MIRA INFORM REPORT

Report Date :

19.10.2013

IDENTIFICATION DETAILS

Name :	MATALAN RETAIL LTD.
Registered Office :	Gillibrands Road Skelmersdale, WN8 9TB
Country :	United Kingdom
Financials (as on) :	23.02.2013
Date of Incorporation :	25.02.1989
Com. Reg. No.:	02103564
Legal Form :	Private Subsidiary
Line of Business :	Manufactures and supplies several printed tops and cotton shirts in different sizes and designs for women
No. of Employees :	16,373

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 – 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

Company name and address

Matalan Retail Ltd.

Gillibrands Road
Skelmersdale, WN8 9TB
United Kingdom
(Trading Address)
Tel:	01695 552400
Fax:	01215433907

Employees:	16,373
Company Type:	Private Subsidiary
Corporate Family:	37 Companies
Ultimate Parent:	Missouri Topco Ltd.
Quoted Status:	Non-quoted Company
Incorporation Date:	25-Feb-1987
Auditor:	KPMG LLP

Fiscal Year End:	23-Feb-2013
Reporting Currency:	British Pound Sterling
Annual Sales:	1,786.4 ^1
Net Income:	21.0
Total Assets:	997.2

Business Description

Matalan Retail Ltd. is one of the leading providers of apparel in the United Kingdom. The company designs, manufactures and supplies several printed tops and cotton shirts in different sizes and designs for women. It also offers nightwear and school uniforms in different colours for children. The company stocks and sells a range of T-shirts and polo and sports shirts for men. It additionally offers a variety of yarn-dyed shirts and jerseys. In addition, the company provides bowls, vases, cushions, photo frames, mirrors and decorative items in different colours and sizes.

Industry

Industry	Clothing and Apparel Stores
ANZSIC 2006:	4251 - Clothing Retailing
ISIC Rev 4:	4771 - Retail sale of clothing, footwear and leather articles in specialized stores
NACE Rev 2:	4771 - Retail sale of clothing in specialised stores
NAICS 2012:	448120 - Women's Clothing Stores
UK SIC 2007:	4771 - Retail sale of clothing in specialised stores
US SIC 1987:	5651 - Family Clothing Stores

  Key Executives

Name	Title
Darren A Blackhurst	Chief Executive Officer
Linda Lavery	Strategic HR Project Manager
Karen Abass	Head of Customer Services
Kelly Stokes	Regional HR Manager
Stephen Mark Hill	Director

News

Title	Date
Research and Markets Offers Report: Clothing Retailing Market Report 2013 Professional Services Close-Up (415 Words)	31-Jul-2013
Research and Markets Adds Report: Clothing Retailing Market Report 2013 Manufacturing Close-Up (415 Words)	25-Jul-2013
Research and Markets: Discount Retailing Market Report 2013 Morningstar.com (583 Words)	29-Apr-2013
Discount Retailing Market Report 2013 Individual.com (626 Words)	29-Apr-2013
Recall - Betty Boop 2-Piece Girl's Pyjamas Fountain Pen (240 Words)	6-Apr-2013
C2DE Consumer Market Report 2013 Research and Markets (748 Words)	29-Jan-2013

  Financial Summary

FYE: 23-Feb-2013

USD (mil)

Key Figures
Current Assets	734.10
Fixed Assets	263.12
Total Liabilities	463.50
Net Worth	417.26

Key Ratios
Current Ratio	1.58
Acid Test	1.12

Key IDSM Number 42248265

Registered No.(UK) 02103564

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6299984

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.655225

Corporate Overview

Location
Gillibrands Road
Skelmersdale, WN8 9TB
Lancashire County
United Kingdom

Tel:	01695 552400
Fax:	01215433907

Sales GBP(mil):	1,125.4
Assets GBP(mil):	653.4
Employees:	16,373
Fiscal Year End:	23-Feb-2013

Industry:

Retail (Apparel)

Registered Address:
Gillibrands Road
Skelmersdale, WN8 9TB
United Kingdom

Incorporation Date:	25-Feb-1987
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Previous Name:	Matalan Discount Club (Cash & Carry) Ltd.
Registered No.(UK):	02103564

Chief Executive Officer:

Darren A Blackhurst

Industry Codes

ANZSIC 2006 Codes:
4251	-	Clothing Retailing

ISIC Rev 4 Codes:
4771	-	Retail sale of clothing, footwear and leather articles in specialized stores

