3decades

MIRA INFORM REPORT

Report No. :	510348
Report Date :	28.05.2018

IDENTIFICATION DETAILS

Name :	CIE ENGRENAGES REDUCTEURS MESSIAN DURAND

Registered Office :	539 Avenue Du Cateau, 59405 Cambrai Cedex

Country :	France

Financials (as on) :	31.12.2016

Date of Incorporation :	January 1970

Com. Reg. No.:	RCS Douai B 775 708 225

Legal Form :	Public Limited Company With Board of Directors

Line of Business :	Manufacture of Gears and Mechanical Transmission Parts (2815Z)

No. of Employees :	389 [2016]

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Acceptable Risk

Business dealings permissible with moderate risk of default

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

France

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

FRANCE - ECONOMIC OVERVIEW

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

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

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

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

Source : CIA

Company summary

SIRET	775 708 225 00021
Name	CIE ENGRENAGES REDUCTEURS MESSIAN DURAND
Acronym	CMD
Trade name	-
Status	Economically active
Postal Address	CIE ENGREN REDUCTEURS MESSIAN DURAND CMD 539 AVENUE DU CATEAU 59405 CAMBRAI CEDEX FRANCE
Share Capital	10,000,000 Euros
Telephone	03 27 73 53 11
Activity (APE)	Manufacture of gears and mechanical transmission parts (2815Z)	RCS Registration	RCS Douai B 775 708 225
Formation Date	01/1970	EUR VAT Number	FR15775708225
Deregistration Date	-	Last account Date	31/12/2016
Court Registry Number	19 6 2B50037	Incorporation Date	07/1962
Registration Court	Douai (59)	Fax	03 27 78 36 99
Nationality	France	Legal form	Public Limited Company With Board of Directors
		Currency	Euros

Key Financials

YEAR TO DATE	TURNOVER	GROSS OPERATING SURPLUS	SHAREHOLDER'S EQUITY	NET RESULT	EMPLOYEES
31/12/2016	53,001,127 €	8.11% Turnover	24,654,167 €	311,539 €	389 employees
31/12/2015	61,569,109 €	2.64% Turnover	24,422,006 €	-681,438 €	423 employees
31/12/2014	71,710,276 €	4.44% Turnover	25,174,258 €	1,362,108 €	439 employees

Directors

Current Directors

Ultimate Holding Company

Name	Country	Company Number
FERRY ET COMPAGNIE		310188487
Affiliation links.

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	2815Z	Activity	Manufacture of gears and mechanical transmission components
Formation Date	-	Reason for Formation	-
Closure Date	-	Reason for Closure	-
Reactivation Date	-	Seasonality	-
Activity Nature	-	Activity Location	Other
Trading Address	539 AVENUE DU CATEAU 59400 CAMBRAI	Department	Nord (59)
Location Surface	-	District	2
City	CAMBRAI	Status	Economically active
Business Pages FT®	REDUCTEURS DE VITESSE	Region	-
		Area	09
		Size of Urban Area	-

Ultimate Parent(s)

1 ultimate parent company/companies for this company

Company Name	Activity (APE)	APE/NAF Code	City	Post Code
FERRY & COMPAGNIE	Activities of holding companies	6420Z	VECQUEVILLE	52300

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 having all establishments with the same main activity
Branches	7 branch entities in this company

Company Name	Company Type	APE/NAF Code	Activity	City	Post Code
CIE ENGRENAGES REDUCTEURS MESSIAN DURAND	Head Office	2815Z	Manufacture of gears and mechanical transmission components	CAMBRAI	59400
CIE ENGREN REDUCTEURS MESSIAN DURAND	Branch	2815Z	Manufacture of gears and mechanical transmission components	GUERIGNY	58130
CIE ENGREN REDUCTEURS MESSIAN DURAND	Branch	2815Z	Manufacture of gears and mechanical transmission components	RONCQ	59223
CIE ENGREN REDUCTEURS MESSIAN DURAND	Branch	2815Z	Manufacture of gears and mechanical transmission components	VILLEURBANNE	69100
CIE ENGRENAGES REDUCTEURS MESSIAN DURAND	Branch	2815Z	Manufacture of gears and mechanical transmission components	RENNES	35000

Workforces

Workforce at address	250 to 499 employees	Company workforce	250 to 499 employees
		Workforce account	250 to 499 employees
		31/12/2016

Commentary

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

The company has 6 directors

Industry code with low risk rating

The ratio total assets to total liabilities is 1.97

The creditor days are 21.94

The total assets are 50,589,015 €

The shareholder's equity is 24,654,167 €

The risk provisions are 5,901,719 €

Low risk workforce size

The net turnover is 53,001,127 €

The net current assets are 38,896,728 €

The liabilities are 19,830,884 €

Department code with medium risk rating

The sales to current assets ratio is 1.36

The pre-tax profit is -507,299 €

The stock to turnover ratio is 25.14

The return on total assets employed is -1

The decrease of tangible fixed assets over the last two accounting periods is 14 %

Industry comparison

Activity (APE)

Manufacture of gears and mechanical transmission parts (2815Z)

Collective procedures

No judgment information for the company

Preferential rights details and history

Summary of preferential rights

Company monitored since	27/07/2009
Status of Monitoring	No social security and tax office preferential right to date

Group Data

Ultimate parent company	FERRY ET COMPAGNIE
Direct parent	CIE INDUSTRIELLE ET FINANCIERE DE BUSSY - 99.76 %
Group – Number of companies	10
Linkages – Number of companies	-
Number of countries	-

	NAME	SIREN	PARTS	LAST ACCOUNT PUBLISHED
1	FERRY & COMPAGNIE	310188487	-	31/12/2016
2	CIE INDUSTRIELLE ET FINANCIERE DE BUSSY	515680155	94 %	31/12/2016
3	CIE ENGRENAGES REDUCTEURS MESSIAN DURAND	775708225	99.76 %	31/12/2016
4	FCMD GMBH	HRB 22290	100 %	31/12/2016
	LES BRONZES D'INDUSTRIE	356800896	24.97 %	31/12/2015
	STE DES HAUTS FOURNEAUX DE MAXEVILLE - CIE INDUSTRIELLE ET F	301767364	50 %	31/12/2016
	FONDERIE ET ACIERIE DE DENAIN	347941346	100 %	31/12/2016
	FERRY CAPITAIN	516780095	100 %	31/12/2016
	GROUPE ALC	-	Majority	-
	ATELIERS ROCHE	335780094	100 %	31/12/2016
	G.H.M.	339311714	16 %	31/12/2016
	SOCIETE CIVILE FERRY	509601092	99 %	-

Shareholders

Type of shareholders

Company: 99.76%Undefined: 0.24%CompanyUndefined

Shareholders

CIE INDUSTRIELLE ET FINAN...: 99.76%Undefined: 0.24%CIE INDUSTRIELLE ET FINANCIERE DE BUSSYUndefined

Linkages

No Linkages information available for the company.

Shareholder(s)

Name	COMPAGNIE INDUSTRIELLE ET FINANCIERE DE BUSSY SAS
Name of representative	M FAMY PATRICE
Manager position	Administrator	Date of birth	24/10/1966
Place of birth	TASSIN LA DEMI LUNE (69)
Type	Moral person	Name at birth

Director(s)

Name	Mme. PRUNIER MARTHE
Manager position	Chairman of the Board, Managing director	Date of birth	12/02/1961
Place of birth	PARIS 12 (75)
Type	Individual	Name at birth	FERRY

Name	M. LAJOYE LAURENT
Manager position	Administrator	Date of birth	26/07/1952
Place of birth	METZ (57)
Type	Individual	Name at birth

Statutory Auditor

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

Name	SALUSTRO REYDEL
Name of representative
Manager position	Deputy 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
Chairman of the Board	Mme. PRUNIER MARTHE	12/02/1961 - PARIS 12 (75)
Chairman of the Board	MME. PRUNIER MARTHE	12/02/1961 - PARIS
Managing director	M. LEONARD DE JUVIGNY GILLES	20/09/1955 - MARSEILLE 01
Managing director	Mme. PRUNIER MARTHE	12/02/1961 - PARIS 12 (75)
Delegated managing director	M. LEONARD DE JUVIGNY GILLES	20/09/1955 - MARSEILLE (13)
Delegated managing director	M. LEONARD DE JUVIGNY GILLES	20/09/1955 - MARSEILLE (13)
Administrator	COMPAGNIE INDUSTRIELLE ET FINANCIERE DE BUSSY SAS	24/10/1966 - TASSIN LA DEMI LUNE (69)
Administrator	COMPAGNIE INDUSTRIELLE ET FINANCIERE DE BUSSY	-
Administrator	M. LAJOYE LAURENT	26/07/1952 - METZ (57)
Administrator	M. LAJOYE LAURENT	26/07/1952 - METZ
Administrator	M. LEONARD DE JUVIGNY GILLES	20/09/1955 - MARSEILLE (13)
Administrator	M. LEONARD DE JUVIGNY GILLES	20/09/1955 - MARSEILLE (13)
Administrator	SA DES PRODUITS PYROLIGNEUX DE BOLOGNE	-
Administrator	SOCIETE ANONYME DES PRODUITS PYROLIGNEUX DE BOLOGNE	-
Administrator	SPPB SOCIETE DE PRISE DE PARTICIPATIONS DE BUSSY	-
Administrator	SPPB-SOCIETE DE PRISE DE PARTICIPATIONS DE BUSSY	01/01/2000 - (.)

