MIRA INFORM REPORT

Report Date :

20.11.2012

IDENTIFICATION DETAILS

Name :	MANSOON ACCESSORIZE LTD
Formerly Known As :	MONSOON LIMITED
Registered Office :	1 Nicholas Road, Landon W11 4AN
Country :	United Kingdom
Financials (as on) :	27.08.2011
Date of Incorporation :	22.02.1973
Com. Reg. No.:	01098034
Legal Form :	Private Limited with Shares Capital
Line of Business :	Sale of Women's, Men's and Children's Clothing, Accessories, Homeware and Gifts.
No. of Employees :	3731

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 :	--

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
United Kingdom	A1	A1

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

United Kingdom - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Name	MONSOON ACCESSORIZE LIMITED	Company Number	01098034
Registered Address	1 NICHOLAS ROAD	Trading Address	17-18 Queensgate Centre Peterborough Cambridgeshire PE1 1NH
	LONDON
	W11 4AN
Website Address	http://www.monsoon.co.uk
Telephone Number	02033723000	Fax Number	02086014040
TPS	No	FPS	Yes
Incorporation Date	22/02/1973	Company Status	Active - Accounts Filed
Previous Name	MONSOON LIMITED	Type	Private limited with Share Capital
Date of Change	13/01/1998	Filing Date of Accounts	25/05/2012
		Share Capital	£100,000
SIC03	5242	Currency	GBP
SIC03 Description	RETAIL SALE OF CLOTHING
SIC07	47710
SIC07 Description	RETAIL SALE OF CLOTHING IN SPECIALISED STORES
Principal Activity	Sale of women's, men's and children's clothing, accessories, homeware and gifts.

DIRECTORS/MANAGEMENT

Current Directors

Name	Mark Grahame Holloway	Date of Birth	12/11/1963
Officers Title	Mr	Nationality	British
Present Appointments	14	Function	Director
Appointment Date	27/07/2012
Address	1 Nicholas Road,  ,  London,  W11 4AN
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name		Anton Dermot Simon			Date of Birth		24/09/1952
Officers Title		Mr			Nationality		British
Present Appointments		11			Function		Director
Appointment Date		25/04/2006
Address		8 Chepstow Villas,  ,  London,  W11 2RB
Other Actions		View Director Report		View Consumer Report		View Trace Report
Disqualified			Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Rosalynde Victoria Harrison	Date of Birth	-
Officers Title		Nationality	British
Present Appointments	3	Function	Company Secretary
Appointment Date	21/05/2003
Address	103 Saint Kilda Road,  West Ealing,  London,  W13 9DF

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Andrew John May	10	8
Andrew John May	10	8
John Sebastian Fitzroy Spooner	0	3
Carole Robb	0	1
Nigel Jonathan Voss	0	2
Mark McMenemy	5	97
Peter Michael Simon	3	9
Peter Michael Simon	3	9
Rose Foster	0	4
John Robert Morton Clark	1	31
Steven John Back	20	61
Mark John Vandenberghe	4	4
Matthew Hudson	0	4
Peter Ridler	4	0

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	3	Total Value of Exact CCJs -	£4,242
Total Number of Possible CCJs -	2	Total Value of Possible CCJs -	£7,059
Total Number of Satisfied CCJs -	2	Total Value of Satisfied CCJs -	£523
Total Number of Writs -	-

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
30/08/2011	NORTHAMPTON CCBC	£805	Judgement	1XB21010	-
30/06/2011	NORTHAMPTON CCBC	£1,166	Judgement	1QT54842	-
27/05/2011	NORTHAMPTON CCBC	£394	Satisfied	1XC65835	04/07/2011
11/04/2011	NORTHAMPTON CCBC	£129	Satisfied	1XZ59322	05/07/2011
17/02/2011	KINGSTON UPON HULL	£2,271	Judgement	1KH00211	-

Possible CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid	Registered CCJ / CJ Details
08/08/2012	NORTHAMPTON CCBC	£6,155	Judgement	2XF39415	-	T/AS MONSOON, 7 RYTON STREET, WORKSOP, S80 2AY, S80 2AY, S80 2AY
09/06/2011	NEWCASTLE UPON TYNE	£904	Judgement	1NE03260	-

