MIRA INFORM REPORT

Report Date :

24.08.2007

IDENTIFICATION DETAILS

Name :	MOTHERCARE UK LIMITED
Registered Office :	Cherry Tree Rd, Watford Hertfordshire WD24 6SH
Country :	United Kingdom
Financials (as on) :	01.04.2006
Date of Incorporation :	08/05/1954
Com. Reg. No.:	00533087
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Retailers of baby wear accessories and children clothing

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Company Identification Details

Subject Reported on	MOTHERCARE UK LIMITED
Holding Company	MOTHERCARE (HOLDINGS) LTD
Ultimate Holding Company	MOTHERCARE (U K) LTD
Trading Address	CHERRY TREE RD,WATFORD,WD24 6SH
Telephone	01923-241000

	Low Risk - There is a high degree of confidence this company will prove good for the assigned Credit Limit
Credit Limit	GBP   1,822,300
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   5,995,100
	Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.

Significant Event

Please note subject is a subsidiary of MOTHERCARE (HOLDINGS) LTD DUNS 21-153-6420.

Official Company Data

Legal Form	Private Limited Liability Company (GB)
Registration Number	00533087
Date of Incorporation	08/05/1954
Registered Office	Cherry Tree Rd, Watford Hertfordshire WD24 6SH
Date of Last Annual Return to Registry	03/08/2006
Activities	Retailers of baby wear accessories and children clothing
Accounts	The last filed accounts cover the period to 01/04/2006 and were filed on 01/02/2007

Recently Filed Documents

Details of the most recent documents

Date Received	Description
03/08/2006	Annual Return
01/04/2006	Financial Statement / Set of Accounts

