MIRA INFORM REPORT

Report Date :

18.05.2011

Note:

The address in the report is the companies registered address. The address provided in the order is their Unregistered Trading Address.

IDENTIFICATION DETAILS

Name :	LAURA ASHLEY LIMITED
Registered Office :	27 Bagleys Lane, London, Fulham Sw6 2qa
Country :	United Kingdom
Financials (as on) :	30.01.2010
Date of Incorporation :	31.03.1954
Com. Reg. No.:	00531301
Legal Form :	Private limited with Share Capital
Line of Business :	Manufacture of other textiles (not elsewhere classified)

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

Maximum Credit Limit :	£2,050,000
Status :	Good
Payment Behaviour :	No Complaints
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 Kingdom	a1	a1

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

Company summary

Bottom of Form

Top of Form

Company Name	LAURA ASHLEY LIMITED	Company Number	00531301
Registered Address	27 BAGLEYS LANE	Trading Address	27 Bagleys Lane London SW6 2QA
	LONDON
	FULHAM
	SW6 2QA
		Unregistered Trading Address	Unit A Vastre Enterprise Prak Newtown Powys Wales SY 16 1 DZ, United Kingdom
Website Address	http://www.lauraashley.com
Telephone Number	01905734634	Fax Number
TPS	No	FPS	No
Incorporation Date	31/03/1954	Company Status	Active - Accounts Filed
Previous Name		Type	Private limited with Share Capital
		Filing Date of Accounts	25/10/2010
Date of Change	-	Share Capital	£23,724,666
Sic Code	1754	Currency	GBP
Sic Description	MANUFACTURE OF OTHER TEXTILES (NOT ELSEWHERE CLASSIFIED)
Principal Activity	Design, sourcing, distribution and sale of garments, accessories, fabrics and home furnishings.

Accounts Due Date 31/10/2011

Credit Limit

Limit	£2,050,000	Previous Limit	£2,150,000
Contract Limit	£50,000,000

Commentary

Multiple CCJ's recorded against the company.
The credit limit on this company has fallen 4.7% in comparison to the previously suggested credit limit.
The previous 12 month trading period saw a rise in Sales of 3.1%.
In the previous 12 month trading period Net Worth increased by 41.7%.
A 47.7% growth in Total Assets occurred in the previous 12 month trading period.
Pre-tax profits increased by 5.8% in the previous 12 month trading period.
The company saw an increase in their Cash Balance of 281.8% in the previous 12 month trading period.
The audit report contains no adverse comments.
The company has undergone recent changes in its directorships.
The company is part of a group.
The company was established over 57 years ago.

Last 3 Years Credit Limit

Date	Limit
31/12/2010	£2,150,000
31/12/2009	£2,000,000
31/12/2008	£4,500,000

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
30/01/2010	£262,278,000	£20,588,000	£65,996,000	2235
31/01/2009	£254,279,000	£19,462,000	£46,563,000	2405
26/01/2008	£236,062,000	£26,524,000	£43,215,000	2070

CCJ

Total Number of Exact CCJs -	3	Total Value of Exact CCJs -	£2,967
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	1	Total Value of Satisfied CCJs -	£329
Total Number of Writs -	0

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
15/09/2009	NORTHAMPTON CCBC	£329	Satisfied	9QZ18626	05/11/2009
27/05/2009	COVENTRY	£1,264	Judgement	9CV00349	-
06/05/2009	NORTHAMPTON CCBC	£1,370	Judgement	9QT47089	-
20/03/2009	COLCHESTER	£333	Judgement	9CO00351	-

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	2
Satisfied	29

Total Current Directors	6
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	39

