We interacted with the management of Monte Carlo Fashions Limited (MCFL) to understand its underlying fundamentals. MCFL (founded in 1984) is the largest winter wear brand in the ~$2.2bn woolen apparel domestic market, which is largely unorganized (~92%) with MCFL having a ~2-3% market share. The company's core namesake brand is synonymous with premium woolen wear, and it also has several other sub-brands to target other segments. The company has diversified into cotton (47% of sales), kids clothing (5%) and home furnishings (10%) (segments include winter themed apparel/items) to reduce dependence on the seasonal woolen wear segment. Structural Risks/Challenges: 1) Seasonal business model with ~55% of sales in December quarter; 2)...