MIRA INFORM REPORT

Report Date :

20.05.2011

IDENTIFICATION DETAILS

Name :	MEXX GROUP B.V.

Registered Office :	Johan Huizingalaan 400, 1066JS Amsterdam

Country :	Netherlands

Financials (as on) :	31.12.2009

Date of Incorporation :	31.12.1986

Com. Reg. No.:	28045039

Legal Form :	Limited Company

Line of Business :	Retail sale of men's outerwear

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 :	Unknown
Litigation :	---

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Netherlands

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

Bottom of Form

CONTACTINFORMATION

Company name	Mexx Group B.V.
Tradename	Mexx Group B.V.
Address	Johan Huizingalaan 400
	1066JS Amsterdam
	Netherlands
Mail address	Postbus 90092
	1006BB Amsterdam
	Netherlands
Telephone number	0205144000
Telefax number	0205143333
E-mail address	unknown
Website	www.mexx.com

COMPANY STRUCTURE

Shareholder Mexx Europe International B.V.

Johan Huizingalaan 400

1066JS AMSTERDAM

Netherlands KvK: 28100841

Active since: 13-04-2004 Percentage: 100.00%

Ultimate parent company LCI Acquisition U.S., Inc.

990004919317

Holding company Mexx Europe International B.V.

Johan Huizingalaan 400

1066JS AMSTERDAM KvK: 28100841

Subsidiary Mexx Direct Holding B.V.

Johan Huizingalaan 400

1066JS AMSTERDAM KvK: 28048658

Amex Property B.V.

Leidseweg 219 2253AE VOORSCHOINN

KvK: 28054655

Liability declaration Mexx Europe Holding B.V. (28048657)

Johan Huizingalaan 400

1066JS AMSTERDAM

Bankers Fortis Bankers (Netherlands) NV

ING Bankers NV

Real estate Lease

The real estate is checked at the land registration office

Object code: SLOINN (N.H.) F 2904

Owner: AXA INVESTMENT MANAGERS DEUTSCHLAND

GESELLSCHAFT MIT

BESCHRANKINR HAFTUNG

MANAGEMENT

Management G.J. Berghuis Gerard Johannes

2243 AH

Authorization: Fully authorized Position: Manager Date appointed: 06-04-2006 Date of birth: 09-04-1966

Other directorships:

- Manager: Mexx Europe B.V. - AMSTERDAM (KvK: 28054067)

I.J.S. Vliegen Ivo Jaak Sylvain

Authorization: Fully authorized Position: Manager Date appointed: 02-03-2009 Date of birth: 23-11-1963

H.L. van Keulen-Wachter Hester Laura

1087 KH

Authorization: Limited authorization Position: Proxy Date appointed: 31-05-2002 Date of birth: 01-08-1971

Other directorships:

- Proxy: Mexx Europe B.V. - AMSTERDAM (KvK: 28054067)

PAYMENT INFORMATION

Payment experiences

Because of limited activities, no payment experiences of any importance are known. No complaints are known.

FINANCIAL INFORMATION

Auditor	Deloitte & Touche
Type of publication	Consolidated
Annual accounts van	Mexx Europe Holding B.V.
	Johan Huizingalaan 400
	1066JS AMSTERDAM
	KvK: 28048657
Publication	Publication according to obligations by law

CORE FIGURES

BOOKYEAR	2009	2008	2007
Quick ratio	0,41	1,23	1,41
Current ratio	0,75	2,11	2,08
Nett workingcapital / Balance total	-0,14	0,24	0,24
Capital and reserves / Balance total	-0,25	0,11	0,25
Capital and reserves / Fixed assets	-0,45	0,21	0,46
Solvency	-0,21	0,14	0,33
Nett workingcapital	-53.422.000	126.737.000	152.766.000
Capital and reserves	-94.416.000	58.394.000	153.734.000
Change Capital And Reserves	-261,69%	-62,02%	-1,29%
Change Short Term Liabilities	89,62%	-19,31%	4,48%

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

Last annual accounts 2009

Type of publication	Consolidated
Turnover	2009:	525.203.000
	2008:	788.027.000
	2007:	892.939.000
	2006:	924.386.000
	2005:	864.300.000
Gross profit	2009:	273.175.000
	2008:	439.885.000
	2007:	498.910.000
	2006:	513.155.000
	2005:	489.886.000
Operating profit	2009:	-81.549.000
	2008:	-14.023.000
	2007:	21.979.000
	2006:	41.781.000
	2005:	55.417.000
Result after taxes	2009:	-152.809.000
	2008:	-61.053.000
	2007:	682.000
	2006:	36.738.000
	2005:	25.248.000