Current Directors

Name	Lillian Tan	Date of Birth	18/09/1954
Officers Title	Ms	Nationality	Malaysian
Present Appointments	6	Function	Director
Appointment Date	05/01/2005
Address	27 Bagleys Lane,  London,  Fulham,  SW6 2QA
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Clive George Barrett	Date of Birth	21/11/1950
Officers Title	Mr	Nationality	Australian
Present Appointments	6	Function	Director
Appointment Date	05/12/2008
Address	27 Bagleys Lane,  London,  Fulham,  SW6 2QA
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Sean Thomas Anglim	Date of Birth	05/06/1963
Officers Title	Mr	Nationality	Irish
Present Appointments	6	Function	Director
Appointment Date	14/11/2006
Address	9 Pickering Court Granville Road,  Wood Green,  London,  N22 5LZ
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Leonard Kevin Chandran Sebastian	Date of Birth	05/04/1969
Officers Title	Mr	Nationality	Malaysian
Present Appointments	2	Function	Director
Appointment Date	13/08/2008
Address	27 Bagleys Lane,  London,  Fulham,  SW6 2QA
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Nicos Kaloyirou	Date of Birth	02/08/1961
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	05/12/2008
Address	27 Bagleys Lane,  London,  Fulham,  SW6 2QA
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Sean Thomas Anglim	Date of Birth	05/06/1963
Officers Title	Mr	Nationality	Irish
Present Appointments	5	Function	Director
Appointment Date	14/11/2006
Address	27 Bagleys Lane,  London,  Fulham,  SW6 2QA
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Kien Mun Ho	Date of Birth	-
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Company Secretary
Appointment Date	01/10/2009
Address	27 Bagleys Lane,  Fulham,  London,  SW6 2QA
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Individual Share Value
LAURA ASHLEY HOLDINGS PLC	23,724,666 ORDINARY GBP 1.00

Profit & Loss

Date Of Accounts	30/01/10	(%)	31/01/09	(%)	26/01/08	(%)	27/01/07	(%)	31/01/06
Weeks	52	(%)	53	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£262,278,000	3.1%	£254,279,000	7.7%	£236,062,000	6.5%	£221,756,000	6.5%	£208,182,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£150,095,000	-	£141,316,000	-	£128,589,000	-	£125,549,000	2.5%	£122,487,000
Gross Profit	£112,183,000	-0.7%	£112,963,000	5.1%	£107,473,000	11.7%	£96,207,000	12.3%	£85,695,000
Wages & Salaries	£38,266,000	-5.8%	£40,608,000	9%	£37,255,000	9.2%	£34,116,000	4.2%	£32,729,000
Directors Emoluments	£694,000	-24.3%	£917,000	85.3%	£495,000	13.8%	£435,000	-3.8%	£452,000
Operating Profit	-£95,197,000	-879%	£12,220,000	-30%	£17,462,000	54.7%	£11,290,000	104.8%	£5,514,000
Depreciation	£4,506,000	-1%	£4,551,000	28.2%	£3,550,000	-25.3%	£4,753,000	-12.3%	£5,417,000
Audit Fees	£100,000	-	£100,000	-	£100,000	-	£100,000	-42.9%	£175,000
Interest Payments	£547,000	344.7%	£123,000	925%	£12,000	-93.6%	£187,000	-56%	£425,000
Pre Tax Profit	£20,588,000	5.8%	£19,462,000	-26.6%	£26,524,000	40.7%	£18,851,000	97.9%	£9,526,000
Taxation	-£1,575,000	-60.1%	-£984,000	66.7%	-£2,956,000	-132%	-£1,274,000	-171.1%	-£470,000
Profit After Tax	£19,013,000	2.9%	£18,478,000	-21.6%	£23,568,000	34.1%	£17,577,000	94.1%	£9,056,000
Dividends Payable	-	-100%	£15,000,000	87.5%	£8,000,000	-46.7%	£15,000,000	41.5%	£10,600,000
Retained Profit	£19,013,000	446.7%	£3,478,000	-77.7%	£15,568,000	504.1%	£2,577,000	266.9%	-£1,544,000

