MIRA INFORM REPORT

Report Date :

05.05.2014

IDENTIFICATION DETAILS

Name :	SHOEBY FRANCHISE B.V.
Registered Office :	Burgemeester Burgerslaan 40A 5245NH Rosmalen
Country :	Netherlands
Financials (as on) :	2012
Date of Incorporation :	29.06.1995
Com. Reg. No.:	16078843
Legal Form :	Private Company
Line of Business :	Wholesale of textile products
No. of Employees	77

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Netherlands	A1	A1

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

NETHERLANDS ECONOMIC OVERVIEW

The Dutch economy is the sixth-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 in 2011. In 2012-13 tax revenues dropped, GDP contracted, and the budget deficit deteriorated. Although jobless claims continued to grow, the unemployment rate remained relatively low at 6.8 percent

Source : CIA

Company name and address

Summary

Company name SHOEBY FRANCHISE B.V.

Operative address Burgemeester Burgerslaan 40A

5245NH Rosmalen

Netherlands

Legal form Private Company

Registration number KvK-nummer: 16078843

VAT-number 803925207

Year	2012		Mutation	2011		Mutation	2010
Fixed assets	14.110.352		13,85	12.394.339		124,10	5.530.595
Total receivables	68.841.120		52,78	45.058.850	t	189,80	15.548.200
Total equity	45.500.361		21,16	37.554.104	t	32,06	28.436.706
Short term liabilities	29.730.051	*	119,10	13.569.449	t	105,56	6.601.215
Net result	7.946.257		-12,85	9.117.398		-11,78	10.334.812
Working capital	43.390.009		19,34	36.359.765	t	58,73	22.906.111
Quick ratio	2,32		-30,33	3,33	s	-12,14	3,79

Contact information

Company name SHOEBY FRANCHISE B.V.

Trade names SHOEBY FRANCHISE B.V.

Operative address Burgemeester Burgerslaan 40A

5245NH Rosmalen

Netherlands

Correspondence address Postbus 12

5240AA Rosmalen

Netherlands

Telephone number 073 5118019

Fax number 073 5113078

Email address info@shoebyfranchise.nl

Website www.shoebyfashion.nl

Registration

Registration number KvK-nummer: 16078843

Registered in Kamer van Koophandel Brabant

Branch number 000020074921

VAT-number 803925207

Status Active

First registration company register 1995-06-30

Memorandum 1995-06-27

Establishment date 1995-06-27

Legal form Private Company

Last proposed admendment 1999-09-10

Activities

SBI Wholesale of textile products (46429)

Exporter No

Importer No

Goal Trade in textiles and related goods in a franchise organization

Relations

Shareholders Shoeby- Shop Holding B.V.

Burgemeester Burgerslaan 40a

5245NH ROSMALEN

Netherlands

Registration number: 160755430000

Percentage: 100.00%

Companies on same address

Jeans & Co B.V.

Registration number: 171470510000

New Bike B.V.

Registration number: 200458730000

Shoeby Retail Partners B.V.

Registration number: 341343510000

Shoeby-Shop Holding B.V.

Registration number: 160755430000

Shoeby Leasing Partners B.V.

Registration number: 171952070000

Lake Side Stores B.V.

Registration number: 171883940000

VDR Holding B.V.

Registration number: 514500460000

Stichting Koepel Nationale Kledingbanken

Registration number: 501276910000

Nomobese B.V.

Registration number: 547170940000

S-Sentials B.V.

Registration number: 580036570000

Bank details

Accounts ING Bank NV

Account number: 65.51.87.286

Management

Active management

Shoeby-Shop Holding B.V.

Burgemeester Burgerslaan 40a

5245NH ROSMALEN

Netherlands

Registration number: 160755430000

Competence: Fully authorized

Function: Manager

Starting date: 2000-11-16

J.J. den Arend (Johannes Jan)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2005-01-24

Date of birth: 1961-07-06, Rotterdam, NL

Involved with the following companies

• VDR Holding B.V.

Burgemeester Burgerslaan 40A

5245NH Rosmalen

Netherlands

Registration number: 514500460000

Function: Manager

• Lake Side Franchise B.V.

Burgemeester Burgerslaan 40A

5245NH Rosmalen

Netherlands

Registration number: 020401290000

Function: Proxy

Shoeby-Shop B.V.

