MIRA INFORM REPORT

Report Date :

07.03.2012

IDENTIFICATION DETAILS

Name :	H & M HENNES & MAURITZ GBC AB

Registered Office :	Stockholm, 10638

Country :	Sweden

Financials (as on) :	30.11.2010

Year of Establishment :	1959

Com. Reg. No.:	5560701715

Legal Form :	Private Subsidiary Company

Line of Business :	merchant Wholesale Distribution of footwear (including athletic) of leather, rubber, and other materials.

No. of Employees :	890

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

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Sweden

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

Company name & address

H & M Hennes & Mauritz GBC AB

Stockholm, 10638

Sweden

Tel: +46 8 796 55 00

Synthesis

Employees: 890

Company Type: Private Subsidiary

Corporate Family: 228 Companies

Ultimate Parent: H & M Hennes & Mauritz AB

Incorporation Date: 1959

Financials in: USD (Millions)

Fiscal Year End: 30-Nov-2010

Reporting Currency: Swedish Krona

Annual Sales: 9,336.3

Net Income: 1,478.8

Total Assets: 2,492.3

Business Description

H & M Hennes & Mauritz GBC AB is primarily engaged in the merchant wholesale distribution of footwear (including athletic) of leather, rubber, and other materials.

Industry

Industry Footwear

ANZSIC 2006: 3712 - Clothing and Footwear Wholesaling

NACE 2002: 5142 - Wholesale of clothing and footwear

NAICS 2002: 424340 - Footwear Merchant Wholesalers

UK SIC 2003: 51423 - Wholesale of footwear

US SIC 1987: 5139 - Footwear

Key Executives

Name Title

Karl-Johan Erling Persson verkst dir

Carl Stefan Persson ledamot Kompass

Registered No.(SWE): 5560701715

1 - Profit & Loss Item Exchange Rate: USD 1 = SEK 7.231097

2 - Balance Sheet Item Exchange Rate: USD 1 = SEK 7.0326

Corporate Overview

Location

Stockholm, 10638

Sweden

Tel: +46 8 796 55 00

Sales SEK(mil): 67,512.0

Assets SEK(mil): 17,527.0

Employees: 890

Fiscal Year End: 30-Nov-2010

Industry: Footwear

Incorporation Date: 1959

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(SWE): 5560701715

verkst dir: Karl-Johan Erling Persson

Contents

· Industry Codes

· Business Description

· Financial Data

Industry Codes

ANZSIC 2006 Codes:

3711 - Textile Product Wholesaling

371 - Textile, Clothing and Footwear Wholesaling

3712 - Clothing and Footwear Wholesaling

NACE 2002 Codes:

5142 - Wholesale of clothing and footwear

5141 - Wholesale of textiles

514 - Wholesale of household goods

NAICS 2002 Codes:

424310 - Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

42431 - Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

424340 - Footwear Merchant Wholesalers

4243 - Apparel, Piece Goods, and Notions Merchant Wholesalers

42434 - Footwear Merchant Wholesalers

US SIC 1987:

513 - Apparel, Piece Goods, and Notions

5139 - Footwear

5131 - Piece Goods, Notions, and Other Dry Good

UK SIC 2003:

514 - Wholesale of household goods

5141 - Wholesale of textiles

51423 - Wholesale of footwear

5142 - Wholesale of clothing and footwear

Business Description

H & M Hennes & Mauritz GBC AB is primarily engaged in the merchant wholesale distribution of footwear (including athletic) of leather, rubber, and other materials.

