MIRA INFORM REPORT

Report Date :

19.01.2011

IDENTIFICATION DETAILS

Correct Name :	V&D B.V.
Registered Office :	Laarderhoogtweg 25, 1101EB Amsterdam Zuidoost
Country :	Netherlands
Financials (as on) :	2009
Date of Incorporation :	22.05.2009
Com. Reg. No.:	34340151
Legal Form :	Limited Company
Line of Business :	trade and industry and in particular the retail and other related services and manufacturing, holding and finance company

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

Maximum Credit Limit :	€ 500.000
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)
Netherlands	A1	A1

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

CONTACTINFORMATION

Company name V&D B.V.

Tradename V&D B.V.

Vroom & Dreesmann Super stores

Vroom en Dreesmann

Address Laarderhoogtweg 25

1101EB AMSTERDAM ZUIDOOST Netherlands

Mail address Postbus 12640

1100AP AMSTERDAM ZUIDOOST

Telephone number 0205959111

E-mail address info@vendexkbb.nl

Website www.vd.nl

_{Branch(es) 65 branches}

CREDIT LIMIT

Credit limit A credit of € 500.000 may be granted

COMPANY INFORMATION

Handelsregisternummer 34340151

Registered in Chamber of commerce Amsterdam

First registration 22-05-2009

Act of foundation 20-05-2009

Date of constitution 07-07-1920

Continuation date 21-05-2009

Legal form Besloten Vennootschap (Limited Company)

Place of constitution Amsterdam

Capital 90.000

Issued capital 18.000

Paid up capital 18.000

Objective Financial holding (65234)

Formal objective De handel en industrie en meer in het bijzonder de detailhandel, alsmede daarmee in verband staande dienstverlening en fabricage, houdster- en financieringsmaatschappij

(The trade and industry and in particular the retail and other related services and manufacturing, holding and finance company)

COMPANY STRUCTURE

Shareholder Divisie Vroom & Dreesmann B.V.

Laarderhoogtweg 25

1101EB AMSTERDAM ZUIDOOST Netherlands

KvK: 34196123

Percentage: 100.00%

Ultimate parent company Victoria Holding S.a.r.l.

Luxembourg

990004679679

Holding company Divisie Vroom & Dreesmann B.V.

Laarderhoogtweg 25

1101EB AMSTERDAM ZUIDOOST KvK: 34196123

Subsidiary Electric City B.V.

Laarderhoogtweg 25

1101EB AMSTERDAM ZUIDOOST KvK: 33293905

Affiliated companies La Place B.V.

Laarderhoogtweg 25

_{1101EB Amsterdam Zuidoost}

KvK: 34198378

Liability declaration Maxeda Netherlands B.V. (33140908) Hoogoorddreef 11

1101BA AMSTERDAM ZUIDOOST Issue date:

Since:

Real estate Lease

The real estate is checked at the land registration office

Object code: WEESSINCEKARSPEL M 626

Owner: ACHMEA PENSIOEN- EN LIFE INSURANCE N.V. Description: Laarderhoogtweg 25

MANAGEMENT

Management Unikavee B.V.

Hoogoorddreef 11

1101BA AMSTERDAM ZUIDOOST Netherlands

KvK: 33140599

Authorization: Jointly authorized

Position: Manager

Date appointed: 21-05-2009

O.C.J. den Boer

Onno Cornelis Johan

Authorization: Jointly authorized

Position: Manager

Date appointed: 21-05-2009

Date of birth: 26-10-1963

Other directorships:

- Manager: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

- Manager: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

- Proxy: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

T.L.G. Heemskerk

Theodorus Laurentius Gerardus

Authorization: Jointly authorized

Position: Manager

Date appointed: 21-05-2009

Date of birth: 20-08-1958

Other directorships:

- Manager: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

M.D. McKeon

Mark David

Authorization: Jointly authorized

Position: Manager

Date appointed: 21-05-2009

Date of birth: 28-10-1958

Other directorships:

- Manager: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

- Manager: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

- Proxy: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

F.J. Straughan

Fintan John

Authorization: Jointly authorized

Position: Manager

Date appointed: 21-05-2009

Date of birth: 11-03-1963

Other directorships:

- Manager: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

C.M. Velthuis

Carmen Maria

Authorization: Jointly authorized

Position: Manager

Date appointed: 01-02-2010

Date of birth: 05-04-1974

Other directorships:

- Manager: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

- Proxy: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

O.C.J. den Boer

Onno Cornelis Johan

Authorization: Limited authorization (max: € 250.000) Position: Proxy

Date appointed: 20-05-2009

Date of birth: 26-10-1963

Other directorships:

- Manager: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

- Manager: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

- Proxy: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

T.L.G. Heemskerk

Theodorus Laurentius Gerardus

Authorization: Limited authorization (max: € 250.000) Position: Proxy

_{Date appointed: 20-05-2009}

Date of birth: 20-08-1958

Other directorships:

