Company name & address

Synthesis

Business Description

Key Executives

News

Financial summary

Corporate Overview

Executive report

Directors and Shareholders Report

Annual Profit & Loss

Annual Balance Sheet

Annual Cash Flows

Annual Ratios

MIRA INFORM REPORT

Report Date :

24.02.2012

IDENTIFICATION DETAILS

Name :	J.D. WILLIAMS & CO. LTD.

Registered Office :	Griffin House, 40 Lever Street, Manchester, M60 6ES

Country :	United Kingdom

Financials (as on) :	27.02.2010

Date of Incorporation :	13.12.1921

Com. Reg. No.:	00178367

Legal Form :	Private Subsidiary Company

Line of Business :	Subject is an online shopping companies

No. of Employees :	3157

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^th, 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

J.D. Williams & Co. Ltd.

Griffin House

40 Lever Street

Manchester, M60 6ES

United Kingdom

Employees: 3,157

Company Type: Private Subsidiary

Corporate Family: 71 Companies

Ultimate Parent: N Brown Group plc

Quoted Status: Non-quoted Company

Incorporation Date: 13-Dec-1921

Auditor: Deloitte LLP

Financials in: USD (Millions)

Fiscal Year End: 27-Feb-2010

Reporting Currency: British Pound Sterling

Annual Sales: 1,013.6 1

Net Income: 88.3

Total Assets: 1,121.8

Established in 1875, J.D. Williams & Co. Ltd. is one of the leading online shopping companies in the United Kingdom. The company stocks and sells clothing for men, women and children. It offers a range of vests, T-shirts, trousers, pants, and casual jackets and shirts. The company also provides skirts, sweaters, shawls, blazers, and embroidered blouses and tops in different designs and sizes. It additionally offers a variety of cardigans, tunics and jumpers in different colours. In addition, the company provides footwear, such as boots and shoes. The company also supplies ladders, shredders, portable drilling machines, drawers and washers.

Industry

Industry Retail (Catalog and Mail Order)

ANZSIC 2006: 4310 - Non-Store Retailing

NACE 2002: 5261 - Retail sale via mail order house

NAICS 2002: 454113 - Mail-Order Houses

UK SIC 2003: 5261 - Retail sale via mail order house

US SIC 1987: 5961 - Catalog and Mail-order Houses

Name	Title
Mark Armitage	Director-Marketing
Peter John Tynan	Secretary
Jackie Gradwell	Health & Safety Manager
Alan Palmer	Manager-Market Research
Miranda Rosenbaum	Head of Reward

Title	Date
Author speaking at Ole Miss about '62 integration Associated Press (131 Words)	17-Oct-2011
Huggins calls for run-off in close council race Statesville Record & Landmark (NC) (547 Words)	14-Oct-2011
Ancient aviation FILM EXPLORES THE RISE AND FALL OF PREHISTORIC PTEROSAURS Star-Ledger (NJ) (698 Words)	7-Oct-2011
EDUCATION NOTEBOOK Northeast Mississippi Daily Journal (Tupelo) (742 Words)	21-Feb-2011
Prime city office space is snapped up Belfast Telegraph (Northern Ireland) (405 Words)	15-Feb-2011

FYE: 27-Feb-2010

USD (mil)

Key Figures
Current Assets	956.96
Fixed Assets	164.89
Total Liabilities	928.41
Net Worth	180.20

Key Ratios
Current Ratio	1.03
Acid Test	0.94

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.631366

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6568576

Location

Griffin House

40 Lever Street

Manchester, M60 6ES

Greater Manchester County

United Kingdom

Sales GBP(mil): 640.0

Assets GBP(mil): 736.9

Employees: 3,157

Fiscal Year End: 27-Feb-2010

Industry: Retail (Catalog and Mail Order)

Incorporation Date: 13-Dec-1921

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(UK): 00178367

Director: Ian Carr

Contents

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

4310 - Non-Store Retailing

NACE 2002 Codes:

5261 - Retail sale via mail order house

NAICS 2002 Codes:

454113 - Mail-Order Houses

US SIC 1987:

5961 - Catalog and Mail-order Houses

UK SIC 2003:

5261 - Retail sale via mail order house

Business Description

Financial Data

Financials in:	GBP(mil)

