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modeFinanceTM HeadquarterBuilding A - AREA Science ParkPadriciano 99 - 34149 Trieste - ItalyPh.: +39 040 375 5337Fax: +39 040 375 [email protected]

askMORETM is a registered mark of modeFinanceTM

LABORATOIRES SVRThursday, 29 August 2013

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D C CC CCC B BB BBB A AA AAA

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D C CC CCC B BB BBB A AA AAAnot

available

non return extremlypathological

pathological highdanger

weak sufficient adequate good very

strongextremely

strong

Company name LABORATOIRES SVR

Identification number

Country France

ZIP code and city 91220 - LE PLESSIS PATE

Address RUE DE LA MARE A BLOT

+33 1 69 11 70 70

www.labo - svr.com

infoconso@labo - svr.com

Legal form Limited company, simplified - SAS

Account Unconsolidated

Incorporation date 18/01/1999

NACE 2 Sector 2042 - Manufacture of perfumes and toilet preparations

Listed

Status Active (insolvency proceedings)

MORE Credit limit Not assessable on the base of the available informations

Black records Available on request

30/09/2012 30/09/2011 30/09/2010

Turnover (th e) 18,294 32,645 30,947

Rating CCC BBB BBB

Probability of default 19.28% 1.22% 0.52%

Confidence Level 100% 100% 100%

Solvency ratios

Leverage ratio 1.42 0.69 0.53

Financial Leverage 0.34 0.06 0.03

Total asset/Total liabilities 1.71 2.45 2.88

Liquidity ratios

Current Ratio 2.07 2.24 2.81

Quick Ratio 2.07 2.24 2.81

Cash Cycle Ratio 95.00 49.00 40.00

Profitability ratios

Return on investement ROI (%) -11.18 5.24 12.78

Return on equity ROE (%) -37.37 3.59 10.96

Asset turnover 0.90 1.66 1.70

EBITDA/Sales -0.11 0.01 0.06

Interest Coverage ratios

EBIT interest coverage ratio -13.61 1.15 12.00

EBITDA interest coverage ratio -13.05 1.61 12.57

Analysis and trend of financial

strength


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modeFinance TM srlVAT number [email protected]

Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741

Sector Analysis

Company Healthy Balanced Vulnerable Risky

Solvency ratios

Leverage ratio 1.42 0.42 1.62 3.67 -2.36

Financial Leverage 0.34 0.02 0.63 1.59 -0.99

Total asset/Total liabilities 1.71 3.37 1.59 1.24 0.94

Liquidity ratios

Current Ratio 2.07 2.51 1.53 1.24 0.73

Quick Ratio 2.07 1.89 1.03 0.79 0.37

Cash Cycle Ratio 95.00 -22.00 -9.50 5.00 -27.00

Profitability ratios

Return on investement ROI (%) -11.18 14.80 6.26 1.24 -20.23

Return on equity ROE (%) -37.37 14.30 9.12 -0.79 -100.70

Asset turnover 0.90 1.16 1.20 1.14 1.30

EBITDA/Sales -0.11 0.15 0.08 0.03 -0.22

Interest Coverage ratios

EBIT interest coverage ratio -13.61 127.90 5.81 0.52 -8.30

EBITDA interest coverage ratio -13.05 196.60 8.50 1.67 -5.70

Cash Conversion Cycle (days)

Days Sales Of Inventory (DIO) 0 38 49 70 61

Days Sales Outstanding (DSO) 152 49 62 75 44

Days Payable Outstanding (DPO) 84 21 42 44 65

Cash Conversion Cycle (DIO + DSO - DPO) 68 58 71 93 15

Numer of analyzed companies - 77 106 53 11

(Average) Rating CCC AA BBB B C

The sector has been chosen according to:

international companies in the sector NACE 2 2042 with financial data of year 2012.


