MIRA INFORM REPORT

Report Date :

30.11.2012

IDENTIFICATION DETAILS

Name :	SCHOENENREUS B.V.

Registered Office :	Belgenlaan 1, 5406XN Uden

Country :	Netherlands

Financials (as on) :	31.12.2011

Date of Incorporation :	13.12.1979

Com. Reg. No.:	16040333

Legal Form :	Limited Company

Line of Business :	Retail sale of footwear

No. of Employees :	48 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 :	Slow but 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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Netherlands

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

Netherlands - ECONOMIC OVERVIEW

The Dutch economy is the fifth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, a sizable trade surplus, and an important role as a European transportation hub. Industrial activity is predominantly in food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. After 26 years of uninterrupted economic growth, the Dutch economy - highly dependent on an international financial sector and international trade - contracted by 3.5% in 2009 as a result of the global financial crisis. The Dutch financial sector suffered, due in part to the high exposure of some Dutch banks to U.S. mortgage-backed securities. In 2008, the government nationalized two banks and injected billions of dollars of capital into other financial institutions, to prevent further deterioration of a crucial sector. The government also sought to boost the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credit facilities. The stimulus programs and bank bailouts, however, resulted in a government budget deficit of 5.3% of GDP in 2010 that contrasted sharply with a surplus of 0.7% in 2008. The government of Prime Minister Mark RUTTE began implementing fiscal consolidation measures in early 2011, mainly reductions in expenditures, which resulted in an improved budget deficit of 3.8% of GDP.

Source : CIA

Company summary

Company name	Schoenenreus B.V.
Tradename	Schoenenreus B.V.
Address	Belgenlaan 1
	5406XN Uden
	Netherlands
Mail address	Postbus 72
	5400AB Uden
	Netherlands
Telephone number	0413336699
Telefax number	0413336600
E-mail address	info@schoenenreus.com
Website	www.schoenenreus.com
VAT number / RSIN	005196504
Branch(es)	199 branches

COMPANY STRUCTURE

Shareholder	New Giant B.V.
	Belgenlaan 1
	5406XN UDEN
	Netherlands
	KvK: 54899214
	Active since: 26-03-2012
	Percentage: 100.00%
Ultimate parent company	Stichting Administratiekantoor Combro
	Keijenbergseweg 35
	6705BP WAGENINGEN
	KvK: 09114247
Holding company	New Giant B.V.
	Belgenlaan 1
	5406XN UDEN
	KvK: 54899214

Bank	Rabobank Netherlands
	Account number: 15.19.08.664
	ING Bank NV

Real estate	Lease
	The real estate is checked at the land registration office
	Object code: UDEN T 1368
	Owner: Belgenlaan 1
	Description: REDEMA BEHEER B.V.

MANAGEMENT

Management	Comnaar Investment II B.V.
	Keijenbergseweg 35
	6705BP WAGENINGEN
	Netherlands
	KvK: 09197287
	Authorization: Fully authorized
	Position: General director
	Date appointed: 26-03-2012
	R. de Lege
	Rene
	Authorization: Fully authorized
	Position: General director
	Date appointed: 01-12-2008
	Date of birth: 23-07-1966

PAYMENT INFORMATION

Payment experiences Payments are regular

Payments Based on multiple payment experiences up to € 25.000

l Quarter: 1 2012: 63 Average days

l Quarter: 2 2012: 46 Average days

l Quarter: 3 2012: 57 Average days

l Quarter: 4 2012: 71 Average days

	invoices	current quarter		2012 Q3	2012 Q2	2012 Q1
Total	85	100%	100.378	97.414	96.672	97.792
Within terms	44	48,4%	48.549	51.405	59.973	45.693
Delayed 0 - 30	²⁷	29,6%	29.732	33.697	35.679	31.714
Delayed 31 - 60	⁹	5,1%	5.097	11.212	1.020	20.385
Delayed 61 - 90	³	16,9%	17.000
Delayed 91 - 120	¹	0,0%		440
Delayed 120+ days	¹	0,0%		660

FINANCIAL INFORMATION

Auditor KPMG Accountants N.V.

