MIRA INFORM REPORT

Report Date :

02.05.2012

IDENTIFICATION DETAILS

Name :	WE EUROPE B.V.
Registered Office :	Reactorweg 101, 3542AD Utrecht
Country :	Netherlands
Financials (as on) :	31.01.2011
Date of Incorporation :	08.12.1977
Com. Reg. No.:	30089877
Legal Form :	Limited Company
Line of Business :	Activities of holding companies (none financial holding)
No. of Employees :	01

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
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	A1	A1

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

CONTACTINFORMATION

Company name We Europe B.V.

Tradename We Europe B.V.

WE Fashion

Address Reactorweg 101

3542AD Utrecht

Netherlands

Mail address Postbus 30200

3503AD Utrecht

Netherlands

Telephone number 030-2479479

E-mail address youri.hijlarides@we.nl

Website www.we.nl

VAT number / RSIN 004221254

CREDIT LIMIT

Specification credit limit The company can fulfill all its obligations. Within the context of a credit report the

credit is maximalized to the shown credit limit.

COMPANY INFORMATION

Handelsregisternummer 30089877

Registered in Chamber of commerce Midden-Netherlands

Act of foundation 08-12-1977

Date of constitution 08-12-1977

Last change in statutes 10-01-2008

Legal form Besloten Vennootschap (Limited Company)

Place of constitution Utrecht

Capital EUR 4.500.000

Issued capital EUR 2.268.900

Paid up capital EUR 2.268.900

NACE-code Activities of holding companies (none financial holding) (7415)

SBI-code Holding companies (not financial) (70102)

Formal objective Houdstermaatschappij. (Holding company.)

Employees Total: 1

Employees group Group: 3473

COMPANY STRUCTURE

Shareholder Logo International B.V.

Minervum 7032

4817ZL BREDA

Netherlands

KvK: 30219802

Active since: 01-02-2007

Percentage: 100.00%

Ultimate parent company We Finance and Services (Luxem

990004823384

Holding company Logo International B.V.

Minervum 7032

4817ZL BREDA

KvK: 30219802

Subsidiary We France B.V.

KvK: 30089871

We Germany B.V.

Reactorweg 101

3542AD UTRECHT

KvK: 30089874

We Belgium B.V.

Reactorweg 101

3542AD UTRECHT

KvK: 30089879

We Netherlands B.V.

Reactorweg 101

3542AD UTRECHT

KvK: 30091181

We Real Estate Management B.V.

Reactorweg 101

3542AD UTRECHT

KvK: 30210137

Affiliated companies Setpoint Holding B.V.

Minervum 7032

4817ZL BREDA

KvK: 09146424

Boardco B.V.

Oosteinde 32

2361HE WARMOND

KvK: 20131624

Waalwear Group B.V.

Minervum 7032

4817ZL BREDA

KvK: 30089876

Liability declaration WE International B.V. (30091261)

Reactorweg 101

3542AD Utrecht

Since: 01-01-1986

Bank Fortis Bank (Netherlands) NV

Account number: 24.31.09.237

Real estate	Lease
	The real estate is checked at the land registration office
	Object code: CATHARIJNE E 469
	Owner: UNI-INVEST B.V.

MANAGEMENT

Management Logo International B.V.