Writ Details

There are no writ details

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Individual Share Value
MONSOON HOLDINGS LTD	100,000 ORDINARY GBP 1.00

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

Holding Company	MONSOON HOLDINGS LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	BALMAIN INVEST & TRADE INC

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
BALMAIN INVEST & TRADE INC	N/A	-	-
MONSOON HOLDINGS (JERSEY) LTD	N/A	-	-
DRILLGREAT LIMITED	06292597	27.08.2011	Y	£650,693,000
MONSOON JAPAN LIMITED	06678846	27.08.2011	N
MONSOON LIMITED	02585514	27.08.2011	N
MONSOON HOLDINGS LIMITED	01200163	27.08.2011	N
MONSOON ACCESSORIZE...	01098034	27.08.2011	N	£555,734,167
MONSOON ACCESSORIZ...	IE057468	27.08.2011	N
MONSOON ACCESSOR...	IE382304	27.08.2011	N	€25,908,368
MONSOON ACCESSORIZE...	05661685	30.08.2011	N
NOTTINGDALE CAFE LIM...	06908054	31.05.2011	N	£306,808

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
27/08/2011	£555,734,167	£105,132,297	£34,795,117	3731
28/08/2010	£561,749,218	£98,225,288	£131,738,515	3841
29/08/2009	£540,393,146	£27,908,685	£116,457,441	3965

Profit & Loss

	Date Of Accounts	27/08/11	(%)	28/08/10	(%)	29/08/09	(%)	30/08/08	(%)	26/05/07
	Weeks	52	(%)	52	(%)	52	(%)	66	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£555,734,167	-1.1%	£561,749,218	4%	£540,393,146	-14.4%	£631,592,992	31.4%	£480,686,835
	Export	£59,346,922	23.2%	£48,165,920	49.6%	£32,198,070	34.6%	£23,926,947	37.3%	£17,426,550
	Cost of Sales	£230,938,118	3.9%	£222,357,957	-5%	£234,151,472	-13.1%	£269,400,844	31.7%	£204,505,156
	Gross Profit	£324,796,049	-4.3%	£339,391,261	10.8%	£306,241,674	-15.4%	£362,192,148	31.1%	£276,181,679
	Wages & Salaries	£71,372,876	-5.3%	£75,385,517	3.5%	£72,848,118	-23.8%	£95,631,848	26.7%	£75,503,030
	Directors Emoluments	-	-	-	-	-	-	-	-	-
	Operating Profit	£93,590,649	-5%	£98,478,467	236.8%	£29,238,235	-41.2%	£49,748,167	17.9%	£42,195,836
	Depreciation	£20,255,491	-6.8%	£21,729,989	-4.5%	£22,755,727	-23.9%	£29,887,559	20.2%	£24,856,891
	Audit Fees	£160,000	-21.6%	£204,000	-3.8%	£212,000	-40.1%	£353,827	158.8%	£136,713
	Interest Payments	£4,808,671	2.9%	£4,672,035	-54.8%	£10,343,011	999.9%	£875,372	-47.2%	£1,659,184
	Pre Tax Profit	£105,132,297	7%	£98,225,288	252%	£27,908,685	-48.8%	£54,550,880	23.7%	£44,103,232
	Taxation	-£38,289,425	-44.8%	-£26,444,215	-370.7%	-£5,617,911	62.2%	-£14,854,097	-11.1%	-£13,371,973
	Profit After Tax	£66,842,872	-6.9%	£71,781,073	222%	£22,290,774	-43.8%	£39,696,783	29.2%	£30,731,259
	Dividends Payable	£163,786,270	189.9%	£56,500,000	-26.2%	£76,521,062	36.6%	£56,024,248	-	-
	Retained Profit	-£96,943,398	-734.4%	£15,281,073	128.2%	-£54,230,288	-232.1%	-£16,327,465	-153.1%	£30,731,259

