MIRA INFORM REPORT

Report Date :

18.02.2013

DENTIFICATION DETAILS

Name :	HILLARYS BLINDS LIMITED

Formerly Known As :	HILLARY'S BLINDS LIMITED

Registered Office :	Unit 2 Churchill Park Private Road No 2 Colwick Nottingham Ng4 2jr

Country :	United Kingdom

Financials (as on) :	30.09.2011

Date of Incorporation :	14.01.1975

Com. Reg. No.:	01196432

Legal Form :	Private limited with Share Capital

Line of Business :	The manufacturing and retailing of venetian, roller, roman, pleated and vertical house blinds, awnings and shutters for the domestic and contract markets.

No. of Employees :	1182

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 – 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

REGISTERED NAME & COMPANY SUMMARY

Company Name	HILLARYS BLINDS LIMITED	Company Number	01196432
Registered Address	UNIT 2 CHURCHILL PARK	Trading Address	45 Hillary Road Stenhousemuir Larbert Stirlingshire FK5 3DL
	PRIVATE ROAD NO 2 COLWICK
	NOTTINGHAM
	NG4 2JR
Website Address	http://www.hillarys.co.uk
Telephone Number	01914162354	Fax Number
TPS	No	FPS	No
Incorporation Date	14/01/1975	Company Status	Active - Accounts Filed
Previous Name	HILLARY'S BLINDS LIMITED	Type	Private limited with Share Capital
Date of Change	02/12/1996	Filing Date of Accounts	16/06/2012
		Share Capital	£42,536
SIC03	3663	Currency	GBP
SIC03 Description	OTHER MANUFACTURING (NOT ELSEWHERE CLASSIFIED)
SIC07	32990
SIC07 Description	OTHER MANUFACTURING N.E.C.
Principal Activity	The manufacturing and retailing of venetian, roller, roman, pleated and vertical house blinds, awnings and shutters for the domestic and contract markets.

DIRECTORS/MANAGEMENT

Total Current Directors	5
Total Current Secretaries	0
Total Previous Directors / Company Secretaries	18

Current Directors

Name	John Risman	Date of Birth	27/03/1965
Officers Title	Mr	Nationality	British
Present Appointments	20	Function	Director
Appointment Date	16/05/2005
Address	Hillarys Blinds Limited Private Road 2, Colwick Industrial Estate, Nottingham, Nottinghamshire, NG4 2JR
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	David Mathew Aubrey Lewis	Date of Birth	23/07/1967
Officers Title	Mr	Nationality	Australian
Present Appointments	17	Function	Director
Appointment Date	16/01/2006
Address	Hillarys Blinds Limited Private Road 2, Colwick Industrial Estate, Nottingham, Nottinghamshire, NG4 2JR
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Simon Andrew Dalby	Date of Birth	03/03/1961
Officers Title	Mr	Nationality	British
Present Appointments	18	Function	Director
Appointment Date	16/01/2006
Address	Hillarys Blinds Limited Private Road 2, Colwick Industrial Estate, Nottingham, Nottinghamshire, NG4 2JR
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Darren Hansel Lock	Date of Birth	12/10/1966
Officers Title	Mr	Nationality	British
Present Appointments	18	Function	Director
Appointment Date	02/07/2008
Address	Hillarys Blinds Limited Private Road 2, Colwick Industrial Estate, Nottingham, Nottinghamshire, NG4 2JR
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Andrew Richard Thomas	Date of Birth	09/05/1972
Officers Title	Mr	Nationality	British
Present Appointments	19	Function	Director
Appointment Date	29/09/2010
Address	Hillarys Blinds Limited Private Road 2, Colwick Industrial Estate, Nottingham, Nottinghamshire, NG4 2JR

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	2	Total Value of Exact CCJs -	£611
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

Date	Court	Amount	Status	Case Number	Date Paid
21/05/2012	NORTHAMPTON CCBC	£275	Judgement	2QT49102	-
10/07/2009	GLASGOW	£336	Judgement	SA3624/09	-

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	1
Satisfied	23

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Value	Share Type	Nominal Value
HILLARYS BLINDS (HOLDINGS) LTD	GBP	425,364	ORDINARY	0.1

Unable to report percentage holdings as filed Shareholder listing is not full.

