3decades

MIRA INFORM REPORT

Report No. :	482421
Report Date :	08.01.2018

IDENTIFICATION DETAILS

Name :	VOILE-ATTITUDE

Registered Office :	Voile Attitude, La Barre Guineheuc, 35540 Miniac Morvan

Country :	France

Financials (as on) :	31.12.2016

Date of Incorporation :	04/2007

Com. Reg. No.:	B 495 221 624

Legal Form :	Sole Proprietorship Ltd

Line of Business :	Education of Sports and Leisure Activities.

No. of Employees :	Not Available

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Medium Risk

Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	Slow but Correct

Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

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. Despite terrorist attacks, labor strikes, and bad weather, France is still the most visited country in the world with 83 million foreign tourists in 2016, including 530,000 who came 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 1.1% in 2016, down from 1.3% the year before. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.2% in 2015, before slightly falling to 10% in 2016. Youth unemployment in metropolitan France decreased from 24.6% in the fourth quarter of 2014 to 24% in the fourth quarter of 2016.

Lower-than-expected growth and high spending have strained France's public finances. Despite measures to restore public finances since President Francois HOLLANDE took office in 2012, the budget deficit rose from 3.3% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 3.4% of GDP in 2016. Meanwhile, France's public debt rose from 89.5% of GDP in 2012 to 96% in 2016.

President HOLLANDE’s policies aimed to enhance French industry’s competitiveness and to lower high jobless figures. The Competitiveness and Employment Tax Credit of 2012, the Responsibility and Solidarity Pact of 2014, the Investment Stimulus Plan, and the Emergency Jobs Plan represent more than $42.6 billion in support for businesses in 2017 by lowering French labor costs, but so far the results of these policies have been marginal on France’s competitiveness and job creation. In an effort to bolster social justice, the 2017 budget bill contained provisions to reduce income taxes for households and for small and medium sized enterprises.

During his mandate, President HOLLANDE oversaw two highly unpopular economic reforms that led to widespread protests. The “Macron Law” of 2015, enacted to boost economic growth, authorized businesses to open some Sundays of each month and allowed flexibility to negotiate pay and working hours. The “El Khomri law,” imposed by decree in 2016, aimed to make it easier for businesses to employ people and gave employers more leeway to negotiate hours, wages, and time off.

Source : CIA

Company name

VOILE-ATTITUDE

Company Summary

VOILE-ATTITUDE - 495 221 624 00036

SIRET	495 221 624 00036	Click to view full map.
Name	VOILE-ATTITUDE
Acronym	-
Trade name	-
Status	Economically active
Postal Address	VOILE ATTITUDE LA BARRE GUINEHEUC 35540 MINIAC MORVAN FRANCE
Share Capital	4,000 Euros
Telephone	-
Activity (APE)	Education of sports and leisure activities (8551Z)	RCS Registration	RCS Saint-Malo B 495 221 624
Formation Date	04/2007	EUR VAT Number	FR80495221624
Deregistration Date	-	Last account Date	31/12/2016
Court Registry Number	20 1 6B00521	Incorporation Date	04/2007
Registration Court	Saint-Malo (35)	Fax	-
Nationality	France	Legal form	Sole proprietorship Ltd
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2016	120,489 €	-5.27% Turnover	11,570 €	-8,003 €	0 employee
31/12/2012	58,326 €	4.64% Turnover	23,606 €	4,034 €	0 employee
31/12/2011	74,909 €	5.65% Turnover	31,572 €	3,603 €	0 employee

View details

Directors

Current Directors

View Details

Judgment and Preferential

Judgment	No Judgement		View details
Preferential Right	This company is not under monitoring		View details

Total number of Invoices available	28
Total number of Invoices paid within or up to 30 days after the due date	28
Total number of Invoices paid more than 30 days after the dues date	0
Total number of Invoices currently outstanding where the due date has not yet been reached	0
Total number of Invoices currently outstanding beyond the due date	0

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	8551Z	Activity	Teaching sports and leisure activities
Formation Date	06/2016	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	-
Trading Address	LA BARRE GUINEHEUC 35540 MINIAC MORVAN	Department	Ille-et-Vilaine (35)
Location Surface	-	District	4
City	MINIAC MORVAN	Status	Economically active
Business Pages FT®	-	Region	Bretagne
		Area	07
		Size of Urban Area	Establishment in a rural municipality

Other Establishment(s)

Rationality	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
VOILE-ATTITUDE	Head Office	8551Z	Teaching sports and leisure activities	MINIAC MORVAN	35540
VOILE-ATTITUDE	Branch	8551Z	Teaching sports and leisure activities	MARSEILLE 4	13004
VOILE-ATTITUDE	Branch	8551Z	Teaching sports and leisure activities	MARSEILLE 16	13016

Workforces

Workforce at address	0 employee	Company workforce	0 employee
		Workforce account	Workforce unknown
		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.

Industry comparison

Activity (APE)	Education of sports and leisure activities (8551Z)
Industry average credit rating	46
Industry average credit limit	986

Collective procedures

No judgment information for the company

Status of collection

This company is not under monitoring

Preferential rights details and history

Status of collection

This company is not under monitoring

Group Data

No group information available for the company

Shareholders

No Shareholders available for this company

Linkages

No Linkages information available for the company.

Director(s)

Name	M. CHAUCHAT BENOIT
Manager position	Manager	Date of birth	01/03/1967
Place of birth	FONTAINEBLEAU
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Manager	M. CHAUCHAT BENOIT	-	View Details

