MIRA INFORM REPORT

Report Date :

28.02.2014

IDENTIFICATION DETAILS

Name :	MARKS AND SPENCER P.L.C.
Registered Office :	Waterside House, 35 North Wharf Road, London, W2 1nw
Country :	United Kingdom
Financials (as on) :	30.03.2013
Date of Incorporation :	17.06.1926
Com. Reg. No.:	00214436
Legal Form :	Public limited with Share Capital
Line of Business :	A group engaged as retailers and sell high quality, great value clothing and home products as well as outstanding quality of food.
No. of Employees	57518 (30.03.2013)

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 :	---

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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 & address

Company Name:	MARKS AND SPENCER P.L.C.
Company No:	00214436

Registered Address:

Waterside House

35 North Wharf Road

London

W2 1nw

Company summary

Company Name	MARKS AND SPENCER P.L.C.	Company Number	00214436
Registered Address	WATERSIDE HOUSE 35 NORTH WHARF ROAD LONDON W2 1NW	Trading Address	Waterside House 35 North Wharf Road London W2 1NW
Website Address	http://www.marks-and-spencer.co.uk
Telephone Number	02089942236
TPS	No
Incorporation Date	17/06/1926	Company Status	Active - Accounts Filed
Previous Name		Type	Public limited with Share Capital
Date of Change	-	Filing Date of Accounts	26/09/2013
		Share Capital	£712,509,869
SIC03	5212	Currency	GBP
SIC03 Description	Other retail non-specialised stores
SIC07	47190
SIC07 Description	OTHER RETAIL SALE IN NON-SPECIALISED STORES
Principal Activity	A group engaged as retailers and sell high quality, great value clothing and home products as well as outstanding quality of food.

Commentary

Multiple CCJ's recorded against the company.
Sales in the latest trading period increased 0.9% on the previous trading period.
Net Worth decreased by 8.6% during the latest trading period.
A 2.7% growth in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 14.2% compared to the previous trading period.
The company saw a decrease in their Cash Balance of 1.5% 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 has changed its year end on multiple occasions.
The company was established over 87 years ago.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
30/03/2013	£10,026,800,000	£564,300,000	£5,070,300,000	57518
31/03/2012	£9,934,300,000	£658,000,000	£5,372,100,000	54984
02/04/2011	£9,740,300,000	£780,600,000	£5,295,100,000	54675

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

12	15
Company DBT	UK Average DBT

Steady

ImprovingWorsening

Be the first to leave a payment experience
for this company

Within Terms91+ Days

CCJ

Total Number of Exact CCJs -	5	Total Value of Exact CCJs -	£19,462
Total Number of Possible CCJs -	3	Total Value of Possible CCJs -	£1,970
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
23/02/2012	CHELMSFORD	£17,839	Judgement	0DA02211	-
20/07/2011	WILLESDEN	£1	Judgement	0SK01228	-
02/06/2010	BODMIN	£661	Judgement	9BJ01102	-
21/03/2010	NORTHAMPTON CCBC	£812	Judgement	0QT14251	-
16/07/2008	EDMONTON	£149	Judgement	8ED02768	-

Possible CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid	Registered CCJ / CJ Details
26/03/2010	WAKEFIELD	£755	Judgement	0WF00220	-	MARKS AND SPENCER PLC, CHESTER BUSINESS PARK, WREXHAM ROAD, CHESTER, CH4 9GA, CH4 9GA
21/02/2010	NORTHAMPTON CCBC	£240	Satisfied	0XJ02587	20/04/2010	MARKS AND SPENCER PLC, WESTWAY STUDIOS, 54 WOOD LANE, WHITE CITY, W12 7QR, W12 7QR
25/11/2009	NORTHAMPTON CCBC	£975	Judgement	9XJ29488	-	MARKS AND SPENCER PLC, UNIT B, WESTFIELD SHOPPING CENTRE, AREIL WAY, , W12 7GA

Writ Details

There are no writ details

Mortgage Summary

Outstanding	0
Satisfied	13

Total Current Directors	4
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	54