Burgemeester Burgerslaan 40A

5245NH Rosmalen

Netherlands

Registration number: 160544620000

Function: Proxy

Employees

Total according to the Chamber of Commerce	77
Year		2013	2012	2011	2010	2009
Total		77	215	89	130	89

Payments

Description The payments are regular

Key Figures

Year	2012	2011	2010	2009	2008
Quick ratio	2,32	3,33	3,79	2,93	1,35
Current ratio	2,46	3,68	4,47	3,81	1,87
Working capital/ balance total	0,50	0,58	0,65	0,53	0,33
Equity / balance total	0,52	0,60	0,81	0,81	0,62
Equity / Fixed assets	3,22	3,03	5,14	2,94	2,10
Equity / liabilities	1,09	1,52	4,31	4,25	1,66
Balance total / liabilities	2,09	2,52	5,31	5,25	2,66
Working capital	43.390.009	36.359.765	22.906.111	11.945.791	5.980.624
Equity	45.500.361	37.554.104	28.436.706	18.101.894	11.417.464
Mutation equity	21,16	32,06	57,09	58,55	156,49
Mutation short term liabilities	119,10	105,56	55,13	-38,14	6,49
Return on total assets (ROA)	9,11	14,63	29,50	29,90	35,55

Year	2012	2011	2010	2009	2008
Return on equity (ROE)	17,46	24,28	36,34	36,93	56,97
Gross margin	24.417.556	26.451.441	27.900.595	22.700.830	18.494.640
Operating result	8.130.471	9.136.360	10.461.716	6.459.171	6.662.202
Net result after taxes	7.946.257	9.117.398	10.334.812	6.684.430	6.503.993
Cashflow	9.127.461	10.136.766	11.377.331	7.635.934	7.162.266
EBIT	8.130.471	9.136.360	10.461.716	6.459.171	6.662.202
EBITDA	9.311.675	10.155.728	11.504.235	7.410.675	7.320.475

Summary

The 2012 financial result structure is a postive working captial of 43.390.009 euro, which is in

agreement with 50 % of the total assets of the company.

The working capital has increase with 19.34 % compared to previous year. The ratio with

respect to the total assets of the company has however, declined.

The improvement between 2011 and 2012 has mainly been caused by a current liabilities

reduction.

The current ratio of the company in 2012 was 2.46. 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 2.32. A company with a Quick Ratio of more than

1 can currently pay back its current liabilities.

The 2011 financial result structure is a postive working captial of 36.359.765 euro, which is in

agreement with 58 % of the total assets of the company.

The working capital has increase with 58.73 % compared to previous year. The ratio with

respect to the total assets of the company has however, declined.

The improvement between 2010 and 2011 has mainly been caused by a current liabilities

reduction.

The current ratio of the company in 2011 was 3.68. If the current ratio exeeds 3.0, the

company may not be using its current assets or its short-term financing facilities efficiently .

The quick ratio in 2011 of the company was 3.33. A company with a Quick Ratio of more than

1 can currently pay back its current liabilities.

Financial statement

Type of annual account Corporate

Annual account Shoeby Franchise B.V.

Burgemeester Burgerslaan 40A

5245NH Rosmalen

Netherlands

Registration number: 160788430000

Balance

Year	2012	2011	2010	2009	2008
End date	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31
Intangible fixed assets	591.021	673.724	781.303	837.719	448.482
Tangible fixed assets	3.842.789	3.039.957	3.163.734	4.086.204	3.998.115
Financial fixed assets	9.676.542	8.680.658	1.585.558	1.232.180	990.243
Fixed assets	14.110.352	12.394.339	5.530.595	6.156.103	5.436.840
Total stock	4.256.719	4.772.270	4.509.872	3.753.046	3.550.967
Accounts receivable	11.463.691	8.935.286	5.812.275	5.253.809	3.760.451
Other receivables	57.377.429	36.123.564	9.735.925	4.720.698	2.111.833
Total receivables	68.841.120	45.058.850	15.548.200	9.974.507	5.872.284
Liquid funds	22.221	98.094	9.449.254	2.473.576	3.436.300
Current assets	73.120.060	49.929.214	29.507.326	16.201.129	12.859.551
Total assets	87.230.412	62.323.553	35.037.921	22.357.232	18.296.391
Issued capital	18.151	18.151	18.151	18.151	18.151
Other reserves	45.482.210	37.535.953	28.418.555	18.083.743	11.399.313
Total reserves	45.482.210	37.535.953	28.418.555	18.083.743	11.399.313
Total equity	45.500.361	37.554.104	28.436.706	18.101.894	11.417.464
Long term interest yielding debt	12.000.000	11.200.000
Long term liabilities	12.000.000	11.200.000
Accounts payable	8.493.859	4.208.889	4.057.856	2.214.573	3.411.029
Other short term liabilities	21.236.192	9.360.560	2.543.359	2.040.765	3.467.898
Short term liabilities	29.730.051	13.569.449	6.601.215	4.255.338	6.878.927
Total short and long term liabilities	41.730.051	24.769.449	6.601.215	4.255.338	6.878.927

Summary

The total assets of the company increased with 39.96 % between 2011 and 2012.