Balance Sheet

Date Of Accounts	30/01/10	(%)	31/01/09	(%)	26/01/08	(%)	27/01/07	(%)	31/01/06
Tangible Assets	£34,065,000	-7.2%	£36,693,000	9.3%	£33,567,000	17.5%	£28,566,000	1.5%	£28,135,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£34,065,000	-7.2%	£36,693,000	9.3%	£33,567,000	17.5%	£28,566,000	1.5%	£28,135,000
Stock	£42,786,000	-9.8%	£47,448,000	38.7%	£34,198,000	7.3%	£31,868,000	6.9%	£29,812,000
Trade Debtors	£8,473,000	8.1%	£7,839,000	-30.5%	£11,285,000	6.5%	£10,599,000	25.8%	£8,427,000
Cash	£13,987,000	281.8%	£3,663,000	-48.6%	£7,120,000	-64%	£19,773,000	67.5%	£11,805,000
Other Debtors	£307,715,000	74.4%	£176,483,000	34.5%	£131,221,000	46.2%	£89,734,000	19.7%	£74,987,000
Miscellaneous Current Assets	0	-100%	£3,489,000	128.3%	£1,528,000	-	0	-100%	£219,000
Total Current Assets	£372,961,000	56.1%	£238,922,000	28.9%	£185,352,000	22%	£151,974,000	21.3%	£125,250,000
Trade Creditors	£21,526,000	-2.7%	£22,115,000	1.7%	£21,754,000	14.5%	£18,993,000	9.6%	£17,329,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£183,596,000	15.1%	£159,548,000	48.1%	£107,751,000	12%	£96,226,000	20.2%	£80,057,000
Miscellaneous Current Liabilities	£129,146,000	211.6%	£41,443,000	2.9%	£40,256,000	48.2%	£27,164,000	39.7%	£19,446,000
Total Current Liabilities	£334,268,000	49.8%	£223,106,000	31.4%	£169,761,000	19.2%	£142,383,000	21.9%	£116,832,000
Bank Loans & Overdrafts and LTL	£6,762,000	13.7%	£5,946,000	0.1%	£5,943,000	-43.5%	£10,510,000	-8.5%	£11,483,000
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£6,762,000	13.7%	£5,946,000	0.1%	£5,943,000	-43.5%	£10,510,000	-8.5%	£11,483,000

Capital & Reserves

Date Of Accounts	30/01/10	(%)	31/01/09	(%)	26/01/08	(%)	27/01/07	(%)	31/01/06
Called Up Share Capital	£23,725,000	-	£23,725,000	-	£23,725,000	-	£23,725,000	-	£23,725,000
P & L Account Reserve	£42,271,000	85.1%	£22,838,000	17.2%	£19,490,000	396.9%	£3,922,000	191.6%	£1,345,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£65,996,000	41.7%	£46,563,000	7.7%	£43,215,000	56.3%	£27,647,000	10.3%	£25,070,000

Other Financial Items

Date Of Accounts	30/01/10	(%)	31/01/09	(%)	26/01/08	(%)	27/01/07	(%)	31/01/06
Net Worth	£65,996,000	41.7%	£46,563,000	7.7%	£43,215,000	56.3%	£27,647,000	10.3%	£25,070,000
Working Capital	£38,693,000	144.6%	£15,816,000	1.4%	£15,591,000	62.6%	£9,591,000	13.9%	£8,418,000
Total Assets	£407,026,000	47.7%	£275,615,000	25.9%	£218,919,000	21.3%	£180,540,000	17.7%	£153,385,000
Total Liabilities	£341,030,000	48.9%	£229,052,000	30.4%	£175,704,000	14.9%	£152,893,000	19.2%	£128,315,000
Net Assets	£65,996,000	41.7%	£46,563,000	7.7%	£43,215,000	56.3%	£27,647,000	10.3%	£25,070,000

Cash Flow

Date Of Accounts	30/01/10	(%)	31/01/09	(%)	26/01/08	(%)	27/01/07	(%)	31/01/06
Net Cashflow from Operations	£12,100,000	185.8%	£4,234,000	265.7%	-£2,555,000	-119.1%	£13,392,000	-	-
Net Cashflow before Financing	£10,324,000	398.6%	-£3,457,000	72.7%	-£12,653,000	-258.8%	£7,968,000	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	£10,324,000	398.6%	-£3,457,000	72.7%	-£12,653,000	-258.8%	£7,968,000	-	-

