Credit Report

CREDIT REPORT
RCS 664 800 232 - NIC 00012
SOCIETE VIRTUELLE DE PRESENTATION

Address (Head office) : 11 Rue Auguste Breton 37000 TOURS (INDRE ET LOIRE)

Telephone 02.45.12.18.23 - Fax 02.45.12.18.24

Legal form	5599 - Public limited company - board of directors
Registration date	1966
Share capital	500 000 Euros
RC Number	66B00232
Activity	516K - Wholesale of other machinery for use in industry
No of Employees	170
Number of branches	3
Banks	CL BNP SG 37 TOURS

MAIN DIRECTORS

chairman	DELATRE Bernard
	born on 24/11/1940 in ORLEANS (45)
general manager	HUNIEZ Serge
	born on 28/01/1948 in NICE (06)
administrator	ste FINANCIERE MURET Holding
	represented by MURET Monique
administrator	MURET Dominique
	born on 01/02/1966 in TOURS (37)
administrator	MURET Alphonse
	born on 18/12/1936 in TOURS (37)

Auditorship

titular auditor	SOFIDEX
substitute auditor	DUPUIS Germain

SHAREHOLDERS & STAKES


Registered shareholder(s)	1


	DNI000600 - FINANCIERE MURET 99,00 %


Registered stake(s)	2

	DNI000109 - STE D EXPLOITATION DUVAL 99,00 %
	DNI026107 - DELATTRE SARL 42,00 %

REVIEW OF BODACC INCIDENTS

04/11/2000	modification of registered capital
15/04/1998	Activity branch purchase
15/06/1997	modification of activity
17/12/1996	transfer of auditor
01/06/1994	Increase of the registered capital

FINANCIAL DETAILS

	31/12/2001 over 12 months		31/12/2002 over 12 months		31/12/2003 over 12 months
	E	%	E	%	E	%
Turnover	40 210 244	1,54	45 694 685	13,64	42 667 852	-6,62
Export turnover	3 788 404	3,24	441 617	-88,34	4 005 794	807,07
Earnings before tax	88 123	NC	2 721 756	NC	5 673 806	108,46
Net income	61 995	NC	2 739 064	NC	3 490 516	27,43

Equity	24 258 747	24 268 592	26 922 608
Total debts	9 624 023	11 666 869	14 902 808
Working capital	6 844 168	-817 725	-727 377
Supplier credit	3 958 257	5 929 039	8 279 106
Total purchase	24 696 271	27 021 435	22 353 173

RATIOS	31/12/2001	31/12/2002	31/12/2003	MEDIAN
Turnover growth (%)	1,54	13,64	-6,62	-6,62
Total assets turnover (Number)	0,94	1,05	0,87	0,95
Net income (T.O. %)	0,15	5,99	8,18	0,10
Cash flow (T.O. %)	11,52	16,06	18,07	4,89
Supplier credit (Purch. days excl. of tax)	48,24	66,05	111,48	111,48
Accounts receivables (T.O. days)	119,22	95,5	101,11	102,76
Interest expenses / EBIT (%)	5,45	1,00	5,22	5,22
Wages (%)	29,02	28,90	30,04	18,72

The 2003 turnover of 42 667 852 Euros (over a period of 12 months) denotes a decrease of -6,62 % compared to the previous financial year, comparable to the average growth in the sector (-6,62 %).

From it can be drawn a net income of 3 490 516 Euros rising by 27,43 % during the period concerned.

The total of the balance sheet of 48 769 349 Euros is composed of up to 61,63 % of the fixed assets and up to 37,66 % of the circulating assets.

The turnover of 0,87 assets is falling relative to the financial year; this turnover is equal to the average of 0,95.

With financial independence of 55,20 % the company has global liabilities amounting to 14 902 808 Euros, with financial debts representing 4,18 % of all liabilities.

They generate financial costs of up to 5,22 % of the EBITDA (Earning Before Interest, Taxes, Depreciation & Amortisation), compared to a sector-based average of 5,22 %.

The self-financing capacity is of 7 709 216 Euros, i.e. 18,07 % of the turnover for an average of 4,89 %.

Auditor's opinion : approved without reservations or observations for the financial year ending 31/12/2003.

