MIRA INFORM REPORT

Report Date :

14.11.2008

IDENTIFICATION DETAILS

Correct Name :	BARBARA BUI SA
Registered Office :	43 Rue Des Francs Bourgeois
Country :	France
Financials (as on) :	31.12.2007
Date of Incorporation :	October 1982
Com. Reg. No.:	RCS Paris B   325445963
Legal Form :	Public Limited Company with Board of Directors
Line of Business :	Manufacturing: Design, Manufacture and Marketing of Luxury Clothing, Accessories and Fragrances

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Maximum Credit Limit :	(€) 790,000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Company Summary

COMPANY DETAILS
Company Number	32544596300086
Name	BARBARA BUI SA
Telephone	01 53 01 88 05
Fax	01 53 01 88 00
Legal form	Public limited company with board of directors
RCS Registration	RCS Paris B   325445963
Share Capital	1,079,440
Incorporation Date	10/1982
Address	43 RUE DES FRANCS BOURGEOIS
Postcode	75004 PARIS 4
Nationality	France

CREDIT INFORMATION SUMMARY
Today's Credit Limit (€)	790,000

JUDGEMENTS SUMMARY

No judgements against this company.

DIRECTORS SUMMARY
Directorships	3

ACCOUNTS SUMMARY (LAST 3 YEARS)
Accounts Date	31/12/2007	31/12/2006	31/12/2005
Turnover	32,097,843	26,632,780	21,113,500
Networth	8,929,255	7,284,015	5,500,169
Number of Employees	100 to 199 employees	-	-

Company Information

COMPANY DETAILS
Company Name	BARBARA BUI SA
Company Number	32544596300086
Activity (APE)	Fabrication de vêtements de dessus
Activity (APRM)
Currency	EURO (€)
Share capital	1,079,440
Registration Court	Paris (75)
Legal form	Public limited company with board of directors
Court Registry Number	82 B 08729
EU VAT Number	FR18325445963
Incorporation Date	10/1982
Formation Date	09/1982
Deregistration Date
Last account Date	31/12/2007
Nationality	France

ESTABLISHMENT DETAILS
Postal Address	43 RUE DES FRANCS BOURGEOIS, 75004 PARIS 4,
Trading Address	43 RUE DES FRANCS BOURGEOIS, 75004 PARIS 4,
Telephone	01 53 01 88 05
Fax	01 53 01 88 00
Type	Head office
Status	Economically active
Formation Date	09/1982
Reason for formation	Other
Closure Date
Reason for closure
Reactivation Date
Production Role
Activity Nature	-
Activity Location	Store
Location Service	Less than 300 m²
Seasonality

OTHER ESTABLISHMENTS

Branches

13 branch entities in this company

Company number	32544596300086	Company name	BARBARA BUI SA
Type	Head office	Activity (ape)	Fabrication de vêtements de dessus
Post Code	75004	City	PARIS 4

Company number	32544596300029	Company name	BARBARA BUI SA
Type	Secondary establishment	Activity (ape)	Fabrication de vêtements de dessus
Post Code	75002	City	PARIS 2

Company number	32544596300037	Company name	BARBARA BUI SA
Type	Secondary establishment	Activity (ape)	Fabrication de vêtements de dessus
Post Code	75001	City	PARIS 1

Company number	32544596300078	Company name	BARBARA BUI SA
Type	Secondary establishment	Activity (ape)	Fabrication de vêtements de dessus
Post Code	75001	City	PARIS 1

Company number	32544596300094	Company name	BARBARA BUI SA
Type	Secondary establishment	Activity (ape)	Fabrication de vêtements de dessus
Post Code	75007	City	PARIS 7

Company number	32544596300169	Company name	BARBARA BUI SA
Type	Secondary establishment	Activity (ape)	Fabrication de vêtements de dessus
Post Code	75008	City	PARIS 8

Company number	32544596300128	Company name	BARBARA BUI SA
Type	Secondary establishment	Activity (ape)	Fabrication de vêtements de dessus
Post Code	75001	City	PARIS 1

Company number	32544596300136	Company name	BARBARA BUI SA
Type	Secondary establishment	Activity (ape)	Fabrication de vêtements de dessus
Post Code	75006	City	PARIS 6

Company number	32544596300144	Company name	BARBARA BUI SA
Type	Secondary establishment	Activity (ape)	Fabrication de vêtements de dessus
Post Code	75003	City	PARIS 3

Company number	32544596300151	Company name	BARBARA BUI SA
Type	Secondary establishment	Activity (ape)	Fabrication de vêtements de dessus
Post Code	94400	City	VITRY SUR SEINE