Current Directors

Name	John William Dixon	Date of Birth	12/02/1968
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	16/10/2013
Address	35 North Wharf Road, London, W2 1NW

Name	Amanda Mellor	Date of Birth	07/03/1964
Officers Title	Ms	Nationality	British
Present Appointments	60	Function	Director
Appointment Date	17/07/2009
Address	35 North Wharf Road, London, W2 1NW

Name	Marc Bolland	Date of Birth	28/03/1959
Officers Title	Mr	Nationality	Dutch
Present Appointments	3	Function	Director
Appointment Date	14/07/2010
Address	Waterside House 35 North Wharf Road, London, W2 1NW

Name	Alan Stewart	Date of Birth	24/04/1960
Officers Title	Mr	Nationality	British
Present Appointments	37	Function	Director
Appointment Date	28/10/2010
Address	Waterside House 35 North Wharf Road, London, W2 1NW

Current Company Secretary

Name	Amanda Mellor	Date of Birth	-
Officers Title	Ms	Nationality	British
Present Appointments	2	Function	Company Secretary
Appointment Date	30/07/2009
Address	Waterside House 35 North Wharf Road, London, W2 1NW

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value
MARKS & SPENCER GROUP PLC	GBP	2,850,039,477	ORDINARY	0.25

Profit & Loss

Date Of Accounts	30/03/13	31/03/12	02/04/11	03/04/10	28/03/09
Weeks	52	52	52	53	52
Currency	GBP	GBP	GBP	GBP	GBP
Consolidated A/cs	Y	Y	Y	Y	Y
Turnover	£10,026,800,000	£9,934,300,000	£9,740,300,000	£9,536,600,000	£9,062,100,000
Export	-	-	-	-	-
Cost of Sales	-	-	-	£5,918,100,000	£5,690,200,000
Gross Profit	-	-	-	£3,618,500,000	£3,371,900,000
Wages & Salaries	£4,050,200,000	£3,638,600,000	£1,263,500,000	£1,259,400,000	£1,153,700,000
Directors Emoluments	£2,730,000,000	£2,386,000,000	£4,711,000,000	£8,570,000	£4,170,000
Operating Profit	£756,000,000	£746,500,000	£836,900,000	£852,000,000	£870,700,000
Depreciation	£374,100,000	£404,800,000	£416,500,000	£394,200,000	£381,700,000
Audit Fees	£1,000,000	£1,000,000	£1,000,000	£1,400,000	£900,000
Interest Payments	£218,200,000	£136,800,000	£152,900,000	£162,200,000	£214,500,000
Pre Tax Profit	£564,300,000	£658,000,000	£780,600,000	£702,700,000	£706,200,000
Taxation	-£89,600,000	-£168,400,000	-£182,000,000	-£179,700,000	-£199,400,000
Profit After Tax	£474,700,000	£489,600,000	£598,600,000	£523,000,000	£506,800,000
Dividends Payable	£273,600,000	£273,600,000	£250,800,000	£236,000,000	£356,300,000
Retained Profit	£192,400,000	£192,500,000	£334,400,000	£287,000,000	£149,300,000

