MIRA INFORM REPORT

Report No. :	510382
Report Date :	21.05.2018

IDENTIFICATION DETAILS

Name :	FAMECO ANALYTICAL INSTRUMENTS
Registered Office :	Fameco Analytical Instruments 2 Rue Alexandre Volta 67450 Mundolsheim
Country :	France
Financials (as on) :	31.12.2016
Date of Incorporation :	September 2010
Com. Reg. No.:	RCS Strasbourg B 524 854 932
Legal Form :	Limited Liability Company
Line of Business :	Retail sale of medical and orthopedic articles in specialized stores
No. of Employees :	6 to 9

RATING & COMMENTS

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

MIRA’s Rating :

A+

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
France	A1	A1

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

FRANCE - ECONOMIC OVERVIEW

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

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

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

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

Source : CIA

Company summery

SIRET	524 854 932 00018
Name	FAMECO ANALYTICAL INSTRUMENTS
Acronym	-
Trade name	-
Status	Economically active
Postal Address	FAMECO ANALYTICAL INSTRUMENTS 2 RUE ALEXANDRE VOLTA 67450 MUNDOLSHEIM FRANCE
Share Capital	8,000 Euros
Telephone	03 88 56 34 69
Activity (APE)	Retail sale of medical and orthopedic articles in specialized stores (4774Z)	RCS Registration	RCS Strasbourg B 524 854 932
Formation Date	08/2010	EUR VAT Number	FR86524854932
Deregistration Date	-	Last account Date	31/12/2016
Court Registry Number	20 1 0B02016	Incorporiation Date	09/2010
Registration Court	Strasbourg (67)	Fax	03 88 56 34 69
Nationality	France	Legal form	Limited Liability Company
		Currency	Euros

Key Financials

Year to date	Turnover	Gross operating surplus	Shareholder's equity	Net result	Employees
31/12/2016	1,458,369 €	28.50% Turnover	434,661 €	226,644 €	6 to 9 employees
31/12/2015	972,779 €	19.21% Turnover	308,017 €	126,687 €	6 to 9 employees
31/12/2014	887,676 €	20% Turnover	181,330 €	126,958 €	6 to 9 employees

Directors

Current Directors

2

Judgment and Preferential

Judgment	No judgement
Preferential Right	This company is not under monitoring

Establishment Details

Type of Establishment	Head Office	Production Role	-
APE/NAF Code	4774Z	Activity	Retail sale of medical and orthopedic articles in specialized stores
Formation Date	08/2010	Reason for Formation	Formation
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	Other	Activity Location	Other
Trading Address	2 RUE ALEXANDRE VOLTA 67450 MUNDOLSHEIM	Department	Bas-Rhin (67)
Location Surface	-	District	8
City	MUNDOLSHEIM	Status	Economically active
Business Pages FT®	APPAREILS, MATERIEL ET FOURNITURES POUR LABORATOIRES	Region	-
		Area	06
		Size of Urban Area	Urban unit with 200 000 to 1 999 999 inhabitants

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
FAMECO ANALYTICAL INSTRUMENTS	Head Office	4774Z	Retail sale of medical and orthopedic articles in specialized stores	MUNDOLSHEIM	67450

Workforces

Workforce at address	6 to 9 employees	Company workforce	6 to 9 employees
		Workforce account	Workforce unknown
		31/12/2016

Commentary

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

The increase in the return on capital employed over the last two accounting periods is 15 %

The decrease in the gearing percentage over the last two accounting periods is 38 %

The increase in pre-tax profit over the last two accounting periods is 63 %

The ratio total assets to total liabilities is 2.57

The net current assets are 705,551 €

The net turnover is 1,458,369 €

The pre-tax profit is 285,664 €

The financial liabilities are 61,984 €

The sales to current assets ratio is 2.07

The company is 7 years old

Workforce size is in the average risk band

The trade payables value is 95,664 €

The tangible fixed assets are 5,861 €

The stocks value is 224,760 €

The receivables value is 183,366 €

Industry comparison

Activity (APE)

Retail sale of medical and orthopedic articles in specialized stores (4774Z)

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

Linkages

No Linkages information available for the company.