Revenue:	640.0
Net Income:	55.7
Assets:	736.9
Current Assets:	628.6
Fixed Assets:	108.3
Long Term Debt:	1.8
Total Liabilities:	611.6
Issued Capital:	0.4
Working Capital:	18.8
Net Worth:	118.4

Date of Financial Data:	27-Feb-2010

1 Year Growth

5.3%

Key Corporate Relationships

Auditor:	Deloitte LLP

Auditor:	Deloitte LLP

Auditor History
Deloitte LLP	27-Feb-2010
Deloitte LLP	28-Feb-2009
Deloitte LLP	01-Mar-2008
Deloitte And Touche LLP	24-Feb-2007
Deloitte And Touche LLP	25-Feb-2006

	GBP(mil)
Audit Fees:	0.2
Audit Fiscal Year:	02-27-2010

Corporate Family	Corporate Structure News:
	N Brown Group plc J.D. Williams & Co. Ltd.
Total Corporate Family Members: 71

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
N Brown Group plc	Parent	Manchester	United Kingdom	Retail (Catalog and Mail Order)	1,110.2	3,256
N. Brown Holdings Ltd.	Subsidiary	Manchester	United Kingdom	Nonclassifiable Industries		2,000
Financial Services (Edinburgh) Ltd.	Subsidiary	Edinburgh	United Kingdom	Miscellaneous Financial Services		4
Daly, Harvey, Morfitt Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
H. B. Wainwright (Financial Services) Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Investment Administration Services Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Alexander Ross (Financial Services) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
D H M (Management Services) Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Zendor/Gsi Commerce Ltd.	Subsidiary	London	United Kingdom	Business Services	12.6	126
N. Brown Funding Ltd.	Subsidiary	Manchester	United Kingdom	Business Services	3.0
Whitfords (Bury) Ltd.	Subsidiary	Manchester,	United Kingdom	Nonclassifiable Industries
Whitfords (Textiles) Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Bury Boot & Shoe Co. (1953) Ltd. (The)	Subsidiary	Manchester,	United Kingdom	Nonclassifiable Industries
Whitfords (Cosytred) Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
N Brown Group Quest Trustee Ltd.	Subsidiary	Salford	United Kingdom	Business Services
Tagma Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Reliable Collections Ltd.	Subsidiary	Manchester	United Kingdom	Nonclassifiable Industries
J.D. Williams Group Ltd.	Subsidiary	Manchester	United Kingdom	Commercial Banks
J.D. Williams & Co. Ltd.	Subsidiary	Manchester	United Kingdom	Retail (Catalog and Mail Order)	1,013.6	3,157
Figleaves Global Trading Ltd.	Subsidiary	Manchester	United Kingdom	Retail (Catalog and Mail Order)	39.4	179
T-Bra Ltd.	Subsidiary	Salford	United Kingdom	Retail (Apparel)
Gray & Osbourn Ltd.	Subsidiary	London	United Kingdom	Retail (Catalog and Mail Order)	30.7	28
Nightingales Ltd.	Subsidiary	Craven Arms	United Kingdom	Nonclassifiable Industries		2
Jdw Finance Ltd.	Subsidiary	Manchester	United Kingdom	Business Services	15.0
Oxendale & Co. Ltd.	Subsidiary	Manchester	United Kingdom	Personal Services	0.4
Sartor Ltd.	Subsidiary	Salford	United Kingdom	Retail (Catalog and Mail Order)
Halwins Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
House Of Stirling (Direct Mail) Ltd.	Subsidiary	Edinburgh	United Kingdom	Nonclassifiable Industries
Home Shopping Direct Ltd.	Subsidiary	Manchester	United Kingdom	Nonclassifiable Industries
E. Langfield & Co. Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Aldrex Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
First Financial Ltd.	Subsidiary	Lancashire	United Kingdom	Miscellaneous Financial Services
Sander & Kay Ltd.	Subsidiary	Salford	United Kingdom	Retail (Catalog and Mail Order)
Ambrose Wilson Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Fashion World Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Heather Valley (Woollens) Ltd.	Subsidiary	Edinburgh	United Kingdom	Nonclassifiable Industries
Speciality Home Shopping (Us) Ltd.	Subsidiary	Salford	United Kingdom	Personal Services
Trading By Post Ltd.	Subsidiary	Edinburgh	United Kingdom	Nonclassifiable Industries
Ask4Info Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Hilton Mailing Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Hartingdon House Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Watkins & Cole Ltd.	Subsidiary	Chepstow	United Kingdom	Nonclassifiable Industries
John Harvey Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Fulfilment Logistics Ltd.	Subsidiary	Salford	United Kingdom	Retail (Catalog and Mail Order)
Classic Combination Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Postal Traders Credit Agency Ltd.	Subsidiary	Manchester	United Kingdom	Nonclassifiable Industries
J. D. Williams Merchandise Co. Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Langley House Ltd.	Subsidiary	Manchester	United Kingdom	Retail (Catalog and Mail Order)
Topvogue Mail Order Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Cuss Contractors Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Odhams Leisure Group Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Dale House (Mail Order) Ltd.	Subsidiary	Manchester	United Kingdom	Nonclassifiable Industries
Crescent Direct Ltd.	Subsidiary		United Kingdom	Nonclassifiable Industries
Mature Wisdom Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
The Value Catalogue Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Better Living Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
N Brown Property One Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
N Brown Property Two Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
N Brown Property Three Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Eunite Ltd.	Subsidiary	Manchester	United Kingdom	Business Services
Travelvids Ltd.	Subsidiary	Salford	United Kingdom	Computer Services
Hammond House Investments Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Hammond House Investments International Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Dale Financial Services Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Melgold Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Dunlop Heywood (Facilities Management) Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Wingmark Ltd.	Subsidiary	Salford	United Kingdom	Commercial Banks
Comfortably Yours Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
Vote It Ltd.	Subsidiary	Salford	United Kingdom	Business Services
Holland & Heeley Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries
N Brown Ltd.	Subsidiary	Salford	United Kingdom	Nonclassifiable Industries