Financial Data

Financials in:	SEK(mil)

Revenue:	67,512.0
Net Income:	10,693.0
Assets:	17,527.0
Total Liabilities:	5,938.0

Date of Financial Data:	30-Nov-2010

1 Year Growth

Corporate Family	Corporate Structure News:
	H & M Hennes & Mauritz AB H & M Hennes & Mauritz GBC AB
H & M Hennes & Mauritz GBC AB Total Corporate Family Members: 228 Excluded Small Branches and/or Trading Addresses: 139 (Available via export)

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
H & M Hennes & Mauritz AB	Parent	STOCKHOLM	Sweden	Apparel and Accessories	16,935.3	64,874
H & M Hennes & Mauritz SA	Subsidiary	Geneva	Switzerland	Retail (Apparel)	785.3	87,000
H&M Hennes & Mauritz UK Ltd.	Subsidiary	London	United Kingdom	Retail (Apparel)	1,009.1	4,903
Hennes And Mauritz Sl	Subsidiary	Barcelona	Spain	Retail (Apparel)	756.3	4,316
Mohammed Hamood Alshaya Co WLL	Subsidiary	Safat	Kuwait	Retail (Specialty)		3,883
Acquisition of La Senza Ltd. proposed/announced.See corporate structure news on H & M Hennes & Mauritz AB for details
Alshaya Uk Ltd.	Subsidiary	London	United Kingdom
Alshaya Trading Co WLL	Subsidiary	Safat	Kuwait	Retail (Home Improvement)
H&M Hennes & Mauritz	Subsidiary	Paris	France	Retail (Apparel)	1,086.7	3,499
H & M Hennes & Mauritz GesmbH	Subsidiary	Wien	Austria	Retail (Apparel)	560.8	2,710
H & M Hennes & Mauritz SRL	Subsidiary	Milano, Milano	Italy	Apparel and Accessories	497.7	2,368
H & M Hennes & Mauritz	Subsidiary	Bruxelles	Belgium	Retail (Apparel)	431.5	1,859
H & M Hennes & Mauritz Netherlands BV	Subsidiary	Amsterdam	Netherlands	Retail (Apparel)	75.0	1,793
H & M Hennes & Mauritz AS	Subsidiary	Oslo	Norway	Retail (Apparel)	677.1	1,546
H & M Hennes & Mauritz A/S	Subsidiary	KÃ¸benhavn K	Denmark	Retail (Apparel)	419.8	1,335
H & M Hennes & Mauritz GBC AB	Subsidiary	Stockholm, Stockholm	Sweden	Footwear	9,336.3	890
H&M Hennes & Mauritz Inc	Subsidiary	Toronto, ON	Canada	Retail (Apparel)	10.4	700
H&M	Branch	North York, ON	Canada	Retail (Apparel)	23.0	96
H&M	Branch	Coquitlam, BC	Canada	Retail (Apparel)	21.7	90
H&M	Branch	Concord, ON	Canada	Retail (Apparel)	18.0	75
H&M	Branch	Markham, ON	Canada	Retail (Apparel)	10.9	51
H&M	Branch	Oakville, ON	Canada	Retail (Apparel)	12.2	50
H&M	Branch	North York, ON	Canada	Retail (Apparel)	12.0	50
H&M	Branch	Pointe-Claire, QC	Canada	Retail (Apparel)	11.1	45
H&M	Branch	London, ON	Canada	Retail (Apparel)	10.9	45
H&M	Branch	Thornhill, ON	Canada	Retail (Apparel)	9.6	40
H&M	Branch	Laval, QC	Canada	Retail (Apparel)	7.4	30
H&M	Branch	Edmonton, AB	Canada	Retail (Apparel)	7.4	30
H&M	Branch	Brossard, QC	Canada	Retail (Apparel)	5.4	23
H & M Hennes & Mauritz (Ireland) Ltd	Subsidiary	Dublin	Ireland	Retail (Apparel)	62.2	294
Hennes & Mauritz	Subsidiary	Kowloon, Kowloon	Hong Kong	Apparel and Accessories	1.0	100
H&M Hennes & Mauritz LP	Subsidiary	New York, NY	United States	Retail (Apparel)		65
H&M	Branch	New York, NY	United States	Retail (Apparel)	55.8	300
H&M	Branch	San Francisco, CA	United States	Retail (Apparel)	37.2	200
H&M	Branch	Brooklyn, NY	United States	Retail (Apparel)	14.9	80
H&M	Branch	Flushing, NY	United States	Retail (Apparel)	14.0	75
H&M	Branch	New York, NY	United States	Retail (Apparel)	13.0	70
H&M	Branch	New York, NY	United States	Retail (Apparel)	13.0	70
H&M	Branch	Boston, MA	United States	Retail (Apparel)	11.2	60
H&M	Branch	Chicago, IL	United States	Retail (Apparel)	10.2	55
H&M	Branch	Vernon Hills, IL	United States	Retail (Apparel)	9.3	50
H&M	Branch	Washington, DC	United States	Retail (Apparel)	9.3	50
