MIRA INFORM REPORT

Report Date :

24.03.2014

IDENTIFICATION DETAILS

Name :	DELLALUI
Registered Office :	Rue Ariane Ii, Espace Valentin Nord, Miserey Salines, 25480
Country :	France
Financials (as on) :	31.12.2012
Date of Incorporation :	15.12.1996
Com. Reg. No.:	410168819
Legal Form :	Private Subsidiary Company
Line of Business :	· manufacturer of men’s outerwear · manufacturer of women’s outerwear. · Manufacturer of wearing apparel, except fur apparel
No. of Employees	26

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 :	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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

Dellalui

Rue Ariane Ii

Espace Valentin Nord

Miserey Salines, 25480

France

Tel: +33 03 81 54 74 74

Fax: +33 03 81 54 74 97

SYNTHESIS

Employees: 26

Company Type: Private Subsidiary

Corporate Family: 2 Companies

Ultimate Parent: M.B.N.C

Incorporation Date: 15-Dec-1996

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2012

Reporting Currency: Euro

Annual Sales: 18.0

Total Assets: 48.3

Business Description

Dellalui is primarily engaged in manufacture of men’s outerwear; and manufacture of women’s outerwear.

Industry

Industry Clothing and Apparel Manufacturing

ANZSIC 2006: 1351 - Clothing Manufacturing

ISIC Rev 4: 1410 - Manufacture of wearing apparel, except fur apparel

NACE Rev 2: 1413 - Manufacture of other outerwear

NAICS 2012: 315240 - Women’s, Girls’, and Infants’ Cut and Sew Apparel Manufacturing

UK SIC 2007: 1413 - Manufacture of other outerwear

US SIC 1987: 2311 - Men's and Boys' Suits, Coats, and Overcoats

Key Executives

Name	Title
William Kohn	President
Yves Chatelain	Director
Stanis Duboz	Director
Agathe Kohl	Director, General manager

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

Rue Ariane Ii

Espace Valentin Nord

Miserey Salines, 25480

France

Tel: +33 03 81 54 74 74

Fax: +33 03 81 54 74 97

Sales EUR(mil): 14.0

Assets EUR(mil): 36.6

Employees: 26

Fiscal Year End: 31-Dec-2012

Industry: Apparel and Accessories

Incorporation Date: 15-Dec-1996

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(FRA): 410168819

President: William Kohn

Industry Codes

ANZSIC 2006 Codes:

1351 - Clothing Manufacturing

371 - Textile, Clothing and Footwear Wholesaling

ISIC Rev 4 Codes:

1410 - Manufacture of wearing apparel, except fur apparel

4641 - Wholesale of textiles, clothing and footwear

NACE Rev 2 Codes:

1413 - Manufacture of other outerwear

4642 - Wholesale of clothing and footwear

NAICS 2012 Codes:

315240 - Women’s, Girls’, and Infants’ Cut and Sew Apparel Manufacturing

4243 - Apparel, Piece Goods, and Notions Merchant Wholesalers

US SIC 1987:

2311 - Men's and Boys' Suits, Coats, and Overcoats

513 - Apparel, Piece Goods, and Notions

UK SIC 2007:

1413 - Manufacture of other outerwear

4642 - Wholesale of clothing and footwear

Business Description

Dellalui is primarily engaged in manufacture of men’s outerwear; and manufacture of women’s outerwear.