Minervum 7032

4817ZL BREDA

Netherlands

KvK: 30219802

Authorization: Fully authorized

Position: Manager

Date appointed: 01-05-2007

W.A. Kolk

Wouter Albert

Authorization: Fully authorized

Position: Manager

Date appointed: 01-06-2007

Date of birth: 26-04-1966

R.S.M. Wijnhoven

Rogier Silvester Marie

Authorization: Fully authorized

Position: Manager

Date appointed: 01-05-2007

Date of birth: 15-07-1968

J.F. Balkema

Jan Fokko

Position: Commissaris

Date appointed: 28-09-1998

Date of birth: 01-09-1947

D.Y.J.F. Du Monceau Bergendal

Diego Yves Jean Francois

Position: Commissaris

Date appointed: 09-10-2001

Date of birth: 13-09-1949

M.R. Borletti

Maurizio Romualdo

Position: Commissaris

Date appointed: 23-09-2008

Date of birth: 06-06-1967

R. de Waal

Ronald

Position: Commissaris

Date appointed: 03-09-1997

Date of birth: 13-02-1952

P.G.C.M. de Groot-v Amelsvoort

Petronella Gerdina Cornelia Ma

Authorization: Limited authorization

Position: Proxy

Date appointed: 04-10-2007

Date of birth: 11-03-1960

PAYMENT INFORMATION

Payment experiences Payments are regular, no complaints are known

Payments Based on multiple payment experiences up to € 25.000

· Quarter: 3 2011: 31 Average days

Quarter: 4 2011: 46 Average days

Quarter: 1 2012: 36 Average days

Quarter: 2 2012: 36 Average days

	invoices	current quarter		2012 Q1	2011 Q4	2011 Q3
Total	48	100%	31.795	31.955	35.619	29.884
Within terms	38	80,0%	25.426	25.131	18.331	28.974
Delayed 0 - 30	10	20,0%	6.369	6.824	17.288	910
Delayed 31 - 60

FINANCIAL INFORMATION

Auditor	PRICEWATERHOUSECOOPERS N.V.
	AMSTERDAM
Type of publication	Consolidated
Annual accounts van	WE International B.V.
	Reactorweg 101
	3542AD Utrecht
	KvK: 30091261
Publication	Steady

CORE FIGURES
BOOKYEAR	2011	2010	2009
Quick ratio	0,39	0,54	0,49
Current ratio	0,77	0,94	0,84
Nett workingcapital / Balance total	-0,06	-0,01	-0,04
Capital and reserves / Balance total	0,26	0,30	0,28
Capital and reserves / Fixed assets	0,32	0,38	0,35
Solvency	0,42	0,51	0,46
Nett workingcapital	-41.355.000	-8.933.000	-29.381.000
Capital and reserves	176.804.000	204.235.000	195.015.000
Change capital and reserves	-13,43%	4,73%	3,79%
change short term liabilities	12,35%	-11,64%	22,97%
Operating profit		27.221.000	-29.239.000
Nett Turnover	474.604.000	561.480.000	548.397.000

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

Last annual accounts 2011

Type of publication	Consolidated
Turnover	2011:	474.604.000
	2010:	561.480.000
	2009:	548.397.000
	2008:	525.009.000
	2007:	504.884.000
	2006:	391.912.000
	2005:	387.689.000
Gross profit	2008:	216.274.000
	2007:	216.274.000
	2006:	165.341.000
	2005:	164.590.000
Operating profit	2010:	27.221.000
	2009:	-29.239.000
	2008:	17.766.000
	2007:	17.766.000
	2006:	16.339.000
	2005:	43.831.000
Result after taxes	2011:	-43.768.000
	2010:	6.817.000
	2009:	-43.529.000
	2008:	5.046.000
	2007:	5.046.000
	2006:	8.273.000
	2005:	27.269.000

