MIRA INFORM REPORT

Report Date :

21.12.2011

IDENTIFICATION DETAILS

Name :	J.C. RAGS B.V.

Registered Office :	Mangaan 11, 's-Hertogenbosch, 5234 GD

Country :	Netherlands

Financials (as on) :	31.12.2010

Date of Incorporation :	17.01.1992

Com. Reg. No.:	160647640000

Legal Form :	Private Subsidiary Company

Line of Business :	manufacturing fabricated textile products

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Poor
Payment Behaviour :	---
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

J.C. Rags B.V.

Mangaan 11

's-Hertogenbosch, 5234 GD

Netherlands

Tel: +31 073-6443434

Fax: +31 073-6443333

Synthesis

Employees: NA

Company Type: Private Subsidiary

Corporate Family: 5 Companies

Ultimate Parent: Zinvest Fashion B.V.

Incorporation Date: 17-Jan-1992

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Euro

Annual Sales: NA

Total Assets: 10.4

Business Description

J.C. Rags B.V. is primarily engaged in manufacturing fabricated textile products, not elsewhere classified.

Industry

Industry Textiles - Non Apparel

ANZSIC 2006: 133 - Textile Product Manufacturing

NACE 2002: 1740 - Manufacture of made-up textile articles, except apparel

NAICS 2002: 313 - Textile Mills

UK SIC 2003: 1740 - Manufacture of made-up textile articles, except apparel

US SIC 1987: 2399 - Fabricated Textile Products, Not Elsewhere Classified

Key Executives

Name	Title
Patrick Maes	Managing director
Yogen Laijawalla	Member of the board
Jan Wielink	Member of the board

news

Title	Date
VANS at BANK Birmingham Post (UK) (38 Words)	7-Jul-2011
Elise at BANK Birmingham Post (UK) (79 Words)	28-Apr-2011

Registered No.(NLD): 160647640000

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location

Mangaan 11

's-Hertogenbosch, 5234 GD

Netherlands

Tel: +31 073-6443434

Fax: +31 073-6443333

Sales EUR(mil): NA

Assets EUR(mil): 7.8

Employees: NA

Fiscal Year End: 31-Dec-2010

Industry: Textiles - Non Apparel

Incorporation Date: 17-Jan-1992

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(NLD): 160647640000

Managing director: Patrick Maes

Contents

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

133 - Textile Product Manufacturing

371 - Textile, Clothing and Footwear Wholesaling

NACE 2002 Codes:

5142 - Wholesale of clothing and footwear

1740 - Manufacture of made-up textile articles, except apparel

NAICS 2002 Codes:

4243 - Apparel, Piece Goods, and Notions Merchant Wholesalers

313 - Textile Mills

US SIC 1987:

2399 - Fabricated Textile Products, Not Elsewhere Classified

513 - Apparel, Piece Goods, and Notions

UK SIC 2003:

1740 - Manufacture of made-up textile articles, except apparel

5142 - Wholesale of clothing and footwear

Business Description

J.C. Rags B.V. is primarily engaged in manufacturing fabricated textile products, not elsewhere classified.

Financial Data

Financials in:	EUR(mil)

Assets:	7.8
Current Assets:	5.4
Total Liabilities:	7.8
Net Worth:	-1.3

Date of Financial Data:	31-Dec-2010

1 Year Growth

Key Corporate Relationships

Bank:	ABN AMRO Bank NV

Corporate Family	Corporate Structure News:
	J.C. Rags B.V.
J.C. Rags B.V. Total Corporate Family Members: 5

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Zinvest Fashion B.V.	Parent
Thijm B.V.	Subsidiary	Best, Noord-Brabant	Netherlands	Retail (Apparel)	73.1	74
Dept B.V.	Subsidiary	's-Hertogenbosch, Noord-Brabant	Netherlands	Apparel and Accessories	61.3
Dept. Store B.V.	Subsidiary	's-Hertogenbosch, Noord-Brabant	Netherlands	Retail (Apparel)		69
J.C. Rags B.V.	Subsidiary	's-Hertogenbosch, Noord-Brabant	Netherlands	Textiles - Non Apparel

Executive report

Board of Directors

Name

Title

Function

Yogen Laijawalla

Member of the board

Director/Board Member

Jan Wielink

Member of the board

Director/Board Member

Executives

Name

Title

Function

Patrick Maes

Managing director

Managing Director

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No

Gross profit	5.4	8.2	8.8
Total payroll costs	3.2	3.2	2.4
Change in value of fixed assets arising from revaluation	0.7	0.7	0.2
Other operating costs	4.8	6.5	4.5
Net operating income	-	-	1.7
Total financial income	0.1	0.1	0.1
Total expenses	0.3	0.4	0.2
Profit before tax	-	-	1.6
Profit on ordinary activities after tax	-2.7	-1.8	1.2
Total taxation	-0.9	-0.6	0.4
Profit after tax	-2.7	-1.8	1.2
Net profit	-	-	1.2
Net loss	-2.7	-1.8	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No

Share premium account	0.0	0.0	0.0
Other reserves	-3.3	0.9	2.7
Total reserves	1.5	0.0	-
Total stockholders equity	-1.8	1.0	2.7
Provisions and allowances	0.1	-	-
Total long-term liabilities	0.9	0.9	1.1
Total current liabilities	8.1	12.4	4.4
Total liabilities (including net worth)	10.4	14.2	8.3
Total tangible fixed assets	1.4	1.5	1.1
Total asset investment	1.8	1.8	1.6
Total non-current assets	3.2	3.2	2.8
Net stocks and work in progress	2.3	2.6	0.9
Total receivables	4.5	7.5	4.1
Cash and liquid assets	0.4	0.9	0.5
Total current assets	7.2	11.0	5.5
Total assets	10.4	14.2	8.3

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No

Current ratio	0.90	0.90	1.20
Acid test ratio	0.60	0.70	1.10
Current liabilities to net worth	-4.48%	10.00%	1.60%
Fixed assets to net worth	-1.79%	3.39%	1.01%
Return on assets	-0.35%	-0.18%	0.18%
Shareholders' return	2.01%	-2.61%	0.56%
Profit per employee	-69.01	-62.22	57.43
Return on capital	4.68%	-1.58%	0.34%
Average wage per employee	61.77	81.04	87.59
Net worth	-1.8	1.0	2.7
Number of employees	39	28	19

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.03
UK Pound	1	Rs.82.34
Euro	1	Rs.68.99

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

news

Corporate Overview

Executive report

Annual Profit & Loss

Annual Balance Sheet

Annual Ratios

Unit