3decades

MIRA INFORM REPORT

Report No. :	510580
Report Date :	21.05.2018

IDENTIFICATION DETAILS

Name :	CHAUVIN ARNOUX

Registered Office :	Chauvin Arnoux 190 Rue Championnet 75876 Paris Cedex 18

Country :	France

Financials (as on) :	31.12.2016

Date of Incorporation :	July, 1954

Legal Form :	Simplified Joint Stock Company

Line of Business :	Manufacturing of Scientific and Technical Instrumentation.

No. of Employees :	495

RATING & COMMENTS

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

MIRA’s Rating :

A+

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

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

France

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

FRANCE - ECONOMIC OVERVIEW

The French economy is diversified across all sectors. The government has partially or fully privatized many large companies, including Air France, France Telecom, Renault, and Thales. However, the government maintains a strong presence in some sectors, particularly power, public transport, and defense industries. France is the most visited country in the world with 83 million foreign tourists in 2016, including 530,000 visitors for the 2016 Euro Cup. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that mitigate economic inequality.

France's real GDP grew by 1.6% in 2017, up from 1.2% the year before. The unemployment rate (including overseas territories) increased from 7.8% in 2008 to 10.2% in 2015, before falling to 9.5% in 2017. Youth unemployment in metropolitan France decreased from 24.6% in the fourth quarter of 2014 to 24% in the fourth quarter of 2016.

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

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

Source : CIA

Company name and summery

SIRET	572 075 836 00013
Name	CHAUVIN ARNOUX
Acronym	-
Trade name	CHAUVIN ARNOUX INDUSTRIE
Status	Economically active
Postal Address	CHAUVIN ARNOUX 190 RUE CHAMPIONNET 75876 PARIS CEDEX 18 FRANCE
Share Capital	13,387,757 Euros
Telephone	01 44 85 44 85
Activity (APE)	Scientific and Technical Instrumentation Manufacturing (2651B)
Formation Date	01/1957
Deregistration Date	-
Court Registry Number	19 5 7B07583
Registration Court	Paris (75)
Nationality	France
RCS Registration	RCS Paris B 572 075 836
EUR VAT Number	FR21572075836
Last account Date	31/12/2016
Incorporiation Date	07/1954
Fax	01 46 27 73 89
Legal form	Simplified joint stock company
Currency	Euros

Key Financials

YEAR TO DATE	TURNOVER	GROSS OPERATING SURPLUS	SHAREHOLDER'S EQUITY	NET RESULT	EMPLOYEES
31/12/2016	48,351,235 €	6.82% Turnover	49,413,083 €	2,237,213 €	495 employees
31/12/2015	47,327,728 €	4.70% Turnover	47,175,870 €	334,493 €	505 employees
31/12/2014	49,596,968 €	7.65% Turnover	46,841,377 €	313,568 €	1 employee

Directors

Current Directors

Ultimate Holding Company

Name	Company Number
CHAUVIN ARNOUX	572075836
Affiliation links.
1 company in 1 country.

Judgment and Preferential

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

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	2651B	Activity	Scientific and technical instrumentation manufacturing
Formation Date	-	Reason for Formation	-
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	190 RUE CHAMPIONNET 75018 PARIS 18	Department	Paris (75)
Location Surface	-	District	1
City	PARIS 18	Status	Economically active
Business Pages FT®	ELECTRICITE, ELECTRONIQUE: FOURNITURES (DETAIL)	Region	Ile-de-France
		Area	-
		Size of Urban Area	Paris conglomeration

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
CHAUVIN ARNOUX	Scientific and technical instrumentation manufacturing	2651B	PARIS 18	75018

Other Establishment(s)

Regionality	Legal unit with multiple establishments in many areas having at least 50% of workforce in same area
Mono-activity status	Legal unit with multiple establishments having main activities in many divisions, which one activity grouping from 50 to 80% of workforce
Branches	12 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
CHAUVIN ARNOUX	Head Office	2651B	Scientific and technical instrumentation manufacturing	PARIS 18	75018
CHAUVIN ARNOUX	Branch	2651B	Scientific and technical instrumentation manufacturing	VITROLLES	13127
CHAUVIN ARNOUX	Branch	2651B	Scientific and technical instrumentation manufacturing	BLAGNAC	31700
CHAUVIN ARNOUX	Branch	2651B	Scientific and technical instrumentation manufacturing	REZE	44400
CHAUVIN ARNOUX	Branch	2651B	Scientific and technical instrumentation manufacturing	LA MADELEINE	59110

Workforces

Workforce at address

50 to 99 employees

Company workforce

250 to 499 employees

Workforce account

31/12/2016

250 to 499 employees

Commentary

The comments are ordered according to the class of risk. Companies are compared with regard to other companies of the same type. Thus a positive comment for one category can be negative for another or can change depending on its value. This is a purely statistical decision.

	The company has 7 directors
	Industry code with low risk rating
	The ratio total assets to total liabilities is 2.38
	The creditor days are 50.39
	The total assets are 85,266,109 €
	The shareholder's equity is 49,413,083 €
	Department code with low risk rating
	Low risk workforce size
	The net turnover is 48,351,235 €
	The pre-tax profit is 1,781,044 €
	The net current assets are 50,200,359 €
	The liabilities are 35,732,905 €
	The risk provisions are 90,451 €
	The return on total assets employed is 2.09
	The stock to turnover ratio is 37
	The sales to current assets ratio is 0.96
	The increase in the gearing percentage over the last two accounting periods is 16 %

Industry comparison

Activity (APE)

Scientific and Technical Instrumentation Manufacturing (2651B)

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	17/09/2007
Status of Monitoring	No social security and tax office preferential right to date

Social security, pension funds preferential rights

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

Historical

Registration number

Registration date

Date of the planned end

Creditor

Amount of the debt

Due remaining amount

31024013

08/12/2010

13/05/2011

NOV RS

5,692 EUR

Reason for closure	Crossed Off
Court	Paris
Creditor	NOV RS
Debtor	SA CHAUVIN ARNOUX 190 R CHAMPIONNET 75018 PARIS

31024049

08/12/2010

13/05/2011

NOV RC

7,100 EUR

Reason for closure	Crossed Off
Court	Paris
Creditor	NOV RC
Debtor	SA CHAUVIN ARNOUX 190 R CHAMPIONNET 75018 PARIS

Group Data

Parent	SHANGHAI PUJIANG ENERDIS INSTRUMENTS CO. LTD
Direct parent	SHANGHAI PUJIANG ENERDIS INSTRUMENTS CO. LTD - 34.77 %
Group – Number of companies	2
Linkages – Number of companies	1
Number of countries	1
Ultimate parent company	CHAUVIN ARNOUX
Direct parent	-
Group – Number of companies	13
Linkages – Number of companies	1
Number of countries	1

	NAME	SIREN	PARTS	LAST ACCOUNT PUBLISHED
1	SHANGHAI PUJIANG ENERDIS INSTRUMENTS CO. LTD	-	-	-
2	CHAUVIN ARNOUX	572075836	34.77 %	31/12/2016

Shareholders

Type of shareholders

Company: 34.8%Undefined: 65.2%CompanyUndefined

Shareholders

SHANGHAI PUJIANG ENERDIS ...: 34.77%MANUMESURE: 0.03%Undefined: 65.2%SHANGHAI PUJIANG ENERDIS INSTRUMENTS CO. LTDMANUMESUREUndefined

Linkages

COMPANY NAME	SIREN	LAST ACCOUNT PUBLISHED	TURNOVER
CA MÄTSYSTEM AB	5562736719	31/12/2016	24,874 KSEK

Shareholder(s)

Name	TEST INSTRUMENT MESURE ELECTRONIQUE II
Name of representative
Manager position	President	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Director(s)

Name	ARNOUX AXEL
Manager position	President of the supervisory council	Date of birth	11/05/1957
Place of birth	NEUILLY SUR SEINE
Type	Individual	Name at birth

Name	M. YAICLE PATRICK
Manager position	Managing director	Date of birth	08/06/1953
Place of birth	MALO LES BAINS
Type	Individual	Name at birth

Statutory Auditor

Name	VICTOIRE AUDIT ET CONSEIL
Name of representative
Manager position	Deputy auditor	Date of birth	-
Place of birth
Type	Moral person	Name at birth

Name	M. CORBIC YVAN
Manager position	Deputy auditor	Date of birth	19/06/1972
Place of birth	LONGJUMEAU
Type	Individual	Name at birth

Name	ANALYSES DE GESTION EXPERTISE COMPTABLE COMMISSARIAT AUX COMPTES CABINET LAURENT
Name of representative
Manager position	Statutory auditor		Date of birth	-
Place of birth
Type	Moral person		Name at birth

Name		EXPONENS CONSEIL ET EXPERTISE
Name of representative
Manager position		Statutory auditor	Date of birth	-
Place of birth
Type		Moral person	Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
President	TEST INSTRUMENT MESURE ELECTRONIQUE SARL	-
Managing director	M. YAICLE PATRICK	08/06/1953 - MALO LES BAINS (59240)
Managing director	M. YAICLE PATRICK	08/06/1953 - MALO LES BAINS (59240)
President of the supervisory council	M. ARNOUX AXEL	11/05/1957 - NEUILLY SUR SEINE (92200)
President of the supervisory council	M. ARNOUX AXEL	11/05/1957 - NEUILLY SUR SEINE (92200)
Deputy auditor	HCH ASSOCIES	-

