MIRA INFORM REPORT

Report Date :

01.11.2012

IDENTIFICATION DETAILS

Name :	JOSEF KANZ GMBH & CO KG
Registered Office :	Wilhelm-Schickard-Strasse 7, Pliezhausen, 72124
Country :	Germany
Financials (as on) :	30.09.2010
Year of Establishment :	1949
Com. Reg. No.:	726574
Legal Form :	Partnership Subsidiary Company
Line of Business :	manufacturer of other men’s outerwear; and manufacture of other women’s outerwear.
No. of Employees :	67 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Germany	A1	A1

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

germany - ECONOMIC OVERVIEW

The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.0% in 2011. GDP contracted 5.1% in 2009 but grew by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable primarily to rebounding manufacturing orders and exports - increasingly outside the Euro Zone. Germany's central bank projects that GDP will grow 0.6% in 2012, a reflection of the worsening euro-zone financial crisis and the financial burden it places on Germany as well as falling demand for German exports. Domestic demand is therefore becoming a more significant driver of Germany's economic expansion. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's budget deficit to 3.3% in 2010, but slower spending and higher tax revenues reduce the deficit to 1.7% in 2011, below the EU's 3% limit. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its energy and 46% of its base-load electrical production.

Source : CIA

Company name & address

Josef Kanz GmbH & Co KG

Wilhelm-Schickard-Strasse 7

Pliezhausen, 72124

Germany

Tel: 49 (7574) 40 80

Fax: 49 (7574) 408 290

Web: www.kanz.com

Synthesis

Employees: 67

Company Type: Partnership Subsidiary

Corporate Family: 3 Companies

Ultimate Parent: Kanz Financial Holding GmbH

Incorporation Date: 1949

Financials in: USD (Millions)

Fiscal Year End: 30-Sep-2010

Reporting Currency: Euro

Annual Sales: 20.7

Total Assets: 21.5

Business Description

Josef Kanz GmbH & Co. KG is primarily engaged in manufacture of other men’s outerwear; and manufacture of other women’s outerwear.

Industry

Industry Apparel and Accessories

ANZSIC 2006: 1351 - Clothing Manufacturing

NACE 2002: 1823 - Manufacture of underwear

NAICS 2002: 315231 - Women's and Girls' Cut and Sew Lingerie, Loungewear, and Nightwear Manufacturing

UK SIC 2003: 18232 - Manufacture of women's underwear

UK SIC 2007: 14142 - Manufacture of women's underwear

US SIC 1987: 2341 - Women's, Misses', Children's, and Infants' Underwear and Nightwear

Key Executives

Name Title

Ozgur Kemal Bender Geschaftsfuhrer

Registered No.(DEU): 726574

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7402546

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7324934

Corporate Overview

Location

Wilhelm-Schickard-Strasse 7

Pliezhausen, 72124

Germany

Tel: 49 (7574) 40 80

Fax: 49 (7574) 408 290

Web: www.kanz.com

Sales EUR(mil): 15.3

Assets EUR(mil): 15.8

Employees: 67

Fiscal Year End: 30-Sep-2010

Industry: Apparel and Accessories

Incorporation Date: 1949

Company Type : Partnership Subsidiary

Quoted Status: Not Quoted

Registered No.(DEU): 726574

Geschaftsfuhrer : Ozgur Kemal Bender

Contents

Industry Codes

Business Description

Brand/Trade Names

Financial Data

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1351 - Clothing Manufacturing

NACE 2002 Codes:

1823 - Manufacture of underwear

1824 - Manufacture of other wearing apparel and accessories not elsewhere classified

NAICS 2002 Codes:

315231 - Women's and Girls' Cut and Sew Lingerie, Loungewear, and Nightwear Manufacturing

315291 - Infants' Cut and Sew Apparel Manufacturing

US SIC 1987:

2341 - Women's, Misses', Children's, and Infants' Underwear and Nightwear

2369 - Girls', Children's, and Infants' Outerwear, Not Elsewhere Classified

UK SIC 2003:

18232 - Manufacture of women's underwear

18249 - Manufacture of other wearing apparel and accessories not elsewhere classified

UK SIC 2007:

14142 - Manufacture of women's underwear

1419 - Manufacture of other wearing apparel and accessories n.e.c.

Business Description

Manufacture of infants' and children's outer clothing, underwear and nightwear

More Business Descriptions

Josef Kanz GmbH & Co. KG is primarily engaged in manufacture of other men’s outerwear; and manufacture of other women’s outerwear.

