Company name and address

Business Description

Industry

Key Executives

News

Financial Summary

Registered No.(UK)

Corporate Overview

Directors and Shareholders Report

MIRA INFORM REPORT

Report Date :

28.11.2012

IDENTIFICATION DETAILS

Name :	SHOP DIRECT HOME SHOPPING LTD.

Registered Office :	Skyways House Speke Road, Liverpool, L70 1AB, Merseyside County

Country :	United Kingdom

Financials (as on) :	30.06.2011

Date of Incorporation :	11.02.2003

Com. Reg. No.:	04663281

Legal Form :	Private Subsidiary

Line of Business :	Electronic Shopping

No. of Employees :	3,984

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 :	Slow but correct
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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

United Kingdom

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

Shop Direct Home Shopping Ltd.

Skyways House Speke Road


Liverpool, L70 1AB
United Kingdom
(Registered Address)
Tel:	0870 263 1000

www.shopdirect.com

Employees:	3,984
Company Type:	Private Subsidiary
Corporate Family:	83 Companies
Ultimate Parent:	Lw Corporation Ltd.

Quoted Status:	Non-quoted Company
Incorporation Date:	11-Feb-2003
Auditor:	PricewaterhouseCoopers LLP
Fiscal Year End:	30-Jun-2011
Reporting Currency:	British Pound Sterling
Annual Sales:	2,405.2 ¹
Net Income:	(164.0)
Total Assets:	889.4

Electronic Shopping

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
UK SIC 2007:	4791 - Retail sale via mail order houses or via Internet
US SIC 1987:	5961 - Catalog and Mail-order Houses

Name	Title
Neil Chandler	CEO-Finance Services
David Wallace Kershaw	Corporate Finance Director
Gary Kibble	Brand Director, Shop Direct Group
Bernard Thorne	IT Development Director
Keith Basnett	COO

Title	Date
SUPER SHOPPING SPREES TO BE WON! Sunday Mirror (UK) (1048 Words)	4-Nov-2012
Get the look.. PARTY OUTFITS Mirror (UK) (658 Words)	1-Nov-2012
WIN Â£1500 WITH VERY.CO.UK Daily Record (Glasgow, Scotland) (491 Words)	30-Oct-2012
LAURENCE LLEWELYN-BOWEN COMPETITION Mirror (UK) (518 Words)	3-Jul-2012
Most complained about ads of 2011 Marketing Week (UK) (551 Words)	30-May-2012

FYE: 30-Jun-2011

USD (mil)

Key Figures
Current Assets	656.99
Fixed Assets	232.38
Total Liabilities	630.98
Net Worth	151.56

Key Ratios
Current Ratio	1.04
Acid Test	0.73
Debt Gearing	0.27

04663281

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6291059

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6228783

Location
Skyways House Speke Road
Liverpool, L70 1AB
Merseyside County
United Kingdom

Tel:	0870 263 1000

www.shopdirect.com

Sales GBP(mil):	1,513.1
Assets GBP(mil):	554.0
Employees:	3,984
Fiscal Year End:	30-Jun-2011



Industry:	Retail (Catalog and Mail Order)

Registered Address:
First Floor, Skyways House
Speke Road
Speke
Liverpool, L70 1AB
United Kingdom

Incorporation Date:	11-Feb-2003
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(UK):	04663281


CEO-Finance Services :	Neil Chandler

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

UK SIC 2007:
4791	-	Retail sale via mail order houses or via Internet

Business Description

Internet and catalogue home shopping.

