MIRA INFORM REPORT

Report Date :

17.11.2012

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 :	Subject is engaged in the merchant wholesale distribution of footwear (including athletic) of leather, rubber, and other materials
No. of Employees :	890

RATING & COMMENTS

MIRA’s Rating :

A

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Sweden	A2	A2

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

sweden - ECONOMIC OVERVIEW

Aided by peace and neutrality for the whole of the 20th century, Sweden has achieved an enviable standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. It has a modern distribution system, excellent internal and external communications, and a highly skilled labor force. In September 2003, Swedish voters turned down entry into the euro system concerned about the impact on the economy and sovereignty. Timber, hydropower, and iron ore constitute the resource base of an economy heavily oriented toward foreign trade. Privately owned firms account for vast majority of industrial output, of which the engineering sector accounts for about 50% of output and exports. Agriculture accounts for little more than 1% of GDP and of employment. Until 2008, Sweden was in the midst of a sustained economic upswing, boosted by increased domestic demand and strong exports. This and robust finances offered the center-right government considerable scope to implement its reform program aimed at increasing employment, reducing welfare dependence, and streamlining the state's role in the economy. Despite strong finances and underlying fundamentals, the Swedish economy slid into recession in the third quarter of 2008 and growth continued downward in 2009 as deteriorating global conditions reduced export demand and consumption. Strong exports of commodities and a return to profitability by Sweden''s banking sector drove the strong rebound in 2010, which continued in 2011, and the government is proposing stimulus measures in the 2012 budget to curb the effects of a global economic slowdown and boost employment and growth.

Source : CIA

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: 311 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

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:

3712 - Clothing and Footwear Wholesaling

3711 - Textile Product Wholesaling

371 - Textile, Clothing and Footwear Wholesaling

NACE 2002 Codes:

5141 - Wholesale of textiles

514 - Wholesale of household goods

5142 - Wholesale of clothing and footwear

NAICS 2002 Codes:

424340 - Footwear Merchant Wholesalers

42434 - Footwear Merchant Wholesalers

4243 - Apparel, Piece Goods, and Notions Merchant Wholesalers

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

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

US SIC 1987:

5139 - Footwear

5131 - Piece Goods, Notions, and Other Dry Good

513 - Apparel, Piece Goods, and Notions

UK SIC 2003:

