MIRA INFORM REPORT

Report Date :

14.04.2011

IDENTIFICATION DETAILS

Name :	GRABAL ALOK (UK) LIMITED
Formerly Known As :	HAMSARD 2353 LIMITED
Registered Office :	Tureck House, Drayton Road, Shirley, Solihull, B90 4ng.
Country :	united Kingdom
Financials (as on) :	27.03.2010
Date of Incorporation :	04.07.2001
Com. Reg. No.:	04246489
Legal Form :	Private Limited Company
Line of Business :	Retail of clothing

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	High Risk
Payment Behaviour :	Unknown
Litigation :	---

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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
United Kingdom	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company Identification Details

Subject Reported on	GRABAL ALOK (UK) LIMITED
Registration Number	04246489
VAT Number	GB927506219
Address	TURECK HOUSE, DRAYTON ROAD, SOLIHULL, WEST MIDLANDS, B90 4NG.
Telephone	0121 703 8935
Email	customerservices@storetwentyone.co.uk
Web Address	www.storetwentyone.co.uk

Creditline Recommendations

Monthly Credit Guide

GBP 0

Official Company Data

Legal Form	Private Limited
Registration Number	04246489
VAT Number	GB927506219
Subject Status	Trading
Date of Incorporation	04/07/2001
Registered Office	TURECK HOUSE, DRAYTON ROAD, SHIRLEY, SOLIHULL, B90 4NG.
History	2/04/2007 : Change of name from HAMSARD 2353 LIMITED.
	8/08/2006 : The Registered Office address changed from TURECK HOUSE DRAYTON ROAD, SHIRLEY, SOLIHULL,.
	7/07/2006 : The Registered Office address changed from HARBOUR HOUSE, 121 GARDNER ROAD PORTSLADE, BR.
	Previously located at HARBOUR HOUSE, 121 GARDNER ROAD PORTSLADE, BR.
	12/11/2002 : The Registered Office address changed from YORKSHIRE HOUSE, GREEK STREET, LEEDS, WEST YO.
	12/09/2002 : The Registered Office address changed from RUTLAND HOUSE 148 EDMUND STREET, BIRMINGHAM,.
Date of Last Annual Return to Registry	04/07/2010
Accounts	The last filed accounts at Companies House are those to 27/03/2010
Accounting Reference Date	01/04

Operations

Activities	A group engaged in the retail of clothing.
Nace Code	5242
Premises	Owned,& Leased,Offices,Shop,Warehouse
Staff Employed	1,006
Trade Names	STORE TWENTY ONE, QS
Import Countries	ASIA
Export Countries	ALL OVER THE WORLD
Bankers	BARCLAYS BANK PLC
Address	BRIGHTON.
Sort Code	201275
Auditors	Kingston Smith LLP
Branches	205 STORES IN THE UK.
	BRIGHTON, EAST SUSSEX, BN41 1QS.
Subsidiaries	BE WISE GROUP LIMITED
	BE-WISE LIMITED
	QS (WEST) LIMITED
	QS GROUP PLC
	QS PLC
	QS PROPERTIES LIMITED
	STATIONERY EXPRESS RETAIL LIMITED

Historical Rating

Date	Monthly Credit Guide
18/09/2010	0
18/06/2010	75,000
18/03/2010	75,000
18/12/2009	75,000
18/09/2009	75,000

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	13
Number Outstanding	3
Number Partially Satisfied	1
Number Satisfied	9
Date of Latest Mortgage Created	30/04/2010
Date of Latest Partial Satisfaction	08/05/2010
Date of Latest Satisfaction	22/12/2009

