MIRA INFORM REPORT

Report No. :	506547
Report Date :	30.04.2018

IDENTIFICATION DETAILS

Name :	WOOLWORTH GMBH
Registered Office :	Formerstr. 6, D 59425 Unna
Country :	Germany
Financials (as on) :	30.04.2015
Date of Incorporation :	02.11.1926
Com. Reg. No.:	HRB 6863
Legal Form :	Private Limited Company
Line of Business :	· Retail sale of miscellaneous goods (except food) · Other retail sale of food · Retail sale of textiles · Retail sale of household articles n.e.c.
No. of Employees :	4,350

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Germany	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 a large increase in 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, contributed to strong economic 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. The German Government introduced a minimum wage in 2015 that increased to $9.79 (8.84 euros) in January 2017.

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 2017 Germany reached a budget surplus of 0.7%. 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.

The German economy suffers from low levels of investment, and a government plan to invest 15 billion euros during 2016-18, largely in infrastructure, is intended to spur needed private investment. 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 plans to replace nuclear power largely with renewable energy, which accounted for 29.5% of gross electricity consumption in 2016, up from 9% in 2000. 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. Domestic consumption, investment, and exports are likely to drive German GDP growth in 2018, and the country’s budget and trade surpluses are likely to remain high.

Source : CIA

Company name & address

WOOLWORTH GMBH

Company Status: active

Formerstr. 6

D 59425 Unna

Telephone:02303/5938100

Telefax: 02303/5938389

Homepage: www.woolworth.de

E-mail: info@woolworth.de

VAT no.: DE271549856

Tax ID number: 316/5788/0679

LEGAL FORM Private Limited Company

Date of foundation: 02.11.1926

Shareholders'

agreement: 18.05.2010

Registered on: 07.06.2010

Commercial Register: Local court 59065 Hamm

under: HRB 6863

Share capital: EUR 25,000,000.00

Shareholder:

H. H. Lizenz GmbH

Edisonstr. 1

D 59199 Bönen

Legal form: Private limited company

Share capital: EUR 26,000.00

Share: EUR 13,416,666.00

Registered on: 26.01.2012

Reg. data: 59065 Hamm, HRB 7386

Shareholder:

B. H. Holding GmbH

Edisonstr. 1

D 59199 Bönen

Legal form: Private limited company

Share capital: EUR 125,000.00

Share: EUR 11,583,334.00

Registered on: 02.02.2012

Reg. data: 59065 Hamm, HRB 7399

Manager:

Dirk Landwehr

Feidiekstr. 10

D 48231 Warendorf

authorized to jointly represent the company

born: 04.11.1967

Profession: Businessman

Manager:

Mechthild Sabine Gottkehaskamp

Kronprinzenstr. 11c

D 48153 Münster

authorized to jointly represent the company

born: 07.10.1963

Profession: Businessman

Marital status: unknown

Manager:

Thomas Leege

Mirower Str. 209

D 12623 Berlin

born: 19.12.1973

Manager:

Oliver Penner

Karl-Greis-Str. 3

D 42349 Wuppertal

authorized to jointly represent the company

born: 15.07.1974

Proxy:

Markus Wütig

Letterhausstr. 5

D 59368 Werne

authorized to jointly represent the company

born: 08.03.1968

Proxy:

Peter-Paul Jannsen

Dorfstr. 50

D 44143 Dortmund

authorized to jointly represent the company

born: 02.10.1957

Marital status: married

Proxy:

Maik Wilcke

Hardtstr. 38

D 42107 Wuppertal

authorized to jointly represent the company

born: 08.09.1969

Proxy:

Rocco Ringo Rausch

Wenkerstr. 17

D 44141 Dortmund

authorized to jointly represent the company

born: 22.12.1977

Further functions/participations of Dirk Landwehr (Manager)

Manager:

ERL Euro Retail Logistics GmbH

Formerstr. 6

D 59425 Unna

Legal form: Private limited company

Share capital: EUR 25,000.00

Registered

on: 20.07.2010

Reg. data: 59065 Hamm, HRB 6901

Further functions/participations of Oliver Penner (Manager)

Proxy:

ERL Euro Retail Logistics GmbH

Formerstr. 6

D 59425 Unna

Legal form: Private limited company

Share capital: EUR 25,000.00

Registered

on: 20.07.2010

Reg. data: 59065 Hamm, HRB 6901

COMPANY HISTORY

company name and legal form

07.06.2010 - 19.08.2010 WOWO Handelsgesellschaft mbH

Siemensstr. 21

D 59199 Bönen

Private limited company

RESIGNED ACTING PERSONS AND SHAREHOLDERS

08.05.2015 - 25.11.2016 Manager

Gerald Finke

Im Hagenfeld 101

D 48147 Münster

22.07.2014 - 07.10.2015 Manager

Alexander Schmökel

D 94060 Pocking

BUSINESS ACTIVITIES

Main industrial sector

47191 Retail sale of miscellaneous goods (except food)

4729 Other retail sale of food

4751 Retail sale of textiles

47599 Retail sale of household articles n.e.c.

PARTICIPATIONS

Shareholder:

ERL Euro Retail Logistics GmbH

Formerstr. 6

D 59425 Unna

Legal form: Private limited company

Company Status: active

Share capital: EUR 25,000.00

Share: EUR 25,000.00

Reg. data: 20.07.2010

Local court 59065 Hamm

HRB 6901

FINANCIAL INFORMATION

Payment experience: No Complaints

Negative information: We have no negative information at hand.

Balance sheet year: 2014/2015

PMI: No significant / relevant payment experience

information pertaining to the company

inquired upon is shown in the Deutscher

Debitoren Monitor (DDMonitor).

