MIRA INFORM REPORT

Report Date :

05.12.2013

IDENTIFICATION DETAILS

Name :	ERNSTING'S FAMILY GMBH & CO. KG
Registered Office :	Industriestr. 1, D 48653 Coesfeld
Country :	Germany
Year of Establishments:	1968
Com. Reg. No.:	HRA 1730
Legal Form :	Ltd partnership with priv. ltd. company as general partner
Line of Business :	Retail sale of clothing
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	---

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 30th, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Germany	A1	A1

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

GermanY ECONOMIC OVERVIEW

The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.5% in 2012. GDP contracted 5.1% in 2009 but grew by 4.2% in 2010, and 3.0% in 2011, before dipping to 0.7% in 2012 - a reflection of low investment spending due to crisis-induced uncertainty and the decreased demand for German exports from recession-stricken periphery countries. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's total budget deficit - including federal, state, and municipal - to 4.1% in 2010, but slower spending and higher tax revenues reduced the deficit to 0.8% in 2011. In 2012 Germany reached a budget surplus of 0.1%. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016 though the target was already reached in 2012. By 2014, the federal government wants to balance its budget. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its electricity generating capacity and 46% of its base-load electricity production

Source : CIA

Company name & address

Ernsting's family GmbH & Co. KG

Industriestr. 1

D 48653 Coesfeld

Telephone:02546/770

Telefax: 02546/772890

Homepage: www.ernstings-family.de

E-mail: info@ernstings-family.de

Trade name

Gina, Yigga, Topomini, Topolino, My Home

VAT no.

DE124462989

Company Status

active

CONCLUSION

Business relations are permissible.

Synthesis

LEGAL FORM Ltd partnership with priv. ltd. company as general partner

Date of foundation: 1968

Begin of business

activities: 26.10.1983

Registered on: 26.10.1983

Register of

companies: Local court 48653 Coesfeld

under: HRA 1730

Total cap. contribution: EUR 767,000.00

Limited partner

EHG Service GmbH

Industriestr. 1

D 48653 Coesfeld

Post Box:

21 62, D 48644 Coesfeld Lette

Legal form: Private limited company

Share capital: EUR 25,600,000.00

Share: EUR 767,000.00

Registered on: 17.09.1993

Reg. data: 48653 Coesfeld, HRB 2035

General partner

Ernsting's family Geschäftsführungs-GmbH

Industriestr. 1

D 48653 Coesfeld

Legal form: Private limited company

Share capital: EUR 26,000.00

Registered on: 23.11.1982

Reg. data: 48653 Coesfeld, HRB 1451

Shareholder

EHG Service GmbH

Industriestr. 1

D 48653 Coesfeld

Post Box:

21 62, D 48644 Coesfeld Lette

Legal form: Private limited company

Share capital: EUR 25,600,000.00

Share: EUR 26,000.00

Registered on: 17.09.1993

Reg. data: 48653 Coesfeld, HRB 2035

Manager

Dietmar Bollmann

Luko - Dorfstr. 5

D 06869 Coswig

born: 06.01.1953

Manager:

Johannes Ehling

Kalvarienbergstr. 14a

D 82340 Feldafing

born: 02.02.1967

Marital status: married

Manager:

Horst Heinrich Beeck

Am Wilbert 66

D 40885 Ratingen

born: 23.06.1966

Manager:

Oliver Haller

D 80331 München

born: 05.12.1968

Manager:

Dagmar Heuer

Lilienbeck 17a

D 48727 Billerbeck

born: 15.08.1955

Marital status: unknown

Proxy

Holger Henning

D 48301 Nottuln

authorized to jointly represent the company

born: 16.04.1969

Proxy:

Markus Kramer

D 45701 Herten

authorized to jointly represent the company

born: 22.04.1972

Proxy:

Daniel Köster

D 48143 Münster

authorized to jointly represent the company

born: 27.08.1976

BUSINESS ACTIVITIES

Main industrial sector

47710 Retail sale of clothing

BRANCHES AND FACTORIES

Works:

Ernsting's family GmbH & Co. KG

Hugo-Ernsting-Platz

D 48653 Coesfeld

Branch:

Ernsting's family GmbH & Co. KG

Kurt-Ernsting-Str. 1

OT Klieken

D 06869 Coswig

TEL.: 034903/5020

FAX.: 034903/5021890

Branch:

Ernsting's family GmbH & Co. KG

Industriestr. 29

D 21493 Schwarzenbek

FINANCIAL INFORMATION

Payment experience: cash discount/within agreed terms

Negative information: We have no negative information at hand.

REAL ESTATE

Type of ownership: Tenant

Address Industriestr. 1

D 48653 Coesfeld

Type of ownership: Tenant

Address Hugo-Ernsting-Platz

D 48653 Coesfeld

Real Estate of: Ernsting's family Geschäftsführungs-GmbH

Type of ownership: Tenant

Address Industriestr. 1

D 48653 Coesfeld

Land register documents were not available.

BANKERS

Principal bank

SPARKASSE WESTMÜNSTERLAND, COESFELD

Sort. code: 40154530, BIC: WELADE3WXXX

Further bank

COMMERZBANK VORMALS DRESDNER BANK, MÜNSTER, WESTF

Sort. code: 40080040, BIC: DRESDEFF400

FINANCIAL FIGURES

Financial year: 01.01. - 31.12.

The number of employees is not known.

The company exercises the option not to publish its balance according

to § 264, para. 3, HGB and is included in the annual financial

statement of EHG Service GmbH, Coesfeld.

Basic data of the group:

================

Sales 2009: approx. 624.000.000 EUR

Sales 2010: approx. 698.879.000 EUR

Sales 2011: approx. 736.953.000 EUR

Sales 2012: approx. 795.135.000 EUR

Profit 2009: approx. 32.248.127 EUR

Profit 2010: approx. 51.453.487 EUR

Profit 2011: approx. 34.842.780 EUR

Profit 2012: approx. 20.574.686 EUR

Fixture and furnishing 2011: 53.747.994 EUR

Fixture and furnishing 2012: 53.136.232 EUR

Receivables 2011: 5.901.362 EUR

Receivables 2012: 9.397.371 EUR

Liabilities 2011: 68.266.055 EUR

Liabilities 2012: 60.383.845 EUR

Staff 2011: 9.702

Staff 2012: 10.267

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.33
UK Pound	1	Rs.102.18
Euro	1	Rs.84.68

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.