Status history

Date	Description
20/06/2016	Economically active

Recent publications in Gazettes

	Publication date	Gazette Name	Description
Hide	17/10/2017	Bodacc C	Annual accounts and reports
35 - ILLE-ET-VILAINE GREFFE DU TRIBUNAL DE COMMERCE DE SAINT-MALO 2994 - 495221624 RCS. VOILE-ATTITUDE. Forme : Société à responsabilité limitée. Adresse : la Barre Guinéheuc 35540 Miniac-Morvan. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2016.
Hide	08/07/2016	JAL	Head Office Transfer
Les Nouvelles Publications Date de décision : 20/06/2016 Transfert du siège social de la société 495221624 - VOILE-ATTITUDE Adresse du nouveau siège : LA BARRE GUINEHEUC, 35540 MINIAC MORVAN Ancienne localisation : 87 CHE DE LA NERTHE, 13016 MARSEILLE 16
Hide	19/11/2015	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1424 - 495221624 RCS. VOILE-ATTITUDE. Forme : Société à responsabilité limitée à associé unique. Adresse : 40 boulevard du Jardin Zoologique 13004 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
Hide	19/11/2013	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 689 - 495221624 RCS. VOILE-ATTITUDE. Forme : Société à responsabilité limitée à associé unique. Adresse : 40 boulevard du Jardin Zoologique 13004 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
Hide	29/09/2012	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1854 - 495221624 RCS. VOILE-ATTITUDE. Forme : Société à responsabilité limitée à associé unique. Adresse : 40 boulevard du Jardin Zoologique 13004 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
Hide	16/09/2010	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1727 - 495221624 RCS. VOILE-ATTITUDE. Forme : Société à responsabilité limitée à associé unique. Adresse : 40 boulevard du Jardin Zoologique 13004 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
Hide	16/12/2009	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1182 - 495221624 RCS. VOILE-ATTITUDE. Forme : Entreprise unipersonnelle à responsabilité limitée. Adresse : 40 boulevard du Jardin Zoologique 13004 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
Hide	14/11/2008	Bodacc C	Comptes annuels et rapports
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 1634 - 495221624 RCS. VOILE-ATTITUDE. Forme : Entreprise unipersonnelle à responsabilité limitée. Adresse : 40 boulevard du Jardin Zoologique 13004 Marseille. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
Hide	01/02/2008	Bodacc B	Modification et mutation diverse
13 - BOUCHES-DU-RHONE GREFFE DU TRIBUNAL DE COMMERCE DE MARSEILLE 148 - 495 221 624 RCS Marseille. VOILE-ATTITUDE. Forme : Entreprise unipersonnelle à responsabilité limitée. Enseigne : VOILE-ATTITUDE. Adresse de l’établissement principal : 40 boulevard du Jardin Zoologique, 13004 Marseille. Adresse du siège social : 40 boulevard du Jardin Zoologique, 13004 Marseille. Commentaires : Modification de l'adresse du siège. Modification de l'adresse de l'établissement.
Hide	03/05/2007	Bodacc A	Création d'établissement
0128 - RCS Marseille B 495 221 624. RC 07-B 1358. VOILE-ATTITUDE. Forme : S.A.R.L. à associé unique. Capital : 4 000 euros. Adresse du siège social : 87 chemin de la Nerthe, 13016 Marseille. Administration : gérant : CHAUCHAT (Benoît). Etablissement principal - Nom commercial : Voile-Attitude. Activité : conseil en nautisme, formation, location de bateaux, gestion et vente de produits nautiques. Adresse : 87 chemin de la Nerthe, 13016 Marseille. Cette société se constitue . Date de début d'activité : 3 avril 2007.

Company events history

Date	Description
19/10/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
17/10/2017	Bodacc C : Deposit accounts notice
31/12/2016	New accounts available
29/07/2016	Updated articles of association
29/07/2016	Registered office transferred outside jurisdiction of the Commercial Court
29/07/2016	Amendment
08/07/2016	Legal Gazette: Head Office Transfer
20/06/2016	Update of Company Head Office Identifier
19/11/2015	Bodacc C : Deposit accounts notice
11/01/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
19/11/2013	Bodacc C : Deposit accounts notice
31/12/2012	New accounts available
30/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
29/09/2012	Bodacc C : Deposit accounts notice
31/12/2011	New accounts available
18/11/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
16/09/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
16/12/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
14/11/2008	Bodacc C : Deposit accounts notice
01/02/2008	New Bodacc B ads detected
01/02/2008	Bodacc B: Various editing or changing
29/01/2008	Amendment
29/01/2008	Minutes of general meeting of shareholders
29/01/2008	Private document
29/01/2008	Registered office transferred inside jurisdiction of the Commercial Court
29/01/2008	Registered office transferred inside jurisdiction of the Commercial Court
29/01/2008	Updated articles of association
31/12/2007	New accounts available
11/04/2007	Private document
11/04/2007	Company formation
11/04/2007	Company formation
11/04/2007	Articles of association
11/04/2007	Articles of association

Establishment events history

Date		Description
20/06/2016		Formation of Head office (after transfer)
Display parameter
Currency	Euro Kilo Euro
Comparison Mode	Median Average

Synthesized Accounts

Annual Accounts

	31/12/2016	31/12/2012	31/12/2011
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	18/10/2017	10/01/2014	26/10/2012
Activity Code	8551Z	8551Z	8551Z
Employees	0	0	0

Active account

	31/12/2016	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2016		Sector Median 2016
Capital not called	0 0 K	0%	0 0 K	0%	0 0 K	58.30 0.06 K	0%	0 0 K	0%
Total fixed assets	10,950 11 K	9.8%	9,973 10 K	-27.7%	13,799 14 K	138,530.33 138.53 K	-92.1%	31,785 32 K	-65.5%
Intangible assets	0 0 K	0%	0 0 K	0%	0 0 K	17,999.93 18.00 K	0%	0 0 K	0%
Tangible assets	10,920 11 K	9.8%	9,943 10 K	-27.8%	13,769 14 K	107,140.19 107.14 K	-89.8%	21,684 22 K	-49.6%
Financial assets	30 0 K	0%	30 0 K	0%	30 0 K	13,684.32 13.68 K	-99.8%	61 0 K	-50.8%
Net current assets	57,385 57 K	67.9%	34,172 34 K	20.5%	28,349 28 K	150,858.37 150.86 K	-62.0%	35,965 36 K	59.6%
Stocks	0 0 K	0%	0 0 K	0%	0 0 K	8,986.08 8.99 K	0%	0 0 K	0%
Advanced payments	0 0 K	0%	0 0 K	0%	0 0 K	1,004.38 1.00 K	0%	0 0 K	0%
Receivables	18,231 18 K	-2.7%	18,746 19 K	54.1%	12,162 12 K	77,878.30 77.88 K	-76.6%	10,031 10 K	81.7%
Securities and cash	39,154 39 K	153.8%	15,426 15 K	-4.7%	16,187 16 K	62,502.52 62.50 K	-37.4%	13,116 13 K	198.5%
Prepaid expenses	- -	-	- -	-	- -	1,192.65 1.19 K	-	317 0 K	-
Accounts of regularization	0 0 K	0%	0 0 K	0%	0 0 K	78.51 0.08 K	0%	0 0 K	0%
Total Assets	68,335 68 K	54.8%	44,145 44 K	4.7%	42,147 42 K	289,469.68 289.47 K	-76.4%	87,503 88 K	-21.9%

