MIRA INFORM REPORT

Report Date :

15.06.2012

IDENTIFICATION DETAILS

Name :	WEHKAMP B.V.

Registered Office :	Meeuwenlaan 2, 8011BZ Zwolle

Country :	Netherlands

Financials (as on) :	31.03.2011

Date of Incorporation :	22.08.1984

Com. Reg. No.:	27109571

Legal Form :	Limited Company

Line of Business :	Retail sale via mail order houses Financial holding

No. of Employees :	327

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 :	Good
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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Netherlands

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

CONTACT INFORMATION

Company name Wehkamp B.V.

Tradename Wehkamp B.V.

wehkamp.nl

Address Meeuwenlaan 2

8011BZ Zwolle

Netherlands

Mail address Postbus 400

8000AK Zwolle

Netherlands

Telephone number 0384973311

Telefax number 0384973495

E-mail address info@wehkamp.nl

Website www.wehkamp.nl

VAT number / RSIN 007414961

Branch(es) Wehkamp B.V. (27109571.0001)

Punterweg 18

8042PB ZWOLLE

Wehkamp B.V. (27109571.0002)

Rollepaal 4

7701BS DEDEMSVAART

Wehkamp B.V. (27109571.0003)

Homoetsestraat 3 B

4021HG MAURIK

COMPANY STRUCTURE


Shareholder	RFS Holland Holding B.V.
	Meeuwenlaan 2
	8011BZ ZWOLLE
	Netherlands
	KvK: 08185138
	Active since: 01-04-2009
	Percentage: 100.00%
Holding company	RFS Holland Holding B.V.
	Meeuwenlaan 2
	8011BZ ZWOLLE
	KvK: 08185138
Affiliated companies	Wehkamp Real Estate B.V.
	Meeuwenlaan 2
	8011BZ ZWOLLE
	KvK: 05083793
	Lacent B.V.
	Meeuwenlaan 2
	8011BZ ZWOLLE

COMPANY STRUCTURE

Shareholder RFS Holland Holding B.V.

Meeuwenlaan 2

8011BZ ZWOLLE

Netherlands

KvK: 08185138

Active since: 01-04-2009

Percentage: 100.00%

Holding company RFS Holland Holding B.V.

Meeuwenlaan 2

8011BZ ZWOLLE

KvK: 08185138

Affiliated companies Wehkamp Real Estate B.V.

Meeuwenlaan 2

8011BZ ZWOLLE

KvK: 05083793

Lacent B.V.

Meeuwenlaan 2

8011BZ ZWOLLE

KvK: 08178063

Fonq Holding B.V.

Kobaltweg 50

3542CE UTRECHT

KvK: 30193631

create2fit B.V.

Bronsstraat 8

1411AV TODEN

KvK: 32109877

Liability declaration RFS Holland Holding BV (05080441)

Meeuwenlaan 2

8011BZ ZWOLLE

RFS Holland Holding B.V. (08185138)

Meeuwenlaan 2

8011BZ ZWOLLE

Bank ABN Amro Bank NV

ING Bank NV

Real estate Lease

The real estate is checked at the land registration office

Object code: ZWOLLE E 4723

Owner: WEHKAMP REAL ESTATE B.V.

Description: Meeuwenlaan 2

MANAGEMENT

Management RFS Holland Holding B.V.

Meeuwenlaan 2

8011BZ ZWOLLE

Netherlands

KvK: 08185138

Authorization: Fully authorized

Position: Manager

Date appointed: 01-04-2009

P.W. Nijhof

Paul Wilhelmus

Authorization: Fully authorized

Position: Manager

Date appointed: 01-04-2006

Date of birth: 04-08-1965

Other directorships:

- Commissaris: Foundation LSG-Rentray - Eefde (KvK: 41042380)

M.M. Beer

Maureen Mildred

Authorization: Limited authorization (max: € 50.000)