514 - Wholesale of household goods

5142 - Wholesale of clothing and footwear

51423 - Wholesale of footwear

5141 - Wholesale of textiles

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

NA

NA

NA

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: 311

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	94,000
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
H & M Hennes	UK Branch/Trading address	Dundee	United Kingdom	Retail (Apparel)	1,009.1	34
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
Alshaya Trading Co WLL	Subsidiary	Safat	Kuwait	Retail (Home Improvement)		457
Alshaya Uk Ltd.	Subsidiary	London	United Kingdom
H & M Hennes & Mauritz SARL	Subsidiary	Paris	France	Retail (Apparel)	1,086.7	3,499
H & M Hennes & Mauritz GesmbH	Subsidiary	Wien	Austria	Retail (Apparel)	554.2	2,701
H&M Hennes & Mauritz S.r.l.	Subsidiary	Rome	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 AS	Subsidiary	Oslo	Norway	Retail (Apparel)	677.1	1,546
H & M Hennes & Mauritz A/S	Subsidiary	København K	Denmark	Retail (Apparel)	413.6	1,462
H&M Hennes & Mauritz Sp.z.o.o.	Subsidiary	Warsaw	Poland	Apparel and Accessories		1,000
H & M Hennes & Mauritz GBC AB	Subsidiary	Stockholm, Stockholm	Sweden	Footwear	9,336.3	890
H&M Rowells AB	Holding	Boras	Sweden	Retail (Catalog and Mail Order)		700
Hennes Mauritz (Shanghai) Commercial Ltd Co	Subsidiary	Shanghai	China	Apparel and Accessories		300
H & M Hennes & Mauritz (Ireland) Ltd	Subsidiary	Dublin	Ireland	Retail (Apparel)	62.2	294
H&M Hennes & Mauritz A.E.	Subsidiary	Athens	Greece	Retail (Apparel)		200
H&M Hennes & Mauritz (HK) Ltd	Subsidiary	Kowloon	Hong Kong	Apparel and Accessories	1.0	100
H&M Hennes & Mauritz LP	Subsidiary	New York, NY	United States	Furniture and Fixtures		70
H&M	Branch	San Francisco, CA	United States	Retail (Apparel)	37.2	200
H&M	Branch	New York, NY	United States	Retail (Apparel)	32.6	175
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	Costa Mesa, CA	United States	Retail (Apparel)	7.4	40
H&M	Branch	Syracuse, NY	United States	Retail (Apparel)	7.4	40
H&M	Branch	Costa Mesa, CA	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	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	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	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	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	Mc Lean, VA	United States	Retail (Apparel)	4.7	25
H&M	Branch	Farmington, CT	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	Westlake, OH	United States	Retail (Apparel)	4.7	25
H&M	Branch	Eatontown, NJ	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	Branch	Milford, CT	United States	Retail (Apparel)	4.5	24
H&M	Branch	Cambridge, MA	United States	Retail (Apparel)	3.9	21
H&M	Branch	Staten Island, NY	United States	Retail (Apparel)	3.9	21
H&M	Branch	Hicksville, NY	United States	Retail (Apparel)	3.9	21
H&M	Branch	Philadelphia, PA	United States	Retail (Apparel)	3.7	20
H&M	Branch	Indianapolis, IN	United States	Retail (Apparel)	3.7	20
H&M	Branch	Bolingbrook, IL	United States	Retail (Apparel)	3.7	20
H&M	Branch	Willow Grove, PA	United States	Retail (Apparel)	3.7	20
H&M	Branch	Novi, MI	United States	Retail (Apparel)	3.7	20
H&M	Branch	Chula Vista, CA	United States	Retail (Apparel)	3.7	20
H&M	Branch	Riverside, CA	United States	Retail (Apparel)	3.7	20
H&M	Branch	Livingston, NJ	United States	Retail (Apparel)	3.7	20
H&M	Branch	Rochester, NY	United States	Retail (Apparel)	3.7	20
H&M	Branch	Providence, RI	United States	Retail (Apparel)	3.7	20
H&M	Branch	King Of Prussia, PA	United States	Retail (Apparel)	3.7	20
H&M	Branch	Phillipsburg, NJ	United States	Retail (Apparel)	3.7	20
H&M	Branch	Pittsburgh, PA	United States	Retail (Apparel)	3.7	20
H&M	Branch	Chesterfield, MO	United States	Retail (Apparel)	3.7	20
H&M	Branch	Ann Arbor, MI	United States	Retail (Apparel)	3.7	20
H&M	Branch	Norfolk, VA	United States	Retail (Apparel)	3.7	20
H&M Showroom	Branch	Los Angeles, CA	United States	Retail (Department and Discount)	3.2	20
H&M	Branch	Fort Wayne, IN	United States	Retail (Apparel)	3.5	19
H&M	Branch	Los Angeles, CA	United States	Retail (Apparel)	3.5	19
H&M	Branch	Cleveland, OH	United States	Retail (Apparel)	3.2	17
H&M	Branch	Danbury, CT	United States	Retail (Apparel)	3.2	17
H&M	Branch	Sterling, VA	United States	Retail (Apparel)	3.0	16
H&M	Branch	Elizabeth, NJ	United States	Retail (Apparel)	2.8	15
H&M	Branch	Oak Brook, IL	United States	Retail (Apparel)	2.8	15
H&M	Branch	Clinton Twp, MI	United States	Retail (Apparel)	2.8	15
H&M	Branch	Tucson, AZ	United States	Retail (Apparel)	2.8	15
Pckets HM Office	Branch	Lake City, FL	United States	Retail (Apparel)	2.8	15
