MIRA INFORM REPORT

Report Date :

02.12.2011

IDENTIFICATION DETAILS

Name :	BANDOLERA B.V.

Registered Office :	Vareseweg 85, Rotterdam, 3047 AT

Country :	Netherlands

Financials (as on) :	31.12.2007

Date of Incorporation :	07.10.1991

Com. Reg. No.:	241915910000

Legal Form :	Private Subsidiary Company

Line of Business :	wholesale distribution of men's and boys' apparel and furnishings, sportswear, hosiery, underwear, nightwear, and work clothing

No. of Employees :	67 Persons

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Netherlands

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

Company name & address

Bandolera B.V.

Vareseweg 85

Rotterdam, 3047 AT

Netherlands

Tel: +31 010-2381500

Fax: +31 010-2381599

SYNTHESIS

Employees: 67

Company Type: Private Subsidiary

Corporate Family: 7 Companies

Ultimate Parent: Gimv NV

Incorporation Date: 07-Oct-1991

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2007

Reporting Currency: Euro

Annual Sales: 62.4

Total Assets: 32.6

Business Description

Bandolera B.V. is primarily engaged in the wholesale distribution of men's and boys' apparel and furnishings, sportswear, hosiery, underwear, nightwear, and work clothing.

Industry

Industry Apparel and Accessories

ANZSIC 2006: 371 - Textile, Clothing and Footwear Wholesaling

NACE 2002: 5142 - Wholesale of clothing and footwear

NAICS 2002: 4243 - Apparel, Piece Goods, and Notions Merchant Wholesalers

UK SIC 2003: 5142 - Wholesale of clothing and footwear

US SIC 1987: 5136 - Men's and Boy's Clothing and Furnishings

Key Executives

Name	Title
A. Van Der Heijden	Marketing manager
A. Soer	EDP manager
M. Cornelissen	Purchasing manager
S. Van Rijn	Head of accounting department
J. Van Orsouw	Personnel manager

Registered No.(NLD): 241915910000

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7306374

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6839711

Corporate Overview

Location

Vareseweg 85

Rotterdam, 3047 AT

Netherlands

Tel: +31 010-2381500

Fax: +31 010-2381599

Sales EUR(mil): 45.6

Assets EUR(mil): 22.3

Employees: 67

Fiscal Year End: 31-Dec-2007

Industry: Apparel and Accessories

Incorporation Date: 07-Oct-1991

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(NLD): 241915910000

Contents

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

371 - Textile, Clothing and Footwear Wholesaling

NACE 2002 Codes:

5142 - Wholesale of clothing and footwear

NAICS 2002 Codes:

4243 - Apparel, Piece Goods, and Notions Merchant Wholesalers

US SIC 1987:

5136 - Men's and Boy's Clothing and Furnishings

UK SIC 2003:

5142 - Wholesale of clothing and footwear

Business Description

Bandolera B.V. is primarily engaged in the wholesale distribution of men's and boys' apparel and furnishings, sportswear, hosiery, underwear, nightwear, and work clothing.

Financial Data

Financials in:	EUR(mil)

Revenue:	45.6
Assets:	22.3
Current Assets:	17.8
Total Liabilities:	22.3
Net Worth:	8.1

Date of Financial Data:	31-Dec-2007

1 Year Growth

137.4%

Key Corporate Relationships

Bank:	ING Bank NV

Corporate Family	Corporate Structure News:
	Gimv NV Bandolera B.V.
Bandolera B.V. Total Corporate Family Members: 7