Company number	32544596300102	Company name	BARBARA BUI SA
Type	Secondary establishment	Activity (ape)	Fabrication de vêtements de dessus
Post Code	75001	City	PARIS 1

Company number	32544596300052	Company name	BARBARA BUI SA
Type	Secondary establishment	Activity (ape)	Fabrication de vêtements de dessus
Post Code	75011	City	PARIS 11

Company number	32544596300110	Company name	BARBARA BUI SA
Type	Secondary establishment	Activity (ape)	Fabrication de vêtements de dessus
Post Code	75008	City	PARIS 8

Regionality

Near mono-regional company: with multiple branches, having branches in several regions, but at least 80% of workforce in only one region

Mono-activity status

Legal unit with several establishments of which main activities are distributed in several NAF classes, one of these activities gathering 80 to 99% of workforce

WORKFORCES
Workforce at address	50 to 99 employees
Company workforce	100 to 199 employees

Accounts & Ratios

PROFIT & LOSS
Account Date	31/12/2007	%	31/12/2006	%	31/12/2005
Account period (month)	12	-	12	-	12
Account Type	Normal Account	-	Normal Account	-	Normal Account
Currency	Euro	-	Euro	-	Euro
Turnover	32,097,843	20.5%	26,632,780	26.1%	21,113,500
Exports	16,832,822	29.7%	12,973,482	48.7%	8,723,194
Operating Charges	30,545,790	22.3%	24,978,561	14.4%	21,830,053
Operating Profit	3,152,776	66.2%	1,897,385	433.3%	355,754
Financial Income	297,460	298.4%	74,670	-34.6%	114,161
Financial Charges	332,723	195.2%	112,730	-58.1%	269,350
Pre-Tax Profit	3,117,513	67.7%	1,859,325	827.0%	200,565
Extraordinary Income	133,229	-77.9%	601,772	264.6%	165,043
Extraordinary Charges	22,797	-89.4%	214,609	622.5%	29,702
Net Profit	1,827,393	2.4%	1,783,846	606.2%	252,596

BALANCE SHEET
Account Date	31/12/2007	%	31/12/2006	%	31/12/2005
Assets
- Tangible assets	1,243,758	-14.7%	1,457,568	-24.1%	1,920,308
Intangible assets	772,738	2.1%	757,157	0.1%	756,208
Financial assets	2,784,054	106.9%	1,345,809	1.0%	1,333,059
Total fixed assets	4,800,550	34.8%	3,560,534	-11.2%	4,009,575
Stocks	4,973,336	21.6%	4,090,633	21.7%	3,360,553
Receivables	3,712,667	65.9%	2,238,326	73.8%	1,287,759
- Trade Receivables	2,371,487	108.5%	1,137,201	100.6%	567,030
- Misc. Receivables	1,341,180	-	1,101,125	-	720,729
Cash	3,471,197	13.3%	3,062,830	158.6%	1,184,541
Misc. Current Assets	49,217	-	177,502	-	166,910
Total Current Assets	12,206,417	27.6%	9,569,291	59.5%	5,999,763
Liabilities
Trade Accounts Payable	3,016,663	12.5%	2,681,144	41.5%	1,895,259
Bank Loans and Liabilities	1,223,297	328.1%	285,746	-58.7%	692,230
Sundry Loan and Liabilities	45,436	-	67,068	-	71,252
Advanced Payments Received	1,048,958	31.7%	796,419	7.1%	743,641
Tax and Social Liabilities	2,103,471	47.5%	1,425,761	64.3%	867,547
Miscellaneous Liabilities	293,121	-	204,010	-	108,071
Provisions for Risks & Charges	409,604	5.9%	386,872	194.9%	131,170
Other Capital Resources	0	-	0	-	0
Share Capital	1,079,440	0.0%	1,079,440	0.0%	1,079,440
Revaluation Reserve	0	-	0	-	0
Other Reserves	7,849,815	-	6,204,575	-	4,420,729
Total Shareholders Funds	8,929,255	22.6%	7,284,015	32.4%	5,500,169
Total Assets	17,069,803	30.0%	13,131,036	31.2%	10,009,339
Net Worth	8,156,517	-	6,526,858	-	4,743,961

