MIRA INFORM REPORT

Report Date :

18.05.2013

IDENTIFICATION DETAILS

Name :	MONSOON ACCESSORIZE LIMITED
Formerly Known As :	MONSOON LIMITED
Registered Office :	1 Nicholas Road London W11 4an
Country :	United kingdom
Financials (as on) :	25.08.2012
Date of Incorporation :	22.02.1973
Com. Reg. No.:	01098034
Legal Form :	Private limited with Share Capital
Line of Business :	Retail Sale of Clothing
No. of Employees :	2956

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 :	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 – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 second largest economy in Europe after Germany. 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 aimed 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 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. 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). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Summary – Company Information

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	04/04/2013
		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

Directors

Total Current Directors	3
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	14

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
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
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	John Browett	Date of Birth	10/12/1963
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	02/05/2013
Address	1 Nicholas Road, London, W11 4AN
Other Actions	View Director Report	View Consumer 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

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 -	-

C:\SCARLET_BACK UPREPORTS4ECCJDetails.aspx?CompanyNumber=01098034Exact 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	-

C:\SCARLET_BACK UPREPORTS4ECCJDetails.aspx?CompanyNumber=01098034Possible 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

Mortgage Summary

Outstanding	1
Satisfied	7

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
MONSOON HOLDINGS LTD	GBP	100,000	ORDINARY	1	100

PAYMENT INFORMATION

Summary – Payment History

Last 3 Years Credit Rating/Limit

Date	Rating	Limit
31/12/2012	67	£2,400,000
31/12/2011	84	£7,450,000
31/12/2010	90	£7,050,000

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
25/08/2012	£490,898,000	£11,663,000	£29,372,000	2956
27/08/2011	£555,734,000	£105,133,000	£34,795,000	3731
28/08/2010	£561,749,218	£98,225,288	£131,738,515	3841

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

25	11
Company DBT	UK Average DBT

Steady

Improving Worsening

Within terms.

Within Terms 91+ Days

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Statistics

Group	11 companies
Linkages	1 companies
Countries	In 1 countries

Summary

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 (JERS...	N/A	-	-
DRILLGREAT LIMITED	06292597	25.08.2012	Y	£529,262,000
MONSOON JAPAN LIMITED	06678846	25.08.2012	N
MONSOON LIMITED	02585514	25.08.2012	N
MONSOON HOLDINGS...	01200163	25.08.2012	N
MONSOON ACCESSO...	01098034	25.08.2012	N	£490,898,000
MONSOON ACCES...	IE057468	27.08.2011	N
MONSOON ACC...	IE382304	27.08.2011	N	€25,908,368
MONSOON ACCESSO...	05661685	30.08.2011	N
NOTTINGDALE CAF...	06908054	31.05.2011	N	£306,808

FINANCIAL INFORMATION

Financials

Profit & Loss

	Date Of Accounts	25/08/12	(%)	27/08/11	(%)	28/08/10	(%)	29/08/09	(%)	30/08/08
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	66
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£490,898,000	-11.7%	£555,734,000	-1.1%	£561,749,218	4%	£540,393,146	-14.4%	£631,592,992
	Export	£53,413,000	-10%	£59,347,000	23.2%	£48,165,920	49.6%	£32,198,070	34.6%	£23,926,947
	Cost of Sales	£228,298,000	-1.1%	£230,938,000	3.9%	£222,357,957	-5%	£234,151,472	-13.1%	£269,400,844
	Gross Profit	£262,600,000	-19.1%	£324,796,000	-4.3%	£339,391,261	10.8%	£306,241,674	-15.4%	£362,192,148
	Wages & Salaries	£64,188,000	-10.1%	£71,373,000	-5.3%	£75,385,517	3.5%	£72,848,118	-23.8%	£95,631,848
	Directors Emoluments	-	-	-	-	-	-	-	-	-
	Operating Profit	£12,264,000	-86.9%	£93,591,000	-5%	£98,478,467	236.8%	£29,238,235	-41.2%	£49,748,167
	Depreciation	£16,537,000	-18.4%	£20,256,000	-6.8%	£21,729,989	-4.5%	£22,755,727	-23.9%	£29,887,559
	Audit Fees	£165,000	3.1%	£160,000	-21.6%	£204,000	-3.8%	£212,000	-40.1%	£353,827
	Interest Payments	£5,392,000	13.8%	£4,739,000	1.4%	£4,672,035	-54.8%	£10,343,011	999.9%	£875,372
	Pre Tax Profit	£11,663,000	-88.9%	£105,133,000	7%	£98,225,288	252%	£27,908,685	-48.8%	£54,550,880
	Taxation	-£10,646,000	72.2%	-£38,290,000	-44.8%	-£26,444,215	-370.7%	-£5,617,911	62.2%	-£14,854,097
	Profit After Tax	£1,017,000	-98.5%	£66,843,000	-6.9%	£71,781,073	222%	£22,290,774	-43.8%	£39,696,783
	Dividends Payable	£6,440,000	-96.1%	£163,786,000	189.9%	£56,500,000	-26.2%	£76,521,062	36.6%	£56,024,248
	Retained Profit	-£5,423,000	94.4%	-£96,943,000	-734.4%	£15,281,073	128.2%	-£54,230,288	-232.1%	-£16,327,465

