MIRA INFORM REPORT

Report Date :

14.02.2012

IDENTIFICATION DETAILS

Correct Name :	MOTHERCARE PLC.

Registered Office :	Cherry Tree Road, Watford, Hertfordshire, Wd24 6sh

Country :	United Kingdom

Financials (as on) :	04.10.2011

Date of Incorporation :	26.09.1985

Legal Form :	Public limited with Share Capital

Line of Business :	Other Retail Sale of New Goods In Specialised Stores (Not Commercial Art Galleries And Opticians)

No. of Employees :	Not Available

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 :	£380,000
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

REGISTERED NAME & COMPANY SUMMARY

Company Name	MOTHERCARE PLC.	Company Number	01950509
		Safe Number	UK01616381
Registered Address	CHERRY TREE ROAD	Trading Address	Unit B3ab Lakeside Retail Park Grays Essex RM20 1WN
	WATFORD
	HERTFORDSHIRE
	WD24 6SH

Website Address	http://www.mothercare.com
Telephone Number	01923241000	Fax Number
TPS	No	FPS	No
Incorporation Date	26/09/1985	Company Status	Active - Accounts Filed
Previous Name	STOREHOUSE PLC	Type	Public limited with Share Capital
Date of Change	03/08/2000	Filing Date of Accounts	07/10/2011
		Share Capital	£44,304,865
SIC03	5248	Currency	GBP
SIC03 Description	OTHER RETAIL SPECIALISED STORE
SIC07	47789
SIC07 Description	OTHER RETAIL SALE OF NEW GOODS IN SPECIALISED STORES (NOT COMMERCIAL ART GALLERIES AND OPTICIANS)
Principal Activity

CREDIT RECOMMENDATION

Current Credit Limit: £380,000

DIRECTORS/MANAGEMENT

MOTHERCARE PLC.

01950509

Total Current Directors	6
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	26

Current Directors

Name	David Gay Williams	Date of Birth	31/12/1946
Officers Title	Mr	Nationality	British
Present Appointments	9	Function	Director
Appointment Date	02/08/2004
Address	Cherry Tree Road, Watford, Hertfordshire, WD24 6SH
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Richard Michael Rivers	Date of Birth	29/10/1947
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	17/07/2008
Address	Cherry Tree Road, Watford, Hertfordshire, WD24 6SH
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Amanda Felicity MacKenzie	Date of Birth	06/12/1963
Officers Title	Ms	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	01/01/2011
Address	St Helen's 1 Undershaft, , London, EC3P 3DQ
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Neil Simon Harrington	Date of Birth	30/08/1963
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	30/01/2006
Address	Cherry Tree Road, Watford, Hertfordshire, WD24 6SH
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Bernard Anthony Cragg	Date of Birth	02/12/1954
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	28/03/2003
Address	Cherry Tree Road, Watford, Hertfordshire, WD24 6SH
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Alan Charles Parker	Date of Birth	25/11/1946
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	15/08/2011
Address	(Mothercare) Cherry Tree Road, , Watford, WD24 6SH
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Timothy John Ashby	Date of Birth	07/05/1962
Officers Title	Mr	Nationality	British
Present Appointments	36	Function	Company Secretary
Appointment Date	30/08/2010
Address	Cherry Tree Road, Watford, Hertfordshire, WD24 6SH

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
David Edward Tagg	25	88
Brian Hardy	3	19
Richard John Steele	10	186
Denis Patrick Cassidy	34	50
Alan Keith Patrick Smith	8	19
Margaret Downes	3	5
Steven William Bedford	4	13
Clive Edward Revett	14	48
David Dworkin	0	2
Angela Christine Heylin	11	15
Guy Antony Johnson	15	67
David Martin Simons	7	45
Ann Iverson	0	1
Keith Graeme Edelman	14	53
Ann Iverson	0	3
Christopher Nicholas Martin	38	13
Mark McMenemy	5	97
Graham Howard Rider	1	12
Ian Rex Peacock	5	17
Stephen Paul Tague	0	12
Ian Frederic Hay Davison	6	27
Joseph Benjamin Gordon	3	4
Steven Peter Glew	0	32
Francis Christopher Buchan Bland	15	31
Karren Peschisolido	0	2
Martin Stuart Sorrell	19	137

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	1	Total Value of Possible CCJs -	£212
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	0

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid	Registered CCJ Details
26/08/2011	NORTHAMPTON CCBC	£212	Judgement	1XC66308	-	MOTHERCARE, 5-7 ADLINGTON WALK, STOCKPORT, CHESHIRE, SK1 1PR, SK1 1PR

Writ Details

There are no writ details

Mortgage Summary

Outstanding	0
Satisfied	1

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Individual Share Value
NORTRUST NOMINEES LIMITED	8,650,000 ORDINARY GBP 0.49

PAYMENT INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	MOTHERCARE PLC.

