MIRA INFORM REPORT

Report Date :

07.02.2012

IDENTIFICATION DETAILS

Name :	ELEGANZE LTD.

Registered Office :	Unit B, Royle Pennine Trading Estate, Lynroyle Way, Rochdale, OL11 3EX

Country :	United Kingdom

Financials (as on) :	30.04.2011

Date of Incorporation :	14.04.1988

Com. Reg. No.:	02244036

Legal Form :	Private Independent

Line of Business :	Wholesaler, retailer and concession retailer of ladies outerwear.

No. of Employees :	268

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

United Kingdom

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

Company name and address

Eleganze Ltd.

Unit B

Royle Pennine Trading Estate

Lynroyle Way

Rochdale, OL11 3EX

United Kingdom

(Trading Address)

Employees:	268
Company Type:	Private Independent

Quoted Status:	Non-quoted Company
Incorporation Date:	14-Apr-1988
Auditor:	Edwards Veeder (Oldham) LLP

Fiscal Year End:	30-Apr-2011
Reporting Currency:	British Pound Sterling
Annual Sales:	26.0 ¹
Net Income:	0.0
Total Assets:	14.3

Tel:	01706868002
Fax:	01706868001

Business Description

Wholesaler, retailer and concession retailer of ladies outerwear

Industry

Industry	Retail (Apparel)
ANZSIC 2006:	4251 - Clothing Retailing
NACE 2002:	5242 - Retail sale of clothing
NAICS 2002:	4481 - Clothing Stores
UK SIC 2003:	5242 - Retail sale of clothing
US SIC 1987:	5651 - Family Clothing Stores

Key Executives

Name	Title
Rosalind Myra Barnett	Secretary
Arnold Raphael Barnett	Director
David Jonathon Barnett	Director
David Walter Griffin	Director

Financial Summary

FYE: 30-Apr-2011

USD (mil)

Key Figures
Current Assets	13.92
Fixed Assets	0.39
Total Liabilities	7.68
Net Worth	6.13

Key Ratios
Current Ratio	1.81
Acid Test	0.89

Registered No.(UK):

02244036

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6400078

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.5995383

Location
Unit B
Royle Pennine Trading Estate
Lynroyle Way
Rochdale, OL11 3EX
Greater Manchester County
United Kingdom

Tel:	01706868002
Fax:	01706868001

Sales GBP(mil):	16.7
Assets GBP(mil):	8.6
Employees:	268
Fiscal Year End:	30-Apr-2011


Industry:	Retail (Apparel)

Corporate overview

Registered Address:
Unit B
Royle Pennine Trading Estate
Rochdale, OL11 3EX
United Kingdom

Incorporation Date:	14-Apr-1988
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(UK):	02244036


Director:	Arnold Raphael Barnett

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
4251	-	Clothing Retailing

NACE 2002 Codes:
5242	-	Retail sale of clothing

NAICS 2002 Codes:
4481	-	Clothing Stores

US SIC 1987:
5651	-	Family Clothing Stores

UK SIC 2003:

5242

Retail sale of clothing

Business Description

Wholesaler, retailer and concession retailer of ladies outerwear.

More Business Descriptions

Representative Office

Financial Data

Financials in:	GBP(mil)

Revenue:	16.7
Net Income:	0.0
Assets:	8.6
Current Assets:	8.3
Fixed Assets:	0.2
Long Term Debt:	0.3
Total Liabilities:	4.9
Issued Capital:	0.0
Working Capital:	3.7
Net Worth:	3.7

Date of Financial Data:	30-Apr-2011

1 Year Growth

-0.8%

22.7%

Key Corporate Relationships

Auditor:	Edwards Veeder (Oldham) LLP
Bank:	Hsbc Bank PLC

Auditor:	Edwards Veeder (Oldham) LLP

	GBP(mil)
Audit Fees:	0.0
Audit Fiscal Year:	04-30-2011

Gazette Status

Description	Action Date	Publication	Publication Date
Claim Form	22-Aug-2007		27-Sep-2007