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	11/08/2017	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8113 - 572075836 RCS. CHAUVIN ARNOUX. Forme : Société par actions simplifiée. Adresse : 190 rue Championnet 75018 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2016.
	09/08/2017	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 992 - 572 075 836 RCS Paris. CHAUVIN ARNOUX. Forme : Société par actions simplifiée. Administration : Commissaire aux comptes suppléant partant : Hch Associes, nomination du Commissaire aux comptes suppléant : Corbic, Yvan. Capital : 13387757 EUR. Activité : . Adresse du siège social : 190 rue Championnet, 75018 Paris. Commentaires : modification survenue sur l'administration.
	13/07/2017	JAL	Miscellaneous updates
Les Petites affiches - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 28/06/2017 Entreprise :572075836 - CHAUVIN ARNOUX, LES TOITS DE REZE, 14 AV LOUISE MICHEL, 44400, REZE Description :Nomination d'un administrateur€
	27/09/2016	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8352 - 572075836 RCS. CHAUVIN ARNOUX. Forme : Société par actions simplifiée. Adresse : 190 rue Championnet 75018 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2015.
	27/08/2015	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 15206 - 572075836 RCS. CHAUVIN ARNOUX. Forme : Société par actions simplifiée. Adresse : 190 rue Championnet 75018 Paris. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	04/03/2015	Bodacc A	Vente et cession : Acheteur
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1367 - 572 075 836 RCS Paris. CHAUVIN ARNOUX. Forme : Société par actions simplifiée. Capital : 13387757 EUR. Adresse : 190 rue Championnet, 75018 Paris. Origine du fonds : Fonds acquis par achat au prix stipulé de 300000,00 euros. Etablissement : Etablissement principal. Activité : la branche d'activité de réalisation de toutes prestations de services dans les domaines suivants: l'étude et la commercialisation de mesure électrochimiques de laboratoire et industriels ainsi que les sondes et accessoires associés tels que décrits dans les catalogues objet de l'annexe 1 du Protocole Sous Conditions Suspensives. La fabrication des embouts verres des électrodes. Adresse : 5 rue Gramme, 75015 Paris. Précédent propriétaire : HEITO. 562 098 806 RCS Paris. Date de commencement de l’activité : 01/01/0001. Publication légale : La Loi du 10/02/2015. Oppositions : Au fonds cédé 5 rue Gramme 75015 Paris pour la validité, Sequestre Juridique de l'ordre des avocats 11 place Dauphine 75053 Paris Cedex 01 pour la correspondance . Descriptif : . Commentaires : Achat d'un fonds par une personne morale (insertion provisoire).
	10/02/2015	JAL	Activity or goodwill cession: Buyer
Petites affiches (Les) - La Loi - Le Quotidien juridique - archives commerciales de la France Date de décision : 21/01/2015 Cédant : 562098806 - SOCIETE HEITO, 5 RUE GRAMME, 75015 PARIS 15 Cessionnaire : 572075836 - CHAUVIN ARNOUX, CHAUVIN ARNOUX INDUSTRIE, 190 RUE CHAMPIONNET, 75018 PARIS 18 Prix de vente : 300000 € Date d’effet : 19/01/2015
	25/01/2015	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2238 - 572 075 836 RCS Paris. CHAUVIN ARNOUX. Forme : Société par actions simplifiée. Administration : nomination du Commissaire aux comptes titulaire : ANALYSES DE GESTION EXPERTISE COMPTABLE COMMISSARIAT AUX COMPTES CABINET LAURENT, nomination du Commissaire aux comptes suppléant : VICTOIRE AUDIT ET CONSEIL. Capital : 13387757 EUR. Activité : . Adresse du siège social : 190 rue Championnet, 75018 Paris. Commentaires : modification survenue sur l'administration.
	30/08/2014	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 12142 - 572075836 RCS. CHAUVIN ARNOUX. Forme : Société par actions simplifiée. Adresse : 190 rue Championnet 75018 Paris. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	19/08/2013	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 11891 - 572075836 RCS. CHAUVIN ARNOUX. Forme : Société par actions simplifiée. Adresse : 190 rue Championnet 75018 Paris. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	08/09/2012	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 12912 - 572075836 RCS. CHAUVIN ARNOUX. Forme : Société par actions simplifiée. Adresse : 190 rue Championnet 75018 Paris. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	15/10/2011	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9871 - 572075836 RCS. CHAUVIN ARNOUX. Forme : Société par actions simplifiée. Adresse : 190 rue Championnet 75876 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2010.
	03/11/2010	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 9423 - 572075836 RCS. CHAUVIN ARNOUX. Forme : Société par actions simplifiée. Adresse : 190 R CHAMPIONNET 75876 PARIS. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	03/10/2010	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 700 - 572 075 836 RCS Paris. CHAUVIN ARNOUX. Forme : Société par actions simplifiée. Capital : 13387757 EUR. Adresse du siège social : 190 rue Championnet, 75876 Paris. Commentaires : modification survenue sur le capital (augmentation).
	06/08/2010	JAL	Modification of the share capital
LES PETITES AFFICHES Date de décision : 22/06/2010 La société : 572075836 - CHAUVIN ARNOUX, 190 RUE CHAMPIONNET, 75018 PARIS 18 a subi une augmentation de son capital social désormais de 13 387 760 €
	25/02/2010	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 2090 - 572 075 836 RCS Paris. CHAUVIN ARNOUX. Forme : Société par actions simplifiée. Administration : Président partant : TEST INSTRUMENT MESURE ELECTRONIQUE - SOCIETE A RESPONSABILITE LIMITEE représentée par SMITH, Winthrop, Adresse : 485 fw Hartford Drive Portsmouth nh03801 Usa, nomination du Président : TEST INSTRUMENT MESURE ELECTRONIQUE II, modification du Commissaire aux comptes titulaire EXPONENS CONSEIL ET EXPERTISE. Capital : 12274531 EUR. Adresse du siège social : 190 rue Championnet, 75876 Paris. Commentaires : modification survenue sur le capital (augmentation) et l'administration.
	29/10/2009	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 1966 - 572 075 836 RCS Paris. CHAUVIN ARNOUX. Forme : Société par actions simplifiée. Administration : Membre du conseil de surveillance partant : Genter, Claude, nomination du Membre du conseil de surveillance : Pirsch-Steigerwald, nom d'usage : Arnoux, Angelika. Capital : 11000000 EUR. Adresse du siège social : 190 rue Championnet, 75876 Paris. Commentaires : modification survenue sur l'administration.
	20/09/2009	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 11215 - 572075836 RCS. CHAUVIN ARNOUX. Forme : Société par actions simplifiée. Adresse : 190 rue Championnet 75876 Paris. Commentaires :Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	20/11/2008	Bodacc C	Comptes annuels et rapports
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 8397 - 572075836 RCS. CHAUVIN ARNOUX. Forme : Société par actions simplifiée. Adresse : 190 rue Championnet 75876 Paris. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	26/10/2007	Bodacc C	Avis de dépôt des comptes
6738 - 572 075 836. RCS Nanterre CHAUVIN ARNOUX. Forme: Société par actions simplifiée. Adresse du siège social: 190 rue Championnet 75876 Paris Cedex 18. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	22/03/2007	Bodacc B	Modifications et mutations diverses
1697 - RCS Paris B 572 075 836. RC 57-B 7583. CHAUVIN ARNOUX. Forme : S.A.S. Capital : 11 000 000 d'euros. Adresse du siège social : 190 rue Championnet,, 75876 Commentaires : cette société transfère son siège du 14 rue Ybry, 92200 Neuilly-sur-Seine, dans un établissement déjà existant. Modification survenue sur l'activité et l'administration. Administration : nomination d'un commissaire aux comptes suppléant : HCH ASSOCIES. Nomination du président : TEST INSTRUMENT MESURE ELECTRONIQUE S.A.R.L. Nomination d'un commissaire aux comptes titulaire : BKR SEFITEC EURUS FRANCE-S.A. Nomination du président du conseil de surveillance : ARNOUX (Axel). Nomination de membres du conseil de surveillance : ARNOUX (Daniel) GENTER (Claude). Etablissement principal - Activité : fabrication, vente d'appareils électriques et électroniques de mesure conception, fabrication, vente d'appareils de mesure . Adresse : 190 rue Championnet, 75876
	21/03/2007	Bodacc B	Modifications et mutations diverses
1890 - RCS Paris B 572 075 836. RC 57-B 7583. CHAUVIN ARNOUX. Forme : S.A.S. Capital : 11 000 000 d'euros. Adresse du siège social : 190 rue Championnet,, 75876 Commentaires : modification survenue sur l'administration. Administration : nomination d'un directeur général : YAICLE (Patrick).
	29/09/2006	Bodacc C	Avis de dépôt des comptes
5499 - RCS Nanterre B 572 075 836. RC 89-B 3317. CHAUVIN ARNOUX. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE - SAS. Adresse du siège social: 14, rue Ybry,92200 Neuilly-sur-Seine. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	23/09/2005	Bodacc C	Avis de dépôt des comptes