More Business Descriptions

Electronic Shopping

Financial Data

Financials in:	GBP(mil)

Revenue:	1,513.1
Net Income:	-103.1
Assets:	554.0
Current Assets:	409.2
Fixed Assets:	144.7
Long Term Debt:	0.3
Total Liabilities:	393.3
Issued Capital:	646.0
Working Capital:	16.2
Net Worth:	94.4

Date of Financial Data:	30-Jun-2011

1 Year Growth

15.0%

3.5%

Top

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP

Auditor:	PricewaterhouseCoopers LLP

	GBP(mil)
Audit Fees:	0.3
Non Audit Fees:	0.1
Audit Fiscal Year:	06-30-2011

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Lw Corporation Ltd.	Parent
Shop Direct Holdings Ltd.	Subsidiary	Liverpool	United Kingdom	Business Services	3,974.4	18,688
Shop Direct Ltd	Subsidiary	Manchester	United Kingdom	Public Sector and Government	2,684.9	7,509
Shop Direct Contact Centres Ltd.	Subsidiary	Liverpool	United Kingdom	Business Services	110.2	1,936
Shop Direct Group Financial Services Ltd	Subsidiary	Bootle	United Kingdom	Insurance (Life)		1,200
Shop Direct Finance Co. Ltd.	Subsidiary	Bootle	United Kingdom	Consumer Financial Services	613.1	1,041
Shop Direct Financial Services Ltd.	Subsidiary	Bootle	United Kingdom	Consumer Financial Services	0.2
Legal Direct Recoveries Ltd.	Subsidiary	Bootle	United Kingdom	Business Services
Littlewoods Finance Co. Ltd.	Subsidiary	Bootle	United Kingdom	Business Services
Littlewoods Clearance Ltd.	Subsidiary	Liverpool	United Kingdom	Retail (Specialty)	32.8	278
Lewis U. K. Ltd.	Subsidiary	Liverpool	United Kingdom	Business Services		19
Catalogue Bargain Shop Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Arndale Properties Ltd.	Subsidiary	Liverpool	United Kingdom	Business Services	19.3
White Arrow Logistics Ltd.	Subsidiary	Liverpool	United Kingdom	Business Services	3.3	6
Arndale Aintree Property Ltd.	Subsidiary	Liverpool	United Kingdom	Construction Services	2.1
Estuary Park Property Holdings Ltd.	Subsidiary	Liverpool	United Kingdom	Construction Services	3.7
Lsd Developments Ltd.	Subsidiary	Liverpool	United Kingdom	Construction Services
Senate Park Developments Ltd.	Subsidiary	Liverpool	United Kingdom	Construction Services
Kay And Co. Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Reality Group Ltd.	Subsidiary	Liverpool	United Kingdom	Business Services
White Arrow Express Ltd.	Subsidiary	Hull	United Kingdom	Nonclassifiable Industries
White Arrow Express Ltd	UK Branch/Trading address	Aberdeen	United Kingdom	Nonclassifiable Industries
White Arrow Leasing Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Reality Group Ltd	UK Branch/Trading address	Manchester	United Kingdom	Business Services
Abound Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Shoppers Universe Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Family Album Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Marshall Ward Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Innovations Group Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Reality Ventures Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Kays Personal Selection Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Royal Welsh Warehouse Ltd. (The)	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Gcc Debt Recovery Ltd.	Subsidiary	Manchester	United Kingdom	Business Services
Shop Direct Trustees Ltd.	Subsidiary	Liverpool	United Kingdom	Business Services
Ryton Properties Ltd.	Subsidiary	Liverpool	United Kingdom	Real Estate Operations
Cdms Ltd.	Subsidiary	Liverpool	United Kingdom	Printing and Publishing	147.6	369
Inkfish Services Ltd.	Subsidiary	Coventry	United Kingdom	Printing and Publishing	5.8	61
Transactis Ltd.	Subsidiary	Liverpool	United Kingdom	Computer Services
Littlewoods Ltd.	Subsidiary	Liverpool ,	United Kingdom	Business Services	0.7	3
Shop Direct Home Shopping Ltd.	Subsidiary	Liverpool	United Kingdom	Retail (Catalog and Mail Order)	2,405.2	3,984
Shop Direct Licensing Ltd.	Subsidiary	Liverpool	United Kingdom	Business Services	0.6
Littlewoods Property Holdings Ltd.	Subsidiary	Liverpool	United Kingdom	Business Services	4.5
Shop Direct Secretarial Services Ltd.	Subsidiary	Liverpool	United Kingdom	Business Services
Exind Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Woolworths Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Littlewoods Retail Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Littlewoods Home Shopping Group Ltd	UK Branch/Trading address	Oldham	United Kingdom	Nonclassifiable Industries		1,000
Burlington Warehouses Ltd.	Subsidiary	Liverpool	United Kingdom	Retail (Catalog and Mail Order)
Brian Mills Ltd.	Subsidiary	Liverpool	United Kingdom	Retail (Catalog and Mail Order)
Peter Craig Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Littlewoods Warehouses Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Nationwide Debt Recovery Ltd.	Subsidiary	Bolton	United Kingdom	Nonclassifiable Industries
Littlewoods Home Shopping Finance Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Swan Housewares Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Janet Frazer Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Littlewoods5 Ltd.	Subsidiary	Leeds	United Kingdom	Nonclassifiable Industries
M. C. Hitchen & Sons, Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
M C Hitchen & Sons	UK Branch/Trading address	Ashton-Under-Lyne	United Kingdom	Retail (Grocery)		8
John Moores Home Shopping Service Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Littlewoods Retail Ltd	UK Branch/Trading address	Hull	United Kingdom	Nonclassifiable Industries
Littlewoods Retail Ltd	UK Branch/Trading address	Liverpool	United Kingdom	Nonclassifiable Industries
Business Express Network Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Home Shopping Network (Uk) Ltd	UK Branch/Trading address	Reading	United Kingdom	Nonclassifiable Industries
J & C Moores (Direct) Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Littlewoods7 Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
St. James's Street Properties Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
H. Littlewood (Scotland) Ltd.	Subsidiary	Glasgow	United Kingdom	Nonclassifiable Industries
Woolworths Cinema Club Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Woolworths Entertainment Group Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Woolworths Nominees Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Woolworths Holdings Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Woolworths Marketing Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Woolworths Group Finance Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Woolworths Publishing Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Old Hall Street Properties Ltd.	Subsidiary	Liverpool	United Kingdom	Construction Services	3.4
March Secretarial Services Ltd.	Subsidiary	Liverpool	United Kingdom	Business Services
Yodel Network Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Yodel Delivery Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
Lw Finance Ltd.	Subsidiary	Liverpool	United Kingdom	Commercial Banks
Lw Investments Ltd.	Subsidiary	Liverpool	United Kingdom	Commercial Banks
Shop Direct Co. Director Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries
March Co. Director Ltd.	Subsidiary	Liverpool	United Kingdom	Business Services
Littlewoods Home Shopping Ltd.	Subsidiary	Liverpool	United Kingdom	Nonclassifiable Industries