Passive Account

	31/12/2016	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2016		Sector Median 2016
Shareholders' equity	11,570 12 K	-51.0%	23,606 24 K	-25.2%	31,572 32 K	68,879.06 68.88 K	-83.2%	14,952 15 K	-22.6%
Share capital	4,000 4 K	0%	4,000 4 K	0%	4,000 4 K	50,797.05 50.80 K	-92.1%	7,622 8 K	-47.5%
Other capital resources	0 0 K	0%	0 0 K	0%	0 0 K	1,035.19 1.04 K	0%	0 0 K	0%
Risk Provisions	0 0 K	0%	0 0 K	0%	0 0 K	4,404.89 4.40 K	0%	0 0 K	0%
Liabilities	56,765 57 K	176.4%	20,540 21 K	94.2%	10,575 11 K	215,531.35 215.53 K	-73.7%	63,372 63 K	-10.4%
Financial liabilities	29,220 29 K	176.5%	10,567 11 K	1407.4%	701 1 K	113,340.74 113.34 K	-74.2%	16,400 16 K	78.2%
Advanced payments received	0 0 K	0%	0 0 K	0%	0 0 K	2,806.03 2.81 K	0%	0 0 K	0%
Trade account payables	12,417 12 K	1197.5%	957 1 K	49.8%	639 1 K	31,491.73 31.49 K	-60.6%	6,065 6 K	104.7%
Tax and social liabilities	7,169 7 K	-18.0%	8,748 9 K	-2.4%	8,967 9 K	49,305.65 49.31 K	-85.5%	10,401 10 K	-31.1%
Other debts and fixed assets liabilities	7,959 8 K	2869.8%	268 0 K	0%	268 0 K	30,907.75 30.91 K	-74.2%	4,182 4 K	90.3%
Account regularization	0 0 K	0%	0 0 K	0%	0 0 K	13,207.17 13.21 K	0%	0 0 K	0%
Total liabilities	68,335 68 K	54.8%	44,145 44 K	4.7%	42,147 42 K	289,429.06 289.43 K	-76.4%	87,467 87 K	-21.9%

Results

	31/12/2016	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2016		Sector Median 2016
Sales of Goods	120,502 121 K	106.6%	58,328 58 K	-22.1%	74,911 75 K	346,067.28 346.07 K	-65.2%	105,319 105 K	14.4%
Net turnover	120,489 120 K	106.6%	58,326 58 K	-22.1%	74,909 75 K	296,987.56 296.99 K	-59.4%	102,135 102 K	18.0%
of which net export turnover	0 0 K	0%	0 0 K	0%	0 0 K	11,052.48 11.05 K	0%	0 0 K	0%
Operating charges	128,706 129 K	116.5%	59,444 59 K	-17.3%	71,855 72 K	345,121.46 345.12 K	-62.7%	105,343 105 K	22.2%
Operating profit/loss	-8,203 -8 K	-635.0%	-1,116 -1 K	-136.5%	3,056 3 K	934.71 0.93 K	-977.6%	1,334 1 K	-714.9%
Financial income	296 0 K	26.0%	235 0 K	10.8%	212 0 K	2,205.24 2.21 K	-86.6%	0 0 K	0%
Financial charges	50 0 K	0%	0 0 K	0%	0 0 K	1,852.40 1.85 K	-97.3%	240 0 K	-79.2%
Financial profit/loss	246 0 K	4.7%	235 0 K	10.8%	212 0 K	353.72 0.35 K	-30.5%	-148 0 K	266.2%
Pretax net operating income	-7,958 -8 K	-803.3%	-881 -1 K	-127.0%	3,268 3 K	2,716.83 2.72 K	-392.9%	1,123 1 K	-808.6%
Extraordinary income	0 0 K	0%	4,946 5 K	919.8%	485 0 K	20,412.08 20.41 K	0%	0 0 K	0%
Extraordinary charges	45 0 K	40.6%	32 0 K	-78.7%	150 0 K	12,590.19 12.59 K	-99.6%	87 0 K	-48.3%
Extraordinary profit/loss	-45 0 K	-100.9%	4,914 5 K	1366.9%	335 0 K	7,821.88 7.82 K	-100.6%	0 0 K	0%
Net result	-8,003 -8 K	-298.4%	4,034 4 K	12.0%	3,603 4 K	4,413.38 4.41 K	-281.3%	1,958 2 K	-508.7%

Accounts - Active

Normal Account

			31/12/2016		31/12/2012		31/12/2011
Months			12		12		12

Grand Total - Active Accounts (I to VI)

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Grand Total (I to VI)	Net	68,335 68 K	54.8%	44,145 44 K	4.7%	42,147 42 K
Gross	CO	85,368 85 K	68.2%	50,762 51 K	12.8%	44,989 45 K
Amortisation	1A	17,033 17 K	157.4%	6,617 7 K	132.8%	2,842 3 K

Non declared distributed capital (I)

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
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	31/12/2012	Variation	31/12/2011
Total Active fixed asset (II)	Net	10,950 11 K	9.8%	9,973 10 K	-27.7%	13,799 14 K
Gross	BJ	27,983 28 K	68.7%	16,591 17 K	-0.3%	16,641 17 K
Amortisation	BK	17,033 17 K	157.4%	6,618 7 K	132.9%	2,842 3 K

Intangible fixed assets

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
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	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AF	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AG	0 0 K	0%	0 0 K	0%	0 0 K
Goodwill	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AH	0 0 K	0%	0 0 K	0%	0 0 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	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AK	0 0 K	0%	0 0 K	0%	0 0 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	0 0 K	0%	0 0 K	0%	0 0 K

Tangible fixed assets

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Lands	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AN	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AO	0 0 K	0%	0 0 K	0%	0 0 K
Buildings	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AP	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	AQ	0 0 K	0%	0 0 K	0%	0 0 K
Plant	Net	1,873 2 K	-81.2%	9,943 10 K	-26.7%	13,563 14 K
Gross	AR	17,432 17 K	20.4%	14,477 14 K	0%	14,477 14 K
Amortisation	AS	15,559 16 K	243.2%	4,534 5 K	396.1%	914 1 K
Other tangible fixed assets	Net	9,047 9 K	0%	0 0 K	0%	206 0 K
Gross	AT	10,521 11 K	404.8%	2,084 2 K	-2.3%	2,134 2 K
Amortisation	AU	1,474 1 K	-29.3%	2,084 2 K	8.1%	1,928 2 K
Fixed assets in construction	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	AV	0 0 K	0%	0 0 K	0%	0 0 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	10,920 11 K	9.8%	9,943 10 K	-27.8%	13,769 14 K

Financial assets

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
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	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CU	0 0 K	0%	0 0 K	0%	0 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	30 0 K	0%	30 0 K	0%	30 0 K
Gross	BH	30 0 K	0%	30 0 K	0%	30 0 K
Amortisation	BI	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Financial assets	Net	30 0 K	0%	30 0 K	0%	30 0 K

Current Assets (III)

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Total Current Assets	Net	57,385 57 K	67.9%	34,172 34 K	20.5%	28,349 28 K
Gross	CJ	57,385 57 K	67.9%	34,172 34 K	20.5%	28,349 28 K
Amortisation	CK	0 0 K	0%	0 0 K	0%	0 0 K