Board of Directors

Name

Title

Function

Arnold Raphael Barnett

Director

Director/Board Member

David Jonathon Barnett

Director

Director/Board Member

David Walter Griffin

Director

Director/Board Member

Executives

Name

Title

Function

Rosalind Myra Barnett

Secretary

Company Secretary

Directors AND SHAREHOLDERS Report

Main Office Address:
Unit B
Royle Pennine Trading Estate
Rochdale
United Kingdom OL11 3EX

Tel: 01706868002
Fax: 01706868001
URL: http://www.eleganze.com

Annual Return Date: 08 Nov 2010
Total Issued Capital (GBP 000): 1

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
David Jonathon Barnett	Current	17 Apr 1975	8 Ringley Hey, Whitefield, Manchester, Greater Manchester M45 7NU	23 Feb 1996	NA	Current:3 Previous:0 Disqualifications:0
David Walter Griffin	Current	24 Apr 1952	24 Linnell Drive, Rochdale, Greater Manchester OL11 5QP	16 May 2000	NA	Current:2 Previous:0 Disqualifications:0
Arnold Raphael Barnett	Current	09 Jan 1938	2 Parklands, Whitefield, Manchester, Greater Manchester M45 7WY	08 Nov 1991	NA	Current:1 Previous:0 Disqualifications:0
David Kilcourse	Previous	14 Jul 1938	22 Nordek Drive, Royton, Oldham, Greater Manchester OL2 5ST	08 Nov 1991	16 Dec 2004	Current:0 Previous:1 Disqualifications:0
Gurchait Singh Chima	Previous	28 Jan 1950	Norwood View 29 Norwood Park, Huddersfield, West Yorkshire HD2 2DU	08 Nov 1991	16 Feb 1996	Current:0 Previous:8 Disqualifications:0
Surjeet Singh Khela	Previous	04 Feb 1954	19 The Dell, Netheroyd Park Fixby, Huddersfield, West Yorkshire HD2 2FD	08 Nov 1991	16 Feb 1996	Current:1 Previous:24 Disqualifications:0
Kay Ruth Rowlands	Previous	10 Oct 1950	Pitfield Farm House, Pitfield Lane, Bolton, Greater Manchester BL2 3QL	NA	30 Mar 2000	Current:0 Previous:1 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
Rosalind Myra Barnett	Current	20 Oct 1947	2 Parklands, Whitefield, Manchester, Greater Manchester M45 7WY	16 Feb 1996	NA	Current:1 Previous:0 Disqualifications:0
Surjeet Singh Khela	Previous	04 Feb 1954	19 The Dell, Netheroyd Park Fixby, Huddersfield, West Yorkshire HD2 2FD	08 Nov 1991	16 Feb 1996	Current:1 Previous:24 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
A R Barnett	251 Ordinary GBP 1.00	Ordinary	251	1.00	251.00	24.09
A R Barnett	119 Ordinary GBP 1.00	Ordinary	119	1.00	119.00	11.42
A R Barnett	10 B Ordinary GBP 1.00	B Ordinary	10	1.00	10.00	0.96
D J Barnett	251 Ordinary GBP 1.00	Ordinary	251	1.00	251.00	24.09
D J Barnett	110 Ordinary GBP 1.00	Ordinary	110	1.00	110.00	10.56
D J Barnett	10 B Ordinary GBP 1.00	B Ordinary	10	1.00	10.00	0.96
L Kay	10 Ordinary GBP 1.00	Ordinary	10	1.00	10.00	0.96
S Barnett	20 A Ordinary GBP 1.00	A Ordinary	20	1.00	20.00	1.92
S Barnett	10 Ordinary GBP 1.00	Ordinary	10	1.00	10.00	0.96
S M Barnett	251 Ordinary GBP 1.00	Ordinary	251	1.00	251.00	24.09

Corporate Shareholders

There are no corporate shareholders for this company.