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

Average Payment Experience

8	10
Company DBT	UK Average DBT

Steady

GROUP STRUCTURE & AFFILIATED COMPANIES

Holding Company	HILLARYS BLINDS (HOLDINGS) LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	BELLOTTO HOLDINGS LIMITED

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
BELLOTTO HOLDINGS LIMITED	06253120	30.09.2011	Y	£113,109,000
BELLOTTO FINANCE LIMITED	06252503	30.09.2011	Y	£113,109,000
BELLOTTO ACQUISITION LIMITED	06252660	30.09.2011	N
QUARTZ TOPCO LIMITED	05189470	30.09.2011	N	£2,698,000
QUARTZ ACQUISITION LIM...	05189492	30.09.2011	N	£4,006,000
THE HILLARYS GROUP L...	04140621	30.09.2011	N
HILLARYS FINANCE L...	04178664	30.09.2011	N	£1,509,000
HILLARYS HOLDING...	04178425	30.09.2011	N	£460,000
HILLARYS BLIND...	02692951	30.09.2011	N
HILLARYS BLI...	01196432	30.09.2011	N	£99,247,000
HILLARYS B...	01329910	30.09.2011	N
WHOLESALE...	01546685	30.09.2011	N
HILLARYS BLI...	01305692	30.09.2011	N
WILLSON BROO...	01853021	30.09.2011	N
ARENA SUN CO...	03438260	30.09.2011	N	£13,862,000
HILLARY'S BL...	03542844	30.09.2011	N
SHADEWELL LI...	03972391	30.09.2011	N

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
30/09/2011	£99,247,000	£10,519,000	£79,142,000	1182
01/10/2010	£103,552,000	£14,490,000	£71,660,000	1133
25/09/2009	£93,106,000	£11,968,000	£59,685,000	1067

Profit & Loss

Date Of Accounts	30/09/11	(%)	01/10/10	(%)	25/09/09	(%)	26/09/08	(%)	28/09/07
Weeks	52	(%)	53	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£99,247,000	-4.2%	£103,552,000	11.2%	£93,106,000	-5.3%	£98,365,000	12.2%	£87,676,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£30,554,000	-2.1%	£31,204,000	12.9%	£27,644,000	-0.3%	£27,717,000	22.4%	£22,638,000
Gross Profit	£68,693,000	-5.1%	£72,348,000	10.5%	£65,462,000	-7.3%	£70,648,000	8.6%	£65,038,000
Wages & Salaries	£21,990,000	2.7%	£21,406,000	8.9%	£19,650,000	8.5%	£18,105,000	-6.2%	£19,293,000
Directors Emoluments	£1,862,000	79%	£1,040,000	11.7%	£931,000	-6%	£990,000	-15.5%	£1,172,000
Operating Profit	£10,932,000	-27.1%	£14,987,000	19.9%	£12,501,000	-14.1%	£14,549,000	22.2%	£11,909,000
Depreciation	£2,158,000	38.4%	£1,559,000	7%	£1,457,000	2.9%	£1,416,000	-2.5%	£1,452,000
Audit Fees	£49,000	-18.3%	£60,000	-10.4%	£67,000	24.1%	£54,000	3.8%	£52,000
Interest Payments	£475,000	-13.9%	£552,000	-16%	£657,000	39.2%	£472,000	2.4%	£461,000
Pre Tax Profit	£10,519,000	-27.4%	£14,490,000	21.1%	£11,968,000	-15.8%	£14,221,000	21.6%	£11,694,000
Taxation	-£3,037,000	-20.8%	-£2,515,000	31.6%	-£3,675,000	19.6%	-£4,572,000	-999.9%	-£22,000
Profit After Tax	£7,482,000	-37.5%	£11,975,000	44.4%	£8,293,000	-14.1%	£9,649,000	-17.3%	£11,672,000
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	£7,482,000	-37.5%	£11,975,000	44.4%	£8,293,000	-14.1%	£9,649,000	-17.3%	£11,672,000