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Known Directors

DIRECTOR	JOSEPH BENJAMIN GORDON
Occupation
Address	WESTHOLME,  ORCHEHILL AVENUE, GERRARDS CROSS, BUCKS, SL9 8QE
Date of Birth	08/08/1959
Appointment Date	02/12/2002
Other Appointments	MOTHERCARE UK LIMITED, MOTHERCARE PLC., CHELSEA STORES HOLDINGS LIMITED, THE MOTHERCARE CHARITABLE FOUNDATION , MOTHERCARE UK LIMITED
DIRECTOR	GILLIAN  BERKMEN
Occupation
Address	ORCHARD VIEW 27,  WOODHILL AVENUE , GERRARDS CROSS , BUCKS , SL9 8DP
Date of Birth	12/03/1960
Appointment Date	22/08/2003
Other Appointments	MOTHERCARE UK LIMITED, MOTHERCARE UK LIMITED
DIRECTOR	ANNA KATHERINE JAMES
Occupation
Address	1,  HORBURY CRESCENT LONDON GREATER , LONDON , W11 3NF
Date of Birth	08/01/1971
Appointment Date	20/06/2005
Other Appointments	MOTHERCARE UK LIMITED, SEBASTIAN JAMES ASSOCIATES LIMITED
DIRECTOR	CHRISTINE HELEN EVANS
Occupation
Address	23,  STATION ROAD DESFORD , LEICESTER , LEICS , LE9 9FN
Date of Birth	17/08/1960
Appointment Date	20/06/2005
Other Appointments	MOTHERCARE UK LIMITED
DIRECTOR	RICHARD AUBREY STREET
Occupation
Address	THE NEWHOUSE ,  LATTON , SWINDON , WILTS , SN6 6DP
Date of Birth	25/04/1966
Appointment Date	01/12/2005
Other Appointments	MOTHERCARE UK LIMITED, AMS 1749 LIMITED, MOTHERCARE UK LIMITED
DIRECTOR	ANTHONY JOHN CARR
Occupation
Address	GATE HOUSE COTTAGE ,  GRENVILLE ROAD SHACKLEFORD , GODALMING , SURREY , GU8 6AX
Date of Birth	14/09/1963
Appointment Date	22/09/2003
Other Appointments	MOTHERCARE UK LIMITED
DIRECTOR	CHRISTOPHER JEREMY CULL
Occupation
Address	198,  LONDON ROAD ASTON CLINTON , AYLESBURY , BUCKS , HP22 5LE
Date of Birth	18/06/1960
Appointment Date	28/12/2005
Other Appointments	MOTHERCARE UK LIMITED, MOTHERCARE PENSION TRUSTEES LIMITED, MOTHERCARE UK LIMITED
DIRECTOR	NEIL SIMON HARRINGTON
Occupation	CHARTERED ACCOUNTANT
Address	THE OLD VICARAGE ,  HIGH STREET THORNBOROUGH , BUCKINGHAM , BUCKS , MK18 2DF
Date of Birth	30/08/1963
Appointment Date	30/01/2006
Other Appointments	MOTHERCARE UK LIMITED, MOTHERCARE PLC., CHELSEA STORES HOLDINGS LIMITED, MOTHERCARE UK LIMITED
DIRECTOR	SUSAN EILEEN MALTI
Occupation
Address	9,  SCHOOL CLOSE , HIGH WYCOMBE , BUCKS , HP11 1PH
Date of Birth	09/11/1956
Appointment Date	04/12/2006
Other Appointments	MOTHERCARE UK LIMITED, S & F INTERNATIONAL LTD, MOTHERCARE UK LIMITED
SECRETARY	MR  JOSEPH GORDON
Address	WESTHOLME,  ORCHEHILL AVENUE , GERRARDS CROSS , BUCKINGHAMSHIRE , SL9 8QE
Country of Origin	BRITISH
Date of Birth	08/08/1959
Appointment Date	02/12/2002
SECRETARY	MS  GILLIAN BERKMEN
Address	ORCHARD VIEW 27 WOODHILL AVENUE,  , GERRARDS CROSS , SOUTH BUCKINGHAMSHIRE , SL9 8DP
Country of Origin	BRITISH
Date of Birth	12/03/1960
Appointment Date	22/08/2003
SECRETARY	MR  ANTHONY CARR
Address	GATE HOUSE COTTAGE,  GRENVILLE ROAD SHACKLEFORD , GODALMING , SURREY , GU8 6AX
Country of Origin	BRITISH
Date of Birth	14/09/1963
Appointment Date	22/09/2003
SECRETARY	MS  ANNA JAMES
Address	1 HORBURY CRESCENT,  , LONDON , GREATER LONDON , W11 3NF
Country of Origin	BRITISH
Date of Birth	08/01/1971
Appointment Date	20/06/2005
SECRETARY	MS  CHRISTINE EVANS
Address	23 STATION ROAD,  DESFORD , LEICESTER , LEICESTERSHIRE , LE9 9FN
Country of Origin	BRITISH
Date of Birth	17/08/1960
Appointment Date	20/06/2005
SECRETARY	MR  RICHARD STREET
Address	THE NEWHOUSE,  LATTON , SWINDON , WILTSHIRE , SN6 6DP
Country of Origin	BRITISH
Date of Birth	25/04/1966
Appointment Date	01/12/2005
SECRETARY	MR  CHRISTOPHER CULL
Address	198 LONDON ROAD,  ASTON CLINTON , AYLESBURY , BUCKINGHAMSHIRE , HP22 5LE
Country of Origin	BRITISH
Date of Birth	18/06/1960
Appointment Date	28/12/2005
SECRETARY	MR  NEIL HARRINGTON
Address	THE OLD VICARAGE,  HIGH STREET , THORNBOROUGH , BUCKINGHAMSHIRE , MK18 2DF
Country of Origin	BRITISH
Date of Birth	30/08/1963
Appointment Date	30/01/2006
SECRETARY	MS  SUSAN MALTI
Address	9 SCHOOL CLOSE,  , HIGH WYCOMBE , BUCKINGHAMSHIRE , HP11 1PH
Country of Origin	BRITISH
Date of Birth	09/11/1956
Appointment Date	04/12/2006

Recently Resigned Directors (last 3)

DIRECTOR	MRS CLAIRE  TINEY
Address	CHURCHVIEW , HORCOTT ROAD , FAIRFORD , GLOS , - -
Date of Birth	18/10/1960
Resignation Date	30/12/2005
DIRECTOR	MR STEVEN PETER GLEW
Occupation	ACCOUNTANT
Address	22 , FIRS WALK , WELWYN , HERTS , - -
Date of Birth	09/05/1957
Resignation Date	28/12/2005
DIRECTOR	COLIN ROY ASTBURY
Occupation	LOGISTICS DIRECTOR
Address	THE OLD SCHOOL , SOUTHAM , WARWICKSHIRE , - -
Country of Origin	BRITISH
Date of Birth	28/12/1950
Resignation Date	16/11/2005

Share Summary

Share information is not held for this company.

