MIRA INFORM REPORT

Report Date :

05.01.2011

IDENTIFICATION DETAILS

Name :	WORLD FASHION TEAM 2000 SL

Registered Office :	Calle Barcelona, 1 - D Pg Ind La Post, 08850 Gava Barcelona

Country :	Spain

Financials (as on) :	31.12.2008

Date of Incorporation :	01.01.1994

Legal Form :	Limited Liability Company

Line of Business :	Wholesale of clothing

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	159.000,00 €

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Spain

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

Company Name

WORLD FASHION TEAM 2000 SL

TAX NUMBER: B61855672

EXECUTIVE SUMMARY

Identification

Current Business Name: WORLD FASHION TEAM 2000 SL

Commercial Name: COMPANY AND CO ; WFT 2000

Other names: YES

Current Address: CALLE BARCELONA, 1 - D PG IND LA POST

08850 GAVA BARCELONA

Telephone number: 902100628 Fax: 902100629

URL: www.wft2000.com

Corporate e-mail: wft2000@wft2000.com

Trade Risk

Credit Appraisal: 159.000,00 €

Incidents: NO

Bank and business defaults of payment - ASNEF INDUSTRIAL: NO

Financial Information

Latest sales known (2009): 9.000.000,00 € (Estimated)

Balance sheet latest sales (2008): 9.927.875,00 € (Trade Register)

Result: 126.997 €

Total Assets: 4.511.856 €

Social Capital: 200.000,00 €

Employees: 25

Listed on a Stock Exchange: NO

Commercial Information

Incorporation date: 12/01/1999

Activity: Wholesale of clothing (outerwear)

NACE 2009 CODE: 4642

International Operations: Imports and Exports

Corporate Structure

Sole Administrator:

GUIJT IRENE VICTORIA

Parent Company:

GUIJT IRENE VICTORIA

Other Complementary Information

Latest act published in BORME: 17/02/2010 Annual Filed Accounts

Bank Entities: There are

The date when this report was last updated is 05/01/2011.

The information contained in this report has been investigated and contrasted on 04/02/2010

Credit Appraisal

Maximum Credit

(from 0 to 6,000,000 €)

Favourable to 159.000,00 €

Financial Situation

Exercise:2008

Treasury	Excellent
Indebtedness	Bad
Profitability	Average
Balance	Excellent

Performance

Incidents	None or Negligible
Business Trajectory	Good

INCIDENTS

Summary

LEGAL ACTIONS: No legal actions registered

ADMINISTRATIVE CLAIMS: No administrative claims registered

AFFECTED BY: No significant element.

BANK AND BUSINESS DEFAULTS OF PAYMENT - ASNEF INDUSTRIAL

FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE

FINANCIAL ELEMENTS

The shaded amounts in the following financial statements have been converted to the norms established in the PGC2007 derived from RD 1514/2007 and 1515/2007, this way comparatives could be shown with the amounts of exercises initiated from 1/01/08.

Balance-sheet analysis

Figures given in €

	31/12/2008 (12)	% ASSETS		31/12/2007 (12)	% ASSETS
ASSETS
A) NON CURRENT ASSETS	343.029,00	7,60		580.427,00	15,73
B) CURRENT ASSETS	4.168.827,00	92,40		3.109.683,00	84,27
LIABILITIES
A) NET WORTH	2.042.515,00	45,27		2.033.520,00	55,11
B) NON CURRENT LIABILITIES	41.600,00	0,92		68.946,00	1,87
C) CURRENT LIABILITIES	2.427.741,00	53,81		1.587.644,00	43,02


A) NON CURRENT ASSETS B) CURRENT ASSETS			A) NET WORTH B) NON CURRENT LIABILITIES C) CURRENT LIABILITIES

Balance Sheet Comments

Total assets of the company grew in 22,27% between 2.007 and 2.008.

In spite of the assets’ growth, non current assets decreased 40,90%.

This growth has been mainly financed with a debt increase of 49,06%. Nevertheless Net Worth grew 0,44%.

Profit and Loss Account Analysis

Figures given in €

	2009	31/12/2008 (12)	% NET TURNOVER	31/12/2007 (12)	% NET TURNOVER
SALES	9.000.000,00	9.927.875,00		7.092.236,00
GROSS MARGIN		2.513.923,00	25,32	2.120.596,00	29,90
EBITDA		425.866,00	4,29	26.668,00	0,38
EBIT		200.784,00	2,02	-85.108,00	-1,20
NET RESULT		126.997,00	1,28	-120.282,00	-1,70
EFFECTIVE TAX RATE (%)		-34,02	0,00	-18,00	0,00

Profit and Loss Account Comments

The company’s sales figure grew in 39,98% between 2.007 and 2.008.

The company’s EBIT grew in 335,92% between 2.007 and 2.008.

