MIRA INFORM REPORT

Report Date :

08.12.2011

IDENTIFICATION DETAILS

Name :	TOM TAILOR GMBH
Registered Office :	Garstedter Weg 14, Hamburg, 22453
Country :	Germany
Financials (as on) :	31.12.2008
Date of Incorporation :	20.03.2008
Com. Reg. No.:	94278
Legal Form :	Private Subsidiary Company
Line of Business :	manufacture of other mens outerwear; and manufacture of other womens outerwear
No. of Employees :	470 Persons

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Germany	a1	a1

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

Company name & address

Tom Tailor GmbH

Garstedter Weg 14

Hamburg, 22453

Germany

Tel: +49 (0) 40 589560

Fax: +49 (0) 40 58956398

Synthesis

Employees: 470

Company Type: Private Subsidiary

Corporate Family: 3 Companies

Ultimate Parent: TOM TAILOR Holding AG

Incorporation Date: 20-Mar-2008

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2008

Reporting Currency: Euro

Annual Sales: 356.8

Total Assets: 130.8

Business Description

Tom Tailor GmbH is primarily engaged in manufacture of other men’s outerwear; and manufacture of other women’s outerwear.

Industry

Industry Apparel and Accessories

ANZSIC 2006: 1351 - Clothing Manufacturing

NACE 2002: 1822 - Manufacture of other outerwear

NAICS 2002: 3152 - Cut and Sew Apparel Manufacturing

UK SIC 2003: 1822 - Manufacture of other outerwear

US SIC 1987: 2339 - Women's, Misses', and Juniors' Outerwear, Not Elsewhere Classified

Key Executives

Name Title

Dieter Holzer Managing director

News

Title	Date
Talon International Associated Press (1759 Words)	10-Nov-2011
German Tom Tailor's Q3 2011 net profit drops to EUR 5m ADP Germany News (148 Words)	9-Nov-2011
Talon International Sets Third Quarter 2011 Financial Results Inv Associated Press (317 Words)	8-Nov-2011
German Tom Tailor forms purchasing JV with Hong Kong-based Asmara ADP Germany News (130 Words)	7-Nov-2011
Berenberg Bank keeps "buy" stance on Tom Tailor after Q3 figures ADP Germany News (115 Words)	13-Oct-2011

Registered No.(DEU): 94278

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.6836792

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7193986

Corporate Overview

Location

Garstedter Weg 14

Hamburg, 22453

Germany

Tel: +49 (0) 40 589560

Fax: +49 (0) 40 58956398

Sales EUR(mil): 243.9

Assets EUR(mil): 94.1

Employees: 470

Fiscal Year End: 31-Dec-2008

Industry: Apparel and Accessories

Incorporation Date: 20-Mar-2008

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(DEU): 94278

Managing director: Dieter Holzer

Contents

· Industry Codes

· Business Description

· Financial Data

· Subsidiaries

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1351 - Clothing Manufacturing

371 - Textile, Clothing and Footwear Wholesaling

NACE 2002 Codes:

5142 - Wholesale of clothing and footwear

1824 - Manufacture of other wearing apparel and accessories not elsewhere classified

1822 - Manufacture of other outerwear

NAICS 2002 Codes:

31599 - Apparel Accessories and Other Apparel Manufacturing

4243 - Apparel, Piece Goods, and Notions Merchant Wholesalers

3152 - Cut and Sew Apparel Manufacturing

US SIC 1987:

2389 - Apparel and Accessories, Not Elsewhere Classified

2339 - Women's, Misses', and Juniors' Outerwear, Not Elsewhere Classified

513 - Apparel, Piece Goods, and Notions

UK SIC 2003:

1822 - Manufacture of other outerwear

1824 - Manufacture of other wearing apparel and accessories not elsewhere classified

5142 - Wholesale of clothing and footwear

Business Description

Tom Tailor GmbH is primarily engaged in manufacture of other men’s outerwear; and manufacture of other women’s outerwear.