NACE Rev 2 Codes:
4771	-	Retail sale of clothing in specialised stores

NAICS 2012 Codes:
448120	-	Women's Clothing Stores

US SIC 1987:
5651	-	Family Clothing Stores

UK SIC 2007:
4771	-	Retail sale of clothing in specialised stores

Business Description

Matalan Retail Ltd. is one of the leading providers of apparel in the United Kingdom. The company designs, manufactures and supplies several printed tops and cotton shirts in different sizes and designs for women. It also offers nightwear and school uniforms in different colours for children. The company stocks and sells a range of T-shirts and polo and sports shirts for men. It additionally offers a variety of yarn-dyed shirts and jerseys. In addition, the company provides bowls, vases, cushions, photo frames, mirrors and decorative items in different colours and sizes.

More Business Descriptions

Matalan PLC is one of the United Kingdom’s leading clothing and home wares retailers. It offers quality fashion and home wares at up to half the equivalent high street price. In the 1970s, John Hargreaves, the founder of Matalan, discovered the United States’ out-of-town retail concept that sold a range of food and non-food products at low prices. He decided to implement the same retail concept in the U.K. and, in 1985, the first Matalan store opened in Preston. Since then, the company has grown significantly and by 1995, there were more than 45 stores across the U.K. In 1997, in order to cope with Matalan's growth, the head office was relocated from Preston to Skelmersdale, along with a new distribution centre. Its success was reinforced by the flotation of the company in May 1998. Matalan now trades from more than 4 million square feet in more than 190 stores

Sale of clothing and homewares through out of town retail outlets

Sale of clothing and homewares through out of town retail outlets

The world of fashion never stands still. And neither does Matalan. For those with energy, spirit and drive theres never been a better time to join us.

Brand/Trade Names
Falmer	Wolsey

Financial Data

Financials in:	GBP(mil)
Revenue:	1,125.4
Net Income:	13.2
Assets:	653.4
Current Assets:	481.0
Fixed Assets:	172.4
Long Term Debt:	39.2
Total Liabilities:	342.9
Issued Capital:	0.0
Working Capital:	177.3
Net Worth:	273.4
Date of Financial Data:	23-Feb-2013

1 Year Growth

0.7%

NA

NA

Key Corporate Relationships

Auditor:	KPMG LLP
Bank:	Lloyds Tsb Bank PLC
Auditor:	PricewaterhouseCoopers LLP, KPMG LLP
Auditor History
KPMG LLP	23-Feb-2013
PricewaterhouseCoopers LLP	25-Feb-2012
PricewaterhouseCoopers LLP	26-Feb-2011
PricewaterhouseCoopers LLP	27-Feb-2010
PricewaterhouseCoopers LLP	28-Feb-2009

