MIRA INFORM REPORT

Report Date :

02.10.2014

IDENTIFICATION DETAILS

Name :	WE EUROPE B.V.

Registered Office :	Reactorweg 101, 3542AD Utrecht

Country :	Netherlands

Financials (as on) :	31.01.2014

Date of Incorporation :	08.12.1977

Com. Reg. No.:	30089877

Legal Form :	Private Company

Line of Business :	Holding companies [We tried to confirm / obtain the detailed activity but the same is not available from any sources]

No of Employees :	1 (2012)

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

Summary

Company name We Europe B.V.

Operative address Reactorweg 101

3542AD Utrecht

Netherlands

Legal form Private Company

Registration number KvK-nummer: 30089877

VAT-number 004221254

Year	2014	Mutation	2013	Mutation	2012
Fixed assets	398.988.000	-14,21	465.093.000	-8,36	507.547.000
Total receivables	13.358.000	-63,78	36.877.000	-33,41	55.379.000
Total equity	87.315.000	-15,96	103.891.000	-6,91	111.607.000
Short term liabilities	97.779.000	-28,54	136.825.000	-48,92	267.862.000
Net result	7.317.000	49,82	4.884.000	106,52	-74.941.000
Working capital	-33.678.000	-6,03	-31.764.000	75,99	-132.292.000
Quick ratio	0,37		0,37	37,04	0,27

Contact information

Company name We Europe B.V.

Trade names WE Fashion

WE Europe B.V.

Operative address Reactorweg 101

3542AD Utrecht

Netherlands

Correspondence address Postbus 30200

3503AD Utrecht

Netherlands

Telephone number 0302479479

Email address youri.hijlarides@we.nl

Website www.we.nl

Registration

Registration number KvK-nummer: 30089877

Branch number 000018922651

VAT-number 004221254

Status Active

Memorandum 1977-12-08

Establishment date 1977-12-08

Legal form Private Company

Last proposed admendment 2014-01-23

Activities

SBI Holding companies (not financial) (70102)

Exporter No

Importer No

Goal Houdstermaatschappij.

Relations

Shareholders Logo International B.V.

Minervum 7032

4817ZL BREDA

Netherlands

Registration number: 302198020000

Percentage: 100%

Companies on same address Amount: 11

Liability statements WE International B.V.

Reactorweg 101

3542AD Utrecht

Netherlands

Registration number: 300912610000

Date of issue: 1995-02-13

Starting date: 1986-01-01

Bank details

Accounts Fortis Bank (Nederland) NV

Account number: 24.31.09.237

Management

Active management

Logo International B.V.

Minervum 7032

4817ZL BREDA

Netherlands

Registration number: 302198020000

Competence: Jointly authorized

Function: Manager

Starting date: 2007-05-01

R.H.B. Vermeij (Remco Henricus Bernardus)

Netherlands

Competence: Jointly authorized

Function: Manager

Starting date: 2013-05-01

Date of birth: 1968-06-26, Uden, NL

J.D.A. Hind (John David Adam)

Netherlands

Competence: Jointly authorized

Function: Manager

Starting date: 2013-05-01

Date of birth: 1966-05-19, Darwen, GB

R. de Waal (Ronald)

Netherlands

Function: Commissaris

Starting date: 1997-09-03

Date of birth: 1952-02-13, Bussum, NL

Involved with the following companies

• WE International B.V.

Reactorweg 101

3542AD Utrecht

Netherlands

Registration number: 300912610000

Function: Commissaris

J.F. Balkema (Jan Fokko)

Netherlands

Function: Commissaris

Starting date: 1998-09-28

Date of birth: 1947-09-01, Amsterdam, NL

Involved with the following companies

• WE International B.V.

Reactorweg 101

3542AD Utrecht

Netherlands

Registration number: 300912610000

Function: Commissaris

M.R. Borletti (Maurizio Romualdo)

Netherlands

Function: Commissaris

Starting date: 2008-09-23

Date of birth: 1967-06-06, Milaan, IT

D.Y.J.F. du Monceau de Bergendal (Diego Yves Jean Francois)

Netherlands

Function: Commissaris

Starting date: 2001-10-09

Date of birth: 1949-09-13, Brussel, BE

Involved with the following companies

• WE International B.V.