Shop Direct Home Shopping Ltd.

Liverpool, , United Kingdom, Tel: 0870 263 1000, URL: http://www.shopdirect.com

Executives Report

Board of Directors

Name

Title

Function

Howard Myles Barclay

Director

Director/Board Member

Age: 52

Aidan Stuart Barclay

Director

Director/Board Member

Age: 56

David Wallace Kershaw

Corporate Finance Director

Director/Board Member

Age: 56

Mark Newton-Jones

Group Chief Executive and Director

Director/Board Member

Age: 45

Philip Leslie Peters

Director

Director/Board Member

Age: 55

Michael Seal

Director

Director/Board Member

Age: 64

Executives

Name

Title

Function

Neil Chandler

CEO-Finance Services

Chief Executive Officer

James Evans

Group Director-Corporate Communications

Division Head Executive

Jacqui Humphries

Group Director-People

Division Head Executive

Gareth Jones

Group Director-Retail

Division Head Executive

Mark Newton-Jones

Group Chief Executive and Director

Division Head Executive

Age: 45

Keith Basnett

COO

Operations Executive

Dave Bouskill

Applications Manager - Finance/HR/Payroll

Finance Executive

David Wallace Kershaw

Corporate Finance Director

Finance Executive

Age: 56

Susan Rice

Head Office HR Director

Human Resources Executive

Gary Kibble

Brand Director, Shop Direct Group

Marketing Executive

Steven Rowe

Director of Financial Services Marketing

Marketing Executive

Gill Hart

Head-Corporate Communications

Corporate Communications Executive

Lauren Jones

Manager-Public Relations

Public Relations Executive

Christine Morgan

Head-Public Relations-Consumer

Public Relations Executive

Bernard Thorne

IT Development Director

Information Executive

Anne Caven

Head of Change

Other

Paul Crane

Project Manager

Other

Individual Shareholders

There are no individual shareholders for this company.

