MIRA INFORM REPORT

Report Date :

24.12.2014

IDENTIFICATION DETAILS

Name :	OFFICE HOLDINGS LIMITED

Formerly Known As :	LEATHERFOLK LIMITED

Registered Office :	Classic House Martha's Buildings London EC1V9BP

Country :	United Kingdom

Financials (as on) :	26.01.2014

Date of Incorporation :	25.10.1983

Com. Reg. No.:	01764341

Legal Form :	Private Limited with Share Capital

Line of Business :	Retailer of shoes and allied goods retailing through the established 'Office', 'Offspring', 'Poste' and 'Poste Mistress' stores.

No. of Employee :	3,002

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. 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. Falling 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 included 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 about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to 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 £375 billion (approximately $605 billion) as of December 2013. 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, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

Source : CIA

Company identification

OFFICE HOLDINGS LIMITED	Telephone	+44 012 1704 2352
CLASSIC HOUSE	Fax	-
MARTHA'S BUILDINGS	Website	www.office.co.uk
LONDON
EC1V9BP
United Kingdom

Company Number:	01764341	Status:	Active - Accounts Filed
Foundation:	25/10/1983

Comments

The credit limit on this company has risen 12.7% in comparison to the previously suggested credit limit. Sales in the latest trading period increased 5.2% on the previous trading period. Net Worth increased by 28.1% during the latest trading period. A 18.4% growth in Total Assets occurred during the latest trading period. The audit report contains no adverse comments.

Multiple CCJ's recorded against the company. Pre-tax profits decreased by 20.5% compared to the previous trading period. The company saw a decrease in their Cash Balance of 1.6% during the latest trading period.

There has been no significant change in the company's credit rating. The company has undergone recent changes in its directorships. The company is part of a group. The company was established over 31 years ago.

Basic information

Legal form

Private limited with Share Capital

Foundation

25/10/1983

Company No.

01764341

Previous Names

Date of Change	Previous Name
23/04/1998	LEATHERFOLK LIMITED

Shareholders

Name	Currency	Number of shares	Share type	Nominal value
OFFICE RETAIL LTD	GBP	1,350	ORDINARY E
OFFICE RETAIL LTD	GBP	10	ORDINARY F
OFFICE RETAIL LTD	GBP	10,120	ORDINARY A
OFFICE RETAIL LTD	GBP	12,197	ORDINARY C
OFFICE RETAIL LTD	GBP	2,073	ORDINARY B
OFFICE RETAIL LTD	GBP	675	ORDINARY D
Total Share Capital				GBP 26,425

Management

Directors
Name	Address:	Date of birth	Nationality	Appointment date
Mr Brian McCluskey	Classic House Martha's Buildings, 180 Old Street, London EC1V 9BP	14/10/1961	British	24/04/2003
Ms Emily Sarah Tate	Classic House Marthas Buildings, 180 Old Street, London EC1V 9BP	07/09/1974	British	13/08/2014

SECRETARY

No Secretary appointed

Other Known Addresses

1 Exchange Square, Manchester M3 1BD

1 Paragon Square, Hull, North Humberside HU1 3JZ

1 The Dome, Manchester M17 8DA

10 South Molton Street, London W1K 5QH 100 Kings Road, London SW3 4TZ

130 Merchants Hall, Chapelfield Shopping Centre, Norwich, Norfolk NR2 1SH 14 The Broadway, London, London SW19 1RF 155 High Street, Bromley, Kent BR1 1JD 18 Great Portland Street, London W1W 8QP