Group	27 companies
Linkages	0 companies
Countries	In 0 countries

Group structure

Company Name	Safe Number	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
MOTHERCARE PLC.	UK01616381	01950509	04.10.2011	N	£3,400,000
MOTHERCARE.COM LIMITED	UK03549372	03896015	26.03.2011	N
CHELSEA STORES HOLDINGS LIMITED	UK04716802	05071053	26.03.2011	N
CHELSEA STORES (EBT TRUSTE...	UK04313387	04666271	26.03.2011	N
CHELSEA STORES LIMITED	UK02782182	03123019	26.03.2011	N
EARLY LEARNING HOLDINGS LI...	UK03840152	04189976	26.03.2011	N
EARLY LEARNING CENTRE LI...	UK00011547	00102194	26.03.2011	N	£195,200,000
EARLY LEARNING LIMITED	UK00775453	01103663	26.03.2011	N	£690,000
ELCI LIMITED	UK02767976	03108740	26.03.2011	N
ELC LIMITED	UK02768172	03108938	26.03.2011	N
EARLY LEARNING (UK) LI...	UK02810669	03151635	26.03.2011	N
EARLY LEARNING CENTRE...	UK07000403	NF003018	30.04.2006	N	£173,600,000
ELC MERCHANT SERVICES...	UK03990031	04341135	26.03.2011	N
GALLERIA LIMITED	UK01574412	01908269	26.03.2011	N
MOTHERCARE SHOPS GROUP	UK00661285	00988644	26.03.2011	N
MOTHERCARE FINANCE LIMITED	UK01052055	01382896	26.03.2011	N
MOTHERCARE FINANCE NUMBER 2...	UK00069995	00309648	26.03.2011	N
MOTHERCARE GROUP LIMITED(THE)	UK00039032	00223360	26.03.2011	N
MOTHERCARE (HOLDINGS) LIMITED	UK00959014	01289339	26.03.2011	N
MOTHERCARE UK LIMITED	UK00215766	00533087	26.03.2011	N	£575,583,000
CHILDRENS WORLD LIMITED	UK00041661	00232232	26.03.2011	N
GURGLE LIMITED	UK06031120	06387888	31.03.2011	N	£460,025
WILLOWDOWN LIMITED	UK02330976	02669971	26.03.2011	N	£41,651
MOTHERCARE NURSERY FURNITURE...	UK00747875	01075840	26.03.2011	N
MOTHERCARE OPERATIONS LIMITED	UK01085586	01416572	26.03.2011	N
MOTHERCARE RETAIL SERVICES L...	UK00016896	00135353	26.03.2011	N
PRINCESS PRODUCTS LIMITED	UK00091411	00354661	26.03.2011	N

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	04/10/11	(%)	26/03/11	(%)	27/03/10	(%)	28/03/09	(%)	31/03/08
Weeks	27	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	Y	(%)	Y	(%)	Y	(%)	Y
Turnover	£3,400,000	-99.6%	£793,600,000	3.5%	£766,400,000	5.9%	£723,600,000	6.9%	£676,800,000
Export	-	-	-	-	-	-	-	-	£111,800,000
Cost of Sales	£700,000	-	£737,700,000	-	£679,400,000	-	£636,800,000	4%	£612,500,000
Gross Profit	£2,700,000	-95.2%	£55,900,000	-35.7%	£87,000,000	0.2%	£86,800,000	35%	£64,300,000
Wages & Salaries	-	-	£99,700,000	-10.1%	£110,900,000	11.6%	£99,400,000	15.2%	£86,300,000
Directors Emoluments	-	-	£7,800,000	-13.3%	£9,000,000	291.3%	£2,300,000	-6.7%	£2,465,000
Operating Profit	-	-	£9,400,000	-71.7%	£33,200,000	-23%	£43,100,000	879.5%	£4,400,000
Depreciation	-	-100%	£16,600,000	9.9%	£15,100,000	-12.7%	£17,300,000	8.1%	£16,000,000
Audit Fees	-	-100%	£300,000	-	£300,000	-25%	£400,000	-	£400,000
Interest Payments	-	-100%	£700,000	-	£700,000	-53.3%	£1,500,000	-	£1,500,000
Pre Tax Profit	£2,600,000	-70.5%	£8,800,000	-72.9%	£32,500,000	-22.6%	£42,000,000	833.3%	£4,500,000
Taxation	-	100%	-£2,300,000	74.2%	-£8,900,000	24.6%	-£11,800,000	-168.2%	-£4,400,000
Profit After Tax	£2,600,000	-60%	£6,500,000	-72.5%	£23,600,000	-21.9%	£30,200,000	999.9%	£100,000
Dividends Payable	£10,400,000	-32.9%	£15,500,000	17.4%	£13,200,000	21.1%	£10,900,000	38%	£7,900,000
Retained Profit	-£7,800,000	13.3%	-£9,000,000	-186.5%	£10,400,000	-46.1%	£19,300,000	347.4%	-£7,800,000

