MIRA INFORM REPORT

Report Date :

07.06.2011

IDENTIFICATION DETAILS

Name :	99 CENTS ONLY STORES

Registered Office :	4000 Union Pacific Avenue City of Commerce CA 90023

Country :	United States

Financials (as on) :	02.04.2011

Date of Incorporation :	29.05.2009

Legal Form :	Corporation for Profit

Line of Business :	retail of consumable general merchandise with a focus on name-brand products.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 3,000,000.
Status :	Satisfactory
Payment Behaviour :	Usually Correct
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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

United States

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

Bottom of Form

GEOPOLITICS - UNITED STATES

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal

Economic Risk: Nil

Currency: USD

Branch Situation: Stable

IDENTIFICATION

Ordered as:	99 Cents Only Stores
Address in the order:	4000 Union Pacific Avenue City of Commerce CA 90023

Legal Name:	99 Cents Only Stores

Legal Address	4000 Union Pacific Avenue City of Commerce CA 90023 USA

Telephone:	+1 (323) 980-8145	ID :	0031809280
Fax:	+1 (323) 980-8160	Legal Form:	Corporation for Profit
Email:	info@99only.com	Registered in:	Texas
Website:	http://www.99only.com/	Date Created:	1965
Manager:	Mr. Eric J. Schiffer, CEO	Date Incorporated:	May, 29th. 2009
Staff:	12,000	Stock:	NA
		Value:	NA
Activity:	99¢ Only Stores engages in the retail of consumable general merchandise with a focus on name-brand products.

BANKS

Name of the Bank

Bank of America

BUSINESS

HISTORY
	The company was founded in 1965
PRINCIPAL ACTIVITY
	99¢ Only Stores engages in the retail of consumable general merchandise with a focus on name-brand products.
Products/Services description:
	Its stores offer regularly available consumer goods and closeout merchandise. The company offers consumer items in each of the following staple product categories: food (including frozen, refrigerated, and produce items), beverages, health and beauty care, household products (including cleaning supplies, and paper goods), housewares (including glassware, and kitchen items), hardware, stationery, party goods, seasonal goods, baby products, toys, giftware, pet products, plants and gardening, clothing, electronics and entertainment. The company carries name-brand merchandise, off-brands and its own private-label items.
Sales are:
	Retail
Clients:
	General clientele
Suppliers:
	3M, Colgate-Palmolive, Con Agra, Dole, Energizer Battery, General Mills, Georgia Pacific, Hasbro, Heinz, Hershey Foods, Johnson & Johnson, Kellogg’s, Kraft, Nestle, Procter & Gamble, Revlon, Unilever. (Among others)
Operations area:
	National
The company does not export
The subject employs 12,000 employee(s)
PAYMENTS
	regular
LOCATION
Headquarters
	The company is headquartered at the address listed above.
Branches:
	The company has 285 stores all across the US.

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	YES
Capital:
	Major Holders % of Shares Held by All Insider and 5% Owners: 49% % of Shares Held by Institutional & Mutual Fund Owners: 55 % % of Float Held by Institutional & Mutual Fund Owners: 107 % Number of Institutions Holding Shares: 156
Shareholders Parent Company(ies):
	This is a publicly traded company at the NYSE stock exchange. Ticker symbol "NDN". Major Direct Holders Kautz Robert F Top Institutional Holders Fbr Capital Markets Corporation Leonard Green & Partners, L.P. S.A.C. Capital Advisors, LLC Primecap Management Company Vanguard Group, Inc. (The) Goldman Sachs Group Inc State Street Corporation Citadel Advisors LLC Buckhead Capital Management LLC BlackRock Fund Advisors Top Mutual Fund Holders FBR Focus Fund American Beacon Small Cap Value Fd VANGUARD HORIZON FUND-CAPITAL OPPORTUNITY PORTFOLIO VANGUARD SMALL-CAP INDEX FUND ISHARES RUSSELL 2000 INDEX FD VANGUARD TOTAL STOCK MARKET INDEX FUND SPDR S&P Mid Cap 400 ETF Trust ISHARES S&P MIDCAP 400 INDEX FD Merger Fund, The Vanguard Extended Market Index Fund
Management:
	David Gold, Chairman Eric Schiffer, CEO Jeff Gold, President and COO Robert Kautz, EVP and CFO Howard Gold, EVP Special Projects
Related Companies:
	99¢ Only Stores Texas, Inc. 99¢ Only Stores (Nevada) Wilshire Alvarado Associates, LLC

Financials - COMMERCIAL TRENDS AND FORECAST

The subject is a public company traded at the NYSE stock exchange, under ticker symbol: "NDN". Please find enclosed the financial statements.

Currency	DATE
USD	Apr 2, 2011
Turnover	1,423,878,000
Operating Income	581,122,000
Net Income	74,308,000
Current Assets	452,005,000
Net worth	681,549,000
Liabilities	142,666,000
The cash flow is	Normal

Comments on the financial data: In the chart above you'll find the main financial figures.

You can also find the full annual report by entering: http://www.99only.com/files/99-Cents-Only-Stores-2010-Annual-Report.pdf

Rating

Local credit bureau gave a Correct credit rate.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Final Opinion

This is a big sized American company which employs 12,000 people and has 46 years of experience in the market.

There were no legal filings found against the company or its legal representatives.

The subject is established.

The income per employee remains pretty fair for the company's size.

It is a publicly traded company at NYSE stock exchange, ticker symbol: NDN.

A credit line may be considered for USD 3,000,000.-

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.72
UK Pound	1	Rs.73.46
Euro	1	Rs.65.47

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%)

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