5146 - RCS Nanterre B 572 075 836. RC 89-B 3317. CHAUVIN ARNOUX. Forme: SOCIETE PAR ACTIONS SIMPLIFIEE. Adresse du siège social: 14, rue Ybry,92200 Neuilly-sur-Seine. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	30/07/2004	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 572075836 RC 89-B 3317 CHAUVIN ARNOUX. Forme : S.A.S. Commentaires : modification survenue sur la dénomination, la forme juridique et l'administration. Administration : directeur général non administrateur partant : ARNOUX (Axel). Membre du conseil de surveillance partant : CHIORRA (Philippe). Commissaire aux comptes titulaire partant : SEFITEC. Modification du président : TEST INSTRUMENT MESURE ELECTRONIQUE, représentée par ARNOUX (Axel). Membres du conseil de surveillance partants : GENTER (Claude) YAICLE (Patrick). Président du conseil de surveillance partant : CHIORRA (Philippe). Membre du conseil de surveillance partant : PIERROT (Antoinette). Nomination d'un commissaire aux comptes titulaire : BKR SEFITEC EURUS FRANCE.
	11/01/2004	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 572075836 RC 89-B 3317 SOCIETE CHAUVIN ARNOUX. Forme : société en commandite par actions. Capital : 11 000 000 d'euros. Commentaires : modification survenue sur le capital ( augmentation).
	10/07/2003	Bodacc A	Création d'établissement
RCS 440156198 A dater du: 23 juin 2003 RC 03-B 02138 PYROCONTROLE. Forme : S.A.S Nom commercial: Pyrocontrole. Adresse du siège social : 14 rue Ybry, 92200 Neuilly-sur-Seine ETABLISSEMENT SECONDAIRE. Activité : fabrication d' équipement de mesures thermiques. Adresse : 244 avenue Franklin-Roosevelt, 69120 Vaulx-en-Velin Etablissement secondaire acquis par apport au montant évalué à 2 700 000 euros. Date d'effet : 1 e r mai 2003. Précédent propriétaire : SOCIETE CHAUVIN ARNOUX. RCS Lyon 572075836 RC 54-B 00348 Publication légale: Le Tout Lyon du 3 au 9 mai 2003 déclaration de créances: au tribunal de commerce de Lyon.
	07/02/2001	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 572075836 RC 89-B 3317 SOCIETE CHAUVIN ARNOUX. Forme : société en commandite par actions. Commentaires : modification survenue sur l' administration. Administration : nomination d'un membre du conseil de surveillance : PIERROT (Antoinette).
	31/12/2000	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 572075836 RC 89-B 3317 SOCIETE CHAUVIN ARNOUX. Forme : S.C.A. Capital : 6 000 000 d'euros. Commentaires : modification survenue sur le capital ( augmentation).
	28/04/2000	Bodacc A	Création d'établissement
RCS Nanterre 572075836 SOCIETE CHAUVIN ARNOUX. Forme : société en commandite par actions. Capital : 18 378 000 F. Adresse du siège social : 14 rue Ybry, 92200 Neuilly-sur-Seine. Administration : ARNOUX (Axel) Etablissement principal: Activité : conception, fabrication et vente de cannes pyrométriques. Adresse : 4 rue Jean-Desparmet, 69008 Lyon Eléments dépendant de l'établissement principal acquis par achat au prix stipulé de 400 000 F. Date d'effet : 15 mars 2000. Précédent propriétaire : exploitant GEFRAN CORECI S.A. RCS Lyon 333435642 Publication légale: Les Petites affiches lyonnaises du 21 mars 2000 et du 7 avril 2000. Oppositions : Chauvin Arnoux Pyro Controle, 244 avenue Franklin-Roosevelt, 69120 Vaulx- en-Velin.
	09/01/2000	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 572075836 RC 89-B 3317 SOCIETE CHAUVIN ARNOUX. Forme : société en commandite par actions. Commentaires : modification survenue sur l' administration. Administration : directeur général adjoint partant : ARNOUX (Daniel).
	06/01/2000	Bodacc B	Modifications et mutations diverses
*. RCS Nanterre B 572 075 836 RC 89-B 3317 SOCIETE CHAUVIN ARNOUX. Forme : Société en commandite par actions. Commentaires : modification survenue sur l'administration. Administration : suppression : président du conseil de surveillance : ARNOUX (Angelika). Nomination en qualité de président du conseil de surveillance : CHIORRA ( Philippe) Suppression : membre du conseil de surveillance : SCHIEX ( Nicole). Nomination en qualité de membres du conseil de surveillance : GENTER (Claude) YAICLE (Patrick).
	14/08/1998	Bodacc A	Création d'établissement
RCS. RCS B 572 075 386 RC RC 57-B 7583 SOCIETE CHAUVIN ARNOUX. Forme : Société en commandite par actions. Adresse du siège social : 14, rue Ybry 92200 Neuilly-sur-Seine Etablissement principal: Activité : fabrication et vente d' appareils électriques , électroniques de mesure, conception, fabrication, vente d'appareils de mesure. Adresse : 190, rue Championnet 75018 Paris Eléments du fonds principal acquis par achat au prix stipulé de 62 000 F. Date d'effet : 24 mars 1998. Précédent propriétaire : : SOCIETE ORITEL. RCS RCS B 738 202 217 Publication légale: Jugements de Valeurs du 30 mars 1998. Oppositions : au fonds.
	17/04/1998	Bodacc A	Création d'établissement
RCS *. RCS Nanterre B 572 075 836 SOCIETE CHAUVIN ARNOUX. Forme : Société en commandite par actions. Capital : 18 378 000 F. Activité : fabrication, conception, vente d'appareils de mesure hyper-fréquence, achat d'éléments du fonds de commerce. Adresse du siège social : 14, rue Ybry 92200 Neuilly-sur- Seine Etablissement principal: Adresse : 45, rue du Moulin-des-Bruyères 92402 Courbevoie Etablissement principal acquis par achat au prix stipulé de 512 000 F. Date d'effet : 24 mars 1998. Précédent propriétaire : : ORITEL. RCS RCS B 738 202 217 Publication légale: Jugements de Valeurs du 30 mars 1998. Oppositions : Chauvin Arnoux, 14, rue Ybry, 92200 Neuilly-sur-Seine.
	27/02/1998	Bodacc A	Création d'établissement
RCS o. RCS Rennes B 572 075 836 A dater du: 10 février 1998 RC RC 98-B 114 SOCIETE CHAUVIN ARNOUX. Forme : Société en commandite par actions. Adresse du siège social : 14, rue Ybry 92200 Neuilly-sur-Seine ETABLISSEMENT SECONDAIRE. Adresse : 33, rue de la Frébardière, immeuble Saint-Christophe 35135 Chantepie. Activité : fabrication et vente d'appareils électriques et électroniques de mesure Etablissement secondaire acquis par achat au prix stipulé de 4 650 000 F Date de début d' activité: 1er janvier 1919. Date d'effet : 1er octobre 1997. Précédent propriétaire : METRIX S.A. RCS RCS B 399 058 411 Publication légale: Le Républicain Savoyard du 14 novembre 1997. Oppositions : Me Meynet Robert, 25, rue Sommeiller, 74000 Annecy.
	03/02/1998	Bodacc A	Création d'établissement
RCS Nanterre B 572 075 836 A dater du: 15 décembre 1997 CHAUVIN ARNOUX. Forme : Société en commandite par actions. Adresse du siège social : 14 rue Ybry, 92200 Neuilly-sur-Seine Fonds secondaire acquis par achat, au prix stipulé de 4 850 000 F ETABLISSEMENT SECONDAIRE RC Annecy 97-B 589. Activité : recherche et développement, fabrication, commercialisation de service après- vente, de formation relative aux appareils de mesure. Adresse : 6 avenue du Pré-de-Challes, Pae Les Glaisins 74940 Annecy-le-Vieux Date de début d' activité: 4 juillet 1997 Précédente propriétaire-exploitante S.A. METRIX. RCS B 399 058 411 RC 94-B 625 Publication légale: Le Républicain savoyard du 14 novembre 1997. Oppositions : Me Meynet (Robert), 25 rue Sommeiller, 74000 Annecy.
	02/08/1997	Bodacc B	Modifications et mutations diverses
RCS Nanterre B 572 075 836 RC 89-B 3317 SOCIETE CHAUVIN ARNOUX. Forme : société en commandite par action. Capital : 18 378 000 F. Adresse du siège social : 14 rue Ybry 92200 Neuilly-sur-Seine. Commentaires : modification survenue sur le capital (augmentation) et l' administration. Fusion-absorption des sociétés : IMMOBILIERE ET DE PARTICIPATION BERNARD S.A.R.L.,. RCS B 572 037 927 IFELEC S.A.,. RCS B 552 055 287 CHAUVIN ARNUOX INDUSTRIE-S.C. A.,. RCS B 304 499 817 GESTEPAR S.A.,. RCS B 310 709 928 COMPTOIR COMMERCIAL D'APPAREILLAGE,. RCS B 682 026 471. Administration : modification du directeur général adjoint : ARNOUX ( Daniel). Associé gérant partant : GESTEPAR S.A. Nomination d'un associé gérant : TEST INSTRUMENT MESURE ELECTRONIQUE. Modification du commissaire aux comptes titulaire : SEFITEC.
	05/03/1997	Bodacc A	Création d'établissement
RCS Nanterre B 572 075 836 SOCIETE CHAUVIN ARNOUX. Forme : S.C.A. Capital : 11 844 000 F. Adresse du siège social : 14 rue Ybry 92200 Neuilly-sur-Seine. Administration : directeur général : ARNOUX (Axel) Etablissement principal: Adresse : 244 avenue Franklin-Roosevelt 69120 Vaulx-en-Velin. Activité : fabrication, vente, installation, réparation et entretien d'appareils de pyrométrie Etablissement principal et certains autres éléments de la situation active et passive acquis par achat au prix stipulé de 10 511 000 F. Date d'effet : 1er janvier 1997. Précédent propriétaire : exploitant ENGELHARD PYRO-CONTROLE S.A. RCS Lyon B 957 514 763 Publication légale: Les Petites affiches lyonnaises du 31 janvier 1997. Oppositions : au siège de la société Engelhard Pyro-Controle, 244 avenue Franklin-Roosevelt, 69120 Vaulx- en-Velin.

