3decades

MIRA INFORM REPORT

Report No. :	516818
Report Date :	25.06.2018

IDENTIFICATION DETAILS

Name :	ROTO SIEVE FRANCE

Registered Office :	109 111, 109 Rue Des Cotes, 78600 Maisons Laffitte

Country :	France

Financials (as on) :	31.12.2016

Date of Incorporation :	December 1996

Com. Reg. No.:	RCS Versailles B 410 570 329

Legal Form :	Sole Proprietorship Ltd

Line of Business :	Wholesale trade (business-to-business) of miscellaneous industrial supplies and equipment (4669B)

No. of Employees :	3 to 5

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

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

(31.12.2017)

Current Rating

(01.04.2018)

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	410 570 329 00012
Name	ROTO SIEVE FRANCE
Acronym	-
Trade name	-
Status	Economically active
Postal Address	ROTO SIEVE FRANCE 109 111 109 RUE DES COTES 78600 MAISONS LAFFITTE FRANCE
Share Capital	7,622 Euros
Telephone	01 34 93 34 71
Activity (APE)	Wholesale trade (business-to-business) of miscellaneous industrial supplies and equipment (4669B)	RCS Registration	RCS Versailles B 410 570 329
Formation Date	01/1997	EUR VAT Number	FR52410570329
Deregistration Date	-	Last account Date	31/12/2016
Court Registry Number	19 9 6B03044	Incorporation Date	12/1996
Registration Court	Versailles (78)	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	1,348,613 €	-9.10% Turnover	105,405 €	-112,617 €	4 employees
31/12/2015	1,823,354 €	2.97% Turnover	218,022 €	28,944 €	4 employees
31/12/2014	1,799,426 €	0.71% Turnover	189,078 €	14,705 €	4 employees

Directors

Current Directors

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4669B	Activity	Wholesale trade (business-to-business) of miscellaneous industrial supplies and equipment
Formation Date	01/1997	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	109 RUE DES COTES 78600 MAISONS LAFFITTE	Department	Yvelines (78)
Location Surface	-	District	3
City	MAISONS LAFFITTE	Status	Economically active
Business Pages FT®	APPAREILS ET EQUIPEMENTS DE TRAITEMENT DES EAUX	Region	Ile-de-France
		Area	17
		Size of Urban Area	Paris conglomeration

Other Establishment(s)

Regionality	Legal unit with all establishments in same area
Mono-activity status	Legal unit having all establishments with the same main activity
Branches	1 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
ROTO SIEVE FRANCE	Head Office	4669B	Wholesale trade (business-to-business) of miscellaneous industrial supplies and equipment	MAISONS LAFFITTE	78600

Workforces

Workforce at address	3 to 5 employees	Company workforce	3 to 5 employees
		Workforce account	3 to 5 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 trade payables value is 150,935 €

The decrease in the equity percentage over the last two accounting periods is 39 %

The increase in the gearing percentage over the last two accounting periods is 114 %

The decrease in the current ratio over the last two accounting periods is 18 %

The decrease in the pre-tax profit margin over the last two accounting periods is 437 %

The decrease in pre-tax profit over the last two accounting periods is 349 %

The stocks value is 36,137 €

The receivables value is 342,340 €

The decrease in the return on capital employed over the last two accounting periods is 615 %

The pre-tax profit is -112,617 €

The tangible fixed assets are 3,703 €

The ratio total assets to total liabilities is 1.27

The financial liabilities are 44,906 €

The sales to current assets ratio is 2.85

Workforce size is in the average risk band

Industry code with low risk rating

The company is 21 years old

Region code with low risk rating

The net turnover is 1,348,613 €

The net current assets are 473,657 €

Industry comparison

Activity (APE)

Wholesale trade (business-to-business) of miscellaneous industrial supplies and equipment (4669B)

Collective procedures

No judgment information for the company

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. AXELSSON KJELL MAGNUS
Manager position	Manager	Date of birth	31/10/1967
Place of birth	ABY(SUEDE)
Type	Individual	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Manager	M. AXELSSON KJELL MAGNUS	31/10/1967 - ABY(SUEDE)
Manager	M. FROST HANS	-
Manager	M. HJELM PETER	04/05/1962 - ST NIKOLAI(SUEDE)
Manager	M. JOHNSSON FRANK	12/11/1944 - SUEDE

