MIRA INFORM REPORT

Report Date :

23.12.2014

IDENTIFICATION DETAILS

Name :	SHOE.COM GMBH & CO. KG
Registered Office :	Klingenbergstr. 1-3 D 32758 Detmold
Country :	Germany
Financials (as on) :	31.05.2013
Date of Incorporation :	April 1999
Legal Form :	Ltd partnership with priv. Ltd. Company
Line of Business :	Manufacture of footwear
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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)
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, has contributed to strong growth 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 5.3% in 2013. The new German government introduced a minimum wage of $11 per hour to take effect in 2015. 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 and 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. 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 and address

SHOE.COM GMBH & CO. KG

Company Status: active

Klingenbergstr. 1-3

D 32758 Detmold

Telephone:05231/605-05

Telefax: 05231/605-350

Homepage: www.soliver-shoes.com

E-mail: info@soliver-shoes.com

VAT no.: DE812775142

Tax ID number: 313/5825/0334

CONCLUSION

Business relations are permissible.

COMPANY SUMMARY

LEGAL FORM Ltd partnership with priv. ltd. company as

general partner

Date of foundation: 04.1999

Registered on: 26.08.1999

Register of

companies: Local court 32657 Lemgo

under: HRA 3451

Total cap. contribution: EUR 25,000.00

Limited partner:

Julian Peters

Widenmayerstr. 52

D 80538 München

born: 04.08.1981

Share: EUR 6,000.00

Limited partner:

Florian Tremmel

Widenmayerstr. 52

D 80538 München

born: 09.12.1981

Share: EUR 6,000.00

Limited partner:

Jakob Claussen

Kobellstr. 8

D 80336 München

born: 09.06.1961

Share: EUR 5,000.00

Limited partner:

Tide Engineering GmbH + Co. KG

Buchenhof 7

D 22605 Hamburg

Legal form: Ltd partnership with priv. ltd.

company as general partner

Total cap. EUR 1,000.00

contribution:

Share: EUR 5,000.00

Registered on: 30.05.2011

Reg. data: 20355 Hamburg, HRA 113206

Limited partner:

Damir Ismailovic

Eisnergutbogen 3

D 80639 München

born: 08.08.1980

Share: EUR 2,500.00

Limited partner:

Benjamin Habbel

D 86938 Schondorf

born: 19.03.1987

Share: EUR 500.00

General partner:

shoe.com Verwaltungs GmbH

Klingenbergstr. 1-3

D 32758 Detmold

Legal form: Private limited company

Share capital: EUR 25,000.00

Registered on: 16.07.1999

Reg. data: 32657 Lemgo, HRB 4586

Shareholder:

Wortmann Schuh Holding KG

Klingenbergstr. 1-3

D 32758 Detmold

Legal form: Limited partnership

Total cap. EUR 2,600,000.00

contribution:

Share: EUR 25,000.00

Registered on: 12.11.1992

Reg. data: 32657 Lemgo, HRA 3267

Manager:

Ulrich Klüber

Schützenberg 31

D 32756 Detmold

authorized to jointly represent the company

born: 15.06.1961

Profession: Businessman

Marital status: married

Manager:

Dr. Wolfgang Illers

Klingenbergstr. 1-3

D 32758 Detmold

authorized to jointly represent the company

born: 31.12.1951

Profession: Fully qualified economic

engineer

Manager:

Dr. Thomas Nassua

D 40472 Ratingen

authorized to jointly represent the company

born: 14.04.1964

Manager:

Dr. Giovanni Dottore Lacatena

Klingenbergstr. 1-3

D 32758 Detmold

authorized to jointly represent the company

born: 16.03.1964

BUSINESS ACTIVITIES

Main industrial sector

15200 Manufacture of footwear

46422 Wholesale of footwear

FINANCIAL INFORMATION

Payment experience: within agreed terms

Negative information:We have no negative information at hand.

Balance sheet year: 2012/2013

REAL ESTATE

Type of ownership: Tenant

Address Klingenbergstr. 1-3

D 32758 Detmold

Real Estate of: shoe.com Verwaltungs GmbH

Type of ownership: Tenant

Address Klingenbergstr. 1-3

D 32758 Detmold

Land register documents were not available.

BANKERS

Principal banks

COMMERZBANK, 32756 DETMOLD

Sort. code: 47640051

BIC: COBADEFFXXX

DEUTSCHE BANK, 20079 HAMBURG

Sort. code: 20070000

BIC: DEUTDEHHXXX

Further bank

DEUTSCHE BANK, 32756 DETMOLD

Sort. code: 47670023

BIC: DEUTDE3B476

FINANCIAL FIGURES

Ac/ts receivable: EUR 2,077,991.00

Liabilities: EUR 1,642,284.00

The number of employees is not known.

BALANCE SHEETS

Balance sheet ratios 01.06.2012 - 31.05.2013

Equity ratio [%]: 19.54

Liquidity ratio: 3.35

Balance sheet ratios 01.06.2011 - 31.05.2012

Equity ratio [%]: 4.52

Liquidity ratio: 0.93

Balance sheet ratios 01.06.2010 - 31.05.2011

Equity ratio [%]: -1.45

Liquidity ratio: 0.87

Balance sheet ratios 01.06.2009 - 31.05.2010

Equity ratio [%]: 10.94

Liquidity ratio: 7.98

Equity ratio

The equity ratio indicates the portion of the equity as compared

to the total capital. The higher the equity ratio, the better the

economic stability (solvency) and thus the financial autonomy of

a company.

Liquidity ratio

The liquidity ratio shows the proportion between adjusted

receivables and net liabilities. The higher the ratio, the lower

the company's financial dependancy from external creditors.

FINANCIAL DATA

TYPE OF BALANCE SHEET: COMPANY BALANCE SHEET

FINANCIAL YEAR: 01.06.2012 - 31.05.2013

ASSETS EUR 4,046,008.75

Fixed assets EUR 227,219.00

Tangible assets EUR 227,219.00

Current assets EUR 3,815,168.68

Stocks EUR 1,193,208.30

Accounts receivable EUR 2,077,991.39

Liquid means EUR 543,968.99

Remaining other assets EUR 3,621.07

Accruals (assets) EUR 3,621.07

LIABILITIES EUR 4,046,008.75

Shareholders' equity EUR 312,672.68

Capital EUR 255,000.00

Limited partner's capital / capital

of partially liable partner (LP) EUR 255,000.00

Reserves EUR 57,672.68

Provisions EUR 2,091,052.05

Liabilities EUR 1,642,284.02

Type of balance

sheet: Company balance sheet

Financial year: 01.06.2011 - 31.05.2012

ASSETS EUR 4,385,513.67

Fixed assets EUR 302,017.00

Tangible assets EUR 302,017.00

Other / unspecified tangible assets EUR 302,017.00

Current assets EUR 4,046,863.06

Stocks EUR 2,222,268.43

Accounts receivable EUR 1,522,838.97

Other debtors and assets EUR 1,522,838.97

Liquid means EUR 301,755.66

Remaining other assets EUR 36,633.61

Accruals (assets) EUR 36,633.61

LIABILITIES EUR 4,385,513.67

Shareholders' equity EUR 312,672.68

Capital EUR 255,000.00

Limited partner's capital / capital

of partially liable partner (LP) EUR 255,000.00

Reserves EUR 57,672.68

Provisions EUR 2,268,896.10

Liabilities EUR 1,803,944.89

Other liabilities EUR 1,803,944.89

Unspecified other liabilities EUR 1,803,944.89

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.18
UK Pound	1	Rs.98.85
Euro	1	Rs.77.42

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIS

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.