2 Hugh Street, Belfast BT9 7HH

2 Union Road, Nottingham, Nottinghamshire NG1 3HF

201 The Harlequin, Watford, Hertfordshire WD17 2UB

21 New Cathedral Street, Manchester M1 1AD

21 Philadelphia Street, Bristol, Avon BS1 3BZ

217 Portobello Road, London W11 1LU

22-36 Church Street, Liverpool, Merseyside L1 3AW

221 Camden High Street, London, London NW1 7BU

25 Brigstowe Street, Bristol, Avon BS1 3BH

25-26 Duke Street, Brighton, East Sussex BN1 1AG

318 Oxford Street, London, London W1C 1HF

34 St Andrew Square, Edinburgh, Midlothian EH2 2AD

35 Arndale Centre, Manchester M4 2HU 36-38 Great Castle Street, London W1W 8LG

37 Linthorpe Road, Middlesbrough, Cleveland TS1 5AD 4 The Parade, Canterbury, Kent CT1 2JL

42 The Maltings, St. Albans, Hertfordshire AL1 3HL

43 Kensington High Street, London W8 5ED

43 Shires Walk, High Street, Leicester, Leicestershire LE1 4FQ

50 Eastgate Street, Chester, Cheshire CH1 1LE

54-56 Bridlesmith Gate, Nottingham, Nottinghamshire NG1 2GP

56 South John Street, Liverpool, Merseyside L1 8BJ

57 Neal Street, London WC2H 9PP

58 Kings Road, London SW3 4UD 60 Neal Street, London WC2H 9PA

68 King William Street, London EC4N 7HR

7 Newlands Meadow, High Wycombe, Buckinghamshire HP11 2BZ

79a Princes Street, Edinburgh, Midlothian EH2 2ER

89 Meadowhall Centre High Street, Sheffield, South Yorkshire S9 1EN

9 Market Street, Cambridge, Cambridgeshire CB2 3PA

Arndale Centre, Manchester, Lancashire M4 2EA

Centrale Shopping Centre, Croydon, Surrey CR0 1TY

Classic House, 174-180 Old Street, London EC1V 9BP Mildenhall Road, Littleport, Ely, Cambridgeshire CB7 4SY P O Box 60, Manchester M60 3AU St Mary Street, Cardiff, South Glamorgan CF10 1TT The Circus, Bristol, Avon BS1 3BD

Thurrock Lakeside Shopping Centre, West Thurrock, Grays, Essex RM20 2ZR

U49, The Merry Hill Centre, Brierley Hill, West Midlands DY5 1SR

Unit 13 Clarendon Shopping Centre, Oxford, Oxfordshire OX1 3JE

Unit 14 The Brunswick Centre, London WC1N 1AE

Unit 31 1 Charles Street, Plymouth, Devon PL1 1EA

Unit 42 The Oracle Centre Upper Gro, Level, Reading, Berkshire RG1 2AH

Unit 8A, Putney Exchange, Putney High Street, London, London SW15 1TW

Unit L7 Overgate Shopping Centre, Dundee, Angus DD1 1UG

Unit Su729 Bullring, Birmingham, West Midlands B5 4BG

Victoria Street, Grimsby, South Humberside DN31 1DW

Victoria Street, London, London SW1E 5LB

Victoria Street, Wolverhampton, West Midlands WV1 3PQ

Westfield London Shopping Centre, Ariel Way, London, London W12 7GE

Company relationships

Company No.	Name	Status	Country
Ultimate parent
07429771	OFFICE RETAIL GROUP LIMITED	Active	United Kingdom
Affiliated companies
07429814	OFFICE RETAIL MIDCO 1 LIMITED	Active	United Kingdom
07429954	OFFICE RETAIL MIDCO 2 LIMITED	Active	United Kingdom
02696771	BLUEACE LIMITED	Non Trading	United Kingdom
02894001	OFFSHOOT (WHOLESALE) LIMITED	Non Trading	United Kingdom
03175314	OFFSPRING LONDON LIMITED	Non Trading	United Kingdom
03489318	OFFSPRING HOLDINGS LIMITED	Non Trading	United Kingdom
03491333	OFFSPRING INTERNET LIMITED	Non Trading	United Kingdom
Subsidiary companies
03489320	LEATHERFOLK LIMITED	Non Trading	United Kingdom
03491377	OFFICE INTERNET LIMITED	Non Trading	United Kingdom
04438045	OFFSPRING LIMITED	Non Trading	United Kingdom
Immediate parent
07443551	OFFICE RETAIL LIMITED	Active	United Kingdom

Business activities

Main activity
Principal Activity	The retailer of shoes and allied goods retailing through the established 'Office', 'Offspring', 'Poste' and 'Poste Mistress' stores.
SIC03	Retail of footwear & leather goods
SIC07	Retail sale of footwear in specialised stores

Economic data

Turnover and Employees

Date of Accounts	Turnover	Employees
29/01/2012	GBP 204,712,000	2,365
27/01/2013	GBP 243,370,000	2,815
26/01/2014	GBP 256,044,000	3,002

Supplementary data

Banks

Bank Name Bank Branch Sort Code

LLOYDS TSB BANK PLC 30-00-02

Auditor

Auditor name

PRICEWATERHOUSECOOPERS LLP

Events

County Court Judgments (CCJs)
Date	Amount	Court	Case number	Status	Date paid
10/12/2009	GBP 138	NORTHAMPTON CCBC	9QL71993	Satisfied	01/11/2012
05/10/2011	GBP 89	NORTHAMPTON CCBC	1XJ22594	Satisfied	08/03/2012
16/11/2011	GBP 139	NORTHAMPTON CCBC	1QL84444	Satisfied	14/11/2012
11/10/2012	GBP 601	NORTHAMPTON CCBC	2QZ18035	Satisfied	19/11/2012

