MIRA INFORM REPORT

 

 

Report Date :

02.01.2014

 

IDENTIFICATION DETAILS

 

Name :

LE TANNEUR & CIE SA 

 

 

Registered Office :

117-119 Quai De Valmy, Paris, 75010

 

 

Country :

France

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

16.04.1998

 

 

Com. Reg. No.:

414433797

 

 

Legal Form :

Public Parent Company

 

 

Line of Business :

·         manufacturer and distributor of leather goods.

Subject offers collections of billfolds, handbags, briefcases, luggage and various accessories

 

 

No. of Employees :

605

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

France

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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. With at least 79 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011, before stagnating in 2012. The unemployment rate increased from 7.4% in 2008 to 10.3% in 2012. Youth unemployment shot up to 24.2% during the third quarter of 2012 in metropolitan France. Lower-than-expected growth and high unemployment costs have strained France's public finances. The budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.5% of GDP in 2012, while France's public debt rose from 68% of GDP to 89% over the same period. Under President SARKOZY, Paris implemented some austerity measures to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt. Socialist Party candidate Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, the separation of banks' traditional deposit taking and lending activities from more speculative businesses, increasing the top corporate and personal tax rates, and hiring an additional 60,000 teachers during his five-year term. The government's attempt to introduce a 75% wealth tax on income over one million euros for two years was struck down by the French Constitutional Council in December 2012 because it applied to individuals rather than households. France ratified the EU fiscal stability treaty in October 2012 and HOLLANDE's government has maintained France's commitment to meeting the budget deficit target of 3% of GDP during 2013 even amid signs that economic growth will be lower than the government's forecast of 0.8%. Despite stagnant growth and fiscal challenges, France's borrowing costs declined during the second half of 2012 to euro-era lows.

 

Source : CIA

 

 

Company name & address

 

Le Tanneur & Cie SA

117-119 quai de Valmy

Paris, 75010

France

Tel:       33-1-44724000

Fax:      33-1-44724049

Web:     www.letanneuretcie.com

 

 

Operating Address 

694, Av du Général De Gaulle

Postcode / Town: 01300 Belley,

Cedex, France

 

 

Synthesis     

 

Employees:                  605

Company Type:            Public Parent

Corporate Family:          2 Companies

Traded:                         Euronext Paris:  LTAN

Incorporation Date:         16-Apr-1998

Auditor: AFIGEC          

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2012

Reporting Currency:       Euro

Annual Sales:               83.1  1

Net Income:                   (0.9)

Total Assets:                 62.7  2

Market Value:                41.8 (05-Dec-2013)

 

Business Description   

 

Le Tanneur & Cie SA is a France-based manufacturer and distributor of leather goods. It offers collections of billfolds, handbags, briefcases, luggage and various accessories. The Company creates, manufactures and markets its products under two principal brand names: Le Tanneur and Soco. As of December 31, 2011, the Company's retail network under the brand Le Tanneur comprised of stores in France, Belgium and Luxembourg. It also distributes its products online, via www.letanneur.com Website. In addition, the Company manufactures products for luxury brands at its production site of Bort-les-Orgues. As of December 31, 2011, the Company's subsidiaries included Le Tanneur & Cie Bruxelles SA, Sopadima Far-East, Le Tanneur Chine Co Ltd, Le Tanneur Japan KK, Maroquinerie des Orgues and Somacap. In April 25, 2013, it announced the transfer of its two German shops to Le Tanneur International. For the fiscal year ended 31 December 2012, Le Tanneur & Cie SA revenues decreased less than 1% to EUR64.7M. Net loss before extraordinary items increased from EUR545K to EUR1.3M. Revenues reflect Luxurious Articles segment increase of 6% to EUR35.5M, France segment increase from EUR27.9M to EUR60.9M, Other Foreign segment increase of 16% to EUR3.8M, also reflect Retail Own Shop segment decrease of 7% to EUR29.1M.

 

Industry

Industry            Clothing and Apparel Manufacturing

ANZSIC 2006:    1320 - Leather Tanning, Fur Dressing and Leather Product Manufacturing

ISIC Rev 4:        1512 - Manufacture of luggage, handbags and the like, saddlery and harness

NACE Rev 2:     1512 - Manufacture of luggage, handbags and the like, saddlery and harness

NAICS 2012:     316998 - All Other Leather Good and Allied Product Manufacturing

UK SIC 2007:    1512 - Manufacture of luggage, handbags and the like, saddlery and harness

US SIC 1987:    3161 - Luggage

 

           

Key Executives   

 

Name

Title

Jean Clenet

Chief Executive Officer

Patricia Moulon

Financial Director

Olivier Brambilla

Director of Sales for France

Guillaume Pontarrasse

Director of Retail Network Development

Emmanuel Louvet

Director of the Maroquinerie des Orgues Industrial Sites


Financial Summary    

 

 

As of 31-Dec-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.32

2.75

Quick Ratio (MRQ)

0.72

1.45

Debt to Equity (MRQ)

1.43

0.52

Sales 5 Year Growth

5.43

10.05

Net Profit Margin (TTM) %

-2.05

7.39

Return on Assets (TTM) %

-3.04

7.59

Return on Equity (TTM) %

-11.84

15.09

 

 

Stock Snapshot    

 

 

Traded: Euronext Paris: LTAN

 

As of 5-Dec-2013

   Financials in: EUR

Recent Price

7.20

 

EPS

-0.37

52 Week High

7.65

 

Price/Sales

0.48

52 Week Low

4.37

 

Price/Book

2.77

Avg. Volume (mil)

0.0002

 

Beta

0.09

Market Value (mil)

30.83

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

1.41%

4.63%

13 Week

-1.37%

-3.28%

52 Week

44.00%

25.60%

Year to Date

64.76%

45.28%

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566

 

 

Corporate Overview

 

Location

117-119 quai de Valmy

Paris, 75010

France

Tel:       33-1-44724000

Fax:      33-1-44724049

Web:    www.letanneuretcie.com

           

Quote Symbol - Exchange

LTAN - Euronext Paris

Sales EUR(mil):             64.7

Assets EUR(mil):           47.4

Employees:                   605

Fiscal Year End:            31-Dec-2012

Industry:                        Apparel and Accessories

Incorporation Date:         16-Apr-1998

Company Type:             Public Parent

Quoted Status:              Quoted

Registered No.(FRA):     414433797

Chief Executive Officer:   Jean Clenet

 

Industry Codes

ANZSIC 2006 Codes:

1320     -          Leather Tanning, Fur Dressing and Leather Product Manufacturing

4259     -          Other Personal Accessory Retailing

3712     -          Clothing and Footwear Wholesaling

 

ISIC Rev 4 Codes:

1512     -          Manufacture of luggage, handbags and the like, saddlery and harness

4771     -          Retail sale of clothing, footwear and leather articles in specialized stores

4641     -          Wholesale of textiles, clothing and footwear

1511     -          Tanning and dressing of leather; dressing and dyeing of fur

 

NACE Rev 2 Codes:

1512     -          Manufacture of luggage, handbags and the like, saddlery and harness

4642     -          Wholesale of clothing and footwear

4772     -          Retail sale of footwear and leather goods in specialised stores

1511     -          Tanning and dressing of leather; dressing and dyeing of fur

 

NAICS 2012 Codes:

316998  -          All Other Leather Good and Allied Product Manufacturing

316110  -          Leather and Hide Tanning and Finishing

424330  -          Women's, Children's, and Infants' Clothing and Accessories Merchant Wholesalers

448320  -          Luggage and Leather Goods Stores

316992  -          Women's Handbag and Purse Manufacturing

 

US SIC 1987:

3161     -          Luggage

5137     -          Women's, Children's, and Infants' Clothing and Accessories

5948     -          Luggage and Leather Goods Stores

3111     -          Leather Tanning and Finishing

3171     -          Women's Handbags and Purses

 

UK SIC 2007:

1512     -          Manufacture of luggage, handbags and the like, saddlery and harness