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Sector Analysis - Graphs


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Balance Sheet

BALANCE SHEET (th e) 30/09/2012 30/09/2011 30/09/2010

Accounting practice Local GAAP Local GAAP Local GAAP

Exchange rate EUR - EUR 1 1 1

Number of months 12 12 12

Total assets 19,758 19,305 17,876

Fixed assets 2,789 2,665 1,160

Intangible fixed assets 1 3 22

Tangible fixed assets 1,123 1,039 805

Other fixed assets 1,666 1,623 334

Current assets 16,968 16,641 16,716

Stocks 0 0 0

Debtors 7,620 10,734 9,114

Other current assets 9,348 5,907 7,602

Cash & cash equivalent 73 1,378 1,740

Shareholders funds 8,177 11,439 11,668

Capital 300 300 300

Other shareholders funds 7,877 11,139 11,368

Total liabilities 11,581 7,866 6,209

Non current liabilities 3,390 448 265

Long term debt 2,125 255 70

Other non-current liabilities 1,265 193 195

Current liabilities 8,191 7,419 5,943

Loans 662 448 270

Creditors 4,196 3,140 3,162

Other current liabilities 3,333 3,830 2,512

Total shareh. funds & liab. 19,758 19,305 17,876

NET DEBT (th e) 30/09/2012 30/09/2011 30/09/2010

Short term debts 662 448 270

Long term debt 2,125 255 70

Cash & cash equivalent 73 1,378 1,740

Net debt 2,714 -675 -1,400

30/09/2012 30/09/2011 30/09/2010

Working capital 3,424 7,594 5,953

Net Current Assets 8,778 9,222 10,773

30/09/2012 30/09/2011 30/09/2010

Days Sales Of Inventory (DIO) 0 0 0

Days Sales Outstanding (DSO) 152 120 107

Days Payable Outstanding (DPO) 84 35 37

Cash Conversion Cycle (DIO + DSO - DPO) 68 85 70


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Income Statement

INCOME STATEMENT (th e) 30/09/2012 30/09/2011 30/09/2010

Accounting practice Local GAAP Local GAAP Local GAAP

Exchange rate EUR - EUR 1 1 1

Number of months 12 12 12

Sales 17,738 32,040 30,342

Revenues growth (%) -45 6 -

Other revenues +/- variation in inventories and contract in progress + Fixed assets

own construction capitalized557 605 605

Operating revenue / turnover 18,294 32,645 30,947

Total costs 20,290 32,323 29,175

Costs growth (%) -37 11 -

Service costs 11,441 15,309 13,267

Material costs 7,046 12,025 11,794

Costs of employees 1,803 4,989 4,114

EBITDA -1,996 322 1,772

Depreciation 87 92 80

EBIT -2,083 229 1,692

Financial P/L -278 581 452

Financial revenue 382 781 593

Financial expenses 660 200 141

Interest paid 153 200 141

P/L before tax -2,362 811 2,144

Extr. and other P/L -697 -400 -438

Extr. and other revenue 0 9 135

Extr. and other expenses 697 409 573

P/L before tax + Extr. and other P/L -3,059 411 1,706

Taxation -3 -1 427

P/L for period -3,056 411 1,279

30/09/2012 30/09/2011 30/09/2010

Cash flow -2,969 503 1,359

Added value -1,015 5,692 6,041

30/09/2012 30/09/2011 30/09/2010

Number of employees 20 84 66


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Evolutions and trends


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Qualitative information

Full overview The company is engaged in the production and distribution of cosmetics. The company was established by Simone

and Robert Veret in 1962. The registered head office of the company is located in Le Plessis Pate, France. The

company’s products are CHRONOLYSr Cream; CHRONOLYSr Healthy Glow Cream; CHRONOLYSr Eye Contour;

SPÉCILIFTr Cream; SPÉCILIFTr Light Cream; SPÉCILIFTr Eye Contour; DENSITIUMr Cream; DENSITIUMr Rich

Cream; DENSITIUMr Concentrate Serum; DENSITIUMr Eye Contour; DENSITIUMr Body; HYDRACIDr C20

Cream; CLAIRIALr PEEL; CLAIRIALr SPF 50+ Cream; CLAIRIALr C 10 Cream; and CLAIRIALr Cream. The

company’s products are available in Belgium; Bulgaria; Croatia; Cyprus; Luxembourg; Malta; Poland; Portugal;