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	13/10/2017	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 9031 - 410570329 RCS. ROTO-SIEVE FRANCE. Forme : Société à responsabilité limitée à associé unique. Adresse : 109-111 rue des Cotes 78600 Maisons-Laffitte. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2016.
	15/11/2016	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 5558 - 410570329 RCS. ROTO-SIEVE FRANCE. Forme : Société à responsabilité limitée à associé unique. Adresse : 109-111 rue des Cotes 78600 Maisons-Laffitte. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2015.
	03/10/2015	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 5905 - 410570329 RCS. ROTO-SIEVE FRANCE. Forme : Société à responsabilité limitée à associé unique. Adresse : 109-111 rue des Cotes 78600 Maisons-Laffitte. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	19/08/2014	Bodacc B	Modification et mutation diverse
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 897 - 410 570 329 RCS Versailles. ROTO-SIEVE FRANCE. Forme : Société à responsabilité limitée à associé unique. Administration : Gérant : AXELSSON Kjell Magnus en fonction le 08 Août 2014. Activité : . Commentaires : Modification de représentant.
	16/08/2014	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 9842 - 410570329 RCS. ROTO-SIEVE FRANCE. Forme : Société à responsabilité limitée à associé unique. Adresse : 109-111 rue des Cotes 78600 Maisons-Laffitte. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	05/08/2014	JAL	Appointment of the social representative
Semaine de l Ile-de-France (La) Date de décision : 30/06/2014 Société faisant l'objet d'une nomination : 410570329 - ROTO SIEVE FRANCE, 109 RUE DES COTES, 109-111, 78600 MAISONS LAFFITTE Nominé : Monsieur Kjell AXELSSON, 395 97 LACKEBY En la fonction de : Gérant
	05/08/2014	JAL	Resignation / Revocation of the social representative
Semaine de l Ile-de-France (La) Date de décision : 30/06/2014 La société 410570329 - ROTO SIEVE FRANCE, 109 RUE DES COTES, 109-111, 78600 MAISONS LAFFITTE Fait l'objet du départ de Monsieur Peter HJELM, Ljungsjôvâgen 29, 31195, FALKENGERG
	22/07/2013	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 11256 - 410570329 RCS. ROTO-SIEVE FRANCE. Forme : Société à responsabilité limitée à associé unique. Adresse : 109-111 rue des Cotes 78600 Maisons-Laffitte. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	23/01/2013	Bodacc B	Modification et mutation diverse
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 2662 - 410 570 329 RCS Versailles. ROTO-SIEVE FRANCE. Forme : Société à responsabilité limitée à associé unique. Activité : . Commentaires : Modification de la forme juridique.
	26/07/2012	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 9016 - 410570329 RCS. ROTO-SIEVE FRANCE. Forme : Société à responsabilité limitée. Adresse : 109-111 rue des Cotes 78600 Maisons-Laffitte. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	12/09/2011	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 4322 - 410570329 RCS. ROTO-SIEVE FRANCE. Forme : Société à responsabilité limitée. Adresse : 109-111 rue des Cotes 78600 Maisons-Laffitte. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
	26/08/2011	Bodacc B	Modification et mutation diverse
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 2071 - 410 570 329 RCS Versailles. ROTO-SIEVE FRANCE. Forme : Société à responsabilité limitée. Administration : Gérant : HJELM Peter en fonction le 18 Août 2011. Activité : . Commentaires : Modification de représentant.
	09/08/2011	JAL	Appointment of the social representative
Semaine de l'Ile-de-France (La) Société faisant l'objet d'une nomination : 410570329 - ROTO SIEVE FRANCE, 109 RUE DES COTES, 109-111, 78600 MAISONS LAFFITTE Nominé : Monsieur Peter HJELM, 31195 FALKENGERG En la fonction de : Gérant Date d'effet : 30/06/2011
	23/09/2010	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 10841 - 410570329 RCS. ROTO-SIEVE FRANCE. Forme : Société à responsabilité limitée. Adresse : 109-111 rue des Cotes 78600 Maisons-Laffitte. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	25/07/2009	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 7461 - 410570329 RCS. ROTO-SIEVE FRANCE. Forme : Société à responsabilité limitée. Adresse : 109-111 rue des Cotes 78600 Maisons-Laffitte. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	09/06/2009	Bodacc B	Modification et mutation diverse
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 2244 - 410 570 329 RCS Versailles. ROTO-SIEVE FRANCE. Forme : Société à responsabilité limitée. Administration : Gérant : FROST Hans Christer en fonction le 28 Mai 2009. Commentaires : Modification de représentant.
	12/09/2008	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 5906 - 410570329 RCS. ROTO-SIEVE FRANCE. Forme : Société à responsabilité limitée. Adresse : 109-111 rue des Cotes 78600 Maisons-Laffitte. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	27/03/2008	Bodacc C	Comptes annuels et rapports
78 - YVELINES GREFFE DU TRIBUNAL DE COMMERCE DE VERSAILLES 8777 - 410570329 RCS. ROTO-SIEVE FRANCE. Forme : Société à responsabilité limitée. Adresse : 109-111 rue des Cotes 78600 Maisons-Laffitte. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2006.
	30/08/2006	Bodacc C	Avis de dépôt des comptes
1287 - RCS Versailles B 410 570 329. RC 96-B 3044. ROTO SIEVE FRANCE. Forme: S.A.R.L.. Adresse du siège social: 109-111, rue des Cotes,78600 Maisons-Laffitte. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	18/03/2006	Bodacc C	Avis de dépôt des comptes
3687 - RCS Versailles B 410 570 329. RC 96-B 3044. ROTO SIEVE FRANCE. Forme: S.A.R.L.. Adresse du siège social: 109-111, rue des Cotes,78600 Maisons-Laffitte. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	29/07/1999	Bodacc B	Modifications et mutations diverses
*. RCS Versailles B 410 570 329 RC 96-B 3044 ROTO-SIEVE FRANCE. Forme : S.A.R.L. Commentaires : modification survenue sur l'administration. Administration : suppression : gérant : JONSSON (Rolf, Ake, Bengt). Nomination en qualité de gérant : JOHNSSON (Frank, Goran).

