MIRA INFORM REPORT

Report No. :	492432
Report Date :	17.02.2018

IDENTIFICATION DETAILS

Name :	TIMBERLAND EUROPE B.V
Registered Office :	Darwin 8, 7609RL Almelo
Country :	Netherlands
Financials (as on) :	31.12.2016
Date of Incorporation :	19.08.2004
Com. Reg. No.:	08127208
Legal Form :	Private Limited Company
Line of Business :	Exercising activities in the field of distribution and trade in consumer goods, as well as holding and financing activities
No. of Employees :	146

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 (30.06.2017)	Current Rating (30.09.2017)
Netherlands	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

NETHERLANDS - ECONOMIC OVERVIEW

The Netherlands, the sixth-largest economy in the European Union, plays an important role as a European transportation hub, with a consistently high trade surplus, stable industrial relations, and low 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 euro zone, 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 80% of banking assets, and is four times the size of Dutch GDP.

In 2008, during the financial crisis, the government budget deficit hit 5.3% of GDP. Following a protracted recession from 2009 to 2013, during which unemployment doubled to 7.4% and household consumption contracted for four consecutive years, economic growth began inching forward in 2014. Since 2010, Prime Minister Mark RUTTE’s government has 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. In 2017, the government budget returned to a surplus of 0.7% of GDP, with economic growth of 3.2%, and GDP per capita finally surpassed pre-crisis levels. The fiscal policy announced by the new government in the 2018-2021 coalition plans for increases in government consumption and public investment, fueling domestic demand and household consumption and investment. The new government’s policy also plans to increase demand for workers in the public and private sector, forecasting a further decline in the unemployment rate, which hit 4.8% in 2017.

Source : CIA

Summary

Company name	Timberland Europe B.V.
Operative address	Darwin 8 7609RL Almelo Netherlands
Status	Active

Legal form	Private Limited Company
Registration number	KvK-nummer: 08127208
VAT-number	813420957
European VAT-number	NL813420957B01
Year	2016	Mutation	2015	Mutation	2014
Fixed assets	5.842.608	-20,23	7.324.131	-16,97	8.821.472
Total receivables	4.809.224	80,56	2.663.480	93,40	1.377.205
Total equity	8.775.220	10,25	7.959.666	11,13	7.162.624
Short term liabilities	2.387.086	-21,32	3.033.727	77,55	1.708.665
Net result	815.555	2,32	797.042	1,97	781.643
Working capital	4.023.187	104,38	1.968.460	2.455,38	-83.573
Quick ratio	2,69	63,03	1,65	73,68	0,95

Contact information

Company name	Timberland Europe B.V.
Trade names	Timberland Europe B.V.
Operative address	Darwin 8 7609RL Almelo Netherlands
Correspondence address	Darwin 8 7609RL Almelo Netherlands

Telephone number	0546547700
Fax number	0546547790
Email address	info@timberland.com

Registration

Registration number	KvK-nummer: 08127208
Branch number	000017559022
VAT-number	813420957
European VAT-number	NL813420957B01
Status	Active
First registration company register	2004-08-20
Memorandum	2004-08-19
Establishment date	2004-08-19

Legal form	Private Limited Company
Issued placed capital	EUR 18.000
Paid up share capital	EUR 18.000

Activities

SBI	46901: Non-specialised wholesale of consumer goods
Exporter	No
Importer	No

Goal	Exercising activities in the field of distribution and trade in consumer goods, as well as holding and financing activities

Relations

Shareholders	VF International Sagl Via Laveggio 5 6855 Stabio Switzerland Percentage: 100%
Shareholders	Naam: VF International Sagl Bezoekadres: Via Laveggio 5, 6855 Stabio, Zwitserland Ingeschreven in: Chancellerie d'Etat Ticino, Zwitserland onder nummer CH-111.650.898 Enig aandeelhouder sedert: 29-04-2013 (datum registratie: 18-03-2014)
Companies on same address	Timberland Netherlands Holding B.V. Registration number: 06078939