Director(s)

Name	M. ANDERSEN THOMAS
Manager position	Active partner		Date of birth		01/12/1968
Place of birth	ARHUS
Type	Individual		Name at birth
Name		M. JENSEN ANDERS FAGE
Manager position		Active partner		Date of birth		29/06/1981
Place of birth		SONDERBORG
Type		Individual		Name at birth

Previous Directors

Manager position	Title and name	Date of Birth/Place of Birth
Active partner	ANDERSEN THOMAS	01/12/1968 - ARHUS
Active partner	JENSEN ANDERS FAGE	29/06/1981 - SONDERBORG

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	06/09/2017	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 6388 - 524854932 RCS. FAMECO ANALYTICAL INSTRUMENTS. Forme : SARL. Adresse : 2 rue Alexandre-Volta 67450 Mundolsheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2016.
	04/01/2017	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 7511 - 524854932 RCS. FAMECO ANALYTICAL INSTRUMENTS. Forme : SARL. Adresse : 2 rue Alexandre-Volta 67450 Mundolsheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2015.
	06/02/2016	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 1805 - 524854932 RCS. FAMECO ANALYTICAL INSTRUMENTS. Forme : S.A.R.L.. Adresse : 2, rue Alexandre-Volta 67450 Mundolsheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	15/12/2014	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 2383 - 524854932 RCS. FAMECO ANALYTICAL INSTRUMENTS. Forme : S.A.R.L.. Adresse : 2, rue Alexandre-Volta 67450 Mundolsheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	27/09/2012	Bodacc C	Comptes annuels et rapports
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 1359 - 524854932 RCS. FAMECO ANALYTICAL INSTRUMENTS. Forme : S.A.R.L.. Adresse : 2, rue Alexandre-Volta 67450 Mundolsheim. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	24/10/2010	Bodacc A	Création d'établissement
67 - BAS-RHIN GREFFE DU TRIBUNAL D'INSTANCE DE STRASBOURG 433 - 524 854 932 RCS Strasbourg. FAMECO ANALYTICAL INSTRUMENTS. Forme : Société à responsabilité limitée. Administration : gérants : JENSEN (Anders, Fage), ANDERSEN (Thomas). Capital : 8000 EUR. Adresse : 2 rue Alexandre Volta, 67450 Mundolsheim. Origine du fonds : Immatriculation d'une personne morale suite à création d'un établissement principal. Activité : achat, vente, reconditionnement d'équipements, de pièces détachées et de consommables de laboratoires d'analyses médicales. Adresse : 2 rue Alexandre Volta, 67450 Mundolsheim. Date de commencement de l’activité : 12/08/2010. Descriptif : . Commentaires : Immatriculation d'une personne morale (B, C, D) suite à création d'un établissement principal.

Company events history

Date	Description
08/03/2018	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
06/09/2017	Bodacc C : Deposit accounts notice
04/01/2017	Bodacc C : Deposit accounts notice
31/12/2016	New accounts available
18/11/2016	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/05/2016	Sale of shares
31/05/2016	Private document
31/05/2016	Amendment
31/05/2016	Updated articles of association
06/02/2016	Bodacc C : Deposit accounts notice
06/01/2016	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2015	New accounts available
24/06/2015	Private document
24/06/2015	Amendment
24/06/2015	Sale of shares
24/06/2015	Updated articles of association
24/06/2015	Minutes of general meeting of shareholders
24/04/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2014	New accounts available
15/12/2014	Bodacc C : Deposit accounts notice
31/12/2013	New accounts available
12/01/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
27/09/2012	Bodacc C : Deposit accounts notice
10/05/2012	Sale of shares
10/05/2012	Minutes of general meeting of shareholders
10/05/2012	Amendment
31/12/2011	New accounts available
08/03/2011	Amendment
08/03/2011	Private document
08/03/2011	New closing date
24/10/2010	Bodacc A : Establishment creation
16/09/2010	Articles of association
16/09/2010	Private document
16/09/2010	Company formation
12/08/2010	Modification of Company Activity
12/08/2010	Formation of Company
12/08/2010	Update of Company Activity

Establishment events history

Date	Description
11/03/2018	Update of phone numbers
07/09/2016	Update of phone numbers
12/08/2010	Modification of Head office Activity
12/08/2010	Formation of Head office
12/08/2010	Update of Establishment Activity

Financial

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	07/03/2018	12/10/2016	19/11/2015
Activity Code	4774Z	4774Z	4774Z
Employees	0	0	0

