MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	DOLCIS B.V.

Registered Office :	Larenweg 70 5234KC 's-Hertogenbosch

Country :	Netherlands

Financials (as on) :	31.12.2013

Date of Incorporation :	08.03.1909

Com. Reg. No.:	16035016

Legal Form :	Besloten Vennootschap

Line of Business :	Wholesale of Footwear.

No of Employees :	412

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 :	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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Netherlands

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

NETHERLANDS - ECONOMIC OVERVIEW

Netherlands is the sixth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, sizable trade surplus, and 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. Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. The Dutch financial sector suffered as a result of the global financial crisis, due in part to the high exposure of some Dutch banks to US 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. 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. To recover, the government 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 austerity measures in early 2011, mainly reducting expenditures, which resulted in an improved budget deficit in 2011. However, in 2012 tax revenues dropped, GDP contracted, and the budget deficit deteriorated. In 2013, the government budget deficit decreased to 3.3% of GDP due to increased government revenue from higher taxes. However, spending on social benefits also increased, due to a rise in unemployment benefits and payments for pensions. The high unemployment rate and tax increases have contributed to continued decreases in household disposable income, causing the Dutch economy to contract.

Source : CIA

Company name and address

Company name DOLCIS B.V.

Operative address Larenweg 70

5234KC 's-Hertogenbosch

Netherlands

Legal form Besloten Vennootschap

Registration number KvK-nummer: 16035016

VAT-number 001037560

Year	2013	Mutation	2012	Mutation	2011
Fixed assets	228.962.000	-1,52	232.487.000	-31,50	339.421.000
Total receivables	20.483.000	-53,25	43.818.000	-28,48	61.265.000
Total equity	194.432.000	-7,73	210.713.000	-41,08	357.603.000
Short term liabilities	241.241.000	47,87	163.149.000	1,06	161.436.000
Net result	-12.145.000	89,87	-119.875.000	-221,36	98.778.000
Working capital	23.269.000	-74,33	90.638.000	-24,41	119.900.000
Quick ratio	0,20	-41,18	0,34	-32,00	0,50

Contact information

Company name Dolcis B.V.

Trade names Dolcis B.V.

Shick*

Dolcis

Clarks

Operative address Larenweg 70

5234KC 's-Hertogenbosch

Netherlands

Correspondence address Postbus 3065

5203DB 's Hertogenbosch

Netherlands

Telephone number 0736483483

Email address postmaster@dolcis.nl

Website www.dolcis.nl

Registration

Registration number KvK-nummer: 16035016

Branch number 000019729707

VAT-number 001037560

Status Active

Memorandum 1972-12-22

Establishment date 1909-03-08

Legal form Besloten Vennootschap

Last proposed admendment 2014-10-24

Issued placed capital EUR 18.200

Paid up share capital EUR 18.200

Activities

SBI Wholesale of footwear (46424)

Exporter No

Importer No

Goal Detailhandel in schoenen; grootwinkelbedrijf

Relations

Shareholders Hoogenbosch Retail Group B.V.

Larenweg 70

5234KC 'S-HERTOGENBOSCH

Netherlands

Registration number: 160875180000

Percentage: 100%

Companies on same address

Hoogenbosch Retail Group B.V.

Registration number: 160875180000

Invito B.V.

Registration number: 160579750000

Manfield B.V.

Registration number: 160193890000

Pro Sport B.V.

Registration number: 160505140000

S.A. Service B.V.

Registration number: 160657120000

Sears Clothing B.V.

Registration number: 160734910000

Dolcis België B.V.

Registration number: 172137510000

IZET B.V.

Registration number: 160350150001

Liability statements Macintosh Retail Group N.V.

Amerikalaan 100

6199AE Maastricht-Airport

Netherlands

Registration number: 146283000000

date of issue: 2002-09-12

Starting date: 2000-01-01

Management

Active management Hoogenbosch Retail Group B.V.