Real Estate

Details operative address

Surface area: 35985 m2 Purpose: Industrial function, Office function Construction year: 2011 Status: Building in use Under investigation: No

Management

Active management

M.H. Puckett Matthew Herman Netherlands Competence: Fully authorized Function: Manager Starting date: 2015-08-26 Date of birth: 1973-09-07, Tennessee, US M.S. Guerrini Martino Scabbia Netherlands Competence: Fully authorized Function: Manager Starting date: 2017-04-01 Date of birth: 1964-06-12, Milaan, IT B.J. Aanstoot Berend Jan Netherlands Competence: Limited authorization Function: Proxy Starting date: 2010-03-31 Date of birth: 1960-07-20, Hengelo (O), NL A. van der Meer Arnold Netherlands Competence: Fully authorized Function: Proxy Starting date: 2012-02-28 Date of birth: 1972-01-27, Harlingen, NL X. Grajqevci Xhevdet Netherlands Competence: Limited authorization Function: Proxy Starting date: 2016-06-21 Date of birth: 1975-10-04, Hade, NL

Employees

Year	2017	2016	2015	2014	2013
Annual		151	159	157	175
Chamber of Commerce	146		146	146

Payments

Description	No Complaints
Payments within industry	Last quarter	Last year
Average payment period (days)	112	64
Average delay (days)	97	48

Quarter	Not overdue	1-30	31-60	61-90	91-120	121+
2018 Q1	51,00%	30,00%	6,00%	1,00%	0,00%	12,00%
2017 Q4	71,00%	18,00%	2,00%	1,00%	1,00%	8,00%
2017 Q3	54,00%	33,00%	6,00%	0,00%	1,00%	6,00%
2017 Q2	68,00%	15,00%	1,00%	4,00%	2,00%	11,00%
2017 Q1	64,00%	25,00%	2,00%	4,00%	1,00%	4,00%

The above data is an indication of the average payment behaviour of the client. the payment experieneces can be affected by disputes, payment arrangements, etc.

Key figures

Year	2016	2015	2014	2013	2012
Quick ratio	2,69	1,65	0,95	0,64	0,66
Current ratio	2,69	1,65	0,95	0,64	0,66
Working capital/ balance total	0,33	0,16	-0,01	-0,15	-0,19
Equity / balance total	0,72	0,65	0,69	0,45	0,31
Equity / Fixed assets	1,50	1,09	0,81	0,62	0,50
Equity / liabilities	2,52	1,82	2,18	0,83	0,44
Balance total / liabilities	3,52	2,82	3,18	1,83	1,44
Working capital	4.023.187	1.968.460	-83.573	-2.126.586	-3.548.487
Equity	8.775.220	7.959.666	7.162.624	6.380.981	5.615.236
Mutation equity	10,25	11,13	12,25	13,64	20,93
Mutation short term liabilities	-21,32	77,55	-70,77	-44,72	7,34
Return on total assets (ROA)	8,77	8,58	9,85	7,40	6,98
Return on equity (ROE)	12,24	13,28	14,36	16,29	22,69
Gross profit margin	6,10	6,10	6,10	6,10	6,15
Net profit margin	4,62	4,53	4,57	4,46	4,38
Average collection ratio	7,39	5,80	10,00	2,94	2,10
Average payment ratio	3,67	6,61	12,41	5,30	3,19
Equity turnover ratio	2,01	2,21	2,39	2,69	3,95
Total assets turnover ratio	1,44	1,43	1,64	1,22	1,22
Fixed assets turnover ratio	3,02	2,40	1,94	1,66	1,98
Turnover	17.634.507	17.599.110	17.094.187	17.161.230	22.182.089
Operating result	1.076.284	1.074.123	1.043.306	1.047.399	1.364.561
Net result after taxes	815.555	797.042	781.643	765.744	971.768
Gross profit				17.161.230
EBIT	1.076.284	1.074.123	1.043.306	1.047.399	1.364.561
Summary	The 2016 financial result structure is a postive working captial of 4.023.187 euro, which is in agreement with 33 % of the total assets of the company. The working capital has increased with 104.38 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2015 and 2016 has mainly been caused by a change of the current assets. The current ratio of the company in 2016 was 2.69. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2016 of the company was 2.69. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities. The 2015 financial result structure is a postive working captial of 1.968.460 euro, which is in agreement with 16 % of the total assets of the company. The working capital has increased with 2455.38 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2014 and 2015 has mainly been caused by a change of the current assets. The current ratio of the company in 2015 was 1.65. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2015 of the company was 1.65. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Financial statement