Stocks

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Raw materials	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BL	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BM	0 0 K	0%	0 0 K	0%	0 0 K
Work in progress (goods)	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BN	0 0 K	0%	0 0 K	0%	0 0 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	0 0 K	0%	0 0 K	0%	0 0 K

Advance payments to suppliers

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Advance payments to suppliers	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	BV	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	BW	0 0 K	0%	0 0 K	0%	0 0 K

Debtors

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Trade accounts receivable	Net	9,653 10 K	-38.3%	15,648 16 K	29.7%	12,065 12 K
Gross	BX	9,653 10 K	-38.3%	15,648 16 K	29.7%	12,065 12 K
Amortisation	BY	0 0 K	0%	0 0 K	0%	0 0 K
Other debtors	Net	8,578 9 K	176.9%	3,098 3 K	3093.8%	97 0 K
Gross	BZ	8,578 9 K	176.9%	3,098 3 K	3093.8%	97 0 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	18,231 18 K	-2.7%	18,746 19 K	54.1%	12,162 12 K

Divers

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Investment securities	Net	0 0 K	0%	10,839 11 K	2.2%	10,605 11 K
Gross	CD	0 0 K	0%	10,839 11 K	2.2%	10,605 11 K
Amortisation	CE	0 0 K	0%	0 0 K	0%	0 0 K
Cash and cash equivalents	Net	39,154 39 K	753.6%	4,587 5 K	-17.8%	5,582 6 K
Gross	CF	39,154 39 K	753.6%	4,587 5 K	-17.8%	5,582 6 K
Amortisation	CG	0 0 K	0%	0 0 K	0%	0 0 K
Sub Total Divers	Net	39,154 39 K	153.8%	15,426 15 K	-4.7%	16,187 16 K

Prepaid expenses

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Prepaid expenses	Net	0 0 K	0%	0 0 K	0%	0 0 K
Gross	CH	0 0 K	0%	0 0 K	0%	0 0 K
Amortisation	CI	0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts (IV to VI)

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
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	31/12/2012	Variation	31/12/2011
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	31/12/2012	Variation	31/12/2011
Grand Total (I to V)	EE		68,335 68 K	54.8%	44,145 44 K	4.7%	42,147 42 K

Shareholder Equity (I)

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Total shareholders' equity (Total I)	DL	11,570 12 K	-51.0%	23,606 24 K	-25.2%	31,572 32 K
Equity and shareholders' equity	DA	4,000 4 K	0%	4,000 4 K	0%	4,000 4 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	400 0 K	0%	400 0 K	0%	400 0 K
Statutory or contractual reserve	DE	0 0 K	0%	0 0 K	0%	0 0 K
Special regulated reserves	DF	0 0 K	0%	0 0 K	0%	0 0 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	15,172 15 K	0%	15,172 15 K	-35.6%	23,569 24 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	0 0 K	0%	0 0 K	0%	0 0 K
Profit or loss for the period	DI	-8,003 -8 K	-298.4%	4,034 4 K	12.0%	3,603 4 K
Investment grants	DJ	0 0 K	0%	0 0 K	0%	0 0 K
Special tax-allowable reserves	DK	0 0 K	0%	0 0 K	0%	0 0 K

Other capital resources (II)

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
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	31/12/2012	Variation	31/12/2011
Total provisions for risks and charges (Total III)	DR	0 0 K	0%	0 0 K	0%	0 0 K
Risk provisions	DP	0 0 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	31/12/2012	Variation	31/12/2011
Total Liabilities (Total IV)	EC	56,765 57 K	176.4%	20,540 21 K	94.2%	10,575 11 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	12,582 13 K	0%	0 0 K	0%	0 0 K
Sundry loans and financial liabilities	DV	16,638 17 K	57.5%	10,567 11 K	1407.4%	701 1 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	12,417 12 K	1197.5%	957 1 K	49.8%	639 1 K
Tax and social security liabilities	DY	7,169 7 K	-18.0%	8,748 9 K	-2.4%	8,967 9 K
Fixed asset liabilities	DZ	0 0 K	0%	0 0 K	0%	0 0 K
Other debts	EA	7,959 8 K	2869.8%	268 0 K	0%	268 0 K

Translation loss (V)

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Translation loss (Total V)	ED		0 0 K	0%	0 0 K	0%	0 0 K

Equalization accounts

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Deferred income	EB		0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Of which tax-allowable reserve	EF	0 0 K	0%	0 0 K	0%	0 0 K
Deferred income and liabilities	EG	56,765 57 K	176.4%	20,539 21 K	0%	0 0 K
Of which current bank facilities	EH	0 0 K	0%	0 0 K	0%	0 0 K

Result account

1 - Operating result (I-II)

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Operating result (Total I-II)	GG		-8,203 -8 K	-635.0%	-1,116 -1 K	-136.5%	3,056 3 K

2 - Financial result (V-VI)

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Financial result (Total V-VI)	GV		246 0 K	4.7%	235 0 K	10.8%	212 0 K

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

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Pre-tax net operating income (Total I-II+II-IV+V-VI)	GW		-7,958 -8 K	-803.3%	-881 -1 K	-127.0%	3,268 3 K

4 - Extraordinary result (VII-VIII)

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Extraordinary result (Total VII-VIII)	HI		-45 0 K	-100.9%	4,914 5 K	1366.9%	335 0 K

Profit or loss

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Profit or loss	HN		-8,003 -8 K	-298.4%	4,034 4 K	12.0%	3,603 4 K

Total Income (I+III+V+VII)

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Total Income (Total I+III+V+VII)	HL		120,798 121 K	90.2%	63,509 64 K	-16.0%	75,608 76 K

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

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Total Charges (Total II+IV+VI+VIII+IX+X)	HM		128,800 129 K	116.6%	59,476 59 K	-17.4%	72,005 72 K

Operating income (I)

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Total operating income (Total I)	FR		120,502 121 K	106.6%	58,328 58 K	-22.1%	74,911 75 K

Operating income (details)

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Sale of goods for resale	FC	43,248 43 K	0%	0 0 K	0%	0 0 K
France	FA	43,248 43 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	0 0 K	0%	0 0 K	0%	0 0 K
France	FD	0 0 K	0%	0 0 K	0%	0 0 K
Export	FE	0 0 K	0%	0 0 K	0%	0 0 K
Sale of services	FI	77,240 77 K	32.4%	58,326 58 K	-22.1%	74,909 75 K
France	FG	77,240 77 K	32.4%	58,326 58 K	-22.1%	74,909 75 K
Export	FH	0 0 K	0%	0 0 K	0%	0 0 K
Net turnover	FL	120,489 120 K	106.6%	58,326 58 K	-22.1%	74,909 75 K
France	FJ	120,489 120 K	106.6%	58,326 58 K	-22.1%	74,909 75 K
Export	FK	0 0 K	0%	0 0 K	0%	0 0 K
Stocked production	FM	0 0 K	0%	0 0 K	0%	0 0 K
Self-constructed assets	FN	0 0 K	0%	0 0 K	0%	0 0 K
Operating grants	FO	0 0 K	0%	0 0 K	0%	0 0 K
Release of reserves and provisions	FP	0 0 K	0%	0 0 K	0%	0 0 K
Other income	FQ	13 0 K	550.0%	2 0 K	0%	2 0 K