Company events history

Date	Description
13/10/2017	Bodacc C : Deposit accounts notice
05/10/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2016	New accounts available
15/11/2016	Bodacc C : Deposit accounts notice
11/11/2016	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2015	New accounts available
08/10/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
03/10/2015	Bodacc C : Deposit accounts notice
31/12/2014	New accounts available
19/08/2014	Bodacc B: Various editing or changing
16/08/2014	Bodacc C : Deposit accounts notice
08/08/2014	Amendment
08/08/2014	Appointment/resignation of company officers
07/08/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
05/08/2014	Legal Gazette: Resignation / Revocation of the social representative
30/06/2014	Legal Gazette: Appointment of the social representative
01/03/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2013	New accounts available
22/07/2013	Bodacc C : Deposit accounts notice
23/01/2013	Bodacc B: Various editing or changing
11/01/2013	Sale of shares
11/01/2013	Amendment
11/01/2013	Updated articles of association
31/12/2012	New accounts available
24/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
26/07/2012	Bodacc C : Deposit accounts notice
13/07/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
12/09/2011	Bodacc C : Deposit accounts notice
09/09/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
26/08/2011	Bodacc B: Various editing or changing
18/08/2011	Amendment
18/08/2011	Appointment/resignation of company officers
18/08/2011	New manager
30/06/2011	Legal Gazette: Appointment of the social representative
31/12/2010	New accounts available
23/09/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
25/07/2009	Bodacc C : Deposit accounts notice
09/06/2009	Bodacc B: Various editing or changing
29/05/2009	Private document
29/05/2009	Minutes of general meeting of shareholders
29/05/2009	Minutes of general meeting of shareholders
29/05/2009	Amendment
29/05/2009	Updated articles of association
29/05/2009	Updated articles of association
29/05/2009	Sale of shares
29/05/2009	Sale of shares
28/05/2009	Appointment/resignation of company officers
28/05/2009	Appointment/resignation of company officers
28/05/2009	Minutes of general meeting of shareholders
28/05/2009	Minutes of general meeting of shareholders
28/05/2009	Private document
28/05/2009	New manager
31/12/2008	New accounts available
12/09/2008	Bodacc C : Deposit accounts notice
04/09/2008	Update of Company Legal Form
04/09/2008	Modification to Company Identifier
27/03/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
12/10/2004	Sale of shares
12/10/2004	Private document
12/10/2004	Minutes of general meeting of shareholders
12/10/2004	Amendment
12/10/2004	Updated articles of association
31/12/2003	New accounts available
15/07/1999	New manager
15/07/1999	Minutes of general meeting of shareholders
15/07/1999	Appointment/resignation of company officers
15/07/1999	Private document
02/12/1998	Continuation of business despite loss of equity
02/12/1998	Private document
02/12/1998	Minutes of general meeting of shareholders
10/09/1997	Amendment
10/09/1997	Minutes of general meeting of shareholders
10/09/1997	New closing date
10/09/1997	Private document
10/09/1997	Updated articles of association
30/12/1996	Appointment/resignation of company officers
30/12/1996	Articles of association
30/12/1996	Company formation
30/12/1996	Minutes of general meeting of shareholders
30/12/1996	Private document

Establishment events history

No Establishment Events History

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	04/10/2017	10/11/2016	07/10/2015
Activity Code	4669B	4669B	4669B
Employees	4	4	4

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	22,939	-8.8%	25,140	-3.5%	26,058	35,428	-35.3%
Intangible assets	0	0%	0	0%	0	0	0%
Tangible assets	3,703	-37.3%	5,904	-13.5%	6,823	14,920	-75.2%
Financial assets	19,236	0%	19,236	0%	19,236	2,100	816.0%
Net current assets	473,657	-20.5%	596,134	-13.5%	689,513	441,355	7.3%
Stocks	36,137	-14.2%	42,115	-30.0%	60,181	52,779	-31.5%
Advanced payments	0	0%	0	0%	5,162	0	0%
Receivables	342,340	-25.2%	457,634	-13.3%	527,893	204,592	67.3%
Securities and cash	95,181	-1.3%	96,387	0.1%	96,277	74,075	28.5%
Prepaid expenses	-	-	-	-	-	138	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	496,597	-20.1%	621,277	-13.2%	715,571	531,829	-6.6%

Passive Account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Shareholders' equity	105,405	-51.7%	218,022	15.3%	189,078	199,695	-47.2%
Share capital	7,622	0%	7,622	0%	7,622	37,000	-79.4%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	0	0%	0	0%	0	0	0%
Liabilities	391,193	-3.0%	403,255	-23.4%	526,493	261,038	49.9%
Financial liabilities	44,906	3.7%	43,306	-55.3%	96,878	20,625	117.7%
Advanced payments received	1,573	0%	0	0%	7,202	0	0%
Trade account payables	150,935	-9.6%	166,985	-28.2%	232,716	104,407	44.6%
Tax and social liabilities	112,651	-0.7%	113,409	8.6%	104,396	70,070	60.8%
Other debts and fixed assets liabilities	3,427	84.8%	1,854	208.0%	602	4,442	-22.8%
Account regularization	77,700	0%	77,700	-8.3%	84,700	0	0%
Total liabilities	496,597	-20.1%	621,277	-13.2%	715,571	532,667	-6.8%

Results

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Sales of Goods	1,356,893	-25.9%	1,832,159	0.3%	1,826,410	863,352	57.2%
Net turnover	1,348,613	-26.0%	1,823,354	1.3%	1,799,426	852,865	58.1%
of which net export turnover	0	0%	0	0%	0	0	0%
Operating charges	1,476,335	-17.2%	1,783,618	-0.9%	1,800,201	829,477	78.0%
Operating profit/loss	-119,441	-346.1%	48,541	85.2%	26,208	28,335	-521.5%
Financial income	0	0%	-40	-102.4%	1,645	86	0%
Financial charges	1,681	-49.2%	3,311	-34.1%	5,024	924	82.0%
Financial profit/loss	-1,681	49.8%	-3,351	0.8%	-3,378	-114	-1381.1%
Pretax net operating income	-121,123	-368.0%	45,190	97.9%	22,830	27,856	-534.8%
Extraordinary income	8,530	0%	0	0%	0	120	7008.3%
Extraordinary charges	25	0%	0	0%	0	298	-91.6%
Extraordinary profit/loss	8,505	0%	0	0%	0	0	0%
Net result	-112,617	-489.1%	28,944	96.8%	14,705	25,575	-540.3%