4642     -          Wholesale of clothing and footwear

1511     -          Tanning and dressing of leather; dressing and dyeing of fur

4772     -          Retail sale of footwear and leather goods in specialised stores

 

Business Description

Le Tanneur & Cie SA is a France-based manufacturer and distributor of leather goods. It offers collections of billfolds, handbags, briefcases, luggage and various accessories. The Company creates, manufactures and markets its products under two principal brand names: Le Tanneur and Soco. As of December 31, 2011, the Company's retail network under the brand Le Tanneur comprised of stores in France, Belgium and Luxembourg. It also distributes its products online, via www.letanneur.com Website. In addition, the Company manufactures products for luxury brands at its production site of Bort-les-Orgues. As of December 31, 2011, the Company's subsidiaries included Le Tanneur & Cie Bruxelles SA, Sopadima Far-East, Le Tanneur Chine Co Ltd, Le Tanneur Japan KK, Maroquinerie des Orgues and Somacap. In April 25, 2013, it announced the transfer of its two German shops to Le Tanneur International. For the fiscal year ended 31 December 2012, Le Tanneur & Cie SA revenues decreased less than 1% to EUR64.7M. Net loss before extraordinary items increased from EUR545K to EUR1.3M. Revenues reflect Luxurious Articles segment increase of 6% to EUR35.5M, France segment increase from EUR27.9M to EUR60.9M, Other Foreign segment increase of 16% to EUR3.8M, also reflect Retail Own Shop segment decrease of 7% to EUR29.1M.

 

More Business Descriptions

Creation, manufacture and distribution of small luxury leather goods

 

Leather Goods Mfr & Distr

 

Other Leather and Allied Product Manufacturing

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

64.7

Net Income:

-0.7

Assets:

47.4

Long Term Debt:

6.3

 

Total Liabilities:

36.3

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

31-Dec-2012

 

1 Year Growth

-0.5%

NA

19.0%

Market Data

Quote Symbol:

LTAN

Exchange:

Euronext Paris

Currency:

EUR

Stock Price:

7.2

Stock Price Date:

12-05-2013

52 Week Price Change %:

44.0

Market Value (mil):

30,831.4

ISIN:

FR0000075673

 

Equity and Dept Distribution:

06/2009, Nominal value changed to EUR 1. 06/2009, Rights Issue, 2 new shares for every 1 share held @ EUR 1 (Factor: 1.75777).

 

 

Subsidiaries

Company

Percentage Owned

Country

Sopadima Far East Ltd.

 

Hong Kong

Le Tanneur et Cie Bruxelles SA

100%

BELGIUM

Le Tanneur Japan KK

100%

JAPAN

Sopadima Far East

100%

HONG KONG SAR

 

 

 

 

Shareholders

 

 

Major Shareholders

Managers (33%); Développement & Partenariat PME IV (15.6%)

 

 

 

Key Corporate Relationships

Auditor:

AFIGEC

Bank:

Banque Tarneaud, Banque Du Credit Mutuel Pour L Entreprise, Credit Agricole Centre France

 

Auditor:

Spitz, Olivier et Associés SAS; Fiduciaire Leydet SAS, AFIGEC

 

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Le Tanneur & Cie SA

Le Tanneur & Cie SA 
Total Corporate Family Members: 2 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Le Tanneur & Cie SA

Parent

Paris

France

Clothing and Apparel Manufacturing

83.1

605

 

Le Tanneur & Cie Bruxelles S.A.

Subsidiary

Brussels

Belgium

Clothing and Apparel Manufacturing

 

2

 

 

 

Executive report

 

 

Board of Directors

 

Name

Title

Function

 

Gregory Couillard

 

Chairman of the Board

Chairman

 

Biography:

Mr. Gregory Couillard has been Chairman of the Board of Le Tanneur & Cie SA since June 15, 2011. He is Chief Executive Officer of Qatar Luxury Group. He graduated from Ecole de Commerce de Montpellier and the University of Vienna with a Masters in Economics. He started his career with Procter & Gamble, before joining the Danone Group, where he held various positions in Eastern Europe and France. In 2001 he joined the LVMH Group where he managed Tag Heuer and held managerial positions in Jewelry Group division in France and Europe. In 2008, he created Qatar Luxury Group.

 

Education:

University of Vienna, M (Economics)
Ecole Superieure de Commerce de Montpellier

 

Herve Descottes

 

Director

Director/Board Member

 

 

Biography:

Mr. Herve Descottes has been a Director of Le Tanneur & Cie SA since November 1997. He was also the Chairman of the Board of Le Tanneur & Cie SA from November 1997 until June 15, 2011 and the Chief Executive Officer of the Company also from November 1997 until February 2012. He was made Honorary Chairman of the Company in February 2012. He also serves as Chairman of the Board of Sopadima Far East, Le Tanneur Chine Co, Ltd., amongst others. He is a graduate of Ecole Superieure de Commerce de Paris and served as Director of Marketing at Printemps. He then became Director of Sales and Managing Director of Burton France. In 1980, he bought back Andrelux from its founder and was its Chairman and Managing Director until 1993.

 

Education:

Ecole Superieure de Commerce de Paris

 

Compensation/Salary:50,020

Compensation Currency: EUR

 

Jean-Francois Lebras

 

Director

Director/Board Member

 

 

Biography:

Mr. Jean-Francois Lebras has been a Director at Le Tanneur & Cie SA since June 15, 2011. He is Finance and Administration Director of Qatar Luxury Group. He graduated from EDC in Paris and holds MBA from the University of Dallas. He has worked for 28 years with Texas Instrument, holding positions in Finance departments in United States and Asian countries before returning to Boston in 2009. He joined Qatar Luxury Group in September 2010.

 

Education:

University of Dallas, MBA 
Ecole des Dirigeants and Createurs d'Entreprise

 

Thomas Pecenka

 

Director

Director/Board Member

 

 

Biography:

Mr. Thomas Pecenka been a Director at Le Tanneur & Cie SA since June 15, 2011. He is Vice Chairman of Qatar Luxury Group Fashion. He graduated from European School of Business in Reutlingen and ESC Reims. He joined the Richemont group as Product Manager for Cartier International. He was responsible for the development of leather goods for men from 2004 to 2009. He joined Qatar Luxury Group in March 2009.

 

Education:

European School of Business of Reutlingen
ESC Reims

 

 

Executives

 

Name

Title

Function

 

Jean Clenet

 

Chief Executive Officer

Chief Executive Officer

 

Biography:

Mr. Jean Clenet has been the Chief Executive Officer of Le Tanneur & Cie SA since February 2012. He previously served as the Deputy Chief Executive Officer of the Company from 2004. He is a graduate of Ecole Superieure d’Electricite and holds a degree in Business Management from ICG Pays de Loire. He first worked as an Engineer at Total and then at the electronic center of Laval. Mr. Clenet then joined La Fourmi, where for 11 years he held successively the positions of Logistics Director, Secretary General, Industrial and Logistics Director and then Managing Director. He joined Le Tanneur & Cie SA as Industrial and Logistics Director in January 2001.

 

Education:

Ecole Superieure d'Electricite
ICG (Business Management)

 

Compensation/Salary:193,128

Compensation Currency: EUR

 

Francis Varesano

 

Directeur Général Adjoint

Division Head Executive

GW 

 

Djamila Gaid

 

Director

Senior Management (General)

 

 

Patrick Molnar

 

Director

Senior Management (General)

 

 

Denise Mutin

 

Director

Senior Management (General)

 

 

René-Jean Brun

 

Administrateur

Administration Executive

 

 

Jocelyne Descottes

 

Administrateur

Administration Executive

 

 

Alain Fauqueur

 

Administrateur

Administration Executive

 

 

Patricia Moulon

 

Financial Director

Finance Executive

 

 

Biography:

Ms. Patricia Moulon has been Financial Director of Le Tanneur & Cie SA since April 2006. She is a graduate of Ecole Superieure de Commerce de Dijon. She worked for four years at Price Waterhouse before being appointed Europe Financial Controller of the optical goods company Bolle. Ms. Moulon joined Le Tanneur & Cie SA in August 2001 as a Financial Controller.