Balance Sheet

Date Of Accounts	30/03/13	31/03/12	02/04/11	03/04/10	28/03/09
Tangible Assets	£5,655,200,000	£5,280,500,000	£5,204,500,000	£5,180,200,000	£5,479,100,000
Intangible Assets	£695,000,000	£584,300,000	£527,700,000	£452,800,000	£400,300,000
Total Fixed Assets	£6,350,200,000	£5,864,800,000	£5,732,200,000	£5,633,000,000	£5,879,400,000
Stock	£767,300,000	£681,900,000	£685,300,000	£613,200,000	£536,000,000
Trade Debtors	£108,300,000	£114,600,000	£98,300,000	£88,500,000	£83,500,000
Cash	£193,100,000	£196,100,000	£470,200,000	£405,800,000	£422,900,000
Other Debtors	£136,700,000	£138,400,000	£152,000,000	£192,900,000	£201,700,000
Miscellaneous Current Assets	£2,579,300,000	£2,870,800,000	£2,827,700,000	£219,800,000	£2,765,000,000
Total Current Assets	£3,784,700,000	£4,001,800,000	£4,233,500,000	£1,520,200,000	£4,009,100,000
Trade Creditors	£972,700,000	£959,500,000	£919,200,000	£792,200,000	£783,600,000
Bank Loans & Overdrafts	£151,800,000	£38,400,000	£274,800,000	£469,300,000	0
Other Short Term Finance	£492,500,000	£421,700,000	£450,100,000	£112,600,000	£1,090,900,000
Miscellaneous Current Liabilities	£604,600,000	£585,800,000	£566,100,000	£516,400,000	£432,400,000
Total Current Liabilities	£2,221,600,000	£2,005,400,000	£2,210,200,000	£1,890,500,000	£2,306,900,000
Bank Loans & Overdrafts and LTL	£2,994,800,000	£2,527,500,000	£2,735,200,000	£3,563,400,000	£2,869,500,000
Other Long Term Finance	£2,290,800,000	£1,975,000,000	£103,400,000	£76,200,000	£2,188,900,000
Total Long Term Liabilities	£2,843,000,000	£2,489,100,000	£2,460,400,000	£3,094,100,000	£2,869,500,000

Capital & Reserves

Date Of Accounts	30/03/13	31/03/12	02/04/11	03/04/10	28/03/09
Called Up Share Capital	£712,500,000	£712,500,000	£712,500,000	£395,500,000	£712,500,000
P & L Account Reserve	£3,954,500,000	£3,822,800,000	£3,700,000,000	£5,281,900,000	£2,971,200,000
Revaluation Reserve	-	-	-	-	-
Sundry Reserves	£403,300,000	£836,800,000	£882,600,000	-£3,508,800,000	£1,028,400,000
Shareholder Funds	£5,070,300,000	£5,372,100,000	£5,295,100,000	£2,168,600,000	£4,712,100,000

Other Financial Items

Date Of Accounts	30/03/13	31/03/12	02/04/11	03/04/10	28/03/09
Net Worth	£4,375,300,000	£4,787,800,000	£4,767,400,000	£1,715,800,000	£4,311,800,000
Working Capital	£1,563,100,000	£1,996,400,000	£2,023,300,000	-£370,300,000	£1,702,200,000
Total Assets	£10,134,900,000	£9,866,600,000	£9,965,700,000	£7,153,200,000	£9,888,500,000
Total Liabilities	£5,064,600,000	£4,494,500,000	£4,670,600,000	£4,984,600,000	£5,176,400,000
Net Assets	£5,070,300,000	£5,372,100,000	£5,295,100,000	£2,168,600,000	£4,712,100,000

Cash Flow

Date Of Accounts	30/03/13	31/03/12	02/04/11	03/04/10	28/03/09
Net Cashflow from Operations	£1,140,200,000	£1,203,000,000	£1,199,900,000	£1,229,000,000	£1,291,400,000
Net Cashflow before Financing	£559,800,000	£445,200,000	£709,400,000	£699,400,000	£694,500,000
Net Cashflow from Financing	-£595,800,000	-£511,000,000	-£647,400,000	-£792,900,000	-£521,900,000
Increase in Cash	-£36,000,000	-£65,800,000	£62,000,000	-£93,500,000	£172,600,000

Miscellaneous

Date Of Accounts	30/03/13	31/03/12	02/04/11	03/04/10	28/03/09
Contingent Liability	NO	NO	NO	YES	YES
Capital Employed	£7,913,300,000	£7,861,200,000	£7,755,500,000	£5,262,700,000	£7,581,600,000
Number of Employees	57518	54984	54675	76267	77864
Auditors	PRICEWATERHOUSECOOPERS LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	HSBC BANK PLC