	GBP(mil)
Audit Fees:	0.1
Non Audit Fees:	0.2
Audit Fiscal Year:	02-23-2013

Corporate Structure News

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Missouri Topco Ltd.	Parent
Matalan Group Ltd.	Subsidiary	Skelmersdale	United Kingdom	Holding Companies
Jh Civil Engineering Ltd.	Subsidiary	Airdrie	United Kingdom	Architecture and Engineering		75
Matalan Finance PLC	Subsidiary	Skelmersdale	United Kingdom	Holding Companies
Matalan Ltd	Subsidiary	Skelmersdale	United Kingdom	Clothing and Apparel Stores	0.0	13,901
Matalan Retail Ltd.	Subsidiary	Skelmersdale	United Kingdom	Clothing and Apparel Stores	1,786.4	16,373
Matalan Retail Ltd.	UK Branch/Trading address	Renfrew	United Kingdom	Clothing and Apparel Stores	1,786.4	175
Matalan	UK Branch/Trading address	Southall	United Kingdom	Clothing and Apparel Stores	1,786.4
Matalan	UK Branch/Trading address	Rochdale	United Kingdom	Clothing and Apparel Stores	0.0	100
Matalan	UK Branch/Trading address	Grays	United Kingdom	Clothing and Apparel Stores	0.0	100
Matalan	UK Branch/Trading address	Perth	United Kingdom	Clothing and Apparel Stores	0.0	100
Matalan	UK Branch/Trading address	London	United Kingdom	Clothing and Apparel Stores	0.0	90
Matalan	UK Branch/Trading address	Hull	United Kingdom	Clothing and Apparel Stores	0.0	86
Matalan	UK Branch/Trading address	Eastleigh	United Kingdom	Clothing and Apparel Stores	0.0	85
Matalan	UK Branch/Trading address	Walsall	United Kingdom	Clothing and Apparel Stores	0.0	80
Matalan	UK Branch/Trading address	Sutton-In-Ashfield	United Kingdom	Clothing and Apparel Stores	0.0	80
Matalan	UK Branch/Trading address	Staines-Upon-Thames	United Kingdom	Grocery Stores	0.0	70
Matalan	UK Branch/Trading address	Middlesbrough	United Kingdom	Clothing and Apparel Stores	0.0	70
Matalan	UK Branch/Trading address	Burton-On-Trent	United Kingdom	Clothing and Apparel Stores	0.0	70
Matalan Plc	UK Branch/Trading address	Falkirk	United Kingdom	Clothing and Apparel Stores	0.0	65
Matalan	UK Branch/Trading address	Glasgow	United Kingdom	Clothing and Apparel Stores	0.0	60
Matalan	UK Branch/Trading address	Accrington	United Kingdom	Clothing and Apparel Stores	0.0	60
Matalan	UK Branch/Trading address	London	United Kingdom	Clothing and Apparel Stores	0.0	60
Matalan	UK Branch/Trading address	Colchester	United Kingdom	Clothing and Apparel Stores	0.0	60
Matalan	UK Branch/Trading address	Newcastle	United Kingdom	Clothing and Apparel Stores	0.0	50
Matalan	UK Branch/Trading address	Salisbury	United Kingdom	Clothing and Apparel Stores	0.0	45
Matalan	UK Branch/Trading address	Leeds	United Kingdom	Clothing and Apparel Stores	0.0	45
Matalan	UK Branch/Trading address	Darlington	United Kingdom	Clothing and Apparel Stores	0.0	34
Lee Cooper Belgium	Subsidiary	Bruxelles	Belgium	Clothing and Apparel Wholesale	0.0	31
Matalan	UK Branch/Trading address	Stafford	United Kingdom	Clothing and Apparel Stores	0.0	29
Hpo1 Nominees Ltd.	Subsidiary	Skelmersdale	United Kingdom	Clothing and Apparel Stores	17.3
Jonmar Ltd.	Subsidiary	Skelmersdale	United Kingdom	Clothing and Apparel Stores	0.1
Matalan Travel Ltd.	Subsidiary	Skelmersdale	United Kingdom	Miscellaneous Professional Services	0.0
Matalan	UK Branch/Trading address	Northampton	United Kingdom	Clothing and Apparel Stores	0.0
Matalan	UK Branch/Trading address	King's Lynn	United Kingdom	Clothing and Apparel Stores	0.0
Matalan Holding Co. Ltd.	Subsidiary	Skelmersdale	United Kingdom	Holding Companies
Matalan Investments Ltd.	Subsidiary	Skelmersdale	United Kingdom	Holding Companies

Executives Report

Board of Directors

Name	Title	Function
Paul Gilbert	Director and Company Secretary	Director/Board Member
Stephen Mark Hill	Director	Director/Board Member
Age: 37
Allan Leslie Leighton	Director	Director/Board Member
Age: 60
John Nicholas Mills	Director	Director/Board Member
Age: 58

Executives

Name	Title	Function
Darren A Blackhurst	Chief Executive Officer	Chief Executive Officer
Paul Gilbert	Director and Company Secretary	Administration Executive
William George Lodder	Secretary	Company Secretary
Linda Lavery	Strategic HR Project Manager	Human Resources Executive
Kelly Stokes	Regional HR Manager	Human Resources Executive
John Swarbrick	Payroll Manager	Human Resources Executive
Karen Abass	Head of Customer Services	Customer Service Executive

