MIRA INFORM REPORT

Report Date :

22.01.2013

IDENTIFICATION DETAILS

Name :	RELAUNCH FASHION B.V.

Registered Office :	Maxwellstraat 45 3316GP Dordrecht

Country :	Netherlands

Financials (as on) :	31.12.2011

Date of Incorporation :	11.06.2008

Com. Reg. No.:	27308059

Legal Form :	Besloten Vennootschap

Line of Business :	Wholesale of outerwear

No. of Employees :	7

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 :	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

(31.03.2011)

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

CONTACTINFORMATION

Company name	ReLaunch Fashion B.V.
Tradename	ReLaunch Fashion
Address	Maxwellstraat 45
	3316GP Dordrecht
	Netherlands
Mail address	Maxwellstraat 45
	3316GP Dordrecht
	Netherlands
Telephone number	0786180902
Telefax number	0104376715
E-mail address	nico@relaunch.nl
Website	www.relaunch.nl
VAT number / RSIN	818706892
Branch(es)	ReLaunch Fashion B.V. (27308059.0001)
	Maxwellstraat 45
	3316GP Dordrecht

COMPANY STRUCTURE

Shareholder	ReLaunch B.V.
	Maxwellstraat 45
	3316GP DORDRECHT
	Netherlands
	KvK: 27307505
	Active since: 03-06-2008
	Percentage: 100.00%
Ultimate parent company	Launch39 B.V.
	Stevenshof 4
	3319AX DORDRECHT
	KvK: 24352176
Holding company	ReLaunch B.V.
	Maxwellstraat 45
	3316GP DORDRECHT
	KvK: 27307505
Affiliated companies	Made U Look Europe B.V.
	Maxwellstraat 45
	3316GP DORDRECHT
	KvK: 24448533

MANAGEMENT

Management	ReLaunch B.V.
	Maxwellstraat 45
	3316GP DORDRECHT
	Netherlands
	KvK: 27307505
	Authorization: Fully authorized
	Position: Manager
	Date appointed: 03-06-2008

PAYMENT INFORMATION

Payment experiences There are no payment experiences known

FINANCIAL INFORMATION

Publication financial statement	Annual accounts 2011 are published on 19-12-2012
Type of publication	Corporate
Publication	Steady

CORE FIGURES

BOOKYEAR	2011	2010	2009
Quick ratio	0,63	0,77	0,89
Current ratio	0,86	1,12	1,65
Nett workingcapital / Balance total	-0,16	0,10	0,37
Capital and reserves / Balance total	-0,13	0,15	0,44
Capital and reserves / Fixed assets	-3,72	3,11	6,54
Solvency	-0,11	0,17	0,77
Nett workingcapital	-109.959	67.766	89.939
Capital and reserves	-86.644	99.850	106.171
Change capital and reserves	-186,77%	-5,95%	56,02%
change short term liabilities	33,91%	316,90%	-48,21%

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2011

Tendency Declining

Capital and reserves 2011 -86.644

Total debt 2011 768.974

Current ratio 2011 0,86

Quick ratio 2011 0,63

Nett workingcapital 2011 -109.959

Profitability Negative

Solvency Negative

Liquidity Negative

Currency Euro

BALANCE

BOOKYEAR	2011	2010	2009
End of bookyear	31-12-2011	31-12-2010	31-12-2009
Tangible assets	16.244	18.867	16.232
Financial assets	7.071	13.217
Fixed assets	23.315	32.084	16.232

Stocks and work in progress	171.927	201.927	105.126
Accounts receivable	477.925	437.915	96.632
Liquid assets	9.163	2.183	25.925
Current assets	659.015	642.025	227.683
Total assets	682.330	674.109	243.915

Capital and reserves	-86.644	99.850	106.171
Total short term debt	768.974	574.259	137.744
Total debt	768.974	574.259	137.744
Total Liabilities	682.330	674.109	243.915

Company structure

• Launch39 B.V. (24352176) DORDRECHT

ReLaunch B.V. (27307505)

DORDRECHT

Management relation

■ Made U Look Europe B.V. (24448533)

DORDRECHT Subsidiary (100%)

■ ReLaunch Fashion B.V. (27308059) Dordrecht

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.87
UK Pound	1	Rs.85.53
Euro	1	Rs.71.77

INFORMATION DETAILS

Report Prepared by :

PRL

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	Berkel en Rodenrijs
Issued capital	18.000
Paid up capital	18.000

Employees	Total: 7
Employees according to CoC	Chamber of commerce: 7
Bookyear	2013	2012	2011
Number	7	7	6
Change	0,00%	16,67%	0,00%