 

Education:

Ecole Superieure de Commerce de Dijon

 

Olivier Brambilla

 

Director of Sales for France

Sales Executive

 

 

Biography:

Mr. Olivier Brambilla has been the Director of Sales for France of Le Tanneur & Cie SA since March 2009. He is a graduate Ecole Superieure de Commerce de Pau. After five years spent within the Mulliez group (Kiabi), he worked for six years for ETAM as Regional Manager and then Head of France. Mr. Brambilla subsequently served as Director of Sales of Levi Strauss & Co for retail activities in France, Comptoir des cotonniers and LOFT.

 

Education:

Ecole Superieure de Commerce de Pau

 

Fabien Thevenot

 

Wholesale France and Export Director

International Executive

 

 

Biography:

Mr. Fabien Thevenot serves as Wholesale France and Export Director of Le Tanneur & Cie SA. A graduate of ESSEC Business School, he started working at Kraft Foods as Division Manager and then became Director of Sales for two years in a start-up company specializing in the video industry. He was subsequently appointed Export Regional Manager at Puig, a Spanish company specializing in perfumes and cosmetics, and was based in Singapore for three years.

 

Education:

ESSEC Business School

 

Caroline Decoudu

 

Marketing Director

Marketing Executive

 

 

Biography:

Ms. Caroline Decoudu has been Marketing Director of Le Tanneur & Cie SA since September 2011. A graduate of Institut Superieure de Gestion, Paris, Ms. Decoudu worked for the central purchasing department store chain Le Printemps for dozen of years in dealing with marketing responsibilities in the areas of tableware, linens, luggage and accessories textiles before becoming Head collection of leather goods. She joined the Company in September 2011.

 

Education:

Institut Superieur de Gestion, Paris

 

Fabrice Vigano

 

Marketing director

Marketing Executive

 

 

Jean De Peyrecave

 

Commercial director

Commercial Executive

 

 

Philippe Delbecq

 

Directeur de la Fabrication pour Maisons de Luxe

Manufacturing Executive

 

 

Guillaume Pontarrasse

 

Director of Retail Network Development

Merchandise Management Executive

 

 

Biography:

Mr. Guillaume Pontarrasse is Director of Retail Network Development of Le Tanneur & Cie SA. He holds a Postgraduate degree in Strategy and Financial Engineering of Universite de Sceaux. He first worked in the accountancy firm Fiducial and joined Intersport as Financial and Business Development Advisor, before being appointed Retail Management Controller at Nike France. He was appointed Director of Franchise network Development of Le Tanneur & Cie SA in May 2004 and then also became in charge of affiliated stores development in March 2006.

 

Education:

EPF-Sceaux de Paris

 

Emmanuel Louvet

 

Director of the Maroquinerie des Orgues Industrial Sites

Other

 

 

Biography:

Mr. Emmanuel Louvet has served as Director of the Maroquinerie des Orgues Industrial Sites at Le Tanneur & Cie SA since April 2012. After five years at Valeo, he joined Volvo AB. He spent seven years at Volvo AB and was Had of a Production Center and then Director of Lean Manufacturing. He was then Director of a subsidiary of Texen and a Factory Director at Fichet-Bauche. he is a graduate of the Ecole des Mines de Nancy.

 

Education:

Ecole des Mines de Nancy

 

 

 

Significant Developments

 

Le Tanneur & Cie SA Transfers German Shops to Le Tanneur International Apr 25, 2013

 

Le Tanneur & Cie SA announced the transfer of its two German shops to Le Tanneur International. Le Tanneur International is to open other outlets internationally for which Le Tanneur & Cie SA will be the sole supplier.

 

 

Annual Profit & Loss

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.778237

0.71919

0.755078

Consolidated

No

No

No

 

 

 

 

Total income

42.7

45.1

85.0

Net sales

39.6

46.5

77.8

Change in stock

-1.3

1.2

0.3

Unfinished work in progress

2.5

-2.3

5.8

Subsidies for operating costs

0.0

0.0

0.1

Supplementary operating income

0.3

0.7

1.2

Other operating income

0.4

0.3

0.2

Other external charges

15.3

14.6

19.9

Cost of goods sold

20.0

16.2

37.2

Taxes and social security costs

0.7

0.8

1.4

Social charges

3.5

3.8

5.9

Total payroll costs

8.1

8.5

16.1

Cost of stock depreciation and amortisation

0.7

0.8

0.5

Fixed asset depreciation and amortisation

1.0

1.1

1.2

Other operating costs

0.1

0.2

0.1

Total operating costs

48.2

47.2

82.7

Net operating income

-5.5

-2.1

2.3

Total financial income

1.1

0.6

0.4

Interest payable on loans

0.4

0.5

0.4

Other expenses

0.1

0.5

0.4

Total expenses

0.4

1.0

0.8

Profit before tax

-4.8

-2.4

1.8

Extraordinary income

1.4

1.3

1.0

Extraordinary expenses

1.7

0.8

0.7

Extraordinary result

-0.3

0.5

0.3

Total taxation

-1.1

-0.6

-0.2

Profit distributed to employees

-

-

0.1

Net profit

-

-

2.2

Net loss

4.0

1.4

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.7566

0.770327

0.745406

Consolidated

No

No

No

 

 

 

 

Issued capital

5.7

5.5

5.7

Share premium account

8.4

8.1

8.4

Total reserves

0.5

0.5

0.4

Profits for the year

-4.1

-1.3

2.2

Profit brought forward from previous year(s)

2.3

3.6

1.6

Total stockholders equity

12.7

16.3

18.3

Provisions and allowances

0.3

0.3

0.5

Trade creditors

7.4

4.9

6.1

Bank loans and overdrafts

3.8

5.9

6.0

Current bank debts

-

0.0

-

Other loans

0.4

0.3

0.3

Other liabilities

11.4

2.6

3.2

Debts on fixed assets

0.3

0.1

0.3

Income stated in advance

1.1

1.2

1.3

Taxation and social security

3.2

3.4

3.4

Total current liabilities

20.1

14.6

16.9

Total debts

27.7

18.3

20.7

Regularisation account

0.0

0.0

0.1

Total liabilities (including net worth)

40.7

35.0

39.5

Patents

0.1

0.1

0.1

Goodwill

4.3

4.7

4.9

Other intangibles

0.1

0.0

0.0

Land

0.1

0.1

0.0

Buildings

0.4

0.0

0.0

Other fixed assets

3.2

3.0

3.0

Long-term investments

7.0

7.0

7.3

Other financial assets

0.8

0.8

0.8

Total non-current assets

15.8

15.8

16.2

Net stocks and work in progress

14.3

10.5

14.2

Trade debtors

3.9

4.5

3.9

Other receivables

1.6

1.2

1.3

Prepaid expenses

1.1

1.1

1.2

Cash and liquid assets

3.8

1.9

2.5

Marketable securities

0.0

0.0

0.1

Total current assets

24.8

19.2

23.2

Prepaid expenses and deferred costs

0.1

0.1

0.1

Total assets

40.7

35.0

39.5

 

Annual Ratios

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.7566

0.770327

0.745406

Consolidated

No

No

No

 

 

 

 

Current ratio

1.20

1.30

1.40

Quick ratio

0.50

0.60

0.50

Total liabilities to net worth

3.35%

1.60%

1.57%

Net worth to total assets

0.20%

0.33%

0.33%

Collection period

29.40

31.20

15.10

Stock turnover rate

2.80

4.10

5.60

Asset turnover

1.00%

1.24%

1.99%

Profit margin

-0.12%

-0.05%

0.02%

Return on assets

-0.12%

-0.07%

0.05%

Shareholders' return

-0.60%

-0.20%

0.14%

Sales per employee

970.75

-

739.30

Profit per employee

-117.51

-

17.33

Average wage per employee

199.20

-

153.40

Net worth

12.7

16.3

18.3

Number of employees

208

-

521

 

