MIRA INFORM REPORT

Report Date :

16.12.2011

IDENTIFICATION DETAILS

Name :	VANITEX

Registered Office :	43 Rue De Clery, Paris, 75002

Country :	France

Financials (as on) :	30.06.2008

Date of Incorporation :	15.05.1987

Com. Reg. No.:	341222669

Legal Form :	Private Independent Company

Line of Business :	Wholesale of yarn

No. of Employees :	34 persons

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

France

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

Vanitex

43 Rue De Clery

Paris, 75002

France

Tel: +33 01 42 36 16 32

Fax: +33 01 45 08 55 12

Synthesis

Employees: 34

Company Type: Private Independent

Incorporation Date: 15-May-1987

Financials in: USD (Millions)

Fiscal Year End: 30-Jun-2008

Reporting Currency: Euro

Annual Sales: 42.4

Total Assets: 21.9

Business Description

Vanitex is primarily engaged in wholesale of yarn; wholesale of fabrics; wholesale of household linen, etc.; and wholesale of haberdashery: needles, sewing thread, etc.

Industry

Industry Apparel and Accessories

ANZSIC 2006: 3711 - Textile Product Wholesaling

NACE 2002: 5141 - Wholesale of textiles

NAICS 2002: 424310 - Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

UK SIC 2003: 5141 - Wholesale of textiles

US SIC 1987: 5131 - Piece Goods, Notions, and Other Dry Good

Key Executives

Name Title

Lionel Mazouz Partner

Jean-Noel Mazouz Director

Myriam Mazouz Director

Registered No.(FRA): 341222669

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.6818588

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.634699

Corporate Overview

Location

43 Rue De Clery

Paris, 75002

France

Tel: +33 01 42 36 16 32

Fax: +33 01 45 08 55 12

Sales EUR(mil): 28.9

Assets EUR(mil): 13.9

Employees: 34

Fiscal Year End: 30-Jun-2008

Industry: Apparel and Accessories

Incorporation Date: 15-May-1987

Company Type: Private Independent

Quoted Status: Not Quoted

Registered No.(FRA): 341222669

Director: Jean-Noel Mazouz

Contents

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

3739 - Other Goods Wholesaling Not Elsewhere Classified

3711 - Textile Product Wholesaling

NACE 2002 Codes:

5147 - Wholesale of other household goods

5141 - Wholesale of textiles

NAICS 2002 Codes:

4232 - Furniture and Home Furnishing Merchant Wholesalers

424310 - Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

US SIC 1987:

5131 - Piece Goods, Notions, and Other Dry Good

5099 - Durable Goods, Not Elsewhere Classified

UK SIC 2003:

5141 - Wholesale of textiles

5147 - Wholesale of other household goods

Business Description

Vanitex is primarily engaged in wholesale of yarn; wholesale of fabrics; wholesale of household linen, etc.; and wholesale of haberdashery: needles, sewing thread, etc.

Financial Data

Financials in:	EUR(mil)

Revenue:	28.9
Assets:	13.9
Current Assets:	13.6
Total Liabilities:	13.9
Issued Capital:	5.1
Net Worth:	10.0

Date of Financial Data:	30-Jun-2008

1 Year Growth

-9.1%

Key Corporate Relationships

Bank:	Banque Generale Du Commerce

Executive report

Executives

Name

Title

Function

Jean-Noel Mazouz

Director

Administration Executive

Myriam Mazouz

Director

Administration Executive

Lionel Mazouz

Partner

Annual Profit & Loss

	30-Jun-2008	30-Jun-2007	30-Jun-2006
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.681859	0.766423	0.822292
Consolidated	No	No	No

Total income	42.8	42.3	36.0
Net sales	42.4	41.5	35.1
Change in stock	0.3	-	-
Subsidies for operating costs	0.0	0.0	0.0
Supplementary operating income	0.4	0.7	0.8
Other operating income	0.0	0.0	0.1
Other external charges	2.1	2.4	2.0
Cost of goods sold	35.7	35.9	31.8
Taxes and social security costs	0.2	0.2	0.2
Social charges	0.4	0.4	0.3
Total payroll costs	1.4	1.2	1.0
Cost of stock depreciation and amortisation	0.3	0.3	0.8
Fixed asset depreciation and amortisation	0.1	0.1	0.1
Other operating costs	0.1	0.6	0.3
Total operating costs	40.5	40.5	34.6
Net operating income	2.3	1.8	1.4
Total financial income	0.1	0.1	0.0
Interest payable on loans	0.7	0.8	0.7
Other expenses	0.0	0.0	0.0
Total expenses	0.7	0.8	0.7
Profit before tax	1.7	1.1	0.7
Extraordinary income	0.0	-	0.0
Extraordinary expenses	0.1	0.1	0.1
Total taxation	0.3	0.1	0.5
Net profit	1.3	0.9	0.2

Annual Balance Sheet

Financials in: USD (mil)

	30-Jun-2008	30-Jun-2007	30-Jun-2006
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.634699	0.740439	0.782075
Consolidated	No	No	No

Issued capital	8.0	6.9	6.5
Total reserves	6.4	4.5	4.1
Profits for the year	1.4	0.9	0.2
Total stockholders equity	15.8	12.4	10.8
Provisions and allowances	0.0	0.1	0.1
Trade creditors	3.6	3.4	1.7
Bank loans and overdrafts	1.3	1.8	2.1
Current bank debts	0.5	1.1	1.5
Other liabilities	0.0	-	0.4
Taxation and social security	1.0	0.5	1.2
Total current liabilities	5.2	5.0	4.8
Total debts	6.0	5.7	5.4
Total liabilities (including net worth)	21.9	18.2	16.3
Patents	-	-	0.0
Buildings	0.1	0.2	0.1
Other fixed assets	0.1	0.1	0.1
Other financial assets	0.1	0.1	0.1
Total non-current assets	0.4	0.3	0.3
Net stocks and work in progress	7.5	6.7	5.7
Trade debtors	11.5	9.5	7.7
Other receivables	0.7	0.3	0.6
Prepaid expenses	0.1	0.0	0.0
Cash and liquid assets	1.7	1.4	2.0
Total current assets	21.5	17.9	16.0
Total assets	21.9	18.2	16.3

Annual Ratios

Financials in: USD (mil)

	30-Jun-2008	30-Jun-2007	30-Jun-2006
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.634699	0.740439	0.782075
Consolidated	No	No	No

Current ratio	4.10	3.50	3.40
Quick ratio	2.70	2.20	2.20
Total liabilities to net worth	0.38%	0.46%	0.50%
Net worth to total assets	0.72%	0.68%	0.66%
Collection period	76.70	66.80	62.90
Stock turnover rate	6.10	6.40	6.40
Asset turnover	2.09%	2.36%	2.26%
Profit margin	0.04%	0.03%	0.02%
Return on assets	0.08%	0.06%	0.05%
Shareholders' return	0.12%	0.09%	0.07%
Sales per employee	5,128.78	5,642.97	5,922.88
Profit per employee	204.74	145.23	125.00
Average wage per employee	166.74	165.61	170.81
Net worth	15.8	12.4	10.8
Number of employees	37	37	32

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.24
UK Pound	1	Rs.83.77
Euro	1	Rs.70.46

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	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
----	NB	New Business	----

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

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

Company name & address

Synthesis

Business Description

Key Executives

Corporate Overview

Executive report

Annual Profit & Loss

Unit