LEGAL PROCEEDINGS

None

PREFERENTIAL CLAIMS

Social security : No inscription

Tax arrears : No inscription

DEVELOPMENT OF COMMERCIAL RISK

january 2003	No or almost no risk
july 2002	No or almost no risk
january 2002	No or almost no risk
july 2001	No or almost no risk

Last update	09 october 2003
SEREFAC guarantee	Yes

Financial structure	good
Cash	good
Profitability	good
Commitments	respected
Payments	regular
Defaults	none
Subject history	favourable


Credit limit	150 000 E
Rating	D15 **	**D : Subsidiary relationship or links with other small/medium-sized companies

- Confidential. Not to be disclosed -
BALANCE SHEET ASSETS

RCS : 664 800 232	NIC : 00012	APE No : 724Z - Data base activities
Name : SOCIETE VIRTUELLE DE Address : 11 Rue Auguste Breton 37000 TOURS		Year ending : 31/12/2003 Amounts expressed in : Euros (E)

Money

E converted

Year ending

31/12/2003

31/12/2002

Duration of financial year

12 months

Gross
1

Depreciations, provisions
2

Net
3

Year N-1
4

Uncalled subscribed capital

(0)

F
I
X
E
D

A
S
S
E
T
S

I
n
t
a
n
g
i
b
l
e
s

Start-up costs

Research and development

Franchises, patents and similar rights

4 621 949

25 764

4 596 185

4 602 283

Intangible business assets

139 643

Other intangible assets

737 091

674 739

62 352

405 057

Advances and prepaids on intangible assets

T
a
n
g
i
b
l
e
s

Land

42 838

Buildings

119 063

47 869

71 194

84 762

Machinery and equipment

317 856

125 923

191 933

126 685

Other tangible assets

1 669 012

739 988

929 024

1 025 677

Tangible assets in progress

Advances and prepaids

I
n
v
e
s
t
m
e
n
t
s

Evaluates holdings - equity method

Other holding

362 981

46 954

Receivables from controlled entities

3 103 405

82 322

3 021 082

2 452 752

Other fixed securities

Loans

18 751

322 735

Other investments

242 851

232 637

TOTAL (I)

11 376 051

1 697 062

9 678 988

9 481 872

C
U
R
R
E
N
T

A
S
S
E
T
S

S
t
o
c
k
s

Raw materials and supplies

3 159 963

221 204

2 938 760

2 291 004

Work in progress - goods

Work in progress - services

Intermediate and finished goods

Merchandise held for resale

15 564 587

2 381 254

13 183 334

8 921 316

Down-payments to suppliers

R
e
c
e
i
v
a
b
l
e
s

Trade notes and related accounts

26 238 305

1 906 223

24 332 083

17 300 677

Other receivables

2 336 434

1 775 269

Capital subscribed, called and unpaid

O
t
h
e
r

Investment securities

Cash

1 518 392

3 308 753

A
d
j
u
s
t
m
e
n
t

a
c
c
o
u
n
t
s

Prepaid expenses

207 178

171 505

TOTAL (II)

49 025 165

4 508 832

44 516 333

33 768 524

Expenses carried forwad to future financial years

(III)

201 233

122 874

Bond discounts

(IV)

Unrealised foreign exchange losses

(V)

41 619

GRAND TOTAL (0 to V)

60 602 753

6 206 047

54 396 706

43 415 041

Share under one year

Share over one year

BALANCE SHEET LIABILITIES before attribution

RCS : 664 800 232	NIC : 00012	APE No : 724Z - Data base activities
Name : SOCIETE VIRTUELLE DE Address : 11 Rue Auguste Breton 37000 TOURS		Year ending : 31/12/2003 Amounts expressed in : Euros (E)

Year N
1

Year N - 1
2

S
H
A
R
E
H
O
L
D
E
R
S
'
E
Q
U
I
T
Y

Share or individual capital

434 480

Issue, merger and contribution premiums

5 133 721

Revaluation differential (of which equivalence discrepancy)

Legal reserves (1)

43 448

Statutory or contractual reserves

Regulated reserves (1)

Other reserves

5 437 856

4 522 857

Profit or loss carried forward

PROFIT OR LOSS FOR THE FINANCIAL YEAR

3 668 686

3 348 085

Investment subsidies

Regulated provisions

TOTAL (I)

14 718 190

13 482 591

Other
equity

Income from issue of participating shares

Conditional subsidies

TOTAL (II)

Contingency
and loss
provisions

Contingency provisions

301 849

224 557

Loss provisions

110 983

TOTAL (III)

301 849

335 540

D
E
B
T
S

Convertible bonds

Other bond issues

Borrowings from credit institutions (3)

19 020 302

12 512 863

Other financial debts

612 540

791 973

Down-payments from clients

Trade notes and related accounts

16 532 029

14 868 962

Tax and social liabilities

2 885 555

1 047 782

Payables to fixed asset suppliers and related accounts

Other debts

312 825

279 439

Adjustement
account

Pre-paid income (2)

79 273

TOTAL (IV)

39 363 556

29 580 445

Unrealised exchange gains

(V)

12 958

16 160

GRAND TOTAL (I to V)

54 396 706

43 415 041

(1)	Of which regulated long-term capital gains reserve	EF
(2)	Deferred debts and income, less than one year	EG
(3)	Of which ordinary bank loans, and credit balances of bank and postal cheque accounts	EH	17 586 061	11 164 909
(4)	Of which equity loans	EI

INCOME STATEMENT FOR THE PERIOD

RCS : 664 800 232	NIC : 00012	APE No : 724Z - Data base activities
Name : SOCIETE VIRTUELLE DE Address : 11 Rue Auguste Breton 37000 TOURS		Year ending : 31/12/2003 Amounts expressed in : Euros (E)

E converted

Year N

Year N - 1
-4-

France -1-

Export -2-

Total -3-

O
P
E
R
A
T
I
N
G

I
N
C
O
M
E

Sale of merchandise

76 549 682

69 110 170

Sales - products

903 260

985 278

Sales - services

6 502 103

5 183 267

Net sales

56 808 602

27 146 596

83 955 198

75 279 020

Stored production

Assets produced in-house

Operating subsidies

Recoveries of depreciation and provisions; expense transfers

2 911 319

3 757 716

Other income

Total operating income

86 866 517

79 036 736

O
P
E
R
A
T
I
N
G

E
X
P
E
N
S
E
S

Purchase of merchandise for re-sale (including customs duties)

46 438 105

40 628 273

Change in stock (merchandise)

-4 784 307

-467 103

Purchases of raw materials and other supplies (including customs duties)

8 623 888

7 676 113

Change in stock (raw materials and supplies)

-694 710

104 275

Other purchases and external expenses

19 302 180

15 328 901

Taxes, duties and similar payments

311 758

319 228

Wages and salaries

3 772 198

3 491 692

Social security charges

1 791 428

1 411 983

OPERATING
ALLOCATIONS

Fixed assets

- Allocations to depreciation

793 802

654 159

- Allocations to provisions

82 322

63 266

Current assets : allocations to provisions

3 937 148

2 889 824

Allocations to contingency and loss provisions

164 645

187 207

Other expenses

11 434

7 622

Total operating expenses (II)

79 750 502

72 296 050

OPERATING INCOME (I - II)

7 116 015

6 740 686

Joint
operations

Attributed profit or transferred loss

(III)

Losses borne or transferred profit

(IV)

Financial
revenue

Financial income from equity interests

96 805

103 513

Income from other transferable securities and receivables from fixed assets

Other interest and similar revenues

112 812

90 555

Recoveries of provisions and expense transfers

147 723

2 287

Foreign exchange gains

45 735

69 669

Net income from sales of investment securities

Total financial income (V)

403 380

266 176

Financial
expenses

Financial allocations to depreciation and provisions

100 464

Interest and related expenses

1 783 806

1 489 884

Foreign exchange losses

5 641

47 869

Net expenses on sales of investment securities

Total financial expenses (VI)

1 789 599

1 638 217

FINANCIAL INCOME (V - VI)

-1 386 218

-1 372 041

CURRENT INCOME BEFORE TAX (I - II + III - IV + V - VI)

5 729 796

5 368 645

Extraordinary
income

Extraordinary income from management operations

37 807

Extraordinary income from capital transactions

142 692

62 352

Recoveries of provisions and expense transfers

6 250

Total extraordinary income (VII)

148 943

100 464

Extraordinary
expenses

Extraordinary expenses of management operations

245 748

252 456

Extraordinary expenses of capital transactions

23 020

41 161

Extraordinary allocations to depreciation and provisions

Total extraordinary expenses (VIII)

268 768

293 769

EXTRAORDINARY INCOME (VII - VIII)

-119 824

-193 305

Employee profit-sharing

(IX)

297 428

320 753

Income tax

(X)

1 643 705

1 506 349

TOTAL INCOME (I + III + V + VII)

87 418 992

79 403 376

TOTAL EXPENSES (II + IV + VI + VIII + IX + X)

83 750 307

76 055 290

PROFIT OR LOSS (Total income - Total expenses)

3 668 686

3 348 085

Cross-
references

Capital equipment finance leasing

37 045

43 753

Property finance leasing

282 488

181 719

Of which expense transfers

198 236

Of which operator's self-employment contributions

Of which patent and licence fees (income)

Of which patent and licence fees (expenses)

174 335

RCS : 664 800 232	NIC : 00012	APE No : 724Z - Data base activities
Name : SOCIETE VIRTUELLE DE Address : 11 Rue Auguste Breton 37000 TOURS		Year ending : 31/12/2003 Amounts expressed in : Euros (E)

FIXED ASSETS	Year N
ACQUISITIONS
Total intangible assets	KF	41 619
Total tangible assets	LP	348 041


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