MIRA INFORM REPORT

Report Date :

14.08.2012

IDENTIFICATION DETAILS

Name :	HOUSE OF FRASER LIMITED
Formerly Known As :	HOUSE OF FRASER PLC
Registered Office :	Granite House, 31 Stockwell Street , Glasgow, G1 4rz
Country :	United Kingdom
Financials (as on) :	28.01.2012
Date of Incorporation :	11.12.1941
Com. Reg. No.:	SC021928
Legal Form :	Private limited with Share Capital
Line of Business :	Investment Holding Company
No. of Employees :	02

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
United Kingdom	A1	A1

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

REGISTERED NAME & COMPANY SUMMARY

Company Name	HOUSE OF FRASER LIMITED	Company Number	SC021928
Registered Address	GRANITE HOUSE	Trading Address	27 Baker Street London London W1U 8AH
	31 STOCKWELL STREET
	GLASGOW
	G1 4RZ
Website Address	http://www.houseoffraser.co.uk
Telephone Number	08448003725	Fax Number
TPS	No	FPS	No
Incorporation Date	11/12/1941	Company Status	Active - Accounts Filed
Previous Name	HOUSE OF FRASER PLC	Type	Private limited with Share Capital
Date of Change	08/11/2006	Filing Date of Accounts	24/05/2012
		Share Capital	£57,603,398
SIC03	7415	Currency	GBP
SIC03 Description	HOLDING COMPANIES
SIC07	70100
SIC07 Description	ACTIVITIES OF HEAD OFFICES
Principal Activity	Investment holding company.

DIRECTORS/MANAGEMENT

Directors

Total Current Directors	6
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	41

Current Directors

Name	Mark Anthony Gifford	Date of Birth	23/02/1965
Officers Title	Mr	Nationality	British
Present Appointments	59	Function	Director
Appointment Date	27/11/2007
Address	Granite House 31 Stockwell Street,  ,  Glasgow,  G1 4RZ
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Donald McCarthy	Date of Birth	19/06/1955
Officers Title	Mr	Nationality	British
Present Appointments	60	Function	Director
Appointment Date	08/11/2006
Address	Granite House 31 Stockwell Street,  ,  Glasgow,  G1 4RZ
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Stefan John Cassar	Date of Birth	02/01/1964
Officers Title	Mr	Nationality	British
Present Appointments	13	Function	Director
Appointment Date	08/03/2012
Address	27 Baker Street,  ,  London,  W1U 8AH
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	John King	Date of Birth	01/06/1962
Officers Title	Mr	Nationality	British
Present Appointments	56	Function	Director
Appointment Date	20/12/2006
Address	Granite House 31 Stockwell Street,  ,  Glasgow,  G1 4RZ
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Jim McMahon	Date of Birth	08/03/1949
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	08/03/2012
Address	Marathon House Olympic Business Park,  Drybridge,  Dundonald,  KA2 9AE
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Stuart Rose	Date of Birth	23/04/1971
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	08/03/2012
Address	London Branch, 1st Floor,  Cannon Street,  London,  EC4N 6NP
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Peter Geoffrey Hearsey	Date of Birth	04/06/1965
Officers Title	Mr	Nationality	British
Present Appointments	58	Function	Company Secretary
Appointment Date	18/02/1998
Address	Granite House 31 Stockwell Street,  ,  Glasgow,  G1 4RZ
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Directors

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
George Willoughby	2	21
Michael Bliss	2	4
Graham Wallace Jones	0	3
Robert John Hampson	0	5
Susan Jerman	7	75
Paul Bryan Livesey	0	6
William Aleck Craddock	0	4
Norman Muirhead Hogben	0	4
Anthony Chatterton Lorkin	11	16
Murdoch Mcdonald McMaster	1	2
Mohamed Al Fayed	16	17
Ali Fayed	4	15
Brian Dennis McGowan	7	9
Anne Claire Siddell	64	38
David Royston Webb	5	28
James Michael Walsh	2	18
Ronald Findlay Craig	0	2
Robert Neil Shrager	3	33
Jeffrey William Herbert	5	26
David Martin Simons	7	45
Andrew Richard Jennings	0	8
Stephen Hibbert	1	13
William Mathieson	0	28
Peter Bollicier	0	12
Paul Taylor	1	5
James Ralph Parnell Davies	42	86
Ann Gordon Dugdale	0	5
Ian Alexander Martin	3	29
Mary Quant	0	1
David Alexander Robertson Adams	13	109
David Alexander Robertson Adams	13	109
John Coleman	2	37
Stanley William Frith	8	14
John Michael Wemms	2	16
Jon Asgeir Johannesson	0	37
Tony Charles Hancock	0	3
Gunnar Sigurdsson	4	114
Adam Dominic Bradley Shaw	17	23
Richard John Scott	18	87
Ian David Coull	5	44
Karen Jayne Morris	0	1

