MIRA INFORM REPORT

Report Date :

20.06.2014

IDENTIFICATION DETAILS

Name :	FRENCH CONNECTION LIMITED

Formerly Known As :	FRENCH CONNECTION LIMITED (THE)

Registered Office :	20-22 Bedford Row London WC1R 4JS

Country :	United Kingdom

Financials (as on) :	31.01.2013

Date of Incorporation :	01.09.1972

Legal Form :	Private limited with Share Capital

Line of Business :	Subject is engaged in the design of fashion clothing and accessories and the management, licensing and franchising of its brands.

No. of Employees	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 name and address

FRENCH CONNECTION LIMITED

Registered Address 20-22 BEDFORD ROW
LONDON
WC1R 4JS

Trading Address 20-22 Bedford Row
London
WC1R 4JS

Website Address http://www.frenchconnection.com

Telephone Number -

Fax Number TPS

FPS No

Incorporation Date 01/09/1972

Previous Name FRENCH CONNECTION LIMITED (THE)

Type Private limited with Share Capital

FTSE Index -

Date of Change 07/08/1992

Filing Date of Accounts 25/07/2013

Currency GBP

Share Capital £50,000

SIC07 70229

SIC07 Description MANAGEMENT CONSULTANCY ACTIVITIES OTHER THAN

Principal Activity The design of fashion clothing and accessories and the management, licensing and franchising of its brands.

Total Current Directors	3
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	5

Current Directors

Name	Stephen Anthony Solomon Marks	Date of Birth	23/05/1946
Officers Title	Mr	Nationality	British
Present Appointments	25	Function	Director
Appointment Date	07/07/1992
Address	39-41 Egerton Terrace, London, SW3 2BU
Other Actions	View Director Report	View Consumer Report

Name	Neil Pryce Williams	Date of Birth	08/09/1964
Officers Title	Mr	Nationality	British
Present Appointments	21	Function	Director
Appointment Date	15/12/2000
Address	Beech Hurst Tyrrells Wood, Leatherhead, Surrey, KT22 8QJ
Other Actions	View Director Report	View Consumer Report

Name	Adam Castleton	Date of Birth	13/03/1964
Officers Title	Mr	Nationality	British
Present Appointments	12	Function	Director
Appointment Date	12/08/2013
Address	20-22 Bedford Row, London, WC1R 4JS
Other Actions	View Director Report	View Consumer Report

Current Company Secretary

Name	Dinesh Raichand Shah	Date of Birth	12/01/1951
Officers Title		Nationality	British
Present Appointments	19	Function	Company Secretary
Appointment Date	07/07/1992
Address	4 Chantry Close, Harrow, Middlesex, HA3 9QZ

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
John Ellis	0	3
Nicholas Charles Holt Mather	7	15
Roy Cameron Naismith	23	97
Nicholas William Edwin Selby Burman	0	5
Barry Joseph Dean	0	2

NEGATIVE INFORMATION

Commentary

CCJ recorded against the company.

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

The credit limit on this company has fallen 94.4% in comparison to the previously suggested credit limit.

Sales in the latest trading period decreased 17.1% on the previous trading period.

Net Worth decreased by 5% during the latest trading period.

A 3.8% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 74.5% compared to the previous 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 41 years ago.

CCJ

Total Number of Exact CCJs -	1	Total Value of Exact CCJs -	£1,411
Total Number of Possible CCJs -	2	Total Value of Possible CCJs -	£641
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -	../../../for entry/CCJDetails.aspx
Total Number of Writs -	-

Date	Court	Amount	Status	Case Number	Date Paid
11/12/2009	LIVERPOOL	£1,411	Judgement	9LV08377	-

Possible CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid	Registered CCJ / CJ Details
20/07/2011	BIRMINGHAM	£508	Judgement	1IQ11403	-	FRENCH CONNECTION, 32 HIGH STREET, SOLIHULL, B91 3TB, B91 3TB, B91 3TB
17/12/2008	CENTRAL LONDON	£133	Judgement	8CL60439	-	FRENCH CONNECTION PLC, UNIT B, DOLPHIN WAY, PURFLEER, ESSEX, RM19 1NZ