Balance Sheet

Date Of Accounts	04/10/11	(%)	26/03/11	(%)	27/03/10	(%)	28/03/09	(%)	31/03/08
Tangible Assets	£216,300,000	99.5%	£108,400,000	4.7%	£103,500,000	10.2%	£93,900,000	-4.8%	£98,600,000
Intangible Assets	0	-100%	£107,100,000	2.1%	£104,900,000	0.4%	£104,500,000	0.3%	£104,200,000
Total Fixed Assets	£216,300,000	0.4%	£215,500,000	3.4%	£208,400,000	5%	£198,400,000	-2.2%	£202,800,000
Stock	0	-100%	£116,000,000	27.1%	£91,300,000	-3%	£94,100,000	32.9%	£70,800,000
Trade Debtors	0	-100%	£51,000,000	28.1%	£39,800,000	16.7%	£34,100,000	38.1%	£24,700,000
Cash	£300,000	-98%	£15,300,000	-60.3%	£38,500,000	55.2%	£24,800,000	9.3%	£22,700,000
Other Debtors	£6,500,000	-43.5%	£11,500,000	-35.8%	£17,900,000	-11.8%	£20,300,000	-28.5%	£28,400,000
Miscellaneous Current Assets	0	-	0	-100%	£14,100,000	93.2%	£7,300,000	942.9%	£700,000
Total Current Assets	£6,800,000	-96.5%	£193,800,000	-3.9%	£201,600,000	11.6%	£180,600,000	22.6%	£147,300,000
Trade Creditors	0	-100%	£77,500,000	31.1%	£59,100,000	0.3%	£58,900,000	30%	£45,300,000
Bank Loans & Overdrafts	£47,500,000	-	0	-	0	-	0	-	0
Other Short Term Finance	£55,200,000	999.9%	£4,000,000	8.1%	£3,700,000	68.2%	£2,200,000	450%	£400,000
Miscellaneous Current Liabilities	£1,000,000	-98.3%	£57,900,000	-15.1%	£68,200,000	10.7%	£61,600,000	-17.1%	£74,300,000
Total Current Liabilities	£103,700,000	-25.6%	£139,400,000	6.4%	£131,000,000	6.8%	£122,700,000	2.3%	£120,000,000
Bank Loans & Overdrafts and LTL	£47,500,000	-38.4%	£77,100,000	-14.9%	£90,600,000	54.1%	£58,800,000	83.2%	£32,100,000
Other Long Term Finance	0	-100%	£32,300,000	23.3%	£26,200,000	33%	£19,700,000	999.9%	£100,000
Total Long Term Liabilities	0	-100%	£77,100,000	-14.9%	£90,600,000	54.1%	£58,800,000	83.2%	£32,100,000

Capital & Reserves

Date Of Accounts	04/10/11	(%)	26/03/11	(%)	27/03/10	(%)	28/03/09	(%)	31/03/08
Called Up Share Capital	£44,300,000	-	£44,300,000	0.5%	£44,100,000	0.7%	£43,800,000	0.5%	£43,600,000
P & L Account Reserve	£20,400,000	-79.7%	£100,700,000	4.7%	£96,200,000	-10.9%	£108,000,000	-1.8%	£110,000,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£54,700,000	14.4%	£47,800,000	-0.6%	£48,100,000	5.3%	£45,700,000	2.9%	£44,400,000
Shareholder Funds	£119,400,000	-38.1%	£192,800,000	2.3%	£188,400,000	-4.6%	£197,500,000	-0.3%	£198,000,000