Status history

No Status History

Recent publications in Gazettes

	Publication date	Gazette Name	Description
	07/08/2017	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 2838 - 775708225 RCS. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Adresse : 539 avenue du Cateau 59405 Cambrai. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2016.
	09/08/2016	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 2290 - 775708225 RCS. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Adresse : 539 avenue du Cateau 59405 Cambrai. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2015.
	13/12/2015	Bodacc B	Modification et mutation diverse
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 734 - 775 708 225 RCS Douai. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Administration : Président du conseil d'administration, Directeur général : PRUNIER Marthe né(e) FERRY Administrateur : LAJOYE Laurent Administrateur : COMPAGNIE INDUSTRIELLE ET FINANCIERE DE BUSSY SAS (AFJ) représenté par FAMY Patrice Commissaire aux comptes titulaire : KPMG SA (SADIR) Commissaire aux comptes suppléant : SALUSTRO REYDEL (SACA). Activité : . Commentaires : Modification survenue sur l'administration.
	04/08/2015	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 4472 - 775708225 RCS. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Adresse : 539 avenue du Cateau 59405 Cambrai. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2014.
	06/09/2014	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 3178 - 775708225 RCS. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Adresse : 539 avenue du Cateau 59405 Cambrai. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2013.
	15/06/2014	Bodacc B	Modification et mutation diverse
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 489 - 775 708 225 RCS Douai. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Administration : Président du conseil d'administration, Directeur général : PRUNIER Marthe né(e) FERRY Administrateur : LAJOYE Laurent Administrateur : COMPAGNIE INDUSTRIELLE ET FINANCIERE DE BUSSY SAS (AFJ) représenté par FAMY Patrice Commissaire aux comptes titulaire : KPMG SA (SADIR) Commissaire aux comptes suppléant : BALESTRACI Olivier. Activité : . Commentaires : Modification survenue sur l'administration.
	03/05/2014	JAL	Resignation / Revocation of the social representative
Gazette Nord Pas de Calais/Edition du Nord Date de décision : 22/04/2014 La société 775708225 - CIE ENGREN REDUCTEURS MESSIAN DURAND, CMD, 539 AV DU CATEAU, 59400 CAMBRAI Fait l'objet du départ de Monsieur Gilles Léonard de JUVIGNY, De Monsieur Gilles Léonard de JUVIGNY
	08/12/2013	Bodacc B	Modification et mutation diverse
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 527 - 775 708 225 RCS Douai. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Administration : Président du conseil d'administration, Directeur général : PRUNIER Marthe né(e) FERRY Directeur général délégué, Administrateur : LEONARD DE JUVIGNY Gilles Administrateur : SPPB-SOCIETE DE PRISE DE PARTICIPATIONS DE BUSSY (SACA) représenté par DEPPEL Pierre Administrateur : SA DES PRODUITS PYROLIGNEUX DE BOLOGNE (SA) représenté par DEPPEL Pierre Administrateur : LAJOYE Laurent Commissaire aux comptes titulaire : KPMG SA (SADIR) Commissaire aux comptes suppléant : BALESTRACI Olivier. Activité : . Commentaires : Modification survenue sur l'administration.
	08/12/2013	Bodacc B	Modification et mutation diverse
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 528 - 775 708 225 RCS Douai. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Administration : Président du conseil d'administration, Directeur général : PRUNIER Marthe né(e) FERRY Directeur général délégué, Administrateur : LEONARD DE JUVIGNY Gilles Administrateur : LAJOYE Laurent Administrateur : COMPAGNIE INDUSTRIELLE ET FINANCIERE DE BUSSY SAS (AFJ) représenté par FAMY Patrice Commissaire aux comptes titulaire : KPMG SA (SADIR) Commissaire aux comptes suppléant : BALESTRACI Olivier. Activité : . Commentaires : Modification survenue sur l'administration.
	12/10/2013	JAL	Resignation / Revocation of the social representative
Gazette Nord Pas de Calais/Edition du Nord Date de décision : 25/06/2013 La société 775708225 - CIE ENGREN REDUCTEURS MESSIAN DURAND, CMD, 539 AV DU CATEAU, 59400 CAMBRAI Fait l'objet du départ de SPPB Société de Prise de Partici, De SA des Produits Pyroligneux de B, De SA PRICEWATERHOUSECOOPERS Audit, De Monsieur Pierre COLL
	18/08/2013	Bodacc B	Modification et mutation diverse
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 829 - 775 708 225 RCS Douai. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Administration : Président du conseil d'administration, Directeur général : PRUNIER Marthe né(e) FERRY Directeur général délégué, Administrateur : LEONARD DE JUVIGNY Gilles Administrateur : SPPB-SOCIETE DE PRISE DE PARTICIPATIONS DE BUSSY (SACA) représenté par DEPPEL Pierre Administrateur : SA DES PRODUITS PYROLIGNEUX DE BOLOGNE (SA) représenté par DEPPEL Pierre Administrateur : LAJOYE Laurent Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT Commissaire aux comptes suppléant : COLL Pierre. Activité : . Commentaires : Modification survenue sur l'administration.
	26/07/2013	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 8419 - 775708225 RCS. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Adresse : 539 avenue du Cateau 59405 Cambrai. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2012.
	06/07/2013	JAL	Appointment of the social representative
Gazette Nord Pas de Calais/Edition du Nord Date de décision : 28/06/2013 Société faisant l'objet d'une nomination : 775708225 - CIE ENGREN REDUCTEURS MESSIAN DURAND, CMD, 539 AV DU CATEAU, 59400 CAMBRAI Nominé : Madame Marthe PRUNIER En la fonction de : Directeur général
	27/07/2012	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 7583 - 775708225 RCS. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Adresse : 539 avenue du Cateau 59405 Cambrai. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2011.
	23/08/2010	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 7547 - 775708225 RCS. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Adresse : 539 avenue du Cateau 59405 Cambrai. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2009.
	30/07/2009	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE DOUAI 6353 - 775708225 RCS. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Adresse : 539 avenue du Cateau 59405 Cambrai. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2008.
	14/11/2008	Bodacc C	Comptes annuels et rapports
59 - NORD GREFFE DU TRIBUNAL DE COMMERCE DE CAMBRAI 5177 - 775708225 RCS. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme : Société anonyme. Adresse : 539 avenue du Cateau 59405 Cambrai. Commentaires : Comptes annuels et rapports de l'exercice clos le : 31/12/2007.
	21/11/2007	Bodacc C	Avis de dépôt des comptes
5508 - 775 708 225. RCS Cambrai COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle: ERCMD Forme: Société anonyme. Adresse du siège social: 539 avenue du Cateau 59405 Cambrai. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2006.
	03/10/2006	Bodacc C	Avis de dépôt des comptes
4083 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme: S.A. Adresse du siège social: 539, avenue du Cateau,59405 Cambrai. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2005.
	25/04/2006	Bodacc B	Modifications et mutations diverses
1295 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A. Nom commercial : C.M.D. Adresse du siège social : 539 avenue du Cateau,, 59405 Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : FERRY (Marthe) (Nom d'usage : PRUNIER). Directeur général : BERNARDI (René) (Nom d'usage : BERNARDI). Administrateur : DYNACTION, représentée par LEONARD DE JUVIGNY (Gilles) (Nom d'usage : LEONARD DE JUVIGNY). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre) (Nom d'usage : COLL). Date d'effet : 22 décembre 2005.
	25/04/2006	Bodacc B	Modifications et mutations diverses
1297 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A. Nom commercial : C.M.D. Adresse du siège social : 539 avenue du Cateau,, 59405 Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : FERRY (Marthe) (Nom d'usage : PRUNIER). Directeur général et administrateur : LEONARD DE JUVIGNY (Gilles) (Nom d'usage : LEONARD DE JUVIGNY). Administrateurs : COMPAGNIE INDUSTRIELLE ET FINANCIERE DE BUSSY, représentée par FAMY (Patrice) (Nom d'usage : FAMY) S.A. DES PRODUITS PYROLIGNEUX DE BOLOGNE, représentée par DEPPEL (Pierre) (Nom d'usage : DEPPEL) LAJOYE (Laurent) (Nom d'usage : LAJOYE). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre) (Nom d'usage : COLL). Date d'effet : 2 février 2006.
	25/04/2006	Bodacc B	Modifications et mutations diverses
1296 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A. Nom commercial : C.M.D. Adresse du siège social : 539 avenue du Cateau,, 59405 Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : FERRY (Marthe) (Nom d'usage : PRUNIER). Directeur général : BERNARDI (René) (Nom d'usage : BERNARDI). Administrateurs : LEONARD DE JUVIGNY (Gilles) (Nom d'usage : LEONARD DE JUVIGNY) COMPAGNIE INDUSTRIELLE ET FINANCIERE DE BUSSY, représentée par FAMY (Patrice) (Nom d'usage : FAMY) S.A. DES PRODUITS PYROLIGNEUX DE BOLOGNE, représentée par DEPPEL (Pierre) (Nom d'usage : DEPPEL) LAJOYE (Laurent) (Nom d'usage : LAJOYE). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre) (Nom d'usage : COLL). Date d'effet : 18 janvier 2006.
	24/08/2005	Bodacc B	Modifications et mutations diverses
826 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A. Nom commercial : C.M.D. Adresse du siège social : 539 avenue du Cateau,, 59405 Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : LEONARD DE JUVIGNY (Gilles, Marie, Henri, Hervé) (Nom d'usage : LEONARD DE JUVIGNY). Directeur général : BERNARDI (René) (Nom d'usage : BERNARDI). Administrateurs : DYNACTION, représentée par MORETTI (Christian, Jacques) (Nom d'usage : MORETTI) CASTEX (Ghislaine) (Nom d'usage : BEAUCHARD) S.C.M. COMED, représentée par SANTINI (Philippe) (Nom d'usage : SANTINI). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre) (Nom d'usage : COLL). Date d'effet : 10 décembre 2004.