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
11/12/2009	LIVERPOOL	£1,411	Judgement	9LV08377	-

Possible CCJs Details

Date	Court	Amount	Status	Case Number	Date Paid	Registered CCJ Details
20/07/2011	BIRMINGHAM	£508	Judgement	1IQ11403	-	FRENCH CONNECTION, 32 HIGH STREET, SOLIHULL, B91 3TB, B91 3TB, B91 3TB
17/12/2008	CENTRAL LONDON	£133	Judgement	8CL60439	-	FRENCH CONNECTION PLC, UNIT B, DOLPHIN WAY, PURFLEER, ESSEX, RM19 1NZ

Writ Details

No writs found

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
FRENCH CONNECTION GROUP PLC	GBP	49,999	ORDINARY	1	100
STEPHEN ANTHONY SOLOMON MARKS	GBP	1	ORDINARY	1	0

PAYMENT INFORMATION

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-

No Creditor Data

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	2	£5,265

Company Name	Amount	Statement Date
Exit Clothing Ltd	£3,868	05/08/2010
Sublime (Scarborough) Limited	£1,397	30/05/2012

Average Invoice Value	£1786.74
Invoices available	27
Paid	27
Outstanding	0

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	3	14	9	1	0
Outstanding	0	0	0	0	0

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	12 companies
Linkages	1 companies
Countries	In 1 countries

Summary

Holding Company	FRENCH CONNECTION GROUP PLC
Ownership Status	Wholly Owned
Ultimate Holding Company	FRENCH CONNECTION GROUP PLC

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
FRENCH CONNECTION GROUP PLC	01410568	31.01.2013	Y	£197,300,000
WESTERN JEAN COMPANY L...	01242025	31.01.2013	N
FRENCH CONNECTION OVER...	01364202	31.01.2013	N
N F RESTAURANTS LIMITED	03028187	31.01.2013	N
EFSEL LIMITED	03372070	31.01.2013	N
FRENCH CONNECTION (CHI...	05267768	31.01.2013	N
CONTRACTS LIMITED	01825819	31.01.2013	N
FRENCH CONNECTION (LON...	00996609	31.01.2013	N	£10,787,000
FRENCH CONNECTION UK L...	01222335	31.01.2013	N	£106,787,000
FRENCH CONNECTION LIMITED	01069342	31.01.2013	N	£8,446,000
TOAST (MAIL ORDER) LIM...	03399254	31.01.2013	N	£14,701,000
YMC LIMITED	03118702	31.01.2013	N	£2,723,000

Statistics

Group	12 companies
Linkages	1 companies
Countries	In 1 countries

Other Linked companies

Name		Number	Latest Key Financials	Turnover
PRETEX TEXTILHANDELSGESELLSCHAFT MBH		HRB 62586	31.01.2013

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	31/01/13	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10	(%)	31/01/09
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£8,446,000	-17.1%	£10,187,000	-0.1%	£10,197,000	-77.5%	£45,377,000	-35.3%	£70,171,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-100%	£28,705,000	-41.4%	£49,026,000
Gross Profit	-	-	-	-	£10,197,000	-38.8%	£16,672,000	-21.2%	£21,145,000
Wages & Salaries	£3,373,000	-2.1%	£3,446,000	-	-	-	-	-	-
Directors Emoluments	£105,000	-14.6%	£123,000	55.7%	£79,000	-71.2%	£274,000	-32.5%	£406,000
Operating Profit	-£1,988,000	-76.6%	-£1,126,000	-999.9%	£23,000	100.5%	-£4,980,000	-231.7%	£3,780,000
Depreciation	-	-	-	-	-	-100%	£615,000	-3.8%	£639,000
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	£19,000	-20.8%	£24,000	-	-	-	-	-	-
Pre Tax Profit	-£2,007,000	-74.5%	-£1,150,000	-999.9%	£23,000	100.6%	-£3,818,000	-198.4%	£3,880,000
Taxation	-£92,000	83.9%	-£570,000	-36.7%	-£417,000	-32.4%	-£315,000	-462.1%	£87,000
Profit After Tax	-£2,099,000	-22%	-£1,720,000	-336.5%	-£394,000	90.5%	-£4,133,000	-204.2%	£3,967,000
Dividends Payable	-	-	-	-	-	-	-	-100%	£60,000,000
Retained Profit	-£2,099,000	-22%	-£1,720,000	-336.5%	-£394,000	90.5%	-£4,133,000	92.6%	-£56,033,000