H&M	Branch	Greendale, WI	United States	Retail (Apparel)	2.8	15
H&M	Branch	Denver, CO	United States	Retail (Apparel)	2.8	15
H&M	Branch	Trumbull, CT	United States	Retail (Apparel)	2.8	15
H&M	Branch	Daly City, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Tacoma, WA	United States	Retail (Apparel)	2.8	15
H&M	Branch	San Diego, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Torrance, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	New York, NY	United States	Retail (Apparel)	2.8	15
H&M	Branch	St Paul, MN	United States	Retail (Apparel)	2.8	15
H&M	Branch	New York, NY	United States	Retail (Apparel)	2.8	15
H&M	Branch	Richmond, VA	United States	Retail (Apparel)	2.8	15
H&M	Branch	New York, NY	United States	Retail (Apparel)	2.8	15
H&M	Branch	Dublin, OH	United States	Retail (Apparel)	2.8	15
H&M	Branch	Geneva, IL	United States	Retail (Apparel)	2.8	15
H&M	Branch	Virginia Beach, VA	United States	Retail (Apparel)	2.8	15
H&M	Branch	St Paul, MN	United States	Retail (Apparel)	2.8	15
H&M	Branch	Fairfax, VA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Sterling Heights, MI	United States	Retail (Apparel)	2.8	15
H&M	Branch	Concord, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Kensington, MD	United States	Retail (Apparel)	2.8	15
H&M	Branch	Philadelphia, PA	United States	Retail (Apparel)	2.8	15
H&M	Branch	St Louis, MO	United States	Retail (Apparel)	2.8	15
H&M	Branch	North Olmsted, OH	United States	Retail (Apparel)	2.8	15
H&M	Branch	Pasadena, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Oak Brook, IL	United States	Retail (Apparel)	2.8	15
H&M	Branch	Emeryville, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Indianapolis, IN	United States	Retail (Apparel)	2.8	15
H&M	Branch	National City, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Santa Monica, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Glendale, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	South Portland, ME	United States	Retail (Apparel)	2.8	15
H&M	Branch	Tukwila, WA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Annapolis, MD	United States	Retail (Apparel)	2.8	15
H&M	Branch	Las Vegas, NV	United States	Retail (Apparel)	2.8	15
H&M	Branch	Whittier, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Alpharetta, GA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Atlanta, GA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Pittsburgh, PA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Ontario, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Roseville, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Etiwanda, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Modesto, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Portland, OR	United States	Retail (Apparel)	2.8	15
H&M	Branch	Orange, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Commerce, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Hampton, VA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Brea, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	San Jose, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Mission Viejo, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Carlsbad, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Altamonte Spgs, FL	United States	Retail (Apparel)	2.8	15
H&M	Branch	Salt Lake City, UT	United States	Retail (Apparel)	2.8	15
H&M	Branch	Tempe, AZ	United States	Retail (Apparel)	2.8	15
H&M	Branch	San Mateo, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Florence, KY	United States	Retail (Apparel)	2.8	15
H&M	Branch	Mesquite, TX	United States	Retail (Apparel)	2.8	15
H&M	Branch	Stamford, CT	United States	Retail (Apparel)	2.8	15
H&M	Branch	Culver City, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Tampa, FL	United States	Retail (Apparel)	2.8	15
H&M	Branch	Northridge, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Wheaton, MD	United States	Retail (Apparel)	2.8	15
H&M	Branch	Gaithersburg, MD	United States	Retail (Apparel)	2.8	15
H&M	Branch	Winston Salem, NC	United States	Retail (Apparel)	2.8	15
H&M	Branch	Kennesaw, GA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Dallas, TX	United States	Retail (Apparel)	2.8	15
H&M	Branch	Jersey City, NJ	United States	Retail (Apparel)	2.8	15
H&M	Branch	Pittsburgh, PA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Pittsburgh, PA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Plano, TX	United States	Retail (Apparel)	2.8	15
H&M	Branch	Ventura, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Los Angeles, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Scottsdale, AZ	United States	Retail (Apparel)	2.8	15