Company events history

Date	Description
11/08/2017	Bodacc C : Deposit accounts notice
09/08/2017	Bodacc B: Various editing or changing
28/07/2017	New auditor
28/07/2017	Minutes of general meeting of shareholders
25/07/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
13/07/2017	Legal Gazette: Miscellaneous updates
31/12/2016	New accounts available
27/09/2016	Bodacc C : Deposit accounts notice
02/09/2016	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2015	New accounts available
27/08/2015	Bodacc C : Deposit accounts notice
04/08/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
04/03/2015	Bodacc A : Sale and transfer
25/01/2015	Bodacc B: Various editing or changing
21/01/2015	Legal Gazette: Activity or goodwill cession: Buyer
12/01/2015	New auditor
12/01/2015	Minutes of general meeting of shareholders
31/12/2014	New accounts available
30/08/2014	Bodacc C : Deposit accounts notice
31/07/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2013	New accounts available
19/08/2013	Bodacc C : Deposit accounts notice
20/07/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2012	New accounts available
17/10/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
08/09/2012	Bodacc C : Deposit accounts notice
03/08/2012	New shareholders detected
03/08/2012	New subsidiarie(s) detected
03/08/2012	New ultimate parent
03/08/2012	New parent detected
31/12/2011	New accounts available
15/10/2011	Bodacc C : Deposit accounts notice
26/08/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
22/06/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
08/12/2010	Unfiling of a Social Security preferential right
08/12/2010	New Filling of Social Security preferential right
03/11/2010	Bodacc C : Deposit accounts notice
03/10/2010	Bodacc B: Various editing or changing
16/09/2010	Amendment
16/09/2010	Updated articles of association
16/09/2010	Minutes of general meeting of shareholders
16/09/2010	Fund deposit certificate
16/09/2010	Capital increase
08/07/2010	Other modification of Establishment
22/06/2010	Legal Gazette: Modification of the share capital
25/02/2010	Bodacc B: Various editing or changing
05/02/2010	Amendment
05/02/2010	Updated articles of association
05/02/2010	Capital increase
05/02/2010	Minutes of general meeting of shareholders
05/02/2010	New chairman (CEO, CoB)
05/02/2010	Partial contribution
31/12/2009	New accounts available
17/11/2009	Audit or Management Report
29/10/2009	Bodacc B: Various editing or changing
26/10/2009	Amendment
26/10/2009	Application and court order
13/10/2009	Appointment/resignation of company officers
13/10/2009	Minutes of general meeting of shareholders
20/09/2009	Bodacc C : Deposit accounts notice
31/12/2008	New accounts available
20/11/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
17/09/2007	Collection of preferential rights activated for this company
21/02/2007	Amendment
21/02/2007	Changes to the Board of Directors
30/01/2007	Amendment
30/01/2007	Amendment
30/01/2007	Appointment/resignation of company officers
30/01/2007	Appointment/resignation of company officers
30/01/2007	Minutes of general meeting of shareholders
30/01/2007	Minutes of general meeting of shareholders
30/01/2007	New chairman (CEO, CoB)
30/01/2007	Private document
30/01/2007	Registered office transferred outside jurisdiction of the Commercial Court
30/01/2007	Registration after transfer
30/01/2007	Secondary registration becomes main registration
30/01/2007	Updated articles of association
30/01/2007	Updated articles of association
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
13/07/2004	New company name
13/07/2004	Minutes of general meeting of shareholders
13/07/2004	Appointment/resignation of company officers
13/07/2004	New legal form – no new category
13/07/2004	Private document
13/07/2004	Updated articles of association
13/07/2004	New legal form – new category
31/12/2003	New accounts available
29/12/2003	Audit or Management Report
29/12/2003	Updated articles of association
29/12/2003	Private document
29/12/2003	Minutes of general meeting of shareholders
29/12/2003	Fund deposit certificate
29/12/2003	Capital increase
23/01/2001	Appointment/resignation of company officers
23/01/2001	Minutes of general meeting of shareholders
23/01/2001	Private document
14/12/2000	Capital increase
14/12/2000	Updated articles of association
14/12/2000	Fund deposit certificate
14/12/2000	Amendment
14/12/2000	Audit or Management Report
14/12/2000	Conversion of equity to euro
14/12/2000	Capital reduction
14/12/2000	Private document
07/11/2000	Private document
07/11/2000	Minutes of general meeting of shareholders
07/11/2000	Conversion of equity to euro
07/11/2000	Capital increase
07/11/2000	Capital reduction
24/12/1999	Changes to the Board of Directors
24/12/1999	Minutes of general meeting of shareholders
24/12/1999	Appointment/resignation of company officers
24/12/1999	Private document
23/12/1999	Minutes of general meeting of shareholders
23/12/1999	Amendment
23/12/1999	Appointment/resignation of company officers
23/12/1999	Private document
17/07/1997	Change to the administration of a public limited company
17/07/1997	Capital increase
17/07/1997	Appointment/resignation of company officers
17/07/1997	Minutes of general meeting of shareholders
17/07/1997	New manager
17/07/1997	Private document
17/07/1997	Updated articles of association
17/07/1997	Declaration of conformity
05/06/1997	Audit or Management Report
04/06/1997	Private document
04/06/1997	Audit or Management Report
16/05/1997	Amendment
16/05/1997	Planned merger
11/04/1997	Application and court order
11/04/1997	Private document
11/04/1997	Amendment
21/09/1994	Minutes of general meeting of shareholders
21/09/1994	Amendment
04/01/1993	Declaration of conformity
04/01/1993	Amendment
04/01/1993	Minutes of general meeting of shareholders
04/01/1993	Updated articles of association
27/11/1992	Amendment
27/11/1992	Appointment/resignation of company officers
27/11/1992	Changes to the Board of Directors
27/11/1992	Minutes of Board meeting
27/11/1992	Minutes of general meeting of shareholders
27/11/1992	New chairman (CEO, CoB)
07/02/1992	Amendment
07/02/1992	Minutes of Board meeting

Establishment events history

Date	Description
26/03/2017	Update of phone numbers
20/11/2016	Update of phone numbers
31/03/2016	Update of phone numbers

Synthesized Accounts

Annual Accounts

	31/12/2016	31/12/2015	31/12/2014
Account period (month)	12	12	12
Account Type	Normal	Normal	Normal
Date of capture	24/07/2017	01/09/2016	03/08/2015
Activity Code	2651B	2651B	2651B
Employees	495	505	1

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	35,063,800		-3.8%		36,433,338		4.8%		34,759,046		132,703		26322.8%
Intangible assets	11,627,823		-10.9%		13,047,351		13.2%		11,525,012		11,582		100295.6%
Tangible assets	2,796,880		-4.8%		2,938,983		0.8%		2,915,730		40,556		6796.3%
Financial assets		20,639,097		0.9%		20,447,004		0.6%		20,318,300		6,816		302703.7%
Net current assets		50,200,359		16.5%		43,086,795		-0.8%		43,450,618		862,014		5723.6%
Stocks		17,887,705		-1.4%		18,139,939		-4.4%		18,982,948		146,593		12102.3%
Advanced payments		100,926		-28.0%		140,201		-64.2%		391,799		0		0%
Receivables		26,672,766		8.5%		24,580,254		2.3%		24,033,467		336,925		7816.5%
Securities and cash		5,538,963		2346.5%		226,402		434.0%		42,401		156,171		3446.7%
Prepaid expenses		-		-		-		-		-		303		-
Accounts of regularization		1,950		-77.3%		8,578		-69.4%		28,047		0		0%
Total Assets		85,266,109		7.2%		79,528,710		1.7%		78,237,711		1,055,377		7979.2%

Passive Account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Shareholders' equity	49,413,083	4.7%	47,175,870	0.7%	46,841,377	475,640	10288.8%
Share capital	13,387,757	0%	13,387,757	0%	13,387,757	89,280	14895.2%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	90,451	954.5%	8,578	-69.4%	28,047	0	0%
Liabilities	35,732,905	10.5%	32,340,449	3.1%	31,365,852	424,386	8319.9%
Financial liabilities	14,235,906	21.2%	11,746,734	-7.0%	12,632,970	59,373	23877.1%
Advanced payments received	737,600	-31.8%	1,081,799	108.6%	518,549	0	0%
Trade account payables	6,674,622	10.4%	6,047,193	15.7%	5,225,459	117,764	5567.8%
Tax and social liabilities	3,439,555	-0.2%	3,446,061	-17.7%	4,187,597	122,629	2704.8%
Other debts and fixed assets liabilities	10,527,746	5.9%	9,937,062	14.5%	8,677,673	5,192	202668.6%
Account regularization	147,146	72.3%	85,413	-32.2%	126,034	0	0%
Total liabilities	85,266,109	7.2%	79,528,710	1.7%	78,237,710	1,055,377	7979.2%