 

Annual Income Statement

 

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.778237

0.71919

0.755078

0.719047

0.683679

Auditor

AFIGEC

AFIGEC

Fiduciaire Leydet, Didier Amphoux

Fiduciaire Leydet, Didier Amphoux

Jean-Claude Spitz

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

83.1

90.1

75.8

74.1

83.0

Revenue

83.1

90.1

75.8

74.1

83.0

    Other Revenue

-

0.2

0.1

0.0

0.0

Other Revenue, Total

-

0.2

0.1

0.0

0.0

Total Revenue

83.1

90.3

75.8

74.1

83.1

 

 

 

 

 

 

    Cost of Revenue

49.3

46.5

36.6

36.8

41.3

Cost of Revenue, Total

49.3

46.5

36.6

36.8

41.3

Gross Profit

33.7

43.6

39.1

37.3

41.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

5.3

17.7

14.5

13.7

16.9

    Labor & Related Expense

25.9

25.2

22.2

21.8

22.8

    Advertising Expense

4.3

-

-

-

-

Total Selling/General/Administrative Expenses

35.4

42.9

36.7

35.5

39.8

    Depreciation

1.5

1.7

1.4

1.4

1.4

Depreciation/Amortization

1.5

1.7

1.4

1.4

1.4

    Litigation

-

0.0

0.0

0.2

0.0

    Loss (Gain) on Sale of Assets - Operating

-0.5

-1.0

0.0

0.0

-0.9

    Other Unusual Expense (Income)

-

-

-

-

0.0

Unusual Expense (Income)

-0.5

-1.0

0.0

0.1

-0.9

    Other Operating Expense

0.6

0.6

0.1

-

-

    Other, Net

-1.4

-0.1

-1.2

-0.2

-0.2

Other Operating Expenses, Total

-0.8

0.5

-1.1

-0.2

-0.2

Total Operating Expense

85.0

90.5

73.6

73.6

81.3

 

 

 

 

 

 

Operating Income

-1.9

-0.1

2.2

0.5

1.8

 

 

 

 

 

 

        Interest Expense - Non-Operating

-0.4

-0.6

-0.4

-0.5

-0.8

    Interest Expense, Net Non-Operating

-0.4

-0.6

-0.4

-0.5

-0.8

        Investment Income - Non-Operating

0.1

0.3

0.0

0.0

1.0

    Interest/Investment Income - Non-Operating

0.1

0.3

0.0

0.0

1.0

Interest Income (Expense) - Net Non-Operating Total

-0.3

-0.3

-0.4

-0.5

0.2

    Other Non-Operating Income (Expense)

0.1

-0.1

0.0

0.0

0.0

Other, Net

0.1

-0.1

0.0

0.0

0.0

Income Before Tax

-2.2

-0.5

1.8

0.0

1.9

 

 

 

 

 

 

Total Income Tax

-0.5

0.3

0.6

0.2

-0.4

Income After Tax

-1.7

-0.8

1.1

-0.2

2.3

 

 

 

 

 

 

    Minority Interest

-

-

-

-

0.0

Net Income Before Extraord Items

-1.7

-0.8

1.1

-0.2

2.3

    Discontinued Operations

0.8

0.0

-0.2

-1.0

0.0

Total Extraord Items

0.8

0.0

-0.2

-1.0

0.0

Net Income

-0.9

-0.8

0.9

-1.2

2.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-1.7

-0.8

1.1

-0.2

2.3

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-0.9

-0.8

0.9

-1.2

2.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

4.3

4.2

4.2

3.3

2.5

Basic EPS Excl Extraord Items

-0.40

-0.18

0.27

-0.06

0.94

Basic/Primary EPS Incl Extraord Items

-0.20

-0.18

0.22

-0.34

0.93

Dilution Adjustment

0.0

0.0

-

0.0

-

Diluted Net Income

-0.9

-0.8

0.9

-1.2

2.3

Diluted Weighted Average Shares

4.3

4.2

4.3

3.3

2.5

Diluted EPS Excl Extraord Items

-0.40

-0.18

0.27

-0.06

0.93

Diluted EPS Incl Extraord Items

-0.20

-0.18

0.22

-0.34

0.93

Dividends per Share - Common Stock Primary Issue

-

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

0.4

0.6

0.4

0.5

0.8

Depreciation, Supplemental

1.5

1.5

1.2

1.4

1.4

Total Special Items

-0.5

-1.0

0.0

0.1

-0.9

Normalized Income Before Tax

-2.7

-1.5

1.7

0.1

1.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-0.2

-0.4

0.0

0.0

-0.3

Inc Tax Ex Impact of Sp Items

-0.7

-0.1

0.6

0.2

-0.7

Normalized Income After Tax

-2.0

-1.4

1.1

-0.1

1.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-2.0

-1.4

1.1

-0.1

1.7

 

 

 

 

 

 

Basic Normalized EPS

-0.48

-0.34

0.26

-0.03

0.69

Diluted Normalized EPS

-0.48

-0.34

0.26

-0.03

0.69

Amort of Intangibles, Supplemental

-

0.1

0.1

0.0

0.1

Rental Expenses

3.7

3.9

3.3

3.4

3.2

Advertising Expense, Supplemental

4.3

2.2

1.4

1.2

2.1

Normalized EBIT

-2.4

-1.2

2.2

0.6

0.8

Normalized EBITDA

-0.9

0.4

3.5

2.1

2.3

    Current Tax - Total

0.0

0.2

0.0

0.0

0.0

Current Tax - Total

0.0

0.2

0.0

0.0

0.0

    Deferred Tax - Total

-0.5

0.1

0.6

0.2

-0.4

Deferred Tax - Total

-0.5

0.1

0.6

0.2

-0.4

Income Tax - Total

-0.5

0.3

0.6

0.2

-0.4

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.7566

0.770327

0.745406

0.696986

0.719399

Auditor

AFIGEC

AFIGEC

Fiduciaire Leydet, Didier Amphoux

Fiduciaire Leydet, Didier Amphoux

Jean-Claude Spitz

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

4.9

2.6

2.7

3.1

3.8

Cash and Short Term Investments

4.9

2.6

2.7

3.1

3.8

        Accounts Receivable - Trade, Gross

16.3

16.5

16.7

15.1

15.6

        Provision for Doubtful Accounts

-4.4

-0.5

-0.5

-0.5

-0.4

    Trade Accounts Receivable - Net

11.9

16.0

16.2

14.6

15.2

    Notes Receivable - Short Term

3.5

-

-

-

-

    Other Receivables

5.0

1.5

1.7

1.5

1.8

Total Receivables, Net

20.4

17.5

17.9

16.1

17.0

    Inventories - Finished Goods

14.4

10.5

15.2

10.9

13.7

    Inventories - Work In Progress

1.7

1.4

1.9

1.3

1.3

    Inventories - Raw Materials

6.0

5.9

5.4

6.1

6.2

    Inventories - Other

-

-

-1.8

-2.7

-2.7

Total Inventory

22.2

17.8

20.7

15.5

18.5

Prepaid Expenses

0.9

0.9

1.0

1.1

1.5

    Other Current Assets

0.3

0.3

0.1

0.1

0.1

Other Current Assets, Total

0.3

0.3

0.1

0.1

0.1

Total Current Assets

48.6

39.1

42.3

35.8

40.9

 

 

 

 

 

 

