MIRA INFORM REPORT

Report Date :

04.12.2012

IDENTIFICATION DETAILS

Name :	DK COMPANY AS

Registered Office :	La Cours Vej 6, 7430 Ikast

Country :	Denmark

Financials (as on) :	31.12.2011

Date of Incorporation :	06.02.1959

Com. Reg. No.:	24431118 A/S

Legal Form :	Public Limited Company Quoted

Line of Business :	Wholesaler of clothing and footwear

No. of Employees :	141 employees

RATING & COMMENTS

MIRA’s Rating :

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

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^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Denmark

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

DENMARK - ECONOMIC OVERVIEW

This thoroughly modern market economy features a high-tech agricultural sector, state-of-the-art industry with world-leading firms in pharmaceuticals, maritime shipping and renewable energy, and a high dependence on foreign trade. Denmark is a member of the European Union (EU); Danish legislation and regulations conform to EU standards on almost all issues. Danes enjoy among the highest standards of living in the world and the Danish economy is characterized by extensive government welfare measures and an equitable distribution of income. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus but depends on imports of raw materials for the manufacturing sector. Within the EU, Denmark is among the strongest supporters of trade liberalization. After a long consumption-driven upswing, Denmark's economy began slowing in 2007 with the end of a housing boom. Housing prices dropped markedly in 2008-09 and, following a short respite in 2010, continued to decline in 2011 though at a slower pace. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. The global financial crises cut Danish real GDP by 0.8% in 2008 and 5.8% in 2009. Denmark made a modest recovery in 2010 with real GDP growth of 1.3%, in part because of increased government spending; however, the country experienced a technical recession in late 2010-early 2011. Historically low levels of unemployment rose sharply with the recession and have remained at about 6% in 2010-11, based on the national measure, about two-thirds average EU unemployment. An impending decline in the ratio of workers to retirees will be a major long-term issue. Denmark maintained a healthy budget surplus for many years up to 2008, but the budget balance swung into deficit in 2009. In spite of the deficits, the new coalition government plans to deliver a modest stimulus to the economy in 2012. Nonetheless, Denmark's fiscal position remains among the strongest in the EU at 46.5% of GDP in 2011. Despite previously meeting the criteria to join the European Economic and Monetary Union (EMU), so far Denmark has decided not to join, although the Danish krone remains pegged to the euro. Denmark held the EU presidency during the first half of 2012; priorities included promoting a responsible, dynamic, green, and safe Europe, while working to steer Europe out of its euro zone economic crisis.

Source : CIA

Company name & address

Main name DK COMPANY A/S

Main address LA COURS VEJ 6

City 7430 IKAST

Country Denmark

Phone-no. +45-96-600700

Fax-no. +45-96-600710

Company summary

Nat. partner ID-no. 126612

ID-/Reg.-no. 24431118 A/S

Legal form Public limited company qouted

Company Status Active

Activity

Activity 46.42 Wholesale of clothing and footwear

No of employees empl 141

Management Information

Management JENS POULSEN (Managing director)

JENS OBEL JØRGENSEN

SØREN BAK LAURITSEN

KASPER PHILIPSEN

Board of directors BO BOULUND KNUDSEN (Chairman of the board)

DION MØBERG ERIKSEN (Member of the board)

JENS ALBERT NIELSEN KUSK (Member of the board)

Historical Data

Established 2001

Registered 1959-02-06

Credit Facilities

Bankers NORDEA BANK DANMARK A/S ERHV.CENTER MIDT-OG

- VESTJYLLAND

Financial data

Currency Danish Krone

<* *>

Closing date 2011-12-31 2010-12-31 2009-12-31

Source Ann. report Ann. report Ann. report

Turnover 83.013.000 4.247.000

Costs 93.039.000 1.309.000

Ordinary result -14.482.000 -3.946.000 2.938.000

Tax -54.098.000 -1.000

Annual result 39.616.000 -3.946.000 2.939.000

<* Assets *>

Fixed assets 119.948.000

Current assets 226.599.000 8.129.000 10.382.000

<* Liabilities *>

Equity capital 108.262.000 8.008.000 10.150.000

Share capital 61.195.000 35.500.000 35.500.000

Short-term debts 238.285.000 121.000 232.000

Company Ratios

Gearing I -2.039,06 1,51 2,29

Acid test ratio I 95,10 6.718,18 4.475,00

Acid test ratio II 77,61 6.718,18 4.475,00

Return on investment -2,89 -12,68 28,30

Return on equity -13,38 -49,28 28,95

Solvency ratio 31,24 98,51 97,77

Property

Property No

Corporate Structure

Parent company DKC HOLDING 2011 A/S (ID:953953) (99%)

Subsidiaries FRANSA COMPANY A/S (ID:38368) (100%)

MID PRO TEX A/S (ID:1036638) (51%)

Secondary names(s) DESIGNERSMARKET A/S

GAIA & KO A/S

K-RETAIL A/S

KAFFE CLOTHING A/S

KIDZONE A/S

Payment profile

Payment profile Payment regular

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.56
UK Pound	1	Rs.87.45
Euro	1	Rs.71.08

INFORMATION DETAILS

Report Prepared by :

NLM

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.