Publication financial statement Annual accounts 2011 are published on 15-10-2012

Annual accounts 2010 are published on 17-05-2011

Annual accounts 2009 are published on 28-05-2010

Annual accounts 2008 are published on 21-09-2009

Annual accounts 2007 are published on 21-01-2009

Type of publication Corporate

Publication Steady

Cores figures

Bookyear	2011	2010	2009
Quick ratio	0,58	0,78	0,54
Current ratio	1,27	1,80	1,16
Nett workingcapital / Balance total	0,20	0,40	0,12
Capital and reserves / Balance total	0,27	0,36	0,27
Capital and reserves / Fixed assets	3,66	3,23	1,69
Solvency	0,37	0,74	0,38
Nett workingcapital	7.805.000	12.647.000	3.547.000
Capital and reserves	10.616.000	11.587.000	8.464.000
Change capital and reserves	-8,38%	36,90%	-33,26%
change short term liabilities	83,18%	-29,31%	-2,90%
Nett Turnover	81.821.000	87.977.000	89.913.000
Operating profit	-720.000	4.315.000	-6.030.000
Profitability operating profit	negative	positive	negative

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2011

Type of publication Corporate

Type of publication	Corporate
Turnover	2011:	81.821.000
	2010:	87.977.000
	2009:	89.913.000
	2008:	91.347.000
	2007:	92.488.000
	2006:	90.420.000
	2005:	88.733
Gross profit	2007:	51.159.000
	2006:	49.473.000
Operating profit	2011:	-720.000
	2010:	4.315.000
	2009:	-6.030.000
	2008:	-2.349.000
	2007:	4.772.000
	2006:	4.132.000
Result after taxes	2011:	-971.000
	2010:	3.050.000
	2009:	-4.218.000
	2008:	-2.309.000
	2007:	3.156.000
	2006:	2.763.000

Tendency Changeable

Capital and reserves 2011 10.616.000

Total debt 2011 28.877.000

Current ratio 2011 1,27

Quick ratio 2011 0,58

Nett workingcapital 2011 7.805.000

Profitability Negative

Solvency To be followed

Liquidity Moderate

BALANCE SHEET

Currency in Euro

BOOKYEAR	2011	2010	2009
End of book year	31.03.2011	31.03.2010	31.03.2009
Other Intangible Assets			240.000
Intangible Assets	180.000	210.000	240.000
Tangible Assets	2.697.000	3.351.000	4.729.000
Financial Assets	21.000	21.000	46.000
Fixed Assets	2.898.000	3.582.000	5.015.000
Stocks and work in progress	19.768.000	16.030.000	13.871.000
Trade Debtors	----	----	7.000
Other amounts receivable	----	----	9.230.000
Accounts Receivable	14.436.000	11.009.000	9.237.000
Liquid Assets	2.391.000	1.325.000	2.672.000
Current Assets	36.595.000	28.364.000	25.780.000
Total Assets	39.493.000	31.946.000	30.795.000
Capital And Reserves	10.616.000	11.587.000	8.464.000
Provisions	---	----	98.000
Long Term Liabilities	87.000	----	----
Total Debt Suppliers	---	5.773.000	----
Debt to credit institutions	---	4.178.000	----
Taxes, remuneration & soc. Security	---	2.964.000	----
Debts to related companies	---	2.802.000	----
Other Short Term Debts	---		22.233.000
Total Short Term Debt	28.790.000	15.717.000	22.233.000
Deferred Charges and accrued income	---	4.642.000	----
Total Debt	28.877.000	20.359.000	22.233.000
Total Liabilities	39.493.000	31.946.000	30.795.000

Profit & Loss A/C

BOOK YEAR	2011	2010	2009
Turnover		87.977.000	89.913.000
Nett Turnover	81.821.000	87.977.000	89.913.000
Cost of Sales	34.859.000	----	----
Gross Profit	46.962.000	----	----
Wages Employees	21.421.000	22.187.000	23.325.000
Depreciation and Amortization	1.228.000	1.585.000	1.656.000
Raw Materials	---	34.507.000	44.558.000
Other Operating Charges	25.033.000	25.383.000	26.414.000
Operating Charges	47.682.000	83.662.000	95.943.000
Operating Profit	-720.000	4.315.000	-6.030.000
Financial Income	273.000	169.000	127.000
Financial Charges	514.000	379.000	521.000
Financial Result	-241.000	-210.000	-394.000
Result before Taxes	-961.000	4.105.000	-6.424.000
Income Taxes	316.000	1.055.000	-2.206.000
Result after Taxes	-645.000	3.050.000	-4.218.000
Taxes on Extraordinary Result	-326.000	----	---
Extraordinary Result after taxes	-326.000	---	---
Nett Result	-971.000	3.050.000	-4.218.000