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	1	Total Value of Satisfied CCJs -	£1,467
Total Number of Writs -	-

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	3
Satisfied	10

Full CCJ Details

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
05/05/2009	BARNET	£1,467	Satisfied	9BT01226	24/06/2009

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Individual Share Value
HIGHLAND ACQUISITIONS LTD	288,016,989 ORDINARY GBP 0.20

PAYMENT INFORMATION

Summary – Payment History

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
28/01/2012	-	-	£1,000,000	2
29/01/2011	-	-	-£9,000,000	2
30/01/2010	-	-	-£9,000,000	2

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

12	10
Company DBT	UK Average DBT

Steady

Improving Worsening

Be the first to leave a payment experience
for this company

Within Terms 91+ Days

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade Debtors / Bad Debt -	5
Total Value of Documented Trade Debtors / Bad Debt -	£5,505

Creditor & Debtor Details

Creditor Details

No Creditor Data

Total Value

-

Trade Debtors / Bad Debt Detail

Company Name	Amount	Statement Date
Pinch Events Limited	£2,264	18/02/2010
Thanksdarling Ltd	£2,025	26/04/2011
Living UK Ltd	£471	22/02/2012
Spa Trading Limited	£411	12/05/2010
Max C Limited	£334	19/04/2012

Total Value

£5,505

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Statistics

Group	22 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	HIGHLAND ACQUISITIONS LIMITED
Ownership Status	Intermediately Owned
Ultimate Holding Company	HIGHLAND GROUP HOLDINGS LIMITED

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
HIGHLAND GROUP HOLDINGS LIMITED	05845860	28.01.2012	Y	£685,600,000
HIGHLAND ACQUISITIONS LIMITED	05797766	28.01.2012	N
HOUSE OF FRASER (FUNDING) PLC	07591937	28.01.2012	N
HOUSE OF FRASER LIMITED	SC021928	28.01.2012	N
HOUSE OF FRASER (STORES...	02043318	28.01.2012	N
HOUSE OF FRASER (STORES)...	SC010677	29.01.2011	N	£617,900,000
CRIMINAL CLOTHING LTD.	04184750	28.01.2012	N
DICKINS & JONES LIMITED	00130071	28.01.2012	N
HOUSE OF FRASER (INVES...	SC264549	28.01.2012	N
TEC7 LIMITED	06023452	28.01.2012	N
HOUSE OF FRASER TRUSTEES...	02861189	28.01.2012	N
HOUSE OF FRASER (PIH) LI...	05953622	28.01.2012	N
HOF PROPERTY INVESTMEN...	04098383	28.01.2012	N
BL FRASER LIMITED	03689769	29.01.2011	Y
BLF (CAMBERLEY) 1...	03937512	29.01.2011	N
BLF (GRIMSBY) 8 LI...	03938581	29.01.2011	N
BLF (HULL) 9 LIMITED	03938650	29.01.2011	N
HOUSE OF FRASER (STORECA...	05984333	28.01.2012	N
HOUSE OF FRASER (FINAN...	04089208	28.01.2012	N
JAMES BEATTIE LIMITED	00176533	29.01.2011	N	£34,900,000
BEATTIES (WOLVERHAMPTO...	00620139	07.04.2012	N
JENNERS, PRINCES STREET,...	SC281593	28.01.2012	N

Linkages

Statistics

Group	22 companies
Linkages	0 companies
Countries	In 0 countries

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	24/01/09	(%)	26/01/08
Weeks	52	(%)	52	(%)	53	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	-	-	-	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	£200,000	-	£200,000	-	£200,000	-	£200,000	-	£200,000
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	-	-	-	-	-	-100%	£300,000	-87%	£2,300,000
Depreciation	-	-	-	-	-	-	-	-	-
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-100%	£500,000	66.7%	£300,000
Pre Tax Profit	-	-	-	-	-	100%	-£87,100,000	-999.9%	£2,000,000
Taxation	-	-	-	-	-	-	-	100%	-£600,000
Profit After Tax	-	-	-	-	-	100%	-£87,100,000	-999.9%	£1,400,000
Dividends Payable	-	-	-	-	-	-100%	£171,900,000	-	-
Retained Profit	-	-	-	-	-	100%	-£259,000,000	-999.9%	£1,400,000