Tendency Changeable

Tendency capital & reserve

BALANCE sheet

Currency in Euro

BOOKYEAR	2011	2010	2009
End of bookyear	31 -01 -2011	31-01-2010	31 -01 -2009
Other intangible assets		131.075.000	129.524.000
Intangible assets	124.787.000	131.075.000	129.524.000
Land and buildings			311.692.000
Tangible assets	399.164.000	381.863.000	393.963.000
Financial assets	20.972.000	23.120.000	33.307.000
Fixed assets	544.923.000	536.058.000	556.794.000
Stocks and work in progress	67.417.000	64.589.000	62.930.000
Trade debtors	31.158.000	34.034.000	37.936.000
Due from related parties		12.791.000	2.361.000
Other amounts receivable	29.674.000	27.509.000	38.980.000
Accounts receivable		74.334.000	79.277.000
Liquid assets	9.797.000	11.823.000	9.119.000
Current assets	138.046.000	150.746.000	151.326.000
Total assets	682.969.000	686.804.000	708.120.000
Minority interest		-829.000	-829.000
Capital and reserves	176.804.000	204.235.000	195.015.000
Provisions	86.519.000	84.348.000	90.261.000
Achtergestelde leningen			1.212.000
other long term debts		239.371.000	241.754.000
Long term liabilities	240.245.000	239.371.000	242.966.000
Short term interest yielding debt			85.798.000
Other short term debts	131.405.000	159.679.000	58.865.000
Total short term debt	179.401.000	159.679.000	180.707.000
Total debt	506.165.000	483.398.000	513.934.000
Total Liabilities	682.969.000	686.804.000	708.120.000
PROFIT & LOSS ACCOUNT
BOOKYEAR	2011	2010	2009
Turnover	474.604.000	561.480.000	458.976.000
Other operating income			3.178.000
Nett Turnover	474.604.000	561.480.000	548.397.000
Wages employees	109.305.000
Raw materials	287.053.000		315.476.000
Other operating charges	137.024.000	534.259.000	262.160.000
Operating charges		534.259.000	577.636.000
Operating profit		27.221.000	-29.239.000
Financial income	405.000	1.187.000	6.153.000
Financial charges	18.955.000	17.534.000	26.132.000
Financial result		-16.347.000	-19.979.000
Result participations	2.000	-73.000	412.000
Result before taxes	2.000	10.801.000	-48.806.000
Income taxes	1.019.000	3.984.000	-5.277.000
Result after taxes		6.817.000	-43.529.000
Nett result	-43.768.000	6.817.000	-43.529.000

History

Consent statements Over bookyear 2010 a consent agreement is filed

Over bookyear 2009 a consent agreement is filed

Over bookyear 2007 a consent agreement is filed

Management Since 23-09-2008 is Commissaris Maurizio Romualdo Borletti appointed.

Company structure

• We Finance and Services (Luxem (990004823384)

Tendency Fin. B.V. (30089878)

UTRECHT

Subsidiary

WE International B.V. (30091261)

Utrecht

Subsidiary (100%)

Ronstreet Properties Holding B.V. (30089875)

UTRECHT

Subsidiary

Ronstreet Properties B.V. (30091642)

BREDA

Subsidiary (100%)

WE Duitsvast B.V. (30106446)

UTRECHT

Subsidiary (100%)

Association van Eigenaars gebouw Burchtstraat 25-27 en Eiermarkt 9-10 in Nijmegen (09219138)

BREDA

Management relation (100%)

Logo International B.V. (30219802)

BREDA

Subsidiary

Setpoint Holding B.V. (09146424)

BREDA

Subsidiary

Setpoint B.V. (09068860)

BREDA

Subsidiary

Boardco B.V. (20131624)

WARMOND

Subsidiary

O'Neill Trademark B.V. (18076157)

WARMOND

Subsidiary

Team O'Neill International B.V. (27327416)

WARMOND

Management relation (100%)

O'Neill Europe Holding B.V. (28079944)

WARMOND

Subsidiary

O'Neill Netherlands B.V. (28033566)

WARMOND

Subsidiary (100%)

O'Neill Europe B.V. (28036121)

WARMOND

Subsidiary (100%)

O'Neill Germany B.V. (31043042)

WARMOND

Subsidiary (100%)

O'Neill Retail Europe B.V. (28052198)

WARMOND

Subsidiary (100%)

O'Neill Retail Netherlands B.V. (31043041)

WARMOND

Subsidiary (100%)

Waalwear Group B.V. (30089876)

BREDA

Subsidiary

Waalwear Kids B.V. (18076158)

BADHOEVEDORP

Subsidiary

The Kids Company B.V. (34342139)

BADHOEVEDORP

Subsidiary

Van Gils Fashion B.V. (18076160)

Breda

Subsidiary

Van Gils Retail B.V. (18076334)

BREDA

Subsidiary

We Europe B.V. (30089877)

Utrecht Subsidiary

We France B.V. (30089871)

Management relation (100%)

We Germany B.V. (30089874)

UTRECHT

Subsidiary

We Belgium B.V. (30089879)

UTRECHT

Subsidiary

We Netherlands B.V. (30091181)

UTRECHT

Subsidiary

We Real Estate Management B.V. (30210137)

UTRECHT

Subsidiary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.68
UK Pound	1	Rs.85.12
Euro	1	Rs.69.38

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.