Larenweg 70

5234KC 'S-HERTOGENBOSCH

Netherlands

Registration number: 160875180000

Competence: Fully authorized

Function: Manager

Starting date: 2005-08-16

Employees

Total according to the Chamber of Commerce 412

Year 2014 2011

Total 412 6

Key figures

Year	2013	2012	2011	2010	2009
Quick ratio	0,20	0,34	0,50	0,30	0,38
Current ratio	1,10	1,56	1,74	1,40	1,44
Working capital/ balance total	0,05	0,19	0,19	0,14	0,14
Equity / balance total	0,39	0,43	0,58	0,44	0,39
Equity / Fixed assets	0,85	0,91	1,05	0,86	0,73
Equity / liabilities	0,65	0,76	1,36	0,80	0,65
Balance total / liabilities	1,65	1,76	2,36	1,80	1,65
Working capital	23.269.000	90.638.000	119.900.000	84.094.000	83.413.000
Equity	194.432.000	210.713.000	357.603.000	270.782.000	233.992.000
Mutation equity	-7,73	-41,08	32,06	15,72	16,11
Mutation short term liabilities	47,87	1,06	-23,03	9,93	7,26
Return on total assets (ROA)	-1,05	-24,87	16,46	7,88	6,11
Return on equity (ROE)	-2,67	-57,39	28,56	17,72	15,51
Gross profit margin	-0,12	-13,14	3,15	4,95	4,00
Net profit margin	-1,48	-13,42	11,29	3,54	2,81
Average collection ratio	3,41	5,47	5,42	5,39	5,85
Average payment ratio	40,13	20,39	14,28	23,52	23,63
Equity turnover ratio	4,23	4,24	2,45	4,18	4,77
Total assets turnover ratio	1,67	1,84	1,41	1,86	1,88
Fixed assets turnover ratio	3,59	3,84	2,58	3,59	3,50
Inventory conversion ratio	3,80	4,49	4,35	4,91	5,53
Turnover	822.082.000	893.231.000	875.168.000	1.130.939.000	1.116.620.000
Gross margin	419.576.000	465.782.000	447.973.000	533.403.000	512.984.000
Operating result	-1.003.000	-117.367.000	27.570.000	55.927.000	44.687.000
Net result after taxes	-12.145.000	-119.875.000	98.778.000	40.074.000	31.373.000

Year	2013	2012	2011	2010	2009

Cashflow	9.345.000			65.114.000
Gross profit			875.168.000
EBIT	-1.003.000	-117.367.000	27.570.000	55.927.000	44.687.000
EBITDA	20.487.000			80.967.000

Summary The 2013 financial result structure is a postive working captial of 23.269.000 euro, which is in agreement with 5 % of the total assets of the company.

The working capital has diminished with -74.33 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined.

The deterioration between 2012 and 2013 has mainly been caused by an increase of the current liabilities.

The current ratio of the company in 2013 was 1.1. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations.

The quick ratio in 2013 of the company was 0.2. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

The 2012 financial result structure is a postive working captial of 90.638.000 euro, which is in agreement with 19 % of the total assets of the company. The working capital has diminished with -24.41 % compared to previous year. The ratio with respect to the total assets of the company remains unchanged.

The deterioration between 2011 and 2012 has mainly been caused by an increase of the current liabilities.

The current ratio of the company in 2012 was 1.56. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength.

The quick ratio in 2012 of the company was 0.34. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

Financial statement

Last annual account 2013

Remark annual account The financial statements shown in the report relate to the consolidated financial statements of the group.

Type of annual account Consolidated

Annual account Macintosh Retail Group N.V.

Amerikalaan 100

6199AE Maastricht-Airport

Netherlands

Registration number: 146283000000

Balance

Year	2013	2012	2011	2010	2009
End date	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Intangible fixed assets	149.267.000	150.696.000	246.652.000	216.131.000	216.872.000
Tangible fixed assets	68.638.000	78.766.000	89.503.000	94.523.000	99.759.000
Financial fixed assets	11.057.000	3.025.000	3.266.000	4.221.000	2.620.000
Fixed assets	228.962.000	232.487.000	339.421.000	314.875.000	319.251.000

Total stock	216.549.000	198.905.000	201.322.000	230.189.000	201.990.000
Accounts receivable	4.825.000				23.381.000
Other receivables	15.658.000				23.876.000

Total receivables	20.483.000	43.818.000	61.265.000	48.078.000	47.257.000
Liquid funds	27.478.000	11.064.000	18.749.000	15.568.000	24.959.000
Current assets	264.510.000	253.787.000	281.336.000	293.835.000	274.206.000
Total assets	493.472.000	486.274.000	620.757.000	608.710.000	593.457.000

Total equity	194.432.000	210.713.000	357.603.000	270.782.000	233.992.000

Provisions			15.688.000	12.027.000	28.133.000
Long term interest yielding debt	57.799.000	112.412.000	86.030.000	116.160.000	140.539.000
Long term liabilities	57.799.000	112.412.000	86.030.000	116.160.000	140.539.000
Accounts payable	65.974.000			95.132.000	71.399.000
Other short term liabilities	175.267.000			114.609.000	119.394.000
Short term liabilities	241.241.000	163.149.000	161.436.000	209.741.000	190.793.000
Total short and long term liabilities	299.040.000	275.561.000	263.154.000	337.928.000	359.465.000
Total liabilities	493.472.000	486.274.000	620.757.000	608.710.000	593.457.000

Summary The total assets of the company increased with 1.48 % between 2012 and 2013.

Despite the assets growth, the non current assets decreased with -1.52 %.

Asset growth is in contrasts with the net worth decline of -7.73 %. The company's indebtedness has, therefore, increased with 8.52 %.

In 2013 the assets of the company were 46.4 % composed of fixed assets and 53.6 % by current assets. The assets are being financed by an equity of 39.4 %, and total debt of 60.6 %.

The total assets of the company decreased with -21.66 % between 2011 and 2012. This downturn is mainly retrievable in the fixed asset decrease of -31.5 %.

The asset reduction results in an equity decrease of -41.08 %. Despite the decrease, the indebtness increased with 4.71 %.

In 2012 the assets of the company were 47.81 % composed of fixed assets and 52.19 % by current assets. The assets are being financed by an equity of 43.33 %, and total debt of 56.67 %.