Board of Directors

Name

Title

Function

David Alliance

Chairman

Ian Carr

Director

Director/Board Member

Mark Cheshire

Director

Director/Board Member

John Hinchcliffe

Director

Director/Board Member

Paul Robert Kendrick

Director

Director/Board Member

Neil Angus Mcgowan

Director

Director/Board Member

Dean Moore

Director

Director/Board Member

Keith James Risk

Director

Director/Board Member

Paul Newell Short

Director

Director/Board Member

Alan White

Director

Director/Board Member

Executives

Name

Title

Function

Steve Smith

Head of Group HR

Division Head Executive

Mike Wakefield

Deputy General Manager

Division Head Executive

Jackie Gradwell

Health & Safety Manager

Environment/Safety Executive

Tanya Mccartney

HR Business Manager

Administration Executive

Mike Suban

HR Business Manager

Administration Executive

Jonathan Tinning

HR Business Manager

Administration Executive

Peter John Tynan

Secretary

Company Secretary

Karen Jenkins

Group Training & Development Consultant

Human Resources Executive

Miranda Rosenbaum

Head of Reward

Human Resources Executive

Michael Vincent

Training Manager

Training Executive

Mark Armitage

Director-Marketing

Marketing Executive

Christine Mulcahy

Manager-Marketing

Marketing Executive

Alan Palmer

Manager-Market Research

Research & Development Executive

Main Office Address:
Griffin House
40 Lever Street
Manchester
United Kingdom M60 6ES