Balance Sheet

	Date Of Accounts	27/08/11	(%)	28/08/10	(%)	29/08/09	(%)	30/08/08	(%)	26/05/07
	Tangible Assets	£73,244,333	-8.5%	£80,074,382	-13.5%	£92,534,997	-17.8%	£112,590,748	0.4%	£112,136,198
	Intangible Assets	£221,839	-84.2%	£1,407,114	-10.7%	£1,575,650	-18.5%	£1,932,306	-8.5%	£2,112,639
	Total Fixed Assets	£73,466,172	-9.8%	£81,481,496	-13.4%	£94,110,647	-17.8%	£114,523,054	0.2%	£114,248,837
	Stock	£70,218,088	13.7%	£61,760,519	4%	£59,396,755	19.3%	£49,785,014	-1.8%	£50,715,426
	Trade Debtors	£24,004,334	60.7%	£14,932,861	21.8%	£12,262,858	-4.7%	£12,869,427	-11.2%	£14,485,772
	Cash	£42,507,667	-63.1%	£115,104,645	15.1%	£100,008,132	62.8%	£61,442,632	-5.5%	£65,052,909
	Other Debtors	£282,952,512	3.5%	£273,353,988	-4.8%	£287,201,451	467.5%	£50,609,807	2.2%	£49,532,870
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£419,682,601	-9.8%	£465,152,013	1.4%	£458,869,196	162.7%	£174,706,880	-2.8%	£179,786,977
	Trade Creditors	£65,829,913	7.1%	£61,463,150	25.3%	£49,049,664	78.4%	£27,487,657	35.1%	£20,339,429
	Bank Loans & Overdrafts	£3,510,688	-63.8%	£9,706,678	-7.6%	£10,508,858	444.7%	£1,929,141	-87.9%	£15,940,161
	Other Short Term Finance	£318,373,625	22.5%	£259,833,083	-10.9%	£291,647,943	999.9%	£8,777,464	-62.3%	£23,260,801
	Miscellaneous Current Liabilities	£61,207,214	-5%	£64,450,647	-21.9%	£82,523,817	12.4%	£73,442,566	77%	£41,493,811
	Total Current Liabilities	£448,921,440	13.5%	£395,453,558	-8.8%	£433,730,282	288.5%	£111,636,828	10.5%	£101,034,202
	Bank Loans & Overdrafts and LTL	£12,942,904	-55.6%	£29,148,114	119.1%	£13,300,978	50.6%	£8,834,518	-60%	£22,074,329
	Other Long Term Finance	0	-100%	£1,819,585	-34.8%	£2,792,120	-55.4%	£6,259,222	41.1%	£4,436,868
	Total Long Term Liabilities	£9,432,216	-51.5%	£19,441,436	596.3%	£2,792,120	-59.6%	£6,905,377	12.6%	£6,134,168

Capital & Reserves

	Date Of Accounts	27/08/11	(%)	28/08/10	(%)	29/08/09	(%)	30/08/08	(%)	26/05/07
	Called Up Share Capital	£100,000	-	£100,000	-	£100,000	-	£100,000	-	£100,000
	P & L Account Reserve	£34,695,117	-73.6%	£131,638,515	13.1%	£116,357,441	-31.8%	£170,587,729	-8.7%	£186,767,444
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	-	-	-	-	-	-	-	-	-
	Shareholder Funds	£34,795,117	-73.6%	£131,738,515	13.1%	£116,457,441	-31.8%	£170,687,729	-8.7%	£186,867,444

Other Financial Items

	Date Of Accounts	27/08/11	(%)	28/08/10	(%)	29/08/09	(%)	30/08/08	(%)	26/05/07
	Net Worth	£34,573,278	-73.5%	£130,331,401	13.4%	£114,881,791	-31.9%	£168,755,423	-8.7%	£184,754,805
	Working Capital	-£29,238,839	-142%	£69,698,455	177.3%	£25,138,914	-60.1%	£63,070,052	-19.9%	£78,752,775
	Total Assets	£493,148,773	-9.8%	£546,633,509	-1.1%	£552,979,843	91.2%	£289,229,934	-1.6%	£294,035,814
	Total Liabilities	£458,353,656	10.5%	£414,894,994	-5%	£436,522,402	268.2%	£118,542,205	10.6%	£107,168,370
	Net Assets	£34,795,117	-73.6%	£131,738,515	13.1%	£116,457,441	-31.8%	£170,687,729	-8.7%	£186,867,444

