MIRA INFORM REPORT

Report Date :

23.12.2011

IDENTIFICATION DETAILS

Name :	BON MARCHE LTD.
Registered Office :	Jubilee Way Grange Moor Wakefield, WF4 4SJ
Country :	United Kingdom
Financials (as on) :	03.04.2010
Date of Incorporation :	07.12.1932
Com. Reg. No.:	00270937
Legal Form :	Private Subsidiary
Line of Business :	Wholesale of clothing and footwear
No. of Employees :	3,999

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

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 name and address

Top of Form

Bottom of Form

Top of Form

Bon Marche Ltd.

Jubilee Way
Grange Moor
Wakefield, WF4 4SJ
United Kingdom
(Trading Address) Registered Address
Map
Tel:	01924700100
Fax:	01924700249
www.bonmarche.co.uk

Employees:	3,999
Company Type:	Private Subsidiary
Corporate Family:	101 Companies
Ultimate Parent:	Henson No. 1 Ltd.
Quoted Status:	Non-quoted Company
Incorporation Date:	07-Dec-1932
Auditor:	Deloitte LLP

Financials in:	USD (mill)
Fiscal Year End:	03-Apr-2010
Reporting Currency:	British Pound Sterling
Annual Sales:	309.3 ^1
Net Income:	5.8
Total Assets:	160.9

Business Description

Established in 1982, Bon Marche Ltd. owns, operates and maintains several retail stores in the United Kingdom. The company offers women’s clothing in different sizes, shapes and colours. Its stores stock and sell various round neck jumpers, linen trousers and T-shirts. The company also offers a range of striped vests and short-sleeved striped rugby tops with button collars. Its stores provide numerous crop trousers, jeans, and embroidered and short-sleeved blouses. In addition, the company offers a variety of cardigans, printed tops and multicoloured striped blouses.

Industry

Industry	Apparel and Accessories
ANZSIC 2006:	371 - Textile, Clothing and Footwear Wholesaling
NACE 2002:	5142 - Wholesale of clothing and footwear
NAICS 2002:	4243 - Apparel, Piece Goods, and Notions Merchant Wholesalers
UK SIC 2003:	5142 - Wholesale of clothing and footwear
US SIC 1987:	513 - Apparel, Piece Goods, and Notions

Key Executives

Name	Title
Richard Kirk	Chief Executive Officer and Managing Director
Stephen Alexander Alldridge	Director of Finance
Mark Pickersgill	Retail Director
Neil Anthony Burns	IT and Logistics Director
Jennifer Bate	Buying Director

News

Title	Date
Carousel just the start of Seattle's holiday whirl Seattle Times (WA) (556 Words)	15-Dec-2011
Bulwell: Staff at Bon Marche, Nottingham Evening Post (UK) (36 Words)	15-Dec-2011
Bells scheme aims to foil thefts Northern Echo (UK) (214 Words)	13-Dec-2011
Peacocks' debt plan may see stores close Belfast Telegraph (Northern Ireland) (185 Words)	9-Dec-2011
French LVMH to expand, revamp Le Bon Marche store - report ADP France News (141 Words)	8-Dec-2011

Financial Summary

FYE: 3-Apr-2010

USD (mil)

Key Figures
Current Assets	126.67
Fixed Assets	34.21
Total Liabilities	73.53
Net Worth	85.44

Key Ratios
Current Ratio	1.72
Acid Test	1.25
Debt Gearing	0.24

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6276749
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6543432

Corporate Overview

Location
Jubilee Way
Grange Moor
Wakefield, WF4 4SJ
West Yorkshire County
United Kingdom

Tel:	01924700100
Fax:	01924700249

www.bonmarche.co.uk

Sales GBP(mil):	194.1
Assets GBP(mil):	105.3
Employees:	3,999
Fiscal Year End:	03-Apr-2010

Industry:	Apparel and Accessories

Registered Address:
Capital Link Windsor Road
Cardiff, CF24 5NG
United Kingdom

Incorporation Date:	07-Dec-1932
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(UK):	00270937

Chief Executive Officer and Managing Director:	Richard Kirk

Contents · Industry Codes · Business Description · Brand/Trade Names · Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
4251	-	Clothing Retailing
371	-	Textile, Clothing and Footwear Wholesaling

NACE 2002 Codes:
5242	-	Retail sale of clothing
5142	-	Wholesale of clothing and footwear