        Buildings

2.4

2.0

2.0

2.1

2.0

        Land/Improvements

0.3

0.3

0.2

0.2

0.2

        Machinery/Equipment

4.7

4.0

3.6

3.6

3.3

        Construction in Progress

0.2

0.0

0.1

0.1

0.1

        Other Property/Plant/Equipment

10.1

9.8

9.3

9.1

8.2

    Property/Plant/Equipment - Gross

17.7

16.1

15.2

15.0

13.8

    Accumulated Depreciation

-10.8

-10.0

-9.3

-10.2

-8.7

Property/Plant/Equipment - Net

6.9

6.1

5.9

4.9

5.0

    Goodwill - Gross

0.0

-

-

-

-

Goodwill, Net

0.3

0.4

0.3

0.4

0.3

    Intangibles - Gross

5.1

5.7

5.8

5.7

5.2

    Accumulated Intangible Amortization

-0.7

-0.6

-0.5

-0.5

-0.4

Intangibles, Net

4.4

5.1

5.3

5.2

4.8

    LT Investments - Other

0.8

1.0

0.8

0.8

0.8

Long Term Investments

0.8

1.0

0.8

0.8

0.8

    Deferred Income Tax - Long Term Asset

1.6

0.0

0.0

1.0

0.8

    Discontinued Operations - Long Term Asset

-

-

-

-

0.0

    Other Long Term Assets

0.0

-

-

-

-

Other Long Term Assets, Total

1.6

0.0

0.0

1.0

0.8

Total Assets

62.7

51.7

54.7

48.1

52.7

 

 

 

 

 

 

Accounts Payable

15.2

10.8

11.2

10.8

12.9

Accrued Expenses

6.8

6.8

6.3

5.7

5.5

Notes Payable/Short Term Debt

12.4

7.1

9.4

6.4

13.1

Current Portion - Long Term Debt/Capital Leases

0.3

1.1

1.5

2.1

2.2

    Customer Advances

1.2

0.1

1.2

0.0

0.0

    Income Taxes Payable

-

0.0

0.0

0.0

0.0

    Other Payables

0.3

2.7

1.1

1.7

1.6

    Other Current Liabilities

0.6

0.5

0.6

0.6

0.3

Other Current liabilities, Total

2.1

3.2

3.0

2.3

1.9

Total Current Liabilities

36.9

29.0

31.3

27.2

35.6

 

 

 

 

 

 

    Long Term Debt

6.5

3.1

3.1

1.8

1.5

    Capital Lease Obligations

1.8

2.0

1.9

0.5

0.3

Total Long Term Debt

8.3

5.1

5.1

2.3

1.8

Total Debt

21.0

13.3

15.9

10.8

17.1

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.0

0.4

0.1

0.1

0.0

Deferred Income Tax

0.0

0.4

0.1

0.1

0.0

Minority Interest

-

-

0.0

0.0

0.0

    Pension Benefits - Underfunded

2.8

2.5

2.3

2.3

2.0

Other Liabilities, Total

2.8

2.5

2.3

2.3

2.0

Total Liabilities

48.0

37.0

38.8

31.9

39.4

 

 

 

 

 

 

    Common Stock

5.7

5.5

5.7

6.1

5.9

Common Stock

5.7

5.5

5.7

6.1

5.9

Additional Paid-In Capital

8.4

8.2

8.4

9.0

5.0

Retained Earnings (Accumulated Deficit)

0.6

1.1

1.8

1.1

2.4

    Other Equity

0.0

-

-

-

-

Other Equity, Total

0.0

-

-

-

-

Total Equity

14.7

14.7

15.9

16.2

13.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

62.7

51.7

54.7

48.1

52.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

4.3

4.2

4.2

4.2

2.5

Total Common Shares Outstanding

4.3

4.2

4.2

4.2

2.5

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

605

550

498

500

493

Accumulated Intangible Amort, Suppl.

0.7

0.6

0.5

0.5

0.4

Deferred Revenue - Current

1.2

0.1

1.2

0.0

0.0

Total Long Term Debt, Supplemental

18.9

3.3

4.3

3.7

3.6

Long Term Debt Maturing within 1 Year

6.5

0.8

1.2

1.9

2.1

Long Term Debt Maturing in Year 2

3.1

0.5

0.8

0.4

0.4

Long Term Debt Maturing in Year 3

3.1

0.5

0.8

0.4

0.4

Long Term Debt Maturing in Year 4

3.1

0.5

0.8

0.4

0.4

Long Term Debt Maturing in Year 5

3.1

0.5

0.8

0.4

0.4

Long Term Debt Maturing in 2-3 Years

6.2

1.1

1.6

0.9

0.7

Long Term Debt Maturing in 4-5 Years

6.2

1.1

1.6

0.9

0.7

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.3

0.0

0.0

0.0

Total Capital Leases, Supplemental

2.1

2.4

2.2

0.7

0.4

Capital Lease Payments Due in Year 1

0.3

0.3

0.2

0.2

0.1

Capital Lease Payments Due in Year 2

0.4

0.2

0.5

0.1

0.1

Capital Lease Payments Due in Year 3

0.4

0.2

0.5

0.1

0.1

Capital Lease Payments Due in Year 4

0.4

0.2

0.5

0.1

0.1

Capital Lease Payments Due in Year 5

0.4

0.2

0.5

0.1

0.1

Capital Lease Payments Due in 2-3 Years

0.9

0.5

1.0

0.2

0.1

Capital Lease Payments Due in 4-5 Years

0.9

0.5

1.0

0.2

0.1

Cap. Lease Pymts. Due in Year 6 & Beyond

-

1.1

-

-

0.0

Total Operating Leases, Supplemental

21.3

21.4

10.7

11.4

12.0

Operating Lease Payments Due in Year 1

3.2

3.0

2.3

2.7

1.9

Operating Lease Payments Due in Year 2

3.0

2.9

1.7

1.8

1.8

Operating Lease Payments Due in Year 3

3.0

2.9

1.7

1.8

1.8

Operating Lease Payments Due in Year 4

3.0

2.9

1.7

1.8

1.8

Operating Lease Payments Due in Year 5

3.0

2.9

1.7

1.8

1.8

Operating Lease Pymts. Due in 2-3 Years

6.1

5.7

3.3

3.6

3.6

Operating Lease Pymts. Due in 4-5 Years

6.1

5.7

3.3

3.6

3.6

Oper. Lse. Pymts. Due in Year 6 & Beyond

5.9

6.9

1.7

1.5

2.8

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.778237

0.71919

0.755078

0.719047

0.683679

Auditor

AFIGEC

AFIGEC

Fiduciaire Leydet, Didier Amphoux

Fiduciaire Leydet, Didier Amphoux

Jean-Claude Spitz

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

-1.7

-0.8

1.1

-0.2

2.3

    Depreciation

1.5

1.8

1.4

1.4

1.4

Depreciation/Depletion

1.5

1.8

1.4

1.4

1.4

Deferred Taxes

-0.8

0.1

0.6

0.2

-0.4

    Discontinued Operations

-

-

-0.2

-0.8

0.0

    Unusual Items

-0.6

-0.5

0.0

0.0

-0.9

    Other Non-Cash Items

0.8

0.2

0.2

0.5

0.2

Non-Cash Items

0.3

-0.3

0.0

-0.3

-0.8

    Accounts Receivable

1.0

-0.7

-2.5

1.0

-1.2

    Inventories

-3.9

2.3

-6.0

3.6

-5.2

    Other Assets

-3.0

-0.1

-0.2

0.2

0.1

    Accounts Payable

2.1

0.6

2.2

-2.5

3.4

    Accrued Expenses

0.1

0.0

0.0

0.0

-0.3

    Taxes Payable

-0.2

0.2

0.0

0.2

-0.1

    Other Assets & Liabilities, Net

0.8

1.5

-0.7

0.3

0.4

Changes in Working Capital

-3.0

3.8

-7.3

2.8

-3.0

Cash from Operating Activities

-3.8

4.6

-4.2

3.8

-0.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-1.7

-2.5

-1.3

-1.4

-1.5

    Purchase/Acquisition of Intangibles

-0.2

-0.3

-0.5

-0.3

-0.2

Capital Expenditures

-1.9

-2.7

-1.8

-1.7

-1.7

    Sale of Business

0.1

-

-

-

-

    Sale of Fixed Assets

1.1

1.2

0.0

0.1

0.9

    Purchase of Investments

0.0

-0.2

0.0

0.0

-0.1

    Other Investing Cash Flow

0.4

-

-

-

0.0

Other Investing Cash Flow Items, Total

1.5

1.0

0.0

0.1

0.7

Cash from Investing Activities

-0.4

-1.7

-1.8

-1.6

-1.0

 

