MIRA INFORM REPORT

Report Date :

28.09.2011

IDENTIFICATION DETAILS

Name :	BALLY SA

Registered Office :	Via Industria 1, 6987 Caslano

Country :	Switzerland

Date of Incorporation :	24.02.2000

Com. Reg. No.:	514.3.024.191-7 / 509790

Legal Form :	Company limited by shares

Line of Business :	International Sales and Marketing or shoes, fashions and accessories of the Bally Group.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	CHF 1'000'000

Status :	Good

Payment Behaviour :	Regular

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Switzerland

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

Company name

Bally SA

Operating address

Via Industria 1

6987 Caslano

Switzerland/CH

Telephone: 091 6129111

Fax: 091 6129112

Web site: http://www.bally.com

E-mail: info@bally.com

VAT-No.: CHE102994850

Profile

Established: 2000

Line of Business: Consumer goods wholesale

Industry Division: Wholesale trade

Industry-code (NACE): 4642 Wholesale of clothing and footwear

Import/Export: Export

Banks: unknown

Operational Figures

Coverage: Company

Figures: approximately

Employees: 20-34

Activity

The business activities are the international sales and marketing or shoes, fashions and accessories of the Bally Group.

Real Estate

Information on property ownership was not available.

Company Register

Company No: 514.3.024.191-7 / 509790

Legal form: Company limited by shares

Registration: 24.02.2000

Legal status: active

Responsible Register: Registro di commercio del Cantone Ticino

Auditor: KPMG SA, Lugano

History: Date of Statutes: 20.06.2000

Date of Incorporation Statutes: 11.02.2000

Entry Deleted Name

18.02.2000 Bally SA

Entry Deleted Legal domicile

18.02.2000 Caslano, Switzerland

Entry Deleted Address

18.02.2000 Via Industria 1, 6987 Caslano, Switzerland/CH

Entry Deleted Capital

23.06.2000 Share Capital CHF 22'100'000, paidup CHF 22'100'000

18.02.2000 23.06.2000 Share Capital CHF 100'000, paidup CHF 100'000

Entry Deleted Capital Structure

23.06.2000 22'100 Registered shares of CHF 1'000.--

18.02.2000 23.06.2000 100 Registered shares of CHF 1'000.--

Entry Deleted Activity (original Language)

18.02.2000 Commercializzare a livello internazionale articoli dell'industria dell'abbigliamento, in particolare scarpe, vestiti e accessori.

Entry Deleted Remarks (original Language)

05.07.2000 Contribution in kind/Asset takeover: apporto parziale secondo il bilancio 01.01.2000 della Bally Schuhfabriken AG, già in Schönenwerd e ora in Caslano. Attivo CHF 38'060'216,27. Passivo CHF 16'060'216,27. Attivo netto CHF 22'000'000.--, accettato dalla società per tale importo interamente computato sul capitale azionario, contro rimessa all'apportatrice Bally Schuhfabriken AG, già in Schönenwerd e ora in Caslano, di 22'000 azioni nominative da CHF 1'000.--. Contratto di apporto: 20.06.2000.

18.02.2000 Publishing authority: FUSC.

23.06.2000 05.07.2000 Contribution in kind/Asset takeover: Conferimenti in natura: apporto parziale secondo il bilancio 01.01.2000 della Bally Schuhfabriken AG, in Schönenwerd. Attivo CHF 38'060'216,27. Passivo CHF 16'060'216,27. Attivo netto CHF 22'000'000.--, accettato dalla società per tale importo interamente computato sul capitale azionario, contro rimessa all'apportatrice Bally Schuhfabriken AG, in Schönenwerd, di 22'000 azioni nominative da CHF 1'000.--. Contratto di apporto: 20.06.2000.

Official Administration

Title Name

President Stefano Sacchet, Origin: Massagno, Switzerland, Address: 6821 Rovio/TI, Switzerland, joint signature of two, Appointment: 03.11.2010

Executive Director Raniero Addorisio de Feo, Origin: Italy, Address: 5408 Ennetbaden/AG, Switzerland, joint signature of two, Appointment: 17.06.2002

Executive Director Berndt Hauptkorn, Origin: Germany, Address: Varese, Italy, joint signature of two, Appointment: 11.05.2010

Management

Title Name

Member with signing authority Gian Luca Serra, Origin: Italy, Address: Laveno Mombello, Italy, joint signature of two, Appointment: 28.10.2005

Member with signing authority Prisca Girardi, Origin: Italy, Address: Neggio, Switzerland, joint signature of two, Appointment: 28.06.2006

Member with signing authority Sabrina Fossati, Origin: Meride, Switzerland, Address: Porza/TI, Switzerland, joint signature of two, Appointment: 05.06.2002

Member with signing authority Ursula Gut, Origin: Adliswil, Switzerland, Address: 8134 Adliswil/ZH, Switzerland, joint signature of two, Appointment: 20.09.2000

Member with signing authority Catia Cesari, Origin: Italy, Address: 6927 Agra /TI, Switzerland, joint signature of two, Appointment: 09.11.2007

Ultimate Parent Company

Name: Joh. A. Benckiser SE

City/Country: Wien, Austria/AT

Owner/-s

No. of Owner/-s: 1

Owner: The company is foreign owned.

Class: 100%

Name: Bally International AG

City/Country: Caslano, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 2000)

Sisters

Name: Bally Australia Pty Ltd

City/Country: St. Peters, Australia/AU

Name: Bally Deutschland GmbH

City/Country: Düsseldorf, Germany/DE

Name: Bally GC Retail Co Limited

City/Country: Hong kong, Hong Kong/HK

Name: Bally Gesellschaft mbH

City/Country: Wien, Austria/AT

Name: Bally Group (UK) Limited

City/Country: London, United Kingdom/GB

Name: BALLY HOLDINGS, INC.

City/Country: Wilmington, United States of America/US

Name: Bally Hong Kong Limited

City/Country: Tsim Sha Tsui, Hong Kong/HK

Name: BALLY ITALIA S.R.L.

City/Country: Firenze, Italy/IT

Name: Bally Moda SA

City/Country: Madrid, Spain/ES

Name: Bally Schoenhandel BV

City/Country: Amsterdam, Netherlands/NL

Name: Bally Schuhfabriken AG

City/Country: Caslano, Switzerland/CH

Name: Bally Singapore (Pte) Ltd

City/Country: Singapore, Singapore/SG

Name: BALLY STUDIO S.R.L.

City/Country: Firenze, Italy/IT

Name: Chaussures Bally France SAS

City/Country: Paris, France/FR

Investments

It is believed that the company has no investments.

Legal Actions

An updated legal action check is only available against proof of interest. e.g. a copy of an enquiry letter, and order or invoice relating to the subject company.

Credit Information

Financial Statements: The company does not disclose any financial statements. Third parties are not permitted any insight into the financial affairs. It is therefore difficult to make a proper assessment of the actual situation.

Financial Situation: The financial situation is considered to be very good.

Payment experiences: There are no objections regarding the payment of financial obligations.

Maximum Credit: CHF 1'000'000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.18
UK Pound	1	Rs.76.65
Euro	1	Rs.66.63

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.