Financial Glossary

	30-Apr-2011	30-Apr-2010	30-Apr-2009	30-Apr-2008	30-Apr-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.640008	0.625491	0.607152	0.498433	0.523688
Consolidated	No	No	No	No	No

Total Turnover	26.0	26.5	27.5	-	-
Cost of Sales	-	14.7	15.0	-	-
Total Expenses	25.8	-	-	-	-
Gross Profit	-	11.9	12.6	15.1	12.1
Depreciation	0.3	0.4	0.4	0.5	0.6
Other Expenses	-	11.3	11.4	13.7	11.4
Operating Profit	0.2	-	-	1.5	-
Other Income	0.0	0.0	0.2	0.1	0.2
Interest Paid	0.0	0.0	0.0	0.1	0.2
Exceptional Income	0.0	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	-	0.0	0.0	0.0
Profit Before Taxes	0.2	0.5	1.3	1.5	0.7
Tax Payable / Credit	0.0	0.2	0.4	0.5	0.3
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.2	0.4	0.9	0.8	0.4
Profit After Taxes	0.0	0.0	0.0	0.2	0.1
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.0	0.0	0.0	0.0	0.0
Non Audit Fees	-	-	0.0	0.0	0.0
Number of Employees	268	262	250	230	206
Wages	5.6	5.5	5.8	6.7	5.7
Social Security Costs	0.4	0.4	0.5	0.6	0.5
Pensions	-	-	-	0.0	0.0
Other Pension Costs	0.0	0.0	0.0	0.0	0.0
Employees Remuneration	6.1	5.9	6.3	7.3	6.2
Directors Emoluments	-	-	-	0.6	0.5
Other Costs	-	-	-	0.0	0.0
Directors Remuneration	0.3	0.4	5.2	0.6	0.5
Highest Paid Director	0.1	-	0.2	0.2	0.2

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	30-Apr-2011	30-Apr-2010	30-Apr-2009	30-Apr-2008	30-Apr-2007
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.599538	0.653317	0.674855	0.50491	0.500038
Consolidated	No	No	No	No	No

Land & Buildings	0.0	0.0	-	0.1	0.1
Fixtures & Fittings	0.4	0.4	-	0.5	0.6
Plant & Vehicles	0.0	0.0	-	0.1	0.2
Total Tangible Fixed Assets	0.4	0.4	0.5	0.6	0.8
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	0.4	0.4	0.5	0.6	0.8
Stocks	7.1	4.0	3.6	4.6	5.2
Work in Progress	0.0	0.0	0.0	0.0	0.0
Total Stocks Work In Progress	7.1	4.0	3.6	4.6	5.2
Trade Debtors	2.6	2.9	2.1	2.4	1.9
Inter-Company Debtors	-	-	0.0	0.0	0.0
Director Loans	0.0	0.0	-	-	0.0
Other Debtors	2.7	2.2	2.0	2.6	2.1
Total Debtors	5.3	5.2	4.1	5.1	4.0
Cash and Equivalents	1.6	0.3	1.0	2.9	3.5
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	13.9	9.5	8.7	12.5	12.7
Total Assets	14.3	9.9	9.2	13.2	13.5
Trade Creditors	2.4	2.0	1.2	2.5	1.8
Bank Overdraft	2.7	0.0	0.0	-	2.0
Inter-Company Creditors	-	-	0.0	0.0	0.0
Director Loans (Current Liability)	0.2	0.1	0.3	0.5	0.2
Hire Purchase (Current Liability)	-	0.0	0.0	0.1	0.1
Finance Lease (Current Liability)	-	0.0	0.0	0.0	0.0
Total Finance Lease/Hire Purchase (Current Liability)	-	0.0	0.0	0.1	0.1
Total Short Term Loans	-	-	-	0.0	-
Accruals/Deferred Income (Current Liability)	0.9	0.7	1.0	1.0	1.0
Social Security/VAT	0.6	0.3	0.5	0.9	0.2
Corporation Tax	-	-	-	-	0.3
Dividends (Current Liability)	0.0	0.1	0.1	0.0	-
Other Current Liabilities	0.9	0.5	0.1	0.1	0.1
Total Current Liabilities	7.7	3.8	3.2	5.1	5.5
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	0.1	0.0
Leasing (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.1	0.0
Other Long Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.5	0.5	0.5	0.0	0.7
Total Long Term Liabilities	0.5	0.5	0.5	0.1	0.7
Deferred Taxation	0.0	0.0	0.0	0.0	0.0
Other Provisions	0.0	0.0	0.0	0.6	0.0
Total Provisions	0.0	0.0	0.0	0.6	0.0
Issued Capital	0.0	0.0	0.0	0.0	0.0
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	6.1	5.6	5.5	7.4	7.3
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	6.1	5.6	5.5	7.4	7.3
Net Worth	6.1	5.6	5.5	7.4	7.3