RATIOS
Account Date	31/12/2007	%	31/12/2006	%	31/12/2005
Structure
Protection	52.31%		55.47%		49.73%
Net Gearing	7.43%		2.69%		16.40%
Repayment Power	61.76%		24.95%		-191.49%
Capital Requirement	65.00 day		60.00 day		41.00 day
Working Capital Requirement	12.00 day		-2.00 day		38.00 day
Net Cash	39.00 day		41.00 day		2.00 day
Performance
Return on Invested Capital	72.00%		65.00%		-6.00%
Return on Equity	20.47%		24.49%		4.59%
Gross Profit	31.49% Turnover		31.30% Turnover		23.55% Turnover
Growth v's Year Ago Qtr	5,465,063€		5,519,280€		3,141,202€
Inventory Returns	27.00 day		-16.00 day		-23.00 day
Receivables Days	26.00 day		16.00 day		-6.00 day
Payable Days	48.00 day		52.00 day		46.00 day
SIG
Profit	-13.11% Turnover		0.80% Turnover		30.70% Turnover
Gross Profit	31.49% Turnover		31.30% Turnover		23.55% Turnover
Wage and Salary distribution / Gross Profit	61.38% Turnover		67.62% Turnover		99.07% Turnover
Gross Operating Surplus	10.80% Turnover		8.62% Turnover		-1.20% Turnover
Pre-tax Income	9.71% Turnover		6.98% Turnover		0.95% Turnover
Net Profit/Loss	5.69%		6.70%		1.20%

Judgements

Collective Procedures

Courts

There are no Judgements filed against this company.

Rncs

There are no Judgements filed against this company.

Bodacc

There are no Judgements filed against this company.

Preferentials Rights

No social security and tax office preferential right to date.

Group Structure

ULTIMATE PARENT
Ultimate Parent Company	BARBARA BUI
Companies in Group	6
Company Name	Country	Share	Latest Annual Accounts
BARBARA BUI	325445963	-	31/12/2007
BARBARA BUI ITALIE	Italy	99.90 %	N/A
-BBK HOLDING	United States of America	100 %	N/A
BBK DISTRIBUTION	United States of America	100 %	N/A
KABUKI INC.	United States of America	100 %	N/A
ALAIN TONDOWSKI	414055061	55 %	31/12/2007

Event history

Status history
Date	Description
04/01/2008	Economically active

Recent Publications in Gazettes
Publication Date	Gazette Name	Description
19/09/2008	Bodacc B	Modification et mutation diverse
75 - PARIS GREFFE DU TRIBUNAL DE COMMERCE DE PARIS 704 - 325 445 963 RCS Paris. BARBARA BUI SA. Forme : Société anonyme. Administration : Commissaire aux comptes titulaire partant : Samama, Oliver, Commissaire aux comptes titulaire partant : Sultan, Jacques Leonel, nomination du Commissaire aux comptes titulaire : STE DELOITTE ET ASSOCIES, nomination du Commissaire aux comptes titulaire : FT AUDITS & ASSOCIES, Commissaire aux comptes suppléant partant : Lefevre, Jacques, Commissaire aux comptes suppléant partant : Chriqui, Sami Daniel, nomination du Commissaire aux comptes suppléant : STE BEA, nomination du Commissaire aux comptes suppléant : Abehsera, Laurent. Capital : 1079440 EUR. Adresse du siège social : 43 rue des Francs Bourgeois, 75004 Paris. Commentaires : modification survenue sur l'administration.

COMPANY EVENTS HISTORY
Date	Description
19/09/2008	New Bodacc B ads detected
29/08/2008	Appointment/resignation of company officers
29/08/2008	New auditor
29/08/2008	Private document
29/08/2008	Minutes of general meeting of shareholders
31/12/2007	New accounts available
05/07/2007	Updated articles of association
05/07/2007	Private document
05/07/2007	Minutes of general meeting of shareholders
16/03/2007	Appointment/resignation of company officers
16/03/2007	Minutes of general meeting of shareholders
16/03/2007	New auditor
16/03/2007	Private document
19/01/2007	Minutes of Board meeting
19/01/2007	Appointment/resignation of company officers
19/01/2007	Private document
31/12/2006	New accounts available
31/12/2005	New accounts available
31/12/2004	New accounts available
31/12/2003	New accounts available

ESTABLISHMENT EVENTS HISTORY
Date	Description
03/09/2008	Update Rating
04/08/2008	Update Limit
13/01/2008	Update Limit
16/12/2007	Update Limit
10/12/2007	Update Limit
08/12/2007	Update Limit
07/12/2007	Update Limit
01/08/2007	Update Limit

Directors

Director
Name	M HALIMI WILLIAM	Manager position	Directeur général
Date of birth		Place of birth
Type of manager	Individual	Name at birth of manager
Director
Name	M HALIMI JEAN CLAUDE	Manager position	Administrateur
Date of birth		Place of birth
Type of manager	Individual	Name at birth of manager
Director
Name	MME BUI LAN	Manager position	Directeur général délégué
Date of birth	02/01/1956	Place of birth	PARIS 14
Type of manager	Individual	Name at birth of manager

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.46
UK Pound	1	Rs.73.17
Euro	1	Rs.62.96

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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