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Gimv NV	Parent	Antwerpen	Belgium	Miscellaneous Financial Services	1,651.7	100
GEALAN Tanna Fenster-Systeme GmbH	Subsidiary	Tanna, ThÃ¼ringen	Germany	Fabricated Plastic and Rubber	35.7	340
Language And Computing	Subsidiary	Merelbeke	Belgium	Computer Services	0.0	15
Bandolera Holding N.V.	Subsidiary	Rotterdam, Zuid-Holland	Netherlands	Miscellaneous Financial Services	76.8
Not The Same B.V.	Subsidiary	Rotterdam, Zuid-Holland	Netherlands	Apparel and Accessories	1.6	80
Bandolera Retail B.V.	Subsidiary	Rotterdam, Zuid-Holland	Netherlands	Apparel and Accessories	1.3	74
Bandolera B.V.	Subsidiary	Rotterdam, Zuid-Holland	Netherlands	Apparel and Accessories	62.4	67	D&B

Executive report

Executives

Name

Title

Function

S. Van Rijn

Head of accounting department

Accounting Executive

J. Van Orsouw

Personnel manager

Human Resources Executive

A. Van Der Heijden

Marketing manager

Marketing Executive

A. Soer

EDP manager

Information Executive

M. Cornelissen

Purchasing manager

Purchasing Executive

Annual Profit & Loss

	31-Dec-2007	31-Dec-2003
Period Length	12 Months	12 Months
Filed Currency	EUR	EUR
Exchange Rate (Period Average)	0.730637	0.885248
Consolidated	Yes	No

Total income	62.4	-
Net sales	62.4	21.7
Cost of goods sold	39.5	14.8
Cost of sales	39.5	14.8
Gross profit	22.9	6.9
General expenses	6.4	-
Social charges	0.7	-
Total payroll costs	5.7	2.5
Change in value of fixed assets arising from revaluation	0.7	0.3
Other operating costs	2.8	3.5
Total operating costs	16.2	-
Net operating income	6.7	0.6
Profit before tax	6.0	0.3
Profit attributable to minority interest shareholdings	-	-0.2
Profit on ordinary activities after tax	4.5	0.3
Total taxation	1.5	0.0
Profit after tax	4.5	0.3
Net profit	4.5	0.1

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2007	31-Dec-2003
Filed Currency	EUR	EUR
Exchange Rate	0.683971	0.792801
Consolidated	Yes	No
Other reserves	-	0.9
Total stockholders equity	-	0.9
Minority interests	0.4	-
Provisions and allowances	1.3	0.0
Total long-term liabilities	8.8	-
Trade creditors	-	4.3
Total current liabilities	9.6	11.4
Total liabilities (including net worth)	32.6	12.3
Intangibles	0.6	-
Total tangible fixed assets	4.1	0.5
Total asset investment	1.8	-
Total non-current assets	6.5	0.5
Net stocks and work in progress	13.3	6.5
Trade debtors	-	1.9
Other receivables	-	3.3
Total receivables	11.0	5.2
Cash and liquid assets	1.9	0.1
Total current assets	26.1	11.8
Total assets	32.6	12.3

Annual Ratios

Financials in: USD (mil)

	31-Dec-2007	31-Dec-2003
Period Length	12 Months	12 Months
Filed Currency	EUR	EUR
Exchange Rate	0.683971	0.792801
Consolidated	Yes	No
Current ratio	2.70	1.00
Acid test ratio	1.30	0.50
Current liabilities to net worth	0.82%	10.00%
Fixed assets to net worth	0.55%	0.54%
Collection period	-	29.00
Stock turnover rate	5.00	3.70
Sales to net working capital	4.00	53.90
Asset turnover	2.05%	1.97%
Profit margin	0.10%	0.01%
Return on assets	0.20%	0.03%
Shareholders' return	-	0.40%
Sales per employee	479.97	369.42
Profit per employee	46.04	5.29
Return on capital	0.28%	0.38%
Average wage per employee	48.97	42.43
Net worth	11.8	0.9
Number of employees	95	52

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.65
UK Pound	1	Rs.81.06
Euro	1	Rs.69.51

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.

Company name & address

SYNTHESIS

Business Description

Key Executives

Corporate Overview

Executive report

Annual Profit & Loss

Unit