Year		2013		2012		2011		2010		2009
Revenues		822.082.000		893.231.000		875.860.000		1.130.939.000		1.116.620.000
Other operating income						692.000
Net turnover		822.082.000		893.231.000		875.168.000		1.130.939.000		1.116.620.000

Gross margin		419.576.000		465.782.000		447.973.000		533.403.000		512.984.000

Wages and salaries		177.773.000		447.694.000				206.380.000		204.811.000
Amorization and depreciation		21.490.000						25.040.000
Sales		402.506.000		427.449.000		421.095.000		597.536.000		603.636.000
other operating costs		221.316.000		135.455.000				246.056.000		263.486.000
Operating expenses		823.085.000		1.010.598.000		848.290.000		1.075.012.000		1.071.933.000
Result in subsidiaries		-97.000				79.767.000
Operating result		-1.003.000		-117.367.000		27.570.000		55.927.000		44.687.000

Financial income	805.000		69.000		417.000		222.000		658.000
Financial expenses	4.894.000		3.638.000		5.606.000		8.161.000		9.059.000
Financial result	-4.089.000		-3.569.000		-5.189.000		-7.939.000		-8.401.000
Result on ordinary operations before taxes	-5.189.000		-120.936.000		102.148.000		47.988.000		36.286.000

Taxation on the result of ordinary activities	-1.362.000		-1.061.000		3.370.000		7.914.000		7.086.000

Year	2013	2012	2011	2010	2009
Result of ordinary activities after taxes	-3.827.000	-119.875.000	98.778.000	40.074.000	29.200.000

Extraordinary income	1.522.000				2.173.000
Extraordinary expense	9.840.000
Extraordinary result after taxation	-8.318.000				2.173.000
Net result	-12.145.000	-119.875.000	98.778.000	40.074.000	31.373.000

Summary The turnover of the company decreased by -7.97 % between 2012 and 2013. The gross profit of the company decreased by -9.92 % between 2012 and 2013. The operating result of the company grew with 99.15 % between 2012 and 2013. This evolution implies an increase of the company's economic profitability.

The result of these changes is an increase of the company's Economic Profitability of 95.78 % of the analysed period, being equal to 2012 % in the year 2013. Despite the growth the assets turnover decreased, whose index evolved with -9.24 % to a level of 1.67.

The Net Result of the company decreased by 89.87 % between 2012 and 2013. The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of 95.35 % of the analysed period, being -2.67 % in the year 2013.

The company's financial structure has slowed down its financial profitability.

The turnover of the company grew with 2.06 % between 2011 and 2012.

The gross profit of the company grew with 3.98 % between 2011 and 2012.

The operating result of the company declined with -525.71 % between 2011 and 2012. This evolution implies an decrease of the company's economic profitability.

The result of these changes is a reduction of the company's Economic Profitability of -251.09 % of the analysed period, being equal to 2011 % in the year 2012.

Despite the decline the assets turnover increased by 30.5 % reaching 1.84.

The Net Result of the company increased by -221.36 % between 2011 and 2012.

The company's Financial Profitability has been negatively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability reduction of -300.95 % of the analysed period, being -57.39 % in the year 2012.

The company's financial profitability has been positively affected by its financial structure.

Analysis

Branch (SBI) Wholesale trade (no motor vehicles and motorcycles) (46)

Region Midden-Brabant

In the Netherlands 109662 of the companies are registered with the SBI code 46

In the region Midden-Brabant 5737 of the companies are registered with the SBI code 46

In the Netherlands 2387 of the bankrupcties are published within this sector

In the region Midden-Brabant 108 of the bankruptcies are published within this sector

The risk of this specific sector in the Netherlands is normal

The risk of this specific sector in the region Midden-Brabant is normal

Publications

Consent statements 11-06-2014: Voor boekjaar 2013 is een instemmingsverklaring gedeponeerd.

26-06-2012: Voor boekjaar 2011 is een instemmingsverklaring gedeponeerd.

16-05-2011: Voor boekjaar 2010 is een instemmingsverklaring gedeponeerd.

Functions 05-07-2013: Per 18-07-2012 is bestuurder Roelof Pothof uit functie getreden.

20-02-2012: Per 01-02-2012 is bestuurder Roelof Pothof in functie getreden.

Amendments 28-10-2014: Geplaatst kapitaal gewijzigd in EUR 18.200,00 Gestort kapitaal gewijzigd in EUR 18.200,00.

28-10-2014: Per 24-10-2014 statuten gewijzigd.

Company structure

Relations 27

Macintosh Retail Group N.V.

Amerikalaan 100

6199AE Maastricht-Airport

Netherlands

Registration number: 146283000000

• Hoogenbosch Retail Group B.V.

Larenweg 70

5234KC 'S-HERTOGENBOSCH

Netherlands

Registration number: 160875180000

• Dolcis B.V.

Larenweg 70

5234KC 's-Hertogenbosch

Netherlands

Registration number: 160350160000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	ANK

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.

MIRA INFORM REPORT

Company name and address

Contact information

Registration

Activities

Relations

Management

Employees

Key figures

Financial statement

Balance

Analysis

Publications

Company structure

Unit