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	5,862	91.3%	3,065	-21.8%	3,921	52,061	-88.7%
Intangible assets	1,800	0%	1,800	0%	1,800	755	138.4%
Tangible assets	5,861	91.2%	3,065	-17.1%	3,699	27,503	-78.7%
Financial assets	0	0%	0	0%	0	2,000	0%
Net current assets	705,551	37.8%	512,069	-11.7%	579,868	156,523	350.8%
Stocks	224,760	-23.7%	294,730	14.7%	256,907	27,382	720.8%
Advanced payments	158	0%	0	0%	0	0	0%
Receivables	183,366	12.1%	163,614	-25.5%	219,477	47,691	284.5%
Securities and cash	297,265	453.3%	53,725	-48.1%	103,480	42,599	597.8%
Prepaid expenses	-	-	-	-	-	849	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	711,413	38.1%	515,134	-11.8%	583,789	235,321	202.3%

Passive Account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Shareholders' equity	434,661	41.1%	308,017	69.9%	181,330	81,618	432.6%
Share capital	8,000	0%	8,000	0%	8,000	8,000	0%
Other capital resources	0	0%	0	0%	0	0	0%
Risk Provisions	8,618	0%	0	0%	0	0	0%
Liabilities	268,134	29.5%	207,117	-48.5%	402,459	128,088	109.3%
Financial liabilities	61,984	-23.4%	80,968	-19.6%	100,698	32,783	89.1%
Advanced payments received	34,373	622.3%	4,759	-89.7%	46,051	0	0%
Trade account payables	95,664	103.5%	47,007	-64.0%	130,455	38,231	150.2%
Tax and social liabilities	71,108	9.5%	64,964	-10.8%	72,829	24,616	188.9%
Other debts and fixed assets liabilities	5,002	-29.4%	7,088	-86.5%	52,423	5,179	-3.4%
Account regularization	0	0%	2,330	0%	0	0	0%
Total liabilities	711,413	38.1%	515,134	-11.8%	583,789	235,320	202.3%

Results

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Sales of Goods	1,462,169	50.2%	973,218	8.9%	893,480	354,302	312.7%
Net turnover	1,458,369	49.9%	972,779	9.6%	887,676	350,106	316.6%
of which net export turnover	1,388,228	54.6%	897,769	23.0%	729,626	0	0%
Operating charges	1,170,869	47.4%	794,292	11.1%	714,684	328,525	256.4%
Operating profit/loss	291,300	62.8%	178,926	0.1%	178,795	20,690	1307.9%
Financial income	2,555	221.8%	794	535.2%	125	2	127650.0%
Financial charges	6,178	51.2%	4,085	58.5%	2,578	753	720.5%
Financial profit/loss	-3,622	-10.1%	-3,291	-34.2%	-2,453	-451	-703.1%
Pretax net operating income	287,678	63.8%	175,634	-0.4%	176,342	19,720	1358.8%
Extraordinary income	0	0%	0	0%	0	0	0%
Extraordinary charges	2,014	0%	0	0%	602	214	841.1%
Extraordinary profit/loss	-2,014	0%	0	0%	-602	0	0%
Net result	226,644	78.9%	126,687	-0.2%	126,958	17,316	1208.9%

Accounts - Active

Normal Account

	31/12/2016	31/12/2015	31/12/2014
Months	12	12	12

Grand Total - Active Accounts (I to VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Grand Total (I to VI)	Net	711,413	38.1%	515,134	-11.8%	583,789
Gross	CO	845,428	59.2%	531,165	-10.2%	591,463
Amortisation	1A	134,015	736.0%	16,031	108.9%	7,674

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	5,862	91.3%	3,065	-21.8%	3,921
Gross	BJ	12,063	39.2%	8,669	0.0%	8,668
Amortisation	BK	6,201	10.7%	5,604	18.1%	4,746

Intangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Start-up cost	Net	1,800	0%	1,800	0%	1,800
Gross	AB	1,800	0%	1,800	0%	1,800
Amortisation	AC	1,800	0%	1,800	14.0%	1,579
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	0	0%	0	0%	0
Amortisation	AG	0	0%	0	0%	0
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	1,800	0%	1,800	0%	1,800

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%	102
Gross	AR	653	-0.2%	654	0.2%	653
Amortisation	AS	653	-0.2%	654	18.9%	550
Other tangible fixed assets	Net	5,861	91.2%	3,065	-14.8%	3,597
Gross	AT	9,610	54.6%	6,215	0.0%	6,214
Amortisation	AU	3,748	19.0%	3,150	20.4%	2,616
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	5,861	91.2%	3,065	-17.1%	3,699