Other Financial Items

Date Of Accounts	04/10/11	(%)	26/03/11	(%)	27/03/10	(%)	28/03/09	(%)	31/03/08
Net Worth	£119,400,000	39.3%	£85,700,000	2.6%	£83,500,000	-10.2%	£93,000,000	-0.9%	£93,800,000
Working Capital	-£96,900,000	-278.1%	£54,400,000	-22.9%	£70,600,000	21.9%	£57,900,000	112.1%	£27,300,000
Total Assets	£223,100,000	-45.5%	£409,300,000	-0.2%	£410,000,000	8.2%	£379,000,000	8.3%	£350,100,000
Total Liabilities	£103,700,000	-52.1%	£216,500,000	-2.3%	£221,600,000	22.1%	£181,500,000	19.3%	£152,100,000
Net Assets	£119,400,000	-38.1%	£192,800,000	2.3%	£188,400,000	-4.6%	£197,500,000	-0.3%	£198,000,000

Cash Flow

Date Of Accounts	04/10/11	(%)	26/03/11	(%)	27/03/10	(%)	28/03/09	(%)	31/03/08
Net Cashflow from Operations	-	-	£27,100,000	-45.9%	£50,100,000	43.6%	£34,900,000	-32.6%	£51,800,000
Net Cashflow before Financing	-	100%	-£4,900,000	-118.6%	£26,400,000	116.4%	£12,200,000	121.8%	£5,500,000
Net Cashflow from Financing	-	-	-£16,300,000	-26.4%	-£12,900,000	-10.3%	-£11,700,000	1.7%	-£11,900,000
Increase in Cash	-	-	-£21,200,000	-257%	£13,500,000	999.9%	£500,000	-97.1%	£17,400,000

Miscellaneous

Date Of Accounts	04/10/11	(%)	26/03/11	(%)	27/03/10	(%)	28/03/09	(%)	31/03/08
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£119,400,000	-55.8%	£269,900,000	-3.3%	£279,000,000	8.9%	£256,300,000	11.4%	£230,100,000
Number of Employees	-	-	12090	1.3%	11938	54.7%	7715	81.8%	4244
Auditors	DELOITTE LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	HSBC BANK PLC
Bank Branch Code	40-02-50

Ratios

Date Of Accounts	04/10/11	26/03/11	27/03/10	28/03/09	31/03/08
Pre-tax profit margin %	76.47	1.11	4.24	5.80	0.66
Current ratio	0.07	1.39	1.54	1.47	1.23
Sales/Net Working Capital	-0.04	14.59	10.86	12.50	24.79
Gearing %	39.80	40	48.10	29.80	16.20
Equity in %	53.50	63.80	61.80	71.90	80.50
Creditor Days	-	35.54	28.06	29.62	24.43
Debtor Days	-	23.39	18.90	17.15	13.32
Liquidity/Acid Test	0.06	0.55	0.84	0.70	0.64
Return On Capital Employed %	2.17	3.26	11.64	16.38	1.96
Return On Total Assets Employed %	1.16	2.15	7.92	11.08	1.29
Current Debt Ratio	0.86	0.72	0.69	0.62	0.61
Total Debt Ratio	0.86	1.12	1.17	0.91	0.77
Stock Turnover Ratio %	-	14.61	11.91	13	10.46
Return on Net Assets Employed %	2.17	4.56	17.25	21.26	2.27

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Status History

No Status History found

Previous Company Names

Date	Previous Name	Companies House Documents
03/08/2000	STOREHOUSE PLC
06/12/1985	15TH LEGIBUS PLC

Event History

Date	Description
09/12/2011	Mr J.B. Gordon has left the board
09/12/2011	Mr I.R. Peacock has left the board
15/10/2011	New Accounts Filed
19/09/2011	New Company Secretary Mr T.J. Ashby appointed
27/08/2011	Annual Returns
24/08/2011	New Board Member Mr A.C. Parker appointed
11/08/2011	New Accounts Filed
11/08/2011	New Accounts Filed
23/06/2011	New Accounts Filed
10/06/2011	New Company Secretary Mr T.J. Ashby appointed
16/02/2011	New Board Member Ms A.F. MacKenzie appointed
03/02/2011	New Board Member Ms A.F. MacKenzie appointed
24/09/2010	Annual Returns
03/09/2010	Mr C.E. Revett has resigned as company secretary
03/09/2010	New Company Secretary Mr T.J. Ashby appointed

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.33
UK Pound	1	Rs.77.41
Euro	1	Rs.64.83

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.