MIRA INFORM REPORT

Report Date :

14.05.2011

IDENTIFICATION DETAILS

Name :	WILLIAMS SONOMA, INC.

Registered Office :	3250 Van Ness Avenue San Francisco, CA 94109

Country :	United States

Date of Incorporation :	09.04.1973

Com. Reg. No.:	C0678218

Legal Form :	Corporation for Profit

Line of Business :	Specialty retailer of home 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 2.000.000.
Status :	Satisfactory
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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

United States

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

GEOPOLITICS - UNITED STATES

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal

Economic Risk: Nil

Currency: USD

Branch Situation: Stable

IDENTIFICATION

Ordered As:	William Sonoma Inc
Address In The Order:	151 Union Street, San Francisco CA 94111, U.S.
Legal Name:	Williams Sonoma, Inc.
Legal Address	3250 Van Ness Avenue San Francisco, CA 94109 , U.S.
Telephone:	+1 415- 421-7900	Registration Number :	C0678218
Fax:	+1 415-616-8359	Legal Form:	Corporation for Profit
Email:	N.A.	Registered in:	California
Website:	www.williams-sonomainc.com	Date Created:	1956
Manager:	Laura Alber, President, CEO and Director	Date Incorporated:	April 09, 1973
Staff:	6.200 (at group level)	Stock:	104,980,876 shares
		Value:	Common Stock, $.01 par value
Activity:	Specialty retailer of home products.

BANKS

Name of the Bank	BANK OF AMERICA
Name of the Bank	BANK FINANCIAL
Name of the Bank	SUMMIT BANK
Name of the Bank	FAR EAST NATIONAL BANK

BUSINESS

HISTORY
	Williams-Sonoma, Inc. was founded in 1956 and is headquartered in San Francisco, California.
PRINCIPAL ACTIVITY
	Williams-Sonoma, Inc. operates as a specialty retailer of home products.
Products/Services description:
	It offers culinary and serving equipment, including cookware, cookbooks, cutlery, informal dinnerware, glassware, table linens, specialty foods, and cooking ingredients; and bridal and gift items under the Williams-Sonoma brand name. The company also provides home furnishing categories, including furniture, textiles, decorative accessories, lighting, and tabletop items under West Elm brand; bed and bath products under Pottery Barn brand; and children's furnishings and accessories under Pottery Barn Kids brand name. Williams-Sonoma, Inc. sells its home products through five retail store concepts, which include Williams-Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, and Williams-Sonoma Home; seven direct-mail catalogs that comprise Williams-Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Bed and Bath, PBteen, West Elm, and Williams-Sonoma Home; and six e-commerce Websites, which consist of williams-sonoma.com, potterybarn.com, potterybarnkids.com, pbteen.com, westelm.com, and wshome.com.
Sales are:
	Retail
Brands:
	Pottery Barn PBteen Pottery Barn Kids Williams-Sonoma Home west elm
Clients:
	Miscellaneous
Operations area:
	National, International
The company imports from worldwide
The company export to Worldwide locations.
Competitors:
	Bed Bath & Beyond Inc. Euromarket Designs, Inc. Pier 1 Imports, Inc.
The subject employs 6.200 employee(s)
PAYMENTS
	regular
LOCATION
Headquarters
	The subject is headquartered at the above address.
Branches:
	As of January 31, 2010, it operated 610 retail stores, including 259 Williams-Sonoma, 199 Pottery Barn, 87 Pottery Barn Kids, 36 West Elm, 11 Williams-Sonoma Home, and 18 Outlet stores located in 44 states of the United States; Washington, D.C.; Canada; and Puerto Rico.

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	YES
Capital:
	The subject is publicly traded at the NYSE under the ticker (WSM). Breakdown % of Shares Held by All Insider and 5% Owners: 12% % of Shares Held by Institutional & Mutual Fund Owners: 90% % of Float Held by Institutional & Mutual Fund Owners: 102% Number of Institutions Holding Shares: 279
Shareholders Parent Company(ies):
	Major Institutional And Mutual Fund Holders Taube Hodson Stonex Partners Limited American Century Companies, Inc Wellington Management Company, Llp Fmr Llc Blackhill Capital, Inc Jp Morgan Chase & Company Vanguard Group, Inc. (The) Bank Of New York Mellon Corporation Friess Associates Inc Reed, Conner & Birdwell, Inc. Fidelity Low-Priced Stock Fund Fidelity Independence Fund Amcap Fund American Century Heritage Fund American Century Vista Vanguard Small-Cap Index Fund Permanent Portfolio Fund-Permanent Portfolio Spdr (R) Ser Tr-Spdr (R) S&P (R) Homebuilders Etf Brandywine Fund, Inc. American Century Growth Fund Major Direct Holders Lester Howard Connolly Pat Bellamy Adrian D P Alber Laura Mccollam Sharon
Management:
	Adrian D.P. Bellamy, Chairman of the Board of Directors Laura J. Alber, Chief Executive Officer Sharon L. McCollam, Executive Vice President, Chief Operating and Chief Financial Officer Patrick J. Connolly,Director Adrian T. Dillon, Director Ted W. Hall,Director
Related Companies:
	Williams-Sonoma Stores, Inc. Williams-Sonoma Retail Services, Inc. Williams-Sonoma Direct, Inc. Williams-Sonoma DTC, Inc. Williams-Sonoma Canada, Inc. Williams-Sonoma Gift Management, Inc. Williams-Sonoma Sourcing, Inc. Williams-Sonoma UK Limited Williams-Sonoma Italy S.r.l. Williams-Sonoma France SARL Sutter Street Manufacturing, Inc. Williams-Sonoma Singapore Pte. Ltd.

Financials - COMMERCIAL TRENDS AND FORECAST

The subject is a public company traded at the stock exchange. Please find enclosed the financial statements.
We have contacted the company but refused to provide us any financial data on grounds of confidentiality.
Legal Fillings
There are several UCC files listed with the Secretary of State of California. The company is defendant in various pending lawsuits and proceedings and is subject to various other claims arising in the normal course of its business. Although the outcome of these lawsuits and proceedings cannot be predicted with certainty at this time, it is believed that the ultimate disposition of such suits will not have a material adverse effect on the company. Bendit v. Williams-Sonoma, Inc. Share \| Plaintiff: Todd Bendit Defendant: Williams-Sonoma, Inc. Case Number: 8:2011cv00114 Filed: January 13, 2011 Court: Maryland District Court Office: Greenbelt Office County: Montgomery Presiding Judge: J. Frederick Motz Nature of Suit: Torts - Injury - Other Personal Injury Cause: 28:1441 Jurisdiction: Diversity Jury Demanded By: Plaintiff Williams-Sonoma, Inc. v. Kids Line, LLC Share \| Plaintiff: Williams-Sonoma, Inc. Defendant: Kids Line, LLC Case Number: 5:2010cv05316 Filed: November 23, 2010 Court: California Northern District Court Office: San Jose Office County: San Francisco Presiding Judge: Howard R. Lloyd Nature of Suit: Intellectual Property - Trademark Cause: 15:1114 Jurisdiction: Federal Question Jury Demanded By: Plaintiff For information: The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property). It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office. The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

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

The company has 54 years of experience in the business and 6.200 employees at group level.

The profitability is correct, the indebtedness is controlled and payments are regular.

According to the legal filings that the company deals with, we believe that a credit line may be considered for USD 2.000.000.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public Records	YES
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	CORRECT

APPENDIX

Person Interviewed
	Operator
Comments
	We contacted the company and the operator verified some of the information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.91
UK Pound	1	Rs.73.06
Euro	1	Rs.64.03

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