Results

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Sales of Goods	52,682,512	1.6%	51,841,753	-0.5%	52,105,724	1,191,810	4320.4%
Net turnover	48,351,235	2.2%	47,327,728	-4.6%	49,596,968	1,083,478	4362.6%
of which net export turnover	17,931,521	-5.1%	18,904,466	-4.5%	19,801,887	18,176	98554.9%
Operating charges	54,668,639	2.8%	53,201,604	1.0%	52,689,311	1,192,238	4485.4%
Operating profit/loss	-1,986,126	-46.1%	-1,359,851	-133.0%	-583,587	31,105	-6485.2%
Financial income	703,788	-57.9%	1,670,752	29.4%	1,291,554	1,334	52657.7%
Financial charges	365,892	-29.5%	519,087	2.4%	506,880	2,023	17986.6%
Financial profit/loss	337,896	-70.7%	1,151,666	46.8%	784,674	-60	563260.0%
Pretax net operating income	-1,648,230	-691.7%	-208,185	-203.5%	201,086	33,157	-5071.0%
Extraordinary income	6,056,126	5702.2%	104,376	-87.8%	858,889	824	734866.7%
Extraordinary charges	2,626,851	2829.4%	89,672	-92.8%	1,251,764	1,116	235280.9%
Extraordinary profit/loss	3,429,274	23223.6%	14,703	103.7%	-392,875	0	0%
Net result	2,237,213	568.8%	334,493	6.7%	313,568	45,681	4797.5%

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	85,266,109	7.2%	79,528,710	1.7%	78,237,711
Gross	CO	109,054,015	6.3%	102,552,769	1.9%	100,646,728
Amortisation	1A	23,787,906	3.3%	23,024,059	2.7%	22,409,017

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	35,063,800	-3.8%	36,433,338	4.8%	34,759,046
Gross	BJ	57,241,028	-1.7%	58,223,883	4.5%	55,696,911
Amortisation	BK	22,177,229	1.8%	21,790,545	4.1%	20,937,865

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	5,596,429	-37.5%	8,948,304	-17.1%	10,788,699
Gross	CX	9,844,845	-28.1%	13,688,210	-12.0%	15,551,579
Amortisation	CQ	4,248,416	-10.4%	4,739,906	-0.5%	4,762,879
Distributorships, patents	Net	620,260	-5.5%	656,343	21.0%	542,610
Gross	AF	1,911,261	10.5%	1,730,356	17.2%	1,476,106
Amortisation	AG	1,291,001	20.2%	1,074,013	15.1%	933,495
Goodwill	Net	476,703	0%	476,703	146.1%	193,703
Gross	AH	484,326	0%	484,326	140.6%	201,325
Amortisation	AI	7,622	0%	7,622	0%	7,622
Other intangible fixed assets	Net	4,934,431	66.4%	2,966,001	0%	0
Gross	AJ	5,296,825	78.6%	2,966,001	0%	0
Amortisation	AK	362,394	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	11,627,823	-10.9%	13,047,351	13.2%	11,525,012

Tangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Lands	Net	6,693	0%	6,693	0.0%	6,692
Gross	AN	6,693	0%	6,693	0.0%	6,692
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	136,794	-71.8%	485,370	-5.5%	513,709
Gross	AP	199,773	-65.9%	586,523	0%	586,523
Amortisation	AQ	62,979	-37.7%	101,153	38.9%	72,813
Plant	Net	1,843,803	4.4%	1,766,856	1.3%	1,744,729
Gross	AR	13,336,267	4.8%	12,721,269	4.6%	12,163,357
Amortisation	AS	11,492,464	4.9%	10,954,413	5.1%	10,418,627
Other tangible fixed assets	Net	689,975	9.5%	629,889	-3.2%	650,600
Gross	AT	5,402,327	-2.5%	5,543,327	2.8%	5,393,026
Amortisation	AU	4,712,352	-4.1%	4,913,437	3.6%	4,742,426
Fixed assets in construction	Net	119,615	138.4%	50,175	0%	0
Gross	AV	119,615	138.4%	50,175	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	2,796,880	-4.8%	2,938,983	0.8%	2,915,730

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	20,244,040	0.7%	20,104,072	0.7%	19,964,583
Gross	CU	20,244,040	0.7%	20,104,072	0.7%	19,964,583
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	395,057	15.2%	342,932	-3.0%	353,717
Gross	BH	395,057	15.2%	342,932	-3.0%	353,717
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	20,639,097	0.9%	20,447,004	0.6%	20,318,300

Current Assets (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Current Assets	Net	50,200,359	16.5%	43,086,795	-0.8%	43,450,618
Gross	CJ	51,811,037	16.9%	44,320,308	-1.3%	44,921,770
Amortisation	CK	1,610,677	30.6%	1,233,513	-16.2%	1,471,152

Stocks

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Raw materials	Net	9,418,106	1.0%	9,326,267	-7.2%	10,044,605
Gross	BL	10,263,219	3.3%	9,938,032	-7.7%	10,761,535
Amortisation	BM	845,113	38.1%	611,765	-14.7%	716,930
Work in progress (goods)	Net	1,168,572	-2.9%	1,203,127	-1.7%	1,223,381
Gross	BN	1,168,572	-2.9%	1,203,127	-1.7%	1,223,381
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	5,465,165	-4.5%	5,725,591	-2.9%	5,898,522
Gross	BR	6,027,231	-2.1%	6,159,401	-3.6%	6,392,731
Amortisation	BS	562,066	29.6%	433,810	-12.2%	494,209
Goods for resale	Net	1,835,862	-2.6%	1,884,954	3.8%	1,816,440
Gross	BT	1,936,090	-3.5%	2,006,824	4.7%	1,917,077
Amortisation	BU	100,228	-17.8%	121,870	21.1%	100,637
Sub Total Stocks	Net	17,887,705	-1.4%	18,139,939	-4.4%	18,982,948

Advance payments to suppliers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Advance payments to suppliers	Net	100,926	-28.0%	140,201	-64.2%	391,799
Gross	BV	100,926	-28.0%	140,201	-64.2%	391,799
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Trade accounts receivable	Net	7,982,233	-5.3%	8,429,376	-9.7%	9,335,576
Gross	BX	8,085,502	-4.8%	8,495,444	-10.5%	9,494,952
Amortisation	BY	103,269	56.3%	66,068	-58.5%	159,376
Other debtors	Net	17,967,330	19.3%	15,057,339	8.0%	13,939,927
Gross	BZ	17,967,330	19.3%	15,057,339	8.0%	13,939,927
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	25,949,563	10.5%	23,486,715	0.9%	23,275,503

Divers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Investment securities	Net	3,002,006	0%	0	0%	0
Gross	CD	3,002,006	0%	0	0%	0
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	2,536,957	1020.6%	226,402	434.0%	42,401
Gross	CF	2,536,957	1020.6%	226,402	434.0%	42,401
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	5,538,963	2346.5%	226,402	434.0%	42,401

Prepaid expenses

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid expenses	Net	723,203	-33.9%	1,093,539	44.3%	757,964
Gross	CH	723,203	-33.9%	1,093,539	44.3%	757,964
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	1,950	-77.3%	8,578	-69.4%	28,047
Gross		1,950	-77.3%	8,578	-69.4%	28,047

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Due within one year	CP	0	0%	342,932	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	85,266,109	7.2%	79,528,710	1.7%	78,237,710

Shareholder Equity (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total shareholders' equity (Total I)	DL	49,413,083	4.7%	47,175,870	0.7%	46,841,377
Equity and shareholders' equity	DA	13,387,757	0%	13,387,757	0%	13,387,757
Issue and merger premiums	DB	14,052,830	0%	14,052,830	0.0%	14,052,829
Revaluation differentials	DC	0	0%	0	0%	0
Of which equity differential	EK	0	0%	0	0%	0
Legal reserve	DD	1,338,776	0%	1,338,776	0%	1,338,776
Statutory or contractual reserve	DE	0	0%	0	0%	0
Special regulated reserves	DF	6,967,745	0%	6,967,745	0.0%	6,967,744
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	11,428,763	3.0%	11,094,270	2.9%	10,780,701
Profit or loss for the period	DI	2,237,213	568.8%	334,493	6.7%	313,568
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	90,451	954.5%	8,578	-69.4%	28,047
Risk provisions	DP	90,451	954.5%	8,578	-69.4%	28,047
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	35,732,905	10.5%	32,340,449	3.1%	31,365,852
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	14,225,241	22.1%	11,647,439	-7.2%	12,545,381
Sundry loans and financial liabilities	DV	10,665	-89.3%	99,295	13.4%	87,589
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	737,600	-31.8%	1,081,799	108.6%	518,549
Trade accounts payables	DX	6,674,622	10.4%	6,047,193	15.7%	5,225,459
Tax and social security liabilities	DY	3,439,555	-0.2%	3,446,061	-17.7%	4,187,597
Fixed asset liabilities	DZ	143,097	20.6%	118,612	-68.4%	375,943
Other debts	EA	10,354,979	5.5%	9,814,636	18.3%	8,299,296

Translation loss (V)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Translation loss (Total V)	ED	29,670	677.9%	3,814	56.7%	2,434