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	0	0%	0	0%	0
Gross	BH	0	0%	0	0%	0
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	0	0%	0	0%	0

Current Assets (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Current Assets	Net	705,551	37.8%	512,069	-11.7%	579,868
Gross	CJ	833,362	59.5%	522,496	-10.3%	582,795
Amortisation	CK	127,811	1125.8%	10,427	256.2%	2,927

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	224,760	-23.7%	294,730	14.7%	256,907
Gross	BT	339,834	15.3%	294,730	14.7%	256,907
Amortisation	BU	115,073	0%	0	0%	0
Sub Total Stocks	Net	224,760	-23.7%	294,730	14.7%	256,907

Advance payments to suppliers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Advance payments to suppliers	Net	158	0%	0	0%	0
Gross	BV	158	0%	0	0%	0
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Trade accounts receivable	Net	61,766	-20.8%	77,960	-56.8%	180,575
Gross	BX	74,505	-15.7%	88,387	-51.8%	183,503
Amortisation	BY	12,738	22.2%	10,427	256.2%	2,927
Other debtors	Net	106,367	42.9%	74,428	135.6%	31,593
Gross	BZ	106,367	42.9%	74,428	135.6%	31,593
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	168,133	10.3%	152,388	-28.2%	212,168

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	297,265	453.3%	53,725	-48.1%	103,480
Gross	CF	297,265	453.3%	53,725	-48.1%	103,480
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	297,265	453.3%	53,725	-48.1%	103,480

Prepaid expenses

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid expenses	Net	15,233	35.7%	11,226	53.6%	7,309
Gross	CH	15,233	35.7%	11,226	53.6%	7,309
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	711,413	38.1%	515,134	-11.8%	583,789

Shareholder Equity (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total shareholders' equity (Total I)	DL	434,661	41.1%	308,017	69.9%	181,330
Equity and shareholders' equity	DA	8,000	0%	8,000	0%	8,000
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	1,588	0%	1,588	0%	1,588
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	198,000	15.8%	171,000	288.6%	44,000
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	429	-42.2%	742	-5.2%	783
Profit or loss for the period	DI	226,644	78.9%	126,687	-0.2%	126,958
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	8,618	0%	0	0%	0
Risk provisions	DP	8,618	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	268,134	29.5%	207,117	-48.5%	402,459
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	61,984	-23.4%	80,968	-19.1%	100,103
Sundry loans and financial liabilities	DV	0	0%	0	0%	595
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	34,373	622.3%	4,759	-89.7%	46,051
Trade accounts payables	DX	95,664	103.5%	47,007	-64.0%	130,455
Tax and social security liabilities	DY	71,108	9.5%	64,964	-10.8%	72,829
Fixed asset liabilities	DZ	0	0%	0	0%	0
Other debts	EA	5,002	-29.4%	7,088	-86.5%	52,423

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	0	0%	2,330	0%	0

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which tax-allowable reserve	EF	0	0%	0	0%	0
Deferred income and liabilities	EG	227,443	55.3%	146,429	-54.5%	322,002
Of which current bank facilities	EH	0	0%	470	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	291,300	62.8%	178,926	0.1%	178,795

2 - Financial result (V-VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Financial result (Total V-VI)	GV	-3,622	-10.1%	-3,291	-34.2%	-2,453

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	287,678	63.8%	175,634	-0.4%	176,342

4 - Extraordinary result (VII-VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Extraordinary result (Total VII-VIII)	HI	-2,014	0%	0	0%	-602

Profit or loss

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Profit or loss	HN	226,644	78.9%	126,687	-0.2%	126,958

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	1,464,724	50.4%	974,012	9.0%	893,605

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	1,238,082	46.1%	847,324	10.5%	766,646

Operating income (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating income (Total I)	FR	1,462,169	50.2%	973,218	8.9%	893,480

Operating income (details)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Sale of goods for resale	FC	1,433,789	47.6%	971,609	10.0%	883,286
France	FA	52,094	-29.5%	73,840	-51.9%	153,660
Export	FB	1,381,695	53.9%	897,769	23.0%	729,626
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	24,580	2000.9%	1,170	-73.3%	4,390
France	FG	18,047	1442.5%	1,170	-73.3%	4,390
Export	FH	6,533	0%	0	0%	0
Net turnover	FL	1,458,369	49.9%	972,779	9.6%	887,676
France	FJ	70,141	-6.5%	75,010	-52.5%	158,050
Export	FK	1,388,228	54.6%	897,769	23.0%	729,626
Stocked production	FM	0	0%	0	0%	0
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	3,400
Release of reserves and provisions	FP	3,379	744.8%	400	-83.3%	2,400
Other income	FQ	420	976.9%	39	875.0%	4