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	08/05/2010	30/04/2010	Debenture	MG01	State Bank Of India
	07/04/2010	17/03/2010	First Debenture Without Written Instrument	MG01	State Bank Of India
22/12/2009	28/03/2009	18/03/2009	Guarantee Debenture	395	Barclays Bank Plc
	25/07/2008	08/07/2008	Rent Deposit Deed Containing Charge	395	Threadneedle Pensions Limited
	16/07/2007	29/06/2007	Deed Of Security Over Accounts	395	The Hongkong And Shanghai Banking Corporation Limited
10/12/2008	21/06/2006	04/05/2005	Guarantee Debenture	400	Whittals Wines Limited Acting As Security Trustee On Behalf
22/12/2009	21/06/2006	25/02/2003	Composite Debenture And Guarantee	400	Barclays Bank Plc
22/12/2009	14/06/2006	04/10/2003	Supplemental Deed To A Composite Guarantee And Debenture Dated....	400	Barclays Bank Plc
22/12/2009	14/06/2006	25/02/2003	Composite Guarantee And Debenture	400	Barclays Bank Plc
22/12/2009	08/06/2006	02/06/2006	Supplemental Legal Charge	395	Barclays Bank Plc

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

Other Filings and Notices

Date

Source

Description

31/03/2009	Companies House Gazette	Special resolutions passed under section 95 disapplication of pre-emption rights
31/03/2009	Companies House Gazette	"Resolutions which give vary
31/03/2009	Companies House Gazette	Alteration in memorandum or articles of association
11/12/2008	Companies House Gazette	Change among directors of a company
04/12/2008	Companies House Gazette	Change among directors of a company
25/11/2008	Companies House Gazette	Change among directors of a company
19/08/2008	Companies House Gazette	Change among directors of a company
16/07/2008	Companies House Gazette	Change among directors of a company
14/07/2008	Companies House Gazette	Change among directors of a company
20/06/2008	Companies House Gazette	Change among directors of a company
20/05/2008	Companies House Gazette	Change among directors of a company
15/05/2008	Companies House Gazette	Change among directors of a company
19/04/2008	Companies House Gazette	Change among directors of a company
31/03/2008	Companies House Gazette	Alteration in memorandum or articles of association
31/03/2008	Companies House Gazette	"Resolutions which give vary
31/03/2008	Companies House Gazette	Special resolutions passed under section 95 disapplication of pre-emption rights
09/02/2008	Companies House Gazette	Change among directors of a company
16/08/2007	Companies House Gazette	Alteration in memorandum or articles of association
16/08/2007	Companies House Gazette	"Resolutions which give vary
07/08/2007	Companies House	Notice of completion of voluntary arrangement

Company Secretary

Secretary	MR VIVEK KAPOOR
Service Address	19 CEDARHURST, PARK ROAD, SOLIHULL, WEST MIDLANDS, B91 3SU.
Country of Origin	INDIA
Date of Birth	12/07/1968
Appointment Date	15/05/2008
Other Directorships	BE-WISE LIMITED

Directors

Director	MR KINGPAL SINGH TATLA
Service Address	47 LONDON ROAD, LANGLEY, SLOUGH, BERKSHIRE, SL3 7RP.
Country of Origin	UNITED KINGDOM
Date of Birth	13/05/1950
Appointment Date	17/03/2003
Director	DILIP JIWRAJKA
Service Address	6 BAY VIEW ABDUL GAFAR KHAN ROAD, WORLI QEA, FACE WORLI MUMBAI, MAHARASHTRA, 400 030.
Country of Origin	INDIA
Date of Birth	09/10/1956
Appointment Date	22/05/2006
Director	MR ANUPAM JHUNJHUNWALA
Service Address	33 WOODHOUSE EAVES, NORTHWOOD, MIDDLESEX, HA6 3NF.
Country of Origin	INDIA
Date of Birth	09/10/1971
Appointment Date	02/02/2007
Other Directorships	BE-WISE LIMITED, QS PLC, QS PROPERTIES LIMITED, QS GROUP PLC, BE WISE GROUP LIMITED, QS (WEST) LIMITED, BEWISE CARD HANDLING SERVICES LIMITED
Director	ASHOK JIWRAJKA
Service Address	301 KRISHNAKUNJ SHIVAJI PARK ROAD, NO 5 MAHIM MUMBAI, 400016, MAHARASHTRA.
Country of Origin	INDIA
Date of Birth	07/10/1950
Appointment Date	14/12/2006
Director	MR INDRU VASWANI
Service Address	605 SILVER ARCH APTS, 22 FEROZSHAH ROAD NEW DELHI, DELHI, 110001.
Country of Origin	INDIA
Date of Birth	25/04/1951
Appointment Date	21/01/2008
Director	MS CATHERINE NORGATE- HART
Service Address	DEEP MILL FARM LONDON ROAD, LITTLE KINGSHILL, GREAT MISSENDEN, BUCKINGHAMSHIRE, HP16 0DH.
Country of Origin	UNITED KINGDOM
Date of Birth	13/02/1960
Appointment Date	14/07/2008
Director	MR SURENDRA JIWRAJKA
Service Address	901 PALM BEACH POCHKHAN WALA ROAD, WORLI MUMBAI, MUMBAI.
Country of Origin	INDIA
Date of Birth	17/10/1958
Appointment Date	14/07/2008