 

 

 

 

 

    Other Financing Cash Flow

-0.5

-

-

-

-

Financing Cash Flow Items

-0.5

-

-

-

-

    Cash Dividends Paid - Common

-

-

-

-

0.0

Total Cash Dividends Paid

-

-

-

-

0.0

        Sale/Issuance of Common

-

-

0.0

3.7

-

    Common Stock, Net

-

0.0

0.1

3.6

-0.1

    Options Exercised

0.2

-

-

-

0.0

Issuance (Retirement) of Stock, Net

0.2

0.0

0.1

3.6

0.0

        Long Term Debt Issued

3.4

3.1

4.2

1.2

4.5

        Long Term Debt Reduction

-2.5

-2.8

-2.4

-1.9

-5.6

    Long Term Debt, Net

0.9

0.3

1.9

-0.7

-1.2

Issuance (Retirement) of Debt, Net

0.9

0.3

1.9

-0.7

-1.2

Cash from Financing Activities

0.6

0.3

1.9

2.9

-1.2

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

-0.1

0.0

-0.3

Net Change in Cash

-3.5

3.2

-4.1

5.2

-2.9

 

 

 

 

 

 

Net Cash - Beginning Balance

-1.5

-4.9

-0.5

-5.7

-3.2

Net Cash - Ending Balance

-5.0

-1.6

-4.6

-0.5

-6.0

Cash Taxes Paid

-

-0.2

0.0

-0.2

0.1

 

 

Annual Income Statement

 

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.778237

0.71919

0.755078

0.719047

0.683679

Auditor

AFIGEC

AFIGEC

Fiduciaire Leydet, Didier Amphoux

Fiduciaire Leydet, Didier Amphoux

Jean-Claude Spitz

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Revenue

83.1

90.1

75.8

74.1

83.0

    Other Oper. Revenue

-

0.2

0.1

0.0

0.0

Total Revenue

83.1

90.3

75.8

74.1

83.1

 

 

 

 

 

 

    Advertising Expenses

4.3

-

-

-

-

    Labor & Related Expense - COGS

1.3

-

-

-

-

    Purchased Goods

44.4

42.6

42.4

33.9

45.8

    Rental Expense

3.7

-

-

-

-

    Other Purchases & External Charges

-

16.0

13.1

12.3

15.4

    Taxes/Charges

1.5

1.6

1.4

1.4

1.5

    Other Oper. Revenue

0.0

-

-

-

-

    Other, Net

-1.1

-

-

-

-

    Other Operating Income - Balancing value

-1.2

-

-

-

-

    Other External

7.7

-

-

-

-

    Var. Stock

-4.1

3.9

-5.8

2.9

-4.6

    Stock-based Compensation in SGA

0.0

-

-

-

-

    Labor Costs - Balancing value

25.9

-

-

-

-

    Labor Costs

-

25.2

22.2

21.8

22.8

    Depreciation/Amortization

1.5

1.7

1.4

1.4

1.4

    Provisions

0.9

0.7

-0.2

0.5

0.3

    Other Operating Income / Charges

-

-0.7

-0.4

-0.4

-0.4

    Other Operating Expense

0.1

-

-

-

-

    Other Oper. Charges

0.5

0.6

0.1

-

-

    Gains/Disp./Assets

-0.5

-1.0

0.0

0.0

-0.9

    Impairment Write-back

-

-

-

-

0.0

    Other Operational Income and Expenses

0.0

-0.1

-0.5

-0.3

0.0

    Litigation

-

0.0

0.0

0.2

0.0

Total Operating Expense

85.0

90.5

73.6

73.6

81.3

 

 

 

 

 

 

    Financial Expenses

-0.1

-

-

-

-

    Balancing Item - Income from Operations,

0.0

-

-

-

-

    Financial Revenue - Balancing value

0.1

-

-

-

-

    Interest Expense

-0.4

-0.6

-0.4

-0.5

-0.8

    Factoring Charges

-0.1

0.0

0.0

-0.1

-0.2

    Exchange Gains

0.2

0.3

0.0

0.1

1.2

    Other Financial Income / Expense

-

-0.1

0.0

0.0

0.0

Net Income Before Taxes

-2.2

-0.5

1.8

0.0

1.9

 

 

 

 

 

 

Provision for Income Taxes

-0.5

0.3

0.6

0.2

-0.4

Net Income After Taxes

-1.7

-0.8

1.1

-0.2

2.3

 

 

 

 

 

 

    Minority Interest

-

-

-

-

0.0

Net Income Before Extra. Items

-1.7

-0.8

1.1

-0.2

2.3

    Discontinued Operations

0.8

0.0

-0.2

-1.0

0.0

Net Income

-0.9

-0.8

0.9

-1.2

2.3

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-1.7

-0.8

1.1

-0.2

2.3

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-0.9

-0.8

0.9

-1.2

2.3

 

 

 

 

 

 

Basic Weighted Average Shares

4.3

4.2

4.2

3.3

2.5

Basic EPS Excluding ExtraOrdinary Items

-0.40

-0.18

0.27

-0.06

0.94

Basic EPS Including ExtraOrdinary Items

-0.20

-0.18

0.22

-0.34

0.93

Dilution Adjustment

0.0

0.0

-

0.0

-

Diluted Net Income

-0.9

-0.8

0.9

-1.2

2.3

Diluted Weighted Average Shares

4.3

4.2

4.3

3.3

2.5

Diluted EPS Excluding ExtraOrd Items

-0.40

-0.18

0.27

-0.06

0.93

Diluted EPS Including ExtraOrd Items

-0.20

-0.18

0.22

-0.34

0.93

DPS-Ordinary Shares

-

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

-2.7

-1.5

1.7

0.1

1.0

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-0.7

-0.1

0.6

0.2

-0.7

Normalized Income After Taxes

-2.0

-1.4

1.1

-0.1

1.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-2.0

-1.4

1.1

-0.1

1.7

 

 

 

 

 

 

Basic Normalized EPS

-0.48

-0.34

0.26

-0.03

0.69

Diluted Normalized EPS

-0.48

-0.34

0.26

-0.03

0.69

Interest Expense

0.4

-

-

-

-

Interest Expense

-

0.6

0.4

0.5

0.8

Rental Expense

3.7

3.9

3.3

3.4

3.2

Advertising Expense

4.3

2.2

1.4

1.2

2.1

Intangibles Amortisation

-

0.1

0.1

0.0

0.1

Depreciation

1.5

1.5

1.2

1.4

1.4

    Current Tax

0.0

0.2

0.0

0.0

0.0

Current Tax - Total

0.0

0.2

0.0

0.0

0.0

    Deferred Tax

-0.5

0.1

0.6

0.2

-0.4

Deferred Tax - Total

-0.5

0.1

0.6

0.2

-0.4

Income Tax - Total

-0.5

0.3

0.6

0.2

-0.4

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.7566

0.770327

0.745406

0.696986

0.719399

Auditor

AFIGEC

AFIGEC

Fiduciaire Leydet, Didier Amphoux

Fiduciaire Leydet, Didier Amphoux

Jean-Claude Spitz

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Raw Material

6.0

5.9

5.4

6.1

6.2

    Work in Progress

1.7

1.4

1.9

1.3

1.3

    Finished Goods

14.4

10.5

15.2

10.9

13.7

    Stocks Provision

-

-

-1.8

-2.7

-2.7

    Trade Creditors

16.3

16.5

16.7

15.1

15.6

    Prov./Bad Debts

-4.4

-0.5

-0.5

-0.5

-0.4

    Other Receivables, Gross

5.0

-

-

-

-

    Social Receivables

-

0.1

0.1

0.1

0.1

    Fiscal Receivables

-

0.8

0.4

0.5

0.7

    Receivables / Sale of Assets

-

0.0

0.4

0.4

0.4

    Derivatives Instruments

-

0.2

0.0

0.0

0.1

    Prepaid Expenses

0.9

0.9

1.0

1.1

1.5

    Other Creditors

-

0.6

0.7

0.5

0.6

    Advances Paid

0.3

0.0

0.0

0.0

0.0

    Cash and Equivalents

4.9

2.6

2.7

3.1

3.8

    Loan/Notes Receivables, Gross

3.5

-

-

-

-

Total Current Assets

48.6

39.1

42.3

35.8

40.9

 

 

 

 

 

 

    Balancing Item - Noncurrent Assets

0.0

-

-

-

-

    Goodwill - Net

0.3

0.4

0.3

0.4

0.3

    Goodwill, Gross

0.0

-

-

-

-

    Intangibles Net - Balancing value

0.0

-

-

-

-

    Computer Software, Gross (Intangibles)

0.9

-

-

-

-

    Licen.Franc.Right,Contr. Mod.Design,G

4.3

-

-

-

-

    Intangibles

-

5.7

5.8

5.7

5.2

    Acc Amort/Imp Computer Software

-0.7

-

-

-

-

    AccAmortLicen.Franc.RightContr.Mod.Desig

0.0

-

-

-

-

    Amort./Intang.