Ratios

Date Of Accounts	30/03/13	31/03/12	02/04/11	03/04/10	28/03/09
Pre-tax profit margin %	5.63	6.62	8.01	7.37	7.79
Current ratio	1.70	2	1.92	0.80	1.74
Sales/Net Working Capital	6.41	4.98	4.81	-25.75	5.32
Gearing %	59.10	47	51.70	164.30	60.90
Equity in %	53.70	57.90	56.10	32.40	49.70
Creditor Days	35.31	35.15	34.35	30.81	31.47
Debtor Days	3.93	4.19	3.67	3.44	3.35
Liquidity/Acid Test	1.35	1.65	1.60	0.47	1.50
Return On Capital Employed %	7.13	8.37	10.06	13.35	9.31
Return On Total Assets Employed %	5.56	6.66	7.83	9.82	7.14
Current Debt Ratio	0.43	0.37	0.41	0.87	0.48
Total Debt Ratio	0.99	0.83	0.88	2.29	1.09
Stock Turnover Ratio %	7.65	6.86	7.03	6.42	5.91
Return on Net Assets Employed %	11.12	12.24	14.74	32.40	14.98

Status History

No Status History found

*Event History

Date	Description
17/02/2014	Annual Returns
23/10/2013	New Board Member Mr J.W. Dixon appointed
10/10/2013	New Accounts Filed
10/10/2013	New Accounts Filed
23/08/2013	Dr S.M. Sharp has left the board
08/03/2013	Annual Returns
21/09/2012	New Accounts Filed
21/09/2012	New Accounts Filed
14/03/2012	Annual Returns
19/08/2011	New Accounts Filed
27/07/2011	New Accounts Filed
27/07/2011	New Accounts Filed
22/02/2011	Annual Returns
01/12/2010	New Board Member Mr A. Stewart appointed
18/11/2010	New Board Member Mr A. Stewart appointed

Previous Company Names

No Previous Names found

Statistics

Group	55 companies
Linkages	6 companies
Countries	In 2 countries

Summary

Holding Company	MARKS AND SPENCER GROUP P.L.C.
Ownership Status	Wholly Owned
Ultimate Holding Company	MARKS AND SPENCER GROUP P.L.C.

