MIRA INFORM REPORT

Report No. :	345707
Report Date :	20.10.2015

IDENTIFICATION DETAILS

Name :	GAASTRA INTERNATIONAL SPORTSWEAR B.V.
Registered Office :	Minervahavenweg 3-5 1013AR Amsterdam
Country :	Netherlands
Financials (as on) :	30.04.2014
Date of Incorporation :	09.04.1999
Com. Reg. No.:	06090609
Legal Form :	Besloten Vennootschap
Line of Business :	Wholesale of sports goods
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow But Correct
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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 Netherlands, the sixth-largest economy in the European Union, plays an important role as a European transportation hub, with a persistently high trade surplus, stable industrial relations, and moderate unemployment. Industry focuses on 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 food-processing and underpins the country’s status as the world’s second largest agricultural exporter. The Netherlands is part of the Eurozone, and as such, its monetary policy is controlled by the European Central Bank. The Dutch financial sector is highly concentrated, with four commercial banks possessing over 90% of banking assets. The sector suffered as a result of the global financial crisis and required billions of dollars of government support, but the European Banking Authority completed stringent reviews in 2014 and deemed Dutch banks to be well-capitalized. To address the 2009 and 2010 economic downturns, the government sought to stimulate the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credits. 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 has since implemented significant austerity measures to improve public finances and has instituted broad structural reforms in key policy areas, including the labor market, the housing sector, the energy market, and the pension system. As a result, the government budget deficit at the end of 2014 dropped to 1.8% of GDP. Following a protracted recession during which unemployment doubled to 7.4% and household consumption contracted for nearly three consecutive years, the year 2014 saw fragile GDP growth of 0.8 percent and a rise in most economic indicators. Drivers of growth included increased exports and business investments, as well as newly invigorated household consumption.

Source : CIA

Summary

Company name Gaastra International Sportswear B.V.

Operative address Minervahavenweg 3-5

1013AR Amsterdam

Netherlands

Legal form Besloten Vennootschap

Registration number KvK-nummer: 06090609

VAT-number 807868656

Year	2014	Mutation	2013	Mutation
Fixed assets	151.550.000		131.821.000
		14,97
Total receivables	48.719.000		39.770.000
		22,50
Total equity	124.233.000	251,18	-82.177.000
Short term liabilities	73.829.000		196.550.000
		-62,44
Net result	-13.463.000	-13.779,38	-97.000
Working capital	24.970.000		-107.064.000
		123,32
Quick ratio	0,72		0,22	0,00
		227,27

Contact information

Company name Gaastra International Sportswear B.V.

Trade names Gaastra International Sportswear B.V.

Gaastra

Gaastra International

Gaastra Sportswear

Gaastra Online

Gaastra E-shop

Gaastra Online Store

Gaastra Webshop

Operative address Minervahavenweg 3-5

1013AR Amsterdam

Netherlands

Correspondence address Minervahavenweg 3-5

1013AR Amsterdam

Netherlands

Telephone number 0205038600

Fax number 0205038603

Email address info@gaastra.nl

Registration

Registration number KvK-nummer: 06090609

Registered in Kamer van Koophandel Amsterdam

Branch number 000019786808

VAT-number 807868656

Status Active

First registration company register 1999-04-26

Memorandum 1999-04-09

Establishment date 1999-04-09

Legal form Besloten Vennootschap

Last proposed admendment 2012-01-25

Issued placed capital EUR 18.152

Paid up share capital EUR 18.152

Activities

SBI 46496: Wholesale of sports goods (not for water sports)

Exporter No

Importer No

Goal Het zich bezighouden met private label activiteiten de (groot)handel in (sport)artikelen en aanverwante artikelen

Relations

Shareholders Gaastra Holding Netherlands B.V.

Hoofdstraat 23

3971KA DRIEBERGEN-RIJSENBURG

Netherlands

Registration number: 56991665

Percentage: 100%

Branches Gaastra International Sportswear B.V.

Industrieweg 55

5145PD WAALWIJK

Netherlands

Registration number: 06090609

Liability statements Toeca Holding B.V.

Hoofdstraat 23

3971KA DRIEBERGEN-RIJSENBURG

Netherlands

Registration number: 57830657

date of issue: 2014-06-05

Starting date: 2012-05-01

Management

Active management McGregor Fashion Group B.V.