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	496,597	-20.1%	621,277	-13.2%	715,571
Gross	CO	540,641	-18.1%	660,323	-10.8%	740,201
Amortisation	1A	44,043	12.8%	39,046	58.5%	24,630

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	22,939	-8.8%	25,140	-3.5%	26,058
Gross	BJ	48,637	0%	48,637	3.4%	47,034
Amortisation	BK	25,698	9.4%	23,497	12.0%	20,976

Intangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Start-up cost	Net	0	0%	0	0%	0
Gross	AB	0	0%	0	0%	0
Amortisation	AC	0	0%	0	0%	0
R&D expenses	Net	0	0%	0	0%	0
Gross	CX	0	0%	0	0%	0
Amortisation	CQ	0	0%	0	0%	0
Distributorships, patents	Net	0	0%	0	0%	0
Gross	AF	7,506	0%	7,506	0%	7,506
Amortisation	AG	7,506	0%	7,506	0%	7,506
Goodwill	Net	0	0%	0	0%	0
Gross	AH	0	0%	0	0%	0
Amortisation	AI	0	0%	0	0%	0
Other intangible fixed assets	Net	0	0%	0	0%	0
Gross	AJ	0	0%	0	0%	0
Amortisation	AK	0	0%	0	0%	0
Pre-payments and downpayments	Net	0	0%	0	0%	0
Gross	AL	0	0%	0	0%	0
Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible asset	Net	0	0%	0	0%	0

Tangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Lands	Net	0	0%	0	0%	0
Gross	AN	0	0%	0	0%	0
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	0	0%	0	0%	0
Gross	AP	0	0%	0	0%	0
Amortisation	AQ	0	0%	0	0%	0
Plant	Net	0	0%	0	0%	0
Gross	AR	0	0%	0	0%	0
Amortisation	AS	0	0%	0	0%	0
Other tangible fixed assets	Net	3,703	-37.3%	5,904	-13.5%	6,823
Gross	AT	21,895	0%	21,895	7.9%	20,292
Amortisation	AU	18,192	13.8%	15,991	18.7%	13,470
Fixed assets in construction	Net	0	0%	0	0%	0
Gross	AV	0	0%	0	0%	0
Amortisation	AW	0	0%	0	0%	0
Advances and payments on account	Net	0	0%	0	0%	0
Gross	AX	0	0%	0	0%	0
Amortisation	AY	0	0%	0	0%	0
Sub Total Tangible asset	Net	3,703	-37.3%	5,904	-13.5%	6,823

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	0	0%	0	0%	0
Gross	CU	0	0%	0	0%	0
Amortisation	CV	0	0%	0	0%	0
Inter-company receivables	Net	0	0%	0	0%	0
Gross	BB	0	0%	0	0%	0
Amortisation	BC	0	0%	0	0%	0
Other investment securities	Net	0	0%	0	0%	0
Gross	BD	0	0%	0	0%	0
Amortisation	BE	0	0%	0	0%	0
Loans	Net	0	0%	0	0%	0
Gross	BF	0	0%	0	0%	0
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	19,236	0%	19,236	0%	19,236
Gross	BH	19,236	0%	19,236	0%	19,236
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	19,236	0%	19,236	0%	19,236

Current Assets (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Current Assets	Net	473,657	-20.5%	596,134	-13.5%	689,513
Gross	CJ	492,003	-19.6%	611,684	-11.8%	693,168
Amortisation	CK	18,346	18.0%	15,550	325.4%	3,655

Stocks

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Raw materials	Net	0	0%	0	0%	0
Gross	BL	0	0%	0	0%	0
Amortisation	BM	0	0%	0	0%	0
Work in progress (goods)	Net	0	0%	0	0%	0
Gross	BN	0	0%	0	0%	0
Amortisation	BO	0	0%	0	0%	0
Work in progress (services)	Net	0	0%	0	0%	0
Gross	BP	0	0%	0	0%	0
Amortisation	BQ	0	0%	0	0%	0
Semi-finished and finished products	Net	0	0%	0	0%	0
Gross	BR	0	0%	0	0%	0
Amortisation	BS	0	0%	0	0%	0
Goods for resale	Net	36,137	-14.2%	42,115	-30.0%	60,181
Gross	BT	50,828	-5.9%	54,009	-10.3%	60,181
Amortisation	BU	14,691	23.5%	11,895	0%	0
Sub Total Stocks	Net	36,137	-14.2%	42,115	-30.0%	60,181

Advance payments to suppliers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Advance payments to suppliers	Net	0	0%	0	0%	5,162
Gross	BV	0	0%	0	0%	5,162
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Trade accounts receivable	Net	313,275	-29.8%	446,392	-12.5%	509,930
Gross	BX	316,929	-29.6%	450,046	-12.4%	513,585
Amortisation	BY	3,655	0%	3,655	0%	3,655
Other debtors	Net	24,346	265.9%	6,654	-56.5%	15,302
Gross	BZ	24,346	265.9%	6,654	-56.5%	15,302
Amortisation	CA	0	0%	0	0%	0
Capital subscribed and called up	Net	0	0%	0	0%	0
Gross	CB	0	0%	0	0%	0
Amortisation	CC	0	0%	0	0%	0
Sub Total debtors	Net	337,621	-25.5%	453,046	-13.7%	525,232