Balance Sheet

Date Of Accounts	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	24/01/09	(%)	26/01/08
Tangible Assets	£305,900,000	219%	£95,900,000	26.4%	£75,900,000	-	£75,900,000	-48.6%	£147,800,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£305,900,000	219%	£95,900,000	26.4%	£75,900,000	-	£75,900,000	-48.6%	£147,800,000
Stock	0	-	0	-	0	-	0	-	0
Trade Debtors	0	-	0	-	0	-	0	-	0
Cash	£18,500,000	351.2%	£4,100,000	46.4%	£2,800,000	-56.3%	£6,400,000	-46.2%	£11,900,000
Other Debtors	£46,100,000	-0.4%	£46,300,000	-	£46,300,000	0.2%	£46,200,000	-73.6%	£175,100,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£64,600,000	28.2%	£50,400,000	2.6%	£49,100,000	-6.7%	£52,600,000	-71.9%	£187,000,000
Trade Creditors	0	-	0	-	0	-	0	-	0
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£363,800,000	140.6%	£151,200,000	15.4%	£131,000,000	-4.7%	£137,400,000	64.2%	£83,700,000
Miscellaneous Current Liabilities	£5,700,000	39%	£4,100,000	36.7%	£3,000,000	999.9%	£100,000	-90.9%	£1,100,000
Total Current Liabilities	£369,500,000	137.9%	£155,300,000	15.9%	£134,000,000	-2.5%	£137,500,000	62.1%	£84,800,000
Bank Loans & Overdrafts and LTL	0	-	0	-	0	-	0	-	0
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	0	-	0	-	0	-	0	-	0

Capital & Reserves

Date Of Accounts	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	24/01/09	(%)	26/01/08
Called Up Share Capital	£57,600,000	21%	£47,600,000	-	£47,600,000	-	£47,600,000	-	£47,600,000
P & L Account Reserve	-£87,100,000	-	-£87,100,000	-	-£87,100,000	-	-£87,100,000	-150.7%	£171,900,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£30,500,000	-	£30,500,000	-	£30,500,000	-	£30,500,000	-	£30,500,000
Shareholder Funds	£1,000,000	111.1%	-£9,000,000	-	-£9,000,000	-	-£9,000,000	-103.6%	£250,000,000

Other Financial Items

Date Of Accounts	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	24/01/09	(%)	26/01/08
Net Worth	£1,000,000	111.1%	-£9,000,000	-	-£9,000,000	-	-£9,000,000	-103.6%	£250,000,000
Working Capital	-£304,900,000	-190.7%	-£104,900,000	-23.6%	-£84,900,000	-	-£84,900,000	-183.1%	£102,200,000
Total Assets	£370,500,000	153.2%	£146,300,000	17%	£125,000,000	-2.7%	£128,500,000	-61.6%	£334,800,000
Total Liabilities	£369,500,000	137.9%	£155,300,000	15.9%	£134,000,000	-2.5%	£137,500,000	62.1%	£84,800,000
Net Assets	£1,000,000	111.1%	-£9,000,000	-	-£9,000,000	-	-£9,000,000	-103.6%	£250,000,000

Cash Flow

Date Of Accounts	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	24/01/09	(%)	26/01/08
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	28/01/12	(%)	29/01/11	(%)	30/01/10	(%)	24/01/09	(%)	26/01/08
Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
Capital Employed	£1,000,000	111.1%	-£9,000,000	-	-£9,000,000	-	-£9,000,000	-103.6%	£250,000,000
Number of Employees	2	-	2	-	2	-	2	-	2
Auditors	DELOITTE LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	CLYDESDALE BANK
Bank Branch Code