Hoofdstraat 23

3971KA DRIEBERGEN-RIJSENBURG

Netherlands

Registration number: 22059806

Competence: Fully authorized

Function: Manager

Starting date: 2007-12-21

O. Frielingsdorf Oliver

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2015-07-03

Date of birth: 1970-08-19, Keulen, DE

G.E.M. Hermens Gemma Engelbertha Maria

Netherlands

Competence: Limited authorization

Function: Proxy

Starting date: 2014-05-12

Date of birth: 1966-05-21, Nijmegen, NL

Involved with the following companies:

Emergo Sportswear B.V.

Hoofdstraat 23-25

3971KA Driebergen-Rijsenburg

Netherlands

Registration number: 30116370

Function: Proxy

Emergo Textile Projects B.V.

Hoofdstraat 23

3971KA Driebergen-Rijsenburg

Netherlands

Registration number: 63357127

Function: Proxy

Employees

Year 2015

Total 0

Key figures

Year	2014	2013
Quick ratio	0,72	0,22
Current ratio	1,34	0,46
Working capital/ balance total	0,10	-0,48
Equity / balance total	0,50	-0,37
Equity / Fixed assets	0,82	-0,62
Equity / liabilities	1,01	-0,27
Balance total / liabilities	2,03	0,73
Working capital	24.970.000	-107.064.000
Equity	124.233.000	-82.177.000
Mutation equity	251,18
Mutation short term liabilities	-62,44
Return on total assets (ROA)	-6,38	-0,06
Return on equity (ROE)	-12,85	0,16
Gross profit margin	0,01	-90,48
Net profit margin	-5,75	-57,74
Average collection ratio	3,17	0,00
Average payment ratio	4,80	0,00
Equity turnover ratio	1,88	0,00
Total assets turnover ratio	0,93	0,00
Fixed assets turnover ratio	1,54	0,00
Inventory conversion ratio	5,11	0,00
Turnover	233.951.000	168.000
Operating result	24.000	-152.000
Net result after taxes	-13.463.000	-97.000
EBIT	24.000	-152.000

Summary

The 2014 financial result structure is a postive working captial of 24.970.000 euro, which is in agreement with 10 % of the total assets of the company. The working capital has increased with 123.32 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2013 and 2014 has mainly been caused by an increase of the current assets. The current ratio of the company in 2014 was 1.34. 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 0.72. 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 -107.064.000 euro, which is in agreement with -48 % of the total assets of the company. The current ratio of the company in 2013 was 0.46. 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 0.22. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

Financial statement

Last annual account 2014

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 Toeca Holding B.V.

Hoofdstraat 23

3971KA DRIEBERGEN-RIJSENBURG

Netherlands

Registration number: 57830657

Balance

Year End date	2014 2014-04-30	2013 2013-04-30
Intangible fixed assets	118.646.000	120.731.000
Tangible fixed assets	25.468.000	7.475.000
Financial fixed assets	7.436.000	3.615.000
Fixed assets	151.550.000	131.821.000
Total stock	45.772.000	45.960.000
Accounts receivable	32.095.000	18.632.000
Other receivables	16.624.000	21.138.000
Total receivables	48.719.000	39.770.000
Liquid funds	4.308.000	3.756.000
Current assets	98.799.000	89.486.000
Total assets	250.349.000	221.307.000
Minority interests	2.717.000	762.000
Total equity	124.233.000	-82.177.000
Provisions	10.551.000
Long term interest yielding debt	39.019.000	10.606.000
Financial debts		95.566.000
Long term liabilities	39.019.000	106.172.000
Accounts payable	17.543.000	15.587.000
Other short term liabilities	56.286.000	180.963.000
Short term liabilities	73.829.000	196.550.000
Total short and long term liabilities	123.399.000	302.722.000
Total liabilities	250.349.000	221.307.000

Summary

The total assets of the company increased with 13.12 % between 2013 and 2014. The total asset increase is retrievable in the fixed asset growth of 14.97 %. The assets growth has been financed by a Net Worth increase of 251.18 %. The company's net increase has also covered a reduction of -59.24 % of the company's indebtedness. In 2014 the assets of the company were 60.54 % composed of fixed assets and 39.46 % by current assets. The assets are being financed by an equity of 49.62 %, and total debt of 50.38 %. In 2013 the assets of the company were 59.56 % composed of fixed assets and 40.44 % by current assets. The assets are being financed by an equity of -37.13 %, and total debt of 137.13 %.