This evolution implies an increase in the company’s economic profitability .

The result of these variations is an increase of the company’s Economic Profitability of 1.350,98% in the analysed period, being equal to 7,40% in the year 2.008.

The Net Result of the company grew in 205,58% between 2.007 and 2.008.

The company’s Financial Profitability has been negatively affected by the financial activities in comparison with EBITs behaviour .

The result of these variations is an increase of the company’s Economic Profitability of 164,36% in the analysed period, being equal to 4,64% in the year 2.008 .

COMPARATIVE SECTOR ANALYSIS

Values table

Figures expressed in %

	COMPANY (2008)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	7,60	25,12	-17,52
A) CURRENT ASSETS	92,40	74,88	17,52
LIABILITIES
A) NET WORTH	45,27	43,41	1,86
B) NON CURRENT LIABILITIES	0,92	5,00	-4,08
C) CURRENT LIABILITIES	53,81	51,59	2,22

	COMPANY (2008)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	100,00	98,08	1,91
GROSS MARGIN	25,32	35,58	-10,26
EBITDA	4,29	8,35	-4,06
EBIT	2,02	6,51	-4,49
NET RESULT	1,28	4,19	-2,91

Sector Composition

Compared sector (NACE 2009): 4642

Number of companies: 78

Size (Sales Figure): 7,000,000.00 - 40,000,000.00 Euros

Comments on the sectorial comparative

Compared to its sector the assets of the companies show an inferior proportion of non current assets. Specifically the difference with the sector average is -17,52% .

In liabilities composition the company appeals on a wider scale to self financing, being the proportion of Net Worth of 1,86% major. As a consequence, external financing sources are less used by the company ( 1,86% less than the sector) .

The proportion that the sales mean to the company’s total ordinary income is 100,00% , an 1,91% higher than in the sector .

The company’s EBIT was positive and was 2,02% with regard to the total ordinary income, 4,49% inferior to the one of the sector .

The company’s capacity to generate operating income is inferior to that of the sector as its ratio EBIT/Sales is inferior (0,02 in comparison with 0,07) .

The company’s net result was positive and equal to 1,28% with regard to the total ordinary income, -2,91% inferior to the one of the sector .

The financial results and the tax impact have had a less negative impact on the net result of the company that in the sector .

OTHER DATA FROM THE ANNUAL FINANCIAL REPORT

Results Distribution

Source: annual financial report 2008

Figures given in €

DISTRIBUTION BASE		APPLICATION A
Profit and Loss	126.997,00	Legal Reserve	0,00
Carry Over	0,00	Voluntary Reserve	6.713,00
Voluntary reserves	0,00	Prior years losses	120.284,00
Reserves	0,00	Carry Over	0,00
Other concepts	0,00	Other funds	0,00
Total of Amounts to be distributed	126.997,00	Dividends	0,00
		Other Applications	0,00

Auditing

Source: filing of annual financial statement 2008

Auditors’ opinion: FAVOURABLE WITH RESERVATIONS

Auditor: AUDIHISPANA S.A.

Auditing exceptions:

LA MEMORIA DE LAS CUENTAS ANUALES ADJUNTAS NO INCLUYE EL IMPORTE DE LAS REMUNERACIONES DE CUALQUIER CLASE DEVENGADAS EN EL CURSO DEL EJERCICIO 2008 POR EL ADMINISTRADOR UNICO, INFORMACION REQUERIDA POR LAS NORMAS PARA LA FORMULACION DE CUENTAS ANUALES. DICHAS REMUNERACIONES SE HALLAN REGISTRADAS EN LA CUENTA DE PERDIDAS Y GANANCIAS DEL EJERCICIO 2008.

company ADDRESSES

Business address

Current Legal Seat Address:

CALLE BARCELONA, 1 - D PG IND LA POST

08850 GAVA BARCELONA

Previous Seat Address:

LUGAR PORT ESPORTIU AIGUADOLÇ 48

08870 SITGES BARCELONA

Characteristics of the current address

Type of establishment: office

Owners: owned; with no official confirmation

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Main Board members, Directors and Auditor

POSITION	NAME AND SURNAME		APPOINTMENT DATE
SOLE ADMINISTRATOR	GUIJT IRENE VICTORIA		31/12/2002
AUDITOR		APPOINTMENT DATE
AUDIHISPANA GRANT THORNTON SL		06/05/2009

Functional Managers

POSITION	NAME AND SURNAME
General Manager	GUIJT IRENE VICTORIA
Financial Director	GUIJT IRENE VICTORIA
Commercial Director	GUIJT IRENE VICTORIA