Share Capital

Shares	Ordinary GBP 0.00
Issued Number	568,536,714
Principal Shareholder	276,950,232 Grabal Alok International Ltd
	237,197,008 Alok Industries International Ltd
	18,367,356 Dhamecha Foods Ltd
	8,000,000 Raj Chatha 2004 Family Trust
	5,898,271 Norham House 1019 Ltd
	4,272,973 Whittals Wines Ltd
	4,272,973 European Food Brokers Ltd
	2,847,223 Bakerloo Commercial Inc.
	1,792,990 Dhothar Investments Ltd
	1,768,391 Wetherby Fashions Ltd

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

General Information

08/04/2009 

Credit rating under review. 

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	27/03/2010	28/03/2009	29/03/2008	31/03/2007
Consolidated	Yes	Yes	Yes	Yes
Currency	GBP	GBP	GBP	GBP
SALES	98760	91303	94709	99412
Cost of goods sold	93303	97620	104776	111390
GROSS PROFIT	5457	(6317)	(10067)	(11978)
Wages and Salaries	18865	21914	22338	22605
Directors Emoluments	500	583	919	700
Auditors Fees	78	74	62	180
Non-Audit Fees		29	23	19
Trading Profit	(3004)	(17966)	(22027)	(22636)
Depreciation	2373	2394	1200	5357
OPERATING PROFIT	(5377)	(20360)	(23227)	(27993)
Non Trading Income	40	164	103	1039
Interest Payable	1058	1546	1572	594
PRE TAX PROFIT	(6395)	(21742)	(24696)	(27548)
PROFIT AFTER TAX	(6395)	(21742)	(24696)	(27548)
RETAINED PROFITS	(6395)	(21742)	(24696)	(27548)

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	27/03/2010	28/03/2009	29/03/2008	31/03/2007
Consolidated	Yes	Yes	Yes	Yes
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	17724	13845	13491	8175
Tangible Assets	17724	13845	13491	8175
Fixed Assets	17724	13845	13336	8175
Intermediate assets			155
TOTAL CURRENT ASSETS	37625	38542	29697	17333
Stocks	15175	14813	16731	11513
Other Current Assets	22450	23729	12966	5820
Misc Current Assets	17498	22512	7656	3536
Cash	4952	1217	5310	2284
TOTAL ASSETS	55349	52387	43188	25508
TOTAL CURRENT LIABILITIES	44606	16260	32084	25713
Trade creditors	9436	8395	4582	7462
Short Term Loans	32549	3838	21961	6072
Bank Overdraft	32549	3838	21945	5967
Other Finance			16	105
Other Liabilities	2621	4027	5541	12179
WORKING CAPITAL	(6981)	22282	(2387)	(8380)
TOTAL LONG TERM LIABS	7500	26489	4025	16344
Long Term Loans	7500	26481	4000	16299
Bank Loans		24481		283
Other Finance	7500	2000	2000	2016
Due To Group			2000	14000
Other Liabilities		8	25	45
NET ASSETS/(LIABILITIES)	3243	9638	7079	(16549)
SHARE CAPITAL + RESERVES	3243	9638	7079	(16549)
Share Cap + Sundry Res	99790	99790	75489	28500
Issued Share Capital	569	569	421	52
Sundry Reserves	99221	99221	75068	28448
Revaluation Reserves	1335	1335	1335
Profit and Loss account	(97882)	(91487)	(69745)	(45049)
SHAREHOLDERS FUNDS	3243	9638	7079	(16549)
CAPITAL EMPLOYED	10743	36127	11104	(205)