Balance Sheet

Date Of Accounts	30/09/11	(%)	01/10/10	(%)	25/09/09	(%)	26/09/08	(%)	28/09/07
Tangible Assets	£5,739,000	-6.1%	£6,115,000	18.3%	£5,170,000	2.6%	£5,041,000	4.4%	£4,830,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£5,739,000	-6.1%	£6,115,000	18.3%	£5,170,000	2.6%	£5,041,000	4.4%	£4,830,000
Stock	£9,623,000	9.8%	£8,765,000	12.5%	£7,794,000	1%	£7,719,000	19.1%	£6,482,000
Trade Debtors	£3,341,000	-39.1%	£5,482,000	20.8%	£4,539,000	-24.4%	£6,000,000	7.6%	£5,576,000
Cash	£5,461,000	-32.2%	£8,050,000	-21.7%	£10,280,000	24%	£8,292,000	39.2%	£5,958,000
Other Debtors	£120,928,000	8%	£112,022,000	11.4%	£100,560,000	14.5%	£87,803,000	15.7%	£75,910,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£139,353,000	3.7%	£134,319,000	9%	£123,173,000	12.2%	£109,814,000	16.9%	£93,926,000
Trade Creditors	£6,166,000	-37.3%	£9,832,000	79.8%	£5,468,000	-30%	£7,814,000	-4%	£8,139,000
Bank Loans & Overdrafts	0	-	0	-100%	£4,000,000	-	0	-	0
Other Short Term Finance	£50,662,000	4%	£48,702,000	-2.1%	£49,722,000	10.3%	£45,061,000	14%	£39,511,000
Miscellaneous Current Liabilities	£9,122,000	-10.9%	£10,240,000	8.2%	£9,468,000	-1.3%	£9,588,000	2.4%	£9,363,000
Total Current Liabilities	£65,950,000	-4.1%	£68,774,000	0.2%	£68,658,000	9.9%	£62,463,000	9.6%	£57,013,000
Bank Loans & Overdrafts and LTL	0	-	0	-100%	£4,000,000	300%	£1,000,000	-	0
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	0	-	0	-	0	-100%	£1,000,000	-	0

Capital & Reserves

Date Of Accounts	30/09/11	(%)	01/10/10	(%)	25/09/09	(%)	26/09/08	(%)	28/09/07
Called Up Share Capital	£43,000	-	£43,000	-	£43,000	-	£43,000	-	£43,000
P & L Account Reserve	£77,053,000	10.8%	£69,571,000	20.8%	£57,596,000	16.8%	£49,303,000	24.3%	£39,654,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£2,046,000	-	£2,046,000	-	£2,046,000	-	£2,046,000	-	£2,046,000
Shareholder Funds	£79,142,000	10.4%	£71,660,000	20.1%	£59,685,000	16.1%	£51,392,000	23.1%	£41,743,000

Other Financial Items

Date Of Accounts	30/09/11	(%)	01/10/10	(%)	25/09/09	(%)	26/09/08	(%)	28/09/07
Net Worth	£79,142,000	10.4%	£71,660,000	20.1%	£59,685,000	16.1%	£51,392,000	23.1%	£41,743,000
Working Capital	£73,403,000	12%	£65,545,000	20.2%	£54,515,000	15.1%	£47,351,000	28.3%	£36,913,000
Total Assets	£145,092,000	3.3%	£140,434,000	9.4%	£128,343,000	11.7%	£114,855,000	16.3%	£98,756,000
Total Liabilities	£65,950,000	-4.1%	£68,774,000	0.2%	£68,658,000	8.2%	£63,463,000	11.3%	£57,013,000
Net Assets	£79,142,000	10.4%	£71,660,000	20.1%	£59,685,000	16.1%	£51,392,000	23.1%	£41,743,000