Romania; Serbia; Slovenia; Spain; Ukraine; Algeria; Benin; Burkina Faso; Cameroon; Central Africa; Chad; Congo;

Congo Kinshasa; Gabon; Guinea; Ivory Coast; Lybia; Mali; Marocco; Mauritania; Niger; Senegal; Togo; Tunisia;

Brazil; Canada; Guadeloupe; Guyana; Martinique; Saint Barthelemy - Saint Martin; China; Singapore; South Korea;

Taiwan; Iran; Israel; Jordan; Kuwait; Lebanon; Qatar; Saudi Arabia; Syria; United Arab Emirates; Madagascar;

Mauritius; Reunion Island; and New Caledonia.

History Established by Simone and Robert Veret.

Primary business line Engaged in the production and distribution of cosmetics.

Secondary business line Not available.

Main activity Manufacturing; Wholesale.

Secondary activity Not available.

Main products and services CHRONOLYSr Cream; CHRONOLYSr Healthy Glow Cream; CHRONOLYSr Eye Contour; SPÉCILIFTr

Cream; SPÉCILIFTr Light Cream; SPÉCILIFTr Eye Contour; DENSITIUMr Cream; DENSITIUMr Rich Cream;

DENSITIUMr Concentrate Serum; DENSITIUMr Eye Contour; DENSITIUMr Body; HYDRACIDr C20 Cream;

CLAIRIALr PEEL; CLAIRIALr SPF 50+ Cream; CLAIRIALr C 10 Cream; and CLAIRIALr Cream.

Size estimate Not available.

Strategy, organization and policy Not available.

Strategic alliances Not available.

Membership of a network Not available.

Main brand names CHRONOLYS; SPÉCILIFT; DENSITIUM; CLAIRIAL; HYDRACID.

Main domestic country France.


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Main foreign countries or regions Belgium; Bulgaria; Croatia; Cyprus; Luxembourg; Malta; Poland; Portugal; Romania; Serbia; Slovenia; Spain; Ukrai-

ne; Algeria; Benin; Burkina Faso; Cameroon; Central Africa; Chad; Congo; Congo Kinshasa; Gabon; Guinea; Ivory

Coast; Lybia; Mali; Marocco; Mauritania; Niger; Senegal; Togo; Tunisia; Brazil; Canada; Guadeloupe; Guyana;

Martinique; Saint Barthelemy - Saint Martin; China; Singapore; South Korea; Taiwan; Iran; Israel; Jordan; Ku-

wait; Lebanon; Qatar; ? Saudi Arabia; Syria; United Arab Emirates; Madagascar; Mauritius; Reunion Island; New

Caledonia.

Main production sites Not available.

Main distribution sites Not available.

Main sales representation sites Not available.

Main customers Not available.

Black records

Available on request.

Auditor/Advisor/Bank

name type address

STE GENERALE Banker -

ARS THEMIS AUDIT ATA Auditor -

BLARY Francois Auditor -

Board

Not available.


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Shareholders (the first twenty shareholders ordered by Direct %)

SVR GROUP Rating: BBB

Country ISO code FR Operating Revenue (MIL $) 7.56

NACE Rev. 2, Core code - Total Assets (MIL $) 27.02

Direct % 95.00 Number of Employees 44

Total % - Information date 12/2012

Address : Not available

Subsidiaries (the first twenty subsidiaries ordered by Direct %)

LABORATOIRES SVR ESPANA S.L. Rating: D

Country ISO code ES Operating Revenue (MIL $) 0.43



Total % 100.00 Information date 06/2013

LABORATOIRES SVR FRANCE Rating: D

Country ISO code FR Operating Revenue (MIL $) 18.13




LABORATOIRES SVR ITALIA Rating:

Country ISO code IT Operating Revenue (MIL $) -

NACE Rev. 2, Core code - Total Assets (MIL $) -

Direct % 100.00 Number of Employees -


LABORATOIRES SVR MAROC Rating:

Country ISO code MA Operating Revenue (MIL $) -




SVR TUNISIE Rating:

Country ISO code TN Operating Revenue (MIL $) -



Total % - Information date 12/2012


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ASKMORE rating guide

General vision A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of

an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk

factors.