History

Management Per 12-11-2012 is Proxy Hendrikus Gerardus Johannes Vercammen out of office.

Per 26-03-2012 manager 09197287 Comnaar Investments II B.V. appointed.

Per 26-03-2012 manager 09172266 European Retail Shoe Company B.V. out of office.

Per 01-11-2009 is Proxy Hendrikus Gerardus Johannes Vercammen appointed.

Per 01-11-2009 is Proxy Jan Baptist Petrus Wilhelmus van Belkom out of office.

Per 01-12-2008 manager Fredericus Josephus Hendrikus Maria Viguurs out of office.

Modifications Per 26-3-2012 is the responsibility of manager 09197287 Comnaar Investments II B.V.

changed..

Company structure

Stichting Administratiekantoor Combro (09114247)

WAGENINGEN

Cocacaca B.V. (09091311)

WAGENINGEN

Subsidiary

Ecic B.V. (09062102)

WAGENINGEN

Subsidiary (100%)

Bakerstreet Benelux B.V. (09113962)

UTRECHT

Management relation

Bakerstreet on Wheels B.V. (20113768)

UTRECHT

Subsidiary (100%)

Délidevi B.V. (34152116)

UTRECHT

Subsidiary (100%)

Stichting administratiekantoor Bakerstreet (09153116)

BENNEKOM

Management relation

Comnaar Investment II B.V. (09197287)

WAGENINGEN

Management relation

European Retail Shoe Company B.V. (09172266)

UDEN

Management relation

Redema Beheer B.V. (16075649)

UDEN

Subsidiary (100%)

New Giant B.V. (54899214)

UDEN

Management relation

Schoenenreus B.V. (16040333)

Uden

Subsidiary

Comnaar Investments B.V. (32111364)

WAGENINGEN

Management relation

(55767133)

Subsidiary

Mentha Comnaar B.V. (50468707)

AMSTERDAM

Management relation

MC Web B.V. (50468928)

AMSTERDAM

Management relation

Kleertjes.Com B.V. (09136053)

DOETINCHEM

Subsidiary (100%)

(56473184)

Subsidiary (100%)

Coen Beheer B.V. (09131971)

WAGENINGEN

Subsidiary

Carlita Felicia Beheer B.V. (09131973)

WAGENINGEN

Subsidiary

Calvin Raymond Beheer B.V. (09131974)

WAGENINGEN

Subsidiary

Casper Marco Beheer B.V. (09131975)

WAGENINGEN

Subsidiary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.20
UK Pound	1	Rs.88.38
Euro	1	Rs.71.47

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.

Place of constitution	Uden
Capital	EUR
Issued capital	EUR 34.200
Paid up capital	EUR 34.200

NACE-code	RETAIL TRADE (52)
	Retail sale of footwear (52431)
SBI-code	Retail trade (not in motor vehicles) (47)
	Shops selling footwear (47721)
Formal objective	De vennootschap heeft ten objective: de detailhandel in schoenen en aanverwante
	artikelen. Het oprichten van, deelnemen in, voeren van het bestuur over en het geheel of
	gedeeltelijk financieren van andere companies met een gelijk of soortgelijk objective.

Employees	Total: 48
Employees according to CoC	Chamber of commerce: 48
Bookyear	2012	2010	2009
Number	48	922	989
Change	-94,79%	-6,77%	12,00%

MIRA INFORM REPORT

Company summary

COMPANY INFORMATION

COMPANY STRUCTURE

MANAGEMENT

PAYMENT INFORMATION

FINANCIAL INFORMATION

Cores figures

BALANCE SHEET

Profit & Loss A/C

History

Company structure

Unit