax result	21,668,980 €	-24.5%	28,710,733 €	-2.9%	29,582,755 €	142,089 €	15150.3%
Extraordinary result	-1,199,850 €	-538.5%	273,595 €	206.8%	-256,195 €	0 €	0%
- Employee profit sharing	1,574,379	-43.5%	2,786,768	-2.3%	2,852,538		-
- Tax on profits	6,398,592	-30.5%	9,208,134	6.2%	8,667,678		-
Net result	12,496,159 €	-26.4%	16,989,426 €	-4.6%	17,806,344 €	120,646 €	10257.7%
	4.19 % CA	-24.8%	5.57 % CA	-6.9%	5.98 % CA	3.59 % CA	16.7%

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 2814Z - Manufacture of other taps and valves.

Graphical analysis

Net Turnover Company Result Sector Average31/12/201631/12/201531/12/20140M100M200M300M400M

	31/12/2016	31/12/2015	31/12/2014
Company Result	298,145,106 €	305,254,873 €	297,860,140 €
Sector Average	24,020,124 €	26,373,230 €	25,638,844 €

Net Profit Company Result Sector Average31/12/201631/12/201531/12/20140M10M20M

	31/12/2016	31/12/2015	31/12/2014
Company Result	12,496,155 €	16,989,422 €	17,806,340 €
Sector Average	928,243 €	1,259,632 €	1,756,638 €

Net Export Turnover Company Result Sector Average31/12/201631/12/201531/12/20140M100M200M

	31/12/2016	31/12/2015	31/12/2014
Company Result	169,436,520 €	177,793,554 €	167,799,638 €
Sector Average	12,506,674 €	15,735,302 €	16,012,939 €

Account Total Company Result Sector Average31/12/201631/12/201531/12/20140M100M200M300M

	31/12/2016	31/12/2015	31/12/2014
Company Result	229,269,404 €	230,561,015 €	220,569,909 €
Sector Average	21,770,967 €	23,093,665 €	22,021,735 €

Shareholders Equity Company Result Sector Average31/12/201631/12/201531/12/20140M50M100M150M200M

	31/12/2016	31/12/2015	31/12/2014
Company Result	149,180,651 €	146,463,991 €	140,285,944 €
Sector Average	9,979,623 €	10,320,178 €	9,012,864 €

Liabilities Company Result Sector Average31/12/201631/12/201531/12/20140M25M50M75M100M

	31/12/2016	31/12/2015	31/12/2014
Company Result	73,109,272 €	76,182,215 €	73,545,634 €
Sector Average	10,253,068 €	11,504,936 €	12,002,039 €

Need background in operating working capital Company Result Sector Average31/12/201631/12/201531/12/2014-50050100150

	31/12/2016	31/12/2015	31/12/2014
Company Result	75 €	68 €	68 €
Sector Average	105 €	-8 €	126 €

Gross operating surplus (EBE)Company Result Sector Average31/12/201631/12/201531/12/20140M20M40M

	31/12/2016	31/12/2015	31/12/2014
Company Result	30,362,203 €	34,018,000 €	32,905,620 €
Sector Average	2,756,846 €	3,489,866 €	3,792,009 €

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.90
UK Pound	1	INR 90.31
Euro	1	INR 80.17
Euro	1	INR 79.89

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

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	TPT

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.

MIRA INFORM REPORT

Company summary

Key Financials

Recent publications in Gazettes

Company events history

Establishment events history

Synthesized Accounts

Key Performance Indicators

Graphical analysis

Unit