Main Office Address:
Skyways House Speke Road
Liverpool
United Kingdom L70 1AB

Tel: 0870 263 1000
URL: http://www.shopdirect.com

Annual Return Date: 11 Feb 2012
Total Issued Capital (GBP 000): 646,000

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Philip Leslie Peters	Current	07 Aug 1957	20 St. James's Street, London , London SW1A 1ES	12 Mar 2008	NA	Current:51 Previous:18 Disqualifications:0
Mark Newton-Jones	Current	25 May 1967	Skyways House Speke Road, Speke, Liverpool, Merseyside L70 1AB	12 Mar 2008	NA	Current:7 Previous:5 Disqualifications:0
David Wallace Kershaw	Current	31 Jul 1956	First Floor Skyways House Speke Road, Speke, Liverpool, Merseyside L70 1AB	22 Feb 2010	NA	Current:52 Previous:16 Disqualifications:0
Michael Seal	Current	12 Oct 1948	20 St James's Street, London , London SW1A 1ES	12 Mar 2008	NA	Current:80 Previous:22 Disqualifications:0
Aidan Stuart Barclay	Current	28 Jan 1956	20 St James's Street, London , London SW1A 1ES	12 Mar 2008	NA	Current:51 Previous:15 Disqualifications:0
Howard Myles Barclay	Current	20 Dec 1959	3Rd Floor 20 St James's Street, London , London SW1A 1ES	12 Mar 2008	NA	Current:34 Previous:10 Disqualifications:0
Steve Makin	Previous	23 Sep 1969	Dove Barn 473A Chester Road, Woodford, Stockport, Greater Manchester SK7 1PR	22 Feb 2010	20 Jan 2012	Current:0 Previous:11 Disqualifications:0

Corporate Directors

Company Name	Status	Registered Address	Appointment Date	Resignation Date
Shop Direct Company Director Limited	Previous	First Floor Skyways House, Speke Road Speke, Liverpool, Merseyside L70 1AB	11 Feb 2003	12 Mar 2008

Individual Secretaries

There are no individual secretaries for this company.

Corporate Secretaries

Company Name	Status	Registered Address	Appointment Date	Resignation Date
Shop Direct Secretarial Services Limited	Current	First Floor Skyways House, Speke Road Speke, Liverpool, Merseyside L70 1AB	11 Feb 2003	NA

Corporate Shareholders

Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Littlewoods Limited	00262152	646000000 Ordinary GBP 1.00	Ordinary	646,000,000	1.00	646,000,000.00	100.00

News

SUPER SHOPPING SPREES TO BE WON!
Sunday Mirror (UK) (1048 Words)

04-Nov-2012

Get the look.. PARTY OUTFITS
Amber Morales, Mirror (UK) (658 Words)

01-Nov-2012

Get the look.. PARTY OUTFITS
Amber Morales, Mirror (UK) (658 Words)

01-Nov-2012

WIN Â£1500 WITH VERY.CO.UK
Daily Record (Glasgow, Scotland) (491 Words)

30-Oct-2012

LAURENCE LLEWELYN-BOWEN COMPETITION
Mirror (UK) (518 Words)

04-Jul-2012

LAURENCE LLEWELYN-BOWEN COMPETITION
Mirror (UK) (518 Words)

03-Jul-2012

Most complained about ads of 2011
Rosie Baker, Marketing Week (UK) (551 Words)

30-May-2012

Research and Markets: Internet Plumbing and Heating Market Report - UK 2012-2016 Analysis
Business Wire (526 Words)

07-Mar-2012

Shop Direct Home Shopping Ltd.