The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial

companies by using data included in financial statements.

The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy

model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the

model are obtained by applying newly developed numerical methodologies, drawing together financial theory,

data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective

algorithm that produces a classification of each company, by taking into account any attributes (such as sector and

country) characterizing a firm.

The model gives the opportunity to assign a rating to a company even without considering a complete data analysis

and allows to process quality information. It induces a better understanding of a company’s strength and weakness

thanks to sophisticated data mining tools and taking into account the analyst knowledge.

The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the

rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium

between the different aspects, better will be the final rating.

This is done studying, evaluating and aggregating the most important sections of the financial and economic

behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.


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Rating scale

Rating class Rating macro class Assessment

AAA

Healthy

The company’s capacity to meet its financial commitments is extremely strong.

AA The company has very strong creditworthiness.

A The company has a high solvency.

BBB

Balanced

Capital structure and economic equilibrium are considered adequate.

BB The companyï¿ 12

s performances are adequate considering the sector and the country in which it is operating.

B

Vulnerable

The company presents vulnerable signals with regards to its fundamentals.

CCCThe company has a dangerous disequilibrium on the capital structure and on its economic and financial

fundamentals.

CC

Risky

The company shows signals of high vulnerability.

C The company shows considerable pathological situations.

D The company has not any longer the capacity to meet its financial commitments.


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Fundamental Credit Rating Ratios

Analysis area Ratio Assessment

Solvency ratios

Leverage ratioThis measures the level of total liabilities of the company in comparison

with equity.

Assets to debtThis indicates company’s solvency. The company shows a level of deficit

when the value of this ratio is under one unit.

Financial ratios Fixed Assets coverage ratioThis is calculated only for holdings. It measures the capital structure i.e.

whether a company covers the fixed assets with long term capital.

Liquidity ratios

Current ratioThis measures whether a company has sufficient short-term assets to cover

its short-term liabilities.

Quick ratioThis compares current liabilities only to those assets that can be readily

turned into cash.

Profitability and economic ratios

Return on Investement(ROI)This measures the profitability of company investments without regard to

the way the investment is financed.

Return on Equity(ROE) This measures the profitability of the equity.

Asset turnover

This indicates the investments turnover with regards to sales. The level

assumed from the ratio depends on the sector in which the company

operates.

Profit margin This indicates the profitability of sales.

Interest coverage ratio Interest Paid coverage

This indicate the ability of the company to cover interest expenses through

the economic margins (Gross profit and EBIT) and through the cash flow

from operating activities.


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MORE Credit Limit, Probability of default and Confidence Level

MORE Credit Limit MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial

relationship with the analyzed company with an outlook of one year.

modeFinance used the following values associated with the company analyzed while computing the credit limit:

• Size;

• Years in Business;

• Average number of suppliers;

• Liquidity of the company and the comparison with its sector;

• The funds dedicated to be paid to suppliers;

• The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).

The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual

public data. This value should be reviewed by paying attention to the Confidence Level value and by using other

information such as other business information, news... etc; and private information such as the relationship with

client, history of payments, guarantees and the knowledge of the sector.

Probability of default e Confidence

Level

In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of

confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go

into default.

As the probability of default is strongly affected by the economic climate that the company is operating in,

companies in the same MORE class will not necessarily have the same probability of default.

The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:

Confidence =

∑Available Information∑

Total Information

The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in

availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the

MORE rating is able to take into account for each company.

For companies with fully populated records a confidence level of 100% would be applied: companies where no

financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.


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Notes and disclaimer

NOTES modeFinance has based the present analysis on the company available financial statements, coming from one or

more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinance’s

database etc.

DISCLAIMER All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any

form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of

the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot

be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will

be based on information gathered in good faith from both primary and secondary sources, whose accuracy we

are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken

based on any information that may subsequently prove to be incorrect.

Contacts

Company modeFinance

Products MORE rating

Where AREA Science Park

34149 Trieste, via Padriciano 99 - ITALY

Info [email protected]

web www.modefinance.com

Phone +39 040 3755337

laboratoires: modefinance report

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cash cycle ratio

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