H&M	Branch	Yonkers, NY	United States	Retail (Apparel)	2.8	15
H&M	Branch	Kansas City, MO	United States	Retail (Apparel)	2.8	15
H&M	Branch	Tigard, OR	United States	Retail (Apparel)	2.8	15
H&M	Branch	Atlanta, GA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Kingston, NY	United States	Retail (Apparel)	2.8	15
H&M	Branch	Lancaster, PA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Hanover, MD	United States	Retail (Apparel)	2.8	15
H&M	Branch	Valley Stream, NY	United States	Retail (Apparel)	2.8	15
H&M	Branch	Schaumburg, IL	United States	Retail (Apparel)	2.8	15
H&M	Branch	Waterford, CT	United States	Retail (Apparel)	2.8	15
H&M	Branch	Victor, NY	United States	Retail (Apparel)	2.8	15
H&M	Branch	Plymouth Meeting, PA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Atlantic City, NJ	United States	Retail (Apparel)	2.8	15
H&M	Branch	North Arlington, NJ	United States	Retail (Apparel)	2.8	15
H&M	Branch	New Hartford, NY	United States	Retail (Apparel)	2.8	15
H&M	Branch	Kingston, MA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Waterbury, CT	United States	Retail (Apparel)	2.8	15
H&M	Branch	Poughkeepsie, NY	United States	Retail (Apparel)	2.8	15
H&M	Branch	Boston, MA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Walnut Creek, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Beavercreek, OH	United States	Retail (Apparel)	2.8	15
H&M	Branch	Madison, WI	United States	Retail (Apparel)	2.8	15
H&M	Branch	Aurora, IL	United States	Retail (Apparel)	2.8	15
H&M	Branch	Chicago, IL	United States	Retail (Apparel)	2.8	15
H&M	Branch	St Louis, MO	United States	Retail (Apparel)	2.8	15
H&M	Branch	Toledo, OH	United States	Retail (Apparel)	2.8	15
H&M	Branch	Cherry Hill, NJ	United States	Retail (Apparel)	2.8	15
H&M	Branch	Owings Mills, MD	United States	Retail (Apparel)	2.8	15
H&M	Branch	Towson, MD	United States	Retail (Apparel)	2.8	15
H&M	Branch	West Hollywood, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Salem, NH	United States	Retail (Apparel)	2.8	15
H&M	Branch	Dearborn, MI	United States	Retail (Apparel)	2.8	15
H&M	Branch	Glendale, WI	United States	Retail (Apparel)	2.8	15
H&M	Branch	San Francisco, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Buford, GA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Los Angeles, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Wayne, NJ	United States	Retail (Apparel)	2.8	15
H&M	Branch	New York, NY	United States	Retail (Apparel)	2.8	15
H&M	Branch	Romeoville, IL	United States	Retail (Apparel)	2.8	15
H&M	Branch	Peabody, MA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Cincinnati, OH	United States	Retail (Apparel)	2.8	15
H&M	Branch	Yonkers, NY	United States	Retail (Apparel)	2.8	15
H&M	Branch	Sanford, FL	United States	Retail (Apparel)	2.8	15
H&M	Branch	Orlando, FL	United States	Retail (Apparel)	2.8	15
H&M	Branch	New York, NY	United States	Retail (Apparel)	2.8	15
H&M	Branch	Seattle, WA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Seattle, WA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Dedham, MA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Chicago, IL	United States	Retail (Apparel)	2.8	15
H&M	Branch	Raleigh, NC	United States	Retail (Apparel)	2.8	15
H&M	Branch	Edina, MN	United States	Retail (Apparel)	2.8	15
H&M	Branch	Los Angeles, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Montclair, CA	United States	Retail (Apparel)	2.8	15
Hennes Mauritz Services Office	Branch	New York, NY	United States	Retail (Apparel)	2.8	15
H&M	Branch	Manassas, VA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Waldorf, MD	United States	Retail (Apparel)	2.8	15
H&M	Branch	West Covina, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Santa Barbara, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Pleasanton, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Baltimore, MD	United States	Retail (Apparel)	2.8	15
H&M	Branch	Scottsdale, AZ	United States	Retail (Apparel)	2.8	15
H&M	Branch	Freehold, NJ	United States	Retail (Apparel)	2.8	15
H&M	Branch	Mc Lean, VA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Columbus, OH	United States	Retail (Apparel)	2.8	15
H&M	Branch	El Segundo, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Hackensack, NJ	United States	Retail (Apparel)	2.8	15
H&M	Branch	Tucson, AZ	United States	Retail (Apparel)	2.8	15
H&M	Branch	Cheektowaga, NY	United States	Retail (Apparel)	2.8	15
H&M	Branch	Northbrook, IL	United States	Retail (Apparel)	2.8	15
H&M	Branch	Yonkers, NY	United States	Retail (Apparel)	2.8	15
H&M	Branch	Martinsville, NJ	United States	Retail (Apparel)	2.8	15
H&M	Branch	Happy Valley, OR	United States	Retail (Apparel)	2.8	15