Miscellaneous

Date Of Accounts	30/01/10	(%)	31/01/09	(%)	26/01/08	(%)	27/01/07	(%)	31/01/06
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£72,758,000	38.6%	£52,509,000	6.8%	£49,158,000	28.8%	£38,157,000	4.4%	£36,553,000
Number of Employees	2235	-7.1%	2405	16.2%	2070	4.5%	1980	2.1%	1940
Auditors	CHANTREY VELLACOTT DFK LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	HSBC BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	30/01/10	31/01/09	26/01/08	27/01/07	31/01/06
Pre-tax profit margin %	7.85	7.65	11.24	8.50	4.58
Current ratio	1.12	1.07	1.09	1.07	1.07
Sales/Net Working Capital	6.78	16.08	15.14	23.12	-
Gearing %	10.20	12.80	13.80	38	45.80
Equity in %	16.20	16.90	19.70	15.30	16.30
Creditor Days	29.87	32.26	33.54	31.18	30.38
Debtor Days	11.75	11.43	17.40	17.40	14.77
Liquidity/Acid Test	0.98	0.85	0.89	0.84	0.82
Return On Capital Employed %	28.29	37.06	53.95	49.40	26.06
Return On Total Assets Employed %	5.05	7.06	12.11	10.44	6.21
Current Debt Ratio	5.06	4.79	3.92	5.15	4.66
Total Debt Ratio	5.16	4.91	4.06	5.53	5.12
Stock Turnover Ratio %	16.31	18.65	14.48	14.37	14.32
Return on Net Assets Employed %	31.19	41.79	61.37	68.18	38

Status History

No Status History found

Event History

Date	Description
04/01/2011	Annual Returns
30/10/2010	New Accounts Filed
22/09/2010	New Board Member Mr S.T. Anglim appointed
21/12/2009	Annual Returns
09/11/2009	New Accounts Filed
09/11/2009	New Accounts Filed
20/10/2009	Ms R.A. Navarednam has left the board
20/10/2009	Ms R.A. Navarednam has resigned as company secretary
20/10/2009	New Company Secretary Mr K.M. Ho appointed
11/12/2008	Mr D.R. Cook has left the board
11/12/2008	New Board Member Mr N. Kaloyirou appointed
11/12/2008	New Board Member Mr C. Barrett appointed
28/09/2008	New Board Member Mr L.K. Sebastian appointed
22/08/2008	New Accounts Filed
10/01/2008	Mr J.K. Jones has left the board

Limit History

Date	Limit
04/01/2011	£2,050,000
23/12/2010	£2,150,000
30/10/2010	£2,200,000
22/09/2010	£2,050,000
21/12/2009	£2,000,000
09/12/2009	£1,850,000
20/10/2009	£1,700,000
18/09/2009	£1,750,000
08/06/2009	£1,350,000
08/05/2009	£1,650,000

Previous Company Names

No Previous Names found

Holding Company	LAURA ASHLEY HOLDINGS PLC	Ownership Status	Wholly Owned
Ultimate Holding Company	LAURA ASHLEY HOLDINGS PLC	Companies in group	8

Group structure

Company Name	Safe Number	Registered Number	Latest Key Financials	Consol. Accounts	Rating	Limit	Turnover
LAURA ASHLEY HOLDINGS PLC	UK00685053	01012631	31.01.2010	N	96	£2,150,000
LAURA ASHLEY LIMITED	UK00214185	00531301	30.01.2010	N	94	£2,050,000	£262,278,000
PREMIER HOME LOGISTICS LIM...	UK03962418	04313286	30.01.2010	N	84	£100,000	£7,350,400
TEXPLAN MANUFACTURING LIMITED	UK02770852	03111631	31.01.2010	N	93	£125,000	£16,039,630
LAURA ASHLEY INVESTMENTS LIM...	UK03015490	03357408	30.01.2010	N	78	£27,500	£12,742,590
LAURA ASHLEY (IRELAND) LIM...	IE00059449	IE065317	30.01.2010	N	91	€100,000	€9,882,608
ASHLEY SHOPS LIMITED	UK00605080	00931849	30.01.2010	N	N/R	-
BAGLEYS INVESTMENTS LIMITED	UK01614617	01948734	30.01.2010	N	N/R	-

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.07
UK Pound	1	Rs.63.57
Euro	1	Rs.72.97

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.