H&M	Branch	Canoga Park, CA	United States	Retail (Apparel)	9.3	50
H&M	Branch	Cleveland, OH	United States	Retail (Apparel)	9.3	50
H&M	Branch	Arcadia, CA	United States	Retail (Apparel)	9.3	50
H&M	Branch	New York, NY	United States	Retail (Apparel)	7.8	42
H&M	Branch	Syracuse, NY	United States	Retail (Apparel)	7.4	40
H&M	Branch	Washington, DC	United States	Retail (Apparel)	7.4	40
H&M	Branch	Paramus, NJ	United States	Retail (Apparel)	7.4	40
H&M	Branch	San Francisco, CA	United States	Retail (Apparel)	7.4	40
H&M	Branch	Costa Mesa, CA	United States	Retail (Apparel)	7.4	40
H&M	Branch	Costa Mesa, CA	United States	Retail (Apparel)	7.4	40
H&M	Branch	White Plains, NY	United States	Retail (Apparel)	6.5	35
H&M	Branch	Albany, NY	United States	Retail (Apparel)	6.5	35
H&M	Branch	Holyoke, MA	United States	Retail (Apparel)	5.6	30
H&M	Branch	Westbury, NY	United States	Retail (Apparel)	5.6	30
H&M	Branch	Orland Park, IL	United States	Retail (Apparel)	5.6	30
H&M	Branch	San Jose, CA	United States	Retail (Apparel)	5.6	30
H&M	Branch	Milpitas, CA	United States	Retail (Apparel)	5.6	30
H&M	Branch	Garden City, NY	United States	Retail (Apparel)	5.6	30
H&M	Branch	Lake Grove, NY	United States	Retail (Apparel)	5.4	29
H&M	Branch	Wilmington, DE	United States	Retail (Apparel)	5.2	28
H&M	Branch	Woodbridge, VA	United States	Retail (Apparel)	4.8	26
H&M	Branch	Braintree, MA	United States	Retail (Apparel)	4.7	25
H&M	Branch	Bensalem, PA	United States	Retail (Apparel)	4.7	25
H&M	Branch	Philadelphia, PA	United States	Retail (Apparel)	4.7	25
H&M	Branch	Cleveland, OH	United States	Retail (Apparel)	4.7	25
H&M	Branch	Mc Lean, VA	United States	Retail (Apparel)	4.7	25
H&M	Branch	Eatontown, NJ	United States	Retail (Apparel)	4.7	25
H&M	Branch	Farmington, CT	United States	Retail (Apparel)	4.7	25
H&M	Branch	Columbia, MD	United States	Retail (Apparel)	4.7	25
H&M	Branch	Brookfield, WI	United States	Retail (Apparel)	4.5	24
H&M	Subsidiary	West Nyack, NY	United States	Retail (Apparel)	9.3	50
H & M Hennes & Mauritz International B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Miscellaneous Financial Services	761.8
H & M Hennes & Mauritz Holding B.V.	Subsidiary
H & M Hennes & Mauritz BV & Co KG	Subsidiary	Hamburg	Germany	Retail (Apparel)	3,027.2	11,800
H&M Hennes & Mauritz Logistik AB & Co. KG	Subsidiary	Hamburg, Hamburg	Germany	Retail (Catalog and Mail Order)	147.6	1,060
Impuls GmbH	Subsidiary	Hamburg, Hamburg	Germany	Retail (Apparel)		80
H & M Hennes & Mauritz Oy	Subsidiary	Helsinki	Finland	Retail (Apparel)	218.1	895
H & M Hennes & Mauritz A/S	Subsidiary	Oslo	Norway	Retail (Department and Discount)	250.0
H & M (Shanghai) Commercial Co. Ltd.	Subsidiary	Shanghai	China	Retail (Apparel)	1.0
Hennes & Mauritz, Lda.	Subsidiary	Lisboa	Portugal	Retail (Department and Discount)
H & M Hennes & Mauritz Ltd.	Subsidiary	Seoul	Korea, Republic of	Retail (Department and Discount)
H & M Hennes Mauritz Logistics	Subsidiary	Gadki	Poland	Retail (Department and Discount)
H & M Hennes & Mauritz Japan KK	Subsidiary	Tokyo	Japan	Retail (Department and Discount)
H & M Hennes & Mauritz Sverige AB	Subsidiary	Stockholm	Sweden	Retail (Department and Discount)
H & M Hennes & Mauritz CZ, s.r.o.	Subsidiary	Wien	Czech Republic	Retail (Department and Discount)
H & M Rowells AB	Subsidiary	BorÃ¥s	Sweden	Retail (Department and Discount)
H & M Hennes & Mauritz AE	Subsidiary	Athens	Greece	Retail (Department and Discount)
H & M Hennes & Mauritz sp. z o.o.	Subsidiary	Warsaw	Poland	Retail (Department and Discount)