Position: Proxy

Date appointed: 10-05-2010

Date of birth: 29-08-1967

G.C. Boersma

Gerard Cornelis

Authorization: Limited authorization

Position: Proxy

Date appointed: 20-03-2010

Date of birth: 29-09-1964

H.J.C. Boone

Helena Johanna Christina

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-01-2008

Date of birth: 07-11-1955

J.J.G. Bruins

Jurrie Jan Gerrit

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-12-2008

Date of birth: 19-10-1973

A.W. van Daalen

Andries Willem

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-04-2006

Date of birth: 06-08-1954

Y.P.I. Hulst

Yvonne Pauline Ingeborg

Authorization: Limited authorization

Position: Proxy

Date appointed: 20-03-2010

Date of birth: 26-02-1971

A. Kinds - de Vries

Alexandra

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-02-2008

Date of birth: 16-04-1972

A.J. Kroes

Aart Jan

Authorization: Limited authorization

Position: Proxy

Date appointed: 20-03-2010

Date of birth: 30-05-1970

E.C.M. Meijer - Jonkman

Elisabeth Carolina Maria

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-08-2007

Date of birth: 06-05-1958

J. Metz

Johanna

Authorization: Limited authorization

Position: Proxy

Date appointed: 20-03-2010

Date of birth: 19-03-1970

J.P. de Niet

Johannes Petrus

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-01-2008

Date of birth: 24-08-1957

A. Santing Aaltje

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-03-2010

Date of birth: 05-04-1974

H.B. Schoemaker

Herman Boudewijn

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-03-2010

Date of birth: 04-06-1966

A. van Slooten

Alexander

3818 JK

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-12-2008

Date of birth: 30-11-1973

W.A. Toet

Wolter Albert

Authorization: Limited authorization

Position: Proxy

Date appointed: 01-01-2008

Date of birth: 16-04-1956

PAYMENT INFORMATION

Payment experiences Payments are regular, no complaints are known

Payments Based on multiple payment experiences up to € 50.000

Quarter: 3 2011: 31 Average days Quarter: 4 2011: 61 Average days Quarter: 1 2012: 39 Average days Quarter: 2 2012: 65 Average days

	invoices	current quarter		2012 Q1	2011 Q4	2011 Q3
Total	515	100%	3.425.131	3.381.623	3.362.258	3.319.756
Within terms	399	77,1%	2.641.633	2.698.901	2.602.812	2.767.417
Delayed 0 - 30	⁸⁷	21,3%	729.714	605.711	615.301	509.419
Delayed 31 - 60	¹⁷	1,4%	48.198	42.920	91.075	42.920
Delayed 61 - 90		0,2%	5.586	34.091	53.070
Delayed 91 - 120

FINANCIAL INFORMATION


Auditor	KPMG
Type of publication	Consolidated
Annual accounts van	RFS Holland Holding B.V.
	Meeuwenlaan 2
	8011BZ ZWOLLE
	KvK: 08185138
Publication	Steady

CORE FIGURES
BOOKYEAR	2011	2010	2009
Quick ratio	0,52	0,55	0,63
Current ratio	0,65	0,67	0,80
Nett workingcapital / Balance total	-0,13	-0,11	-0,06
Capital and reserves / Balance total	0,12	0,07	0,04
Capital and reserves / Fixed assets	0,15	0,08	0,06
Solvency	0,13	0,07	0,05
Nett workingcapital	-81.277.000	-68.489.000	-38.679.000
Capital and reserves	76.592.000	42.309.000	28.754.000
Change capital and reserves	81,03%	47,14%	746,20%
change short term liabilities	13,28%	8,40%	1,47%
Nett Turnover	422.086.000	384.068.000	111.120.000
Operating profit	46.272.000	39.746.000	9.438.000

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

Last annual accounts 2011

Type of publication Consolidated

Turnover 2011: 422.086.000

2010: 384.068.000

2009: 111.120.000

Operating profit 2011: 46.272.000

2010: 39.746.000

2009: 9.438.000

Result after taxes 2011: 30.415.000

2010: 17.364.000

2009: 2.975.000

BALANCE sheet

BOOKYEAR	2011	2010	2009
End of bookyear	31 -03-2011	31-03-2010	31 -03-2009
Goodwill	40.386.000
Other intangible assets	71.439.000		111.216.000
Intangible assets	111.825.000	113.353.000	111.216.000
Tangible assets	46.107.000	46.454.000	47.123.000
Financial assets	340.317.000	348.550.000	348.943.000
Other fixed assets	337.662.000
Fixed assets	498.249.000	508.357.000	507.282.000

Stocks and work in progress	30.357.000	25.094.000	30.815.000
Trade debtors			31.780.000
Other amounts receivable	440.648.000		51.326.000
Accounts receivable	102.986.000	87.444.000	83.106.000
Liquid assets	18.619.000	24.870.000	37.338.000
Current assets	151.962.000	137.408.000	151.259.000
Total assets	650.211.000	645.765.000	658.541.000

Capital and reserves	76.592.000	42.309.000	28.754.000
Provisions	2.339.000	30.052.000	33.075.000
other long term debts	338.041.000		406.774.000
Long term liabilities	338.041.000	367.507.000	406.774.000
Other short term debts	233.239.000	170.489.000	158.158.000
Total short term debt	233.239.000	205.897.000	189.938.000
Total debt	571.280.000	573.404.000	596.712.000
Total Liabilities	650.211.000	645.765.000	658.541.000

PROFIT & LOSS ACCOUNT
BOOKYEAR	2011	2010	2009
Turnover		384.068.000	111.120.000
Nett Turnover	422.086.000	384.068.000	111.120.000
Wages employees		34.237.000	10.693.000
Raw materials		210.595.000	58.016.000
Other operating charges	375.814.000	99.490.000	32.973.000
Operating charges	375.814.000	344.322.000	101.682.000
Operating profit	46.272.000	39.746.000	9.438.000
Financial income	614.000	485.000	270.000
Financial charges	15.846.000	17.124.000	7.378.000
Financial result	-15.232.000	-16.639.000	-7.108.000
Result participations			135.000
Result before taxes	31.040.000	23.107.000	2.465.000
Income taxes	625.000	5.743.000	-510.000
Result after taxes	30.415.000	17.364.000	2.975.000
Nett result	30.415.000	17.364.000	2.975.000

History

Liability statements Since 25-01-2012 filed a withdrawal of declaration of liability.