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	30-Apr-2011	30-Apr-2010	30-Apr-2009	30-Apr-2008	30-Apr-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.640008	0.625491	0.607152	0.498433	0.523688
Consolidated	No	No	No	No	No

Net Cash Flow From Operating Activities	-1.1	0.1	0.3	2.6	2.8
Net Cash Flow from ROI and Servicing of Finance	0.0	0.0	0.0	0.0	-0.1
Taxation	0.1	-0.7	-0.4	-0.3	-0.2
Capital Expenditures	-0.3	-0.2	-0.5	-0.2	-0.3
Acquisitions and Disposals	0.0	0.0	0.0	0.0	0.0
Paid Up Equity	-0.2	-0.4	-0.9	-0.8	-0.4
Management of Liquid Resources	0.0	0.0	0.0	0.0	0.0
Net Cash Flow From Financing	2.0	0.4	0.2	-1.9	-0.1
Increase in Cash	0.5	-0.8	-1.3	-0.5	1.7

Annual Ratios

Financials in: USD (mil)

	30-Apr-2011	30-Apr-2010	30-Apr-2009	30-Apr-2008	30-Apr-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.599538	0.653317	0.674855	0.50491	0.500038
Consolidated	No	No	No	No	No

Current Ratio	1.81	2.53	2.73	2.46	2.30
Liquidity Ratio	0.89	1.47	1.60	1.56	1.35
Stock Turnover	3.93	6.39	6.90	-	-
Credit Period (Days)	34.02	42.41	31.20	-	-
Working Capital by Sales	22.46%	22.65%	22.25%	-	-
Trade Credit by Debtors	0.93	0.69	0.58	1.01	0.95
Return on Capital	3.32%	7.91%	19.12%	18.62%	9.42%
Return on Assets	1.54%	4.91%	12.51%	11.41%	5.57%
Profit Margin	0.79%	1.92%	4.65%	-	-
Return on Shareholders Funds	3.59%	8.65%	21.01%	20.34%	10.35%
Borrowing Ratio	46.78%	2.63%	5.71%	8.92%	31.06%
Equity Gearing	42.85%	56.77%	59.51%	56.07%	53.76%
Debt Gearing	-	-	0.30%	0.85%	0.38%
Interest Coverage	4.70	22.81	54.38	23.84	4.52
Sales by Tangible Assets	70.68	63.21	47.91	-	-
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	-	-
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	0.1	0.0	0.0	0.1	0.1
Employee Remuneration by Sales	23.28%	22.40%	22.96%	-	-
Creditor Days (Cost of Sales Based)	31.54	53.20	33.24	-	-
Creditor Days (Sales Based)	31.54	29.40	18.06	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.67
UK Pound	1	Rs.76.75
Euro	1	Rs.63.56

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.