Operating charges (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating charges (Total II)	GF	1,170,869	47.4%	794,292	11.1%	714,684

Exploitation charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Purchase of goods for resale	FS	483,639	34.0%	360,967	-21.2%	457,854
Change in stocks of goods for resale	FT	-45,104	-19.3%	-37,823	61.2%	-97,426
Purchase of raw materials	FU	6,531	14.9%	5,686	14.1%	4,983
Change in stocks of raw materials	FV	0	0%	0	0%	0
Other external purchases and charges	FW	221,222	15.2%	192,076	28.2%	149,876
Tax, duty and similar payments	FX	7,713	18.6%	6,501	36.1%	4,778
Payroll	FY	283,577	45.2%	195,318	32.6%	147,273
Social security costs	FZ	85,119	34.7%	63,209	36.7%	46,247

Depreciation

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Depreciation of fixed assets	GA	599	-30.1%	857	-16.3%	1,024
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	118,943	1485.9%	7,500	0%	0
Provisions for risks and charges	GD	8,618	0%	0	0%	0

Other charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Other charges	GE	8	0%	0	0%	75

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	2,555	221.8%	794	535.2%	125
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	805	34.6%	598	0%	0
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	1,750	792.9%	196	56.8%	125
Net income from disposal of investment securities	GO	0	0%	0	0%	0

Financial charge (VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total financial charge (Total VI)	GU	6,178	51.2%	4,085	58.5%	2,578
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	3,483	123.6%	1,558	-19.1%	1,926
Exchange losses	GS	2,695	6.6%	2,527	287.6%	652
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	0	0%	0	0%	0
Extraordinary operating income	HA	0	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	2,014	0%	0	0%	602
Extraordinary operating charges	HE	2,014	0%	0	0%	602
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	59,020	20.6%	48,947	0.3%	48,782

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Of which equipment leases	HP	0	0%	0	0%	0
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%	0
Gross value at the end of period	OL	12,064	39.2%	8,668	0%	8,668

Research and development Charge (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	CZ	1,800	0%	1,800	0%	1,800
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	1,800	0%	1,800	0%	1,800

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	0	0%	0	0%	0
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	0	0%	0	0%	0

Tangible fixed assets (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LN	6,868	0%	6,868	0%	6,868
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	3,396	0%	0	0%	0
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	10,264	49.4%	6,868	0%	6,868

Financial assets (Total IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LQ	0	0%	0	0%	0
Increasess due to revaluation	LR	0	0%	0	0%	0
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%	0
Gross value at the end of period	NK	0	0%	0	0%	0

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	0	0%	0	0%	0
Increases	PF	0	0%	0	0%	0
Decreasess	PG	0	0%	0	0%	0
Decreasess by budget item transfer	PH	0	0%	0	0%	0

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	3,804	20.1%	3,168	26.5%	2,504
Increases	QV	599	-5.8%	636	-4.2%	664
Decreases	QW	0	0%	0	0%	0
Decreasess by budget item transfer	QX	4,403	15.7%	3,804	20.1%	3,168

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	1,800	0%	1,800	0%	1,800
Net value at the end of period	SR	1,800	0%	1,800	0%	1,800

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	10,427	256.2%	2,927	0%	2,927
Increases	UB	127,562	1600.8%	7,500	0%	0
Decreases	UC	1,559	0%	0	0%	0
Value at the end of period	UD	136,431	1208.4%	10,427	256.2%	2,927

Includes Total allocations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UE	127,562	0%	0	0%	0
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	1,559	0%	0	0%	0
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%	2,927	0%	0
Increases	TV	8,618	14.9%	7,500	0%	0
Decreases	TW	0	0%	0	0%	0
Value at the end of period	TX	8,618	-17.3%	10,427	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	10,427	0%	0	0%	2,927
Increases	TY	118,944	0%	0	0%	0
Decreases	TZ	1,559	0%	0	0%	0
Value at the end of period	UA	127,812	0%	0	0%	2,927