Financial Data

Financials in:	EUR(mil)
Revenue:	14.0
Assets:	36.6
Current Assets:	12.4
Total Liabilities:	36.6
Issued Capital:	0.1
Net Worth:	22.5
Date of Financial Data:	31-Dec-2012

1 Year Growth

-15.7%

NA

Top

Key Corporate Relationships

Bank:

Banque Cic, Credit Agricole, Credit Mutuel

Corporate Family	Corporate Structure News:
	M.B.N.C Dellalui
Dellalui Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
M.B.N.C	Parent	St Cannat	France	Holding Companies		14
Dellalui	Subsidiary	Miserey Salines	France	Clothing and Apparel Manufacturing	18.0	26

Executive report

Executives

Name	Title	Function
William Kohn	President	President
Maurice Kammoun	General manager	Division Head Executive
Agathe Kohl	Director, General manager	Division Head Executive
Yves Chatelain	Director	Senior Management (General)
Stanis Duboz	Director	Senior Management (General)

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	19.1	23.9	24.2
Net sales	18.0	23.1	23.2
Change in stock	1.2	-1.5	0.2
Supplementary operating income	1.2	0.9	0.9
Other operating income	0.0	0.0	0.0
Other external charges	5.8	6.6	5.7
Cost of goods sold	9.1	13.3	12.0
Taxes and social security costs	0.2	0.2	0.2
Social charges	0.6	0.6	0.7
Total payroll costs	1.4	1.5	1.7
Cost of stock depreciation and amortisation	0.8	1.2	0.8
Fixed asset depreciation and amortisation	0.0	0.0	0.0
Other operating costs	0.1	0.1	0.1
Total operating costs	19.1	22.1	21.4
Net operating income	0.1	1.8	2.8
Total financial income	3.4	6.1	5.4
Interest payable on loans	0.3	0.3	0.4
Other expenses	0.3	0.6	0.2
Total expenses	0.6	0.9	0.5
Profit before tax	2.9	7.0	7.7
Extraordinary income	0.0	0.7	0.8
Extraordinary expenses	0.0	0.1	0.1
Extraordinary result	0.0	0.6	0.7
Total taxation	-	0.6	1.2
Net profit	2.9	7.0	7.2

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	0.1	0.1	0.1
Total reserves	26.7	23.2	23.9
Profits for the year	3.0	6.5	7.3
Total stockholders equity	29.8	29.9	31.3
Provisions and allowances	0.3	0.1	0.8
Trade creditors	2.8	4.0	2.7
Bank loans and overdrafts	-	0.2	0.9
Current bank debts	-	0.2	0.9
Other loans	14.7	14.6	3.0
Other liabilities	0.2	0.2	0.1
Income stated in advance	-	-	0.0
Taxation and social security	0.6	0.6	0.6
Total current liabilities	18.3	19.5	7.3
Total debts	18.3	19.5	7.3
Regularisation account	0.0	0.0	0.0
Total liabilities (including net worth)	48.3	49.5	39.4
Patents	0.1	0.1	0.1
Other fixed assets	0.1	0.0	0.1
Long-term investments	31.7	31.2	32.2
Other financial assets	0.1	0.1	0.1
Total non-current assets	31.9	31.3	32.4
Net stocks and work in progress	1.5	2.6	1.3
Trade debtors	2.7	2.8	2.8
Other receivables	9.5	9.5	0.4
Prepaid expenses	0.0	0.1	0.1
Cash and liquid assets	2.7	3.2	2.4
Total current assets	16.4	18.1	7.0
Prepaid expenses and deferred costs	0.0	0.1	0.0
Total assets	48.3	49.5	39.4

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	0.90	0.90	1.00
Quick ratio	0.80	0.80	0.80
Total liabilities to net worth	0.62%	0.66%	0.23%
Net worth to total assets	0.61%	0.60%	0.79%
Collection period	44.80	39.00	35.50
Stock turnover rate	12.10	8.40	17.70
Asset turnover	0.38%	0.44%	0.60%
Profit margin	0.16%	0.31%	0.33%
Return on assets	0.06%	0.13%	0.20%
Shareholders' return	0.10%	0.22%	0.25%
Sales per employee	3,526.22	4,027.63	4,109.12
Profit per employee	564.87	1,227.50	1,362.58
Average wage per employee	271.67	264.90	294.46
Net worth	29.8	29.9	31.3
Number of employees	26	27	28

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.05
UK Pound	1	Rs.100.80
Euro	1	Rs.84.18

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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