Balance Sheet

	Date Of Accounts	25/08/12	(%)	27/08/11	(%)	28/08/10	(%)	29/08/09	(%)	30/08/08
	Tangible Assets	£54,300,000	-25.9%	£73,244,000	-8.5%	£80,074,382	-13.5%	£92,534,997	-17.8%	£112,590,748
	Intangible Assets	£150,000	-32.4%	£222,000	-84.2%	£1,407,114	-10.7%	£1,575,650	-18.5%	£1,932,306
	Total Fixed Assets	£54,450,000	-25.9%	£73,466,000	-9.8%	£81,481,496	-13.4%	£94,110,647	-17.8%	£114,523,054
	Stock	£67,615,000	-3.7%	£70,218,000	13.7%	£61,760,519	4%	£59,396,755	19.3%	£49,785,014
	Trade Debtors	£28,293,000	17.9%	£24,004,000	60.7%	£14,932,861	21.8%	£12,262,858	-4.7%	£12,869,427
	Cash	£30,650,000	-27.9%	£42,508,000	-63.1%	£115,104,645	15.1%	£100,008,132	62.8%	£61,442,632
	Other Debtors	£272,619,000	-3.7%	£282,953,000	3.5%	£273,353,988	-4.8%	£287,201,451	467.5%	£50,609,807
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£399,177,000	-4.9%	£419,683,000	-9.8%	£465,152,013	1.4%	£458,869,196	162.7%	£174,706,880
	Trade Creditors	£61,215,000	3.6%	£59,100,000	-3.8%	£61,463,150	25.3%	£49,049,664	78.4%	£27,487,657
	Bank Loans & Overdrafts	£1,825,000	-48%	£3,510,000	-63.8%	£9,706,678	-7.6%	£10,508,858	444.7%	£1,929,141
	Other Short Term Finance	£286,997,000	-9.9%	£318,374,000	22.5%	£259,833,083	-10.9%	£291,647,943	999.9%	£8,777,464
	Miscellaneous Current Liabilities	£65,669,000	-3.3%	£67,937,000	5.4%	£64,450,647	-21.9%	£82,523,817	12.4%	£73,442,566
	Total Current Liabilities	£415,706,000	-7.4%	£448,921,000	13.5%	£395,453,558	-8.8%	£433,730,282	288.5%	£111,636,828
	Bank Loans & Overdrafts and LTL	£10,374,000	-19.8%	£12,943,000	-55.6%	£29,148,114	119.1%	£13,300,978	50.6%	£8,834,518
	Other Long Term Finance	0	-	0	-100%	£1,819,585	-34.8%	£2,792,120	-55.4%	£6,259,222
	Total Long Term Liabilities	£8,549,000	-9.4%	£9,433,000	-51.5%	£19,441,436	596.3%	£2,792,120	-59.6%	£6,905,377