Mortgages and Charges

Total Registered	7
Total Outstanding	5
Total Satisfied	2
Most Recent Mortgage	01/09/2003

Date Registered	18/09/2003
Type	395
Date Created	01/09/2003
Lender	HSBC BANK PLC
Secured On	ALL PRESENT AND FUTURE OBLIGATIONS AND LIABILITIES OWED JOINTLY OR SEVERALLY OR IN ANY OTHER CAPACITY WHATSOEVER OF THE OBLIGORS (AS DEFINED) TO THE CHARGEE //
Details	IN ADDITION TO THE PROPERTY CHARGED UNDER THE ORIGINAL DEBENTURE L/H 5 AND 7 STAVELEIGH WAY ASHTON-UNDER-LYME T/NO LA232496, L/H 118 & 120 FREEMAN STREET GRIMSBY T/NO HS147707, L/H 112A AND PART OF 114 HIGH ROAD ILFORD T/NO NGL199099 (FOR FURTHER DETAILS OF PROPERTY CHARGED PLEASE SEE SCHEDULE TO FORM 395) // SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	30/05/2003
Type	395
Date Created	12/05/2003
Lender	HSBC BANK PLC
Secured On	ALL PRESENT AND FUTURE OBLIGATIONS AND LIABILITIES OWED JOINTLY OR SEVERALLY OR IN ANY OTHER CAPACITY WHATSOEVER OF THE OBLIGORS (AS DEFINED) TO THE CHARGEE //
Details	ALL THE COMPANY'S RIGHT TITLE AND INTEREST IN ANY FREEHOLD OR LEASEHOLD LAND HELD BY IT TOGETHER WITH FLOATING CHARGE ALL OF IT'S ASSETS NOT CHARGE BY WAY OF FIXED CHARGE ABOVE // SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	29/12/2001
Type	395
Date Created	12/11/2001
Lender	HSBC BANK PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE
Details	122 UNION STREET ABERDEEN //
Satisfied?	No
Date Registered	29/12/2001
Type	395
Date Created	12/11/2001
Lender	HSBC BANK PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE
Details	24 CAUSEYSIDE STREET PAISLEY //
Satisfied?	No
Date Registered	29/12/2001
Type	395
Date Created	12/11/2001
Lender	HSBC BANK PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE
Details	149,151 AND 153 HIGH STREET AYR //
Satisfied?	No
Date Registered	14/10/2000
Type	395
Date Created	11/10/2000
Lender	HSBC BANK PLC
Secured On	UNDER OR IN RESPECT OF THE GUARANTEE OF THE OBLIGATIONS OF MOTHERCARE PLC UNDER THE CREDIT AGREEMENT DATED 15TH AUGUST 2000 // ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE
Details	F/H 8/9 EASTBANK STREET SOUTHPORT //
Satisfied?	Fully
Date Registered	24/08/2000
Type	395
Date Created	15/08/2000
Lender	HSBC BANK PLC
Secured On	AND UNDER THE CREDIT AGREEMENT OF EVEN DATE // ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	122 UNION STREET ABERDEEN FOR FURTHER PROPERTIES - SEE SCHEDULE TO FORM 395 // FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	Fully

Public Record Information

Summary of CCJ's/Scottish Decrees

There are 0 exact unsatisfied CCJs totalling GBP 0 in the last 72 months

Details of most recent CCJ's/Scottish Decrees

29/03/2005, a Judgment of "GBP" 256 was "Satisfied" in WORCESTER court (Case No. 5WR00138 ) against Mothercare U K Ltd, R/o Cherry Tree Rd, Watford, Hertfordshire, WD24 6SH

14/02/2005, a Judgment of "GBP" 256 was made in WORCESTER court (Case No. 5WR00138 ) against Mothercare U K Ltd, R/o Cherry Tree Rd, Watford, Hertfordshire, WD24 6SH

Operations

Activities	Retailers of baby wear accessories and children clothing
Sic Code	Description
5248	Other retail sale in specialised stores
5242	Retail sale of clothing
Staff Employed	8166
Auditors	Deloitte & Touche LLP
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.
Bankers	HSBC Bank Plc
Sort Codes	400000
Bankers	HSBC Bank PLC
Sort Codes	400250
Bankers	HSBC Bank PLC
Sort Codes	400443
Bankers	HSBC Bank PLC
Sort Codes	400002

