MIRA INFORM REPORT

Report Date :

27.10.2012

IDENTIFICATION DETAILS

Name :	J.P. BODEN & CO. LIMITED
Formerly Known As :	CHANCEREVISE LIMITED
Registered Office :	Boden House 114-120 Victoria Road London NW10 6NY
Country :	United Kingdom
Financials (as on) :	31.12.2011
Date of Incorporation :	02.03.1992
Com. Reg. No.:	02692601
Legal Form :	Private limited with Share Capital
Line of Business :	Retail Sale Via Mail Order Houses or Via Internet
No. of Employees :	808

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 :	Good
Payment Behaviour :	Regular
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 (31.03.2011)	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

Top of Form

Company name and address

Company Name	J.P. BODEN & CO. LIMITED	Company Number	02692601
Registered Address	BODEN HOUSE	Trading Address	Boden Central Meridian West Meridian Business Park Leicester, Leicestershire LE19 1PX
	114-120 VICTORIA ROAD
	LONDON
	NW10 6NY
Website Address	http://www.boden.co.uk
Telephone Number	08448730000	Fax Number
TPS	No	FPS	No
Incorporation Date	02/03/1992	Company Status	Active - Accounts Filed
Previous Name	CHANCEREVISE LIMITED	Type	Private limited with Share Capital
Date of Change	16/04/1992	Filing Date of Accounts	28/09/2012
		Share Capital	£334,007
SIC03	5261	Currency	GBP
SIC03 Description	RETAIL SALE VIA MAIL ORDER HOUSES
SIC07	47910
SIC07 Description	RETAIL SALE VIA MAIL ORDER HOUSES OR VIA INTERNET
Principal Activity	A group engaged in goods through mail order catalogues and the internet.

Commentary

No exact match CCJs are recorded against the company.
Sales in the latest trading period increased 23.4% on the previous trading period.
Net Worth increased by 4.1% during the latest trading period.
A 4.8% growth in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 32.7% compared to the previous trading period.
The company saw a decrease in their Cash Balance of 13.6% 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 20 years ago.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2011	£204,575,156	£20,314,341	£56,627,500	808
31/12/2010	£165,771,162	£30,193,921	£54,404,476	740
31/12/2009	£201,893,026	£28,513,403	£57,365,548	700

Payment Information Summary

Days Beyond Terms

Trend Indicator

7	9
Company DBT	UK Average DBT

Steady

Improving Worsening

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	3
Satisfied	1

Total Current Directors	7
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	14

Current Directors

Name	John Peter Boden	Date of Birth	01/06/1961
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	11/03/1992
Address	Boden House,  114-120 Victoria Road,  London,  NW10 6NY

Name	Julian Philip Granville	Date of Birth	20/06/1967
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	19/04/1996
Address	Boden House,  114-120 Victoria Road,  London,  NW10 6NY

Name	Robin Paul Howard	Date of Birth	17/07/1957
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	14/08/1998
Address	Boden House,  114-120 Victoria Road,  London,  NW10 6NY

Name	Francis Mark Binnington	Date of Birth	29/07/1962
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	14/08/1998
Address	Boden House,  114-120 Victoria Road,  London,  NW10 6NY

Name	Catherine Elizabeth Carrington Birch	Date of Birth	06/11/1964
Officers Title	Ms	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	21/01/2000
Address	Boden House,  114-120 Victoria Road,  London,  NW10 6NY

Name	Paul Simon O'Leary	Date of Birth	12/08/1967
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	25/09/2000
Address	Boden House,  114-120 Victoria Road,  London,  NW10 6NY

Name	Benjamin William Dreyer	Date of Birth	13/07/1967
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	25/03/1998
Address	Boden House,  114-120 Victoria Road,  London,  NW10 6NY

Current Company Secretary

Name	Paul Simon O'Leary	Date of Birth	12/08/1967
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Company Secretary
Appointment Date	25/09/2000
Address	Boden House,  114-120 Victoria Road,  London,  NW10 6NY

Top 20 Shareholders

Name	Individual Share Value
JP BODEN (HOLDINGS) LTD	900,008 ORDINARY C GBP 0.25
JP BODEN (HOLDINGS) LTD	294,579 ORDINARY B GBP 0.25
JP BODEN (HOLDINGS) LTD	117,150 ORDINARY D GBP 0.25
JP BODEN (HOLDINGS) LTD	396,000 ORDINARY A GBP 0.01
JP BODEN (HOLDINGS) LTD	8,446 ORDINARY E GBP 0.25