	24/08/2005	Bodacc B	Modifications et mutations diverses
828 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A. Nom commercial : C.M.D. Adresse du siège social : 539 avenue du Cateau,, 59405 Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : MORETTI (Christian) (Nom d'usage : MORETTI). Directeur général : BERNARDI (René) (Nom d'usage : BERNARDI). Administrateurs : DYNACTION, représentée par LEONARD DE JUVIGNY (Gilles) (Nom d'usage : LEONARD DE JUVIGNY) CASTEX (Ghislaine) (Nom d'usage : BEAUCHARD) S.C.M. COMED, représentée par SANTINI (Philippe) (Nom d'usage : SANTINI). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre) (Nom d'usage : COLL). Date d'effet : 22 février 2005.
	24/08/2005	Bodacc B	Modifications et mutations diverses
829 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A. Nom commercial : C.M.D. Adresse du siège social : 539 avenue du Cateau,, 59405 Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : MORETTI (Christian) (Nom d'usage : MORETTI). Directeur général : BERNARDI (René) (Nom d'usage : BERNARDI). Administrateurs : DYNACTION, représentée par LEONARD DE JUVIGNY (Gilles) (Nom d'usage : LEONARD DE JUVIGNY) CASTEX (Ghislaine) (Nom d'usage : BEAUCHARD) S.C.M. COMED, représentée par SANTINI (Philippe) (Nom d'usage : SANTINI). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre) (Nom d'usage : COLL). Date d'effet : 29 mars 2005.
	24/08/2005	Bodacc B	Modifications et mutations diverses
827 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A. Nom commercial : C.M.D. Adresse du siège social : 539 avenue du Cateau,, 59405 Commentaires : modification survenue sur l'administration. Administration : président du conseil d'administration : MORETTI (Christian) (Nom d'usage : MORETTI). Directeur général : BERNARDI (René) (Nom d'usage : BERNARDI). Administrateurs : DYNACTION, représentée par MORETTI (Christian, Jacques) (Nom d'usage : MORETTI) CASTEX (Ghislaine) (Nom d'usage : BEAUCHARD) S.C.M. COMED, représentée par SANTINI (Philippe) (Nom d'usage : SANTINI). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre) (Nom d'usage : COLL). Date d'effet : 14 décembre 2004.
	31/05/2005	Bodacc C	Avis de dépôt des comptes
3361 - RCS Cambrai B 775 708 225. RC 62-B 37. COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Forme: S.A. Adresse du siège social: 539, avenue du Cateau,59405 Cambrai. Comptes annuels et rapports de l'exercice clos le: 31 décembre 2004.
	11/03/2004	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775708225 RC 62-B 00037 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A Nom commercial: C.M.D. Adresse du siège social : 539 avenue du Cateau, 59405 Cambrai Cedex. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration : LEONARD DE JUVIGNY (Gilles, Marie, Henri, Hervé). Directeur général : BERNARDI (René). Administrateurs : SOFIE, représentée par SANTINI ( Philippe) DYNACTION, représentée par MORETTI (Christian, Jacques) CASTEX ( Ghislaine) ( Nom d'usage : BEAUCHARD) SCM COMED, représentée par SANTINI ( Philippe). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre). Date d'effet : 19 décembre 2003.
	11/03/2004	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775708225 RC 62-B 00037 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A Nom commercial: C.M.D. Adresse du siège social : 539 avenue du Cateau, 59405 Cambrai Cedex. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration : LEONARD DE JUVIGNY (Gilles, Marie, Henri, Hervé). Administrateurs : SOFIE, représentée par SANTINI (Philippe) DYNACTION, représentée par MORETTI ( Christian, Jacques) CASTEX (Ghislaine) ( Nom d'usage : BEAUCHARD). Commissaire aux comptes titulaire : PRICEWATERHOUSECOOPERS AUDIT. Commissaire aux comptes suppléant : COLL (Pierre). Date d'effet : 10 juin 2003.
	14/12/2003	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775708225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A Nom commercial: C.M.D. Adresse du siège social : 539 avenue du Cateau, 59405 Cambrai Cedex. Administration : ancien commissaire aux comptes suppléant : STE RSA SEEC. Nouveau commissaire aux comptes suppléant : COLL (Pierre). Commissaire aux comptes titulaire démissionnaire : NICOT (Bernard). Commissaire aux comptes titulaire : PRICEWATERHOUSE COOPERS AUDIT, en remplacement de FEUILLET ET ASSOCIES. Date d'effet : 10 juin 2003.
	03/12/2002	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775708225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : ERCMD. Forme : S.A. Capital : 10 000 000 d'euros Nom commercial: C.M.D. Adresse du siège social : 539 avenue du Cateau, 59405 Cambrai Cedex. Commentaires : modification survenue sur l' administration. Administration : président du conseil d'administration : LEONARD DE JUVIGNY (Gilles, Marie, Henri, Hervé) ( Nom d'usage : LEONARD DE JUVIGNY). Administrateurs : SOFIE, représentée par SANTINI (Philippe) ( Nom d'usage : SANTINI) DYNACTION, représentée par MORETTI (Christian, Jacques) CASTEX (Ghislaine) ( Nom d' usage : BEAUCHARD). Commissaires aux comptes titulaires : FEUILLET ET ASSOCIES NICOT (Bernard) ( Nom d' usage : NICOT). Commissaires aux comptes suppléants : STE R.S.A. S.E.E.C. VANTALON (Jacques) ( Nom d'usage : VANTALON).
	04/02/2001	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775708225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C.M.D. Forme : S.A. Capital : 10 000 000 d'euros Nom commercial: C.M.D. Adresse du siège social : 539 avenue du Cateau, 59405 Cambrai Cedex. Commentaires : modification survenue sur le capital ( augmentation et conversion en euros). Date d'effet : 1er décembre 2000.
	02/02/2000	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775708225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C.M.D. Forme : S.A Nom commercial: C.M.D. Adresse du siège social : 539 avenue du Chateau, 59405 Cambrai Cedex. Commentaires : modification survenue sur le nom commercial. Date d'effet : 30 décembre 1999.
	27/10/1998	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775 708 225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C.M.D. Forme : S.A. Capital : 10 750 000 F Nom commercial: C.M.D. Transmissions. Adresse du siège social : 539 avenue du Cateau 59405 Cambrai Cedex. Administration : changement de représentant permanent de la STE INDUSTRIELLE DE GESTION, administrateur. Ancien : ENGEL (Xavier). Nouveau : ROEBBEN (Jean-Philippe). Date d'effet : 29 juin 1998.
	27/10/1998	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775 708 225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C.M.D. Forme : S.A. Capital : 10 750 000 F Nom commercial: C.M.D. Transmissions. Adresse du siège social : 539 avenue du Cateau 59405 Cambrai Cedex. Administration : démission d' administrateurs : STE GIAT INDUSTRIES STE GITECH et RANQUET (Michel). Nomination de la STE DYNACTION, représentée par MORETTI (Christian) en qualité d'administrateur. Date d'effet : 5 juin 1998.
	18/09/1997	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775 708 225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C.M.D. Forme : S.A. Capital : 10 750 000 F. Adresse du siège social : 539 avenue du Cateau 59405 Cambrai Cedex. Administration : ancien représentant permanent de la STE GIAT INDUSTRIES, administrateur : MOUSLIM (Tahar). Nouveau : PASQUET ( Thierry). Ancien représentant permanent de la STE GITECH, administrateur : POILE (Dominique). Nouveau : Mlle FOURRIER (isabelle). Date d'effet : 2 octobre 1996 (régularisation).
	18/09/1997	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775 708 225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C.M.D. Forme : S.A. Capital : 10 750 000 F Nom commercial: C.M.D. Transmissions. Adresse du siège social : 539 avenue du Cateau 59405 Cambrai Cedex. Administration : nomination en qualité d' administrateurs : STE INDUSTRIELLE DE GESTION, représentée par ENGEL (Xavier), en remplacement de PERRIN (Hubert), démissionnaire et RANQUET (Michel), en remplacement de CRAPET (Xavier), démissionnaire. Nomination en qualité de commissaire aux comptes suppléant : VANTALON (Jacques), en remplacement de LANGLAIS (Antoine), démissionnaire. Date d'effet : 6 juin 1997.
	27/09/1996	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775708225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C.M.D. Nom commercial: C.M.D. Transmissions. Forme : S.A. Capital : 10 750 000 F (fixe). Adresse du siège social : 539, avenue du Cateau, 59405 Cambrai Cedex. Administration : cooptation de PERRIN ( Hubert) en qualité d'administrateur en remplacement de la S.A. MECADYNE ( démissionnaire) et de la S.A. SOFIE, représentée par DEBACK (Jean-Luc) en qualité d'administrateur en remplacement de DUQUESNE (Jean-Luc). Date d'effet : 4 juin 1996.
	27/09/1996	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775708225 RC 62-B 37 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C. M.D. Nom commercial: C.M.D. Transmissions. Forme : S.A. Capital : 10 750 000 F (fixe). Adresse du siège social : 539, avenue du Cateau, 59405 Cambrai Cedex. Commentaires : régularisation : changement de représentant permanent de la SOCIETE GIA INDUSTRIES : CARRE (Emmanuel) est remplacé par MOUSLIM (Tahar). Date d'effet : 3 avril 1996.
	30/09/1995	Bodacc B	Modifications et mutations diverses
RCS Cambrai B 775 708 225 RC 62-B 37 COMPAGNIE ENGRENAGES ET REDUCTEURS MESSIAN DURAND. Sigle : E.R.C.M.D. Forme : S.A. Capital : 10 750 000 F (fixe) Nom commercial: C.M.D. Transmissions. Adresse du siège social : 539 avenue du Cateau, 59405 Cambrai cedex. Administration : nomination en qualité d' administrateur de DUQUESNE (Jean-Luc) en remplacement de la société DYNACTION, démissionnaire. Date d'effet : 8 juin 1995.
	03/03/1995	Bodacc B	Modifications et mutations diverses
RCS Cambrai b 775708225 RC 62-b 37 compagnie engrenages et reducteurs messian durand. Sigle : E.R.C.M.D. Forme : S.A. Capital : 10 750 000 F (fixe) Nom commercial: C.M.D. Transmissions. Adresse du siège social : 539, avenue du Cateau, 59405 Cambrai Cedex. Administration : ancien président du conseil d'administration : GUERY (Roger) également démissionnaire de son poste d' administrateur nouveau président du conseil d'administration : JUVIGNY ( Gilles de), ancien directeur général. Date d'effet : 14 décembre 1994.