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	196,106	12.7%	174,041	-21.7%	222,407
1 year at most	VU	196,106	12.7%	174,041	-21.7%	222,407
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	0	0%	0	0%	0
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	15,275	22.2%	12,501	257.1%	3,501
Other claims customer	UX	59,230	-21.9%	75,886	-57.8%	180,002
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	0	0%	0	0%	0
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	1,397	-87.6%	11,307	118.9%	5,165
Value added tax	VB	21,813	78.7%	12,205	-45.0%	22,180
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	64,688	62.3%	39,852	0%	0
Accounts receivable (including claims relating to the operation of pension titles)	VR	18,470	66.9%	11,065	160.5%	4,248

Prepaid

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid	VS	15,233	35.7%	11,226	53.6%	7,310

State Debt

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total debt (gross)	VY	233,760	15.5%	202,358	-43.2%	356,408
1 year at most	VZ2	193,069	36.3%	141,670	-48.7%	275,951
More than 1 year and 5 years at most	VZ3	40,691	-33.0%	60,688	-24.6%	80,457
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	1,296	153.6%	511	391.3%	104
1 year at most	VG2	1,296	153.6%	511	391.3%	104
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	60,688	-24.6%	80,457	-19.5%	100,000
1 year at most	VH2	19,997	1.2%	19,769	1.2%	19,543
More than 1 year and 5 years at most	VH3	40,691	-33.0%	60,688	-24.6%	80,457
Loans and various financial liabilities (gross)	8A1	0	0%	0	0%	0
1 year at most	8A2	0	0%	0	0%	0
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	95,665	103.5%	47,007	-64.0%	130,456
1 year at most	8B2	95,665	103.5%	47,007	-64.0%	130,456
More than 1 year and 5 years at most	8B3	95,665	103.5%	47,007	-64.0%	130,456
Personnel and associated accounts (gross)	8C1	14,581	27.3%	11,455	42.4%	8,045
1 year at most	8C2	14,581	27.3%	11,455	42.4%	8,045
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	50,592	35.9%	37,217	25.0%	29,779
1 year at most	8D2	50,592	35.9%	37,217	25.0%	29,779
More than 1 year and 5 years at most	8D3	0	0%	0	0%	0
Taxes on profits (gross)	8E1	0	0%	0	0%	33,069
1 year at most	8E2	0	0%	0	0%	33,069
More than 1 year and 5 years at most	8E3	0	0%	0	0%	0
VAT (Gross)	VW1	2,313	0%	0	0%	0
1 year at most	VW2	2,313	0%	0	0%	0
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	3,623	-77.8%	16,292	740.7%	1,938
1 year at most	VQ2	3,623	0%	0	0%	0
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%	596
1 year at most	VI2	0	0%	0	0%	596
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	5,002	-29.4%	7,088	-86.5%	52,423
1 year at most	8K2	5,002	-29.4%	7,088	-86.5%	52,423
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	0	0%	2,330	0%	0
1 year at most	8L2	0	0%	2,330	0%	0
More than 1 year and 5 years at most	8L3	0	0%	0	0%	0

References

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Loans made during the period	VJ	0	0%	0	0%	100,000
Debt repaid during the period	VK	19,769	1.2%	19,543	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	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	0	0%	0	0%	0

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

Hide AFDCC 2

5.10

Healthy +

3.77

Healthy +

0.32

Fragility

Description

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

Hide Conan & Holder

0.48

0%

0.32

0%

0.16

10%

Description

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

Hide Altman

-

-

-

-

-

-

Description

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

Structure and Liquidity

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Fixed Asset Financing	42.40	-6.7%	45.46	37.4%	33.08	1.56	2617.9%
Global Debt	66 days	-14.3%	77 days	-52.8%	163 days	124 days	-46.8%
Working Capital Fund overall net	123 days	-14.0%	143 days	26.5%	113 days	70 days	75.7%
Financial independence	698.34 %	84.6%	378.20 %	112.1%	178.29 %	158.94 %	339.4%
Solvability	61.10 %	2.2%	59.79 %	92.5%	31.06 %	41.09 %	48.7%
Capacity debt futures	2,041.33 %	34.4%	1,518.82 %	64.6%	922.94 %	1,107.55 %	84.3%
Coverage of current assets by net working capital overall	61.04 %	-19.0%	75.39 %	56.0%	48.33 %	47.76 %	27.8%
General Liquidity	1.02	-17.1%	1.23	51.9%	0.81	0.47	117.0%
Restricted Liquidity	2.56	59.0%	1.61	36.4%	1.18	1.06	141.5%