Divers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Investment securities	Net	0	0%	0	0%	0
Gross	CD	0	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	95,181	-1.3%	96,387	0.1%	96,277
Gross	CF	95,181	-1.3%	96,387	0.1%	96,277
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	95,181	-1.3%	96,387	0.1%	96,277

Prepaid expenses

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid expenses	Net	4,719	2.9%	4,588	72.4%	2,661
Gross	CH	4,719	2.9%	4,588	72.4%	2,661
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	0	0%	0	0%	0
Gross		0	0%	0	0%	0

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	496,597	-20.1%	621,277	-13.2%	715,571

Shareholder Equity (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total shareholders' equity (Total I)	DL	105,405	-51.7%	218,022	15.3%	189,078
Equity and shareholders' equity	DA	7,622	0%	7,622	0%	7,622
Issue and merger premiums	DB	0	0%	0	0%	0
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	762	0%	762	0%	762
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	0	0%	0	0%	0
Of which special reserve of provisions for current fluctuation	B1	0	0%	0	0%	0
Other reserves	DG	0	0%	0	0%	0
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	209,638	16.0%	180,694	8.9%	165,988
Profit or loss for the period	DI	-112,617	-489.1%	28,944	96.8%	14,705
Investment grants	DJ	0	0%	0	0%	0
Special tax-allowable reserves	DK	0	0%	0	0%	0

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	0	0%	0	0%	0
Risk provisions	DP	0	0%	0	0%	0
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	391,193	-3.0%	403,255	-23.4%	526,493
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	0	0%	0	0%	0
Sundry loans and financial liabilities	DV	44,906	3.7%	43,306	-55.3%	96,878
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	1,573	0%	0	0%	7,202
Trade accounts payables	DX	150,935	-9.6%	166,985	-28.2%	232,716
Tax and social security liabilities	DY	112,651	-0.7%	113,409	8.6%	104,396
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	3,427	84.8%	1,854	208.0%	602

Translation loss (V)

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

Equalization accounts

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Deferred income	EB	77,700	0%	77,700	-8.3%	84,700

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	0	0%	0	0%	0
Of which current bank facilities	EH	0	0%	0	0%	0

Result account

1 - Operating result (I-II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating result (Total I-II)	GG	-119,441	-346.1%	48,541	85.2%	26,208

2 - Financial result (V-VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Financial result (Total V-VI)	GV	-1,681	49.8%	-3,351	0.8%	-3,378

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	-121,123	-368.0%	45,190	97.9%	22,830

4 - Extraordinary result (VII-VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Extraordinary result (Total VII-VIII)	HI	8,505	0%	0	0%	0

Profit or loss

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Profit or loss	HN	-112,617	-489.1%	28,944	96.8%	14,705

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	1,365,423	-25.5%	1,832,119	0.2%	1,828,055

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	1,478,041	-18.0%	1,803,175	-0.6%	1,813,350

Operating income (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating income (Total I)	FR	1,356,893	-25.9%	1,832,159	0.3%	1,826,410

Operating income (details)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Sale of goods for resale	FC	1,340,713	-26.3%	1,818,753	1.7%	1,788,190
France	FA	1,340,713	-26.3%	1,818,753	1.7%	1,788,190
Export	FB	0	0%	0	0%	0
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	7,900	71.7%	4,602	-59.0%	11,235
France	FG	7,900	71.7%	4,602	-59.0%	11,235
Export	FH	0	0%	0	0%	0
Net turnover	FL	1,348,613	-26.0%	1,823,354	1.3%	1,799,426
France	FJ	1,348,613	-26.0%	1,823,354	1.3%	1,799,426
Export	FK	0	0%	0	0%	0
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	0
Release of reserves and provisions	FP	8,274	-6.0%	8,799	-67.4%	26,961
Other income	FQ	6	20.0%	5	-78.3%	23

Operating charges (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating charges (Total II)	GF	1,476,335	-17.2%	1,783,618	-0.9%	1,800,201

Exploitation charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Purchase of goods for resale	FS	840,037	-26.0%	1,135,094	-3.0%	1,170,314
Change in stocks of goods for resale	FT	3,181	-48.5%	6,172	165.4%	-9,444
Purchase of raw materials	FU	0	0%	0	0%	0
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	177,279	-6.8%	190,124	-3.4%	196,903
Tax, duty and similar payments	FX	10,364	3.2%	10,041	-2.8%	10,334
Payroll	FY	308,833	3.3%	298,840	1.8%	293,560
Social security costs	FZ	131,640	2.1%	128,925	3.1%	124,998

Depreciation

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Depreciation of fixed assets	GA	2,201	-12.7%	2,521	39.9%	1,802
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	2,796	-76.5%	11,895	393.6%	2,410
Provisions for risks and charges	GD	0	0%	0	0%	0

Other charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Other charges	GE	4	-33.3%	6	-99.9%	9,324

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	0	0%	-40	-102.4%	1,645
Share financial income	GJ	0	0%	0	0%	0
Other investment income & capitalised receivables	GK	0	0%	0	0%	0
Other interest and similar income	GL	0	0%	-40	-102.5%	1,579
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	0	0%	0	0%	66
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	1,681	-49.2%	3,311	-34.1%	5,024
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	1,600	-51.6%	3,306	-32.2%	4,878
Exchange losses	GS	81	1520.0%	5	-96.6%	146
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	8,530	0%	0	0%	0
Extraordinary operating income	HA	8,530	0%	0	0%	0
Extraordinary income from capital transactions	HB	0	0%	0	0%	0
Released provisions and transferred charges	HC	0	0%	0	0%	0