Brand/Trade Names

KANZ

Financial Data

Financials in:	EUR(mil)
Revenue:	15.3
Assets:	15.8
Current Assets:	12.7
Total Liabilities:	15.8
Net Worth:	2.5
Date of Financial Data:	30-Sep-2010

1 Year Growth

NA

NA

Subsidiaries

Company	Percentage Owned	Country
S + D Company GmbH		Germany

Key Corporate Relationships

Bank:	Deutsche Bank AG, Commerzbank AG

Corporate Family	Corporate Structure News:
	Kanz Financial Holding GmbH Josef Kanz GmbH & Co KG
Josef Kanz GmbH & Co KG Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Kanz Financial Holding GmbH	Parent	Pliezhausen, Baden-Württemberg	Germany	Commercial Banks		1
Josef Kanz GmbH & Co KG	Subsidiary	Pliezhausen, Baden-Württemberg	Germany	Apparel and Accessories	20.7	60
Kanz Vertriebsgesellschaft mbH	Subsidiary	Pliezhausen, Baden-Württemberg	Germany	Apparel and Accessories		5

Executive report

Executives

Name	Title	Function
Ozgur Kemal Bender	Geschaftsfuhrer	Managing Director

Annual Profit & Loss

	30-Sep-2010	30-Sep-2009	30-Sep-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.740255	0.73971	0.666382
Consolidated	No	No	No
Total income	20.7	-	-
Raw materials and services	13.3	-	-
Net sales	20.7	-	-
Other operating income	7.2	-	-
Raw materials and consumables employed	13.3	-	-
Other external charges	0.0	-	-
Cost of goods sold	13.3	-	-
Cost of raw materials	13.3	-	-
Taxes and social security costs	0.5	0.5	0.4
Total payroll costs	2.8	2.7	2.4
Fixed asset depreciation and amortisation	0.5	0.3	0.3
Other operating costs	18.2	18.2	15.3
Net operating income	2.0	1.1	0.9
Other income	0.0	0.0	0.0
Interest payable on loans	0.8	0.7	0.9
Other expenses	0.5	-	-
Total expenses	1.2	0.7	0.8
Profit before tax	0.8	0.5	0.1
Provisions	0.8	0.9	0.6
Other taxes	0.0	0.0	0.0
Total taxation	0.1	0.1	-
Net profit	0.7	0.4	0.1

Annual Balance Sheet

Financials in: USD (mil)

	30-Sep-2010	30-Sep-2009	30-Sep-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.732493	0.684135	0.711921
Consolidated	No	No	No
Profits for the year	0.7	-0.9	-1.2
Profit brought forward from previous year(s)	-	-1.3	-1.3
Total stockholders equity	3.3	2.9	2.4
Deferred taxation	0.1	0.1	-
Other provisions	0.8	0.9	0.6
Provisions and allowances	0.8	1.0	0.6
Other debentures	0.5	-	-
Total long-term liabilities	0.5	0.8	-
Trade creditors	2.6	-	-
Other loans	10.8	-	-
Taxation and social security	0.6	-	-
Other current liabilities	1.8	-	-
Total current liabilities	15.8	13.2	10.5
Total liabilities (including net worth)	21.5	17.9	13.4
Patents	0.0	0.0	-
Intangibles	0.0	0.0	-
Land and buildings	1.0	1.2	1.2
Machinery and tools	0.0	0.0	0.0
Fixtures and equipment	1.0	1.2	1.2
Fixed assets under construction	-	0.1	-
Total tangible fixed assets	3.3	3.7	1.9
Long-term investments	-	-	0.1
Shares held in associated companies	0.3	0.4	-
Total financial assets	0.9	1.0	0.1
Loans to associated companies	0.5	0.7	-
Total non-current assets	4.2	4.8	2.0
Raw materials	0.0	-	-
Finished goods	1.9	-	-
Prepayments	0.0	-	-
Net stocks and work in progress	1.9	1.4	2.1
Trade debtors	8.0	-	-
Other receivables	1.8	-	-
Total receivables	14.0	11.1	9.1
Owing from associated companies	3.8	-	-
Cash and liquid assets	1.4	0.6	0.1
Total current assets	17.3	13.1	11.4
Prepaid expenses and deferred costs	0.0	0.0	0.0
Total assets	21.5	17.9	13.4

Annual Ratios

Financials in: USD (mil)

	30-Sep-2010	30-Sep-2009	30-Sep-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.732493	0.684135	0.711921
Consolidated	No	No	No
Current ratio	10.93	9.89	10.84
Acid test ratio	9.72	8.81	8.81
Total liabilities to net worth	0.49%	0.49%	0.44%
Net worth to total assets	0.02%	0.02%	0.02%
Current liabilities to net worth	0.47%	0.46%	0.44%
Current liabilities to stock	0.83%	0.92%	0.49%
Fixed assets to net worth	0.13%	0.17%	0.09%
Collection period	1,394.00	-	-
Stock turnover rate	0.91	-	-
Profit margin	0.00%	-	-
Return on assets	0.01%	0.01%	0.01%
Shareholders' return	0.02%	0.01%	0.00%
Sales per employee	22.86	-	-
Profit per employee	0.72	0.45	0.08
Average wage per employee	3.14	3.27	2.67
Net worth	3.3	2.9	2.4
Number of employees	67	62	60

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.12
UK Pound	1	Rs.87.08
Euro	1	Rs.70.15

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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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.