Financial Data

Financials in:	EUR(mil)
Revenue:	243.9
Assets:	94.1
Current Assets:	79.4
Total Liabilities:	94.1
Issued Capital:	2.5
Net Worth:	19.3
Date of Financial Data:	31-Dec-2008

1 Year Growth

19.8%

NA

Subsidiaries

Company	Percentage Owned	Country
Tom Tailor Textiles BV		Netherlands
ROMEO GmbH		Germany
Tom Tailor Retail GmbH		Germany

Key Corporate Relationships

Bank:	Deutsche Bank, Bayer HypoVereinsbank ex Vereins und Westbank, Hamburger Sparkasse

Corporate Family	Corporate Structure News:
	TOM TAILOR Holding AG Tom Tailor GmbH
Tom Tailor GmbH Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
TOM TAILOR Holding AG	Parent	Hamburg	Germany	Retail (Apparel)	480.2	1,468
Tom Tailor GmbH	Subsidiary	Hamburg, Hamburg	Germany	Apparel and Accessories	356.8	470
Tom Tailor Retail GmbH	Subsidiary	Hamburg, Hamburg	Germany	Apparel and Accessories	33.3	340

Executive report

Executives

Name	Title	Function
Dieter Holzer	Managing director	Managing Director

Press clippings

German Tom Tailor's Q3 2011 net profit drops to EUR 5m

ADP Germany News

09 November 2011

[What follows is the full text of the news story.]

Nov 9, 2011 - German fashion company Tom Tailor Holding AG (ETR:TTI) today reported a net profit of EUR 5 million (USD 6.8m) for the third quarter of 2011, down from EUR 8.2 million a year earlier.

The company's profitability was burdened by higher cotton prices and transport costs, investments in a strategic procurement set-up, pre-opening costs for new stores and weaker performance of the Retail division.

However, earnings before interest tax, depreciation and amortisation (EBITDA) advanced to EUR 16.5 million from EUR 15.4 million but EBITDA-margin fell to 13.9% from 15.2% a year earlier.

Tom Tailor's third-quarter revenue rose to EUR 118.6 million from EUR 101.5 million.

For the full 2011, the company expects revenue of more than EUR 400 million and EBITDA of around EUR 48 million.

(EUR 1.0 = USD 1.369)

German Tom Tailor forms purchasing JV with Hong Kong-based Asmara

ADP Germany News

07 November 2011

[What follows is the full text of the news story.]

Nov 7, 2011 - German fashion company Tom Tailor Holding AG (ETR:TTI) announced today that it has bundled its purchasing activities in Asia by establishing a joint venture with long-time partner Asmara International, based in Hong Kong.

The joint company, which is called Tom Tailor Sourcing Ltd, will start operations as of November 1, Tom Tailor said.

The aim of the strategic partnership is to directly control purchasing activities in Asia in the future, the German company said.

Tom Tailor will hold a 51% stake in the joint company, while Asmara International will own the remaining 49%.

The situation on the Asian procurement market has become increasingly tight in recent years due to a rising level of competition for capacity, Tom Tailor's CEO Dieter Holzer said.

German Tom Tailor starts expansion in Poland

ADP Germany News

28 September 2011

[What follows is the full text of the news story.]

Sep 28, 2011 - German fashion company Tom Tailor Holding AG (ETR:TTI) announced today it had opened its first retail store in Poland, where it plans to launch 5 more stores by the end of 2011.

According to the company's CEO Dieter Holzer, Poland is a highly attractive new market, which offers great medium-term growth potential.

Tom Tailor, which currently operates a total of 66 stores in Eastern Europe, intends to open further stores in Poland in the course of 2012.