Directors and Shareholders Report

Main Office Address: Gillibrands Road Skelmersdale United Kingdom WN8 9TB

Tel: 01695 552400 Fax: 01215433907 URL: http://www.matalan.co.uk

Annual Return Date: 31 Jul 2013 Total Issued Capital (GBP 000): 1

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Stephen Mark Hill	Current	18 Sep 1976	Gillibrands Road, Skelmersdale, Wigan, Greater Manchester WN8 9TB	29 Jul 2013	NA	Current:9 Previous:0 Disqualifications:0
John Nicholas Mills	Current	26 Apr 1955	8 Welbeck Road Ellesmere Park, Eccles, Manchester, Greater Manchester M30 9EH	02 Jan 2007	NA	Current:30 Previous:4 Disqualifications:0
Allan Leslie Leighton	Current	12 Apr 1953	Gillibrands Road, Skelmersdale, Wigan, Greater Manchester WN8 9TB	05 Feb 2013	NA	Current:1 Previous:0 Disqualifications:0
Andrew James Clarke	Previous	04 Jan 1964	Old Rectory, High Street Whitwell, Worksop, Nottinghamshire S80 4RE	26 Jun 2002	17 Mar 2003	Current:0 Previous:9 Disqualifications:0
Darren Anthony Blackhurst	Previous	10 Jul 1966	C/O Matalan Ltd Gillibrands, Road Skelmersdale, Wigan, Greater Manchester WN8 9TB	26 May 2011	13 Sep 2013	Current:10 Previous:0 Disqualifications:0
Philip Dutton	Previous	15 Aug 1961	Jubilee House Second Avenue, Burton-On-Trent, Staffordshire DE14 2WF	02 Sep 2002	09 Jan 2007	Current:1 Previous:334 Disqualifications:0
Paul Mason	Previous	NA	Darwin Bank, Whiddon Croft Menston, Ilkley, West Yorkshire LS29 6QQ	07 Jan 2002	17 Mar 2003	Current:0 Previous:14 Disqualifications:0
Ian Ashley Smith	Previous	23 May 1952	Malt Kiln Barn, Halsall Road, Ormskirk, Lancashire L39 8RN	13 Mar 1998	30 Nov 2002	Current:1 Previous:16 Disqualifications:0
Anne Marie Hargreaves	Previous	31 May 1944	180 Prescot Road, Aughton, Ormskirk, Lancashire L39 5AG	31 Jul 1991	13 Mar 1998	Current:0 Previous:4 Disqualifications:0
Paul John Thomas Gilbert	Previous	07 Jun 1962	Oldfield, St Mary's Road, Altrincham, Cheshire WA14 2PJ	01 Feb 2007	16 Apr 2013	Current:4 Previous:95 Disqualifications:0
John Hargreaves	Previous	04 Jan 1944	1St Floor Block C Houston Palace, 1 Avenue Princess Grace, Monaco, Mc 98000	31 Jul 1991	01 Nov 2007	Current:0 Previous:10 Disqualifications:0
Alistair Kenneth Mcgeorge	Previous	06 May 1959	6 Rose Neath, Sandringham Park, Stockport, Greater Manchester SK7 3LP	11 Jan 2007	01 Nov 2010	Current:14 Previous:35 Disqualifications:0
John King	Previous	01 Jun 1962	Flat 8, 1761 Building City Walls Road, Chester, Cheshire CH1 2NY	17 Mar 2003	30 Nov 2006	Current:0 Previous:10 Disqualifications:0
Angus Monro	Previous	21 Jun 1949	84 Macclesfield Road, Macclesfield, Cheshire SK10 4AG	NA	30 Apr 2001	Current:2 Previous:15 Disqualifications:0
Danielle Hazel Davies	Previous	16 Mar 1978	Gillibrands Road, Skelmersdale, Wigan, Greater Manchester WN8 9TB	26 Mar 2010	06 Apr 2010	Current:0 Previous:8 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
William George Lodder	Current	NA	Gillibrands Road, Skelmersdale, Wigan, Greater Manchester WN8 9TB	25 Apr 2013	NA	Current:1 Previous:0 Disqualifications:0
Philip Dutton	Previous	15 Aug 1961	Jubilee House Second Avenue, Burton-On-Trent, Staffordshire DE14 2WF	01 Apr 2005	27 Jun 2005	Current:1 Previous:334 Disqualifications:0
Ian Ashley Smith	Previous	23 May 1952	Malt Kiln Barn, Halsall Road, Ormskirk, Lancashire L39 8RN	01 Sep 1991	12 Dec 2001	Current:1 Previous:16 Disqualifications:0
Toby Benjamin Broadhurst	Previous	07 Mar 1963	135 Bond Street, Macclesfield, Cheshire SK11 6RE	01 Nov 2006	31 Jan 2007	Current:2 Previous:8 Disqualifications:0
Paul John Thomas Gilbert	Previous	07 Jun 1962	Oldfield, St Mary's Road, Altrincham, Cheshire WA14 2PJ	01 Feb 2007	16 Apr 2013	Current:4 Previous:95 Disqualifications:0
Simon Nicholas Waite	Previous	28 Mar 1964	10 Osprey Close, Collingham, Wetherby, West Yorkshire LS22 5LZ	27 Jun 2005	31 Oct 2006	Current:0 Previous:71 Disqualifications:0
John Graham Berry	Previous	23 Jan 1952	The Poplars Darland Lane, Darland, Wrexham, Wrexham LL12 0BA	12 Dec 2001	01 Apr 2005	Current:2 Previous:60 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

There are no individual shareholders for this company.