Tendency Declining

Capital and reserves 2009 -94.416.000

Total debt 2009 465.526.000

Current ratio 2009 0,75

Quick ratio 2009 0,41

Nett workingcapital 2009 -53.422.000

Profitability Negative

Solvency Limited

Liquidity Limited

Current- & Quickratio

BALANCE sheet

BOOKYEAR		2009	2008	2007
End of bookyear		31-12-2009	31-12-2008	31-12-2007
Intangible assets		8.530.000	8.630.000	17.743.000
Tangible assets		69.491.000	95.419.000	114.202.000
Financial assets		129.532.000	175.163.000	200.469.000
Fixed assets		207.553.000	279.212.000	332.414.000

Stocks and work in progress		74.939.000	99.941.000	95.253.000
Accounts receivable		72.682.000	119.681.000	165.071.000
Liquid assets		15.936.000	21.546.000	34.259.000
Current assets		163.557.000	241.168.000	294.583.000
Total assets		371.110.000	520.380.000	626.997.000
Capital and reserves	-94.416.000		58.394.000	153.734.000
Provisions	4.976.000		1.414.000	3.714.000
other long term debts	243.571.000		298.789.000	10.700.000
Long term liabilities	243.571.000		298.789.000	327.732.000
Trade debts suppliers			37.864.000	42.870.000
Other short term debts	216.979.000		76.567.000	98.947.000
Total short term debt	216.979.000		114.431.000	141.817.000
Other liabilities			47.352.000
Total debt	465.526.000		461.986.000	473.263.000
Total Liabilities	371.110.000		520.380.000	626.997.000

History

Consent statements Over bookyear 2009 a consent agreement is filed

Over bookyear 2008 a consent agreement is filed

Over bookyear 2007 a consent agreement is filed

Over bookyear 2006 a consent agreement is filed

Management Since 11-12-2009 is Proxy Nicholas Rubino appointed.

Since 02-03-2009 manager Ivo Jaak Sylvain Vliegen appointed.

Since 02-03-2009 manager Anurup Singh Pruthi out of office.

Since 23-12-2008 is Commissaris Andrew Henry Land out of office.

Since 01-12-2008 is Commissaris Michael Scarpa out of office.

Since 01-10-2008 manager Jeffrey Leonard Fardell out of office.

Since 01-01-2008 is Commissaris Herman Floris Marie Wiegerinck, living in

Baarn out of office.

Since 01-01-2008 is Commissaris Jorge Luis Figueredo, living in Mahway Ver. Staten van Amerika out of office.

Since 01-01-2008 is Commissaris Paul Richard Charron, living in Darien Ver. Staten van Amerika out of office.

Modifications Since 29-12-2008 statutes modified.

Company structure

LCI Acquisition U.S., Inc. (990004919317)

Mexx Europe Holding B.V. (28048657)

AMSTERDAM

Subsidiary (100%)

Mexx Holding Netherlands B.V. (28048659)

AMSTERDAM

Several liability relation (100%)

Mexx Sporting activities Benelux B.V. (18127712)

HOUTEN

Subsidiary (100%)

Mexx Europroduction B.V. (28054654)

AMSTERDAM Subsidiary (100%)

Mexx Netherlands Retail B.V. (28073698)

AMSTERDAM Subsidiary (100%)

Mexx Netherlands B.V. (30100731)

Subsidiary (100%)

Mexx Europe B.V. (28054067)

AMSTERDAM

Subsidiary (100%)

Mexx Holding International B.V. (28048660)

AMSTERDAM Subsidiary (100%)

Liz Claiborne 3 B.V. (28100840)

AMSTERDAM

Subsidiary (100%)

Mexx Europe International B.V. (28100841)

AMSTERDAM

Several liability relation (100%)

Mexx Group B.V. (28045039)

Amsterdam Subsidiary (100%)

Mexx Direct Holding B.V. (28048658)

AMSTERDAM

Subsidiary (100%)

Amex Property B.V. (28054655)

VOORSCHOINN

Several liability relation (100%)

Liz Claiborne 2 B.V. (34155771)

AMSTERDAM

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.98
UK Pound	1	Rs.72.68
Euro	1	Rs.64.16

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.

Handelsregisternummer	28045039
Registered in	Chamber of commerce Amsterdam
Act of foundation	31-12-1986
Date of constitution	31-12-1986
Last change in statutes	29-12-2008
Legal form	Besloten Vennootschap (Limited Company)
Place of constitution	Voorschoten
Capital	EUR 5.000.000
Issued capital	EUR 1.438.200
Paid up capital	EUR 1.438.200
NACE-code	RETAIL TRADE (52)
	Retail sale of men's outerwear (52421)
SBI-code	Detailhandel (niet in auto's) (47) (Retail trade (not cars) (47))
Formal objective	Houdster- en financieringsmaatschappij (Holding and finance company)

CONTACTINFORMATION

COMPANY INFORMATION

COMPANY STRUCTURE

MANAGEMENT

PAYMENT INFORMATION

FINANCIAL INFORMATION

CORE FIGURES

BALANCE sheet

History

Company structure

Unit