Executive report

Board of Directors

Name

Title

Function

Carl Stefan Persson

ledamot

Director/Board Member

Executives

Name

Title

Function

Karl-Johan Erling Persson

verkst dir

Managing Director

Annual Profit & Loss

	30-Nov-2010	30-Nov-2009	30-Nov-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	SEK	SEK	SEK
Exchange Rate (Period Average)	7.231097	7.719835	6.468331
Consolidated	No	No	No

Total Revenue	9,336.3	7,943.3	8,617.2
Gross Profit	1,565.6	1,570.0	1,636.4
Net Financial Items	30.3	26.6	25.7
Operating Income	1,564.6	1,569.1	1,635.5
Income Before Tax	2,010.3	1,564.2	1,233.2
Net Income	1,478.8	1,124.2	887.4

Annual Balance Sheet

Financials in: USD (mil)

	30-Nov-2010	30-Nov-2009	30-Nov-2008
Filed Currency	SEK	SEK	SEK
Exchange Rate	7.0326	6.9892	8.0991
Consolidated	No	No	No

Total Assets	2,492.3	2,828.1	1,993.1
Provisions	1.0	430.8	341.9
Total Liabilities	844.4	2,270.1	704.5
Total Equity	1,646.9	127.2	946.6

Annual Ratios

	30-Nov-2010	30-Nov-2009	30-Nov-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	-	-	-
Exchange Rate	-	-	-
Consolidated	No	No	No

Operating Margin	17.08	20.09	19.45
Current Ratio	292.90	124.11	281.26
Total debt/total equity	66.11	15.47	59.85
Return on average equity	99.53	402.95	111.22

Annual Growth Rates

	30-Nov-2009	30-Nov-2008
Period Length	12 Months	12 Months
Filed Currency	-	-
Exchange Rate	-	-
Consolidated	No	No
Turnover Percent Change	10.10%	10.01%
Marginal Contribution Percent Change	-6.59%	14.50%
Net Financial Items Percent Change	6.83%	23.49%
Operating Results Percent Change	-6.60%	14.50%
Profit/Loss Before Tax Percent Change	20.39%	51.37%
Profit/Loss for the Year Percent Change	23.21%	51.20%
Assets Percent Change	-11.33%	22.45%
Provisions Percent Change	-99.77%	8.74%
Debts Percent Change	-62.57%	178.06%
Equity Capital Percent Change	1,202.81%	-88.40%
Operating Margin Percent Change	-14.98%	3.29%
Current Ratio Percent Change	136.00%	-55.87%
Debt/Equity Ratio Percent Change	327.34%	-74.15%
Return On Equity Percent Change	-75.30%	262.30%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.03
UK Pound	1	Rs.79.32
Euro	1	Rs.66.02

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

Executive report

Annual Profit & Loss

Annual Balance Sheet

Annual Ratios

Annual Growth Rates

Unit