Capital & Reserves

	Date Of Accounts	25/08/12	(%)	27/08/11	(%)	28/08/10	(%)	29/08/09	(%)	30/08/08
	Called Up Share Capital	£100,000	-	£100,000	-	£100,000	-	£100,000	-	£100,000
	P & L Account Reserve	£29,272,000	-15.6%	£34,695,000	-73.6%	£131,638,515	13.1%	£116,357,441	-31.8%	£170,587,729
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	-	-	-	-	-	-	-	-	-
	Shareholder Funds	£29,372,000	-15.6%	£34,795,000	-73.6%	£131,738,515	13.1%	£116,457,441	-31.8%	£170,687,729

Other Financial Items

	Date Of Accounts	25/08/12	(%)	27/08/11	(%)	28/08/10	(%)	29/08/09	(%)	30/08/08
	Net Worth	£29,222,000	-15.5%	£34,573,000	-73.5%	£130,331,401	13.4%	£114,881,791	-31.9%	£168,755,423
	Working Capital	-£16,529,000	43.5%	-£29,238,000	-141.9%	£69,698,455	177.3%	£25,138,914	-60.1%	£63,070,052
	Total Assets	£453,627,000	-8%	£493,149,000	-9.8%	£546,633,509	-1.1%	£552,979,843	91.2%	£289,229,934
	Total Liabilities	£424,255,000	-7.4%	£458,354,000	10.5%	£414,894,994	-5%	£436,522,402	268.2%	£118,542,205
	Net Assets	£29,372,000	-15.6%	£34,795,000	-73.6%	£131,738,515	13.1%	£116,457,441	-31.8%	£170,687,729

Cash Flow

	Date Of Accounts	25/08/12	(%)	27/08/11	(%)	28/08/10	(%)	29/08/09	(%)	30/08/08
	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
	Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	25/08/12	(%)	27/08/11	(%)	28/08/10	(%)	29/08/09	(%)	30/08/08
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
	Capital Employed	£37,921,000	-14.3%	£44,228,000	-70.7%	£151,179,951	26.8%	£119,249,561	-32.9%	£177,593,106
	Number of Employees	2956	-20.8%	3731	-2.9%	3841	-3.1%	3965	0.9%	3930
	Auditors	BDO LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers	BARCLAYS BANK PLC
	Bank Branch Code	20-00-00

Ratios

	Date Of Accounts	25/08/12	27/08/11	28/08/10	29/08/09	30/08/08
	Pre-tax profit margin %	2.38	18.92	17.49	5.16	8.64
	Current ratio	0.96	0.93	1.18	1.06	1.56
	Sales/Net Working Capital	-29.70	-19.01	8.06	21.50	10.01
	Gearing %	35.30	37.20	22.10	11.40	5.20
	Equity in %	6.50	7.10	24.20	21.10	59.40
	Creditor Days	45.39	38.70	39.82	33.03	20.10
	Debtor Days	20.97	15.72	9.67	8.26	9.41
	Liquidity/Acid Test	0.79	0.77	1.02	0.92	1.11
	Return On Capital Employed %	30.75	237.70	64.97	23.40	30.71
	Return On Total Assets Employed %	2.57	21.31	17.96	5.04	18.86
	Current Debt Ratio	14.15	12.90	3	3.72	0.65
	Total Debt Ratio	14.44	13.17	3.14	3.74	0.69
	Stock Turnover Ratio %	13.77	12.63	10.99	10.99	7.88
	Return on Net Assets Employed %	39.70	302.14	74.56	23.96	31.95

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

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 3.4% in comparison to the previously suggested credit limit.
Sales in the latest trading period decreased 11.7% on the previous trading period.
Net Worth decreased by 15.5% during the latest trading period.
A 8% decline in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 88.9% compared to the previous trading period.
The company saw a decrease in their Cash Balance of 27.9% 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 40 years ago.

EVENT HISTORY

Status History

No Status History found

*Event History

Date	Description
06/05/2013	New Board Member Mr J. Browett appointed
17/04/2013	New Accounts Filed
17/04/2013	New Accounts Filed
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

Previous Company Names

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.88
UK Pound	1	Rs.83.66
Euro	1	Rs.70.58

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.