Operating charges (II)

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Total operating charges (Total II)	GF		128,706 129 K	116.5%	59,444 59 K	-17.3%	71,855 72 K

Exploitation charges

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Purchase of goods for resale	FS	35,001 35 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	0 0 K	0%	0 0 K	0%	0 0 K
Change in stocks of raw materials	FV	0 0 K	0%	0 0 K	0%	0 0 K
Other external purchases and charges	FW	82,375 82 K	115.9%	38,161 38 K	4.3%	36,600 37 K
Tax, duty and similar payments	FX	1,818 2 K	-22.8%	2,355 2 K	-28.5%	3,292 3 K
Payroll	FY	5,142 5 K	-51.0%	10,500 11 K	-56.0%	23,886 24 K
Social security costs	FZ	2,507 3 K	-45.5%	4,601 5 K	-33.3%	6,899 7 K

Depreciation

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Depreciation of fixed assets	GA	1,861 2 K	-51.4%	3,826 4 K	235.3%	1,141 1 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%	0 0 K
Provisions for risks and charges	GD	0 0 K	0%	0 0 K	0%	0 0 K

Other charges

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Other charges	GE		2 0 K	100.0%	1 0 K	-97.3%	37 0 K

Operating charges (III-IV)

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
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	31/12/2012	Variation	31/12/2011
Total financial income (Total V)	GP	296 0 K	26.0%	235 0 K	10.8%	212 0 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	296 0 K	26.0%	235 0 K	10.8%	212 0 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	31/12/2012	Variation	31/12/2011
Total financial charge (Total VI)	GU	50 0 K	0%	0 0 K	0%	0 0 K
Financial reserves and provisions	GQ	0 0 K	0%	0 0 K	0%	0 0 K
Interest and similar charges	GR	50 0 K	0%	0 0 K	0%	0 0 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	31/12/2012	Variation	31/12/2011
Total extraordinary income (Total VII)	HD	0 0 K	0%	4,946 5 K	919.8%	485 0 K
Extraordinary operating income	HA	0 0 K	0%	4,946 5 K	919.8%	485 0 K
Extraordinary income from capital transactions	HB	0 0 K	0%	0 0 K	0%	0 0 K
Released provisions and transferred charges	HC	0 0 K	0%	0 0 K	0%	0 0 K

Extraordinary charges (VIII)

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Total extraordinary charges (Total VIII)	HH	45 0 K	40.6%	32 0 K	-78.7%	150 0 K
Extraordinary operating charges	HE	45 0 K	40.6%	32 0 K	-78.7%	150 0 K
Extraordinary charges from capital transactions	HF	0 0 K	0%	0 0 K	0%	0 0 K
Extraordinary reserves and provisions	HG	0 0 K	0%	0 0 K	0%	0 0 K

Employee profit sharing (IX)

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Employee profit sharing (Total IX)	HJ		0 0 K	0%	0 0 K	0%	0 0 K

Tax on profits (X)

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Tax on profits (Total X)	HK		0 0 K	0%	0 0 K	0%	0 0 K

References

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Of which equipment leases	HP	0 0 K	0%	0 0 K	0%	0 0 K
Of which property leases	HQ	0 0 K	0%	0 0 K	0%	0 0 K
Of which transferred charges	A1	0 0 K	0%	0 0 K	0%	0 0 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	31/12/2012	Variation	31/12/2011
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%	0 0 K	0%	0 0 K
Decreasess by transfers	OK2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	OL	27,983 28 K	0%	0 0 K	0%	16,641 17 K

Research and development Charge (Total I)

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
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	31/12/2012	Variation	31/12/2011
Gross value at begin of period	KD	0 0 K	0%	0 0 K	0%	0 0 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%	0 0 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%	0 0 K
Gross value at the end of period	LW	0 0 K	0%	0 0 K	0%	0 0 K

Tangible fixed assets (Total III)

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LN	18,370 18 K	0%	0 0 K	0%	2,134 2 K
Increasess due to revaluation	LO	0 0 K	0%	0 0 K	0%	0 0 K
Increasess, acquisitions, creations, contributions	LP	9,583 10 K	0%	0 0 K	0%	14,477 14 K
Decreasess by budget item transfer	NG1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NG2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	NH	27,953 28 K	0%	0 0 K	0%	16,611 17 K

Financial assets (Total IV)

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Gross value at begin of period	LQ	30 0 K	0%	0 0 K	0%	30 0 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%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	NJ1	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by transfers	NJ2	0 0 K	0%	0 0 K	0%	0 0 K
Gross value at the end of period	NK	30 0 K	0%	0 0 K	0%	30 0 K

Reserve for depreciation

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

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
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	31/12/2012	Variation	31/12/2011
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	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	PE	0 0 K	0%	0 0 K	0%	0 0 K
Increases	PF	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess	PG	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	PH	0 0 K	0%	0 0 K	0%	0 0 K

Total fixed assets amotisation (Total III)

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Reserve for depreciation value at begin of period	QU	15,172 15 K	0%	0 0 K	0%	1,701 2 K
Increases	QV	1,861 2 K	0%	0 0 K	0%	1,141 1 K
Decreases	QW	0 0 K	0%	0 0 K	0%	0 0 K
Decreasess by budget item transfer	QX	17,033 17 K	0%	0 0 K	0%	2,842 3 K

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
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	31/12/2012	Variation	31/12/2011
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	31/12/2012	Variation	31/12/2011
Value at begining of period	7C	0 0 K	0%	0 0 K	0%	0 0 K
Increases	UB	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	UC	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	UD	0 0 K	0%	0 0 K	0%	0 0 K

Includes Total allocations

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Operating	UE	0 0 K	0%	0 0 K	0%	0 0 K
Financial	UG	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UJ	0 0 K	0%	0 0 K	0%	0 0 K

Includes Total Withdrawal

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Operating	UF	0 0 K	0%	0 0 K	0%	0 0 K
Financial	UH	0 0 K	0%	0 0 K	0%	0 0 K
Exceptional	UK	0 0 K	0%	0 0 K	0%	0 0 K

Total regulated provisions (Total I)

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	3Z	0 0 K	0%	0 0 K	0%	0 0 K
Increases	TS	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	TT	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	TU	0 0 K	0%	0 0 K	0%	0 0 K