Company events history

Date	Description
07/08/2017	Bodacc C : Deposit accounts notice
03/08/2017	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2016	New accounts available
09/08/2016	Bodacc C : Deposit accounts notice
05/08/2016	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2015	New accounts available
13/12/2015	Bodacc B: Various editing or changing
04/12/2015	New auditor
04/12/2015	Minutes of general meeting of shareholders
04/08/2015	Bodacc C : Deposit accounts notice
01/08/2015	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2014	New accounts available
23/09/2014	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
06/09/2014	Bodacc C : Deposit accounts notice
15/06/2014	Bodacc B: Various editing or changing
03/06/2014	Amendment
03/06/2014	Changes to the Board of Directors
03/05/2014	Legal Gazette: Resignation / Revocation of the social representative
08/02/2014	New subsidiarie(s) detected
07/02/2014	New ultimate parent
07/02/2014	New parent detected
31/12/2013	New accounts available
08/12/2013	Bodacc B: Various editing or changing
26/11/2013	Changes to the Board of Directors
26/11/2013	New auditor
26/11/2013	Minutes of general meeting of shareholders
12/10/2013	Legal Gazette: Resignation / Revocation of the social representative
18/08/2013	Bodacc B: Various editing or changing
29/07/2013	Minutes of general meeting of shareholders
29/07/2013	Changes to the Board of Directors
26/07/2013	Bodacc C : Deposit accounts notice
16/07/2013	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
28/06/2013	Legal Gazette: Appointment of the social representative
31/12/2012	New accounts available
25/08/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
27/07/2012	Bodacc C : Deposit accounts notice
13/04/2012	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2011	New accounts available
21/07/2011	Consideration of a balance sheet that has led to a reassessment of this company's creditworthiness
31/12/2010	New accounts available
23/08/2010	Bodacc C : Deposit accounts notice
31/12/2009	New accounts available
30/07/2009	Bodacc C : Deposit accounts notice
27/07/2009	Collection of preferential rights activated for this company
22/04/2009	Private document
22/04/2009	Minutes of general meeting of shareholders
22/04/2009	Amendment
22/04/2009	Amendment
22/04/2009	Changes to the Board of Directors
01/01/2009	Other modification of Establishment (error correction)
01/01/2009	Update of Company Acronym
31/12/2008	New accounts available
14/11/2008	Bodacc C : Deposit accounts notice
31/12/2007	New accounts available
31/12/2006	New accounts available
09/03/2006	Appointment/resignation of company officers
09/03/2006	Changes to the Board of Directors
09/03/2006	Minutes of Board meeting
09/03/2006	Minutes of general meeting of shareholders
09/03/2006	New chairman (CEO, CoB)
09/03/2006	Private document
31/12/2005	New accounts available
05/07/2005	New chairman (CEO, CoB)
05/07/2005	Minutes of general meeting of shareholders
05/07/2005	Minutes of Board meeting
05/07/2005	Changes to the Board of Directors
05/07/2005	Amendment
05/07/2005	Private document
05/07/2005	Appointment/resignation of company officers
01/01/2005	Minutes of general meeting of shareholders
01/01/2005	Amendment
01/01/2005	Private document
31/12/2004	New accounts available
23/01/2004	Amendment
23/01/2004	Updated articles of association
23/01/2004	Private document
23/01/2004	Minutes of general meeting of shareholders
23/01/2004	Minutes of Board meeting
23/01/2004	Changes to the Board of Directors
23/01/2004	Appointment/resignation of company officers
31/12/2003	New accounts available
06/08/2003	Private document
06/08/2003	New auditor
06/08/2003	Minutes of general meeting of shareholders
06/08/2003	Appointment/resignation of company officers
25/10/2002	Changes to the Board of Directors
25/10/2002	Minutes of Board meeting
25/10/2002	Minutes of general meeting of shareholders
25/10/2002	Appointment/resignation of company officers
25/10/2002	Private document
25/10/2002	Amendment
04/01/2001	Private document
04/01/2001	Capital increase
04/01/2001	Conversion of equity to euro
04/01/2001	Updated articles of association
04/01/2001	Minutes of general meeting of shareholders
04/01/2001	Amendment
16/09/1998	Appointment/resignation of company officers
16/09/1998	Private document
16/09/1998	Changes to the Board of Directors
16/09/1998	Minutes of general meeting of shareholders
30/07/1997	New auditor
30/07/1997	Minutes of general meeting of shareholders
30/07/1997	Changes to the Board of Directors
28/07/1997	Appointment/resignation of company officers
28/07/1997	Changes to the Board of Directors
28/07/1997	New auditor
28/07/1997	Private document
28/07/1997	Minutes of general meeting of shareholders
18/07/1996	Changes to the Board of Directors
18/07/1996	Appointment/resignation of company officers
18/07/1996	Minutes of general meeting of shareholders
10/07/1995	Minutes of general meeting of shareholders
10/07/1995	Changes to the Board of Directors
27/01/1995	Amendment
27/01/1995	New chairman (CEO, CoB)
27/01/1995	Minutes of Board meeting
27/01/1995	Changes to the Board of Directors
30/05/1994	Minutes of general meeting of shareholders
30/05/1994	Declaration of conformity
30/05/1994	Minutes of Board meeting
30/05/1994	Changes to the Board of Directors
30/05/1994	Appointment/resignation of company officers
30/05/1994	Amendment
30/05/1994	Updated articles of association
26/04/1994	Appointment/resignation of company officers
26/04/1994	Changes to the Board of Directors
26/04/1994	Minutes of Board meeting
26/04/1994	Amendment
18/01/1994	Minutes of general meeting of shareholders
18/01/1994	New auditor
05/01/1993	Minutes of Board meeting
05/01/1993	Changes to the Board of Directors
05/01/1993	Amendment
27/07/1992	Minutes of general meeting of shareholders
27/07/1992	Appointment/resignation of company officers
27/07/1992	Changes to the Board of Directors

Establishment events history

Date	Description
26/03/2017	Update of phone numbers
29/09/2016	Update of phone numbers
05/08/2016	Update of phone numbers
31/03/2016	Update of phone numbers
25/12/2014	Update of phone numbers
05/02/2014	Update of phone numbers
13/01/2013	Update of phone numbers
19/08/2010	Update of phone numbers
22/10/2009	Update of phone numbers
29/05/2009	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	02/08/2017	04/08/2016	31/07/2015
Activity Code	2815Z	2815Z	2815Z
Employees	389	423	439

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	11,692,287	-13.0%	13,443,642	-2.2%	13,750,573	679,503	1620.7%
Intangible assets	0	0%	0	0%	34,636	9,685	0%
Tangible assets	11,514,764	-13.6%	13,324,217	-2.5%	13,664,966	397,851	2794.2%
Financial assets	177,523	48.6%	119,425	134.3%	50,971	14,879	1093.1%
Net current assets	38,896,728	-1.2%	39,368,932	-16.3%	47,015,801	2,339,759	1562.4%
Stocks	13,326,036	-19.7%	16,604,629	-33.0%	24,796,908	730,134	1725.2%
Advanced payments	262,972	-30.8%	379,849	-68.8%	1,218,351	0	0%
Receivables	12,577,349	-2.1%	12,852,281	-22.8%	16,639,435	1,076,858	1068.0%
Securities and cash	12,730,370	33.6%	9,532,172	118.6%	4,361,107	183,820	6825.5%
Prepaid expenses	-	-	-	-	-	548	-
Accounts of regularization	0	0%	0	0%	0	0	0%
Total Assets	50,589,015	-4.2%	52,812,574	-13.1%	60,766,373	3,202,031	1479.9%