Management or rotation

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Need background in operating working capital	21 days	-77.9%	95 days	25.0%	76 days	11 days	90.9%
Treasury	73 days	265.0%	20 days	-52.4%	42 days	17 days	329.4%
Inventory turnover of goods	279 days	-14.9%	328 days	27.6%	257 days	74 days	279.6%
Average length of credit granted to customers	18 days	-45.5%	33 days	-55.4%	74 days	32 days	-43.8%
Average length of credit obtained suppliers	52 days	62.5%	32 days	-64.8%	91 days	61 days	-14.8%
Inventory turnover of raw materials in industrial enterprises	0 days	0%	0 days	0%	0 days	0 days	0%
Inventory turnover of intermediate and finished products in the industrial enterprise	-	-	-	-	-	394 days	-
Rotation tangible assets	14,208.58 %	0.3%	14,163.93 %	9.6%	12,924.81 %	408.48 %	3378.4%

Profitability of the business

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Margin trading	68.24 %	2.4%	66.66 %	13.2%	58.90 %	35.96 %	89.8%
Profitability of the business	28.50 %	48.4%	19.21 %	-4.0%	20.00 %	9.28 %	207.1%
Net profit	15.54 %	19.4%	13.02 %	-9.0%	14.30 %	4.74 %	227.8%
Growth rate of turnover (excluding VAT)	49.92 %	420.5%	9.59 %	-82.1%	53.43 %	4.40 %	1034.5%
Rates integration	54.31 %	16.9%	46.45 %	10.7%	41.95 %	35.34 %	53.7%
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	46.55 %	-18.6%	57.21 %	10.1%	51.97 %	64.64 %	-28.0%
Weight interests	0.42 %	0%	0.42 %	44.8%	0.29 %	0.22 %	90.9%

Return on capital

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Cash flow from the overall profitability	15.48 %	18.1%	13.11 %	-9.1%	14.42 %	8.08 %	91.6%
Rates of economic profitability	84.00 %	75.0%	48.00 %	-23.8%	63.00 %	23.00 %	265.2%
Financial profitability	434,661.00 %	41.1%	308,017.00 %	69.9%	181,330.00 %	31,029.00 %	1300.8%
Return on investment	46.88 %	39.4%	33.62 %	-26.8%	45.93 %	13.46 %	248.3%

Management intermediate balances

	31/12/2016	Variation		31/12/2015		Variation		31/12/2014		Sector Median 2016
Turnover	1,458,369	49.9%		972,779		9.6%		887,676		350,106		316.6%
		31/12/2016	Variation		31/12/2015		Variation		31/12/2014		Sector Median 2016
Sales of goods		1,433,789	47.6%		971,609		10.0%		883,286			-
- Purchase of goods		483,639	34.0%		360,967		-21.2%		457,854			-
+/- Stock of goods variation		-45,104	-19.3%		-37,823		61.2%		-97,426			-
Trading margin		995,254 €	53.5%		648,465 €		24.0%		522,858 €		130,981 €	659.8%
		68.24 % CA	2.4%		66.66 % CA		13.2%		58.90 % CA		36.75 % CA	85.7%

		31/12/2016		Variation		31/12/2015		Variation		31/12/2014		Sector Median 2016
Sale of goods produced		24,580		2000.9%		1,170		-73.3%		4,390				-
+/- Stocked production		0		0%		0		0%		0				-
+ Self-constructed assets		0		0%		0		0%		0				-
Period production		24,580 €		2000.9%		1,170 €		-73.3%		4,390 €		30,457 €		-19.3%
		1.69 % CA		1308.3%		0.12 % CA		-75.5%		0.49 % CA		15.35 % CA		-89.0%
	31/12/2016		Variation		31/12/2015		Variation		31/12/2014		Sector Median 2016
Trading margin	995,254		53.5%		648,465		24.0%		522,858		130,981		659.8%
+ Period Production	24,580		2000.9%		1,170		-73.3%		4,390		30,457		-19.3%
- Purchase of raw materials	6,531		14.9%		5,686		14.1%		4,983				-
+/- Change in stocks of raw materiels	0		0%		0		0%		0				-
- Other external purchases and charges	221,222		15.2%		192,076		28.2%		149,876				-
Added value	792,081 €		75.3%		451,873 €		21.3%		372,389 €		127,098 €		523.2%
	54.31 % CA		16.9%		46.45 % CA		10.7%		41.95 % CA		35.34 % CA		53.7%