Group structure

COMPANY NAME	REGISTERED NUMBER	LATEST KEY FINANCIALS	CONSOL. ACCOUNTS	TURNOVER
MARKS AND SPENCER GROUP...	04256886	30.03.2013	Y	£10,026,800,000
MARKS AND SPENCER (NED...	33098668	24.02.2012	N
MARKS AND SPENCER (I...	IE016855	30.03.2013	N
APRELL LIMITED	IE243068	30.03.2013	N
MARKS AND SPENCER IN...	04903061	30.03.2013	N	£1,416,000
MARKS AND SPENCER (INI...	SC315365	30.03.2013	N	£5
MARKS AND SPENCER PENS...	00326199	31.03.2013	N
MARKS AND SPENCER PE...	05193992	31.03.2013	N
MARKS AND SPENCER P.L.C.	00214436	30.03.2013	Y	£10,026,800,000
MARKS AND SPENCER 20...	05502478	30.03.2013	N	£1,353,000
MARKS AND SPENCER 20...	05502502	30.03.2013	N	£1,857,000
MARKS AND SPENCER (P...	05502513	30.03.2013	N	£300,000
MARKS AND SPENCER 20...	05502519	30.03.2013	N	£766,000
MARKS AND SPENCER 20...	05502520	30.03.2013	N	£1,516,000
MARKS AND SPENCER 20...	05502523	30.03.2013	N	£1,354,000
MARKS AND SPENCER 20...	05502538	30.03.2013	N	£2,521,000
MARKS AND SPENCER 20...	05502542	30.03.2013	N	£1,110,000
MARKS AND SPENCER 20...	05502544	30.03.2013	N	£2,181,000
MARKS AND SPENCER 20...	05502546	30.03.2013	N	£696,000
MARKS AND SPENCER (P...	05502582	30.03.2013	N
MARKS AND SPENCER 20...	05502588	30.03.2013	N	£164,000
MARKS AND SPENCER 20...	05502598	30.03.2013	N	£118,000
MARKS AND SPENCER 20...	05502608	30.03.2013	N	£1,588,000
M & S LIMITED	05946613	31.03.2013	N
AMETHYST LEASING (HO...	04246649	30.03.2013	N
AMETHYST LEASING (...	04246934	30.03.2013	N	£373,000
BUSYEXPORT LIMITED	04411320	30.03.2013	N	£1,423,000
M&S VENTURES LIMITED	00330475	31.03.2013	N
MANFORD (TEXTILES) L...	00237629	31.03.2013	N
ST.MICHAEL (TEXTIL...	00386149	31.03.2013	N
MARKS & SPENCER OUTL...	04039568	30.03.2013	N	£17,604,687
MARKS & SPENCER SIMP...	04739922	30.03.2013	N	£562,031,000
MARKS AND SPENCER VE...	03872389	31.03.2013	N
MARKS AND SPENCER SH...	04461788	30.03.2013	N	£11,420,000
MARKS AND SPENCER SC...	04485686	30.03.2013	N
MARKS AND SPENCER FR...	05502548	30.03.2013	N	£23,974,458
MARKS AND SPARKS LIM...	00773110	31.03.2013	N
MARKS AND SPENCER IN...	02615081	30.03.2013	N	£2,133,000
MORPHEUS EUROPE LI...	08540784	-	N
M & S CARD SERVICE...	IE359388	30.03.2013	N
MARKS AND SPENCER PR...	02100781	30.03.2013	N	£413,000
MARKS AND SPENCER...	02094786	31.03.2013	N
MARKS AND SPENCER...	05174129	30.03.2013	N	£2,246,000
MARKS AND SPENCER (N...	NI004091	30.03.2013	N
MINTERTON SERVICES L...	04763836	30.03.2013	N	£310,218
PER UNA GROUP LIMITED	05149488	31.03.2013	N	£255,290,000
RUBY PROPERTIES (HAR...	04716018	30.03.2013	N	£1,251,000
RUBY PROPERTIES (LON...	04716031	30.03.2013	N	£1,222,000
RUBY PROPERTIES (TUN...	04716032	30.03.2013	N	£1,307,000
RUBY PROPERTIES (THO...	04716110	30.03.2013	N	£694,000
RUBY PROPERTIES (ENF...	04716390	30.03.2013	N	£2,108,000
RUBY PROPERTIES (CUM...	04922798	30.03.2013	N	£1,840,000
ST. MICHAEL FINANCE...	01339700	30.03.2013	N	£652,000
SIMPLY FOOD (PROPERT...	02239799	30.03.2013	N	£765,000
SIMPLY FOOD (PROPE...	05502543	30.03.2013	N	£59,000

Statistics

Group	55 companies
Linkages	6 companies
Countries	In 2 countries

Other Linked companies

NAME	NUMBER	LATEST KEY FINANCIALS	TURNOVER
MARKS AND SPENCER B.V.	34287696	31.03.2012
MARKS AND SPENCER STORES B.V.	33225985	24.02.2012
M & S MODE INTERNATIONAL B.V.	33235552	24.02.2012
MARKS AND SPENCER NEDERLAND (RETAIL) B.V.	55457398	30.03.2013
J SAINSBURY HOLDINGS	IE210097	17.03.2012
JS FINANCE CORPORATION	IE210098	17.03.2012

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
23/02/2012	CHELMSFORD	£17,839	Judgement	0DA02211	-
20/07/2011	WILLESDEN	£1	Judgement	0SK01228	-
02/06/2010	BODMIN	£661	Judgement	9BJ01102	-
21/03/2010	NORTHAMPTON CCBC	£812	Judgement	0QT14251	-
16/07/2008	EDMONTON	£149	Judgement	8ED02768	-

Possible CCJs Details

Date	Court	Amount	Status	Case Number	Date Paid	Registered CCJ Details
26/03/2010	WAKEFIELD	£755	Judgement	0WF00220	-	MARKS AND SPENCER PLC, CHESTER BUSINESS PARK, WREXHAM ROAD, CHESTER, CH4 9GA, CH4 9GA
21/02/2010	NORTHAMPTON CCBC	£240	Satisfied	0XJ02587	20/04/2010	MARKS AND SPENCER PLC, WESTWAY STUDIOS, 54 WOOD LANE, WHITE CITY, W12 7QR, W12 7QR
25/11/2009	NORTHAMPTON CCBC	£975	Judgement	9XJ29488	-	MARKS AND SPENCER PLC, UNIT B, WESTFIELD SHOPPING CENTRE, AREIL WAY, , W12 7GA

Writ Details

No writs found

Mortgage Details

Mortgage Type:	A SUBORDINATED LOAN SECURITY DEED MADE BETWEEN THE COMPANY, LAW DEBENTURE TRUSTEES LIMITED (THE "TRUSTEE" WHICH EXPRESSION SHALL INCLUDE SUCH COMPANY AND ALL OTHER PERSONS FOR THE TIME BEING ACTING ASTRUSTEE)
Date Charge Created:	12/12/01
Date Charge Registered:	21/12/01
Date Charge Satisfied:	20/06/07
Status:	SATISFIED
Person(s) Entitled:	LAW DEBENTURE TRUSTEES LIMITED
Amount Secured:	ALL DEBTS, MONIES AND LIABILITIES FROM TIME TO TIME DUE, OWING OR INCURRED BY THE COMPANY TO THE BORROWER UNDER CLAUSE 7 (4) ) OF THE TAX DEED OF COVENANT (ALLTERMS AS DEFINED)
Details:	BY WAY OF FIRST FIXED SECURITY IN FAVOUR OF THE TRUSTEE FOR ITSELF AND AS TRUSTEE FOR THE BORROWER ALL ITS RIGHT, TITLE, INTEREST AND BENEFIT, PRESENT AND FUTURE, IN TO AND UNDER THE SUBORDINATED LOAN.. SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	A LEASEHOLD CONTINGENCY DEED OF CHARGE MADE BETWEEN THE COMPANY, LAW DEBENTURE TRUSTEES LIMITED (THE"SECURITY TRUSTEE"WHICH EXPRESSION SHALL INCLUDE SUCH COMPANY AND ALL OTHER PERSONS FOR THE TIME BEING ACTING AS SECURITY TRUSTEE PURSUANT TO THE DEED) AND EACH OTHER PARTY AS DEFINED IN THE BORROWERDEED OF CHARGE
Date Charge Created:	12/12/01
Date Charge Registered:	21/12/01
Date Charge Satisfied:	20/06/07
Status:	SATISFIED
Person(s) Entitled:	LAW DEBENTURE TRUSTEES LIMITED
Amount Secured:	THE PAYMENT OR DISCHARGE OF THE AGGREGATE OF ALL MONIES AND LIABILITIES WHATSOEVER WHICH FROM TIME TO TIME ARE OR MAY BECOME DUE, OWING OR PAYABLE BY THE BORROWER TO THE BORROWER SECURED CREDITORS UNDER THE TRANSACTION DOCUMENTS (ALL TERMSAS DEFINED)
Details:	(1) CHARGED BY WAY OF FIRST LEGAL MORTGAGE TO THE FULLEST EXTENT POSSIBLE THE BARE LEGAL ESTATE OF EACH OF THE PROPERTIES AT 23 BROADWAY, ACCRINGTON; 23-29 QUEENSWAY, CRAWLEY; 133/137 TERMINUS ROAD, EASTBOURNE; 371 HARROGATE ROAD, MOORTOWN, LEEDS; 19/31 FARGATE, SHEFFIELD; 147/153 HIGH STREET, SLOUGH; AND 32/40 PARADE, CUTTON COLDFIELD.. SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEED OF RELEASE AND CHARGE EFFECTING SUBSTITUTION OF SECURITY
Date Charge Created:	17/07/90
Date Charge Registered:	07/08/90
Date Charge Satisfied:	09/02/01
Status:	SATISFIED
Person(s) Entitled:	THE PRUDENTIAL ASSURANCE COMPANY LIMITED
Amount Secured:	£45,000,000 DUE FROM THE COMPANY TO THECHARGEE SECURED BY A TRUST DEED DATED 27/3/79
Details:	BY A TRUST DEED DATED 27TH MARCH 1979 CERTAIN PROPERTY WAS CHARGED BY WAY OF LEGAL MORTGAGE BY A DEED OF EXCHANGE DATED17/7/90 CERTAIN LAND WAS RECEIVED BY THE COMPANY FROM THE L/BOROUGH OF BROMLEY THIS LAND COMPRISES TWO PARTS OF F/H LAND FORMING PART OF THE LAND REGISTERED WITH T/N SGL 522255. BYA DEED OF RELEASE AND CHARGE BY WAY OF LEGAL MORTGAGE DATED 17/7/90 THE LAND RECEIVED BY THE COMPANYWAS MADE SUBJECT TO THE LEGAL MORTGAGE IN THE TRUST DEED DATED 27/3/79.

Mortgage Type:	TRANSFER
Date Charge Created:	05/08/88
Date Charge Registered:	23/08/88
Date Charge Satisfied:	03/10/01
Status:	SATISFIED
Person(s) Entitled:	THE SECRETARY OF STATE FOR DEFENCE.
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF THE CHARGE
Details:	F/H LAND PART OF THE MEADOWS, SANDHURST, CAMBERLEY, BERKS. COMPRISING APPROX. 14 ACRES.

Mortgage Type:	DEED OF FURTHER CHARGE
Date Charge Created:	19/04/84
Date Charge Registered:	24/04/84
Date Charge Satisfied:	09/02/01
Status:	SATISFIED
Person(s) Entitled:	THE PRUDENTIAL ASSURANCE COMPANY LIMITED.
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF A TRUST DEED DATED 27.3.1979.
Details:	F/H LAND AT THE REAR OF SPRING GARDENS,BUXTON DERBYSHIRE. LAND TO THE NORTH OFSPRING GARDENS BUXTON,DERBYSHIRE. TOGETHER WITH ALL BUILDINGS ERECTIONS FIXTURES & FITTINGS FIXED PLANT & MACHINERY.

Mortgage Type:	DEED OF FURTHER CHARGE
Date Charge Created:	29/12/83
Date Charge Registered:	04/01/84
Date Charge Satisfied:	09/02/01
Status:	SATISFIED
Person(s) Entitled:	THE PRUDENTIAL ASSURANCE COMPANY LIMITED.
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF A TRUST DEED DATED 27.3.79.
Details:	VARIOUS PROPERTIES IN ALDERSHOT, BROMLEY, CHELMSFORD, CHICHESTER & LEICESTER. (FOR FULL DETAILS SEEDOC. M328).

Mortgage Type:
Date Charge Created:	-
Date Charge Registered:	09/04/79
Date Charge Satisfied:	04/02/95
Status:	SATISFIED
Person(s) Entitled:	THE PRUDENTIAL ASSURANCE COMPANY LIMITED
Amount Secured:
Details:

Mortgage Type:
Date Charge Created:	29/01/70
Date Charge Registered:	29/01/70
Date Charge Satisfied:	12/10/84
Status:	SATISFIED
Person(s) Entitled:	SEE FORM NO. 48 FOR DETAILS
Amount Secured:	WARNING - UNABLE TO DISPLAY AMOUNT SECURED DETAILS
Details:

Mortgage Type:
Date Charge Created:	25/01/68
Date Charge Registered:	25/01/68
Date Charge Satisfied:	27/03/79
Status:	SATISFIED
Person(s) Entitled:	SEE FORM NO. 48 FOR DETAILS
Amount Secured:	WARNING - UNABLE TO DISPLAY AMOUNT SECURED DETAILS
Details:

Mortgage Type:
Date Charge Created:	01/07/66
Date Charge Registered:	01/07/66
Date Charge Satisfied:	27/03/79
Status:	SATISFIED
Person(s) Entitled:	SEE FORM NO. 48 FOR DETAILS
Amount Secured:	WARNING - UNABLE TO DISPLAY AMOUNT SECURED DETAILS
Details:

Mortgage Type:
Date Charge Created:	01/07/65
Date Charge Registered:	01/07/65
Date Charge Satisfied:	27/03/79
Status:	SATISFIED
Person(s) Entitled:	SEE FORM NO. 48 FOR DETAILS
Amount Secured:	WARNING - UNABLE TO DISPLAY AMOUNT SECURED DETAILS
Details:

Mortgage Type:
Date Charge Created:	-
Date Charge Registered:	03/07/61
Date Charge Satisfied:	27/03/79
Status:	SATISFIED
Person(s) Entitled:	SEE FORM NO. 48 FOR DETAILS
Amount Secured:
Details:

Mortgage Type:	CHARGE
Date Charge Created:	20/03/29
Date Charge Registered:	21/03/29
Date Charge Satisfied:	21/07/30
Status:	SATISFIED
Person(s) Entitled:	PRUDENTIAL ASSURANCE COMPANY LIMITED
Amount Secured:	£200,000 & FURTHER ADVANCES NOT EXCEEDING THEREWITH £1,000,000
Details:	THE PROPERTIES LISTED IN THE SCHEDULE ATTACHED TO DOC 45.

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
Alan James McWalter	6	28
Clara Elizabeth Mary Freeman	4	11
Clinton Vita Silver	1	10
Maurice Epstein	0	4
Barry Simon Morris	0	5
Paul Peter Douglas Smith	0	3
John Michael Joseph Keenan	5	21
Anthony Frank Elliott Ball	1	37
Stella Rimington	0	12
Donald George Trangmar	2	5
Charles Wilson	3	32
Christopher Littmoden	1	22
Stuart Alan Ransom Rose	1	20
Andrew Zelig Stone Of Blackheath	0	14
Mark David McKeon	1	5
Martin Wakefield Jacomb	3	27
James Benfield	1	11
Laurel Claire Powers Freeling	4	47
Justin Matthew King	0	5
Luc Emile Vandevelde	0	7
Joseph Thomas Rowe	1	3
Roger Anthony Holmes	9	46
Ian Dyson	0	36
Philip Guy McCracken	8	53
Steven Michael Sharp	1	3
Nigel Lawrence Colne	2	13
Peter Henry Spridoell	0	1
Brian Ford Baldock	2	26
Simon John Sacher	9	8
Richard Greenbury	0	10
John Keith Oates	27	19
Ralph Harry Robins	2	12
Michael Sydney Perry	0	15
Anthony Stanley Orton	1	12
Alan Keith Patrick Smith	8	20
Janet Mary Young	1	8
Robert William Chaigneau Colvill	2	22
John Kevin Lomax	2	106
Graham John Oakley	14	81
Graham John Oakley	14	81
David Ronald Norgrove	2	19
John O'Neill	3	14
Denis George Lanigan	0	2
David Reuben Susman	0	1
Vittorio Radice	2	11
John Anderson Lusher	2	10
David John Eyre	2	7
Peter Leslie Salsbury	5	20
Roger Aldridge	2	14
David Daniel Sieff	9	21
David Valentine Atterton	1	18
Derek Keith Hayes	0	2
Maurice Harold Helfgott	12	11
Alison Clare Reed	2	27

Average Invoice Value	£2198.17
Invoices available	3907
Paid	970
Outstanding	2937

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	406	405	66	35	58
Outstanding	4	2314	134	431	54

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.94
UK Pound	1	Rs.103.31
Euro	1	Rs.85.11

INFORMATION DETAILS

Report Prepared by :

MNL

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.