Extraordinary charges (VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary charges (Total VIII)	HH	25	0%	0	0%	0
Extraordinary operating charges	HE	25	0%	0	0%	0
Extraordinary charges from capital transactions	HF	0	0%	0	0%	0
Extraordinary reserves and provisions	HG	0	0%	0	0%	0

Employee profit sharing (IX)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Employee profit sharing (Total IX)	HJ	0	0%	0	0%	0

Tax on profits (X)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Tax on profits (Total X)	HK	0	0%	16,246	100.0%	8,125

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which equipment leases	HP	5,418	0%	5,418	-31.2%	7,876
Of which property leases	HQ	0	0%	0	0%	0
Of which transferred charges	A1	0	0%	0	0%	0
Of which trader's own contributions	A2	0	0%	0	0%	0
Of which royalties on licences and patents (income)	A3	0	0%	0	0%	0
Of which royalties on licences and patents (charges)	A4	0	0%	0	0%	0

Other incomes tax return forms

Fixed Assets

Grand Total Fixed Assets (I to IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	OG	0	0%	0	0%	0
Increasess due to revaluation	OH	0	0%	0	0%	0
Decreasess, acquisitions, creations, contributions	OJ	0	0%	0	0%	0
Decreasess by budget item transfer	OK1	0	0%	0	0%	0
Decreasess by transfers	OK2	0	0%	0	0%	135,000
Gross value at the end of period	OL	48,637	0.0%	48,636	3.4%	47,034

Research and development Charge (Total I)

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

Other budget item from Intangible fixed assets (Total II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	KD	7,506	0%	7,506	0%	7,506
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	7,506	0%	7,506	0%	7,506

Tangible fixed assets (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LN	21,895	7.9%	20,292	31.5%	15,431
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	0	0%	1,602	-67.0%	4,861
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	0	0%	0	0%	0
Gross value at the end of period	NH	21,895	0.0%	21,894	7.9%	20,292

Financial assets (Total IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LQ	19,236	0%	19,236	354.1%	4,236
Increasess due to revaluation	LR	0	0%	0	0%	150,000
Increasess, acquisitions, creations, contributions	LS	0	0%	0	0%	0
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	0	0%	0	0%	135,000
Gross value at the end of period	NK	19,236	0%	19,236	0%	19,236

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	7,506	0%	7,506	0%	7,506
Increases	PF	0	0%	0	0%	0
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	7,506	0%	7,506	0%	7,506

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	15,991	18.7%	13,470	15.5%	11,667
Increases	QV	2,201	-12.7%	2,521	39.9%	1,802
Decreases	QW	0	0%	0	0%	0
Decreasess by budget item transfer	QX	18,192	13.8%	15,991	18.7%	13,470

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%	0	0%	0
Depreciation of fixed assets during period	SP	0	0%	0	0%	0
Net value at the end of period	SR	0	0%	0	0%	0

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7C	15,550	325.4%	3,655	-72.6%	13,317
Increases	UB	2,796	-76.5%	11,895	393.6%	2,410
Decreases	UC	0	0%	0	0%	12,073
Value at the end of period	UD	18,346	18.0%	15,550	325.4%	3,655

Includes Total allocations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UE	2,796	-76.5%	11,895	393.6%	2,410
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	0	0%	0	0%	0

Includes Total Withdrawal

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UF	0	0%	0	0%	12,073
Financial	UH	0	0%	0	0%	0
Exceptional	UK	0	0%	0	0%	0

Total regulated provisions (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	3Z	0	0%	0	0%	0
Increases	TS	0	0%	0	0%	0
Decreases	TT	0	0%	0	0%	0
Value at the end of period	TU	0	0%	0	0%	0

Total risk and charge provisions (Total II)

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

Total Provision for depreciation (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7B	15,550	325.4%	3,655	-72.6%	13,317
Increases	TY	2,796	-76.5%	11,895	393.6%	2,410
Decreases	TZ	0	0%	0	0%	12,073
Value at the end of period	UA	18,346	18.0%	15,550	325.4%	3,655

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	365,231	-24.0%	480,526	-12.8%	550,784
1 year at most	VU	345,995	-25.0%	461,290	-13.2%	531,548
More than one year	VV	19,236	0%	19,236	0%	19,236

State of loans

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Claims related to holdings (gross)	UL	0	0%	0	0%	0
Claims related to shareholdings (1 year at most)	UM	0	0%	0	0%	0
Loans (gross)	UP	0	0%	0	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	19,236	0%	19,236	0%	19,236
Other financial assets (1 year at most)	UV	0	0%	0	0%	0

Receivables statement of assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Customers doubtful or disputed	VA	3,899	0%	3,899	0%	3,899
Other claims customer	UX	313,031	-29.8%	446,148	-12.5%	509,686
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	574	0%	574	0%	574
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	18,742	0%	0	0%	11,889
Value added tax	VB	1,430	-13.8%	1,659	41.6%	1,172
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	3,600	-10.0%	4,000	0%	0
Group and Associates	VC	0	0%	0	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	422	-74.7%	1,667

Prepaid

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid	VS	4,719	2.9%	4,588	72.4%	2,661

State Debt

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total debt (gross)	VY	389,619	-3.4%	403,254	-22.3%	519,292
1 year at most	VZ2	389,619	-3.4%	403,254	-5.6%	427,292
More than 1 year and 5 years at most	VZ3	0	0%	0	0%	92,000
More than 5 years	VZ4	0	0%	0	0%	0