H&M	Branch	San Rafael, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Temecula, CA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Gurnee, IL	United States	Retail (Apparel)	2.8	15
H&M	Branch	Palm Beach Gdns, FL	United States	Retail (Apparel)	2.8	15
H&M	Branch	Middletown, NY	United States	Retail (Apparel)	2.8	15
H&M	Branch	North Attleboro, MA	United States	Retail (Apparel)	2.8	15
H&M	Branch	Las Vegas, NV	United States	Retail (Apparel)	2.8	15
H&M	Branch	Las Vegas, NV	United States	Retail (Apparel)	2.8	15
H&M	Branch	Tarentum, PA	United States	Retail (Apparel)	2.6	14
H&M	Branch	Baltimore, MD	United States	Retail (Apparel)	2.6	14
H&M	Branch	Yorktown Heights, NY	United States	Retail (Apparel)	2.6	14
H&M	Branch	Rockaway, NJ	United States	Retail (Apparel)	2.6	14
H&M	Branch	Chino Hills, CA	United States	Retail (Apparel)	2.4	13
H&M	Branch	Manchester, CT	United States	Retail (Apparel)	2.0	11
H&M	Branch	North Wales, PA	United States	Retail (Apparel)	2.0	11
H&M	Branch	Saugus, MA	United States	Retail (Apparel)	1.9	10
H&M	Branch	Taunton, MA	United States	Retail (Apparel)	1.9	10
H&M	Branch	Paramus, NJ	United States	Retail (Apparel)	1.9	10
H&M	Branch	Saratoga Springs, NY	United States	Retail (Apparel)	1.9	10
H&M	Branch	Exton, PA	United States	Retail (Apparel)	1.9	10
H&M	Branch	Clay, NY	United States	Retail (Apparel)	1.9	10
H&M	Branch	Massapequa, NY	United States	Retail (Apparel)	1.7	9
H&M	Branch	Takoma Park, MD	United States	Retail (Apparel)	0.7	4
H&M	Branch	Irvine, CA	United States	Retail (Apparel)	0.4	2
H&M	Branch	Port Arthur, TX	United States	Retail (Apparel)	0.2	1
H&M Hennes & Mauritz Holding BV	Subsidiary	Amsterdam	Netherlands	Miscellaneous Financial Services		70
H & M Hennes & Mauritz BV & Co KG	Subsidiary	Hamburg, 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 Cz, S.R.O.	Subsidiary	Praha 1	Czech Republic	Retail (Apparel)	74.2	374
H&M Hennes & Mauritz International B.V.	Subsidiary	Amsterdam	Netherlands	Miscellaneous Financial Services		65
H&M	Subsidiary	West Nyack, NY	United States	Retail (Apparel)	9.3	50
H&M Hennes & Mauritz Inc.	Subsidiary	Toronto, ON	Canada	Retail (Apparel)	10.4	45
H&M	Branch	North York, ON	Canada	Retail (Apparel)	22.3	90
H&M	Branch	Coquitlam, BC	Canada	Retail (Apparel)	22.2	90
H&M	Branch	Concord, ON	Canada	Retail (Apparel)	18.5	75
H&M	Branch	Markham, ON	Canada	Retail (Apparel)	12.6	51
H&M	Branch	North York, ON	Canada	Retail (Apparel)	12.4	50
H&M	Branch	Oakville, ON	Canada	Retail (Apparel)	12.2	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)	9.9	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)	5.7	23
H&M	Branch	Brossard, QC	Canada	Retail (Apparel)	3.7	15
H&M	Branch	Montreal, QC	Canada	Retail (Apparel)	2.7	11
H&M	Branch	Toronto, ON	Canada	Retail (Apparel)	1.5	6
H&M	Branch	Toronto, ON	Canada	Retail (Apparel)	1.5	6
H&M	Branch	Scarborough, ON	Canada	Retail (Apparel)	1.5	6
H&M	Branch	Toronto, ON	Canada	Retail (Apparel)	1.5	6
H&M	Branch	Windsor, ON	Canada	Retail (Apparel)	1.5	6
H&M	Branch	Calgary, AB	Canada	Retail (Apparel)	1.5	6
H&M	Branch	Vancouver, BC	Canada	Retail (Apparel)	1.5	6
H&M	Branch	Mississauga, ON	Canada	Retail (Apparel)	1.5	6
H&M	Branch	Red Deer, AB	Canada	Retail (Apparel)	1.4	6
H&M	Branch	Mont-Royal, QC	Canada	Retail (Apparel)	0.5	2
H&M Hennes & Mauritz (Ireland) Ltd	Subsidiary	London	United Kingdom	Apparel and Accessories		20
KE Persson AB	Holding	Strangnas	Sweden	Miscellaneous Fabricated Products		4
H & M Hennes & Mauritz International B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Miscellaneous Financial Services	761.8
H & M Hennes & Mauritz A/S	Subsidiary	Oslo	Norway	Retail (Department and Discount)	250.0
H & M Hennes & Mauritz Netherlands BV	Subsidiary	Amsterdam	Netherlands	Retail (Apparel)	75.0
Puls Trading Far East Limited	Subsidiary	Tsim Sha Tsui, Kowloon	Hong Kong	Apparel and Accessories		200
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 Sverige AB	Subsidiary	Stockholm	Sweden	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 Ltd.	Subsidiary	Seoul	Korea, Republic of	Retail (Department and Discount)
H & M Hennes & Mauritz CZ, s.r.o.	Subsidiary	Wien	Czech Republic	Retail (Department and Discount)
H&M Hennes & Mauritz Far East Ltd	Subsidiary	Kowloon	Hong Kong	Apparel and Accessories
H&M Hennes & Mauritz Netherlands BV	Subsidiary	Amsterdam	Netherlands	Retail (Apparel)
H&M Hennes & Mauritz USA BV	Subsidiary	Amsterdam	Netherlands	Miscellaneous Financial Services

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%
Retun On Equity Percent Change	-75.30%	262.30%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

SDA

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.