Total risk and charge provisions (Total II)

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	5Z	0 0 K	0%	0 0 K	0%	0 0 K
Increases	TV	0 0 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	0 0 K	0%	0 0 K	0%	0 0 K

Total Provision for depreciation (Total III)

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Value at begining of period	7B	0 0 K	0%	0 0 K	0%	0 0 K
Increases	TY	0 0 K	0%	0 0 K	0%	0 0 K
Decreases	TZ	0 0 K	0%	0 0 K	0%	0 0 K
Value at the end of period	UA	0 0 K	0%	0 0 K	0%	0 0 K

State deadlines claims and debts at the end of period

State claims

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Gross value	VT	0 0 K	0%	0 0 K	0%	12,192 12 K
1 year at most	VU	0 0 K	0%	0 0 K	0%	12,162 12 K
More than one year	VV	0 0 K	0%	0 0 K	0%	30 0 K

State of loans

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
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	0 0 K	0%	0 0 K	0%	30 0 K
Other financial assets (1 year at most)	UV	0 0 K	0%	0 0 K	0%	0 0 K

Receivables statement of assets

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Customers doubtful or disputed	VA	0 0 K	0%	0 0 K	0%	0 0 K
Other claims customer	UX	0 0 K	0%	0 0 K	0%	12,065 12 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	0 0 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations	UZ	0 0 K	0%	0 0 K	0%	0 0 K
Income taxes	VM	0 0 K	0%	0 0 K	0%	0 0 K
Value added tax	VB	0 0 K	0%	0 0 K	0%	97 0 K
Other taxes and payments assimilated	VN	0 0 K	0%	0 0 K	0%	0 0 K
State and other public - Miscellaneous	VP	0 0 K	0%	0 0 K	0%	0 0 K
Group and Associates	VC	0 0 K	0%	0 0 K	0%	0 0 K
Accounts receivable (including claims relating to the operation of pension titles)	VR	0 0 K	0%	0 0 K	0%	0 0 K

Prepaid

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Prepaid	VS		0 0 K	0%	0 0 K	0%	0 0 K

State Debt

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Total debt (gross)	VY	0 0 K	0%	0 0 K	0%	10,575 11 K
1 year at most	VZ2	0 0 K	0%	0 0 K	0%	10,575 11 K
More than 1 year and 5 years at most	VZ3	0 0 K	0%	0 0 K	0%	0 0 K
More than 5 years	VZ4	0 0 K	0%	0 0 K	0%	0 0 K

Details

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
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	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VG2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VG3	0 0 K	0%	0 0 K	0%	0 0 K
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	VH2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	VH3	0 0 K	0%	0 0 K	0%	0 0 K
Loans and various financial liabilities (gross)	8A1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8A2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8A3	0 0 K	0%	0 0 K	0%	0 0 K
Suppliers and associated accounts (gross)	8B1	0 0 K	0%	0 0 K	0%	639 1 K
1 year at most	8B2	0 0 K	0%	0 0 K	0%	639 1 K
More than 1 year and 5 years at most	8B3	0 0 K	0%	0 0 K	0%	639 1 K
Personnel and associated accounts (gross)	8C1	0 0 K	0%	0 0 K	0%	0 0 K
1 year at most	8C2	0 0 K	0%	0 0 K	0%	0 0 K
More than 1 year and 5 years at most	8C3	0 0 K	0%	0 0 K	0%	0 0 K
Social Security and other social organizations (gross)	8D1	0 0 K	0%	0 0 K	0%	6,117 6 K
1 year at most	8D2	0 0 K	0%	0 0 K	0%	6,117 6 K
More than 1 year and 5 years at most	8D3	0 0 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%	2,220 2 K
1 year at most	VW2	0 0 K	0%	0 0 K	0%	2,220 2 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	0 0 K	0%	0 0 K	0%	630 1 K
1 year at most	VQ2	0 0 K	0%	0 0 K	0%	630 1 K
More than 1 year and 5 years at most	VQ3	0 0 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%	701 1 K
1 year at most	VI2	0 0 K	0%	0 0 K	0%	701 1 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	0 0 K	0%	0 0 K	0%	268 0 K
1 year at most	8K2	0 0 K	0%	0 0 K	0%	268 0 K
More than 1 year and 5 years at most	8K3	0 0 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	31/12/2012	Variation	31/12/2011
Loans made during the period	VJ	0 0 K	0%	0 0 K	0%	0 0 K
Debt repaid during the period	VK	0 0 K	0%	0 0 K	0%	0 0 K

Table allocation results and other information

Dividends distributed

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Dividends	ZE		0 0 K	0%	0 0 K	0%	0 0 K

Commitments

		31/12/2016	Variation	31/12/2012	Variation	31/12/2011
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	31/12/2012	Variation	31/12/2011
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	31/12/2012	Variation	31/12/2011
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	31/12/2012	Variation	31/12/2011
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	31/12/2012	Variation	31/12/2011
Average number of employees	YP		0 0 K	0%	0 0 K	0%	0 0 K

Groups and Shareholders

			31/12/2016	Variation	31/12/2012	Variation	31/12/2011
Groups and Shareholders	ZR		0 0 K	-	- -	-	- -

Ratios

Synthetic financial performance indicators

31/12/2016

31/12/2012

31/12/2011

Score

Situation

Score

Situation

Score

Situation

Hide AFDCC 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.

Hide Conan & Holder

-0.14

90%

0.13

20%

0.18

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	31/12/2012	Variation	31/12/2011	Sector Average 2016		Sector Median 2016
Fixed Asset Financing	2.07	-15.9%	2.46	16.6%	2.11	4.55	-54.5%	1.08	91.7%
Global Debt	170 days	33.9%	127 days	149.0%	51 days	1,971.00 days	-91.4%	188 days	-9.3%
Working Capital Fund overall net	89 days	-40.3%	149 days	67.4%	89 days	22.98 days	287.3%	24 days	270.8%
Financial independence	39.60 %	-82.3%	223.39 %	-95.0%	4,503.85 %	13,327.96 %	-99.7%	47.19 %	-16.1%
Solvability	16.93 %	-68.3%	53.47 %	-28.6%	74.91 %	-9.67 %	275.1%	23.16 %	-26.9%
Capacity debt futures	-	-	-	-	-	-177,780.27 %	-	491.63 %	-
Coverage of current assets by net working capital overall	52.00 %	-3.3%	53.76 %	13.3%	47.43 %	-145.99 %	135.6%	21.13 %	146.1%
General Liquidity	-	-	-	-	1.15	0.52	-	0.21	-
Restricted Liquidity	-	-	-	-	2.68	2.09	-	0.75	-