Cash Flow

	Date Of Accounts	27/08/11	(%)	28/08/10	(%)	29/08/09	(%)	30/08/08	(%)	26/05/07
	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
	Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	27/08/11	(%)	28/08/10	(%)	29/08/09	(%)	30/08/08	(%)	26/05/07
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
	Capital Employed	£44,227,333	-70.7%	£151,179,951	26.8%	£119,249,561	-32.9%	£177,593,106	-8%	£193,001,612
	Number of Employees	3731	-2.9%	3841	-3.1%	3965	0.9%	3930	-2.4%	4027
	Auditors	BDO LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers	NATIONAL WESTMINSTER BANK PLC
	Bank Branch Code	60-00-01

Ratios

	Date Of Accounts	27/08/11	28/08/10	29/08/09	30/08/08	26/05/07
	Pre-tax profit margin %	18.92	17.49	5.16	8.64	9.18
	Current ratio	0.93	1.18	1.06	1.56	1.78
	Sales/Net Working Capital	-19.01	8.06	21.50	10.01	6.10
	Gearing %	37.20	22.10	11.40	5.20	11.80
	Equity in %	7.10	24.20	21.10	59.40	64
	Creditor Days	43.11	39.82	33.03	20.10	15.40
	Debtor Days	15.72	9.67	8.26	9.41	10.96
	Liquidity/Acid Test	0.77	1.02	0.92	1.11	1.27
	Return On Capital Employed %	237.70	64.97	23.40	30.71	22.85
	Return On Total Assets Employed %	21.31	17.96	5.04	18.86	14.99
	Current Debt Ratio	12.90	3	3.72	0.65	0.54
	Total Debt Ratio	13.17	3.14	3.74	0.69	0.57
	Stock Turnover Ratio %	12.63	10.99	10.99	7.88	10.55
	Return on Net Assets Employed %	302.14	74.56	23.96	31.95	23.60

Creditor Details

No Creditor Data

Total Value

-

Trade Debtors / Bad Debt Detail

No Debtor Data

Total Value

-

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Commentary

Multiple CCJ's recorded against the company.

The credit limit on this company has fallen 17.2% in comparison to the previously suggested credit limit.

Sales in the latest trading period decreased 1.1% on the previous trading period.

Net Worth decreased by 73.5% during the latest trading period.

A 9.8% decline in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 7% compared to the previous trading period.

The company saw a decrease in their Cash Balance of 63.1% 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 39 years ago.

Last 3 Years Credit Limit

Date	Limit
31/12/2011	£7,450,000
31/12/2010	£7,050,000
31/12/2009	£4,050,000

Year to Date	Employees
27/08/2011	3731
28/08/2010	3841
29/08/2009	3965

Status History

No Status History found

Event History

Date	Description
06/08/2012	Mr P. Ridler has left the board
06/08/2012	New Board Member Mr M.G. Holloway appointed
24/07/2012	Mr S.J. Back has left the board
26/06/2012	Annual Returns
02/06/2012	New Accounts Filed
02/06/2012	New Accounts Filed
02/07/2011	Annual Returns
03/05/2011	New Accounts Filed
03/05/2011	New Accounts Filed
15/06/2010	Annual Returns
04/06/2010	New Accounts Filed
04/06/2010	New Accounts Filed
04/11/2009	New Board Member Mr P. Ridler appointed
14/10/2009	Mr M. Hudson has left the board
07/06/2009	Annual Returns

Rating History

Date	Rating	Description
06/08/2012	67	Good Credit Worthiness
24/07/2012	81	Very Good Credit Worthiness
02/06/2012	83	Very Good Credit Worthiness
24/04/2012	89	Very Good Credit Worthiness
17/02/2012	84	Very Good Credit Worthiness
09/02/2012	66	Good Credit Worthiness
06/10/2011	84	Very Good Credit Worthiness
01/06/2011	54	Good Credit Worthiness
21/05/2011	84	Very Good Credit Worthiness
13/04/2011	54	Good Credit Worthiness