Equalization accounts

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Deferred income	EB	147,146	72.3%	85,413	-32.2%	126,034

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	33,099,120	18.4%	27,952,239	2.8%	27,178,569
Of which current bank facilities	EH	10,753,495	86.0%	5,780,826	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	-1,986,126	-46.1%	-1,359,851	-133.0%	-583,587

2 - Financial result (V-VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Financial result (Total V-VI)	GV	337,896	-70.7%	1,151,666	46.8%	784,674

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	-1,648,230	-691.7%	-208,185	-203.5%	201,086

4 - Extraordinary result (VII-VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Extraordinary result (Total VII-VIII)	HI	3,429,274	23223.6%	14,703	103.7%	-392,875

Profit or loss

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Profit or loss	HN	2,237,213	568.8%	334,493	6.7%	313,568

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	59,442,426	10.9%	53,616,881	-1.2%	54,256,168

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	57,205,213	7.4%	53,282,388	-1.2%	53,942,599

Operating income (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating income (Total I)	FR	52,682,512	1.6%	51,841,753	-0.5%	52,105,724

Operating income (details)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Sale of goods for resale	FC	14,334,430	3.9%	13,798,689	-0.1%	13,818,691
France	FA	11,054,698	3.4%	10,693,034	0.6%	10,632,950
Export	FB	3,279,732	5.6%	3,105,655	-2.5%	3,185,741
Sale of goods produced	FF	30,111,723	2.1%	29,503,045	-4.2%	30,810,985
France	FD	16,109,148	10.5%	14,573,172	-3.0%	15,029,339
Export	FE	14,002,575	-6.2%	14,929,873	-5.4%	15,781,646
Sale of services	FI	3,905,082	-3.0%	4,025,993	-18.9%	4,967,290
France	FG	3,255,867	3.1%	3,157,055	-23.6%	4,132,791
Export	FH	649,214	-25.3%	868,938	4.1%	834,499
Net turnover	FL	48,351,235	2.2%	47,327,728	-4.6%	49,596,968
France	FJ	30,419,714	7.0%	28,423,262	-4.6%	29,795,081
Export	FK	17,931,521	-5.1%	18,904,466	-4.5%	19,801,887
Stocked production	FM	-166,724	34.3%	-253,585	56.7%	-585,909
Self-constructed assets	FN	3,847,314	7.2%	3,589,995	47.4%	2,435,449
Operating grants	FO	15,985	25.0%	12,792	143.8%	5,248
Release of reserves and provisions	FP	525,962	-50.2%	1,057,090	91.0%	553,331
Other income	FQ	108,740	0.9%	107,734	7.1%	100,635

Operating charges (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating charges (Total II)	GF	54,668,639	2.8%	53,201,604	1.0%	52,689,311

Exploitation charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Purchase of goods for resale	FS	8,609,944	3.9%	8,285,936	3.6%	7,996,619
Change in stocks of goods for resale	FT	68,133	203.2%	-66,013	-138.9%	169,719
Purchase of raw materials	FU	9,992,844	6.1%	9,418,661	-2.6%	9,669,762
Change in stocks of raw materials	FV	-325,187	-140.7%	799,769	286.4%	-429,115
Other external purchases and charges	FW	9,843,267	4.0%	9,463,625	1.3%	9,344,522
Tax, duty and similar payments	FX	1,223,687	2.6%	1,192,236	-10.4%	1,330,901
Payroll	FY	14,227,058	0.2%	14,202,964	-1.5%	14,416,942
Social security costs	FZ	5,110,677	-0.9%	5,156,159	0.0%	5,157,389

Depreciation

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Depreciation of fixed assets	GA	3,731,085	33.9%	2,787,398	-8.3%	3,040,196
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	686,609	80.0%	381,430	-30.0%	544,844
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	1,500,521	-5.0%	1,579,440	9.1%	1,447,527

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	703,788	-57.9%	1,670,752	29.4%	1,291,554
Share financial income	GJ	396,697	-71.7%	1,403,515	54.7%	907,418
Other investment income & capitalised receivables	GK	0	0%	23,302	-45.2%	42,525
Other interest and similar income	GL	223,628	17.7%	190,073	-41.2%	323,237
Released provisions and transferred charges	GM	8,578	-69.4%	28,047	4024.6%	680
Exchange gains	GN	74,886	190.1%	25,816	45.9%	17,692
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	365,892	-29.5%	519,087	2.4%	506,880
Financial reserves and provisions	GQ	1,950	-77.3%	8,578	-69.4%	28,047
Interest and similar charges	GR	265,232	-2.6%	272,253	-1.6%	276,706
Exchange losses	GS	98,710	-58.6%	238,256	17.9%	202,127
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	6,056,126	5702.2%	104,376	-87.8%	858,889
Extraordinary operating income	HA	206,126	99.1%	103,542	37.3%	75,415
Extraordinary income from capital transactions	HB	5,850,000	702180.9%	833	-99.3%	112,500
Released provisions and transferred charges	HC	0	0%	0	0%	670,974

Extraordinary charges (VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary charges (Total VIII)	HH	2,626,851	2829.4%	89,672	-92.8%	1,251,764
Extraordinary operating charges	HE	156,909	75.0%	89,672	-50.0%	179,490
Extraordinary charges from capital transactions	HF	2,107,548	0%	0	0%	1,072,274
Extraordinary reserves and provisions	HG	362,394	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	-456,169	13.6%	-527,975	-4.5%	-505,357

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which equipment leases	HP	204,563	7.9%	189,661	15.2%	164,571
Of which property leases	HQ	319,412	-57.3%	748,894	1.4%	738,798
Of which transferred charges	A1	216,517	-50.6%	438,021	80.9%	242,106
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	114,534	-4.0%	119,273	45.9%	81,771

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	1,213,021	0%	0	0%	197,799
Decreasess by transfers	OK2	6,343,430	160.0%	2,439,995	-64.6%	6,888,410
Gross value at the end of period	OL	57,241,028	-1.7%	58,223,883	4.5%	55,696,911

Research and development Charge (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	CZ	13,688,210	-12.0%	15,551,579	-17.4%	18,831,746
Increasess due to revaluation	KB	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KC	1,177,577	1985.0%	56,478	-98.1%	2,923,910
Decreasess by budget item transfer	CO1	0	0%	0	0%	0
Decreasess by transfers	CO2	5,020,942	161.5%	1,919,847	-69.1%	6,204,076
Gross value at the end of period	DO	9,844,845	-28.1%	13,688,210	-12.0%	15,551,580

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	5,180,683	208.8%	1,677,432	36.7%	1,226,685
Increasess due to revaluation	KE	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	KF	3,689,306	5.3%	3,503,251	677.2%	450,747
Decreasess by budget item transfer	LV1	1,177,577	0%	0	0%	0
Decreasess by transfers	LV2	0	0%	0	0%	0
Gross value at the end of period	LW	7,692,412	48.5%	5,180,683	208.8%	1,677,432

Tangible fixed assets (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LN	18,907,987	4.2%	18,149,600	1.5%	17,881,241
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	985,534	27.5%	773,257	33.6%	578,658
Decreasess by budget item transfer	NG1	35,444	0%	0	0%	197,799
Decreasess by transfers	NG2	793,402	5235.2%	14,871	-86.8%	112,500
Gross value at the end of period	NH	19,064,675	0.8%	18,907,987	4.2%	18,149,599

Financial assets (Total IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LQ	20,447,004	0.6%	20,318,301	2.0%	19,921,644
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	721,180	13.8%	633,980	-34.5%	968,490
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	529,087	4.7%	505,277	-11.6%	571,834
Gross value at the end of period	NK	20,639,097	0.9%	20,447,004	0.6%	20,318,300

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	1,081,636	14.9%	941,118	9.2%	862,069
Increases	PF	216,988	54.4%	140,518	77.8%	79,049
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	1,298,623	20.1%	1,081,636	14.9%	941,118

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	15,969,004	4.8%	15,233,868	5.5%	14,441,770
Increases	QV	727,820	-3.0%	750,006	-5.3%	792,097
Decreases	QW	429,029	2785.0%	14,871	0%	0
Decreasess by budget item transfer	QX	16,267,795	1.9%	15,969,004	4.8%	15,233,867

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	5,020,942	161.5%	1,919,847	-69.1%	6,204,076
Depreciation of fixed assets during period	SP	9,844,845	-28.1%	13,688,210	-12.0%	15,551,580
Net value at the end of period	SR	0	0%	0	0%	15,551,579

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7C	1,242,091	-17.1%	1,499,199	-21.5%	1,909,187
Increases	UB	1,139,454	192.2%	390,008	-31.9%	572,892
Decreases	UC	318,023	-50.9%	647,116	-34.2%	982,880
Value at the end of period	UD	2,063,522	66.1%	1,242,091	-17.1%	1,499,199

Includes Total allocations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UE	1,139,454	198.7%	381,430	0%	0
Financial	UG	0	0%	8,578	-98.4%	544,845
Exceptional	UJ	0	0%	0	0%	28,047

Includes Total Withdrawal

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UF	309,445	-50.0%	619,069	98.9%	311,225
Financial	UH	8,578	-69.4%	28,047	4018.5%	681
Exceptional	UK	0	0%	0	0%	670,974