Passive Account

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Shareholders' equity	24,654,167	1.0%	24,422,006	-3.0%	25,174,258	1,340,097	1739.7%
Share capital	10,000,000	0%	10,000,000	0%	10,000,000	470,000	2027.7%
Other capital resources	202,246	-40.0%	337,246	0%	337,246	0	0%
Risk Provisions	5,901,719	16.0%	5,087,317	-11.4%	5,742,468	2,790	211431.1%
Liabilities	19,830,884	-13.7%	22,966,005	-22.2%	29,512,402	1,370,313	1347.2%
Financial liabilities	7,132,185	-0.2%	7,146,340	-14.9%	8,400,114	161,315	4321.3%
Advanced payments received	3,972,865	-23.0%	5,162,616	-34.6%	7,892,145	0	0%
Trade account payables	3,185,664	-22.8%	4,127,499	-35.4%	6,391,342	427,052	646.0%
Tax and social liabilities	3,565,792	-6.2%	3,803,142	-17.4%	4,601,534	395,409	801.8%
Other debts and fixed assets liabilities	1,726,188	-36.7%	2,726,409	22.4%	2,227,267	19,057	8958.3%
Account regularization	248,190	0%	0	0%	0	0	0%
Total liabilities	50,589,015	-4.2%	52,812,574	-13.1%	60,766,373	3,202,031	1479.9%

Results

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Sales of Goods	54,883,915	-10.9%	61,616,839	-22.4%	79,379,671	4,423,446	1140.8%
Net turnover	53,001,127	-13.9%	61,569,109	-14.1%	71,710,276	4,329,546	1124.2%
of which net export turnover	32,731,984	-8.0%	35,577,733	-24.3%	46,988,882	121,960	26738.3%
Operating charges	55,299,365	-13.0%	63,597,644	-19.0%	78,537,727	4,462,594	1139.2%
Operating profit/loss	-415,450	79.0%	-1,980,804	-335.3%	841,944	76,356	-644.1%
Financial income	71,320	-78.0%	323,508	-9.5%	357,660	1,866	3722.1%
Financial charges	163,967	-47.9%	314,440	-8.4%	343,353	9,423	1640.2%
Financial profit/loss	-92,647	-1121.7%	9,068	-36.6%	14,307	-2,885	-3111.9%
Pretax net operating income	-508,097	74.2%	-1,971,736	-330.3%	856,251	68,412	-842.7%
Extraordinary income	498,737	-52.2%	1,043,278	-19.5%	1,295,779	11,130	4381.0%
Extraordinary charges	497,939	-26.6%	678,599	-61.9%	1,780,321	18,162	2641.7%
Extraordinary profit/loss	797	-99.8%	364,679	175.3%	-484,542	0	0%
Net result	311,539	145.7%	-681,438	-150.0%	1,362,108	81,154	283.9%

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	50,589,015	-4.2%	52,812,574	-13.1%	60,766,373
Gross	CO	116,900,676	1.2%	115,563,896	-3.9%	120,206,448
Amortisation	1A	66,311,661	5.7%	62,751,322	5.6%	59,440,075

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	11,692,287	-13.0%	13,443,642	-2.2%	13,750,573
Gross	BJ	69,010,484	1.2%	68,199,493	2.7%	66,383,451
Amortisation	BK	57,318,197	4.7%	54,755,851	4.0%	52,632,878

Intangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Start-up cost	Net	0	0%	0	0%	0
Gross	AB	0	0%	0	0%	0
Amortisation	AC	0	0%	0	0%	0
R&D expenses	Net	0	0%	0	0%	0
Gross	CX	0	0%	0	0%	0
Amortisation	CQ	0	0%	0	0%	0
Distributorships, patents	Net	0	0%	0	0%	34,636
Gross	AF	4,966,157	0%	4,966,157	-0.6%	4,993,657
Amortisation	AG	4,966,157	0%	4,966,157	0.1%	4,959,021
Goodwill	Net	0	0%	0	0%	0
Gross	AH	0	0%	0	0%	0
Amortisation	AI	0	0%	0	0%	0
Other intangible fixed assets	Net	0	0%	0	0%	0
Gross	AJ	0	0%	0	0%	0
Amortisation	AK	0	0%	0	0%	0
Pre-payments and downpayments	Net	0	0%	0	0%	0
Gross	AL	0	0%	0	0%	0
Amortisation	AM	0	0%	0	0%	0
Sub Total Intangible asset	Net	0	0%	0	0%	34,636

Tangible fixed assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Lands	Net	1,351,204	0%	1,351,204	0%	1,351,204
Gross	AN	1,351,204	0%	1,351,204	0%	1,351,204
Amortisation	AO	0	0%	0	0%	0
Buildings	Net	3,345,217	-11.5%	3,781,585	-8.4%	4,127,045
Gross	AP	14,526,737	0.1%	14,513,716	1.1%	14,360,253
Amortisation	AQ	11,181,520	4.2%	10,732,130	4.9%	10,233,208
Plant	Net	6,603,669	-18.2%	8,070,182	-0.3%	8,092,815
Gross	AR	46,966,804	1.3%	46,357,912	3.5%	44,801,287
Amortisation	AS	40,363,135	5.4%	38,287,730	4.3%	36,708,471
Other tangible fixed assets	Net	35,694	-51.3%	73,246	-22.0%	93,902
Gross	AT	843,080	0%	843,080	2.1%	826,080
Amortisation	AU	807,386	4.9%	769,835	5.1%	732,178
Fixed assets in construction	Net	178,980	272.9%	48,000	0%	0
Gross	AV	178,980	272.9%	48,000	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	11,514,764	-13.6%	13,324,217	-2.5%	13,664,966

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	131,002	93.7%	67,622	0%	0
Gross	BF	131,002	93.7%	67,622	0%	0
Amortisation	BG	0	0%	0	0%	0
Other financial assets	Net	46,521	-10.2%	51,803	1.6%	50,971
Gross	BH	46,521	-10.2%	51,803	1.6%	50,971
Amortisation	BI	0	0%	0	0%	0
Sub Total Financial assets	Net	177,523	48.6%	119,425	134.3%	50,971

Current Assets (III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Current Assets	Net	38,896,728	-1.2%	39,368,932	-16.3%	47,015,801
Gross	CJ	47,890,192	1.1%	47,364,403	-12.0%	53,822,998
Amortisation	CK	8,993,464	12.5%	7,995,471	17.5%	6,807,197

Stocks

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Raw materials	Net	5,015,673	-19.8%	6,257,380	-30.4%	8,991,827
Gross	BL	8,219,759	-10.9%	9,227,339	-21.0%	11,673,037
Amortisation	BM	3,204,086	7.9%	2,969,959	10.8%	2,681,210
Work in progress (goods)	Net	5,976,434	-17.8%	7,272,666	-35.8%	11,330,262
Gross	BN	7,348,910	-22.7%	9,502,234	-27.6%	13,120,796
Amortisation	BO	1,372,476	-38.4%	2,229,568	24.5%	1,790,534
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	2,325,753	-24.2%	3,067,568	-31.3%	4,462,450
Gross	BR	4,301,646	1.6%	4,233,653	-19.2%	5,240,887
Amortisation	BS	1,975,893	69.4%	1,166,085	49.8%	778,437
Goods for resale	Net	8,176	16.6%	7,015	-43.3%	12,369
Gross	BT	34,381	6.3%	32,347	-13.2%	37,278
Amortisation	BU	26,205	3.4%	25,332	1.7%	24,909
Sub Total Stocks	Net	13,326,036	-19.7%	16,604,629	-33.0%	24,796,908

Advance payments to suppliers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Advance payments to suppliers	Net	262,972	-30.8%	379,849	-68.8%	1,218,351
Gross	BV	262,972	-30.8%	379,849	-68.8%	1,218,351
Amortisation	BW	0	0%	0	0%	0

Debtors

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Trade accounts receivable	Net	11,374,675	-0.6%	11,440,013	-21.6%	14,586,669
Gross	BX	13,789,479	5.7%	13,044,540	-19.1%	16,118,776
Amortisation	BY	2,414,804	50.5%	1,604,527	4.7%	1,532,107
Other debtors	Net	973,976	-15.5%	1,152,859	-35.5%	1,786,091
Gross	BZ	973,976	-15.5%	1,152,859	-35.5%	1,786,091
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	12,348,651	-1.9%	12,592,872	-23.1%	16,372,760

Divers

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Investment securities	Net	8,025,878	60.2%	5,009,996	902.0%	500,000
Gross	CD	8,025,878	60.2%	5,009,996	902.0%	500,000
Amortisation	CE	0	0%	0	0%	0
Cash and cash equivalents	Net	4,704,492	4.0%	4,522,176	17.1%	3,861,107
Gross	CF	4,704,492	4.0%	4,522,176	17.1%	3,861,107
Amortisation	CG	0	0%	0	0%	0
Sub Total Divers	Net	12,730,370	33.6%	9,532,172	118.6%	4,361,107

Prepaid expenses

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid expenses	Net	228,698	-11.8%	259,409	-2.7%	266,675
Gross	CH	228,698	-11.8%	259,409	-2.7%	266,675
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	50,589,015	-4.2%	52,812,574	-13.1%	60,766,373

Shareholder Equity (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total shareholders' equity (Total I)	DL	24,654,167	1.0%	24,422,006	-3.0%	25,174,258
Equity and shareholders' equity	DA	10,000,000	0%	10,000,000	0%	10,000,000
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	1,000,000	0%	1,000,000	0%	1,000,000
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	5,491,862	0%	5,491,862	0%	5,491,862
Of which reserve for buying originals works from alive artists	EJ	0	0%	0	0%	0
Profits or losses brought forward	DH	5,359,378	-11.3%	6,040,816	29.1%	4,678,708
Profit or loss for the period	DI	311,539	145.7%	-681,438	-150.0%	1,362,108
Investment grants	DJ	0	0%	0	0%	9,147
Special tax-allowable reserves	DK	2,491,389	-3.1%	2,570,766	-2.3%	2,632,434