Last annual account	2016
Remark annual account	The company is obliged to file its financial statements.
Type of annual account	Corporate
Annual account	Timberland Europe B.V. Darwin 8 7609RL Almelo Netherlands Registration number: 08127208

Financials

Balance

Year	2016	2015	2014	2013	2012
End date	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Type of annual account	Corporate	Corporate	Corporate	Corporate	Corporate
Other tangible fixed assets	1.004.545
Tangible fixed assets	5.842.608	7.324.131	8.821.472	7.169.115	11.223.698
Financial fixed assets				3.156.075
Fixed assets	5.842.608	7.324.131	8.821.472	10.325.190	11.223.698
Total receivables	4.809.224	2.663.480	1.377.205	3.235.408	6.945.966
Liquid funds	1.601.049	2.338.707	247.887	483.587	79.146
Current assets	6.410.273	5.002.187	1.625.092	3.718.995	7.025.112
Total assets	12.252.881	12.326.318	10.446.564	14.044.185	18.248.810
Issued capital	18.000	18.000	18.000	18.000	18.000
Other reserves	8.757.220	7.144.624	6.362.981	5.597.237	4.625.468
Non-distributable profit		797.042	781.643	765.744	971.768
Total reserves	8.757.220	7.941.666	7.144.624	6.362.981	5.597.236
Total equity	8.775.220	7.959.666	7.162.624	6.380.981	5.615.236
Long term interest yielding debt	1.090.575	1.332.925	1.575.275	1.817.623	2.059.975
Long term liabilities	1.090.575	1.332.925	1.575.275	1.817.623	2.059.975
Accounts payable		934.976	537.000	602.951	2.277.798
Other short term liabilities		2.098.751	1.171.665	5.242.630	8.295.801
Short term liabilities	2.387.086	3.033.727	1.708.665	5.845.581	10.573.599
Total short and long term liabilities	3.477.661	4.366.652	3.283.940	7.663.204	12.633.574
Total liabilities	12.252.881	12.326.318	10.446.564	14.044.185	18.248.810
Summary	The total assets remained the same between 2015 and 2016. Despite the fact that the total assets remained the same, the fixed assets decreased with -20.23 %. Despite thee unchanged assets the net worth grew with 10.25 %, which has resulted in the fact that the company's indebtedness declined with -20.36 %. In 2016 the assets of the company were 47.68 % composed of fixed assets and 52.32 % by current assets. The assets are being financed by an equity of 71.62 %, and total debt of 28.38 %. The total assets of the company increased with 17.99 % between 2014 and 2015. Despite the assets growth, the non current assets decreased with -16.97 %. The asset growth has mainly been financed by a debt increase of 32.97 %. The Net Worth, however, grew with 11.13 %. In 2015 the assets of the company were 59.42 % composed of fixed assets and 40.58 % by current assets. The assets are being financed by an equity of 64.57 %, and total debt of 35.43 %.