COMPANY HISTORY
Date	Action
17/02/2010	Annual Returns
19/08/2010	New Accounts Filed
19/08/2010	New Accounts Filed
19/08/2010	New Accounts Filed
10/01/2011	Mr P.R. Davidson has left the board
10/01/2011	Mr J.C. McMahon has left the board
10/01/2011	New Board Member Ms S.J. Barclay appointed
02/02/2011	Annual Returns
28/06/2011	New Board Member Mr A.P. Moulds appointed
08/07/2011	Ms S.J. Barclay has left the board
08/07/2011	Ms S.J. Barclay has resigned as company secretary
14/10/2011	New Board Member Mr I. Findlay appointed
19/10/2011	Mr A.P. Moulds has left the board
04/11/2011	New Accounts Filed
04/11/2011	New Accounts Filed
08/02/2012	Annual Returns
02/05/2012	Change in Reg.Office
02/05/2012	Change of Company Postcode
07/11/2012	New Accounts Filed
07/11/2012	New Accounts Filed
27/03/2013	Annual Returns
07/11/2013	New Accounts Filed
07/11/2013	New Accounts Filed
31/01/2014	Annual Returns
06/09/2014	Mr I. Findlay has left the board
06/09/2014	New Board Member Ms E.S. Tate appointed
08/11/2014	New Accounts Filed
08/11/2014	New Accounts Filed

MORTGAGES
Charge created	24/04/1984
Charge registered	30/04/1984
Status	SATISFIED
Entitled person	MIDLAND BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	FIXED AND FLOATING CHARGE OVER UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING BOOK AND ALL OTHER DEBTS. UNCALLED CAPITAL.

Charge created	18/02/1985
Charge registered	27/02/1985
Status	SATISFIED
Entitled person	MIDLAND BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	FIXED AND FLOATING CHARGE OVER UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING BOOK AND ALL OTHER DEBTS UNCALLED CAPITAL.

Charge created	03/05/1988
Charge registered	19/05/1988
Status	SATISFIED
Entitled person	MIDLAND BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	L/H LAND HEREDITAMENTS AND PREMISES SITUATE AT 27 KENSINGTON HIGH STREET LONDON.

Charge created	17/05/1988
Charge registered	25/05/1988
Status	SATISFIED
Entitled person	MIDLAND BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	43, KENSINGTON HIGH ST. LONDON. W.8.

Charge created	14/03/1990
Charge registered	24/03/1990
Status	SATISFIED
Entitled person	MIDLAND BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	L/H LANDS HEREDITAMENTS AND PREMISES BEING 221 CAMDEN HIGH STREET.

Charge created	30/03/1990
Charge registered	04/04/1990
Status	SATISFIED
Entitled person	MIDLAND BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	GROUND FLOOR AND BASEMENT L/H PREMISES AT 467 OXFORD STREET LONDON W.1.

Charge created	14/01/1993
Charge registered	22/01/1993
Status	SATISFIED
Entitled person	E.A. CASEY D.M.
Secured amount	GBP 155,000 DUE FROM THE COMPANY TO THE CHARGEE
Mortgage detail	UNDERTAKING AND ALL PROPERTY AND ASSETSPRESENT AND FUTURE INCLUDING UNCALLED CAPITAL

Charge created	29/07/1996
Charge registered	10/08/1996
Status	SATISFIED
Entitled person	LONDON ELECTRICITY PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF A LEASE OF EVEN DATE
Mortgage detail	GBP 13,125 (THE DEPOSIT)

Charge created	22/04/1998
Charge registered	02/05/1998
Status	SATISFIED
Entitled person	DAVID MICHAEL CASEY PENSI
Secured amount	GBP 150,000 DUE OR TO BECOME DUE FROM THE COMPANY (FORMERLY KNOWN AS LEATHERFOLK LIMITED) TO THE CHARGEES
Mortgage detail	THE COMPANY ITS UNDERTAKING AND ALL ITSPROPERTY AND ASSETS UNCALLED CAPITAL

Charge created	22/04/1998
Charge registered	02/05/1998
Status	SATISFIED
Entitled person	PENSIONEER TRUSTEES (LONDON) LIMITED DAVID
Secured amount	GBP 45,000 DUE OR TO BECOME DUE FROM THE COMPANY (FORMERLY KNOWN AS LEATHERFOLK LIMITED) TO THE CHARGEES
Mortgage detail	THE COMPANY ITS UNDERTAKING AND ALL ITSPROPERTY ASSETS UNCALLED CAPITAL