Other capital resources (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total other capital resources (Total II)	DO	202,246	-40.0%	337,246	0%	337,246
Income from participating securities	DM	0	0%	0	0%	0
Conditional loans	DN	202,246	-40.0%	337,246	0%	337,246

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	5,901,719	16.0%	5,087,317	-11.4%	5,742,468
Risk provisions	DP	5,386,463	17.6%	4,582,242	-6.2%	4,885,880
Reserves for charges	DQ	515,256	2.0%	505,075	-41.0%	856,588

Liabilities (IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total Liabilities (Total IV)	EC	19,830,884	-13.7%	22,966,005	-22.2%	29,512,402
Convertible debentures	DS	0	0%	0	0%	0
Other debentures	DT	0	0%	0	0%	0
Bank loans and liabilities	DU	7,089,769	-0.7%	7,139,961	-14.6%	8,357,698
Sundry loans and financial liabilities	DV	42,416	564.9%	6,379	-85.0%	42,416
Of which participating loans	EI	0	0%	0	0%	0
Advance payments received for current orders	DW	3,972,865	-23.0%	5,162,616	-34.6%	7,892,145
Trade accounts payables	DX	3,185,664	-22.8%	4,127,499	-35.4%	6,391,342
Tax and social security liabilities	DY	3,565,792	-6.2%	3,803,142	-17.4%	4,601,534
Fixed asset liabilities	DZ	29,539	-91.1%	331,426	113.7%	155,110
Other debts	EA	1,696,649	-29.2%	2,394,983	15.6%	2,072,157

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	248,190	0%	0	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	10,621,048	-14.5%	12,428,905	-19.1%	15,355,262
Of which current bank facilities	EH	0	0%	0	0%	0

Result account

1 - Operating result (I-II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating result (Total I-II)	GG	-415,450	79.0%	-1,980,804	-335.3%	841,944

2 - Financial result (V-VI)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Financial result (Total V-VI)	GV	-92,647	-1121.7%	9,068	-36.6%	14,307

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		-508,097	74.2%	-1,971,736	-330.3%	856,251

4 - Extraordinary result (VII-VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Extraordinary result (Total VII-VIII)	HI	797	-99.8%	364,679	175.3%	-484,542

Profit or loss

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Profit or loss	HN	311,539	145.7%	-681,438	-150.0%	1,362,108

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	55,453,972	-12.0%	62,983,625	-22.3%	81,033,110

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	55,142,434	-13.4%	63,665,062	-20.1%	79,671,002

Operating income (I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating income (Total I)	FR	54,883,915	-10.9%	61,616,839	-22.4%	79,379,671

Operating income (details)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Sale of goods for resale	FC	0	0%	0	0%	0
France	FA	0	0%	0	0%	0
Export	FB	0	0%	0	0%	0
Sale of goods produced	FF	51,364,221	-13.6%	59,443,406	-14.5%	69,519,306
France	FD	18,931,250	-22.4%	24,407,501	5.7%	23,094,138
Export	FE	32,432,971	-7.4%	35,035,905	-24.5%	46,425,168
Sale of services	FI	1,636,906	-23.0%	2,125,703	-3.0%	2,190,970
France	FG	1,337,893	-15.5%	1,583,875	-2.7%	1,627,256
Export	FH	299,013	-44.8%	541,828	-3.9%	563,714
Net turnover	FL	53,001,127	-13.9%	61,569,109	-14.1%	71,710,276
France	FJ	20,269,143	-22.0%	25,991,376	5.1%	24,721,394
Export	FK	32,731,984	-8.0%	35,577,733	-24.3%	46,988,882
Stocked production	FM	-2,085,331	54.9%	-4,625,796	-587.1%	949,731
Self-constructed assets	FN	0	0%	0	0%	0
Operating grants	FO	0	0%	0	0%	0
Release of reserves and provisions	FP	3,927,385	-16.0%	4,673,526	-30.4%	6,713,506
Other income	FQ	40,735	0%	0	0%	6,158

Operating charges (II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total operating charges (Total II)	GF	55,299,365	-13.0%	63,597,644	-19.0%	78,537,727

Exploitation charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Purchase of goods for resale	FS	0	0%	0	0%	0
Change in stocks of goods for resale	FT	-2,034	-141.2%	4,931	-58.8%	11,969
Purchase of raw materials	FU	18,958,502	-13.5%	21,922,035	-31.8%	32,128,028
Change in stocks of raw materials	FV	1,007,580	-58.8%	2,445,698	235.8%	728,234
Other external purchases and charges	FW	6,682,072	-20.3%	8,381,802	-28.6%	11,739,160
Tax, duty and similar payments	FX	1,339,690	0.3%	1,335,046	-26.2%	1,810,097
Payroll	FY	13,083,997	-10.4%	14,602,571	-7.2%	15,735,273
Social security costs	FZ	5,546,595	-16.3%	6,624,131	-9.5%	7,320,397

Depreciation

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Depreciation of fixed assets	GA	2,616,654	-12.8%	3,002,419	-8.3%	3,275,394
Amortisation of fixed assets	GB	0	0%	0	0%	0
Depreciation/amortisation of current assets	GC	2,142,207	53.8%	1,392,870	-0.4%	1,398,880
Provisions for risks and charges	GD	3,405,401	3.2%	3,299,768	-4.2%	3,444,613

Other charges

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Other charges	GE	518,702	-11.5%	586,373	-38.0%	945,682

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	71,320	-78.0%	323,508	-9.5%	357,660
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	27,295	78.3%	15,309	-65.3%	44,096
Released provisions and transferred charges	GM	0	0%	0	0%	0
Exchange gains	GN	44,025	-85.7%	308,199	-1.7%	313,564
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	163,967	-47.9%	314,440	-8.4%	343,353
Financial reserves and provisions	GQ	0	0%	0	0%	0
Interest and similar charges	GR	131,178	-24.3%	173,394	-13.8%	201,073
Exchange losses	GS	32,788	-76.8%	141,046	-0.9%	142,281
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	498,737	-52.2%	1,043,278	-19.5%	1,295,779
Extraordinary operating income	HA	15,608	-44.9%	28,318	-67.1%	85,958
Extraordinary income from capital transactions	HB	30,000	-93.5%	459,947	16.4%	395,294
Released provisions and transferred charges	HC	453,129	-18.4%	555,013	-31.9%	814,527

Extraordinary charges (VIII)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total extraordinary charges (Total VIII)	HH	497,939	-26.6%	678,599	-61.9%	1,780,321
Extraordinary operating charges	HE	124,188	-33.0%	185,253	-35.6%	287,479
Extraordinary charges from capital transactions	HF	0	0%	0	0%	688,539
Extraordinary reserves and provisions	HG	373,752	-24.2%	493,345	-38.7%	804,302

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	-818,838	11.5%	-925,620	6.5%	-990,399

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	192,170	-62.6%	514,013	-60.9%	1,315,620
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	126,689	-22.6%	163,612	6.7%	153,356

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	749,303	-78.5%	3,487,882	-54.0%	7,589,171
Gross value at the end of period	OL	69,010,484	1.2%	68,199,493	2.7%	66,383,451

Research and development Charge (Total I)

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

Other budget item from Intangible fixed assets (Total II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	KD	4,966,157	-0.6%	4,993,657	0%	4,993,657
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%	27,500	0%	0
Gross value at the end of period	LW	4,966,157	0%	4,966,157	-0.6%	4,993,657

Tangible fixed assets (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LN	63,113,911	2.9%	61,338,824	-6.2%	65,393,708
Increasess due to revaluation	LO	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LP	1,485,582	-71.6%	5,231,392	48.4%	3,525,751
Decreasess by budget item transfer	NG1	0	0%	0	0%	0
Decreasess by transfers	NG2	732,689	-78.8%	3,456,305	-54.4%	7,580,635
Gross value at the end of period	NH	63,866,804	1.2%	63,113,912	2.9%	61,338,824

Financial assets (Total IV)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	LQ	119,425	134.3%	50,971	-1.1%	51,535
Increasess due to revaluation	LR	0	0%	0	0%	0
Increasess, acquisitions, creations, contributions	LS	74,713	3.0%	72,532	809.9%	7,971
Decreasess by budget item transfer	NJ1	0	0%	0	0%	0
Decreasess by transfers	NJ2	16,614	307.5%	4,077	-52.2%	8,535
Gross value at the end of period	NK	177,523	48.6%	119,425	134.3%	50,971

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	4,966,157	0.1%	4,959,021	6.3%	4,663,636
Increases	PF	0	0%	34,636	-93.9%	568,385
Decreasess	PG	0	0%	27,500	-89.9%	273,000
Decreasess by budget item transfer	PH	4,966,157	0%	4,966,157	0.1%	4,959,021

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	49,789,695	4.4%	47,673,858	-5.3%	50,356,262
Increases	QV	2,616,654	-11.8%	2,967,783	-48.0%	5,706,809
Decreases	QW	54,308	-93.6%	851,946	-89.8%	8,389,213
Decreasess by budget item transfer	QX	52,352,041	5.1%	49,789,695	4.4%	47,673,858

Movements during period affecting charge allocated over several period

Deferred charges and debt issuance costs

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Gross value at begin of period	Z91	0	0%	0	0%	0
Increases	Z92	0	0%	0	0%	0
Depreciation of fixed assets during period	Z9	0	0%	0	0%	0
Decreasess by budget item transfer	B1	0	0%	0	0%	0