Profit and loss

Year	2016	2015	2014	2013	2012
Revenues	17.634.507	17.599.110	17.094.187	17.317.835	22.182.089
Other operating income				156.605
Net turnover	17.634.507	17.599.110	17.094.187	17.161.230	22.182.089
Operating expenses	16.558.223	16.524.987	16.050.881	16.270.436	20.817.528
Operating result	1.076.284	1.074.123	1.043.306	1.047.399	1.364.561
Financial income			1.252		3.639
Financial expenses			15.701	8.031	94.317
Financial result	-2.211	-17.081	-14.449	-8.031	-90.678
Result on ordinary operations before taxes	1.074.073	1.057.042	1.028.857	1.039.368	1.273.883
Taxation on the result of ordinary activities	258.518	260.000	247.214	273.624	302.115
Result of ordinary activities after taxes	815.555	797.042	781.643	765.744	971.768
Net result	815.555	797.042	781.643	765.744	971.768
Summary	The turnover of the company remained the same between 2015 and 2016. The operating result of the company in 2015 is equal to the result in 2016. This evolution implies an unchanged economic profitability of the company. The result of these changes is an increase of the company's Economic Profitability of 2.21 % of the analysed period, being equal to 8.77 in the year 2016. Despite the growth the asset turnover remained the same at 1.44. The Net Result of the company increased by 2.32 % between 2015 and 2016. 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 -7.83 % of the analysed period, being 12.24 in the year 2016. The company's financial profitability has been positively affected by its financial structure. The turnover of the company grew with 2.95 % between 2014 and 2015. The operating result of the company grew with 2.95 % between 2014 and 2015. 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 -12.89 % of the analysed period, being equal to 8.58 in the year 2015. This fall has contributed to a asset turnover decrease, whose index evolved from -12.8 to a level of 1.43. The Net Result of the company increased by 1.97 % between 2014 and 2015. 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 -7.52 % of the analysed period, being 13.28 in the year 2015. The company's financial profitability has been positively affected by its financial structure.

Analysis

Branch (SBI)	Non-specialised wholesale of consumer goods (SBI code 46901)
Region	Twente
Summary	In the Netherlands 8587 of the companies are registered with the SBI code 46901 In the region Twente 611 of the companies are registered with the SBI code 46901 In the Netherlands 111 of the bankrupcties are published within this sector In the region Twente 10 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 Twente is normal
Year	2016	Company	2015	Company	2014
Equity	20.260	8.775.220	22.575	7.959.666	23.913
Working capital	38.410	4.023.187	23.125	1.968.460	21.351
Balance total	143.316	12.252.881	161.297	12.326.318	165.060
Quick ratio	1,14	2,69	1,09	1,65	1,14
Current ratio	0,80	2,69	1,27	1,65	1,32
Equity / balance total	0,30	0,72	0,28	0,65	0,29
Turnover	17.634.508	17.634.507	6.047.814	17.599.110	4.130.741
Net result	1.751.000	815.555	70.698	797.042	8.213

Publications

Deposits

21-07-2017: De jaarrekening over 2016 is gepubliceerd. 20-07-2016: De jaarrekening over 2015 is gepubliceerd. 12-08-2015: De jaarrekening over 2014 is gepubliceerd. 03-04-2015: De jaarrekening over 2013 is gepubliceerd. 14-08-2013: De jaarrekening over 2012 is gepubliceerd. 02-05-2013: De jaarrekening over 2011 is gepubliceerd. 19-02-2013: De jaarrekening over 2010 is gepubliceerd.

Functions

04-04-2017: Per 01-04-2017 is bestuurder Martino Scabbia Guerrini in functie getreden. 04-04-2017: Per 01-04-2017 is bestuurder Karl Heinz Salzburger uit functie getreden. 13-07-2016: Per 21-06-2016 is gevolmachtigde Xhevdet Grajqevci in functie getreden. 17-06-2016: Per 13-05-2016 is bestuurder George Martin Thomas uit functie getreden. 15-09-2015: Per 26-08-2015 is bestuurder Matthew Herman Puckett in functie getreden. 15-09-2015: Per 26-08-2015 is bestuurder Curtis Andrew Holtz uit functie getreden. 13-01-2015: Per 05-12-2014 is bestuurder George Martin Thomas in functie getreden. 13-01-2015: Per 03-12-2014 is bestuurder Bryan Hurley Mc Neill uit functie getreden.

Company structure

Relations	2
Company	Registration number
VF International Sagl (6855 Stabio)
| - - Timberland Europe B.V. (Almelo)	08127208

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.91
UK Pound	1	INR 90.31
Euro	1	INR 80.17
Euro	1	INR 79.89

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	KET

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.