Charge created	20/12/1999
Charge registered	24/12/1999
Status	SATISFIED
Entitled person	HSBC BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Charge created	28/04/2000
Charge registered	16/05/2000
Status	SATISFIED
Entitled person	DAVID MICHAEL CASEY, ELIZABETH ANNE CASEY AND PENSIONEER TRUSTEES (LONDON) LTD
Secured amount	GBP 350,000 DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE
Mortgage detail	UNDERTAKING AND ALL PROPERTY AND ASSETSPRESENT AND FUTURE INCLUDING UNCALLED CAPITAL

Charge created	03/05/2000
Charge registered	18/05/2000
Status	SATISFIED
Entitled person	NATIONWIDE BUILDING SOCIETY
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Charge created	03/05/2000
Charge registered	12/05/2000
Status	SATISFIED
Entitled person	NATIONWIDE BUILDING SOCIETY
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	9 AND 10 GREAT SUTTON ST,CLERKENWELL,LONDON EC1 OBX TOGETHER WITH ALL BUILDINGS FIXTURES (INCLUDING TRADE FIXTURES) FIXED PLANT AND MACHINERY THEREON THE GOODWILL OF ANY BUSINESS CARRIED ON AT THE PROPERTY THE BENEFIT OF ANY LICENCES AND REGISTRATIONS REQUIRED IN THE RUNNING OF SUCH BUSINESS

Charge created	15/08/2002
Charge registered	20/08/2002
Status	SATISFIED
Entitled person	BRIXTON NOMINEE 8 (JERSEY) LIMITED AND BRIXTON NOMINEE 9 (JERSEY) LIMITED
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Mortgage detail	THE AMOUNT FROM TIME TO TIME STANDING TO THE CREDIT OF AN ACCOUNT IN THE NAME OF THE LANDLORD WITH NATIONAL WESTMINSTERBANK PLC

Charge created	10/06/2003
Charge registered	24/06/2003
Status	SATISFIED
Entitled person	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
Mortgage detail	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Charge created	15/12/2010
Charge registered	21/12/2010
Status	SATISFIED
Entitled person	LLOYDS TSB BANK PLC (THE ’’SECURITY AGENT”);
Mortgage detail	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT AND MACHINERY SEE IM- AGEFOR FULL DETAILS

Charge created	23/06/2014
Charge registered	26/06/2014
Status	OUTSTANDING
Entitled person	ING BANK N.V., LONDON BRANCH;
Mortgage detail	INTELLECTUAL PROPERTY TRADEMARKSAPPLICATION NUMBER 003598059, EUROPEAN COMMUNITY / REGISTERED CLASSES 18.25, MARK TEXT:ASK THE MISSUSCONTAINS FIXED CHARGE.CONTAINS FLOATING CHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COM- PANY.CONTAINS NEGATIVE PLEDGE.

Accounts

PROFIT & LOSS

	26/01/2014 56 GBP Group: No	27/01/2013 56 GBP Group: No	29/01/2012 56 GBP Group: No	30/01/2011 56 GBP Group: No
Turnover	256,044,000	243,370,000	204,712,000	165,062,000
Export	12,074,000	8,883,000	7,992,000	7,184,000
Cost of Sales	133,387,000	120,321,000	97,919,000	78,337,000
Gross Profit	122,657,000	123,049,000	106,793,000	86,725,000
Wages And Salaries	30,607,000	31,182,000	28,245,000	24,423,000
Directors Emoluments	0	0	678,000	540,000
Operating Profit	28,404,000	35,484,000	30,766,000	19,888,000
Depreciation	5,571,000	4,011,000	3,248,000	3,365,000
Audit Fees	23,000	26,000	20,000	35,000
Interests Payments	227,000	78,000	87,000	140,000
Pre Tax Profit	28,106,000	35,372,000	30,519,000	19,427,000
Taxation	-5,359,000	-6,727,000	-4,987,000	-3,512,000
Profit After Tax	22,747,000	28,645,000	25,532,000	15,915,000