Annual Return Date: 19 Jul 2011
Total Issued Capital (GBP 000): 360

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Alan White	Current	15 Apr 1955	16 Comely Bank Avenue, Edinburgh, Edinburgh, Edinburgh, City of EH4 1EL	02 Sep 2002	NA	Current:32 Previous:1 Disqualifications:0
Neil Angus Mcgowan	Current	18 Oct 1957	5 Bollin Hill, Wilmslow, Cheshire SK9 4AN	12 May 2008	NA	Current:2 Previous:0 Disqualifications:0
Paul Robert Kendrick	Current	31 Jul 1967	52 Chillington Way Stoke On Trent, Staffordshire, Stoke-On-Trent, Staffordshire ST6 8GA	25 Feb 2008	NA	Current:5 Previous:0 Disqualifications:0
Mark Cheshire	Current	27 Apr 1958	Crossroads Farm Barton Le Willows, York, York, North Yorkshire YO60 7PD	13 Aug 2007	NA	Current:2 Previous:4 Disqualifications:0
Ian Carr	Current	03 Jul 1961	Griffin House 40 Lever Street, Salford, Greater Manchester M60 6ES	13 Sep 2011	NA	Current:4 Previous:0 Disqualifications:0
Keith James Risk	Current	19 Aug 1955	10 Lyndale Park, Orton Wistow, Peterborough, Cambridgeshire PE2 6FE	22 Sep 2003	NA	Current:8 Previous:2 Disqualifications:0
Dean Moore	Current	22 Oct 1957	Bleak House, Oaks Road, Markfield, Leicestershire LE67 5UP	28 Jan 2004	NA	Current:56 Previous:32 Disqualifications:0
Paul Newell Short	Current	18 Dec 1954	28 Mount Ararat Road, Richmond, Surrey TW10 6PG	27 Jul 2004	NA	Current:2 Previous:0 Disqualifications:0
John Hinchcliffe	Current	17 Jan 1965	Old Oxenhope Hall, Old Oxenhope Lane Oxenhope, Keighley, West Yorkshire BD22 9RL	15 Sep 2003	NA	Current:40 Previous:3 Disqualifications:0
James Martin	Previous	09 Dec 1942	The Coach House, Warrington Road, Northwich, Cheshire CW9 6HB	19 Jul 1991	02 Sep 2002	Current:4 Previous:53 Disqualifications:0
Iain Anderson Beveridge	Previous	12 Feb 1954	6 Ashcroft Close, Wilmslow, Cheshire SK9 1RB	17 May 1994	09 Nov 1999	Current:0 Previous:2 Disqualifications:0
Timothy Peter Wood	Previous	10 Sep 1959	Lower Crombleholme Fold Farm, Cromble Holme Fold, Preston, Lancashire PR3 2ES	26 Apr 1994	12 Jun 1998	Current:0 Previous:4 Disqualifications:0
Gerald Cook	Previous	04 Jul 1947	The Farmhouse Ainsworth Farm, Back Lane Heath Charnock, Chorley, Lancashire PR6 9DJ	16 Aug 1994	24 Jan 2003	Current:0 Previous:3 Disqualifications:0
Nigel Ferguson Green	Previous	23 Sep 1949	Rose Cottage Bullhill Lane, Rainow, Macclesfield, Cheshire SK10 5TQ	19 Jul 1991	01 Sep 2000	Current:0 Previous:12 Disqualifications:0
Judith Margaret Burgin	Previous	30 Oct 1956	Shore Mill, Lawton Square, Oldham, Greater Manchester OL3 5DT	01 Jan 2001	29 Mar 2002	Current:1 Previous:2 Disqualifications:0
Graham Green	Previous	10 Dec 1955	17 Sandringham Road, Southport, Merseyside PR8 2JZ	18 Aug 1997	31 Aug 2006	Current:2 Previous:62 Disqualifications:0
Iain Sinclair Macfarlane	Previous	28 Dec 1941	Axe Edge Green Farm, Quarnford, Buxton, Derbyshire SK17 0ST	19 Jul 1991	24 Dec 1997	Current:0 Previous:9 Disqualifications:0
Robert David Yates	Previous	21 Jul 1943	8 Meadow Close, Whaley Bridge, Stockport, Greater Manchester SK12 7BD	19 Jul 1991	31 May 1996	Current:0 Previous:14 Disqualifications:0
Denis George Montgomery Williams	Previous	15 Aug 1915	Red Acre Macclesfield Road, Wilmslow, Cheshire SK9 7BW	19 Jul 1991	05 Jan 2007	Current:0 Previous:1 Disqualifications:0
Keith Basnett	Previous	21 Oct 1959	8 Millbrook Close, Shaw, Oldham, Greater Manchester OL2 8QA	10 Dec 1997	22 Mar 2004	Current:1 Previous:6 Disqualifications:0
Michael Irvine Greenwood	Previous	NA	1 Rock Terrace Leeds Road, Lightcliffe, Halifax, West Yorkshire HX3 8PB	NA	17 May 1994	Current:0 Previous:7 Disqualifications:0
Mark Adrian Armitage	Previous	28 Aug 1961	Cornerstone House, Coningsby Lane, Maidenhead, Berkshire SL6 2PF	16 Jul 2001	22 Mar 2004	Current:2 Previous:8 Disqualifications:0
Michael Stuart Bullas	Previous	10 Feb 1953	Lumb House Farm, Greenside Road Thurstonland, Huddersfield, West Yorkshire HD4 6XA	01 Nov 2002	12 Mar 2004	Current:0 Previous:14 Disqualifications:0
Angrew Stephen Lee	Previous	09 Mar 1958	39 Broadway, Cheadle, Cheshire SK8 1LB	04 Feb 2000	31 Aug 2003	Current:0 Previous:1 Disqualifications:0
Timothy John Kowalski	Previous	03 Dec 1958	44 Birchdale Road, Appleton, Warrington, Cheshire WA4 5AW	14 May 1999	02 Dec 2003	Current:0 Previous:97 Disqualifications:0
Nigel Alliance	Previous	28 Feb 1935	55 Carrwood, Hale Barns, Altrincham, Cheshire WA15 0EN	19 Jul 1991	31 Aug 1995	Current:9 Previous:5 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
Peter John Tynan	Current	05 Mar 1953	Fraser Brooks, 45 Frederick Street, Edinburgh, Edinburgh, City of EH2 1ES	19 Jul 1991	NA	Current:70 Previous:3 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Corporate Shareholders

Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
J D Williams Group Limited	00927506	120040 Ordinary GBP 1.00	Ordinary	120,040	1.00	120,040.00	33.33
J D Williams Group Limited	00927506	120040 A Ordinary GBP 1.00	A Ordinary	120,040	1.00	120,040.00	33.33
J D Williams Group Limited	00927506	120040 B Ordinary GBP 1.00	B Ordinary	120,040	1.00	120,040.00	33.33

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	27-Feb-2010	28-Feb-2009	01-Mar-2008	24-Feb-2007	25-Feb-2006
Period Length	52 Weeks	52 Weeks	53 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.631366	0.575434	0.499516	0.534697	0.555843
Consolidated	No	No	No	No	No

Turnover (UK)	1,013.6	1,055.8	-	-	-
Turnover (Exports)	0.0	0.0	-	-	-
Total Turnover	1,013.6	1,055.8	1,116.8	923.4	817.4
Cost of Sales	495.4	501.5	507.7	419.2	362.6
Gross Profit	518.2	554.3	609.1	504.2	454.7
Depreciation	21.6	20.5	24.3	22.5	17.5
Other Expenses	384.2	411.9	479.9	380.9	366.0
Operating Profit	134.0	142.4	129.3	123.3	88.7
Other Income	3.7	19.2	18.5	15.4	14.6
Interest Paid	17.1	53.8	60.7	36.0	27.7
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	120.7	107.8	87.0	102.7	75.6
Tax Payable / Credit	32.4	23.5	23.8	34.4	19.5
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.0	68.9	0.0	187.0	45.0
Profit After Taxes	88.3	15.3	63.2	-118.7	11.2
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.2	0.3	0.3	0.2	0.2
Non Audit Fees	-	-	-	-	0.4
Number of Employees	3,157	3,034	2,966	2,912	3,577
Wages	95.0	97.9	109.9	97.2	103.0
Social Security Costs	10.0	10.8	11.4	9.1	9.3
Pensions	0.1	0.1	0.1	0.1	0.0
Other Pension Costs	3.9	4.2	33.0	4.5	4.5
Employees Remuneration	108.9	112.9	154.2	110.7	116.8
Directors Emoluments	5.5	5.8	5.7	4.8	4.4
Other Costs	0.0	0.0	0.0	0.0	0.0
Directors Remuneration	5.6	5.9	5.7	4.9	4.5
Highest Paid Director	2.0	2.1	2.4	1.9	1.6

Financials in: USD (mil)

	27-Feb-2010	28-Feb-2009	01-Mar-2008	24-Feb-2007	25-Feb-2006
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.656858	0.701582	0.502715	0.509463	0.573296
Consolidated	No	No	No	No	No