Financials

PROFIT & LOSS

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
Weeks	52	52	52	52	52
Currency	GBP	GBP	GBP	GBP	GBP
Consolidated A/cs	Y	Y	Y	Y	Y
Turnover	£204,575,156	£165,771,162	£201,893,026	£168,053,399	£153,639,787
Export	-	-	-	-	-
Cost of Sales	£137,853,040	£95,814,394	£124,761,301	£101,340,789	£88,770,525
Gross Profit	£66,722,116	£69,956,768	£77,131,725	£66,712,610	£64,869,262
Wages & Salaries	£23,302,688	£22,912,090	£20,686,706	£19,285,231	£19,773,137
Directors Emoluments	£1,362,705	£2,462,966	£2,466,207	£2,099,983	£2,577,972
Operating Profit	£20,293,296	£30,208,720	£28,462,030	£25,066,240	£26,651,247
Depreciation	£1,642,629	£1,469,643	£1,340,879	£1,283,149	£1,250,786
Audit Fees	£49,000	£49,000	£43,747	£35,000	£35,628
Interest Payments	£149,365	£105,364	£63,761	£92,769	£162,276
Pre Tax Profit	£20,314,341	£30,193,921	£28,513,403	£25,254,838	£27,413,430
Taxation	-£4,700,286	-£8,318,902	-£8,161,810	-£7,195,561	-£7,939,312
Profit After Tax	£15,614,055	£21,875,019	£20,351,593	£18,059,277	£19,474,118
Dividends Payable	£11,670,044	£25,519,642	£3,003,320	£6,264,068	£7,918,521
Retained Profit	£3,944,011	-£3,644,623	£17,348,273	£11,795,209	£11,555,597

BALANCE SHEET

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
Tangible Assets	£3,643,872	£2,297,601	£2,415,986	£2,733,491	£2,968,513
Intangible Assets	0	0	0	0	0
Total Fixed Assets	£3,643,872	£2,297,601	£2,415,986	£2,733,491	£2,968,513
Stock	£16,205,925	£11,608,670	£11,806,196	£8,042,385	£8,811,067
Trade Debtors	£11,363,462	£9,548,540	£9,828,989	£5,737,321	£3,592,695
Cash	£18,829,049	£21,789,125	£26,989,035	£16,015,308	£2,756,593
Other Debtors	£50,812,084	£50,947,003	£40,916,323	£40,534,886	£38,828,877
Miscellaneous Current Assets	0	0	0	0	0
Total Current Assets	£97,210,520	£93,893,338	£89,540,543	£70,329,900	£53,989,232
Trade Creditors	£4,206,364	£1,837,084	£1,989,592	£3,696,311	£3,674,088
Bank Loans & Overdrafts	0	0	£58,184	£452,858	£1,548,072
Other Short Term Finance	£9,660,788	£11,393,518	£991,855	£696,219	£111,394
Miscellaneous Current Liabilities	£30,359,740	£28,555,861	£31,551,350	£27,880,157	£23,393,084
Total Current Liabilities	£44,226,892	£41,786,463	£34,590,981	£32,725,545	£28,726,638
Bank Loans & Overdrafts and LTL	0	0	£58,184	£452,858	£1,548,072
Other Long Term Finance	0	0	0	0	0
Total Long Term Liabilities	0	0	0	0	0

CAPITAL & RESERVES

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
Called Up Share Capital	£334,006	£334,006	£334,006	£334,006	£334,006
P & L Account Reserve	£55,936,586	£53,362,215	£58,188,545	£40,841,963	£28,819,818
Revaluation Reserve	-	-	-	-	-
Sundry Reserves	£356,908	£708,255	-£1,157,003	-£838,123	-£922,717
Shareholder Funds	£56,627,500	£54,404,476	£57,365,548	£40,337,846	£28,231,107

OTHER FINANCIAL ITEMS

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
Net Worth	£56,627,500	£54,404,476	£57,365,548	£40,337,846	£28,231,107
Working Capital	£52,983,628	£52,106,875	£54,949,562	£37,604,355	£25,262,594
Total Assets	£100,854,392	£96,190,939	£91,956,529	£73,063,391	£56,957,745
Total Liabilities	£44,226,892	£41,786,463	£34,590,981	£32,725,545	£28,726,638
Net Assets	£56,627,500	£54,404,476	£57,365,548	£40,337,846	£28,231,107

CASH FLOW

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
Net Cashflow from Operations	£20,090,353	£30,982,966	£23,388,129	£29,075,944	£30,059,514
Net Cashflow before Financing	-£2,960,076	-£5,141,726	£11,368,401	£14,353,929	£10,305,661
Net Cashflow from Financing	-	-	-	-	-£34,539,282
Increase in Cash	-£2,960,076	-£5,141,726	£11,368,401	£14,353,929	-£24,233,621