Premium refund of obligations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Net value at begin of period	SP1	0	0%	0	0%	0
Increases	SP2	0	0%	0	0%	0
Depreciation of fixed assets during period	SP	0	0%	0	0%	0
Net value at the end of period	SR	0	0%	0	0%	0

Provisions included in balance sheet

Grand Total (I-II-III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7C	15,653,554	3.1%	15,182,098	-3.6%	15,746,716
Increases	UB	5,921,360	14.2%	5,185,983	-46.1%	9,623,565
Decreases	UC	4,188,343	-11.2%	4,714,527	-53.7%	10,188,183
Value at the end of period	UD	17,386,571	11.1%	15,653,554	3.1%	15,182,098

Includes Total allocations

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UE	5,547,609	18.2%	4,692,637	-46.8%	8,819,263
Financial	UG	0	0%	0	0%	0
Exceptional	UJ	373,752	-24.2%	493,345	-38.7%	804,302

Includes Total Withdrawal

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Operating	UF	3,735,214	-10.2%	4,159,514	-58.5%	10,019,046
Financial	UH	0	0%	0	0%	0
Exceptional	UK	453,129	-18.4%	555,013	228.1%	169,138

Total regulated provisions (Total I)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	3Z	2,570,766	-2.3%	2,632,434	2.7%	2,562,079
Increases	TS	373,752	-24.2%	493,345	-38.7%	804,302
Decreases	TT	453,129	-18.4%	555,013	-24.4%	733,948
Value at the end of period	TU	2,491,389	-3.1%	2,570,766	-2.3%	2,632,434

Total risk and charge provisions (Total II)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	5Z	5,087,317	-11.4%	5,742,468	-18.6%	7,052,149
Increases	TV	3,405,401	3.2%	3,299,768	-55.5%	7,420,383
Decreases	TW	2,591,000	-34.5%	3,954,918	-54.7%	8,730,065
Value at the end of period	TX	5,901,719	16.0%	5,087,318	-11.4%	5,742,468

Total Provision for depreciation (Total III)

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Value at begining of period	7B	7,995,471	17.5%	6,807,197	11.0%	6,132,488
Increases	TY	2,142,207	53.8%	1,392,870	-0.4%	1,398,880
Decreases	TZ	1,144,214	459.3%	204,596	-71.7%	724,170
Value at the end of period	UA	8,993,464	12.5%	7,995,471	17.5%	6,807,197

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	15,169,677	4.1%	14,576,233	-20.0%	18,222,513
1 year at most	VU	14,488,843	3.8%	13,953,497	-21.3%	17,731,289
More than one year	VV	680,835	9.3%	622,737	26.8%	491,224

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	131,002	93.7%	67,622	0%	0
Loans (1 year at most)	UR	0	0%	0	0%	0
Other financial assets (gross)	UT	46,521	-10.2%	51,803	1.6%	50,971
Other financial assets (1 year at most)	UV	0	0%	0	0%	50,971

Receivables statement of assets

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Customers doubtful or disputed	VA	503,311	0%	503,311	2.5%	491,224
Other claims customer	UX	13,286,168	5.9%	12,541,228	-19.7%	15,627,551
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	35,494	-60.1%	88,967	220.5%	27,762
Social Security and other social organizations	UZ	0	0%	0	0%	0
Income taxes	VM	32,119	0%	0	0%	16,222
Value added tax	VB	87,525	0.0%	87,561	-81.6%	476,811
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	818,838	-13.7%	948,539	-22.9%	1,229,882
Accounts receivable (including claims relating to the operation of pension titles)	VR	0	0%	27,793	-21.5%	35,415

Prepaid

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Prepaid	VS	228,698	-11.8%	259,409	-2.7%	266,675

State Debt

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Total debt (gross)	VY	15,858,016	-10.9%	17,803,389	-17.7%	21,620,256
1 year at most	VZ2	10,621,046	-14.5%	12,428,905	-19.1%	15,355,262
More than 1 year and 5 years at most	VZ3	5,182,206	-3.4%	5,362,699	-12.2%	6,109,287
More than 5 years	VZ4	54,764	364.7%	11,785	-92.4%	155,707

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	7,084,171	-0.8%	7,139,961	-14.6%	8,357,698
1 year at most	VG2	1,847,201	4.6%	1,765,477	-15.6%	2,092,703
More than 1 year and 5 years at most	VG3	5,182,206	-3.4%	5,362,699	-12.2%	6,109,287
Borrowing & debts to more than 1 year at the origin (gross)	VH1	0	0%	0	0%	0
1 year at most	VH2	0	0%	0	0%	0
More than 1 year and 5 years at most	VH3	0	0%	0	0%	0
Loans and various financial liabilities (gross)	8A1	5,598	-12.2%	6,379	-85.0%	42,416
1 year at most	8A2	5,598	-12.2%	6,379	-85.0%	42,416
More than 1 year and 5 years at most	8A3	0	0%	0	0%	0
Suppliers and associated accounts (gross)	8B1	3,185,664	-22.8%	4,127,499	-35.4%	6,391,342
1 year at most	8B2	3,185,664	-22.8%	4,127,499	-35.4%	6,391,342
More than 1 year and 5 years at most	8B3	3,185,664	-22.8%	4,127,499	-35.4%	6,391,342
Personnel and associated accounts (gross)	8C1	1,932,475	-7.9%	2,097,401	-19.2%	2,596,512
1 year at most	8C2	1,932,475	-7.9%	2,097,401	-19.2%	2,596,512
More than 1 year and 5 years at most	8C3	0	0%	0	0%	0
Social Security and other social organizations (gross)	8D1	1,020,051	-29.0%	1,437,699	-6.9%	1,545,068
1 year at most	8D2	1,020,051	-29.0%	1,437,699	-6.9%	1,545,068
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	354,329	751.7%	41,604	-46.0%	77,104
1 year at most	VW2	354,329	751.7%	41,604	-46.0%	77,104
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	258,937	14.4%	226,437	-40.9%	382,850
1 year at most	VQ2	258,937	14.4%	226,437	-40.9%	382,850
More than 1 year and 5 years at most	VQ3	0	0%	0	0%	0
Assets and liabilities associated accounts (gross)	8J1	29,539	-91.1%	331,426	113.7%	155,110
1 year at most	8J2	29,539	-91.1%	331,426	113.7%	155,110
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	42,416	0%	0	0%	0
1 year at most	VI2	42,416	0%	0	0%	0
More than 1 year and 5 years at most	VI3	0	0%	0	0%	0
More than 5 years	V14	0	0%	0	0%	0
Other liabilities (gross)	8K1	1,696,649	-29.2%	2,394,983	15.6%	2,072,157
1 year at most	8K2	1,696,649	-29.2%	2,394,983	15.6%	2,072,157
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	248,190	0%	0	0%	0
1 year at most	8L2	248,190	0%	0	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	1,850,000	85.0%	1,000,000	0%	0
Debt repaid during the period	VK	1,906,616	-13.7%	2,208,725	-7.4%	2,385,389

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%	1,409,625

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%	178,309
Rentals, rental charges and condominiums	XQ	0	0%	0	0%	788,488
Staff outside the company	YU	0	0%	0	0%	2,349,929
Remuneration intermediaries and fees (excluding fees)	SS	0	0%	0	0%	1,026,178
Fees, commissions and brokerage	YV	0	0%	0	0%	0
Other accounts	ST	0	0%	0	0%	7,396,256
Total Other purchases and external	ZJ	0	0%	0	0%	11,739,160

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%	1,810,097
Total taxes and fees	YX	0	0%	0	0%	1,810,097

VAT

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Amount VAT collected	YY	0	0%	0	0%	4,935,144
Total VAT on goods and services	YZ	0	0%	0	0%	5,909,038

Average number of employees

		31/12/2016	Variation	31/12/2015	Variation	31/12/2014
Average number of employees	YP	389	-8.0%	423	-3.6%	439

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

0.11

30%

0.07

50%

0.07

40%

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	1.38	2.2%	1.35	-2.9%	1.39	1.46	-5.5%
Global Debt	135 days	0.7%	134 days	-9.5%	148 days	101 days	33.7%
Working Capital Fund overall net	178 days	29.0%	138 days	6.2%	130 days	103 days	72.8%
Financial independence	345.67 %	1.1%	341.74 %	14.0%	299.69 %	689.70 %	-49.9%
Solvability	49.13 %	4.8%	46.88 %	11.7%	41.98 %	52.55 %	-6.5%
Capacity debt futures	201.89 %	3.3%	195.52 %	11.1%	175.91 %	2,610.30 %	-92.3%
Coverage of current assets by net working capital overall	47.04 %	4.1%	45.19 %	-5.7%	47.92 %	51.18 %	-8.1%
General Liquidity	1.36	21.4%	1.12	-2.6%	1.15	0.93	46.2%
Restricted Liquidity	2.56	35.4%	1.89	31.3%	1.44	1.42	80.3%

Management or rotation

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Need background in operating working capital	97 days	7.8%	90 days	-17.4%	109 days	51 days	90.2%
Treasury	86 days	53.6%	56 days	154.5%	22 days	15 days	473.3%
Inventory turnover of goods	-6,085 days	-357.6%	2,362 days	110.7%	1,121 days	26 days	-23503.8%
Average length of credit granted to customers	94 days	23.7%	76 days	0%	76 days	70 days	35.3%
Average length of credit obtained suppliers	43 days	-4.4%	45 days	-2.2%	46 days	67 days	-35.8%
Inventory turnover of raw materials in industrial enterprises	156 days	2.6%	152 days	16.0%	131 days	78 days	100.0%
Inventory turnover of intermediate and finished products in the industrial enterprise	83 days	-15.3%	98 days	-16.2%	117 days	187 days	-55.6%
Rotation tangible assets	82.99 %	-14.9%	97.55 %	-16.6%	116.91 %	202.26 %	-59.0%