FINANCIAL LINKS

Shareholders

	BUSINESS NAME	CIF / COUNTRY	%	SOURCE	DATE REP.
	GUIJT IRENE VICTORIA		100,00	OWN SOURCES	04/02/2010

CREDIT INFORMATION

Constitution

Incorporation date: 12/01/1999

Origin / Foundation

Establishment date: 01/01/1994

Activity

Activity: Wholesale of clothing (outerwear)

NACE 2009 CODE: 4642

NACE 2009 Activity: Wholesale of clothing and footwear

Business: FABRICACION, IMPORTACION, COMERCIALIZACION Y DISTRIBUCION DE ARTICULOS DE PUNTO EN GENERAL, Y EN ESPECIAL DE PRENDAS DE VESTIR DE TODO TIPO. LA COMPRA Y VENTA DE FINCAS, URBANAS Y RUSTICAS, ETC.

Activity description: Venta de prendas de vestir (Apparel Sale)

Employees

Latest employees figure: 25 (2010)

% of fixed employees: 95,65%

% of temporary employees: 4,35%

Employees evolution

COMMERCIAL OPERATIONS

PURCHASES

Import Percentage: 100%

Imports from: PAISES ASIATICOS

SALES

Credit collections: 100%

Export Percentage: 20%

Exports to: UNION EUROPEA: FRANCIA, ALEMANIA, PORTUGAL, HOLANDA

National Distribution: 80%

Banks

ENTITY	BRANCH	ADDRESS	TOWN OR CITY	PROVINCE
BANCO DE SABADELL, S.A.			GAVA
CAJA DE AHORROS Y PENSIONES DE BARCELONA			GAVA
CAIXA D’ESTALVIS DE CATALUNYA,TARRAGONA I MANRESA			MOLINS DE REY
DEUTSCHE BANK, S.A.E.

Brands

Brand name: WFT 2000 WORLD FASHION TEAM 2000 (Valid)

Type: JOINT Scope: NATIONAL Date: 14/05/2008

Brand name: MO CUISHLE (Valid)

Type: DENOMINATIVE Scope: NATIONAL Date: 15/04/2008

Brand name: COMPANY & CO (Valid)

Type: DENOMINATIVE Scope: NATIONAL Date: 13/12/1999

Brand name: OUTEREDGE (Valid)

Type: DENOMINATIVE Scope: NATIONAL Date: 13/12/1999

LEGAL STRUCTURE

Constitution Data

Register Date: 12/01/1999

Register town: Barcelona

Announcement number: 97300

Social Capital: 3.005,06 €

Current structure data

Legal form: Limited Liability Company

Social Capital: 200.000,00 €

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2009)

B.O.R.M.E.

(OFFICIAL COMPANIES REGISTRY GAZETTE)

Summary

· Acts on activity: 0

· Acts on administrators: 18 (Last: 06/05/2009, first: 17/03/1999)

· Acts on capital: 1 (Last: 13/01/2006)

· Acts on creation: 1 (Last: 17/03/1999)

· Acts on filed accounts: 10 (Last: 17/02/2010, first: 04/09/2000)

· Acts on identification: 2 (Last: 03/06/2002, first: 26/04/2000)

· Acts on Information: 1 (Last: 17/03/1999)

Latest acts in B.O.R.M.E.

Other acts

ACT	DATE	NOTICE NUM.	TRADE REGISTER
Appointments	06/05/2009	210174	Barcelona
Resignations	24/04/2008	212876	Barcelona
Appointments	21/04/2008	204973	Barcelona
Appointments	06/02/2008	61601	Barcelona
Resignations	06/02/2008	61600	Barcelona
Resignations	23/05/2007	276464	Barcelona
Appointments	30/04/2007	241491	Barcelona
Appointments	22/06/2006	325593	Barcelona

Latest filed accounts

ACT	DATE	NOTICE NUM.	TRADE REGISTER
Annual Filed Accounts (2008)	17/02/2010	101627	Barcelona
Annual Filed Accounts (2007)	29/10/2008	997505	Barcelona
Annual Filed Accounts (2006)	28/09/2007	679412	Barcelona

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.84
UK Pound	1	Rs.69.32
Euro	1	Rs.59.79

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

EXECUTIVE SUMMARY

Trade Risk

Financial Information

Commercial Information

Corporate Structure

Other Complementary Information

Credit Appraisal

Financial Situation

Performance

INCIDENTS

FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE

Profit and Loss Account Analysis

Profit and Loss Account Comments

COMPARATIVE SECTOR ANALYSIS

Sector Composition

Comments on the sectorial comparative

OTHER DATA FROM THE ANNUAL FINANCIAL REPORT

Auditing

company ADDRESSES

CORPORATE STRUCTURE

FINANCIAL LINKS

CREDIT INFORMATION

Employees evolution

COMMERCIAL OPERATIONS

Brands

LEGAL STRUCTURE

B.O.R.M.E.

Unit