Ratios

Date Of Accounts	28/01/12	29/01/11	30/01/10	24/01/09	26/01/08
Pre-tax profit margin %	-	-	-	-	-
Current ratio	0.17	0.32	0.37	0.38	2.21
Sales/Net Working Capital	-	-	-	-	-
Gearing %	0	0	0	0	0
Equity in %	0.30	-6.20	-7.20	-7	74.70
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	0.17	0.32	0.36	0.38	2.20
Return On Capital Employed %	-	-	-	967.77	0.80
Return On Total Assets Employed %	-	-	-	-67.78	0.59
Current Debt Ratio	369.50	-17.25	-14.88	-15.27	0.33
Total Debt Ratio	369.50	-17.25	-14.88	-15.27	0.33
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	967.77	0.80

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Commentary

CCJ recorded against the company.
There is insufficient data to indicate a change in this companies percentage of sales.
Net Worth increased by 111.1% during the latest trading period.
A 153.2% growth in Total Assets occurred during the latest trading period.
There is insufficient data to indicate a change in this companies pre-tax profit.
The company saw an increase in their Cash Balance of 351.2% during the latest 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 70 years ago.

Status History

No Status History found

Event History

Date	Description
02/06/2012	New Accounts Filed
02/06/2012	New Accounts Filed
26/04/2012	New Board Member Mr S. Rose appointed
19/04/2012	New Board Member Mr S. Rose appointed
19/04/2012	New Board Member Mr J. McMahon appointed
26/03/2012	New Board Member Mr S.J. Cassar appointed
11/11/2011	Annual Returns
10/08/2011	Ms K.J. Morris has left the board
05/08/2011	Mr G. Sigurdsson has left the board
05/07/2011	New Accounts Filed
05/07/2011	New Accounts Filed
29/04/2011	New Board Member Ms K.J. Morris appointed
04/01/2011	Annual Returns
13/10/2010	New Accounts Filed
13/10/2010	New Accounts Filed

Limit History

Date	Limit
02/06/2012	£1,450,000
23/04/2011	£60,000
12/02/2011	£47,000
13/10/2010	£60,000
11/10/2010	£0
21/01/2010	£60,000
28/11/2009	£0
14/11/2009	£0
26/06/2009	£9,150,000
08/05/2009	£6,500,000

Previous Company Names

Date	Previous Name
08/11/2006	HOUSE OF FRASER PLC

Mortgage Details

Mortgage Details

Mortgage Type:	FLOATING CHARGE
Date Charge Created:	31/05/11
Date Charge Registered:	17/06/11
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL SUMS DUE OR TO BECOME DUE
Details:	UNDERTAKING & ALL PROPERTY & ASSETS PRESENT & FUTURE, INCLUDING UNCALLED CAPITAL

Mortgage Type:	DEBENTURE
Date Charge Created:	31/05/11
Date Charge Registered:	17/06/11
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL SUMS DUE OR TO BECOME DUE
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLU DING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

Mortgage Type:	DEBENTURE
Date Charge Created:	05/01/09
Date Charge Registered:	17/06/11
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	GE CAPITAL GLOBAL CONSUMER FINANCE LIMITED
Amount Secured:
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLU DING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

Mortgage Type:	FLOATING CHARGE
Date Charge Created:	20/11/06
Date Charge Registered:	01/12/06
Date Charge Satisfied:	22/07/11
Status:	SATISFIED
Person(s) Entitled:	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
Amount Secured:
Details:	UNDERTAKING AND ALL PROPERTY AND ASSETSPRESENT AND FUTURE OF THE COMPANY INCLUDING UNCALLED CAPITAL

Mortgage Type:	FLOATING CHARGE
Date Charge Created:	20/11/06
Date Charge Registered:	01/12/06
Date Charge Satisfied:	17/06/11
Status:	SATISFIED
Person(s) Entitled:	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
Amount Secured:
Details:	UNDERTAKING AND ALL PROPERTY AND ASSETSPRESENT AND FUTURE OF THE COMPANY INCLUDING UNCALLED CAPITAL

Mortgage Type:	STANDARD SECURITY
Date Charge Created:	27/01/94
Date Charge Registered:	01/02/94
Date Charge Satisfied:	12/05/94
Status:	SATISFIED
Person(s) Entitled:	SAMUEL MONTAGU & CO LIMITED AS TRUSTEE
Amount Secured:	ALL SUMS DUE OR TO BECOME DUE
Details:	108, 116, 120 ARGYLE STREET, GLASGOW AND 10/16(E) BUCHANAN STREET, GLASGOW