MISCELLANEOUS

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
	Contingent Liability	NO	NO	NO	NO	NO
Capital Employed	£56,627,500	£54,404,476	£57,365,548	£40,337,846	£28,231,107
Number of Employees	808	740	700	684	661
Auditors	SAFFERY CHAMPNESS
Auditor Comments	The audit report contains no adverse comments
Bankers	BARCLAYS BANK PLC
Bank Branch Code	20-00-00

RATIOS

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
Pre-tax profit margin %	9.93	18.21	14.12	15.03	17.84
Current ratio	2.20	2.25	2.59	2.15	1.88
Sales/Net Working Capital	3.86	3.18	3.67	4.47	6.08
Gearing %	0	0	0.10	1.10	5.50
Equity in %	56.10	56.60	62.40	55.20	49.60
Creditor Days	7.48	4.03	3.58	8	8.70
Debtor Days	20.21	20.96	17.72	12.42	8.51
Liquidity/Acid Test	1.83	1.96	2.24	1.90	1.57
Return On Capital Employed %	35.87	55.49	49.70	62.60	97.10
Return On Total Assets Employed %	20.14	31.38	31	34.56	48.12
Current Debt Ratio	0.78	0.76	0.60	0.81	1.01
Total Debt Ratio	0.78	0.76	0.60	0.81	1.01
Stock Turnover Ratio %	7.92	7	5.84	4.78	5.73
Return on Net Assets Employed %	35.87	55.49	49.70	62.60	97.10

Status History

No Status History found

*Event History

Date	Description
12/10/2012	New Accounts Filed
12/10/2012	New Accounts Filed
06/08/2012	Mr C.J. Curry has left the board
06/08/2012	Mr C.N. Tweddell has left the board
13/03/2012	Annual Returns
27/10/2011	Ms V.J. Andreae has left the board
20/09/2011	New Accounts Filed
20/09/2011	New Accounts Filed
18/03/2011	Annual Returns
23/09/2010	New Accounts Filed
06/04/2010	Annual Returns
01/10/2009	New Accounts Filed
30/03/2009	Annual Returns
21/10/2008	New Accounts Filed
21/10/2008	New Board Member Mr C.J. Curry appointed

Previous Company Names

Date	Previous Name
16/04/1992	CHANCEREVISE LIMITED

Statistics

Group	3 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	JP BODEN (HOLDINGS) LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	JP BODEN (HOLDINGS) LIMITED

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
JP BODEN (HOLDINGS) LIMITED	06074040	31.12.2011	Y	£245,911,034
JP BODEN (EUROPE) LIMITED	07632525	31.12.2011	N	£808,505
J.P. BODEN & CO. LIMITED	02692601	31.12.2011	Y	£204,575,156

Statistics

Group	3 companies
Linkages	0 companies
Countries	In 0 countries

Exact CCJ Details

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Mortgage Details

Mortgage Type:	MEMBERSHIP INTEREST PLEDGE AGREEMENT
Date Charge Created:	27/07/07
Date Charge Registered:	02/08/07
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	PLEDGED INTERESTS BEING ALL ISSUED AND OUTSTANDING MEMBERSHIP INTERESTS OF JP BODEN USA LLC SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	13/05/03
Date Charge Registered:	16/05/03
Date Charge Satisfied:	-
Status:	OUTSTANDING
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:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLU DING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Mortgage Type:	DEBENTURE
Date Charge Created:	24/10/95
Date Charge Registered:	14/11/95
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLU DING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Mortgage Type:	DEBENTURE
Date Charge Created:	25/02/94
Date Charge Registered:	04/03/94
Date Charge Satisfied:	21/12/95
Status:	SATISFIED
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:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLU DING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Creditor Details

	No Creditor Data
Total Value		-

Trade Debtors / Bad Debt Detail

No Debtor Data
Total Value	-

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Crispin Noel Stephen Tweddell	23	9
Sophia Henrietta Boden	0	2
Sophia Henrietta Boden	0	2
Christopher John Max Curry	27	22
Victoria Jane Andreae	0	5
Iain Fraser MacDonald	1	1
Jeremy Anthony John Wilson	7	11
Jeremy Anthony John Wilson	7	11
Julian Philip Granville	4	2
Kyle MacRae	0	2
Nicholas Anthony Beart	11	25
Adrian John Lumley Burford	18	6
INSTANT COMPANIES LIMITED	2435	120334
SWIFT INCORPORATIONS LIMITED	2584	263481

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.63
UK Pound	1	Rs.86.17
Euro	1	Rs.69.74

INFORMATION DETAILS

Report Prepared by :

PRL

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.