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	0	0%	0	0%	0
1 year at most	VG2	0	0%	0	0%	0
More than 1 year and 5 years at most	VG3	0	0%	0	0%	0
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	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	44,906	3.7%	43,306	-55.3%	96,878
1 year at most	8A2	44,906	3.7%	43,306	787.8%	4,878
More than 1 year and 5 years at most	8A3	0	0%	0	0%	92,000
Suppliers and associated accounts (gross)	8B1	150,935	-9.6%	166,985	-28.2%	232,716
1 year at most	8B2	150,935	-9.6%	166,985	-28.2%	232,716
More than 1 year and 5 years at most	8B3	150,935	-9.6%	166,985	-28.2%	232,716
Personnel and associated accounts (gross)	8C1	26,964	12.2%	24,032	-5.5%	25,444
1 year at most	8C2	26,964	12.2%	24,032	-5.5%	25,444
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	65,204	3.1%	63,234	1.2%	62,494
1 year at most	8D2	65,204	3.1%	63,234	1.2%	62,494
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	0	0%	5,628	0%	0
1 year at most	8E2	0	0%	5,628	0%	0
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	15,346	1.1%	15,186	35.5%	11,211
1 year at most	VW2	15,346	1.1%	15,186	35.5%	11,211
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	5,137	-3.6%	5,329	1.6%	5,247
1 year at most	VQ2	5,137	-3.6%	5,329	1.6%	5,247
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	0	0%	0	0%	0
1 year at most	8J2	0	0%	0	0%	0
More than 1 year and 5 years at most	8J3	0	0%	0	0%	0
More than 5 years	8J4	0	0%	0	0%	0
Groups and associates (gross)	VI1	0	0%	0	0%	0
1 year at most	VI2	0	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	3,427	84.8%	1,854	208.0%	602
1 year at most	8K2	3,427	84.8%	1,854	208.0%	602
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	77,700	0%	77,700	-8.3%	84,700
1 year at most	8L2	77,700	0%	77,700	-8.3%	84,700
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	1,600	-51.6%	3,306	-32.2%	4,878
Debt repaid during the period	VK	0	0%	56,878	-52.6%	120,000

Table allocation results and other information

Dividends distributed

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

Commitments

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

Other charges Externes

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

Taxes and Fees

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

VAT

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

Average number of employees

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Average number of employees	YP	4	0%	4	0%	4

Groups and Shareholders

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

Ratios

Synthetic financial performance indicators

31/12/2016

31/12/2015

31/12/2014

Score

Situation

Score

Situation

Score

Situation

HideAFDCC 2

0.83

Fragility +

3.45

Healthy

2.28

Healthy

Description

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

HideConan & Holder

-0.16

90%

0.05

60%

0.00

80%

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	3.62	-38.2%	5.86	-10.3%	6.53	3.13	15.7%
Global Debt	104 days	30.0%	80 days	-23.8%	105 days	102 days	2.0%
Working Capital Fund overall net	34 days	-27.7%	47 days	-9.6%	52 days	85 days	-60.0%
Financial independence	234.72 %	-53.4%	503.45 %	158.0%	195.17 %	352.38 %	-33.4%
Solvability	21.23 %	-39.5%	35.09 %	32.8%	26.42 %	44.31 %	-52.1%
Capacity debt futures	-	-	-	-	-	2,713.77 %	-
Coverage of current assets by net working capital overall	26.14 %	-32.8%	38.90 %	3.3%	37.64 %	50.11 %	-47.8%
General Liquidity	0.89	-21.9%	1.14	-8.1%	1.24	0.89	0%
Restricted Liquidity	1.13	-18.1%	1.38	-6.1%	1.47	1.36	-16.9%

Management or rotation

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Need background in operating working capital	22 days	-46.3%	41 days	-10.9%	46 days	35 days	-37.1%
Treasury	25 days	31.6%	19 days	0%	19 days	21 days	19.0%
Inventory turnover of goods	22 days	29.4%	17 days	-10.5%	19 days	51 days	-56.9%
Average length of credit granted to customers	85 days	-4.5%	89 days	-13.6%	103 days	69 days	23.2%
Average length of credit obtained suppliers	53 days	17.8%	45 days	-27.4%	62 days	61 days	-13.1%
Inventory turnover of raw materials in industrial enterprises	-	-	-	-	-	0 days	-
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	1,008 days	-
Rotation tangible assets	6,159.46 %	-26.0%	8,328.10 %	-6.1%	8,867.66 %	1,412.37 %	336.1%

Profitability of the business

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Margin trading	36.89 %	-0.7%	37.16 %	6.6%	34.86 %	26.71 %	38.1%
Profitability of the business	-9.10 %	-406.4%	2.97 %	318.3%	0.71 %	4.56 %	-299.6%
Net profit	-8.35 %	-625.2%	1.59 %	93.9%	0.82 %	3.02 %	-376.5%
Growth rate of turnover (excluding VAT)	-26.04 %	-2057.9%	1.33 %	123.3%	-5.72 %	2.10 %	-1340.0%
Rates integration	24.33 %	-9.8%	26.98 %	9.9%	24.54 %	24.21 %	0.5%
Rate leasing furniture	0.40 %	33.3%	0.30 %	-31.8%	0.44 %	0.00 %	0%
Work Factor	134.24 %	54.4%	86.95 %	-8.3%	94.77 %	72.68 %	84.7%
Weight interests	0.12 %	-33.3%	0.18 %	-35.7%	0.28 %	0.11 %	9.1%

Return on capital

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Cash flow from the overall profitability	-8.19 %	-573.4%	1.73 %	592.0%	0.25 %	3.77 %	-317.2%
Rates of economic profitability	-82.00 %	-490.5%	21.00 %	425.0%	4.00 %	15.00 %	-646.7%
Financial profitability	105,405.00 %	-51.7%	218,022.00 %	15.3%	189,078.00 %	184,892.00 %	-43.0%
Return on investment	-73.80 %	-698.1%	12.34 %	78.8%	6.90 %	11.00 %	-770.9%