- Manager: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

M.D. McKeon

Mark David

Authorization: Limited authorization (max: € 250.000) Position: Proxy

Date appointed: 20-05-2009

Date of birth: 28-10-1958

Other directorships:

- Manager: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

- Manager: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

- Proxy: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

F.J. Straughan

Fintan John

Authorization: Limited authorization (max: € 250.000) Position: Proxy

Date appointed: 20-05-2009

Date of birth: 11-03-1963

Other directorships:

- Manager: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

C.M. Velthuis

Carmen Maria

Authorization: Limited authorization (max: € 250.000) Position: Proxy

Date appointed: 01-02-2010

Date of birth: 05-04-1974

Other directorships:

- Manager: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)

_{- Proxy: La Place B.V. - Amsterdam Zuidoost (KvK: 34198378)}

PAYMENT INFORMATION

Payment experiences Payments	According to terms Based on multiple payment experiences up to € 50.000
	Quarter: 1 2010: 65 Average days Quarter: 2 2010: 55 Average days Quarter: 3 2010: 44 Average days Quarter: 4 2010: 44 Average days
	invoices current quarter 2010 Q3 2010 Q2	2010 Q1

Total 322 100% 1.615.193 1.615.193 1.656.239 1.703.623

Within terms 235 82,2% 1.327.346 1.327.346 987.792 864.318

Delayed 0 - 30 57 8,9% 143.059 143.059 482.823 518.587

Delayed 31 - 60 12 2,2% 35.988 35.988 53.982 125.958

Delayed 61 - 90 16 5,7% 91.367 91.367 114.209 159.893

Delayed 91 - 120 1 0,4% 6.973 6.973 6.973 13.947

Delayed 120+ days 1 0,6% 10.460 10.460 10.460 20.920

FINANCIAL INFORMATION

Type of publication Consolidated

Annual accounts of Maxeda Fashion Holding B.V.

Hoogoorddreef 11

1101BA AMSTERDAM ZUIDOOST KvK: 34277334

_{Publication Steady}

CORE FIGURES

BOOKYEAR 2009 2008

Quick ratio 0,00 0,14

_{Current ratio} 0,00 0,14

Nett workingcapital / Balance total -0,07 -0,05

Capital and reserves / Balance total 0,36 0,35

Capital and reserves / Fixed

_{Assets 0,34 0,35}

Solvency 0,56 0,53

Nett workingcapital -62.000.000 -48.000.000

Capital and reserves 308.000.000 321.000.000

Change capital and reserves -4.05% ---

change short term liabilities -100,00%

Annual accounts The published financial information is the consolidated group information.

Last annual accounts 2009

Type of publication Corporate

Result after taxes 2007: 32.000.000

_Tendency Declining

Capital and reserves 2009 308.000.000

Total debt 2009 548.000.000

Current ratio 2009 0,00

Quick ratio 2009 0,00

Nett workingcapital 2009 -62.000.000

Profitability Negative

Solvency Positive

Liquidity Negative

BALANCE BOOKYEAR	2009	2008
End of bookyear	31-12-2009	31-01-2008
Intangible assets	176.000.000	199.000.000
Financial assets	742.000.000	720.000.000
Fixed assets	918.000.000	919.000.000
Accounts receivable		8.000.000
Current assets	-62.000.000	8.000.000
Total assets	856.000.000	927.000.000
Capital and reserves	308.000.000	321.000.000
Long term liabilities	548.000.000	550.000.000
Other short term debts		56.000.000
Total short term debt		56.000.000
Total debt	548.000.000	606.000.000
Total Liabilities	856.000.000	927.000.000

COMPANY STRUCTURE

Victoria Holding S.a.r.l. (990004679679) Luxembourg

Victoria Holding B.V. (34277324) AMSTERDAM ZUIDOOST Subsidiary (100%)

Victoria Acquisition I B.V. (34206144) AMSTERDAM ZUIDOOST

Subsidiary (100%)

Victoria Participation II B.V. (34387440) AMSTERDAM ZUIDOOST

Management relation

Victoria Acquisition Ia B.V. (34277313) AMSTERDAM ZUIDOOST

Management relation

Maxeda Retail Group B.V. (34277310) AMSTERDAM ZUIDOOST

Subsidiary (100%)

Procumulator B.V. (34206235) AMSTERDAM

Subsidiary (100%)

Maxeda Fashion Group B.V. (34277329) AMSTERDAM ZUIDOOST

Subsidiary (100%)

Maxeda Fashion Holding B.V. (34277334) AMSTERDAM ZUIDOOST

Subsidiary (100%)

Maxeda Services B.V. (29030051) AMSTERDAM ZUIDOOST

Subsidiary (100%)

Maxeda Speciaalzaken B.V. (32066447) AMSTERDAM ZUIDOOST

Subsidiary (100%)