Since 25-01-2012 filed a withdrawal of declaration of liability.

Since 03-10-2006 filed a withdrawal of declaration of liability.

Since 25-01-2012 filed a withdrawal of declaration of liability.

Consent statements Over bookyear 2012 a consent agreement is filed

Over bookyear 2011 a consent agreement is filed

Over bookyear 2010 a consent agreement is filed

Over bookyear 2009 a consent agreement is filed

Management Since 01-03-2012 is Proxy Wolter Albert Toet out of office.

Since 01-02-2012 is Proxy Stijn Fien appointed.

Since 10-06-2011 is Proxy Rudolph Maria van der Kraan out of office.

Since 01-06-2010 is Proxy Maria Johanna Gerarda Hoeks out of office.

Since 01-09-2010 is Proxy Franciscus Antonius Leopold van Loon out of office.

Since 10-05-2010 is Proxy Maureen Mildred Beer appointed.

Since 19-08-2010 is Proxy Dennis Wilhelmus Haarman out of office.

Since 01-06-2010 is Proxy Wendy ter Wal-van Beeren out of office.

Since 20-03-2010 is Proxy Wendy ter Wal-van Beeren appointed.

Since 20-03-2010 is Proxy Johanna Metz appointed.

Since 20-03-2010 is Proxy Gerard Cornelis Boersma appointed.

Since 20-03-2010 is Proxy Yvonne Pauline Ingeborg Hulst appointed.

Since 20-03-2010 is Proxy Aart Jan Kroes appointed.

Since 01-03-2010 is Proxy Rudolph Maria van der Kraan appointed.

Since 01-03-2010 is Proxy 17203578 de Kracht van Buiten B.V. out of office.

Since 01-03-2010 is Proxy Aaltje Santing appointed.

Since 01-03-2010 is Proxy Herman Boudewijn Schoemaker appointed.

Since 01-03-2010 is Proxy Dennis Wilhelmus Haarman appointed.

Since 01-02-2010 is Proxy Monique Adriana Berrens-Dalhuijsen out of office.

Since 18-06-2009 is Proxy Maria Johanna Gerarda Hoeks appointed.

Since 01-05-2009 is Proxy 30190812 MCC Holding B.V. out of office.

Since 01-04-2009 manager 08185138 RFS Holland Holding B.V. appointed.

Since 01-04-2009 manager 05080441 RFS Holland Holding B.V. out of office.

Company structure

RFS Holland Holding B.V. (08185138)

ZWOLLE

Wehkamp Real Estate B.V. (05083793)

ZWOLLE

Subsidiary (100%)

Lacent B.V. (08178063)

ZWOLLE

Subsidiary (100%)

Wehkamp Finance B.V. (05025359)

ZWOLLE

Subsidiary

PayWay Financial Services B.V. (08178092)

ZWOLLE

Subsidiary

Money@Home B.V. (08178097)

ZWOLLE

Subsidiary

Lacent Data Services B.V. (08184348)

ZWOLLE

Subsidiary

Figo B.V. (08194376)

ZWOLLE

Subsidiary

Wehkamp B.V. (27109571)

Zwolle

Subsidiary (100%)

Fonq Holding B.V. (30193631)

UTRECHT

Management relation

Fonq.nl B.V. (30193629)

Utrecht

Subsidiary (100%)

create2fit B.V. (32109877)

TODEN

Management relation

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.79
UK Pound	1	Rs.86.37
Euro	1	Rs.70.07

INFORMATION DETAILS

Report Prepared by :

MNL

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	27109571
Registered in	Chamber of commerce Oost Netherlands
Act of foundation	22-08-1984
Date of constitution	28-02-1952
Continuation date	01-04-2006
Last change in statutes	12-04-2006
Legal form	Besloten Vennootschap (Limited Company)
Place of constitution	Zwolle
Capital	EUR 454.000
Issued capital	EUR 136.200
Paid up capital	EUR 136.200
Legal form at first registration	Besloten Vennootschap

NACE-code	Retail sale via mail order houses (5261)
	Financial holding (65234)
SBI-code	Retail sale via mail order and internet (4791)
Formal objective	Homeshopping

Employees	Total: 327
Employees group	Group: 830
Employees according to CoC	Chamber of commerce: 327

MIRA INFORM REPORT

CONTACT INFORMATION

COMPANY INFORMATION

COMPANY STRUCTURE

COMPANY STRUCTURE

MANAGEMENT

PAYMENT INFORMATION

FINANCIAL INFORMATION

BALANCE sheet

History

Company structure

Unit