Corporate Shareholders
Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Matalan Limited	01579910	1000 Ordinary GBP 1.00	Ordinary	1,000	1.00	1,000.00	100.00

News

Research and Markets Offers Report: Clothing Retailing Market Report 2013 Professional Services Close-Up (415 Words)	31-Jul-2013
Research and Markets Adds Report: Clothing Retailing Market Report 2013 Manufacturing Close-Up (415 Words)	25-Jul-2013
Research and Markets: Discount Retailing Market Report 2013 Morningstar.com (583 Words)	29-Apr-2013
Discount Retailing Market Report 2013 Individual.com (626 Words)	29-Apr-2013
Recall - Betty Boop 2-Piece Girl's Pyjamas Fountain Pen (240 Words)	06-Apr-2013
C2DE Consumer Market Report 2013 Research and Markets (748 Words)	29-Jan-2013
Tories Divided On A Living Wage GMB (716 Words)	05-Nov-2012

Annual Profit & Loss

	23-Feb-2013	25-Feb-2012	26-Feb-2011	27-Feb-2010	28-Feb-2009
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.629998	0.625556	0.647435	0.631366	0.575434
Consolidated	Yes	Yes	No	No	No
Total Turnover	1,786.4	1,786.4	1,693.6	1,748.7	1,772.6
Cost of Sales	1,567.3	1,582.6	1,405.9	1,416.5	1,483.1
Gross Profit	219.0	203.8	287.8	332.3	289.5
Depreciation	34.0	34.2	37.4	39.4	46.9
Other Expenses	115.6	110.3	111.1	127.3	131.2
Operating Profit	103.5	-	-	205.0	158.3
Other Income	1.1	1.0	2.3	0.6	2.3
Interest Paid	75.9	76.7	66.4	42.1	67.1
Exceptional Income	-0.8	-1.9	-0.2	0.0	0.0
Discontinued Operations	-	-	-	-	0.0
Profit Before Taxes	27.9	15.8	112.4	163.5	93.5
Tax Payable / Credit	7.0	-2.2	32.1	56.7	30.6
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	-	-	92.7	-	-
Profit After Taxes	21.0	18.1	-12.4	106.8	62.9
Audit Fees	0.2	0.2	0.8	0.5	0.7
Non Audit Fees	0.3	0.3	-	-	-
Number of Employees	16,373	15,858	16,144	16,627	15,041
Wages	224.4	209.9	198.2	207.0	206.3
Social Security Costs	10.6	10.1	9.6	13.1	12.5
Pensions	-	-	-	-	0.0
Other Pension Costs	3.2	5.4	9.4	7.9	9.0
Employees Remuneration	238.3	225.4	217.2	228.1	227.8
Directors Emoluments	-	-	-	-	1.4
Other Costs	-	4.5	-	-	6.1
Directors Remuneration	3.2	4.5	10.2	6.8	7.5
Highest Paid Director	2.5	1.8	4.3	3.2	3.3

Annual Balance Sheet

Financials in: USD (mil)