Land & Buildings	58.9	58.4	82.9	79.1	58.2
Fixtures & Fittings	0.0	0.0	0.0	0.0	0.0
Plant & Vehicles	85.7	81.2	101.4	98.2	84.7
Total Tangible Fixed Assets	144.6	139.6	184.2	177.3	143.0
Intangible Assets	1.6	0.5	1.3	1.9	2.3
Investments	18.7	17.5	24.5	24.2	5.2
Total Fixed Assets	164.9	157.6	210.0	203.4	150.4
Stocks	87.9	88.5	-	-	-
Work in Progress	0.0	0.0	-	-	-
Total Stocks Work In Progress	87.9	88.5	122.1	100.8	91.5
Trade Debtors	666.8	607.7	757.3	659.7	522.4
Inter-Company Debtors	113.4	43.8	67.3	67.7	239.3
Other Debtors	19.2	28.7	29.8	26.7	24.2
Total Debtors	799.3	680.2	854.4	754.2	785.9
Cash and Equivalents	66.2	70.1	58.8	51.6	34.8
Other Current Assets	3.5	0.0	0.0	0.0	0.0
Total Current Assets	957.0	838.8	1,035.4	906.6	912.3
Total Assets	1,121.8	996.4	1,245.4	1,109.9	1,062.7
Trade Creditors	69.7	69.8	100.0	70.0	65.6
Inter-Company Creditors	753.8	699.0	845.7	750.1	645.3
Hire Purchase (Current Liability)	-	-	-	-	0.0
Finance Lease (Current Liability)	-	-	-	-	0.0
Total Finance Lease/Hire Purchase (Current Liability)	-	-	-	-	0.0
Accruals/Deferred Income (Current Liability)	41.9	30.9	37.1	32.8	27.8
Social Security/VAT	35.1	36.4	44.3	31.3	23.5
Corporation Tax	19.0	5.7	13.3	17.1	11.0
Other Current Liabilities	8.9	1.0	6.8	13.4	11.1
Total Current Liabilities	928.4	842.8	1,047.1	914.7	784.3
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	0.0	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	0.0	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	2.7	5.6	0.0	0.0	0.0
Total Long Term Liabilities	2.7	5.6	0.0	0.0	0.0
Deferred Taxation	8.9	2.1	4.9	10.7	5.7
Other Provisions	0.0	0.0	8.2	0.0	0.0
Total Provisions	8.9	2.1	13.2	10.7	5.7
Issued Capital	0.4	0.2	0.2	0.2	0.2
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	181.4	145.7	184.9	184.3	272.5
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	181.8	145.9	185.1	184.5	272.7
Net Worth	180.2	145.4	183.8	182.6	270.5

Financials in: USD (mil)

	27-Feb-2010	28-Feb-2009	01-Mar-2008	24-Feb-2007	25-Feb-2006
Period Length	52 Weeks	52 Weeks	53 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.631366	0.575434	0.499516	0.534697	0.555843
Consolidated	No	No	No	No	No

Individual Shareholders

There are no individual shareholders for this company.

Financials in: USD (mil)

	27-Feb-2010	28-Feb-2009	01-Mar-2008	24-Feb-2007	25-Feb-2006
Period Length	52 Weeks	52 Weeks	53 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.656858	0.701582	0.502715	0.509463	0.573296
Consolidated	No	No	No	No	No

Current Ratio	1.03	1.00	0.99	0.99	1.16
Liquidity Ratio	0.94	0.89	0.87	0.88	1.05
Stock Turnover	11.08	9.78	8.91	9.61	8.66
Credit Period (Days)	249.79	256.14	253.87	248.47	240.63
Working Capital by Sales	2.93%	-0.46%	-1.08%	-0.84%	16.14%
Trade Credit by Debtors	0.10	0.11	0.13	0.11	0.13
Return on Capital	59.97%	57.52%	42.78%	55.22%	26.35%
Return on Assets	10.34%	8.87%	6.81%	9.71%	6.90%
Profit Margin	11.91%	10.21%	7.79%	11.12%	9.25%
Return on Shareholders Funds	63.82%	60.57%	45.83%	58.42%	26.89%
Borrowing Ratio	418.30%	480.62%	460.07%	410.82%	238.60%
Equity Gearing	16.20%	14.64%	14.86%	16.62%	25.66%
Interest Coverage	7.07	2.00	1.43	2.85	2.73
Sales by Tangible Assets	6.74	6.20	5.91	5.47	5.54
Average Remuneration per Employee	0.0	0.0	0.1	0.0	0.0
Profit per Employee	0.0	0.0	0.0	0.0	0.0
Sales per Employee	0.3	0.3	0.4	0.3	0.2
Capital Employed per Employee	0.1	0.1	0.1	0.1	0.1
Tangible Assets per Employee	0.0	0.0	0.1	0.1	0.0
Total Assets per Employee	0.4	0.3	0.4	0.4	0.3
Employee Remuneration by Sales	10.75%	10.70%	13.81%	11.99%	14.29%
Creditor Days (Cost of Sales Based)	53.46	61.92	73.74	58.06	68.12
Creditor Days (Sales Based)	26.13	29.42	33.52	26.36	30.22

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.25
UK Pound	1	Rs.77.19
Euro	1	Rs.65.29

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.