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	8,578	-69.4%	28,047	4018.5%	681
Increases	TV	90,451	954.5%	8,578	-69.4%	28,047
Decreases	TW	8,578	-69.4%	28,047	4018.5%	681
Value at the end of period	TX	90,451	954.5%	8,578	-69.4%	28,047

Total Provision for depreciation (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7B	1,233,513	-16.2%	1,471,152	-22.9%	1,908,506
Increases	TY	1,049,003	175.0%	381,430	-30.0%	544,845
Decreases	TZ	309,445	-50.0%	619,069	-37.0%	982,199
Value at the end of period	UA	1,973,071	60.0%	1,233,513	-16.2%	1,471,152

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	27,171,093	8.7%	24,989,253	1.8%	24,546,562
1 year at most	VU	27,171,093	8.7%	24,989,253	1.8%	24,546,562
More than one year	VV	0	0%	0	0%	0

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	395,057	15.2%	342,932	-3.0%	353,717
Other financial assets (1 year at most)	UV	395,057	15.2%	342,932	-3.0%	353,717

Receivables statement of assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Customers doubtful or disputed	VA	145,357	76.7%	82,280	-55.7%	185,734
Other claims customer	UX	7,940,145	-5.6%	8,413,164	-9.6%	9,309,218
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	200	-84.4%	1,283	407.1%	253
Social Security and other social organizations	UZ	1,040	100.0%	520	-25.7%	700
Income taxes	VM	4,956,212	29.5%	3,827,975	8.2%	3,538,393
Value added tax	VB	403,016	33.2%	302,551	-52.9%	642,120
Other taxes and payments assimilated	VN	0	0%	0	0%	0
State and other public - Miscellaneous	VP	0	0%	0	0%	0
Group and Associates	VC	11,681,614	19.5%	9,777,297	9.8%	8,903,754
Accounts receivable (including claims relating to the operation of pension titles)	VR	925,248	-19.4%	1,147,712	34.3%	854,708

Prepaid

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid	VS	723,203	-33.9%	1,093,539	44.3%	757,965

State Debt

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total debt (gross)	VY	34,995,305	12.0%	31,258,650	1.3%	30,847,303
1 year at most	VZ2	33,099,120	18.4%	27,952,239	2.8%	27,178,570
More than 1 year and 5 years at most	VZ3	1,896,185	-42.7%	3,306,411	-6.1%	3,522,733
More than 5 years	VZ4	0	0%	0	0%	146,000

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%	12,545,382
1 year at most	VG2	0	0%	0	0%	10,076,649
More than 1 year and 5 years at most	VG3	0	0%	0	0%	2,322,733
Borrowing & debts to more than 1 year at the origin (gross)	VH1	14,225,241	22.1%	11,647,439	0%	0
1 year at most	VH2	12,329,056	47.8%	8,341,028	0%	0
More than 1 year and 5 years at most	VH3	1,896,185	-42.7%	3,306,411	0%	0
Loans and various financial liabilities (gross)	8A1	10,665	-89.3%	99,295	13.4%	87,589
1 year at most	8A2	10,665	-89.3%	99,295	13.4%	87,589
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	6,674,622	10.4%	6,047,193	15.7%	5,225,459
1 year at most	8B2	6,674,622	10.4%	6,047,193	15.7%	5,225,459
More than 1 year and 5 years at most	8B3	6,674,622	10.4%	6,047,193	15.7%	5,225,459
Personnel and associated accounts (gross)	8C1	1,369,193	7.6%	1,271,899	-3.2%	1,313,988
1 year at most	8C2	1,369,193	7.6%	1,271,899	-3.2%	1,313,988
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	1,429,250	-12.6%	1,635,166	-3.8%	1,699,117
1 year at most	8D2	1,429,250	-12.6%	1,635,166	-3.8%	1,699,117
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	0	0%	0	0%	0
1 year at most	8E2	0	0%	0	0%	0
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	157,478	0%	0	0%	545,799
1 year at most	VW2	157,478	0%	0	0%	545,799
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	483,633	-10.3%	538,995	-14.3%	628,694
1 year at most	VQ2	483,633	-10.3%	538,995	-14.3%	628,694
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	143,097	20.6%	118,612	-68.4%	375,944
1 year at most	8J2	143,097	20.6%	118,612	-68.4%	375,944
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	10,312,422	0%	0	0%	8,224,840
1 year at most	VI2	10,312,422	0%	0	0%	7,024,840
More than 1 year and 5 years at most	VI3	0	0%	0	0%	1,200,000
More than 5 years	V14	0	0%	0	0%	0
Other liabilities (gross)	8K1	42,557	-99.6%	9,814,636	13081.8%	74,456
1 year at most	8K2	42,557	-99.6%	9,814,636	13081.8%	74,456
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	147,146	72.3%	85,413	-32.2%	126,035
1 year at most	8L2	147,146	72.3%	85,413	-32.2%	126,035
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Loans made during the period	VJ	0	0%	3,450,000	96.1%	1,758,876
Debt repaid during the period	VK	0	0%	2,398,054	0%	0

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	249,460	-16.1%	297,337	0%	0
Commitments Real Estate Leasing	YR	691,040	-26.7%	942,327	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	2,961,652	22.6%	2,415,425	0%	0
Rentals, rental charges and condominiums	XQ	1,399,226	-0.4%	1,404,975	0%	0
Staff outside the company	YU	53,893	-36.1%	84,290	0%	0
Remuneration intermediaries and fees (excluding fees)	SS	453,675	99.0%	227,966	0%	0
Fees, commissions and brokerage	YV	266,579	18.8%	224,464	0%	0
Other accounts	ST	4,708,242	-7.8%	5,106,505	0%	0
Total Other purchases and external	ZJ	9,843,267	4.0%	9,463,625	0%	0

Taxes and Fees

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Business tax	YW	530,070	7.0%	495,333	0%	0
Other taxes and payments assimilated	9Z	693,617	-0.5%	696,903	0%	0
Total taxes and fees	YX	1,223,687	2.6%	1,192,236	0%	0

VAT

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Amount VAT collected	YY	6,049,522	3.2%	5,863,509	0%	0
Total VAT on goods and services	YZ	4,688,686	-3.5%	4,860,920	0%	0

Average number of employees

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Average number of employees	YP	495	-2.0%	505	50400.0%	1

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

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

0.08

40%

0.08

40%

0.12

20%

Description

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

HideAltman

Description

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

Structure and Liquidity

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Fixed Asset Financing	1.31	1.6%	1.29	-10.4%	1.44	2.20	-40.5%
Global Debt	266 days	8.1%	246 days	7.9%	228 days	134 days	99.3%
Working Capital Fund overall net	133 days	4.7%	127 days	-29.4%	180 days	153 days	-12.8%
Financial independence	347.10 %	-13.6%	401.61 %	8.3%	370.79 %	308.15 %	12.6%
Solvability	57.95 %	-2.3%	59.32 %	-0.9%	59.87 %	53.88 %	7.6%
Capacity debt futures	400.79 %	-29.1%	565.59 %	77.8%	318.17 %	1,860.38 %	-78.5%
Coverage of current assets by net working capital overall	33.13 %	-14.3%	38.67 %	-31.0%	56.03 %	58.06 %	-42.9%
General Liquidity	0.82	-7.9%	0.89	-1.1%	0.90	0.99	-17.2%
Restricted Liquidity	0.99	10.0%	0.90	0%	0.90	1.61	-38.5%

Management or rotation

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Need background in operating working capital	113 days	-8.1%	123 days	-9.6%	136 days	57 days	98.2%
Treasury	-39 days	7.1%	-42 days	0%	0 days	44 days	-188.6%
Inventory turnover of goods	80 days	-9.1%	88 days	3.5%	85 days	17 days	370.6%
Average length of credit granted to customers	54 days	-6.9%	58 days	-15.9%	69 days	77 days	-29.9%
Average length of credit obtained suppliers	73 days	10.6%	66 days	-5.7%	70 days	66 days	10.6%
Inventory turnover of raw materials in industrial enterprises	278 days	-2.8%	286 days	-5.0%	301 days	105 days	164.8%
Inventory turnover of intermediate and finished products in the industrial enterprise	254 days	1.6%	250 days	-8.4%	273 days	503 days	-49.5%
Rotation tangible assets	253.62 %	1.3%	250.31 %	-8.4%	273.27 %	546.18 %	-53.6%

Profitability of the business

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Margin trading	11.70 %	-0.8%	11.79 %	3.4%	11.40 %	0.00 %	0%
Profitability of the business	6.82 %	45.1%	4.70 %	-38.6%	7.65 %	7.64 %	-10.7%
Net profit	4.63 %	552.1%	0.71 %	12.7%	0.63 %	5.42 %	-14.6%
Growth rate of turnover (excluding VAT)	2.16 %	147.2%	-4.58 %	-49.2%	-3.07 %	2.06 %	4.9%
Rates integration	49.31 %	2.5%	48.09 %	-3.4%	49.79 %	41.38 %	19.2%
Rate leasing furniture	0.42 %	5.0%	0.40 %	21.2%	0.33 %	0.00 %	0%
Work Factor	81.11 %	-4.6%	85.05 %	7.3%	79.26 %	75.18 %	7.9%
Weight interests	0.76 %	-30.9%	1.10 %	7.8%	1.02 %	0.24 %	216.7%