-

-0.6

-0.5

-0.5

-0.4

    Land

0.3

0.3

0.2

0.2

0.2

    Buildings

2.4

2.0

2.0

2.1

2.0

    Plant/Equipment

4.7

4.0

3.6

3.6

3.3

    Other Tangibles

10.1

9.8

9.3

9.1

8.2

    Under Construct.

0.2

0.0

0.1

0.1

0.1

    Acc Depr/Imp Land/Land Improvements

0.0

-

-

-

-

    Acc Depr/Imp Buildings

-0.6

-

-

-

-

    Acc Depr/Imp Plant/Machinery/Equipment

-3.2

-

-

-

-

    Acc Depr/Imp Other Tangible Fixed Assets

-7.0

-

-

-

-

    Depreciation

-

-10.0

-9.3

-10.2

-8.7

    Other Fin. Asset

0.8

1.0

0.8

0.8

0.8

    Discontinued Operations

-

-

-

-

0.0

    Deferred Tax

1.6

0.0

0.0

1.0

0.8

Total Assets

62.7

51.7

54.7

48.1

52.7

 

 

 

 

 

 

    Borrowings<1Y

-

0.8

1.2

1.9

2.1

    ST Debts & Overdrafts

-

7.1

9.4

6.4

13.1

    Leasing

0.3

0.3

0.2

0.2

0.1

    Balancing Item - Current Liabilities

0.0

-

-

-

-

    Current Derivative Liabilities - Hedging

0.1

-

-

-

-

    Liabilities / Pensions - Current Portion

-

0.0

0.0

0.1

0.0

    Accounts Payable - Balancing value

1.9

-

-

-

-

    Trade Debtors

13.4

10.8

11.2

10.8

12.9

    Social Liabilities

5.0

4.6

4.5

3.9

3.9

    Fiscal Liabilities

1.8

2.2

1.8

1.8

1.6

    Liabilities / Fixed Assets

0.3

0.7

0.3

0.1

0.3

    Customer Advances - Current

1.0

-

-

-

-

    Deferred revenue

0.1

0.1

1.2

0.0

0.0

    Other Debtors

-

2.0

0.8

1.6

1.4

    Provisions

0.5

0.4

0.6

0.6

0.3

    Income Tax Payables

-

0.0

0.0

0.0

0.0

    ST DEbt/Interest

0.0

-

-

-

-

    ST Debt

12.4

-

-

-

-

Total Current Liabilities

36.9

29.0

31.3

27.2

35.6

 

 

 

 

 

 

    Borrowings

6.5

3.1

3.1

1.8

1.5

    Capital Leases Obligations

1.8

2.0

1.9

0.5

0.3

Total Long Term Debt

8.3

5.1

5.1

2.3

1.8

 

 

 

 

 

 

    Deferred Income Tax

0.0

0.4

0.1

0.1

0.0

    Pension Benefits - Long Term

2.8

2.5

2.3

2.3

2.0

    Minority Int.

-

-

0.0

0.0

0.0

Total Liabilities

48.0

37.0

38.8

31.9

39.4

 

 

 

 

 

 

    Capital

5.7

5.5

5.7

6.1

5.9

    Share Premium

8.4

8.2

8.4

9.0

5.0

    Reserves

1.5

1.8

0.8

2.3

0.3

    Net Result

-0.9

-0.7

1.0

-1.2

2.2

    Balancing Item - Shareholders Equity

0.0

-

-

-

-

Total Equity

14.7

14.7

15.9

16.2

13.3

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

62.7

51.7

54.7

48.1

52.7

 

 

 

 

 

 

    S/O-Ordinary Shares

4.3

4.2

4.2

4.2

2.5

Total Common Shares Outstanding

4.3

4.2

4.2

4.2

2.5

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

0.0

Deferred revenue

0.1

-

-

-

-

Customer Advances - Current

1.0

-

-

-

-

Deferred Revenue

-

0.1

1.2

0.0

0.0

Acc Amort/Imp Computer Software

0.7

-

-

-

-

AccAmortLicen.Franc.RightContr.Mod.Desig

0.0

-

-

-

-

Accumulated Intangible Amortisation

-

0.6

0.5

0.5

0.4

Average Number of Employees

605

-

-

-

-

Full-Time Employees

-

550

498

500

493

Current Long Term Debt

6.5

0.8

1.2

1.9

2.1

Long Term Debt Maturing Within 5 Years

12.4

2.2

3.1

1.8

1.5

Long Term Debt Remaining Maturities

-

0.3

-

-

0.0

Total Long Term Debt, Supplemental

18.9

3.3

4.3

3.7

3.6

Capital Leases Maturing Within 1 Year

0.3

0.3

0.2

0.2

0.1

Capital Leases Maturing Within 5 Years

1.8

1.0

1.9

0.5

0.3

Capital Leases Remaining Maturities

-

1.1

-

-

0.0

Total Capital Leases, Supplemental

2.1

2.4

2.2

0.7

0.4

Operating Leases Maturing Within 1 Year

3.2

3.0

2.3

2.7

1.9

Operating Leases Maturing Within 5 Years

12.2

11.5

6.6

7.2

7.2

Operating Leases Remaining Maturities

5.9

6.9

1.7

1.5

2.8

Total Operating Leases, Supplemental

21.3

21.4

10.7

11.4

12.0

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2012

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.778237

0.71919

0.755078

0.719047

0.683679

Auditor

AFIGEC

AFIGEC

Fiduciaire Leydet, Didier Amphoux

Fiduciaire Leydet, Didier Amphoux

Jean-Claude Spitz

Auditor Opinion

Unqualified

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income

-1.7

-0.8

1.1

-0.2

2.3

    Depreciation

1.5

1.8

1.4

1.4

1.4

    Writeback/Provisions

0.3

0.2

0.2

0.5

0.2

    Inc. / Charges on Stock Options

0.0

0.1

0.1

0.1

0.1

    Gains / Losses on Sale of Assets

-0.6

-0.5

0.0

0.0

-0.9

    Deferred Taxation

-0.8

0.1

0.6

0.2

-0.4

    Tax Paid

-0.2

0.2

0.0

0.2

-0.1

    Financial Expenses

0.5

-

-

-

-

    Change/Stock

-3.9

2.3

-6.1

3.5

-5.3

    Change/Creditors

1.0

-0.7

-2.5

1.0

-1.2

    Change/Debtors

2.1

0.6

2.2

-2.5

3.4

    Ch./Non Op. Credit.