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	27/03/2010	28/03/2009	29/03/2008	31/03/2007
Consolidated	Yes	Yes	Yes	Yes
Currency	GBP	GBP	GBP	GBP
Net Cashflow from Oper.	334	(21574)	(33854)	(24640)
Increase in Cash	(1447)	(3575)	4638	372
Directors Remuneration	500	583	919	700
Auditors Remuneration	78	74	62	180
Liquid Assets	4952	1217	5310	2284
Net Working Capital	(6981)	22282	(2387)	(8380)
Long Term Debt(>12 Months)	7500	26481	4000	16299
Other Deferred Liabs		8	25	45
Tangible Net Worth(T.N.W)	3243	9638	7079	(16549)
Equity	3243	9638	7079	(16549)
Number of Years Trading	9	8	7	6
Number of Employees	1006	1194	1511	1523
Profit per Employee	(6356.9)	(18209.4)	(16344.1)	(18088)
Sales per Employee	98171	76468.2	62679.7	65273.8

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	27/03/2010	28/03/2009	29/03/2008	31/03/2007
Consolidated	Yes	Yes	Yes	Yes
Current Ratio	0.8	2.4	0.9	0.7
Long Term Debt/T.N.W	2.3	2.7	0.6	(1)
Pre Tax Profit Margin%	(6.5)	(23.8)	(26.1)	(27.7)
Gross Profit%	5.5	(6.9)	(10.6)	(12)
Creditors Days (D.P.O)	35	34	18	27
Quick Ratio	0.5	1.5	0.4	0.2
W.I.P/Inventory Days	59.4	55.4	58.3	37.7
Return on Investment%	(12.3)	(50.5)	(69.9)	(459.4)
Return on Assets%	(11.6)	(41.5)	(57.2)	(108)
T.N.W/Total Assets%	5.9	18.4	16.4	(64.9)
Return on Capital%	(59.5)	(60.2)	(222.4)	13438
Rtn on Shareholders Funds%	(197.2)	(225.6)	(348.9)
Working Capital/Sales%	(7.1)	24.4	(2.5)	(8.4)
Borrowing Ratio%	1234.9	314.6	366.7	(135.2)
Equity Gearing%	6.2	22.5	19.6	(39.3)
Stock Turnover	6.5	6.2	5.7	8.6
Days Purchases Outstanding	36.9	31.4	16	24.5
Sales/Fixed Assets	5.6	6.6	7.1	12.2
Debt Gearing	231.3	274.8	56.5	(98.5)

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	4336	33267	35847	35067
Pre-Tax Profit Margin	4.9	0.7	0.9	1.5
Current Ratio	1.6	1.3	1.3	1.3
Borrowing Ratio	42.5	17	7	5.3
Return on Capital	48.7	38.9	41.1	43.2
Creditors Days	44	65	69	80

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Other retail sale of new goods in specialised stores

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 27/03/2010.

Turnover

Turnover has increased from GBP 91,303,000 to GBP 98,760,000, a growth of 8 % in the period.

Operating Loss

Totalled GBP 5,377,000. In the year prior a Loss of GBP 20,360,000 was achieved.

Pre Tax Profit

A loss of GBP 6,395,000 was made in the period compared with a loss of GBP 21,742,000 in the previous period, a reduction of 70 %.

Working Capital

The company's working capital position has reduced from a surplus and is now a deficiency of GBP 6,981,000.

Net Worth

Net worth reduced by GBP 6,395,000 during the period and now stands at GBP 3,243,000.

Fixed Assets

The subject's fixed assets increased during the year by GBP 3,879,000 to GBP 17,724,000 and are now 32 % of total assets compared with 26 % in the previous year.

Long Term Liabilities

The company's long term liabilities reduced during the period by 71 % and are now 231 % of net worth compared with 275 % in the previous period.

Long Term Liabilities

Long term liabilities are now 14 % of total liabilities compared with 51 % in the previous period.

Long Term Liabilities

Long term liabilities are 70 % of capital employed, a decrease of 3 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.48
UK Pound	1	Rs.72.37
Euro	1	Rs.64.42

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

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.