Return on capital

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Cash flow from the overall profitability	4.70 %	-10.5%	5.25 %	-22.5%	6.77 %	7.33 %	-35.9%
Rates of economic profitability	5.00 %	25.0%	4.00 %	-33.3%	6.00 %	12.00 %	-58.3%
Financial profitability	49,413,083.00 %	4.7%	47,175,870.00 %	0.7%	46,841,377.00 %	473,213.00 %	10342.0%
Return on investment	4.09 %	182.1%	1.45 %	5.1%	1.38 %	9.16 %	-55.3%

Management intermediate balances

	31/12/2016		Variation		31/12/2015		Variation		31/12/2014		SECTOR MEDIAN 2016
Turnover	48,351,235		2.2%		47,327,728		-4.6%		49,596,968		1,083,478		4362.6%
		31/12/2016		Variation		31/12/2015		Variation		31/12/2014		SECTOR MEDIAN 2016
Sales of goods		14,334,430		3.9%		13,798,689		-0.1%		13,818,691				-
- Purchase of goods		8,609,944		3.9%		8,285,936		3.6%		7,996,619				-
+/- Stock of goods variation		68,133		203.2%		-66,013		-138.9%		169,719				-
Trading margin		5,656,353 €		1.4%		5,578,766 €		-1.3%		5,652,353 €		0 €		0%
		11.70 % CA		-0.8%		11.79 % CA		3.4%		11.40 % CA		0.00 % CA		0%

	31/12/2016		Variation		31/12/2015		Variation		31/12/2014		SECTOR MEDIAN 2016
Sale of goods produced	34,016,805		1.5%		33,529,038		-6.3%		35,778,275				-
+/- Stocked production	-166,724		34.3%		-253,585		56.7%		-585,909				-
+ Self-constructed assets	3,847,314		7.2%		3,589,995		47.4%		2,435,449				-
Period production	37,697,395 €		2.3%		36,865,448 €		-2.0%		37,627,815 €		811,761 €		4543.9%
	77.97 % CA		0.1%		77.89 % CA		2.7%		75.87 % CA		99.89 % CA		-21.9%
		31/12/2016		Variation		31/12/2015		Variation		31/12/2014		SECTOR MEDIAN 2016
Trading margin		5,656,353		1.4%		5,578,766		-1.3%		5,652,353		0		0%
+ Period Production		37,697,395		2.3%		36,865,448		-2.0%		37,627,815		811,761		4543.9%
- Purchase of raw materials		9,992,844		6.1%		9,418,661		-2.6%		9,669,762				-
+/- Change in stocks of raw materiels		-325,187		-140.7%		799,769		286.4%		-429,115				-
- Other external purchases and charges		9,843,267		4.0%		9,463,625		1.3%		9,344,522				-
Added value		23,842,824 €		4.7%		22,762,159 €		-7.8%		24,694,999 €		436,248 €		5365.4%
		49.31 % CA		2.5%		48.09 % CA		-3.4%		49.79 % CA		41.32 % CA		19.3%

	31/12/2016		Variation		31/12/2015		Variation		31/12/2014		SECTOR MEDIAN 2016
Added value	23,842,824 €		4.7%		22,762,159 €		-7.8%		24,694,999 €		436,248 €		5365.4%
+ Operating grants	15,985		25.0%		12,792		143.8%		5,248				-
- Tax, duty and similar payments	1,223,687		2.6%		1,192,236		-10.4%		1,330,901				-
- Personal charges	19,337,735		-0.1%		19,359,123		-1.1%		19,574,331				-
Gross operating surplus	3,297,387 €		48.3%		2,223,592 €		-41.4%		3,795,015 €		46,048 €		7060.8%
	6.82 % CA		45.1%		4.70 % CA		-38.6%		7.65 % CA		7.49 % CA		-8.9%
		31/12/2016		Variation		31/12/2015		Variation		31/12/2014		SECTOR MEDIAN 2016
Gross operating surplus		3,297,387 €		48.3%		2,223,592 €		-41.4%		3,795,015 €		46,048 €		7060.8%
+ Release of reserves and provisions		525,962		-50.2%		1,057,090		91.0%		553,331				-
+ Other operating income		108,740		0.9%		107,734		7.1%		100,635				-
- Depreciation/ Amortisation		4,417,694		39.4%		3,168,828		-11.6%		3,585,040				-
- Other charges		1,500,521		-5.0%		1,579,440		9.1%		1,447,527				-
Operating result		-1,986,126 €		-46.1%		-1,359,852 €		-133.0%		-583,586 €		30,909 €		-6525.7%
		-4.11 % CA		-43.2%		-2.87 % CA		-143.2%		-1.18 % CA		4.88 % CA		-184.2%

			31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Operating result			-1,986,126 €	-46.1%	-1,359,852 €	-133.0%	-583,586 €	30,909 €		-6525.7%
+/- Result of joint-venture transferred from/to other partners			0	0%	0	0%	0			-
+ Financial income			703,788	-57.9%	1,670,752	29.4%	1,291,554			-
- Financial charges			365,892	-29.5%	519,087	2.4%	506,880			-
Pre-tax result			-1,648,230 €	-691.7%	-208,187 €	-203.5%	201,088 €	32,081 €		-5237.7%
			-3.41 % CA	-675.0%	-0.44 % CA	-207.3%	0.41 % CA	4.97 % CA		-168.6%
	31/12/2016	Variation		31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Extraordinary income	6,056,126	5702.2%		104,376	-87.8%	858,889	824		734866.7%
- Extraordinary charges	2,626,851	2829.4%		89,672	-92.8%	1,251,764			-
Extraordinary result	3,429,275 €	23222.1%		14,704 €	103.7%	-392,875 €	0 €		0%
	7.09 % CA	23533.3%		0.03 % CA	103.8%	-0.79 % CA	0.00 % CA		0%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Pre-tax result	-1,648,230 €	-691.7%	-208,187 €	-203.5%	201,088 €	32,081 €	-5237.7%
Extraordinary result	3,429,275 €	23222.1%	14,704 €	103.7%	-392,875 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	-456,169	13.6%	-527,975	-4.5%	-505,357		-
Net result	2,237,214 €	568.8%	334,492 €	6.7%	313,570 €	45,094 €	4861.2%
	4.63 % CA	552.1%	0.71 % CA	12.7%	0.63 % CA	5.31 % CA	-12.8%

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 2651B - Manufacture of scientific and technical instruments.

Graphical analysis

Net TurnoverCompany ResultSector Average31/12/201631/12/201531/12/20140M20M40M60M

	31/12/2016	31/12/2015	31/12/2014
Company Result	48,351,235 €	47,327,728 €	49,596,968 €
Sector Average	10,181,710 €	9,107,598 €	9,544,165 €

Net ProfitCompany ResultSector Average31/12/201631/12/201531/12/20140M1M2M3M

	31/12/2016	31/12/2015	31/12/2014
Company Result	2,237,213 €	334,493 €	313,568 €
Sector Average	600,807 €	485,887 €	705,421 €

Net Export TurnoverCompany ResultSector Average31/12/201631/12/201531/12/20140M10M20M30M

	31/12/2016	31/12/2015	31/12/2014
Company Result	17,931,521 €	18,904,466 €	19,801,887 €
Sector Average	5,312,738 €	4,733,530 €	5,408,712 €

Account TotalCompany ResultSector Average31/12/201631/12/201531/12/20140M50M100M

	31/12/2016	31/12/2015	31/12/2014
Company Result	85,266,109 €	79,528,710 €	78,237,710 €
Sector Average	10,265,294 €	9,294,753 €	9,457,301 €

Shareholders EquityCompany ResultSector Average31/12/201631/12/201531/12/20140M20M40M60M

	31/12/2016	31/12/2015	31/12/2014
Company Result	49,413,083 €	47,175,870 €	46,841,377 €
Sector Average	5,379,838 €	4,969,990 €	5,332,299 €

LiabilitiesCompany ResultSector Average31/12/201631/12/201531/12/20140M20M40M

	31/12/2016	31/12/2015	31/12/2014
Company Result	35,732,905 €	32,340,449 €	31,365,852 €
Sector Average	4,237,200 €	3,765,806 €	3,581,580 €

Need background in operating working capitalCompany ResultSector Average31/12/201631/12/201531/12/20140100200

	31/12/2016	31/12/2015	31/12/2014
Company Result	113 €	123 €	136 €
Sector Average	111 €	84 €	185 €

Gross operating surplus (EBE)Company ResultSector Average31/12/201631/12/201531/12/20140M2M4M

	31/12/2016	31/12/2015	31/12/2014
Company Result	3,297,387 €	2,223,592 €	3,795,015 €
Sector Average	567,144 €	498,668 €	717,948 €

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.95
UK Pound	1	INR 91.87
Euro	1	INR 80.27
Euro	1	INR 79.99

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	DNS

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 and summery

Key Financials

Directors

Ultimate Holding Company

Judgment and Preferential

Establishment Details

Ultimate Parent(s)

Other Establishment(s)

Workforces

Commentary

Industry comparison

Collective procedures

Preferential rights details and history

Director(s)

Statutory Auditor

Previous Directors

Company events history

Establishment events history

Synthesized Accounts

Accounts – Active

Accounts – Passive

Result account

Other incomes tax return forms

Reserve for depreciation

Movements during period affecting charge allocated over several period

State deadlines claims and debts at the end of period

Table allocation results and other information

Ratios

Key Performance Indicators

Unit