MIRA INFORM REPORT

Report Date :

12.11.2011

IDENTIFICATION DETAILS

Name :	LOVE FOR DENIM B.V.

Registered Office :	Marienhoef 6, Ermelo, 3851 ST

Country :	Netherlands

Financials (as on) :	31.12.2009

Date of Incorporation :	15.01.2007

Com. Reg. No.:	081536610000

Legal Form :	Private Subsidiary Company

Line of Business :	Wholesale Distribution of non-durable goods

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

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)

Netherlands

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

Bottom of Form

Company name & address

Love For Denim B.V.

Marienhoef 6

Ermelo, 3851 ST

Netherlands

Tel: +31 0341-562588

Synthesis

Employees: 22

Company Type: Private Subsidiary

Corporate Family: 2 Companies

Ultimate Parent: Van Beek & De Boer Groep B.V.

Incorporation Date: 15-Jan-2007

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2009

Reporting Currency: Euro

Annual Sales: NA

Total Assets: 8.3

Business Description

Love for Denim B.V. is primarily engaged in the wholesale distribution of non-durable goods, not elsewhere classified, such as art goods, industrial yarns, textile bags, and bagging and burlap.

Industry

Industry Miscellaneous Capital Goods

ANZSIC 2006: 3739 - Other Goods Wholesaling Not Elsewhere Classified

NACE 2002: 5190 - Other wholesale

NAICS 2002: 423990 - Other Miscellaneous Durable Goods Merchant Wholesalers

UK SIC 2003: 5190 - Other wholesale

US SIC 1987: 5199 - Nondurable Goods, Not Elsewhere Classified

Key Executives

Name Title

L.B. Dekker Marketing manager

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7190468

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6969855

Corporate Overview

Location

Marienhoef 6

Ermelo, 3851 ST

Netherlands

Tel: +31 0341-562588

Sales EUR(mil): NA

Assets EUR(mil): 5.8

Employees: 22

Fiscal Year End: 31-Dec-2009

Industry: Miscellaneous Capital Goods

Incorporation Date: 15-Jan-2007

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(NLD): 081536610000

Marketing manager: L.B. Dekker

· Industry Codes

· Business Description

· Financial Data

Industry Codes

ANZSIC 2006 Codes:

3739 - Other Goods Wholesaling Not Elsewhere Classified

NACE 2002 Codes:

5190 - Other wholesale

NAICS 2002 Codes:

423990 - Other Miscellaneous Durable Goods Merchant Wholesalers

US SIC 1987:

5199 - Nondurable Goods, Not Elsewhere Classified

UK SIC 2003:

5190 - Other wholesale

Business Description

Love for Denim B.V. is primarily engaged in the wholesale distribution of non-durable goods, not elsewhere classified, such as art goods, industrial yarns, textile bags, and bagging and burlap.

Financial Data

Financials in:	EUR(mil)

Assets:	5.8
Current Assets:	5.1
Total Liabilities:	5.8
Net Worth:	2.3

Date of Financial Data:	31-Dec-2009

1 Year Growth

Corporate Family	Corporate Structure News:
	Love For Denim B.V.
Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees	Source
Van Beek & De Boer Groep B.V.	Parent
Love For Denim B.V.	Subsidiary	Ermelo, Gelderland	Netherlands	Miscellaneous Capital Goods		22	D&B

Executives Report

Executives

Name

Title

Function

L.B. Dekker

Marketing manager

Marketing Executive

Annual Profit & Loss

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

Gross profit	15.7
Total payroll costs	1.3
Change in value of fixed assets arising from revaluation	0.3
Other operating costs	6.7
Net operating income	7.5
Total expenses	0.4
Profit before tax	7.1
Profit on ordinary activities after tax	5.3
Extraordinary income	0.0
Extraordinary expenses	0.0
Extraordinary result	0.0
Profit after extraordinary items and before tax	0.0
Total taxation	1.8
Profit after tax	5.3
Net profit	5.3

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No

Other reserves	3.3	3.7	1.3
Total stockholders equity	3.3	3.7	1.4
Provisions and allowances	0.5	0.5	-
Total long-term liabilities	0.1	0.2	0.4
Total current liabilities	4.4	5.2	5.5
Total liabilities (including net worth)	8.3	9.5	7.2
Total tangible fixed assets	1.0	1.0	0.8
Total non-current assets	1.0	1.0	0.8
Net stocks and work in progress	2.5	2.5	1.4
Total receivables	4.8	6.0	5.0
Cash and liquid assets	0.0	0.1	0.0
Total current assets	7.3	8.6	6.5
Total assets	8.3	9.5	7.2

Annual Ratios

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No

Current ratio	1.70	1.70	1.20
Acid test ratio	1.10	1.20	0.90
Current liabilities to net worth	1.33%	1.39%	4.05%
Fixed assets to net worth	0.30%	0.26%	0.56%
Return on assets	0.88%	-	-
Shareholders' return	2.22%	-	-
Profit per employee	232.25	-	-
Return on capital	1.77%	-	-
Average wage per employee	42.46	-	-
Net worth	3.3	3.7	1.4
Number of employees	22	19	14

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.28
UK Pound	1	Rs.80.08
Euro	1	Rs.68.45

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

Corporate Overview

Contents

Executives Report

Annual Profit & Loss

Annual Balance Sheet

Annual Ratios

Unit