Management or rotation

	31/12/2016	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2016		Sector Median 2016
Need background in operating working capital	-30 days	-181.1%	37 days	208.3%	12 days	-41.26 days	27.3%	-15 days	-100.0%
Treasury	117 days	23.2%	95 days	21.8%	78 days	141.32 days	-17.2%	6 days	1850.0%
Inventory turnover of goods	0 days	-	-	-	-	199.44 days	0%	32 days	0%
Average length of credit granted to customers	29 days	-70.1%	97 days	67.2%	58 days	35.88 days	-19.2%	6 days	383.3%
Average length of credit obtained suppliers	38 days	322.2%	9 days	50.0%	6 days	69.78 days	-45.5%	36 days	5.6%
Inventory turnover of raw materials in industrial enterprises	-	-	-	-	-	1,689.70 days	-	0 days	-
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	257.31 days	-	105 days	-
Rotation tangible assets	431.04 %	-	-	-	450.96 %	735.52 %	-41.4%	153.67 %	180.5%

Profitability of the business

	31/12/2016	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2016		Sector Median 2016
Margin trading	6.84 %	0%	0.00 %	0%	0.00 %	2.21 %	209.5%	0.00 %	0%
Profitability of the business	-5.27 %	-213.6%	4.64 %	-17.9%	5.65 %	-22.95 %	77.0%	7.98 %	-166.0%
Net profit	-6.64 %	-196.0%	6.92 %	43.9%	4.81 %	-25.09 %	73.5%	1.92 %	-445.8%
Growth rate of turnover (excluding VAT)	48.51 %	319.1%	-22.14 %	-115.4%	-10.28 %	54.54 %	-11.1%	0.05 %	96920.0%
Rates integration	2.58 %	-92.5%	34.57 %	-32.4%	51.14 %	16.49 %	-84.4%	38.84 %	-93.4%
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.22 %	0%	0.00 %	0%
Work Factor	245.71 %	228.1%	74.89 %	-6.8%	80.36 %	-11.17 %	2299.7%	64.76 %	279.4%
Weight interests	0.04 %	0%	0.00 %	0%	0.00 %	5.87 %	-99.3%	0.22 %	-81.8%

Return on capital

	31/12/2016	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2016		Sector Median 2016
Cash flow from the overall profitability	-5.10 %	-137.8%	13.48 %	113.0%	6.33 %	2.25 %	-326.7%	9.24 %	-155.2%
Rates of economic profitability	-16.00 %	-300.0%	8.00 %	-38.5%	13.00 %	-28.76 %	44.4%	17.68 %	-190.5%
Financial profitability	11,570.00 %	-51.0%	23,606.00 %	-25.2%	31,572.00 %	57,780.78 %	-80.0%	86.56 %	13266.5%
Return on investment	-19.50 %	-265.3%	11.80 %	5.7%	11.16 %	-2.45 %	-695.9%	7.11 %	-374.3%

Management intermediate balances

31/12/2016

Variation

31/12/2012

Variation

31/12/2011

Sector Average 2016

Sector Median 2016

Turnover

120,489 120 K

106.6%

58,326 58 K

-22.1%

74,909 75 K

296,987.56 296.99 K

-59.4%

102,135 102 K

18.0%

31/12/2016

Variation

31/12/2012

Variation

31/12/2011

Sector Average 2016

Sector Median 2016

Sales of goods

43,248 43 K

0 0 K

- Purchase of goods

35,001 35 K

0 0 K

+/- Stock of goods variation

0 0 K

Trading margin

8,247 € 8 K €

0 € 0 K €

8,417.94 € 8.42 K €

-2.0%

0 € 0 K €

6.84 % CA 6.84 % CA

0.00 % CA 0.00 % CA

10.69 % CA 10.69 % CA

-36.0%

0.00 % CA 0.00 % CA

		31/12/2016		Variation		31/12/2012		Variation		31/12/2011	Sector Average 2016		Sector Median 2016
Sale of goods produced		77,240 77 K		32.4%		58,326 58 K		-22.1%		74,909 75 K		-		-
+/- Stocked production		0 0 K		0%		0 0 K		0%		0 0 K		-		-
+ Self-constructed assets		0 0 K		0%		0 0 K		0%		0 0 K		-		-
Period production		77,240 € 77 K €		32.4%		58,326 € 58 K €		-22.1%		74,909 € 75 K €	274,326.70 € 274.33 K €	-71.8%	91,663 € 92 K €	-15.7%
		64.11 % CA 64.11 % CA		-35.9%		100.00 % CA 100.00 % CA		0%		100.00 % CA 100.00 % CA	93.71 % CA 93.71 % CA	-31.6%	100.00 % CA 100.00 % CA	-35.9%
	31/12/2016		Variation		31/12/2012		Variation		31/12/2011		Sector Average 2016		Sector Median 2016
Trading margin	8,247 8 K		0%		0 0 K		0%		0 0 K		8,417.94 8.42 K	-2.0%	0 0 K	0%
+ Period Production	77,240 77 K		32.4%		58,326 58 K		-22.1%		74,909 75 K		274,326.70 274.33 K	-71.8%	91,663 92 K	-15.7%
- Purchase of raw materials	0 0 K		0%		0 0 K		0%		0 0 K			-		-
+/- Change in stocks of raw materiels	0 0 K		0%		0 0 K		0%		0 0 K			-		-
- Other external purchases and charges	82,375 82 K		115.9%		38,161 38 K		4.3%		36,600 37 K			-		-
Added value	3,112 € 3 K €		-84.6%		20,165 € 20 K €		-47.4%		38,309 € 38 K €		124,201.39 € 124.20 K €	-97.5%	36,713 € 37 K €	-91.5%
	2.58 % CA 2.58 % CA		-92.5%		34.57 % CA 34.57 % CA		-32.4%		51.14 % CA 51.14 % CA		16.45 % CA 16.45 % CA	-84.3%	38.84 % CA 38.84 % CA	-93.4%