Profit and loss

Year	2014	2013
Revenues	233.951.000	168.000
Net turnover	233.951.000	168.000
Operating expenses	233.927.000	320.000
Result in subsidiaries	111.000
Operating result	24.000	-152.000
Financial income	137.000	52.000
Financial expenses	16.241.000	29.000
Financial result	-16.104.000	23.000
Result on ordinary operations before taxes	-15.969.000	-129.000
Taxation on the result of ordinary activities	-2.506.000	-31.000
Result of ordinary activities after taxes	-13.463.000	-98.000
Net result	-13.463.000	-97.000
Attributable to third parties		-1.000

Summary

The turnover of the company grew with 139156.55 % between 2013 and 2014. The operating result of the company grew with 115.79 % between 2013 and 2014. This evolution implies an increase of the company's economic profitability. The result of these changes is a reduction of the company's Economic Profitability of -10533.33 % of the analysed period, being equal to -6.38 in the year 2014. Despite the decline the assets turnover increased by 100 % reaching 0.93. The Net Result of the company decreased by -13779.38 % 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 -8131.25 % of the analysed period, being -12.85 in the year 2014. The company's financial profitability has been positively affected by its financial structure. The company's Financial Profitability has been neutrally affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is the unchanged profitability of the analysed period, remaining unchanged at 0.16 in the year 2013.

Analysis

Branch (SBI)	Manufacture of wearing apparel (SBI code 14)
Region	Groot Amsterdam
Summary	In the Netherlands 2055 of the companies are registered with the SBI code 14 In the region Groot Amsterdam 237 of the companies are registered with the SBI code 14 In the Netherlands 40 of the bankrupcties are published within this sector In the region Groot Amsterdam 4 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 Groot Amsterdam is normal

Company structure

Relations

20

Company	Registration
	number
Toeca Holding B.V. (DRIEBERGEN-RIJSENBURG)	57830657
| - - Toeca Fashion Holding I B.V. (DRIEBERGEN-RIJSENBURG)	04017882
| - - | - - McGregor Fashion Group B.V. (DRIEBERGEN-RIJSENBURG)	22059806
| - - | - - | - - McGregor Holding Netherlands B.V. (DRIEBERGEN-RIJSENBURG)	57065012
| - - | - - | - - | - - Adam Menswear B.V. (DRIEBERGEN-RIJSENBURG)	24172124
| - - | - - | - - | - - McGregor Retail B.V. (DRIEBERGEN-RIJSENBURG)	24267130
| - - | - - | - - | - - CoFi Maastricht B.V. (DRIEBERGEN-RIJSENBURG)	14059259
| - - | - - | - - | - - Mallanganee Properties B.V. (DRIEBERGEN-RIJSENBURG)	30118587
| - - | - - | - - | - - McGregor Finance International B.V. (DRIEBERGEN-RIJSENBURG)	30116647
| - - | - - | - - | - - Emergo Sportswear B.V. (Driebergen-Rijsenburg)	30116370
| - - | - - | - - | - - Emergo Textile Projects B.V. (Driebergen-Rijsenburg)	63357127
| - - | - - | - - | - - McGregor E-store B.V. (DRIEBERGEN-RIJSENBURG)	63068419
| - - | - - | - - Gaastra Holding Netherlands B.V. (DRIEBERGEN-RIJSENBURG)	56991665
| - - | - - | - - | - - Gaastra International Sportswear B.V. (Amsterdam)	06090609
| - - | - - | - - | - - X-One B.V. (AMSTERDAM)	06089302
| - - | - - | - - | - - Gaastra International Footwear B.V. (AMSTERDAM)	34339595
| - - | - - | - - | - - DENO B.V. (DRIEBERGEN-RIJSENBURG)	28033581
| - - | - - | - - | - - Gaastra Retail B.V. (DRIEBERGEN-RIJSENBURG)	56997809
| - - Gaastra Holding International B.V. (DRIEBERGEN-RIJSENBURG)	57056501
| - - McGregor Holding International B.V. (DRIEBERGEN-RIJSENBURG)	57056471

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 68.81
UK Pound	1	Rs. 100.11
Euro	1	Rs. 73.74

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	DPT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.