Management intermediate balances

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Turnover

1,348,613

-26.0%

1,823,354

1.3%

1,799,426

852,865

58.1%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Sales of goods

1,340,713

-26.3%

1,818,753

1.7%

1,788,190

- Purchase of goods

840,037

-26.0%

1,135,094

-3.0%

1,170,314

+/- Stock of goods variation

3,181

-48.5%

6,172

165.4%

-9,444

Trading margin

497,495 €

-26.6%

677,487 €

8.0%

627,320 €

184,510 €

169.6%

36.89 % CA

-0.7%

37.16 % CA

6.6%

34.86 % CA

27.35 % CA

34.9%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Sale of goods produced

7,900

71.7%

4,602

-59.0%

11,235

+/- Stocked production

+ Self-constructed assets

Period production

7,900 €

71.7%

4,602 €

-59.0%

11,235 €

70,006 €

-88.7%

0.59 % CA

136.0%

0.25 % CA

-59.7%

0.62 % CA

8.97 % CA

-93.4%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Trading margin

497,495

-26.6%

677,487

8.0%

627,320

184,510

169.6%

+ Period Production

7,900

71.7%

4,602

-59.0%

11,235

70,006

-88.7%

- Purchase of raw materials

+/- Change in stocks of raw materiels

- Other external purchases and charges

177,279

-6.8%

190,124

-3.4%

196,903

Added value

328,116 €

-33.3%

491,965 €

11.4%

441,652 €

212,696 €

54.3%

24.33 % CA

-9.8%

26.98 % CA

9.9%

24.54 % CA

24.17 % CA

0.7%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Added value

328,116 €

-33.3%

491,965 €

11.4%

441,652 €

212,696 €

54.3%

+ Operating grants

- Tax, duty and similar payments

10,364

3.2%

10,041

-2.8%

10,334

- Personal charges

440,473

3.0%

427,765

2.2%

418,558

Gross operating surplus

-122,721 €

-326.6%

54,159 €

324.4%

12,760 €

34,442 €

-456.3%

-9.10 % CA

-406.4%

2.97 % CA

318.3%

0.71 % CA

4.55 % CA

-300.0%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Gross operating surplus

-122,721 €

-326.6%

54,159 €

324.4%

12,760 €

34,442 €

-456.3%

+ Release of reserves and provisions

8,274

-6.0%

8,799

-67.4%

26,961

+ Other operating income

20.0%

-78.3%

- Depreciation/ Amortisation

4,997

-65.3%

14,416

242.3%

4,212

- Other charges

-33.3%

-99.9%

9,324

Operating result

-119,442 €

-346.1%

48,541 €

85.2%

26,208 €

28,169 €

-524.0%

-8.86 % CA

-433.1%

2.66 % CA

82.2%

1.46 % CA

3.64 % CA

-343.4%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Operating result

-119,442 €

-346.1%

48,541 €

85.2%

26,208 €

28,169 €

-524.0%

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

+ Financial income

-40

-102.4%

1,645

- Financial charges

1,681

-49.2%

3,311

-34.1%

5,024

Pre-tax result

-121,123 €

-368.0%

45,190 €

97.9%

22,829 €

27,746 €

-536.6%

-8.98 % CA

-462.1%

2.48 % CA

95.3%

1.27 % CA

3.65 % CA

-346.0%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Extraordinary income

8,530

120

7008.3%

- Extraordinary charges

Extraordinary result

8,505 €

0 €

0.63 % CA

0.00 % CA

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Pre-tax result	-121,123 €	-368.0%	45,190 €	97.9%	22,829 €	27,746 €	-536.6%
Extraordinary result	8,505 €	0%	0 €	0%	0 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	0	0%	16,246	100.0%	8,125		-
Net result	-112,618 €	-489.1%	28,944 €	96.8%	14,704 €	25,304 €	-545.1%
	-8.35 % CA	-625.2%	1.59 % CA	93.9%	0.82 % CA	3.02 % CA	-376.5%

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 4669B - Wholesale (intercompany trade) of sundry industrial supplies and equipment.

GRAPHICAL ANALYSIS

	31/12/2016	31/12/2015	31/12/2014
Company Result	1,348,613 €	1,823,354 €	1,799,426 €
Sector Average	4,704,030 €	4,493,126 €	4,227,522 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	-112,617 €	28,944 €	14,705 €
Sector Average	163,130 €	-25,157 €	132,211 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	0 €	0 €	0 €
Sector Average	723,714 €	753,172 €	710,490 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	496,597 €	621,277 €	715,571 €
Sector Average	3,045,987 €	3,281,660 €	3,077,556 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	105,405 €	218,022 €	189,078 €
Sector Average	1,126,136 €	1,019,320 €	1,142,989 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	391,193 €	403,255 €	526,493 €
Sector Average	1,709,086 €	2,042,599 €	1,863,528 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	22 €	41 €	46 €
Sector Average	20 €	73 €	63 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	-122,721 €	54,159 €	12,760 €
Sector Average	187,633 €	180,317 €	177,917 €

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.77
UK Pound	1	INR 89.95
Euro	1	INR 78.85
Euro	1	INR 79.32

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

INFORMATION DETAILS

Analysis Done by :	PRI

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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

MIRA INFORM REPORT

Company summary

Key Financials

Establishment Details

Other Establishment(s)

Workforces

Commentary

Recent publications in Gazettes

Company events history

Synthesized Accounts

Key Performance Indicators

Unit