Reactorweg 101

3542AD Utrecht

Netherlands

Registration number: 300912610000

Function: Commissaris

R.H.B. Vermeij (Remco Henricus Bernardus)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2014-01-23

Date of birth: 1968-06-26, Uden, NL

J.D.A. Hind (John David Adam)

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2014-01-23

Date of birth: 1966-05-19, Darwen, GB

Employees
Total according to the Chamber of Commerce	0

Year	2014	2012
Total	0	1

Payments

Description Payments made under regular condition

Key figures

Year	2014	2013	2012	2011	2010
Quick ratio	0,37	0,37	0,27	0,39	0,54
Current ratio	0,66	0,77	0,51	0,77	0,94
Working capital/ balance total	-0,07	-0,06	-0,21	-0,06	-0,01
Equity / balance total	0,19	0,18	0,17	0,26	0,30
Equity / Fixed assets	0,22	0,22	0,22	0,32	0,38
Equity / liabilities	0,23	0,22	0,21	0,35	0,42
Balance total / liabilities	1,23	1,22	1,21	1,35	1,42
Working capital	-33.678.000	-31.764.000	-132.292.000	-41.355.000	-8.933.000
Equity	87.315.000	103.891.000	111.607.000	176.804.000		204.235.000
Mutation equity	-15,96	-6,91	-36,88	-13,43		4,73
Mutation short term liabilities	-28,54	-48,92	49,31	12,35		-11,64
Return on total assets (ROA)	-5,25	1,53	-9,75	-11,32		1,57
Return on equity (ROE)	-27,83	8,41	-56,16	-43,74		5,29
Gross profit margin	-2,94	5,17	-9,81	-12,38		5,35
Net profit margin	1,87	1,14	-16,31	-9,22		1,34
Average collection ratio	4,01	3,12	1,72	2,65		3,19
Average payment ratio	29,36	11,58	8,30	7,80		6,85
Equity turnover ratio	4,49	4,11	4,12	2,68		2,49
Total assets turnover ratio	0,85	0,75	0,71	0,69		0,74
Fixed assets turnover ratio	0,98	0,92	0,91	0,87		0,95
Inventory conversion ratio	14,04	7,80	7,26	7,04		7,88
Turnover	392.131.000	426.886.000	459.560.000	474.604.000		509.076.000
Gross margin	173.299.000	185.070.000	187.902.000	187.551.000		216.041.000
Operating result	-11.541.000	22.081.000	-45.064.000	-58.778.000		27.221.000
Net result after taxes	7.317.000	4.884.000	-74.941.000	-43.768.000		6.817.000
Gross profit		426.886.000				509.076.000
EBIT	-11.541.000	22.081.000	-45.064.000	-58.778.000		27.221.000

Summary The 2014 financial result structure is a negative working captial of -33.678.000 euro, which is

in agreement with -7 % of the total assets of the company.

The working capital has diminished with -6.03 % compared to previous year. The ratio, with

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

The deterioration between 2013 and 2014 has mainly been caused by an increase of the

current liabilities.

The current ratio of the company in 2014 was 0.66. When the current ratio is below 1.5, the

company may have problems meeting its short-term obligations.

The quick ratio in 2014 of the company was 0.37. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities.

The 2013 financial result structure is a negative working captial of -31.764.000 euro, which is

in agreement with -6 % of the total assets of the company.

The working capital has increased with 75.99 % compared to previous year. The ratio, with

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

The improvement between 2012 and 2013 has mainly been caused by an increase of the

current assets.

The current ratio of the company in 2013 was 0.77. 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 0.37. A company with a Quick Ratio of less than

1 cannot currently pay back its current liabilities.

Financial statement

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 WE International B.V.

Reactorweg 101

3542AD Utrecht

Netherlands

Registration number: 300912610000

Balance

Year	2014	2013	2012	2011	2010
End date	2014-01-31	2013-01-31	2012-01-31	2011-01-31	2010-01-31
Intangible fixed assets	6.506.000	83.798.000	93.184.000	124.787.000	131.075.000
Tangible fixed assets	348.862.000	363.751.000	395.331.000	399.164.000	381.863.000
Financial fixed assets	43.620.000	17.544.000	19.032.000	20.972.000	23.120.000
Fixed assets	398.988.000	465.093.000	507.547.000	544.923.000	536.058.000