Annual Profit & Loss

	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.683679	0.730637	0.796979
Consolidated	No	No	No
Total income	356.8	320.5	245.2
Raw materials and services	246.6	208.7	161.7
Net sales	356.8	320.5	245.2
Other operating income	15.5	12.9	12.5
Raw materials and consumables employed	246.6	208.7	161.7
Cost of goods sold	246.6	208.7	161.7
Cost of raw materials	246.6	208.7	161.7
Taxes and social security costs	5.2	4.2	3.9
Total payroll costs	37.4	29.4	27.7
Cost of stock depreciation and amortisation	-	-	0.2
Fixed asset depreciation and amortisation	5.2	1.8	1.4
Other operating costs	148.6	111.8	96.3
Net operating income	8.8	37.6	18.6
Interest received from loans	-	-	0.9
Other income	0.2	0.2	0.6
Interest payable on loans	2.7	1.3	0.6
Total expenses	2.1	2.9	2.2
Profit before tax	6.7	34.7	16.4
Provisions	23.7	33.9	17.5
Extraordinary expenses	-	9.1	-
Extraordinary result	-	-9.1	-
Other taxes	0.0	0.1	0.1
Total taxation	0.3	0.1	0.1
Profit distributed to shareholders	-6.3	-25.4	-16.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2008	31-Dec-2007	31-Dec-2006
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.719399	0.683971	0.758351
Consolidated	No	No	No
Issued capital	3.5	3.7	3.3
Capital reserves	0.3	0.4	0.3
Profits for the year	23.0	24.1	21.8
Total stockholders equity	26.8	28.2	25.4
Deferred taxation	-	0.5	-
Other provisions	20.7	34.0	15.8
Provision for pensions	1.8	1.8	2.7
Provisions and allowances	22.5	36.3	18.4
Other debentures	28.1	6.6	-
Total long-term liabilities	28.1	6.6	28.0
Trade creditors	43.8	37.7	-
Taxation and social security	1.5	1.0	-
Total current liabilities	45.3	38.7	-
Regularisation account	8.2	-	0.0
Total liabilities (including net worth)	130.8	109.7	71.9
Patents	16.0	3.8	0.5
Intangibles	16.0	6.0	1.4
Land and buildings	0.3	0.3	0.2
Fixtures and equipment	0.3	0.3	0.2
Fixed assets under construction	0.1	-	0.0
Total tangible fixed assets	2.5	1.2	1.1
Shares held in associated companies	0.1	0.1	0.1
Total financial assets	0.1	0.1	0.1
Total non-current assets	18.6	7.2	2.6
Raw materials	0.3	0.4	0.1
Finished goods	28.3	34.8	23.2
Net stocks and work in progress	28.6	35.2	23.3
Trade debtors	36.2	32.9	19.3
Other receivables	3.4	2.9	3.4
Total receivables	70.4	59.3	39.4
Owing from associated companies	26.5	23.5	16.7
Owing from participants	4.2	-	-
Cash and liquid assets	11.3	6.5	5.9
Total current assets	110.3	101.0	68.6
Prepaid expenses and deferred costs	1.9	1.5	0.8
Total assets	130.8	109.7	71.9

Annual Ratios

Financials in: USD (mil)

	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.719399	0.683971	0.758351
Consolidated	No	No	No
Current ratio	24.38	26.11	-
Acid test ratio	18.05	17.00	-
Total liabilities to net worth	0.27%	0.16%	0.11%
Net worth to total assets	0.02%	0.03%	0.04%
Current liabilities to net worth	0.17%	0.14%	-
Current liabilities to stock	0.16%	0.11%	-
Fixed assets to net worth	0.07%	0.03%	0.01%
Collection period	391.00	350.00	274.00
Stock turnover rate	0.84	1.03	0.91
Profit margin	0.00%	0.01%	0.01%
Return on assets	0.01%	0.03%	0.02%
Shareholders' return	0.02%	0.10%	0.07%
Sales per employee	52.45	56.02	-
Profit per employee	0.93	6.03	-
Average wage per employee	5.50	5.14	-
Net worth	26.8	28.2	25.4
Number of employees	465	418	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.45
UK Pound	1	Rs.80.38
Euro	1	Rs.69.12

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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