	31/12/2016		Variation		31/12/2012		Variation		31/12/2011		Sector Average 2016		Sector Median 2016
Added value	3,112 € 3 K €		-84.6%		20,165 € 20 K €		-47.4%		38,309 € 38 K €		124,201.39 € 124.20 K €	-97.5%	36,713 € 37 K €	-91.5%
+ Operating grants	0 0 K		0%		0 0 K		0%		0 0 K			-		-
- Tax, duty and similar payments	1,818 2 K		-22.8%		2,355 2 K		-28.5%		3,292 3 K			-		-
- Personal charges	7,649 8 K		-49.3%		15,101 15 K		-50.9%		30,785 31 K			-		-
Gross operating surplus	-6,355 € -6 K €		-334.6%		2,709 € 3 K €		-36.0%		4,232 € 4 K €		-978.33 € -0.98 K €	-549.6%	7,518 € 8 K €	-184.5%
	-5.27 % CA -5.27 % CA		-213.6%		4.64 % CA 4.64 % CA		-17.9%		5.65 % CA 5.65 % CA		-22.99 % CA -22.99 % CA	77.1%	7.98 % CA 7.98 % CA	-166.0%
		31/12/2016		Variation		31/12/2012		Variation		31/12/2011	Sector Average 2016		Sector Median 2016
Gross operating surplus		-6,355 € -6 K €		-334.6%		2,709 € 3 K €		-36.0%		4,232 € 4 K €	-978.33 € -0.98 K €	-549.6%	7,518 € 8 K €	-184.5%
+ Release of reserves and provisions		0 0 K		0%		0 0 K		0%		0 0 K		-		-
+ Other operating income		13 0 K		550.0%		2 0 K		0%		2 0 K		-		-
- Depreciation/ Amortisation		1,861 2 K		-51.4%		3,826 4 K		235.3%		1,141 1 K		-		-
- Other charges		2 0 K		100.0%		1 0 K		-97.3%		37 0 K		-		-
Operating result		-8,205 € -8 K €		-635.2%		-1,116 € -1 K €		-136.5%		3,056 € 3 K €	839.51 € 0.84 K €	-1077.4%	1,344 € 1 K €	-710.5%
		-6.81 % CA -6.81 % CA		-256.5%		-1.91 % CA -1.91 % CA		-146.8%		4.08 % CA 4.08 % CA	-43.84 % CA -43.84 % CA	84.5%	1.70 % CA 1.70 % CA	-500.6%

31/12/2016

Variation

31/12/2012

Variation

31/12/2011

Sector Average 2016

Sector Median 2016

Operating result

-8,205 € -8 K €

-635.2%

-1,116 € -1 K €

-136.5%

3,056 € 3 K €

839.51 € 0.84 K €

-1077.4%

1,344 € 1 K €

-710.5%

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

0 0 K

+ Financial income

296 0 K

26.0%

235 0 K

10.8%

212 0 K

- Financial charges

50 0 K

0 0 K

Pre-tax result

-7,959 € -8 K €

-803.4%

-881 € -1 K €

-127.0%

3,268 € 3 K €

2,610.75 € 2.61 K €

-404.9%

1,085 € 1 K €

-833.5%

-6.61 % CA -6.61 % CA

-337.7%

-1.51 % CA -1.51 % CA

-134.6%

4.36 % CA 4.36 % CA

-45.21 % CA -45.21 % CA

85.4%

1.35 % CA 1.35 % CA

-589.6%

31/12/2016

Variation

31/12/2012

Variation

31/12/2011

Sector Average 2016

Sector Median 2016

Extraordinary income

0 0 K

4,946 5 K

919.8%

485 0 K

20,412.08 20.41 K

0 0 K

- Extraordinary charges

45 0 K

40.6%

32 0 K

-78.7%

150 0 K

Extraordinary result

-45 € 0 K €

-100.9%

4,914 € 5 K €

1366.9%

335 € 0 K €

7,821.89 € 7.82 K €

-100.6%

0 € 0 K €

-0.04 % CA -0.04 % CA

-100.5%

8.43 % CA 8.43 % CA

1773.3%

0.45 % CA 0.45 % CA

23.86 % CA 23.86 % CA

-100.2%

0.00 % CA 0.00 % CA

	31/12/2016	Variation	31/12/2012	Variation	31/12/2011	Sector Average 2016		Sector Median 2016
Pre-tax result	-7,959 € -8 K €	-803.4%	-881 € -1 K €	-127.0%	3,268 € 3 K €	2,610.75 € 2.61 K €	-404.9%	1,085 € 1 K €	-833.5%
Extraordinary result	-45 € 0 K €	-100.9%	4,914 € 5 K €	1366.9%	335 € 0 K €	7,821.89 € 7.82 K €	-100.6%	0 € 0 K €	0%
- Employee profit sharing	0 0 K	0%	0 0 K	0%	0 0 K		-		-
- Tax on profits	0 0 K	0%	0 0 K	0%	0 0 K		-		-
Net result	-8,004 € -8 K €	-298.5%	4,033 € 4 K €	11.9%	3,603 € 4 K €	4,303.62 € 4.30 K €	-286.0%	1,958 € 2 K €	-508.8%
	-6.64 % CA -6.64 % CA	-196.1%	6.91 % CA 6.91 % CA	43.7%	4.81 % CA 4.81 % CA	-25.71 % CA -25.71 % CA	74.2%	1.98 % CA 1.98 % CA	-435.4%

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 8551Z - Sports and recreation education.

Key Performance Indicators

Graphical analysis

Net Turnover

	31/12/2016	31/12/2012	31/12/2011
Company Result	120,489 €	58,326 €	74,909 €
Sector Average	296,988 €	318,137 €	311,833 €

Net Profit

	31/12/2016	31/12/2012	31/12/2011
Company Result	-8,003 €	4,034 €	3,603 €
Sector Average	4,413 €	5,434 €	10,367 €

Net Export Turnover

	31/12/2016	31/12/2012	31/12/2011
Company Result	0 €	0 €	0 €
Sector Average	11,052 €	14,686 €	13,139 €

Account Total

	31/12/2016	31/12/2012	31/12/2011
Company Result	68,335 €	44,145 €	42,147 €
Sector Average	289,429 €	265,901 €	265,063 €

Shareholders Equity

	31/12/2016	31/12/2012	31/12/2011
Company Result	11,570 €	23,606 €	31,572 €
Sector Average	68,879 €	53,206 €	54,252 €

Liabilities

	31/12/2016	31/12/2012	31/12/2011
Company Result	56,765 €	20,540 €	10,575 €
Sector Average	215,531 €	207,912 €	205,882 €

Need background in operating working capital

	31/12/2016	31/12/2012	31/12/2011
Company Result	-30 €	37 €	12 €
Sector Average	-41 €	-196 €	3 €

Gross operating surplus (EBE)

	31/12/2016	31/12/2012	31/12/2011
Company Result	-6,355 €	2,709 €	4,232 €
Sector Average	-978 €	10,230 €	12,794 €

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.3
UK Pound	1	INR 86.02
Euro	1	INR 76.50
EUROS	1	INR 76.17

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

INFORMATION DETAILS

Analysis Done by :	PRA

Report Prepared by :	NIT

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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MIRA INFORM REPORT

Company name

Company Summary

Key Financials

Directors

Judgment and Preferential

Establishment Details

Other Establishment(s)

Workforces

Commentary

Industry comparison

Collective procedures

Preferential rights details and history

Group Data

Shareholders

Linkages

Director(s)

Previous Directors

Status history

Recent publications in Gazettes

Company events history

Establishment events history

Synthesized Accounts

Key Performance Indicators

Graphical analysis

Unit