NAICS 2002 Codes:
4481	-	Clothing Stores
4243	-	Apparel, Piece Goods, and Notions Merchant Wholesalers

US SIC 1987:
5651	-	Family Clothing Stores
513	-	Apparel, Piece Goods, and Notions

UK SIC 2003:
5142	-	Wholesale of clothing and footwear
5242	-	Retail sale of clothing

Business Description

Established in 1982, Bon Marche Ltd. owns, operates and maintains several retail stores in the United Kingdom. The company offers women’s clothing in different sizes, shapes and colours. Its stores stock and sell various round neck jumpers, linen trousers and T-shirts. The company also offers a range of striped vests and short-sleeved striped rugby tops with button collars. Its stores provide numerous crop trousers, jeans, and embroidered and short-sleeved blouses. In addition, the company offers a variety of cardigans, printed tops and multicoloured striped blouses.

More Business Descriptions

Bonmarché, founded in 1982, is a value retailer that is focused on selling affordable quality womenswear to women over 45 years in age. The company has more than 360 stores and a growing high street presence. Operating within a fast moving retail environment, its stores are geared towards high volume retailing. Promotions are changed every two to three weeks to maximise customer interest. The company has set in place a refurbishment programme to create a lighter and brighter atmosphere and plans to open several more stores. It is involved with Macmillan Cancer Relief, a foundation that raises monetary support to offer assistance to people diagnosed with cancer. The company raised in excess of £1 million in 2005 to give to the foundation. Bonmarché is based on Wakefield, West Yorkshire.

Retail and wholesale trade in ladies' fashionwear

Ladies Fashionwear (Retail)

Brand/Trade Names

Bon Marché

Financial Data

Financials in:	GBP(mil)
Revenue:	194.1
Net Income:	3.6
Assets:	105.3
Current Assets:	82.9
Fixed Assets:	22.4
Long Term Debt:	1.2
Total Liabilities:	49.4
Issued Capital:	203.0
Working Capital:	34.8
Net Worth:	55.9
Date of Financial Data:	03-Apr-2010

1 Year Growth

2.9%

NA

NA

Key Corporate Relationships

Auditor:	Deloitte LLP
Bank:	Barclays Bank PLC
Auditor:	Deloitte LLP, Deloitte LLP
Auditor History
Deloitte LLP	03-Apr-2010
Deloitte LLP	28-Mar-2009
Deloitte And Touche LLP	29-Mar-2008
Deloitte And Touche LLP	31-Mar-2007
Deloitte And Touche LLP	31-Mar-2006

	GBP(mil)
Audit Fees:	0.0
Non Audit Fees:	0.0
Audit Fiscal Year:	04-03-2010

Corporate Structure News

Bon Marche Ltd.
Total Corporate Family Members: 101
Excluded Small Branches and/or Trading Addresses: 80 (Available via export)

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Henson No. 1 Ltd.	Parent	Cardiff	United Kingdom	Nonclassifiable Industries	1,148.5	13,353
Henson No. 2 Ltd.	Subsidiary	Cardiff	United Kingdom	Nonclassifiable Industries
Henson No. 4 Ltd.	Subsidiary	Cardiff	United Kingdom	Nonclassifiable Industries
The Peacock Group PLC	Subsidiary	Barry	United Kingdom	Nonclassifiable Industries		74
Peacock Group Retail Ltd.	Subsidiary	Cardiff	United Kingdom	Retail (Specialty)
Peacock's Stores Ltd.	Subsidiary	Cardiff	United Kingdom	Retail (Grocery)	839.1	8,638
Milletts (Camping And Countrywear) Ltd.	Subsidiary	Cardiff	United Kingdom	Retail (Apparel)	0.1
Bon Marche Group Ltd.	Subsidiary	Cardiff	United Kingdom	Commercial Banks
Bon Marche Holdings Ltd.	Subsidiary	Cardiff	United Kingdom	Commercial Banks
Bon Marche Ltd.	Subsidiary	Wakefield	United Kingdom	Apparel and Accessories	309.3	3,999
James Hartley, Ltd.	Subsidiary	Cardiff	United Kingdom	Nonclassifiable Industries
Wiltex By Wilson Ltd.	Subsidiary	Hartlepool	United Kingdom	Nonclassifiable Industries		10
Hilton Fashions Ltd.	Subsidiary	Cardiff	United Kingdom	Nonclassifiable Industries
Inhoco 336 Ltd.	Subsidiary	Cardiff	United Kingdom	Nonclassifiable Industries
Peacock Group Properties Ltd.	Subsidiary	Cardiff	United Kingdom	Business Services
Dorsman Estates Co Ltd.	Subsidiary	Cardiff	United Kingdom	Construction Services	1.5
M J B Properties (Redbourn) Ltd.	Subsidiary	Cardiff	United Kingdom	Construction Services
Peacock Group Logistics Ltd.	Subsidiary	Cardiff	United Kingdom	Business Services
Peacocks (Nantgarw) Ltd.	Subsidiary	Cardiff	United Kingdom	Personal Services	37.9	642
John Jones (Ago Wear) Ltd.	Subsidiary	Cardiff	United Kingdom	Apparel and Accessories
P & B Financial Services Ltd.	Subsidiary	Cardiff	United Kingdom

Executives Report

Board of Directors

Name	Title	Function
Roy G Ellis	Director	Director/Board Member

Executives

Name	Title	Function
Richard Kirk	Chief Executive Officer and Managing Director	Chief Executive Officer
Tracey Beesley *	Branch Manager	Division Head Executive
L. Blumenthal *	Branch Manager	Division Head Executive
Neil Anthony Burns	IT and Logistics Director	Division Head Executive
Sarah Mawdit *	Branch Manager	Division Head Executive
H. Small *	Branch Manager	Division Head Executive
Martin Davies	Health & Safety Adviser	Environment/Safety Executive
Stephen Alexander Alldridge	Director of Finance	Finance Executive
Louise Compston	Head of HR, Training & Payroll	Benefits & Compensation Executive
Beth Darer	Payroll Manager	Benefits & Compensation Executive
John Shaw	Payroll Supervisor	Benefits & Compensation Executive
Glen Knott	HR Officer	Human Resources Executive
Sarah Louis Noble	HR Officer	Human Resources Executive
Michelle Kidd	Retail Training Manager	Training Executive
Mark Pickersgill	Retail Director	Sales Executive
Trudie Barber	Graphics Designer	Marketing Executive
Chris Compston	Graphic Designer	Marketing Executive
Katherine Scott	Marketing Manager	Marketing Executive
Glenn Taylor	Merchandising Director	Marketing Executive
Jennifer Bate	Buying Director	Purchasing Executive
Chrissy Brooks *	Manager	Other
V. Clark *	Manager	Other
L. Coombes *	Manager	Other
C. Gibson *	Manager	Other
L. Green *	Manager	Other
J. Henderson *	Manager	Other
Michelle Hughes *	Manager	Other
J. Jordon *	Manager	Other
J. Marsh *	Manager	Other
M. Mayfair *	Manageress	Other
D. McKendry *	Manager	Other
L. Molloy *	Manager	Other
Ann Morgan *	Manager	Other
C. Murray *	Manager	Other
G. Polwarth *	Manager	Other
L. Prescott *	Manager	Other
V. Shurmer *	Manager	Other
D. Steward *	Manager	Other
A. Webb *	Manager	Other
A. Williams *	Manager	Other

* Branch executive, office location is different from company profile

Directors and Shareholders Report

Annual Return Date: 15 May 2011
Total Issued Capital (GBP 000): 205

Individual Directors
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Roy George Ellis	Current	04 Sep 1970	Capital Link Windsor Road, Cardiff, Cardiff CF24 5NG	01 Jul 2011	NA	Current:22 Previous:0 Disqualifications:0
Neil Anthony Burns	Current	23 Jun 1958	8 Ffordd Gwern, St. Fagans, Cardiff, Cardiff CF5 6PB	01 Sep 2002	NA	Current:22 Previous:1 Disqualifications:0
Richard Stanley Kirk	Current	16 Nov 1945	34 Palace Gardens Terrace, London , London W8 4RP	22 Jul 2002	NA	Current:24 Previous:7 Disqualifications:0
Stephen Alexander Alldridge	Current	01 Jun 1966	Sycamore House 2 Thorp Arch Park, Thorp Arch, Wetherby, West Yorkshire LS23 7AN	23 Jul 2003	NA	Current:1 Previous:0 Disqualifications:0
Gurchait Singh Chima	Previous	28 Jan 1950	Norwood View 29 Norwood Park, Huddersfield, West Yorkshire HD2 2DU	15 May 1991	22 Jul 2002	Current:0 Previous:8 Disqualifications:0
Ronald Scott	Previous	28 Feb 1949	Huby Manor, Crag Lane, Leeds, West Yorkshire LS17 0BW	24 Jul 1992	30 Sep 1997	Current:0 Previous:21 Disqualifications:0
Jonathan Fellows	Previous	15 Aug 1958	26 Ladywood Road, Four Oaks, Sutton Coldfield, West Midlands B74 2QN	01 Sep 1998	22 Jul 2002	Current:4 Previous:139 Disqualifications:0
Ian Malcolm Williams	Previous	09 Nov 1961	16 Victoria Springs, Holmfirth, West Yorkshire HO9 2NB	01 Feb 2001	22 Jul 2002	Current:1 Previous:9 Disqualifications:0
Albert Clive Taylor-Clague	Previous	22 Jan 1929	Swindon Hall Swindon Lane, Kirkby Overblow, Harrogate, North Yorkshire HG3 1HR	27 Feb 2002	22 Jul 2002	Current:0 Previous:16 Disqualifications:0
David Anthony Walker	Previous	29 Mar 1945	The Knowles Grimescar Road, Fixby, Huddersfield, West Yorkshire HD2 2EB	31 Mar 1995	22 Jul 2002	Current:12 Previous:22 Disqualifications:0
Surjeet Singh Khela	Previous	04 Feb 1954	19 The Dell, Netheroyd Park Fixby, Huddersfield, West Yorkshire HD2 2FD	15 May 1991	15 May 1991	Current:1 Previous:24 Disqualifications:0
Paul Anthony Lee	Previous	26 Jan 1947	100 Barbirolli Square, Manchester, Greater Manchester M2 3AB	01 Feb 1994	26 May 2000	Current:12 Previous:13 Disqualifications:0
Keith Ralph Bryant	Previous	02 Apr 1962	Claremont Tidenham, Chepstow, Monmouthshire NP16 7JF	22 Jul 2002	01 May 2007	Current:1 Previous:25 Disqualifications:0
Janet Catherine Mary Rubin	Previous	28 Apr 1949	Durham House 1 Durham House Street, London , London WC2N 6HG	09 Mar 2001	22 Jul 2002	Current:1 Previous:6 Disqualifications:0
Mark Edward Tesseyman	Previous	01 Feb 1965	Pool Barn Farm, Middleton, Llangollen, Wrexham LL20 7HW	01 Aug 2005	23 Jun 2008	Current:0 Previous:3 Disqualifications:0
David Pidgeon	Previous	05 May 1962	93 Birchy Close, Dickens Heath, Solihull, West Midlands B90 1QL	20 Mar 2003	30 Jan 2006	Current:0 Previous:1 Disqualifications:0
Steven Robert Bullas	Previous	08 Nov 1950	Rockleigh 87, Brockholes Lane Brockholes, Holmfirth, West Yorkshire HD9 7EB	01 Sep 1999	22 Jul 2002	Current:1 Previous:11 Disqualifications:0
Kevin Barry Philip Black	Previous	23 Sep 1956	400 Birkby Road, Huddersfield, West Yorkshire HD2 2DN	NA	24 Dec 1999	Current:0 Previous:3 Disqualifications:0
Andrew Mcdonald	Previous	30 Sep 1968	122 Birkby Hall Road, Birkby, Huddersfield, West Yorkshire HD2 2UZ	01 Sep 2002	01 Jan 2005	Current:0 Previous:1 Disqualifications:0
Michael David Killick	Previous	01 Feb 1962	1 Fryth Wood, Chepstow, Monmouthshire NP16 6DU	11 Nov 2006	31 Mar 2011	Current:2 Previous:37 Disqualifications:0
Gurnaik Singh Chima	Previous	09 Jul 1958	Four Winds 61 Church Lane, South Crosland, Huddersfield, West Yorkshire HD4 7DD	15 May 1991	22 Jul 2002	Current:0 Previous:7 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Roy George Ellis	Current	04 Sep 1970	57 St Lawrence Park, Chepstow, Monmouthshire NP16 6DP	01 Nov 2006	NA	Current:22 Previous:0 Disqualifications:0
Jonathan Fellows	Previous	15 Aug 1958	26 Ladywood Road, Four Oaks, Sutton Coldfield, West Midlands B74 2QN	22 Sep 2000	22 Jul 2002	Current:4 Previous:139 Disqualifications:0
Surjeet Singh Khela	Previous	04 Feb 1954	19 The Dell, Netheroyd Park Fixby, Huddersfield, West Yorkshire HD2 2FD	15 May 1991	31 Mar 1995	Current:1 Previous:24 Disqualifications:0
David Anthony Walker	Previous	29 Mar 1945	The Knowles Grimescar Road, Fixby, Huddersfield, West Yorkshire HD2 2EB	12 Jun 1998	02 Nov 1998	Current:12 Previous:22 Disqualifications:0
Howard Paul Austin	Previous	11 Jan 1960	6 Hawthorne Way, Shelley, Huddersfield, West Yorkshire HD8 8JX	02 Nov 1998	22 Sep 2000	Current:1 Previous:6 Disqualifications:0
John Henderson Warden	Previous	04 May 1961	Fairfield, Silverdale Crescent, Sheffield, South Yorkshire S11 9JH	NA	12 Jun 1998	Current:4 Previous:20 Disqualifications:0
Mike David Killick	Previous	NA	1 Fryth Wood, Chepstow, Monmouthshire NP16 6DU	22 Jul 2002	01 Nov 2006	Current:0 Previous:7 Disqualifications:0

Annual Profit & Loss

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	03-Apr-2010	28-Mar-2009	29-Mar-2008	31-Mar-2007	31-Mar-2006
Period Length	53 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.627675	0.590376	0.498398	0.528925	0.560422
Consolidated	No	No	No	No	No
Total Turnover	309.3	319.7	393.6	370.4	319.2
Cost of Sales	268.3	280.1	328.9	306.7	275.4
Gross Profit	41.0	39.6	64.7	63.7	43.9
Depreciation	9.9	11.5	13.9	13.3	12.7
Other Expenses	35.3	39.7	49.5	45.9	43.9
Operating Profit	-	-0.1	-	-	-
Other Income	3.1	1.7	1.7	0.6	0.6
Interest Paid	0.0	0.0	0.0	0.2	1.2
Exceptional Income	-0.1	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	0.0	0.0	-
Profit Before Taxes	8.7	1.6	16.9	18.2	-0.7
Tax Payable / Credit	2.9	-3.1	-2.6	-1.8	-0.1
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.0	0.0	0.0	0.0	0.0
Profit After Taxes	5.8	4.7	19.5	20.0	-0.6
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.0	0.0	0.0	0.0	-
Non Audit Fees	0.0	0.0	-	-	-
Number of Employees	3,999	4,022	3,955	3,836	3,640
Wages	56.7	59.5	68.4	62.0	55.4
Social Security Costs	3.4	3.5	4.1	3.6	3.3
Pensions	-	-	0.0	0.0	0.0
Other Pension Costs	0.8	0.7	0.8	0.7	0.7
Employees Remuneration	60.8	63.7	73.3	66.3	59.5
Directors Emoluments	-	-	0.7	1.1	0.9
Other Costs	-	-	0.0	0.0	0.0
Directors Remuneration	0.3	0.2	0.7	1.1	0.9
Highest Paid Director	-	-	0.5	0.7	0.7

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	03-Apr-2010	28-Mar-2009	29-Mar-2008	31-Mar-2007	31-Mar-2006
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.654343	0.698153	0.502715	0.509853	0.576518
Consolidated	No	No	No	No	No
Land & Buildings	5.7	5.7	8.3	8.6	8.0
Fixtures & Fittings	28.1	32.3	53.2	53.0	51.1
Plant & Vehicles	0.4	0.3	0.5	0.7	0.4
Total Tangible Fixed Assets	34.2	38.2	62.0	62.3	59.5
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	34.2	38.2	62.0	62.3	59.5
Stocks	34.6	28.0	44.2	36.1	34.6
Work in Progress	0.0	0.0	0.0	0.0	0.0
Total Stocks Work In Progress	34.6	28.0	44.2	36.1	34.6
Trade Debtors	0.4	0.3	0.5	0.4	0.9
Inter-Company Debtors	75.1	49.5	63.9	47.3	28.0
Other Debtors	15.4	17.2	21.0	17.2	15.0
Total Debtors	91.0	67.1	85.5	64.9	43.9
Cash and Equivalents	1.0	0.2	3.9	3.4	2.7
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	126.7	95.2	133.6	104.4	81.2
Total Assets	160.9	133.4	195.6	166.7	140.8
Trade Creditors	21.1	12.1	30.6	23.2	27.3
Inter-Company Creditors	27.7	26.0	36.1	35.6	38.8
Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0	0.0
Finance Lease (Current Liability)	0.1	0.1	0.2	0.2	0.1
Total Finance Lease/Hire Purchase (Current Liability)	0.1	0.1	0.2	0.2	0.1
Accruals/Deferred Income (Current Liability)	16.9	15.2	22.1	20.7	15.0
Social Security/VAT	5.6	2.3	4.3	4.3	3.4
Corporation Tax	-	-	-	-	0.0
Other Current Liabilities	2.1	1.9	2.4	2.0	1.3
Total Current Liabilities	73.5	57.6	95.7	86.0	85.9
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Leasing (Long Term Liability)	0.2	0.0	0.2	0.4	0.2
Total Hire Purchase Loans (Long Term Liability)	0.2	0.0	0.2	0.4	0.2
Other Long Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	1.7	0.9	1.3	2.0	2.4
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	1.9	0.9	1.5	2.4	2.7
Deferred Taxation	0.0	0.0	0.0	0.2	1.5
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	0.0	0.0	0.0	0.2	1.5
Issued Capital	0.3	0.3	0.4	0.4	0.4
Share Premium Accounts	0.0	0.0	0.0	0.0	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	85.1	74.6	98.0	77.7	50.4
Other Reserves	0.0	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	85.4	74.9	98.5	78.1	50.7
Net Worth	85.4	74.9	98.5	78.1	50.7

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	03-Apr-2010	28-Mar-2009	29-Mar-2008	31-Mar-2007	31-Mar-2006
Period Length	53 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.627675	0.590376	0.498398	0.528925	0.560422
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	03-Apr-2010	28-Mar-2009	29-Mar-2008	31-Mar-2007	31-Mar-2006
Period Length	53 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.654343	0.698153	0.502715	0.509853	0.576518
Consolidated	No	No	No	No	No
Current Ratio	1.72	1.65	1.40	1.21	0.95
Liquidity Ratio	1.25	1.17	0.93	0.79	0.54
Stock Turnover	8.40	9.67	8.83	10.66	8.96
Credit Period (Days)	0.55	0.38	0.51	0.34	1.00
Working Capital by Sales	18.25%	13.90%	9.72%	4.78%	-1.50%
Trade Credit by Debtors	47.76	42.88	56.13	65.03	32.08
Return on Capital	9.38%	1.77%	16.74%	23.42%	-1.21%
Return on Assets	5.09%	1.00%	8.55%	11.33%	-0.47%
Profit Margin	2.81%	0.50%	4.29%	4.91%	-0.21%
Return on Shareholders Funds	9.59%	1.79%	16.99%	24.20%	-1.31%
Borrowing Ratio	32.81%	34.92%	37.10%	46.38%	77.10%
Equity Gearing	53.11%	56.13%	50.34%	46.83%	36.03%
Debt Gearing	0.24%	0.05%	0.21%	0.52%	0.44%
Interest Coverage	420.31	85.09	-	75.23	-0.55
Sales by Tangible Assets	8.51	7.08	6.30	6.17	5.21
Average Remuneration per Employee	0.0	0.0	0.0	0.0	0.0
Profit per Employee	0.0	0.0	0.0	0.0	0.0
Sales per Employee	0.1	0.1	0.1	0.1	0.1
Capital Employed per Employee	0.0	0.0	0.0	0.0	0.0
Tangible Assets per Employee	0.0	0.0	0.0	0.0	0.0
Total Assets per Employee	0.0	0.0	0.0	0.0	0.0
Employee Remuneration by Sales	19.65%	19.94%	18.62%	17.91%	18.62%
Creditor Days (Cost of Sales Based)	30.50	18.65	34.25	26.63	37.25
Creditor Days (Sales Based)	26.45	16.34	28.62	22.05	32.13

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.78
UK Pound	1	Rs.82.73
Euro	1	Rs.68.88

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
--	NB	New Business	--

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.