Liverpool, United Kingdom, Tel: 0870 263 1000, URL: http://www.shopdirect.com

Annual Profit & Loss

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	30-Jun-2011	30-Apr-2010	30-Apr-2009	30-Apr-2008	30-Apr-2007
Period Length	61 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.629106	0.625491	0.607152	0.498433	0.523688
Consolidated	No	No	No	No	No

Turnover (UK)	2,405.2	2,103.3	2,278.1	2,686.8	-
Turnover (Exports)	0.0	0.0	0.0	0.0	-
Total Turnover	2,405.2	2,103.3	2,278.1	2,686.8	2,498.7
Cost of Sales	1,391.8	1,140.4	1,219.8	1,409.7	1,305.2
Gross Profit	1,013.3	963.0	1,058.3	1,277.1	1,193.4
Depreciation	56.4	51.3	50.3	41.6	46.9
Other Expenses	1,171.6	1,026.9	1,131.5	1,355.6	0.0
Operating Profit	-158.3	-	-	-	-
Other Income	0.0	0.0	0.0	0.1	6.6
Interest Paid	5.7	4.4	9.7	15.6	16.6
Exceptional Income	0.0	-14.9	-79.2	-64.8	-1,177.2
Discontinued Operations	0.0	0.0	0.0	0.0	0.0
Profit Before Taxes	-164.0	-83.2	-162.1	-158.7	6.2
Tax Payable / Credit	0.0	1.2	13.8	3.8	-0.2
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.0	0.0	0.0	0.0	0.0
Profit After Taxes	-164.0	-84.4	-176.0	-162.5	6.4
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.4	0.4	0.4	0.5	0.6
Non Audit Fees	0.2	0.2	0.9	1.2	0.6
Number of Employees	3,984	3,749	3,988	4,456	4,895
Wages	153.9	133.4	142.1	190.6	210.8
Social Security Costs	16.8	14.1	14.5	19.4	21.5
Pensions	0.0	0.0	0.0	0.0	0.0
Other Pension Costs	14.5	13.8	15.0	21.2	20.6
Employees Remuneration	185.2	161.3	171.6	231.1	252.9
Directors Emoluments	0.0	0.0	0.0	0.0	0.0
Other Costs	0.0	0.0	0.0	0.0	0.0
Directors Remuneration	0.0	0.0	0.0	0.0	0.0
Highest Paid Director	0.0	0.0	0.0	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	30-Jun-2011	30-Apr-2010	30-Apr-2009	30-Apr-2008	30-Apr-2007
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.622878	0.653317	0.674855	0.50491	0.500038
Consolidated	No	No	No	No	No