	31/12/2016	Variation		31/12/2015		Variation		31/12/2014		Sector Median 2016
Added value	792,081 €	75.3%		451,873 €		21.3%		372,389 €		127,098 €	523.2%
+ Operating grants	0	0%		0		0%		3,400			-
- Tax, duty and similar payments	7,713	18.6%		6,501		36.1%		4,778			-
- Personal charges	368,696	42.6%		258,527		33.6%		193,520			-
Gross operating surplus	415,672 €	122.5%		186,845 €		5.3%		177,491 €		33,163 €	1153.4%
	28.50 % CA	48.4%		19.21 % CA		-4.0%		20.00 % CA		9.28 % CA	207.1%
		31/12/2016	Variation		31/12/2015		Variation		31/12/2014	Sector Median 2016
Gross operating surplus		415,672 €	122.5%		186,845 €		5.3%		177,491 €	33,163 €	1153.4%
+ Release of reserves and provisions		3,379	744.8%		400		-83.3%		2,400		-
+ Other operating income		420	976.9%		39		875.0%		4		-
- Depreciation/ Amortisation		128,160	1433.6%		8,357		716.1%		1,024		-
- Other charges		8	0%		0		0%		75		-
Operating result		291,303 €	62.8%		178,927 €		0.1%		178,796 €	20,691 €	1307.9%
		19.97 % CA	8.6%		18.39 % CA		-8.7%		20.14 % CA	5.86 % CA	240.8%

	31/12/2016	Variation		31/12/2015		Variation		31/12/2014		Sector Median 2016
Operating result	291,303 €	62.8%		178,927 €		0.1%		178,796 €		20,691 €		1307.9%
+/- Result of joint-venture transferred from/to other partners	0	0%		0		0%		0				-
+ Financial income	2,555	221.8%		794		535.2%		125				-
- Financial charges	6,178	51.2%		4,085		58.5%		2,578				-
Pre-tax result	287,680 €	63.8%		175,636 €		-0.4%		176,343 €		19,717 €		1359.0%
	19.73 % CA	9.2%		18.06 % CA		-9.1%		19.87 % CA		5.66 % CA		248.6%
		31/12/2016	Variation		31/12/2015		Variation		31/12/2014		Sector Median 2016
Extraordinary income		0	0%		0		0%		0		0	0%
- Extraordinary charges		2,014	0%		0		0%		602			-
Extraordinary result		-2,014 €	0%		0 €		0%		-602 €		0 €	0%
		-0.14 % CA	0%		0.00 % CA		0%		-0.07 % CA		0.00 % CA	0%

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	Sector Median 2016
Pre-tax result	287,680 €	63.8%	175,636 €	-0.4%	176,343 €	19,717 €	1359.0%
Extraordinary result	-2,014 €	0%	0 €	0%	-602 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	59,020	20.6%	48,947	0.3%	48,782		-
Net result	226,646 €	78.9%	126,689 €	-0.2%	126,959 €	17,317 €	1208.8%
	15.54 % CA	19.4%	13.02 % CA	-9.0%	14.30 % CA	4.77 % CA	225.8%

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 4774Z - Retail sale of medical and orthopaedic goods in specialised stores.

Graphical analysis

	31/12/2016	31/12/2015	31/12/2014
Company Result	1,458,369 €	972,779 €	887,676 €
Sector Average	848,020 €	826,553 €	804,603 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	226,644 €	126,687 €	126,958 €
Sector Average	36,050 €	33,810 €	26,738 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	1,388,228 €	897,769 €	729,626 €
Sector Average	12,123 €	18,503 €	18,521 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	711,413 €	515,134 €	583,789 €
Sector Average	623,278 €	617,737 €	599,383 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	434,661 €	308,017 €	181,330 €
Sector Average	263,460 €	263,679 €	258,201 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	268,134 €	207,117 €	402,459 €
Sector Average	350,097 €	347,786 €	334,670 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	21 €	95 €	76 €
Sector Average	13 €	-2 €	11 €

	31/12/2016	31/12/2015	31/12/2014
Company Result	415,672 €	186,845 €	177,491 €
Sector Average	97,963 €	75,182 €	66,767 €

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.96
UK Pound	1	INR 91.88
Euro	1	INR 80.28
Euro	1	INR 80.04

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

INFORMATION DETAILS

Analysis Done by :	NIS
Report Prepared by :	TRU

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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