Mortgage Type:	STANDARD SECURITY
Date Charge Created:	08/11/93
Date Charge Registered:	25/11/93
Date Charge Satisfied:	12/05/94
Status:	SATISFIED
Person(s) Entitled:	SAMUEL MONTAGU & CO LIMITED AS TRUSTEE
Amount Secured:	ALL ACTUAL, CONTINGENT, PRESENT AND/OR F
Details:	108, 116, 188 AND 120 ARGYLE STREET AND10/16(E) BUCHANAN STREET, GLASGOW

Mortgage Type:	DEED OF PLEDGE
Date Charge Created:	30/04/93
Date Charge Registered:	12/05/93
Date Charge Satisfied:	16/05/94
Status:	SATISFIED
Person(s) Entitled:	SAMUEL MONTAGU & CO LIMITED AS TRUSTEE FOR AND ON ON BEHALF OF THE BENEFICIARIES
Amount Secured:	ALL SUMS DUE OR TO BECOME DUE
Details:	THE PLEDGOR PLEDGES, CHARGES AND ASSIGNS TO THE TRUSTEE THE SHARES AND ALL DIVIDENDS PAID OR PAYABLE AFTER THE DATE OF THE EXECUTION OF THE PLEDGE ON ALL OR ANY OF THE SHARES AND ALL STOCKS, SHARES, S ECURITIES, RIGHTS, MONEYS OR PROPERTY ACCRUING OR OFFERED AT ANY TIME BY WAY OFREDEMPTION, BONUS, PR EFERENCE, OPTION RIGHTS, WARRANT RIGHTS OR OTHERWISE TO ORIN RESPECT OF ANY OF THE SHARES OR IN SUBS TITUTION OR EXCHANGE FOR ANY OF THE SHARES.

Mortgage Type:	GUARANTEE AND DEBENTURE
Date Charge Created:	30/04/93A
Date Charge Registered:	13/05/93
Date Charge Satisfied:	16/05/94
Status:	SATISFIED
Person(s) Entitled:	SAMUEL MONTAGU & CO LIMITED AS TRUSTEE FOR THE BENEFICIARIES
Amount Secured:	ALL SUMS DUE OR TO BECOME DUE
Details:	SEE PAGE 2 OF DOC PAPER APART

Mortgage Type:	STANDARD SECURITY
Date Charge Created:	07/05/93
Date Charge Registered:	13/05/93
Date Charge Satisfied:	12/05/94
Status:	SATISFIED
Person(s) Entitled:	SAMUL MONTAGU & CO LIMITED AS TRUSTEE FOR THE BENEFICIARIES
Amount Secured:	ALL SUMS DUE OR TO BECOME DUE
Details:	169/185 ARGYLE STREET, GLASGOW (TENANTS\ INTEREST), 106 DON STREET, ABERDEEN,194 ROSE STREET, EDINB URGH

Mortgage Type:	BOND & FLOATING CHARGE
Date Charge Created:	30/04/93
Date Charge Registered:	12/05/93
Date Charge Satisfied:	16/05/94
Status:	SATISFIED
Person(s) Entitled:	SAMUEL MONTAGUE & CO LIMITED AS TRUSTEE FOR THE BENEFICIARIES
Amount Secured:	ALL SUMS DUE OR TO BECOME DUE
Details:	UNDERTAKING AND ALL PROPERTY AND ASSETSPRESENT AND FUTURE OF THE COMPANY INCLUDING UNCALLED CAPITAL

Mortgage Type:	TRANSFER OF PROPERTY
Date Charge Created:	21/04/88
Date Charge Registered:	10/05/88
Date Charge Satisfied:	12/05/94
Status:	SATISFIED
Person(s) Entitled:	HOUSE OF FRASER PROPERTY INVESTMENT PLC
Amount Secured:	ALL SUMS DUE OR TO BECOME DUE
Details:	63-97 KENSINGTON HIGH ST., LONDON

Mortgage Type:	TRANSFER OF PROPERTY
Date Charge Created:	21/04/88
Date Charge Registered:	10/05/88
Date Charge Satisfied:	12/05/94
Status:	SATISFIED
Person(s) Entitled:	SAMUEL MONTAGUE & CO. LTD
Amount Secured:	ALL SUMS DUE OR TO BECOME DUE
Details:	63-67 KENSINGTON HIGH ST., LONDON

NOTES & COMMENTS

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.42
UK Pound	1	Rs.86.78
Euro	1	Rs.68.03

INFORMATION DETAILS

Report Prepared by :

MNL

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.