-3.0

-0.1

-0.2

0.2

0.1

    Ch./Non Op. Debtors

0.8

1.5

-0.7

0.3

0.4

    Accruals

0.1

0.0

0.0

0.0

-0.3

    Discontinued Operations

-

-

-0.2

-0.8

0.0

Cash from Operating Activities

-3.8

4.6

-4.2

3.8

-0.4

 

 

 

 

 

 

    Purchase/Sale of properties

0.1

-

-

-

-

    Acq./Intangibles

-0.2

-0.3

-0.5

-0.3

-0.2

    Acq./Tangibles

-1.7

-2.5

-1.3

-1.4

-1.5

    Sales/Assets

1.1

1.2

0.0

0.1

0.9

    Acq./Fin. Assets

0.0

-0.2

0.0

0.0

-0.1

    Balancing Item - Investing

0.0

-

-

-

-

    Other changes

0.4

-

-

-

-

    Cash form Acquisitions

-

-

-

-

0.0

Cash from Investing Activities

-0.4

-1.7

-1.8

-1.6

-1.0

 

 

 

 

 

 

    Debt Costs

-0.5

-

-

-

-

    Stock Options Exercised

0.2

-

-

-

0.0

    Dividends Paid

-

-

-

-

0.0

    Increase/Capital

-

-

0.0

3.7

-

    Issuance/Loans

3.4

3.1

4.2

1.2

4.5

    Resale of Treasury Shares

-

0.0

0.1

-0.1

-0.1

    Repayment/Loans

-2.5

-2.8

-2.4

-1.9

-5.6

Cash from Financing Activities

0.6

0.3

1.9

2.9

-1.2

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

-0.1

0.0

-0.3

Net Change in Cash

-3.5

3.2

-4.1

5.2

-2.9

 

 

 

 

 

 

Net Cash - Beginning Balance

-1.5

-4.9

-0.5

-5.7

-3.2

Net Cash - Ending Balance

-5.0

-1.6

-4.6

-0.5

-6.0

    Cash Taxes Paid

-

-0.2

0.0

-0.2

0.1

 

 

Financial Health

 

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 

0.0

-

83.1

-0.49%

6.66%

5.43%

Operating Income1 

-

-

-1.9

-

-

-

Income Available to Common Excl Extraord Items1 

-

-

-1.7

-

-

-

Basic EPS Excl Extraord Items1 

-

-

-0.40

-

-

-

Capital Expenditures2 

1.9

-

1.9

-26.06%

5.58%

-5.98%

Cash from Operating Activities2 

-3.8

-

-3.8

-

-

-

Free Cash Flow 

-5.8

-

-5.8

-

-

-

Total Assets3 

62.7

16.32%

62.7

19.00%

12.28%

9.18%

Total Liabilities3 

48.0

21.64%

48.0

27.31%

17.75%

9.79%

Total Long Term Debt3 

8.3

71.50%

8.3

58.65%

57.89%

27.84%

Employees3 

-

-

605

10.00%

6.56%

5.18%

Total Common Shares Outstanding3 

4.3

1.68%

4.3

1.36%

0.66%

11.71%

1-ExchangeRate: EUR to USD Average for Period

0.757574

 

0.778237

 

 

 

2-ExchangeRate: EUR to USD Average for Period

0.778237

 

0.778237

 

 

 

3-ExchangeRate: EUR to USD Period End Date

0.756600

 

0.756600

 

 

 

Key Ratios

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Profitability

Gross Margin 

40.61%

48.41%

51.65%

50.36%

50.33%

Operating Margin 

-2.31%

-0.15%

2.90%

0.63%

2.14%

Pretax Margin 

-2.62%

-0.52%

2.34%

-0.03%

2.34%

Net Profit Margin 

-2.05%

-0.84%

1.50%

-0.26%

2.78%

Financial Strength

Current Ratio 

1.32

1.35

1.35

1.32

1.15

Long Term Debt/Equity 

0.56

0.35

0.32

0.14

0.14

Total Debt/Equity 

1.43

0.91

1.00

0.67

1.29

Management Effectiveness

Return on Assets 

-3.04%

-1.35%

2.31%

-0.38%

4.61%

Return on Equity 

-11.83%

-4.70%

7.43%

-1.32%

18.21%

Efficiency

Receivables Turnover 

4.48

4.85

4.67

4.55

4.80

Inventory Turnover 

2.52

2.29

2.11

2.19

2.45

Asset Turnover 

1.48

1.61

1.54

1.49

1.66

Market Valuation USD (mil)

Enterprise Value2 

56.9

.

Price/Sales (TTM)

0.48

Enterprise Value/Revenue (TTM) 

0.67

.

Price/Book (MRQ)

2.77

Market Cap as of 05-Dec-20131 

41.8

.

 

 

1-ExchangeRate: EUR to USD on 5-Dec-2013

0.737621

 

 

 

2-ExchangeRate: EUR to USD on 31-Dec-2012

0.756600

 

 

 

 

 

Annual Ratios

 

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Financial Strength

Current Ratio 

1.32

1.35

1.35

1.32

1.15

Quick/Acid Test Ratio 

0.68

0.69

0.66

0.71

0.58

Working Capital1 

11.7

10.2

10.9

8.6

5.3

Long Term Debt/Equity 

0.56

0.35

0.32

0.14

0.14

Total Debt/Equity 

1.43

0.91

1.00

0.67

1.29

Long Term Debt/Total Capital 

0.23

0.18

0.16

0.08

0.06

Total Debt/Total Capital 

0.59

0.48

0.50

0.40

0.56

Payout Ratio 

-

0.00%

0.00%

0.00%

0.00%

Effective Tax Rate 

-

-

35.92%

-

-18.98%

Total Capital1 

35.7

28.0

31.8

26.9

30.4

 

 

 

 

 

 

Efficiency

Asset Turnover 

1.48

1.61

1.54

1.49

1.66

Inventory Turnover 

2.52

2.29

2.11

2.19

2.45

Days In Inventory 

145.10

159.10

172.79

166.48

148.99

Receivables Turnover 

4.48

4.85

4.67

4.55

4.80

Days Receivables Outstanding 

81.53

75.22

78.16

80.25

76.08

Revenue/Employee2 

141,241

153,347

154,222

152,873

160,177

Operating Income/Employee2 

-3,262

-224

4,472

964

3,420

EBITDA/Employee2 

-640

2,415

7,104

4,009

6,234

 

 

 

 

 

 

Profitability

Gross Margin 

40.61%

48.41%

51.65%

50.36%

50.33%

Operating Margin 

-2.31%

-0.15%

2.90%

0.63%

2.14%

EBITDA Margin 

-0.45%

1.57%

4.61%

2.62%

3.89%

EBIT Margin 

-2.31%

-0.15%

2.90%

0.63%

2.14%

Pretax Margin 

-2.62%

-0.52%

2.34%

-0.03%

2.34%

Net Profit Margin 

-2.05%

-0.84%

1.50%

-0.26%

2.78%

COGS/Revenue 

59.39%

51.45%

48.32%

49.62%

49.65%

SG&A Expense/Revenue 

42.67%

47.49%

48.46%

47.97%

47.86%

 

 

 

 

 

 

Management Effectiveness

Return on Assets 

-3.04%

-1.35%

2.31%

-0.38%

4.61%

Return on Equity 

-11.83%

-4.70%

7.43%

-1.32%

18.21%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 

-1.36

0.42

-1.44

0.52

-0.82

Operating Cash Flow/Share 2 

-0.91

1.03

-1.02

0.94

-0.15

1-ExchangeRate: EUR to USD Period End Date

0.7566

0.770327

0.745406

0.696986

0.719399

2-ExchangeRate: EUR to USD Average for Period

0.7566

0.770327

0.745406

0.696986

0.719399

 

Current Market Multiples

Market Cap/Earnings (TTM) 

-22.93

Market Cap/Equity (MRQ) 

2.77

Market Cap/Revenue (TTM) 

0.48

Market Cap/EBIT (TTM) 

-20.69

Market Cap/EBITDA (TTM) 

-106.32

Enterprise Value/Earnings (TTM) 

-32.00

Enterprise Value/Equity (MRQ) 

3.87

Enterprise Value/Revenue (TTM) 

0.67

Enterprise Value/EBIT (TTM) 

-28.87

Enterprise Value/EBITDA (TTM) 

-148.34

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.93

UK Pound

1

Rs.102.39

Euro

1

Rs.85.12

 

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%)

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.