Profitability of the business

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Margin trading	0.00 %	0%	-0.01 %	50.0%	-0.02 %	0.00 %	0%
Profitability of the business	8.11 %	207.2%	2.64 %	-40.5%	4.44 %	6.41 %	26.5%
Net profit	0.59 %	153.2%	-1.11 %	-158.4%	1.90 %	3.47 %	-83.0%
Growth rate of turnover (excluding VAT)	-13.92 %	1.6%	-14.14 %	-302.8%	-3.51 %	-0.75 %	-1756.0%
Rates integration	45.79 %	16.5%	39.29 %	0.4%	39.12 %	39.61 %	15.6%
Rate leasing furniture	0.00 %	0%	0.00 %	0%	0.00 %	0.00 %	0%
Work Factor	76.76 %	-12.5%	87.75 %	6.8%	82.19 %	78.87 %	-2.7%
Weight interests	0.31 %	-39.2%	0.51 %	6.3%	0.48 %	0.27 %	14.8%

Return on capital

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Cash flow from the overall profitability	-1.73 %	54.8%	-3.83 %	38.3%	-6.21 %	5.89 %	-129.4%
Rates of economic profitability	13.00 %	160.0%	5.00 %	-44.4%	9.00 %	13.50 %	-3.7%
Financial profitability	24,856,413.00 %	0.4%	24,759,252.00 %	-2.9%	25,511,504.00 %	1,340,097.00 %	1754.8%
Return on investment	1.49 %	229.6%	-1.15 %	-122.9%	5.03 %	8.60 %	-82.7%

Management intermediate balances

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Turnover

53,001,127

-13.9%

61,569,109

-14.1%

71,710,276

4,329,546

1124.2%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Sales of goods

- Purchase of goods

+/- Stock of goods variation

-2,034

-141.2%

4,931

-58.8%

11,969

Trading margin

2,034 €

141.2%

-4,931 €

58.8%

-11,969 €

0 €

0.00 % CA

-0.01 % CA

50.0%

-0.02 % CA

0.00 % CA

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Sale of goods produced

53,001,127

-13.9%

61,569,109

-14.1%

71,710,276

+/- Stocked production

-2,085,331

54.9%

-4,625,796

-587.1%

949,731

+ Self-constructed assets

Period production

50,915,796 €

-10.6%

56,943,313 €

-21.6%

72,660,007 €

3,778,211 €

1247.6%

96.07 % CA

3.9%

92.49 % CA

-8.7%

101.32 % CA

99.14 % CA

-3.1%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Trading margin

2,034

141.2%

-4,931

58.8%

-11,969

+ Period Production

50,915,796

-10.6%

56,943,313

-21.6%

72,660,007

3,778,211

1247.6%

- Purchase of raw materials

18,958,502

-13.5%

21,922,035

-31.8%

32,128,028

+/- Change in stocks of raw materiels

1,007,580

-58.8%

2,445,698

235.8%

728,234

- Other external purchases and charges

6,682,072

-20.3%

8,381,802

-28.6%

11,739,160

Added value

24,269,676 €

0.3%

24,188,847 €

-13.8%

28,052,616 €

1,654,739 €

1366.7%

45.79 % CA

16.5%

39.29 % CA

0.4%

39.12 % CA

39.61 % CA

15.6%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Added value

24,269,676 €

0.3%

24,188,847 €

-13.8%

28,052,616 €

1,654,739 €

1366.7%

+ Operating grants

- Tax, duty and similar payments

1,339,690

0.3%

1,335,046

-26.2%

1,810,097

- Personal charges

18,630,592

-12.2%

21,226,702

-7.9%

23,055,670

Gross operating surplus

4,299,394 €

164.2%

1,627,099 €

-48.9%

3,186,849 €

153,473 €

2701.4%

8.11 % CA

207.2%

2.64 % CA

-40.5%

4.44 % CA

6.41 % CA

26.5%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Gross operating surplus

4,299,394 €

164.2%

1,627,099 €

-48.9%

3,186,849 €

153,473 €

2701.4%

+ Release of reserves and provisions

3,927,385

-16.0%

4,673,526

-30.4%

6,713,506

+ Other operating income

40,735

6,158

- Depreciation/ Amortisation

8,164,262

6.1%

7,695,057

-5.2%

8,118,887

- Other charges

518,702

-11.5%

586,373

-38.0%

945,682

Operating result

-415,450 €

79.0%

-1,980,805 €

-335.3%

841,944 €

76,355 €

-644.1%

-0.78 % CA

75.8%

-3.22 % CA

-375.2%

1.17 % CA

4.19 % CA

-118.6%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Operating result

-415,450 €

79.0%

-1,980,805 €

-335.3%

841,944 €

76,355 €

-644.1%

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

+ Financial income

71,320

-78.0%

323,508

-9.5%

357,660

- Financial charges

163,967

-47.9%

314,440

-8.4%

343,353

Pre-tax result

-508,097 €

74.2%

-1,971,737 €

-330.3%

856,251 €

68,412 €

-842.7%

-0.96 % CA

70.0%

-3.20 % CA

-368.9%

1.19 % CA

3.37 % CA

-128.5%

31/12/2016

Variation

31/12/2015

Variation

31/12/2014

SECTOR MEDIAN 2016

Extraordinary income

498,737

-52.2%

1,043,278

-19.5%

1,295,779

11,130

4381.0%

- Extraordinary charges

497,939

-26.6%

678,599

-61.9%

1,780,321

Extraordinary result

798 €

-99.8%

364,679 €

175.3%

-484,542 €

0 €

0.00 % CA

0.59 % CA

186.8%

-0.68 % CA

0.00 % CA

	31/12/2016	Variation	31/12/2015	Variation	31/12/2014	SECTOR MEDIAN 2016
Pre-tax result	-508,097 €	74.2%	-1,971,737 €	-330.3%	856,251 €	68,412 €	-842.7%
Extraordinary result	798 €	-99.8%	364,679 €	175.3%	-484,542 €	0 €	0%
- Employee profit sharing	0	0%	0	0%	0		-
- Tax on profits	-818,838	11.5%	-925,620	6.5%	-990,399		-
Net result	311,539 €	145.7%	-681,438 €	-150.0%	1,362,108 €	81,153 €	283.9%
	0.59 % CA	153.2%	-1.11 % CA	-158.4%	1.90 % CA	3.47 % CA	-83.0%

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 2815Z - Manufacture of bearings, gears, gearing and driving elements.

Graphical analysis

Net Turnover Company Result Sector Average31/12/201631/12/201531/12/20140M25M50M75M100M

	31/12/2016	31/12/2015	31/12/2014
Company Result	53,001,127 €	61,569,109 €	71,710,276 €
Sector Average	33,337,126 €	29,711,188 €	28,211,104 €

Net Profit Company Result Sector Average31/12/201631/12/201531/12/2014-1M0M1M2M

	31/12/2016	31/12/2015	31/12/2014
Company Result	311,539 €	-681,438 €	1,362,108 €
Sector Average	-246,717 €	349,443 €	-471,443 €

Net Export Turnover Company Result Sector Average31/12/201631/12/201531/12/20140M20M40M60M

	31/12/2016	31/12/2015	31/12/2014
Company Result	32,731,984 €	35,577,733 €	46,988,882 €
Sector Average	13,776,400 €	12,696,540 €	11,977,598 €

Account Total Company Result Sector Average31/12/201631/12/201531/12/20140M25M50M75M

	31/12/2016	31/12/2015	31/12/2014
Company Result	50,589,015 €	52,812,574 €	60,766,373 €
Sector Average	22,999,532 €	19,952,941 €	17,985,737 €

Shareholders Equity Company Result Sector Average31/12/201631/12/201531/12/20140M10M20M30M

	31/12/2016	31/12/2015	31/12/2014
Company Result	24,654,167 €	24,422,006 €	25,174,258 €
Sector Average	9,438,705 €	8,692,487 €	6,595,030 €

Liabilities Company Result Sector Average31/12/201631/12/201531/12/20140M10M20M30M40M

	31/12/2016	31/12/2015	31/12/2014
Company Result	19,830,884 €	22,966,005 €	29,512,402 €
Sector Average	11,730,402 €	9,824,851 €	10,265,447 €

Need background in operating working capital Company Result Sector Average31/12/201631/12/201531/12/2014050100150

	31/12/2016	31/12/2015	31/12/2014
Company Result	97 €	90 €	109 €
Sector Average	56 €	53 €	24 €

Gross operating surplus (EBE) Company Result Sector Average31/12/201631/12/201531/12/20140M2M4M6M

	31/12/2016	31/12/2015	31/12/2014
Company Result	4,299,394 €	1,627,099 €	3,186,849 €
Sector Average	1,623,893 €	1,440,186 €	1,490,370 €

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.26
UK Pound	1	INR 91.22
Euro	1	INR 79.88
Euro	1	INR 79.01

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

INFORMATION DETAILS

Analysis Done by :	NIY

Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

MIRA INFORM REPORT

Company summary

Key Financials

Establishment Details

Other Establishment(s)

Commentary

Recent publications in Gazettes

Company events history

Synthesized Accounts

Key Performance Indicators

Unit