MIRA INFORM REPORT

Report Date :

14.08.2007

IDENTIFICATION DETAILS

Name :	PRIMARK STORES LIMITED
Registered Office :	47 Mary Street, IE Dublin 1.
Country :	Ireland
Date of Incorporation :	1974
Legal Form :	Private unlimited company according to Irish law[1]
Line of Business :	Retail sale of clothing Retail sale of footwear and leather goods Wholesale of other household goods

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

Maximum Credit Limit :	EUR 1.000.000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

name & address

PRIMARK

47 Mary Street

IE Dublin 1.

Tel : 01 8727788

Fax : 01 8726427

Web : www.primark.ie

Legal form	private unlimited company according to Irish law1
Established	1974
Registered	1974-05-06, Irish Companies Registration Office, Nr. 47371 VAT no: IE8N490030 Statistic number: 47371
Establishers	SIZZLERS, ID No. 027831 Dublin 1., 47 Mary Street unlimited liability company	EUR 2,54
	A B F NOMINEES LIMITED, ID No. 01138539 W1K 4QY London, Weston Centre 10 Grosvenor Street (United Kingdom) limited liability company	EUR 1,27
Basic capital	Authorised capital: EUR 127,00 Paid in capital: EUR 3,81

[1] Unlimited company is a business entity where there is no limit on the member’s liability in the event that the company’s assets are insufficient to discharge the creditors.

Advantages which arise from this form of body corporate:

- capital duty at 0,5% is not payable on the issue of shares in a private unlimited company

- an unlimited company may, without undue formality and subject to the Articles of Association, purchase its shares from its members and may reduce its share capital without recourse to the court

- an unlimited company is not required to file a copy of its annual accounts with the Companies Register provided at least one of its member is either an individual or a non-EU unlimited company.

- If all the members of the unlimited company are companies with limited liability, the unlimited company is required to file its accounts with the Companies Register

In practice, the use of unlimited companies is confined to particular situations where greater flexibility is required in terms of share capital movements. In addition, members may wish to avoid either the public disclosure associated with filling of accounts with the Companies Register, or the 0,5% capital duty arising on the issue of shares.

Company secretary	Rosalyn Sharon Mendelsohn, company secretary, 45 Oakleigh Park , N209JR South London, United Kingdom
Management	Arthur St John Ryan, general manager, born 1935-07-19, 60 Landowne Road, Ballsbridge Dublin 4.
	Bernard John Michael Mansfield, commercial manager, born 1954-08-24, Ash Lodge, 173 Clare Road, BT66 7SE Waringstown Co. Down, Ireland
	Breege O’Donoghue, staff manager, born 1944-06-21, Belclare II, 88 Landsowne Park, Ballsbridge, Dublin 4., Ireland
	Patrick Brendan Prior, financial manager, born 1943-05-23, Coolmaine, Groove Road, Malahide, Co. Dublin, Ireland
	Seamus Michael Halford deputy general manager, born 1945-01-30, 7 Torquay Wood, Leopardstown, Foxrock, Dublin 18, Ireland
Activity	Retail sale of clothing
	Retail sale of footwear and leather goods
	Wholesale of other household goods
	The subject is engaged in the retail sale of clothing, footwear and household goods from outlets located throughout Ireland, utilising the trade name PENNEYS. The company operates 36 department stores in the Republic of Ireland. The company operates dedicated warehousing and distribution facilities. The majority of outlets operate from a mixture of long-term leased and rented facilities, although a number of premises are owned by the company.
	legal site and business address at above address
	Basic activity (according to National activity classification):
	Retail sale of clothing (52.42)
Staff	cca. 3000 employees

Total revenue

no data available

Balance sheet

Balance sheet figures not available due to no legal obliagation for publication.

Remarks	Primark is a retail group in the value sector and operates a total of 167 stores in the UK , Spain and Ireland , where it trades under the Penneys brand. Primark employs in excess of 23,000 people. In the UK , in terms of market share, Primark is the 5 th largest «total clothing retailer» and is number two in the «value clothing» retail market.
	Other directorships of Mr. Arthur St John Ryan: - DALESUND LIMITED - PRIMA - PRIMARK HOLDINGS - PRIMARK PENSION TRUSTEES LIMITED - PRIMARK SENIOR EXECUTIVE PENSIONS TRUSTEEL LIMITED - PRIMARK STORES LIMITED, U.K. - SIZZLERS - SIZZLERS INTERNATIONAL LIMITED - TUDORCREST HOLDINGS LIMITED - YEAST PRODUCTS CO. - WALLCABLE LIMITED, U.K. - PRIMARK TIENDAS SL., Spain
	Other directorships of Mr. Bernard John Michael Mansfield - PRIMARK STORES LIMITED, U.K. Other directorships of Mr. Breege O’Donoghue: - PRIMARK PENSION TRUSTEES LIMITED Other directorships of Mr. Patrick Brendan Prior - DALESUND LIMITED - FRIAR STREET DEVELOPMENTS LIMITED, U.K. - PRIMA - PRIMARK HOLDINGS - PRIMARK PENSION TRUSTEES LIMITED - PRIMARK SENIOR EXECUTIVE PENSIONS TRUSTEES LIMITED - PRIMARK STORES LIMITED, U.K. - PRIMARK TIENDAS SL., Spain - SIZZLERS - SIZZLERS INTERNATIONAL LIMITED - TUDORCREST HOLDINGS LIMITED - TWININGS OF IRELAND LIMITED - VISTAVET (IRELAND) LIMITED - WALLCABLE LIMITED, U.K. - WENTBURN LIMITED - WREXHAM SERVICES LIMITED, U.K. - ZIGGYS IRELAND LIMITED Other directorships of Mr. Seamus Michael Halford: - PRIMARK HOLDINGS - PRIMARK STORES LIMITED, U.K. - PRIMARK TIENDAS S.L., Spain - SIZZLERS (when not otherwise mentioned, all companies are incorporaten in Ireland) Legal proceedings: no legal proceedings registered for this company
Bankers	A.I.B. BANK PLC, Dame Street Dublin branches: O Connell St. Dublin 1. & Artane Castle, Dublin 5
Mode of payment	correct

Credit opinion	business connections are permissible
	max. credit EUR 1.000.000,00

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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

---