Hunkemoller B.V. (32031078) HILVERSUM

Subsidiary (100%)

Divisie Maxema B.V. (33103135) AMSTERDAM ZUIDOOST Subsidiary (100%)

Divisie Bijenkorf B.V. (33160642) AMSTERDAM ZUIDOOST Subsidiary (100%)

Magazijn "De Bijenkorf" B.V. (33116577) Amsterdam Zuidoost

Subsidiary (100%)

M & S Mode International B.V. (33235552) AMSTERDAM

Subsidiary (100%)

M & S Mode Netherlands B.V. (33111725) AMSTERDAM

Subsidiary (100%)

M & S Mode France B.V. (33184237) AMSTERDAM

Subsidiary (100%)

Modehuis H. Spanier B.V. (38004992) AMSTERDAM

Subsidiary (100%)

Rolucta Holding B.V. (32047529) AMSTERDAM

Subsidiary (100%)

Unikavee B.V. (33140599) AMSTERDAM ZUIDOOST Subsidiary (100%)

AMSTERDAM ZUIDOOST Management relation

La Place B.V. (34198378) Amsterdam Zuidoost Subsidiary (100%)

La Place Netherlands B.V. (34319190) AMSTERDAM ZUIDOOST

Subsidiary (100%)

V&D B.V. (34340151) AMSTERDAM ZUIDOOST Subsidiary (100%)

Electric City B.V. (33293905) AMSTERDAM ZUIDOOST Subsidiary (100%)

Maxeda Netherlands B.V. (33140908) AMSTERDAM ZUIDOOST

Subsidiary (100%)

B.V.Holdingmaatschappij Techno Holland (33125552) AMSTERDAM

Subsidiary (100%)

T.S. C. International B.V. (33056092) AMSTERDAM

Subsidiary (100%)

Electronics Netherlands B.V. (33119608) AMSTERDAM

Subsidiary (100%)

Schaap en Citroen B.V. (33081563) DIEMEN

Several liability relation

KBB Buitenland B.V. (33265543) AMSTERDAM ZUIDOOST Subsidiary (100%)

HCD B.V. (34189825) DIEMEN

Subsidiary (100%)

Maxeda DIY Group B.V. (34277318) AMSTERDAM ZUIDOOST

Management relation

Vastgoedmaatschappij Frankemaheerd B.V. (33145848) AMSTERDAM

Subsidiary (100%)

Maxeda DIY Holding B.V.

(34277321) AMSTERDAM ZUIDOOST

Subsidiary (100%)

Mexeda DIY Group B.V. (33140909) BREDA

Subsidiary (100%)

Praxis Groep BV (33145849) DIEMEN

Subsidiary (100%)

Distributiecentrum Praxis/Formido B.V. (30030347)

DIEMEN

Subsidiary (100%)

Formido Bouwmarkten B.V. (30133993) NIJKERK GLD

Subsidiary (100%)

B.V. Bouwmarkt Surhuisterveen

(01068108) SURHUISINRVEEN Subsidiary (100%)

B.V. Bouwmarkt Helperwestsingel

(02061166) NIJKERK GLD Subsidiary (100%)

Bouwmarkt Bommelerwaard B.V. (11025501)

ZALTBOMMEL Subsidiary (100%)

Formido Zevenbergen B.V. (11056076) NIJKERK GLD

Subsidiary (100%)

Bouwmarkt Maastricht B.V. (14627369) MAASTRICHT

Subsidiary (100%)

Formido Brielle B.V. (24195505) VIERPOLDERS

Subsidiary (100%)

Formido Oostvoorne B.V. (24236463) OOSTVOORNE

Subsidiary (100%)

Formido Hellevoetsluis B. (24298517)

Subsidiary (100%)

Bouwmarkt Wormer B.V. (33160410) NIJKERK GLD

_{Subsidiary (100%)}

Formido Den Helder B.V. (37091762) DEN HELDER

Subsidiary (100%)

3B Bouwmarkt B.V. (37142825) DEN HELDER

Subsidiary (100%)

Bouwmarkt Dronten B.V. (39043807) DRONINN

Subsidiary (100%)

Formido Oudenbosch B.V. (11056077) NIJKERK GLD

Management relation

Praxis Doe-Het-Zelf Center B.V. (33152545) DIEMEN

Subsidiary (100%)

Praxis Roermond B.V. (12047877) ROERMOND

Subsidiary (100%)

Praxis Hapert B.V. (20121737) HASINCET

Subsidiary (100%)

Praxis Real estate B.V. (33161791) DIEMEN

Subsidiary (100%)

Megastore Real estate B.V. (33290095) DIEMEN

Subsidiary (100%)

Praxis Plan-It B.V. (34392328) DIEMEN

_{Subsidiary (100%)}

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.53
UK Pound	1	Rs.72.56
Euro	1	Rs.60.62

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

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.