Cash Flow

Date Of Accounts	30/09/11	(%)	01/10/10	(%)	25/09/09	(%)	26/09/08	(%)	28/09/07
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	30/09/11	(%)	01/10/10	(%)	25/09/09	(%)	26/09/08	(%)	28/09/07
Contingent Liability	YES	-	YES	-	YES	-	NO	-	YES
Capital Employed	£79,142,000	10.4%	£71,660,000	20.1%	£59,685,000	13.9%	£52,392,000	25.5%	£41,743,000
Number of Employees	1182	4.3%	1133	6.2%	1067	-8.1%	1161	13.8%	1020
Auditors	KPMG LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	NATIONAL WESTMINSTER BANK PLC
Bank Branch Code	54-21-51

Ratios

Date Of Accounts	30/09/11	01/10/10	25/09/09	26/09/08	28/09/07
Pre-tax profit margin %	10.60	13.99	12.85	14.46	13.34
Current ratio	2.11	1.95	1.79	1.76	1.65
Sales/Net Working Capital	1.35	1.58	1.71	2.08	2.38
Gearing %	0	0	6.70	1.90	0
Equity in %	54.50	51	46.50	44.70	42.30
Creditor Days	22.61	35.22	21.37	28.91	33.79
Debtor Days	12.25	19.64	17.74	22.20	23.15
Liquidity/Acid Test	1.96	1.82	1.68	1.63	1.53
Return On Capital Employed %	13.29	20.22	20.05	27.14	28.01
Return On Total Assets Employed %	7.24	10.31	9.32	12.38	11.84
Current Debt Ratio	0.83	0.95	1.15	1.21	1.36
Total Debt Ratio	0.83	0.95	1.15	1.23	1.36
Stock Turnover Ratio %	9.69	8.46	8.37	7.84	7.39
Return on Net Assets Employed %	13.29	20.22	20.05	27.67	28.01

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Status History

No Status History found

Event History

Date	Description
08/12/2012	Annual Returns
26/06/2012	New Accounts Filed
13/12/2011	Annual Returns
01/07/2011	New Accounts Filed
01/07/2011	New Accounts Filed
03/12/2010	Annual Returns
07/10/2010	New Board Member Mr A.R. Thomas appointed
22/06/2010	New Accounts Filed
22/06/2010	New Accounts Filed
21/06/2010	Mr K.M. Dobson has left the board
21/06/2010	Mr K.M. Dobson has resigned as company secretary
07/01/2010	Annual Returns
17/12/2009	Annual Returns
15/12/2009	Change in Reg.Office
02/08/2009	New Accounts Filed

Previous Company Names

Date	Previous Name	Companies House Documents
02/12/1996	HILLARY'S BLINDS LIMITED	View Document

Statistics

Group	17 companies
Linkages	0 companies
Countries	In 0 countries

NOTES & COMMENTS

Commentary

Multiple CCJ's recorded against the company.

There has been no significant change in the company's credit rating.

The credit limit on this company has risen 6.7% in comparison to the previously suggested credit limit.

Sales in the latest trading period decreased 4.2% on the previous trading period.

Net Worth increased by 10.4% during the latest trading period.

A 3.3% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 27.4% compared to the previous trading period.

The company saw a decrease in their Cash Balance of 32.2% during the latest trading period.

The audit report contains no adverse comments.

No recent changes in directorship are recorded.

The company is part of a group.

The company has changed its year end on multiple occasions.

The company was established over 37 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.99
UK Pound	1	Rs.83.72
Euro	1	Rs.72.08

INFORMATION DETAILS

Report Prepared by :

SDA

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.