Total stock	27.935.000	54.752.000	63.280.000	67.417.000	64.589.000
Accounts receivable	3.129.000	14.631.000	28.668.000	31.158.000	34.034.000
Other receivables	10.229.000	22.246.000	26.711.000	29.674.000	40.300.000
Total receivables	13.358.000	36.877.000	55.379.000	60.832.000	74.334.000
Liquid funds	22.808.000	13.432.000	16.911.000	9.797.000	11.823.000
Current assets	64.101.000	105.061.000	135.570.000	138.046.000	150.746.000
Total assets	463.089.000	570.154.000	643.117.000	682.969.000	686.804.000
Minority interests					-829.000
Total equity	87.315.000	103.891.000	111.607.000	176.804.000	204.235.000
Provisions	87.618.000	85.179.000	86.163.000	86.519.000	84.348.000
Long term interest yielding debt	190.377.000	244.259.000	177.485.000	240.245.000	239.371.000
Long term liabilities	190.377.000	244.259.000	177.485.000	240.245.000	239.371.000
Accounts payable	19.161.000	40.597.000	39.492.000	47.996.000	42.590.000
Other short term liabilities	78.618.000	96.228.000	228.370.000	131.405.000	117.089.000
Short term liabilities	97.779.000	136.825.000	267.862.000	179.401.000	159.679.000
Total short and long term liabilities	375.774.000	466.263.000	531.510.000	506.165.000	483.398.000
Total liabilities	463.089.000	570.154.000	643.117.000	682.969.000	686.804.000

Summary The total assets of the company decreased with -18.78 % between 2013 and 2014.

This total assets decrease has been reflected in a reduction of non current assets of -14.21

Assets reduction is explained by a Net Worth decrease of -15.96 %, and an indebtedness

reduction of -19.41 %.

In 2014 the assets of the company were 86.16 % composed of fixed assets and 13.84 % by

current assets. The assets are being financed by an equity of 18.85 %, and total debt of

81.15 %.

The total assets of the company decreased with -11.35 % between 2012 and 2013.

This total assets decrease has been reflected in a reduction of non current assets of -8.36 %.

Assets reduction is explained by a Net Worth decrease of -6.91 %, and an indebtedness

reduction of -12.28 %.

In 2013 the assets of the company were 81.57 % composed of fixed assets and 18.43 % by

current assets. The assets are being financed by an equity of 18.22 %, and total debt of

81.78 %.

Profit and loss

Year	2014	2013	2012	2011	2010
Revenues	392.131.000	485.477.000	459.560.000	474.604.000	561.480.000
Other operating income		58.591.000			52.404.000
Net turnover	392.131.000	426.886.000	459.560.000	474.604.000	509.076.000
Gross margin	173.299.000	185.070.000	187.902.000	187.551.000	216.041.000
Wages and salaries		92.928.000	100.763.000	109.305.000	114.741.000
Sales	184.840.000	241.816.000	271.658.000	287.053.000	293.035.000
other operating costs		128.652.000	132.203.000	137.024.000	126.483.000
Operating expenses	403.672.000	463.396.000	504.624.000	533.382.000	534.259.000
Result in subsidiaries	-808.000	19.000	15.000	2.000	-73.000
Operating result	-11.541.000	22.081.000	-45.064.000	-58.778.000	27.221.000
Financial income	225.000	1.992.000	385.000	405.000	1.187.000
Financial expenses	12.177.000	15.357.000	18.011.000	18.955.000	17.534.000
Financial result	-11.952.000	-13.365.000	-17.626.000	-18.550.000	-16.347.000
Result on ordinary operations before taxes	-24.301.000	8.735.000	-62.675.000	-77.326.000	10.801.000
Taxation on the result of ordinary activities	3.844.000	3.851.000	2.382.000	1.019.000	3.984.000
Result of ordinary activities after taxes	-28.145.000	4.884.000	-65.057.000	-78.345.000	6.817.000
Result subsidiaries after taxes	35.462.000		-9.884.000	34.577.000
Net result	7.317.000	4.884.000	-74.941.000	-43.768.000	6.817.000

Summary The turnover of the company decreased by -8.14 % between 2013 and 2014.

The gross profit of the company decreased by -6.36 % between 2013 and 2014.

The operating result of the company declined with -152.27 % between 2013 and 2014. 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 -443.14

% of the analysed period, being equal to 2013 % in the year 2014.

Despite the decline the assets turnover increased by 13.33 % reaching 0.85.

The Net Result of the company decreased by 49.82 % between 2013 and 2014.

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 -430.92 % of the analysed period, being -27.83 % in the year 2014.

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

The turnover of the company decreased by -7.11 % between 2012 and 2013.

The gross profit of the company decreased by -1.51 % between 2012 and 2013.

The operating result of the company grew with 149 % 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 115.69

% of the analysed period, being equal to 2012 % in the year 2013.