Land & Buildings	4.6	2.9	3.0	4.5	5.6
Fixtures & Fittings	140.3	122.3	137.5	203.5	219.1
Plant & Vehicles	0.0	0.0	0.0	0.0	0.0
Total Tangible Fixed Assets	144.9	125.2	140.6	208.1	224.6
Intangible Assets	87.4	90.9	94.8	135.8	146.3
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	232.4	216.1	235.4	343.8	370.9
Stocks	-	182.4	171.2	180.8	-
Work in Progress	-	0.0	0.0	0.0	-
Total Stocks Work In Progress	196.6	182.4	171.2	180.8	174.8
Trade Debtors	2.4	4.2	2.6	6.0	5.7
Inter-Company Debtors	427.5	296.1	279.2	615.4	398.0
Other Debtors	30.4	83.2	74.0	118.5	379.5
Total Debtors	460.3	383.5	355.8	739.9	783.2
Cash and Equivalents	0.1	0.1	0.1	0.2	0.7
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	657.0	566.0	527.1	920.9	958.7
Total Assets	889.4	782.1	762.5	1,264.7	1,329.6
Trade Creditors	266.5	239.9	215.2	278.2	287.7
Bank Overdraft	127.9	118.8	92.2	293.9	181.1
Inter-Company Creditors	30.4	17.7	45.8	128.5	29.1
Director Loans (Current Liability)	0.0	0.0	0.0	0.0	-
Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0	0.0
Finance Lease (Current Liability)	0.7	1.2	1.4	3.0	2.8
Total Finance Lease/Hire Purchase (Current Liability)	0.7	1.2	1.4	3.0	2.8
Total Short Term Loans	0.0	0.0	0.0	0.0	-
Accruals/Deferred Income (Current Liability)	94.3	60.6	81.9	94.5	114.1
Social Security/VAT	45.1	24.0	21.4	35.1	30.7
Corporation Tax	0.0	0.0	0.0	0.0	-
Dividends (Current Liability)	0.0	0.0	0.0	0.0	-
Other Current Liabilities	66.1	52.5	71.0	114.2	153.8
Total Current Liabilities	631.0	514.8	528.8	947.3	799.2
Group Loans (Long Term Liability)	0.0	0.0	0.0	12.7	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)	0.4	1.4	2.2	4.6	6.9
Total Hire Purchase Loans (Long Term Liability)	0.4	1.4	2.2	4.6	6.9
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	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.4	1.4	2.2	17.3	6.9
Deferred Taxation	-	0.0	0.0	0.0	-
Other Provisions	19.0	11.2	10.1	21.5	79.4
Total Provisions	19.0	11.2	10.1	21.5	79.4
Issued Capital	1,037.1	805.1	675.7	675.4	681.9
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	-798.1	-550.4	-454.3	-396.7	-237.9
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	239.0	254.7	221.4	278.7	444.1
Net Worth	151.6	163.8	126.6	142.9	297.8

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	30-Jun-2011	30-Apr-2010	30-Apr-2009	30-Apr-2008	30-Apr-2007
Period Length	61 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.629106	0.625491	0.607152	0.498433	0.523688
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	30-Jun-2011	30-Apr-2010	30-Apr-2009	30-Apr-2008	30-Apr-2007
Period Length	61 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.622878	0.653317	0.674855	0.50491	0.500038
Consolidated	No	No	No	No	No

Current Ratio	1.04	1.10	1.00	0.97	1.20
Liquidity Ratio	0.73	0.75	0.67	0.78	0.98
Stock Turnover	10.53	11.04	11.97	14.67	14.97
Credit Period (Days)	0.43	0.76	0.45	0.82	0.80
Working Capital by Sales	1.26%	2.54%	-0.08%	-1.00%	6.09%
Trade Credit by Debtors	110.44	57.33	84.38	46.67	50.11
Return on Capital	-54.63%	-29.79%	-62.43%	-49.35%	1.22%
Return on Assets	-15.87%	-10.18%	-19.13%	-12.39%	0.48%
Profit Margin	-6.82%	-3.95%	-7.12%	-5.91%	0.25%
Return on Shareholders Funds	-59.06%	-31.26%	-65.89%	-56.22%	1.45%
Borrowing Ratio	105.14%	84.94%	111.86%	309.78%	73.83%
Equity Gearing	26.87%	32.57%	29.03%	22.03%	33.40%
Debt Gearing	0.27%	0.85%	1.74%	12.09%	2.31%
Interest Coverage	-28.74	-18.90	-16.63	-10.18	0.37
Sales by Tangible Assets	14.29	16.09	14.58	12.75	11.65
Average Remuneration per Employee	0.0	0.0	0.0	0.1	0.1
Profit per Employee	0.0	0.0	0.0	0.0	0.0
Sales per Employee	0.5	0.5	0.5	0.6	0.5
Capital Employed per Employee	0.1	0.1	0.1	0.1	0.1
Tangible Assets per Employee	0.0	0.0	0.0	0.0	0.0
Total Assets per Employee	0.2	0.2	0.2	0.3	0.3
Employee Remuneration by Sales	7.70%	7.67%	7.53%	8.60%	10.12%
Creditor Days (Cost of Sales Based)	81.22	80.20	71.57	72.98	76.82
Creditor Days (Sales Based)	47.00	43.48	38.32	38.29	40.13

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

NLM

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.