	23-Feb-2013	25-Feb-2012	26-Feb-2011	27-Feb-2010	28-Feb-2009
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.655225	0.636971	0.6222	0.656858	0.701582
Consolidated	Yes	Yes	No	No	No
Land & Buildings	133.5	139.3	141.4	131.5	128.1
Fixtures & Fittings	95.1	106.6	115.9	115.4	111.6
Plant & Vehicles	0.0	0.2	0.3	0.2	0.1
Total Tangible Fixed Assets	228.6	246.0	257.6	247.1	239.9
Intangible Assets	26.9	31.4	36.0	31.1	25.8
Investments	7.6	1.7	6.4	6.5	24.2
Total Fixed Assets	263.1	279.1	300.1	284.7	289.9
Stocks	214.9	206.9	192.9	160.6	151.7
Work in Progress	0.0	0.0	0.0	0.0	0.0
Total Stocks Work In Progress	214.9	206.9	192.9	160.6	151.7
Trade Debtors	6.6	6.8	-	-	-
Inter-Company Debtors	274.7	288.9	318.7	250.1	147.4
Director Loans	0.0	0.0	0.0	0.0	0.0
Other Debtors	28.2	23.5	27.5	23.3	29.2
Total Debtors	309.5	319.2	346.2	273.4	176.6
Cash and Equivalents	183.9	150.7	133.4	148.7	78.4
Other Current Assets	25.8	4.2	2.1	27.6	92.1
Total Current Assets	734.1	681.0	674.5	610.3	498.7
Total Assets	997.2	960.2	974.6	895.0	788.6
Trade Creditors	142.1	126.1	129.5	108.9	113.6
Bank Overdraft	0.0	0.0	0.0	0.0	0.0
Inter-Company Creditors	218.6	225.0	230.3	127.4	118.9
Director Loans (Current Liability)	0.0	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)	0.0	0.0	0.0	0.0	0.0
Total Finance Lease/Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0	0.0
Total Short Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Current Liability)	48.8	46.6	56.9	71.4	68.0
Social Security/VAT	31.6	43.5	32.8	28.9	15.1
Corporation Tax	7.6	-	17.8	32.9	9.4
Other Current Liabilities	14.8	11.9	28.9	9.0	6.3
Total Current Liabilities	463.5	453.1	496.3	378.5	331.3
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0	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)	0.0	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	59.8	63.9	60.8	54.5	53.3
Other Long Term Liabilities	0.0	0.0	4.0	0.0	0.0
Total Long Term Liabilities	59.8	63.9	64.8	54.5	53.3
Deferred Taxation	23.7	22.6	24.1	32.6	53.7
Other Provisions	6.1	7.1	5.9	9.1	0.0
Total Provisions	29.8	29.7	30.1	41.7	53.7
Issued Capital	0.0	0.0	0.0	0.0	0.0
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	420.8	411.0	398.9	400.2	273.8
Other Reserves	23.4	2.5	-15.4	20.1	76.5
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	444.1	413.5	383.5	420.3	350.4
Net Worth	417.3	382.1	347.5	389.3	324.6

Annual Cash Flows

Financials in: USD (mil)

	23-Feb-2013	25-Feb-2012	26-Feb-2011	27-Feb-2010	28-Feb-2009
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.629998	0.625556	0.647435	0.631366	0.575434
Consolidated	Yes	Yes	No	No	No

Annual Ratios

Financials in: USD (mil)

	23-Feb-2013	25-Feb-2012	26-Feb-2011	27-Feb-2010	28-Feb-2009
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.655225	0.636971	0.6222	0.656858	0.701582
Consolidated	Yes	Yes	No	No	No
Current Ratio	1.58	1.50	1.36	1.61	1.51
Liquidity Ratio	1.12	1.05	0.97	1.19	1.05
Stock Turnover	799.00	848.00	914.00	1,047.00	959.00
Credit Period (Days)	139.00	140.00	-	-	-
Working Capital by Sales	1,575.00%	1,299.00%	1,011.00%	1,379.00%	1,152.00%
Trade Credit by Debtors	2,165.00	1,867.00	-	-	-
Return on Capital	503.00%	307.00%	2,446.00%	3,042.00%	1,677.00%
Return on Assets	269.00%	162.00%	1,201.00%	1,755.00%	972.00%
Profit Margin	156.00%	89.00%	664.00%	935.00%	527.00%
Return on Shareholders Funds	605.00%	376.00%	3,051.00%	3,738.00%	2,189.00%
Borrowing Ratio	5,238.00%	5,887.00%	6,628.00%	3,273.00%	3,663.00%
Equity Gearing	4,454.00%	4,307.00%	3,935.00%	4,696.00%	4,442.00%
Interest Coverage	37.00	21.00	169.00	388.00	139.00
Sales by Tangible Assets	751.00	713.00	684.00	680.00	606.00
Average Remuneration per Employee	0.0	0.0	0.0	0.0	0.0
Profit per Employee	0.0	0.0	0.0	0.0	0.0
Sales per Employee	0.1	0.1	0.1	0.1	0.1
Capital Employed per Employee	0.0	0.0	0.0	0.0	0.0
Tangible Assets per Employee	0.0	0.0	0.0	0.0	0.0
Total Assets per Employee	0.1	0.1	0.1	0.1	0.1
Employee Remuneration by Sales	1,334.00%	1,262.00%	1,282.00%	1,304.00%	1,285.00%
Creditor Days (Cost of Sales Based)	3,442.00	2,961.00	3,232.00	2,918.00	3,409.00
Creditor Days (Sales Based)	3,020.00	2,623.00	2,683.00	2,364.00	2,852.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.28
UK Pound	1	Rs.99.03
Euro	1	Rs.83.80

INFORMATION DETAILS

Report Prepared by :

NIS

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.