MIRA INFORM REPORT

Report Date :

03.10.2012

IDENTIFICATION DETAILS

Name :	BON'A PARTE POSTSHOP A/S

Registered Office :	Thrigesvej 2, 7430 Ikast

Country :	Denmark

Financials (as on) :	31.12.2011

Date of Incorporation :	2003

Legal Form :	Limited company

Line of Business :	Retail sale via mail order houses or via Internet

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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

(31.03.2012)

Current Rating

(30.06.2012)

Denmark

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

DENMARK - ECONOMIC OVERVIEW

This thoroughly modern market economy features a high-tech agricultural sector, state-of-the-art industry with world-leading firms in pharmaceuticals, maritime shipping and renewable energy, and a high dependence on foreign trade. Denmark is a member of the European Union (EU); Danish legislation and regulations conform to EU standards on almost all issues. Danes enjoy among the highest standards of living in the world and the Danish economy is characterized by extensive government welfare measures and an equitable distribution of income. Denmark is a net exporter of food and energy and enjoys a comfortable balance of payments surplus but depends on imports of raw materials for the manufacturing sector. Within the EU, Denmark is among the strongest supporters of trade liberalization. After a long consumption-driven upswing, Denmark's economy began slowing in 2007 with the end of a housing boom. Housing prices dropped markedly in 2008-09 and, following a short respite in 2010, continued to decline in 2011 though at a slower pace. The global financial crisis has exacerbated this cyclical slowdown through increased borrowing costs and lower export demand, consumer confidence, and investment. The global financial crises cut Danish real GDP by 0.8% in 2008 and 5.8% in 2009. Denmark made a modest recovery in 2010 with real GDP growth of 1.3%, in part because of increased government spending; however, the country experienced a technical recession in late 2010-early 2011. Historically low levels of unemployment rose sharply with the recession and have remained at about 6% in 2010-11, based on the national measure, about two-thirds average EU unemployment. An impending decline in the ratio of workers to retirees will be a major long-term issue. Denmark maintained a healthy budget surplus for many years up to 2008, but the budget balance swung into deficit in 2009. In spite of the deficits, the new coalition government plans to deliver a modest stimulus to the economy in 2012. Nonetheless, Denmark's fiscal position remains among the strongest in the EU at 46.5% of GDP in 2011. Despite previously meeting the criteria to join the European Economic and Monetary Union (EMU), so far Denmark has decided not to join, although the Danish krone remains pegged to the euro. Denmark held the EU presidency during the first half of 2012; priorities included promoting a responsible, dynamic, green, and safe Europe, while working to steer Europe out of its euro zone economic crisis

Source : CIA

Company name

Main name BON'A PARTE POSTSHOP A/S

Main address THRIGESVEJ 2

City 7430 IKAST

Country Denmark

Phone-no. +45-99-606011

Fax-no. +45-99-606000

Nat. partner ID-no. 1154104

ID-/Reg.-no. 27493122 A/S

Legal form Limited company

Company Status Active

Latest change 2012-09-22

Activity

Activity 47.91 Retail sale via mail order houses or via Internet

No of employees empl 0

Management Information

Management WOLFGANG BINDER

Board of directors MICHAEL MØLLER (Chairman of the board)

WOLFGANG BINDER (Member of the board)

JESPER FRIER (Member of the board)

Historical Data

Established 2003

Registered 2004-01-19

Financial data

Currency Danish Krone

Closing date 2011-12-31 2010-09-30 2009-09-30

Source Ann. report Ann. report Ann. report

Ordinary result 1.121.000 1.045.000 1.461.000

Tax 281.000 261.000 365.000

Annual result 841.000 784.000 1.096.000

<* Assets *>

Current assets 8.946.000 12.223.000 11.969.000

<* Liabilities *>

Equity capital 5.636.000 4.795.000 4.011.000

Share capital 1.000.000 1.000.000 1.000.000

Short-term debts 3.197.000 6.198.000 7.329.000

<* Company Ratios *>

Gearing I 56,72 129,26 182,72

Acid test ratio I 279,82 197,21 163,31

Acid test ratio II 279,82 197,21 163,31

Return on investment 8,57 4,66 9,77

Return on equity 19,89 21,79 36,42

Solvency ratio 63,00 39,23 33,51

Property

Property No

Corporate Structure

Parent company BON'A PARTE A/S (ID:617676) (100%)

Payment profile

Payment profile Payment regular

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.78

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

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