The fixed asset growth of 13.85 % is lower than the total asset growth.

The asset growth has mainly been financed by a debt increase of 68.47 %. The Net Worth,

however, grew with 21.16 %.

In 2012 the assets of the company were 16.18 % composed of fixed assets and 83.82 % by

current assets. The assets are being financed by an equity of 52.16 %, and total debt of

47.84 %.

The total assets of the company increased with 77.87 % between 2010 and 2011.

The total asset increase is retrievable in the fixed asset growth of 124.1 %.

The asset growth has mainly been financed by a debt increase of 275.23 %. The Net Worth,

however, grew with 32.06 %.

In 2011 the assets of the company were 19.89 % composed of fixed assets and 80.11 % by

current assets. The assets are being financed by an equity of 60.26 %, and total debt of

39.74 %.

Profit and loss

Year	2012	2011	2010	2009	2008
Gross margin	24.417.556	26.451.441	27.900.595	22.700.830	18.494.640
Wages and salaries	7.652.107	7.600.199	6.064.617	5.430.377	5.688.900
Amorization and depreciation	1.181.204	1.019.368	1.042.519	951.504	658.273
other operating costs	7.453.774	8.695.514	10.331.743	9.859.778	5.485.265

Year	2012	2011	2010	2009	2008
Operating expenses	16.287.085	17.315.081	17.438.879	16.241.659	11.832.438
Operating result	8.130.471	9.136.360	10.461.716	6.459.171	6.662.202
Financial income		277.239		262.733
Financial expenses	184.214	296.201	126.904	37.474	158.209
Financial result	-184.214	-18.962	-126.904	225.259	-158.209
Result on ordinary operations before taxes	7.946.257	9.117.398	10.334.812	6.684.430	6.503.993
Result of ordinary activities after taxes	7.946.257	9.117.398	10.334.812	6.684.430	6.503.993
Net result	7.946.257	9.117.398	10.334.812	6.684.430	6.503.993

Summary

The gross profit of the company decreased by -7.69 % between 2011 and 2012.

The operating result of the company declined with -11.01 % 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 -37.73

% of the analysed period, being equal to 2011 % in the year 2012.

The Net Result of the company increased by -12.85 % between 2011 and 2012.

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

-28.09 % of the analysed period, being 17.46 % in the year 2012.

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

The gross profit of the company decreased by -5.19 % between 2010 and 2011.

The operating result of the company declined with -12.67 % between 2010 and 2011. 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 -50.41

% of the analysed period, being equal to 2010 % in the year 2011.

The Net Result of the company increased by -11.78 % between 2010 and 2011.

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 -33.19 % of the analysed period, being 24.28 % in the year 2011.

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

Analysis

Branch (SBI) Groothandel en Wholesale on a fee or contract basis (niet in auto’s en motorfietsen) (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

Filings 08-01-2014: De jaarrekening over 2012 is gepubliceerd.

16-01-2013: De jaarrekening over 2011 is gepubliceerd.

05-10-2011: De jaarrekening over 2010 is gepubliceerd.

07-12-2010: De jaarrekening over 2009 is gepubliceerd.

12-02-2010: De jaarrekening over 2008 is gepubliceerd.

Company structure

Relations 13

VDR Holding B.V.

Burgemeester Burgerslaan 40A

5245NH Rosmalen

Netherlands

Registration number: 514500460000

• Shoeby Retail Partners B.V.

Burgemeester Burgerslaan 40a

5245NH ROSMALEN

Netherlands

Registration number: 341343510000

• Shoeby-Shop Holding B.V.

Burgemeester Burgerslaan 40a

5245NH ROSMALEN

Netherlands

Registration number: 160755430000

• Shoeby Franchise B.V.

Burgemeester Burgerslaan 40A

5245NH Rosmalen

Netherlands

Registration number: 160788430000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.23
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

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.