Limit History

Date	Limit
06/08/2012	£2,400,000
24/07/2012	£2,900,000
02/06/2012	£2,950,000
24/04/2012	£7,900,000
17/02/2012	£7,450,000
09/02/2012	£5,850,000
06/10/2011	£7,450,000
28/09/2011	£5,850,000
01/06/2011	£4,800,000
21/05/2011	£7,450,000

Previous Company Names

Date	Previous Name
13/01/1998	MONSOON LIMITED
15/10/1986	MONSOON FASHIONS LIMITED
31/12/1977	SILTROP LIMITED

Mortgage Details

Mortgage Type:	CHARGE OF DEPOSIT
Date Charge Created:	13/07/10
Date Charge Registered:	23/07/10
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	ALL DEPOSITS NOW AND IN THE FUTURE CREDITED TO ACCOUNTS AND ANY DEPOSIT OR ACCOUNT OF ANY OTHER CURR ENCY DESCRIPTION ORDESIGNATION WHICH DERIVES IN WHOLE OR IN PART FROM SUCH DEPOSITS OR ACCOUNT

Mortgage Type:	CHARGE OVER CREDIT BALANCE
Date Charge Created:	19/11/82
Date Charge Registered:	25/11/82
Date Charge Satisfied:	25/11/82
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE IN RELATION TOA GUARANTEE STERLING POUNDS 500,000 IN JOWAR OF TEXTILE FINANCE LIMITED
Details:	THE SUM OF £300,000 TOGETHER WITH INTEREST ACCRUED HELD BY THE BANK ON AC ACCOUNT IN THE NAME OF TH E BANK.

Mortgage Type:	ASSIGNMENT
Date Charge Created:	28/05/82
Date Charge Registered:	03/06/82
Date Charge Satisfied:	03/06/82
Status:	SATISFIED
Person(s) Entitled:	ALLIED BANK INTERNATIONAL
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF A LOAN AGREEMENT DATED 9.7.81
Details:	RENTAL PAYMENTS DUE UNDER A LEASE AGREMENTS DATED 28TH MAY, 1982 (SEE DOC M 28)

Mortgage Type:	SECURITY ASSIGNMENT
Date Charge Created:	17/11/81
Date Charge Registered:	30/11/81
Date Charge Satisfied:	30/11/81
Status:	SATISFIED
Person(s) Entitled:	ALLIED BANK INTERNATIONAL
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF A LOAN AGREEMENT DATED 9.7.81
Details:	RENTAL PAYMENTS DUE UNDER A LEASE AGREEMENT DATED 29.5.81 AS VARIED. (SEE DOC M27)

Mortgage Type:	SECURITY ASSIGNMENT
Date Charge Created:	17/11/81
Date Charge Registered:	30/11/81
Date Charge Satisfied:	30/11/81
Status:	SATISFIED
Person(s) Entitled:	ALLIED BANK INTERNATIONAL
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF A LOAN AGREEMENT DATED 9.7.81
Details:	RENTAL PAYMENTS DUE UNDER A LEASE AGREEMENTS ATED 22.5.81

Mortgage Type:	CHARGE
Date Charge Created:	19/06/81
Date Charge Registered:	25/06/81
Date Charge Satisfied:	25/06/81
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	BENEFIT OF AN AGREEMENT DATED 30.5.80

Mortgage Type:	CHARGE
Date Charge Created:	19/06/81
Date Charge Registered:	25/06/81
Date Charge Satisfied:	25/06/81
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	BENEFIT OF AN AGREEMENT DATED 30.5.80 (SEE OC 724)

Mortgage Type:	CHARGE
Date Charge Created:	19/06/81
Date Charge Registered:	25/06/81
Date Charge Satisfied:	25/06/81
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	BENEFIT OF AN AGREEMENT DATED 30.5.80 (SEE DOC M23)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.97
UK Pound	1	Rs.87.50
Euro	1	Rs.70.16

INFORMATION DETAILS

Report Prepared by :

NIT

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.