REAL ESTATE

Type of ownership: Tenant

Address Formerstr. 6

D 59425 Unna

Real Estate of: B. H. Holding GmbH

Type of ownership: Tenant

Address Edisonstr. 1

D 59199 Bönen

Land register documents were not available.

BANKERS

Principal bank

COMMERZBANK, 44047 DORTMUND

Sort. code: 44040037

BIC: COBADEFFXXX

Further banks

VOLKSBANK UNNA ZNDL D DORTMUNDER VOLKSBANK, 59423 UNNA

Sort. code: 44160014

BIC: GENODEM1DOR

HSBC TRINKAUS & BURKHARDT, 40002 DÜSSELDORF

Sort. code: 30030880

BIC: TUBDDEDDXXX

SPARKASSE UNNAKAMEN, 59409 UNNA

Sort. code: 44350060

BIC: WELADED1UNN

FINANCIAL FIGURES

Turnover: 2015/2016 EUR 339,400,000.00

2016/2017 *EUR 360,000,000.00

further business figures:

Equipment: EUR 4,384,908.00

Ac/ts receivable: EUR 4,964,819.00

Liabilities: EUR 38,013,223.00

Total numbers of vehicles: 60

- Passenger cars: 60

Employees: 4,350

- thereof permanent staff: 816

- Trainees: 276

- Temporary workers: 3,258

The business figures marked with an asterisk are estimates based

on average values in the line of business.

BALANCE SHEETS

Balance sheet ratios 01.05.2014 - 30.04.2015

Equity ratio [%]: 27.52

Liquidity ratio: 0.16

Return on total capital [%]: 3.44

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.

RETURN ON TOTAL CAPITAL

The return on total capital shows the efficiency and return on

the total capital employed in the company. The higher the return

on total capital, the more economically does the company work

with the invested capital.

Type of balance sheet: Company balance sheet

Origin of the present

balance sheet: self-disclosure

Financial year: 01.05.2014 - 30.04.2015

ASSETS EUR 69,177,709.66

Fixed assets EUR 12,398,408.19

Intangible assets EUR 432,832.29

Concessions, licences, rights EUR 373,802.00

Advance payments for intang. assets EUR 59,030.29

Tangible assets EUR 11,934,251.90

Other tangible assets / fixtures and

fittings EUR 11,883,189.00

Advance payments made / construction

in progress EUR 51,062.90

Financial assets EUR 31,324.00

Shares in participations /

subsidiaries and the like EUR 25,000.00

Shares in related companies EUR 25,000.00

Other loans EUR 6,324.00

Current assets EUR 54,281,056.26

Stocks EUR 45,004,716.48

Finished goods / work in progress EUR 45,004,716.48

Accounts receivable EUR 4,964,818.97

Trade debtors EUR 68,174.16

Amounts due from related companies EUR 223,224.38

Other debtors and assets EUR 4,673,420.43

Liquid means EUR 4,311,520.81

Remaining other assets EUR 2,498,245.21

Accruals (assets) EUR 454,145.21

Deferred taxes (assets) EUR 2,044,100.00

LIABILITIES EUR 69,177,709.66

Shareholders' equity EUR 18,521,344.96

Capital EUR 25,000,000.00

Subscribed capital (share capital) EUR 25,000,000.00

Reserves EUR 3,000,000.00

Capital reserves EUR 3,000,000.00

Balance sheet profit/loss (+/-) EUR -9,478,655.04

Profit / loss brought forward EUR -11,789,390.11

Annual surplus / annual deficit EUR 2,310,735.07

Provisions EUR 12,298,888.57

Provisions for taxes EUR 1,368,912.20

Other / unspecified provisions EUR 10,929,976.37

Liabilities EUR 38,013,222.74

Financial debts EUR 3,833,770.67

Liabilities due to banks EUR 3,833,770.67

Other liabilities EUR 34,179,452.07

Trade creditors (for IAS incl. bills

of exchange) EUR 31,169,416.09

Liabilities due to shareholders EUR 2,000,000.00

Unspecified other liabilities EUR 1,010,035.98

thereof liabilities from tax /

financial authorities EUR 778,674.24

thereof liabilities from social

security EUR 20,463.62

Other liabilities EUR 344,253.39

Deferrals (liabilities) EUR 344,253.39

PROFIT AND LOSS ACCOUNT (cost-summary method) according to Comm.

Code (HGB)

Sales EUR 304,596,016.24

Other operating income EUR 3,363,618.10

Cost of materials EUR 142,914,296.57

Raw materials and supplies, purchased

goods EUR 142,914,296.57

Gross result (+/-) EUR 165,045,337.77

Staff expenses EUR 65,291,796.03

Wages and salaries EUR 53,883,541.01

Social security contributions and

expenses for pension plans and

benefits EUR 11,408,255.02

Total depreciation EUR 3,136,245.22

Depreciation on tangible / intangible

asssets (incl. start-up and exp. of

bus. EUR 3,136,245.22

Other operating expenses EUR 92,819,397.42

Operating result from continuing

operations EUR 3,797,899.10

Result from participating interests

(+/-) EUR 203,099.41

Expenses / income from participations EUR 203,099.41

Income from related companies EUR 203,099.41

Interest result (+/-) EUR -335,655.34

Interest and similar income EUR 2,492.57

Interest and similar expenses EUR 338,147.91

Financial result (+/-) EUR -132,555.93

Result from ordinary operations (+/-) EUR 3,665,343.17

Income tax / refund of income tax (+/-)EUR -1,337,933.10

Other taxes / refund of taxes EUR -16,675.00

Tax (+/-) EUR -1,354,608.10

Annual surplus / annual deficit EUR 2,310,735.07

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
EUR	1	INR 80.47

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.