Financial Data

The following figures are shown in units of 000

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	01/04/2006	26/03/2005	27/03/2004	29/03/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
SALES	481,055	455,683	445,391	430,232
Export Sales	68,110	56,066	47,809	-
Cost of goods sold	430,522	413,338	398,507	425,585
GROSS PROFIT	50,533	42,345	46,884	4,647
General administration costs (-)	34,975	32,182	31,202	28,369
Wages and Salaries	62,663	60,062	58,664	49,862
Depreciation	13,818	13,049	14,006	14,228
Net Operating Profit(Loss)	15,558	10,163	15,682	-23,722
Other financial income	13,732	-	1,911	-
Total Non Trading Income	13,732	136	2,042	594
Interest expenses & similar (-)	9,163	100	207	4,044
Financial Expenses	9,163	100	207	6,953
PRE TAX PROFIT	20,127	10,199	17,517	-30,081
Other Taxation	5,639	4,052	-5,952	0
Taxation	516	356	0	-731
PROFIT AFTER TAX	13,972	5,791	23,469	-29,350
Net Profit	13,972	5,791	23,469	-
Dividends Payable	0	0	0	0
RETAINED PROFITS	13,972	5,791	23,469	-

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	01/04/2006	26/03/2005	27/03/2004	29/03/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	177,217	178,496	173,934	181,881
Land & buildings	23,219	26,942	67,408	27,588
Plant, machinery & equipment	73,642	70,152	24,078	70,799
Intermediate Assets	63,700	63,700	63,700	63,700
Intangible Assets	16,656	17,702	18,748	19,794
TOTAL CURRENT ASSETS	96,603	96,447	94,774	87,235
Stocks	50,551	46,752	44,916	47,855
Trade Debtors	14,557	11,958	10,126	11,892
Other Receivables	2,705	2,908	4,419	2,363
Prepaid expenses	13,849	13,698	11,804	11,384
Group Loans	8,962	7,815	7,997	4,537
Cash	4,074	482	1,740	1,259
Tax Recoverable	1,905	2,834	13,772	7,945
TOTAL ASSETS	273,820	274,943	268,708	269,116
TOTAL CURRENT LIABILITIES	156,177	158,700	162,097	185,283
Trade Creditors	36,499	29,748	25,605	27,733
Bank Overdraft	38,138	36,300	40,734	67,470
Taxes	1,891	1,547	1,203	2,134
Other Current Liabilities	164	1,297	1,476	514
Due From Group	56,268	63,997	63,986	67,906
Accruals & deferred income	23,217	25,811	29,093	18,227
WORKING CAPITAL	-59,574	-62,253	-67,323	-98,048
TOTAL LONG TERM LIABS	93,279	82,611	78,770	79,461
Debts to group companies	74,092	74,092	74,092	74,092
Other Long Term Liabilities	19,187	8,519	4,678	-
NET ASSETS/(LIABILITIES)	117,643	116,243	106,611	83,833
SHARE CAPITAL + RESERVES	24,364	33,632	27,841	4,372
Issued Share Capital	24,372	24,372	24,372	77,890
Profit and Loss account	-8	9,260	3,469	-73,518
SHAREHOLDERS FUNDS	24,364	33,632	27,841	4,372
CAPITAL EMPLOYED	117,643	116,243	106,611	83,833
TANGIBLE NET WORTH	7,708	15,930	9,093	-15,422

Key Credit Ratios

Accounts Date	01/04/2006	26/03/2005	27/03/2004	29/03/2003
Current Ratio	0.62	0.61	0.58	0.47
Profit Before Tax	0.04	0.02	0.04	-0.07
Creditors Days (D.P.O)	30.94	26.27	23.45	23.79
Quick Ratio	-	-	-	-
Return on Assets	10.40	5.27	9.40	-16.21
T.N.W/Total Assets	0.03	0.06	0.03	-0.06
Return on Capital	17.11	8.77	16.43	-35.88
Working Capital/Sales	0.00	0.00	0.00	0.00
Equity Gearing	0.00	0.00	0.00	0.00
Stock Turnover	0.00	0.00	0.00	0.00

Financial Summary

Turnover	Turnover increased by more than 6% in the period. Turnover totaled GBP  481,055,000 for the period.
Operating Profit	Totaled GBP  15,558,000 In the period prior a profit of GBP   10,163,000 was achieved.
Pre Tax	The subject made a profit of GBP  20,127,000 compared with a profit of GBP  10,199,000 in the previous period.
Working Capital	The company's working capital deficiency decreased in the period and now stands at GBP  59,574,000
Tangible Net Worth	Net worth reduced by 8,222,000 during the period and now stands at GBP  7,708,000
Fixed Assets	The subjects fixed assets reduced during the period by GBP  233,000 to GBP  96,861,000 and are now 35% of total assets compared with 35% in the previous period
Long Term Liabilities	The company's long term liabilities increased during the period by 7% and are now 1511% of net worth compared with 681% in the previous period
Long Term Liabilities	Long term liabilities are now 43% of total assets compared with 39% in the previous period

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.	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