This growth has contributed to the increase in assets turnover, increasing by 5.63 % reaching

0.75.

The Net Result of the company decreased by 106.52 % 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

114.98 % of the analysed period, being 8.41 % in the year 2013.

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

Analysis

Branch (SBI) Holding companies (not financial) (70)

Region Westelijk Utrecht

In the Netherlands 164954 of the companies are registered with the SBI code 70

In the region Westelijk Utrecht 12545 of the companies are registered with the SBI code 70

In the Netherlands 1108 of the bankrupcties are published within this sector

In the region Westelijk Utrecht 67 of the bankruptcies are published within this sector

The risk of this specific sector in the Netherlands is Low

The risk of this specific sector in the region Westelijk Utrecht is Low

Publications

Consent statements 15-07-2014: Voor boekjaar 2013 is een instemmingsverklaring gedeponeerd.

05-07-2013: Voor boekjaar 2012 is een instemmingsverklaring gedeponeerd.

26-10-2012: Voor boekjaar 2011 is een instemmingsverklaring gedeponeerd.

04-03-2011: Voor boekjaar 2010 is een instemmingsverklaring gedeponeerd.

Functions 28-01-2014: Per 23-01-2014 is gevolmachtigde Remco Henricus Bernardus Vermeij uit

functie getreden.

28-01-2014: Per 23-01-2014 is gevolmachtigde John David Adam Hind uit functie getreden.

28-01-2014: Per 23-01-2014 is gevolmachtigde Remco Henricus Bernardus Vermeij in

functie getreden.

28-01-2014: Per 23-01-2014 is gevolmachtigde John David Adam Hind in functie getreden.

27-01-2014: Per 23-01-2014 is gevolmachtigde Remco Henricus Bernardus Vermeij in

functie getreden.

27-01-2014: Per 23-01-2014 is gevolmachtigde John David Adam Hind in functie getreden.

27-01-2014: Per 02-10-2013 is gevolmachtigde Patrick Thevenoux uit functie getreden.

02-08-2013: Per 31-05-2013 is bestuurder Wouter Albert Kolk uit functie getreden.

28-05-2013: Per 01-05-2013 is bestuurder John David Adam Hind in functie getreden.

02-05-2013: Per 01-05-2013 is bestuurder Remco Henricus Bernardus Vermeij in functie

getreden.

29-10-2012: Per 26-10-2012 is bestuurder Rogier Silvester Marie Wijnhoven uit functie

getreden.

03-05-2012: Per 01-05-2012 is gevolmachtigde Patrick Thevenoux in functie getreden.

03-05-2012: Per 01-05-2012 is gevolmachtigde Petronella Gerdina Cornelia Maria de Grootvan

Amelsvoort uit functie getreden.

Amendments 27-01-2014: Per 23-1-2014 is de bevoegdheid van Bestuurder John David Adam Hind

gewijzigd.

27-01-2014: Per 23-1-2014 is de bevoegdheid van Bestuurder Remco Henricus Bernardus

Vermeij gewijzigd.

27-01-2014: Per 23-1-2014 is de bevoegdheid van Bestuurder 30219802 Logo International

B.V. gewijzigd.

27-01-2014: Per 23-1-2014 statuten gewijzigd. Per 23-1-2014 naam gewijzigd in: WE Europe B.V..

Company structure

Relations 30

We Finance and Services (Luxem

Luxembourg

• WE International B.V.

Reactorweg 101

3542AD Utrecht

Netherlands

Registration number: 300912610000

• Logo International B.V.

Minervum 7032

4817ZL BREDA

Netherlands

Registration number: 302198020000

• We Europe B.V.

Reactorweg 101

3542AD Utrecht

Netherlands

Registration number: 300898770000

• We Germany B.V.

Reactorweg 101

3542AD Utrecht

Netherlands

Registration number: 300898740000

• We Belgium B.V.

Reactorweg 101

3542AD UTRECHT

Netherlands

Registration number: 300898790000

• We Netherlands B.V.

Reactorweg 101

3542AD UTRECHT

Netherlands

Registration number: 300911810000

• We Real Estate Management B.V.

Reactorweg 101

3542AD UTRECHT

Netherlands

Registration number: 302101370000

• We France B.V.

Registration number: 300898710000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	SMN

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

Summary

Contact information

Registration

Activities

Relations

Bank details

Management

Employees

Payments

Key figures

Financial statement

Balance

Profit and loss

Analysis

Publications

Company structure

Unit