26/01/2014

56 GBP

Group: No

27/01/2013

56 GBP

Group: No

29/01/2012

56 GBP

Group: No

30/01/2011

56 GBP

Group: No

Dividends Payable

8,939,000

Retained Profit

22,747,000

19,706,000

25,532,000

15,915,000

BALANCE SHEET

	26/01/2014 56 GBP Group: No	27/01/2013 56 GBP Group: No	29/01/2012 56 GBP Group: No	30/01/2011 56 GBP Group: No
Tangible Assets	59,558,000	42,218,000	23,515,000	14,991,000
Intangible Assets	0	0	0	0
Total Fixed Assets	59,558,000	42,218,000	23,515,000	14,991,000
Stock	43,109,000	38,141,000	29,022,000	26,410,000
Trade Debtors	3,478,000	3,509,000	3,306,000	2,529,000
Cash	35,761,000	36,344,000	38,435,000	15,556,000
Other Debtors	6,481,000	5,088,000	3,673,000	3,938,000
Miscellaneous Current Assets	0	0	0	0
Total Current Assets	88,829,000	83,082,000	74,436,000	48,433,000
Trade Creditors	17,435,000	19,296,000	9,705,000	6,538,000
Bank Loans and Overdraft	0	0	0	0
Other Short Term Finance	0	0	0	0
Miscellaneous Current Liabilities	24,341,000	22,236,000	25,416,000	20,158,000
Total Current Liabilities	41,776,000	41,532,000	35,121,000	26,696,000
Bank Loans and Overdrafts LTL	3,016,000	2,920,000	1,688,000	1,118,000
Other Long Term Finance	0	0	0	0
Total Long Term Liabilities	3,016,000	2,920,000	1,688,000	1,118,000

CAPITAL & RESERVES

	26/01/2014 56 GBP Group: No	27/01/2013 56 GBP Group: No	29/01/2012 56 GBP Group: No	30/01/2011 56 GBP Group: No
Called Up Share Capital	26,000	26,000	26,000	26,000
P and L Account Reserve	103,375,000	80,628,000	60,922,000	35,390,000
Revaluation Reserve	0	0	0	0
Sundry Reserves	194,000	194,000	194,000	194,000
Shareholders Funds	103,595,000	80,848,000	61,142,000	35,610,000

OTHER FINANCIAL ITEMS

	26/01/2014 56 GBP Group: No	27/01/2013 56 GBP Group: No	29/01/2012 56 GBP Group: No	30/01/2011 56 GBP Group: No
Net Worth	103,595,000	80,848,000	61,142,000	35,610,000
Working Capital	47,053,000	41,550,000	39,315,000	21,737,000
Total Assets	148,387,000	125,300,000	97,951,000	63,424,000
Total Liabilities	44,792,000	44,452,000	36,809,000	27,814,000
Net Assets	103,595,000	80,848,000	61,142,000	35,610,000

CASH FLOW

	26/01/2014 56 GBP Group: No	27/01/2013 56 GBP Group: No	29/01/2012 56 GBP Group: No	30/01/2011 56 GBP Group: No
Net Cash Flow from Operations	0	0	0	0
Net Cash Flow before Financing	0	0	0	0
Net Cash Flow from Financing	0	0	0	0
Increase in Cash	-583,000	-2,091,000	22,879,000	3,440,000

MISCELLANEOUS

	26/01/2014	27/01/2013	29/01/2012	30/01/2011
	56 GBP	56 GBP	56 GBP	56 GBP
	Group: No	Group: No	Group: No	Group: No
Capital Employed	106,611,000	83,768,000	62,830,000	36,728,000

FINANCIAL RATIOS

Name	26/01/2014	27/01/2013	29/01/2012	30/01/2011
Pre Tax Profit Margin	10.98%	14.53%	14.91 %	11.77%
Current Ration	2.13	2.00	2.12	1.81
Sales or Net Working Capital	5.44	5.86	5.21	7.59
Gearing	2.91 %	3.61 %	2.76 %	3.14 %
Equity	69.81 %	64.52 %	62.42 %	56.15%

Name	26/01/2014	27/01/2013	29/01/2012	30/01/2011
Creditor Days	24.78	28.86	17.25	14.41
Debtor Days	4.94	5.24	5.87	5.57
Liquidity or Acid test	1.09	1.08	1.29	0.82
Return on Capital Employed	26.36 %	42.22 %	48.57 %	52.89 %
Return on Total Assets Employed	18.94%	28.22 %	31.15%	30.63 %
Current Debt Ratio	0.40 %	0.51 %	0.57 %	0.74 %
Total Debt Ratio	0.43 %	0.54 %	0.60 %	0.78 %
Stock Turnover Ratio	16.83%	15.67 %	14.17%	16.00%
Return on Net Assets Employed	27.13%	43.75 %	49.91 %	54.55 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.45
UK Pound	1	Rs.98.88
Euro	1	Rs.77.62

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ANK

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.