MIRA INFORM REPORT

Report Date :

25.07.2013

IDENTIFICATION DETAILS

Name :	BONPRIX HANDELSGESELLSCHAFT MBH

Registered Office :	Haldesdorfer Str. 61, D 22179 Hamburg, Post Box 71 01 80, D 22179 Hamburg

Country :	Germany

Date of Incorporation :	21.05.1986

Com. Reg. No.:	HRB 36455

Legal Form :	Private Limited Company

Line of Business :	Retail sale via mail-order houses or Internet of textiles, clothing, footwear and leather goods

No. of Employees :	2200

RATING & COMMENTS

MIRA’s Rating :

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 :	Regular

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 – March 31^st 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Germany

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

bonprix Handelsgesellschaft mbH

Haldesdorfer Str. 61

D 22179 Hamburg

Post Box:

71 01 80, D 22179 Hamburg

Telephone: 040/64620

Telefax: 040/64623700

Homepage: www.bonprix.de

E-mail: service@bonprix.de

VAT no.

DE811146964

Company Status

active

CONCLUSION

Business relations are permissible.

Synthesis

LEGAL FORM Private limited company

Date of foundation: 21.05.1986

Shareholders'

agreement: 21.05.1986

Registered on: 24.07.1986

Commercial Register: Local court 20355 Hamburg

under: HRB 36455

Share capital: EUR 38,500,000.00

Shareholder

Otto (GmbH & Co KG)

Wandsbeker Str. 3-7

D 22179 Hamburg

Legal form: Ltd partnership with priv. ltd.

company as general partner

Total cap. EUR 770,000,000.00

contribution:

Share: EUR 38,500,000.00

Registered on: 21.01.1960

Reg. data: 20355 Hamburg, HRA 62024

Manager

Dr. Marcus Ackermann

Flemingstr. 10

D 22299 Hamburg

born: 22.02.1966

Manager:

Dr. Kai Heck

Von-Kurtzrock-Ring 2

D 22391 Hamburg

born: 24.10.1962

Manager:

Marinus Jan Jansen

NL Huizen

authorized to jointly represent the company

born: 21.08.1956

Nationality: Dutch

Proxy

Sven Ahlgrimm

D 22179 Hamburg

authorized to jointly represent the company

born: 29.09.1968

Further functions/participations of Dr. Marcus Ackermann (Manager)

Manager:

bonprix Beteiligungs-Verwaltungsgesellschaft

mbH

Haldesdorfer Str. 61

D 22179 Hamburg

Legal form: Private limited company

Share capital: EUR 8,000,000.00

Registered

on: 15.11.1990

Reg. data: 20355 Hamburg, HRB 45775

Further functions/participations of Dr. Kai Heck (Manager)

Manager:

bonprix Beteiligungs-Verwaltungsgesellschaft

mbH

Haldesdorfer Str. 61

D 22179 Hamburg

Legal form: Private limited company

Share capital: EUR 8,000,000.00

Registered

on: 15.11.1990

Reg. data: 20355 Hamburg, HRB 45775

Further functions/participations of Marinus Jan Jansen (Manager)

Manager:

bonprix Beteiligungs-Verwaltungsgesellschaft

mbH

Haldesdorfer Str. 61

D 22179 Hamburg

Legal form: Private limited company

Share capital: EUR 8,000,000.00

Registered

on: 15.11.1990

Reg. data: 20355 Hamburg, HRB 45775

COMPANY HISTORY

24.07.1986 - 12.12.2012 bon prix Handelsgesellschaft mbH

Haldesdorfer Str. 61

D 22179 Hamburg

Private limited company

RESIGNED ACTING PERSONS AND SHAREHOLDERS

10.01.2001 - 29.04.2011 Manager

Hans-Joachim Mundt

D 22391 Hamburg

10.01.2001 - 05.08.2010 Manager

Josef Albert Teeken

D 20253 Hamburg

BUSINESS ACTIVITIES

Main industrial sector

47911 Retail sale via mail-order houses or Internet of textiles, clothing, footwear and leather goods

47919 Other retail sale via mail-order houses or Internet

BRANCHES AND FACTORIES

Branch: