MIRA INFORM REPORT

Report Date :

24.12.2011

IDENTIFICATION DETAILS

Name :	PEACOCK'S STORES LTD.
Registered Office :	Capital Link Windsor Road Cardiff, CF24 5NG
Country :	United Kingdom
Financials (as on) :	03.04.2010
Date of Incorporation :	01.08.1934
Com. Reg. No.:	00290792
Legal Form :	Private Subsidiary
Line of Business :	Other retail sale in non-specialised stores
No. of Employees :	8,638

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

Peacock's Stores Ltd.

Capital Link
Windsor Road
Cardiff, CF24 5NG
United Kingdom
Map
Tel:	01267 220123
Fax:	029 2044 0400
www.peacocks.co.uk

Employees:	8,638
Company Type:	Private Subsidiary
Corporate Family:	101 Companies
Ultimate Parent:	Henson No. 1 Ltd.
Quoted Status:	Non-quoted Company
Incorporation Date:	01-Aug-1934
Auditor:	Deloitte LLP

Financials in:	USD (mill)
Fiscal Year End:	03-Apr-2010
Reporting Currency:	British Pound Sterling
Annual Sales:	839.1 ^1
Net Income:	60.8
Total Assets:	340.5

Business Description

Peacock's Stores Ltd. owns and operates a chain of retail stores throughout the United Kingdom. The company’s stores stock and sell a variety of women’s clothing, such as denim shorts, trousers, jackets, shirts, skirts, dresses, and plain and printed tops. Its stores provide a variety of bags, nightwear and swimsuits. The company’s stores also offer footwear that includes boots, shoes and sandals. Its range of clothes is available in various designs, sizes, fabrics and cuts. The company’s stores additionally provide knitwear, such as tank tops and two-in-one and short-sleeve cardigans in various colours.

Industry

Industry	Retail (Grocery)
ANZSIC 2006:	4279 - Other Store-Based Retailing Not Elsewhere Classified
NACE 2002:	5212 - Other retail sale in non-specialised stores
NAICS 2002:	4451 - Grocery Stores
UK SIC 2003:	5212 - Other retail sale in non-specialised stores
US SIC 1987:	5399 - Miscellaneous General Merchandise Stores

Key Executives

Name	Title
Richard Stanley Kirk	Chief Executive Officer and Board Member
Chris Miles	Retail Operations Director
Timothy R Bettley	Director
Roy G Ellis	Director
Neil Anthony Burns	Director

News

Title	Date
Business: Peacocks ponders closing 200 stores Independent (UK) (78 Words)	9-Dec-2011
Peacocks' debt plan may see stores close Belfast Telegraph (Northern Ireland) (185 Words)	9-Dec-2011
Nine corsets taken Derby Evening Telegraph (UK) (205 Words)	27-Sep-2011
Unprecedented Number of U.S. and European Apparel Companies and Major Industry Association Sign RSN Pledge to Call for Elimination of Forced Child Labor in Uzbekistan Business Wire (399 Words)	12-Sep-2011
Barred from every store Mirror (UK) (87 Words)	15-Jul-2011

Financial Summary

FYE: 3-Apr-2010

USD (mil)

Key Figures
Current Assets	197.15
Fixed Assets	143.30
Total Liabilities	101.47
Net Worth	209.14

Key Ratios
Current Ratio	1.94
Acid Test	1.00
Debt Gearing	0.20

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
Capital Link
Windsor Road
Cardiff, CF24 5NG
Cardiff County
United Kingdom

Tel:	01267 220123
Fax:	029 2044 0400

www.peacocks.co.uk

Sales GBP(mil):	526.7
Assets GBP(mil):	222.8
Employees:	8,638
Fiscal Year End:	03-Apr-2010

Industry:	Retail (Grocery)

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

Incorporation Date:	01-Aug-1934
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(UK):	00290792

Director:	Timothy R Bettley

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

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
4279	-	Other Store-Based Retailing Not Elsewhere Classified
4251	-	Clothing Retailing

NACE 2002 Codes:
5242	-	Retail sale of clothing
5243	-	Retail sale of footwear and leather goods
5212	-	Other retail sale in non-specialised stores

NAICS 2002 Codes:
448	-	Clothing and Clothing Accessories Stores
4451	-	Grocery Stores
4481	-	Clothing Stores

US SIC 1987:
5399	-	Miscellaneous General Merchandise Stores
5651	-	Family Clothing Stores
59	-	Miscellaneous Retail

UK SIC 2003:
5212	-	Other retail sale in non-specialised stores
5243	-	Retail sale of footwear and leather goods
5242	-	Retail sale of clothing

Business Description

Peacock's Stores Ltd. owns and operates a chain of retail stores throughout the United Kingdom. The company’s stores stock and sell a variety of women’s clothing, such as denim shorts, trousers, jackets, shirts, skirts, dresses, and plain and printed tops. Its stores provide a variety of bags, nightwear and swimsuits. The company’s stores also offer footwear that includes boots, shoes and sandals. Its range of clothes is available in various designs, sizes, fabrics and cuts. The company’s stores additionally provide knitwear, such as tank tops and two-in-one and short-sleeve cardigans in various colours.

More Business Descriptions

Peacocks Newport is a branch of Peacocks, a leading United Kingdom value-for-money fashion retailer that sells clothing, footwear and home wares. The first Peacock shop opened in Warrington, Cheshire, in 1884, and relocated to Cardiff, Wales, in the 1940s. The early 1990s saw Peacocks float on the London Stock Exchange, but the company became private again in February 2006 and has more than 425 stores throughout the UK. It offers a wide range of clothing, footwear and accessories to meet the needs of all members of the family, with a particular emphasis on fashion. The company provides the high street looks at value prices throughout its chain of convenient locations. It has concessions in Big W, Somerfield and Kwiksave and franchises overseas in Turkey, Bahrain and the United Arab Emirate. Peacocks is part of The Peacock Group, which includes bonmarché and The Fragrance Shop as complementary brands. Peacocks is in Newport, Gwent.

Operation of retail stores, selling a range of clothing for the family and household textiles

Representative Office

Brand/Trade Names
Peacock's	Bon Marché

Financial Data

Financials in:	GBP(mil)
Revenue:	526.7
Net Income:	38.1
Assets:	222.8
Current Assets:	129.0
Fixed Assets:	93.8
Long Term Debt:	16.3
Total Liabilities:	82.7
Issued Capital:	4,326.2
Working Capital:	62.6
Net Worth:	136.8
Date of Financial Data:	03-Apr-2010

1 Year Growth

7.6%

NA

26.0%

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
Audit Fiscal Year:	04-03-2010

Corporate Structure News

Peacock's Stores 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
Timothy R Bettley	Director	Director/Board Member
Neil Anthony Burns	Director	Director/Board Member
Roy G Ellis	Director	Director/Board Member
Richard Stanley Kirk	Chief Executive Officer and Board Member	Director/Board Member

Executives

Name	Title	Function
Richard Stanley Kirk	Chief Executive Officer and Board Member	Chief Executive Officer
Helena Ashman *	Branch Manager	Division Head Executive
Neil Anthony Burns	Director	Division Head Executive
Kenny Cheung *	Branch Manager	Division Head Executive
S. Edwards *	Branch Manager	Division Head Executive
Jane Evans *	Branch Manager	Division Head Executive
Mandie Foster *	Branch Manager	Division Head Executive
James Hawes-King *	Branch Manager	Division Head Executive
Mohammed Islam *	Branch Manager	Division Head Executive
B. Johnson *	Branch Manager	Division Head Executive
Karen Jollie *	Branch Manager	Division Head Executive
Marian King *	Branch Manager	Division Head Executive
Lesley Leighton *	Branch Manager	Division Head Executive
T. Quicke *	Branch Manager	Division Head Executive
Tracey Toomey *	Branch Manager	Division Head Executive
Darren Wareham *	Branch Manager	Division Head Executive
Helen Wase *	Branch Manager	Division Head Executive
Lesley White *	Branch Manager	Division Head Executive
M. Zannetti *	Branch Manager	Division Head Executive
Chris Miles	Retail Operations Director	Operations Executive
Michelle Arnett *	Store Manager	Merchandise Management Executive
Alison Sadler *	Store Manager	Merchandise Management Executive
Julie Attwood *	Manager	Other
D. Banks *	Manager	Other
Jena Best *	Manager	Other
Z. Blakeman *	Manager	Other
Patricia Boprigio *	Manager	Other
Suzanne Brooker *	Manager	Other
M. Burns *	Manager	Other
Joanne Clarke *	Acting Manager	Other
Shirley Duggan *	Manager	Other
Roy G Ellis	Director	Other
H. Evans *	Manager	Other
K. Eyers *	Manager	Other
Sarah Fender *	Manager	Other
Olga Ferraiuolo *	Manager	Other
Linda Finney *	Manager	Other
Sarah Frost *	Manager	Other
L. Ingersent *	Manager	Other
A. Kabir *	Manager	Other
L. Moyes *	Manager	Other
Salvador Rios *	Manager	Other
Samantha Smith *	Manager	Other
Elaine Smith *	Manager	Other
Lynne Temlett *	Manager	Other
Jane Tucker *	Manager	Other
M. Twyman *	Manager	Other
Elizabeth Usci *	Manager	Other
T. Watkins *	Manager	Other
Bridget Williams *	Manager	Other

* Branch executive, office location is different from company profile

Directors and Shareholders Report

Annual Return Date: 31 Mar 2011
Total Issued Capital (GBP 000): 4,326

Individual Directors
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Neil Anthony Burns	Current	23 Jun 1958	8 Ffordd Gwern, St. Fagans, Cardiff, Cardiff CF5 6PB	21 May 2001	NA	Current:22 Previous:1 Disqualifications:0
Richard Stanley Kirk	Current	16 Nov 1945	34 Palace Gardens Terrace, London , London W8 4RP	15 Jun 1995	NA	Current:24 Previous:7 Disqualifications:0
Timothy Richard Bettley	Current	23 Jun 1966	Brookwood Lodge Gwernesney, Usk, Monmouthshire NP15 1HF	01 Aug 2007	NA	Current:2 Previous:0 Disqualifications:0
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
Peter John Blackburn	Previous	11 Aug 1946	4 Church Avenue, Penarth, The Vale of Glamorgan CF64 1AZ	NA	01 Oct 1993	Current:0 Previous:1 Disqualifications:0
Philip Leslie Baker	Previous	13 Jun 1952	Tyr Felin, The Dingle, Montgomery, Powys SY15 6NL	01 Mar 1995	22 Nov 1996	Current:0 Previous:1 Disqualifications:0
Keith Ralph Bryant	Previous	02 Apr 1962	Claremont Tidenham, Chepstow, Monmouthshire NP16 7JF	26 Mar 1999	01 May 2007	Current:1 Previous:25 Disqualifications:0
Robert Frank Peacock	Previous	27 Dec 1941	Allt Laes Farm, Cnepyn Lane Peterston Super Ely, Cardiff, Cardiff CF5 6NE	09 Jul 1991	03 Apr 1997	Current:0 Previous:7 Disqualifications:0
Anthony John Woodhouse	Previous	31 May 1952	190 Kings Road, Cardiff, Cardiff CF11 9DF	09 Jul 1991	01 Dec 2001	Current:5 Previous:23 Disqualifications:0
Hugh Child	Previous	13 Dec 1943	Village House, Colwinston, Cowbridge, Vale Of Glamorgan CF7 7NL	09 Jul 1991	03 Apr 1997	Current:6 Previous:12 Disqualifications:0
James Stewart	Previous	10 Jan 1960	78 Denbigh Street, London , London SW1V 2EX	19 Sep 1994	03 Apr 1997	Current:1 Previous:2 Disqualifications:0
Stephen Gipson	Previous	07 Feb 1953	Rose Cottage, Piccadilly, Llantwit Major, The Vale of Glamorgan CF71 7JL	21 May 2001	17 Mar 2003	Current:0 Previous:4 Disqualifications:0
Michael Stuart Bullas	Previous	10 Feb 1953	Lumb House Farm, Greenside Road Thurstonland, Huddersfield, West Yorkshire HD4 6XA	NA	03 Jul 2002	Current:0 Previous:14 Disqualifications:0
Jonathan Lance Sheppard	Previous	31 Aug 1952	7 Borrowdale Close, Penylan, Cardiff, Cardiff CF23 5LQ	09 Jul 1991	31 Jul 1993	Current:0 Previous:8 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
Jeremy Munro Todd Dawson	Previous	11 Jun 1952	Hawton Farm, Little Compton, Moreton-In-Marsh, Gloucestershire GL56 0SD	NA	19 Sep 1994	Current:2 Previous:9 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
David John Morgan	Previous	NA	Flat 2 258 Hagley Road, Stourbridge, West Midlands DY9 0RW	01 Aug 1993	14 Oct 1996	Current:1 Previous:5 Disqualifications:0
Islwyn Thomas Wigley	Previous	18 May 1942	21 Windsor Road, Radyr, Cardiff, Cardiff CF4 8BQ	14 Oct 1996	30 Apr 2001	Current:0 Previous:10 Disqualifications:0
Jonathan Lance Sheppard	Previous	31 Aug 1952	7 Borrowdale Close, Penylan, Cardiff, Cardiff CF23 5LQ	09 Jul 1991	31 Jul 1993	Current:0 Previous:8 Disqualifications:0
Michael David Killick	Previous	01 Feb 1962	1 Fryth Wood, Chepstow, Monmouthshire NP16 6DU	01 May 2001	01 Nov 2006	Current:2 Previous:37 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

There are no individual shareholders for this company.

Corporate Shareholders
Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Peacock Group Retail Ltd	03518606	3542550 Ordinary GBP 0.99	Ordinary	3,542,550	0.99	3,507,124.50	69.27
Peacock Group Retail Ltd	03518606	811470 A Ordinary GBP 1.00	A Ordinary	811,470	1.00	811,470.00	15.87
Peacock Group Retail Ltd	03518606	759924 Deferred GBP 0.01	Deferred	759,924	0.01	7,599.24	14.86

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
Turnover (UK)	839.1	828.7	926.5	-	-
Turnover (Exports)	0.0	0.0	0.0	-	-
Total Turnover	839.1	828.7	926.5	799.8	696.3
Cost of Sales	661.2	661.9	743.2	639.8	557.4
Gross Profit	177.9	166.8	183.3	160.0	138.9
Depreciation	35.6	37.8	41.8	36.2	31.1
Other Expenses	114.7	119.1	128.2	125.3	105.1
Operating Profit	-	47.7	55.1	-	-
Other Income	0.3	0.3	0.3	1.0	0.4
Interest Paid	0.5	3.4	6.0	8.4	3.0
Exceptional Income	-0.3	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	0.0	0.0	-
Profit Before Taxes	62.7	44.6	49.4	27.3	31.2
Tax Payable / Credit	1.9	-6.8	-9.0	3.6	5.3
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	60.8	51.4	58.4	23.7	25.9
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.0	0.0	0.0	0.0	-
Number of Employees	8,638	8,159	7,664	6,848	6,214
Wages	107.1	109.1	119.2	97.2	85.1
Social Security Costs	6.1	6.4	6.9	5.9	5.0
Pensions	-	-	0.0	-	0.0
Other Pension Costs	2.9	3.3	4.1	3.6	3.2
Employees Remuneration	116.0	118.7	130.3	106.7	93.3
Directors Emoluments	-	-	0.4	-	0.0
Other Costs	-	-	0.0	-	0.0
Directors Remuneration	1.1	0.5	0.4	-	0.0
Highest Paid Director	1.1	0.5	0.4	-	0.0

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	19.6	14.9	20.9	19.8	17.6
Fixtures & Fittings	123.7	122.9	174.0	157.4	134.8
Plant & Vehicles	0.0	0.0	0.0	0.0	0.0
Total Tangible Fixed Assets	143.3	137.7	194.9	177.2	152.4
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	143.3	137.7	194.9	177.2	152.4
Stocks	95.2	80.1	108.3	98.6	74.4
Work in Progress	0.0	0.0	0.0	0.0	0.0
Total Stocks Work In Progress	95.2	80.1	108.3	98.6	74.4
Trade Debtors	9.9	7.2	10.0	2.8	4.2
Inter-Company Debtors	48.0	-	-	-	-
Other Debtors	31.9	22.7	29.1	21.6	13.6
Total Debtors	89.8	30.0	39.2	24.4	17.8
Cash and Equivalents	12.1	0.0	10.9	15.5	11.9
Other Current Assets	0.0	3.2	2.2	0.0	0.0
Total Current Assets	197.2	113.3	160.7	138.6	104.1
Total Assets	340.5	251.0	355.6	315.7	256.4
Trade Creditors	51.7	38.1	77.7	47.7	49.3
Bank Overdraft	0.0	0.8	0.0	5.7	8.3
Inter-Company Creditors	0.0	9.4	51.3	97.5	84.3
Director Loans (Current Liability)	-	-	0.2	-	-
Total Finance Lease/Hire Purchase (Current Liability)	0.2	0.2	-	-	-
Accruals/Deferred Income (Current Liability)	42.3	30.6	48.6	38.4	27.9
Social Security/VAT	4.8	-	-	-	-
Corporation Tax	0.0	1.6	2.4	0.0	0.9
Other Current Liabilities	2.4	1.8	1.4	3.8	1.9
Total Current Liabilities	101.5	82.5	181.6	193.2	172.6
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)	0.4	0.6	1.1	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.4	0.6	1.1	0.0	0.0
Other Long Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	24.5	17.3	17.6	15.1	10.6
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	24.9	17.9	18.7	15.1	10.6
Deferred Taxation	0.0	0.1	6.7	17.8	11.6
Other Provisions	4.9	0.0	0.1	4.5	6.2
Total Provisions	4.9	0.1	6.8	22.3	17.7
Issued Capital	6.6	6.2	8.6	8.5	7.5
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	202.5	144.4	139.9	76.7	48.0
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	209.1	150.5	148.5	85.2	55.5
Net Worth	209.1	150.5	148.5	85.2	55.5

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	1.94	1.37	0.88	0.72	0.60
Liquidity Ratio	1.00	0.40	0.29	0.21	0.17
Stock Turnover	8.29	8.74	8.48	8.41	9.10
Credit Period (Days)	4.57	3.77	3.98	1.24	2.26
Working Capital by Sales	12.12%	4.40%	-2.28%	-6.58%	-10.13%
Trade Credit by Debtors	5.23	5.26	7.76	16.99	11.78
Return on Capital	24.69%	22.39%	28.15%	23.13%	36.23%
Return on Assets	17.33%	15.03%	13.77%	8.98%	11.84%
Profit Margin	7.47%	5.38%	5.33%	3.42%	4.49%
Return on Shareholders Funds	28.22%	25.06%	32.98%	33.29%	54.73%
Borrowing Ratio	0.30%	7.28%	35.46%	121.15%	166.90%
Equity Gearing	61.43%	59.98%	41.75%	26.98%	21.64%
Debt Gearing	0.20%	0.39%	0.72%	-	-
Interest Coverage	126.96	13.15	8.19	3.27	10.37
Sales by Tangible Assets	5.51	5.09	4.71	4.68	4.44
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	13.83%	14.33%	14.06%	13.34%	13.40%
Creditor Days (Cost of Sales Based)	30.35	24.82	38.50	26.25	33.22
Creditor Days (Sales Based)	23.91	19.83	30.88	21.00	26.59

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.72
UK Pound	1	Rs.82.70
Euro	1	Rs.68.90

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.