Balance Sheet

Date Of Accounts	31/01/13	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10	(%)	31/01/09
Tangible Assets	0	-100%	£9,000	-	£9,000	-99.7%	£3,493,000	-51%	£7,133,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	0	-100%	£9,000	-	£9,000	-99.7%	£3,493,000	-51%	£7,133,000
Stock	0	-	0	-	0	-100%	£13,502,000	-37.1%	£21,481,000
Trade Debtors	0	-	0	-	0	-100%	£5,533,000	-39.4%	£9,136,000
Cash	0	-	0	-	0	-100%	£26,582,000	-1.2%	£26,916,000
Other Debtors	£42,632,000	-3.8%	£44,317,000	-10.5%	£49,530,000	5.1%	£47,107,000	-12.4%	£53,751,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£42,632,000	-3.8%	£44,317,000	-10.5%	£49,530,000	-46.6%	£92,724,000	-16.7%	£111,284,000
Trade Creditors	0	-	0	-	0	-100%	£8,370,000	-34.1%	£12,695,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£2,295,000	39.9%	£1,641,000	-71.5%	£5,754,000	-85.2%	£38,918,000	-24.2%	£51,324,000
Miscellaneous Current Liabilities	£279,000	-47.2%	£528,000	-	0	-100%	£4,864,000	11.7%	£4,354,000
Total Current Liabilities	£2,574,000	18.7%	£2,169,000	-62.3%	£5,754,000	-89%	£52,152,000	-23.7%	£68,373,000
Bank Loans & Overdrafts and LTL	£206,000	-	£206,000	80.7%	£114,000	-	0	-	0
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£206,000	-	£206,000	80.7%	£114,000	-	0	-	0

Capital & Reserves

Date Of Accounts	31/01/13	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10	(%)	31/01/09
Called Up Share Capital	£50,000	-	£50,000	-	£50,000	-	£50,000	-	£50,000
P & L Account Reserve	£39,802,000	-5%	£41,901,000	-3.9%	£43,621,000	-0.9%	£44,015,000	-11%	£49,454,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-100%	£540,000
Shareholder Funds	£39,852,000	-5%	£41,951,000	-3.9%	£43,671,000	-0.9%	£44,065,000	-11.9%	£50,044,000

Other Financial Items

Date Of Accounts	31/01/13	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10	(%)	31/01/09
Net Worth	£39,852,000	-5%	£41,951,000	-3.9%	£43,671,000	-0.9%	£44,065,000	-11.9%	£50,044,000
Working Capital	£40,058,000	-5%	£42,148,000	-3.7%	£43,776,000	7.9%	£40,572,000	-5.5%	£42,911,000
Total Assets	£42,632,000	-3.8%	£44,326,000	-10.5%	£49,539,000	-48.5%	£96,217,000	-18.7%	£118,417,000
Total Liabilities	£2,780,000	17.1%	£2,375,000	-59.5%	£5,868,000	-88.7%	£52,152,000	-23.7%	£68,373,000
Net Assets	£39,852,000	-5%	£41,951,000	-3.9%	£43,671,000	-0.9%	£44,065,000	-11.9%	£50,044,000

Miscellaneous

Date Of Accounts	31/01/13	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10	(%)	31/01/09
Contingent Liability	NO	-	NO	-	YES	-	YES	-	YES
Capital Employed	£40,058,000	-5%	£42,157,000	-3.7%	£43,785,000	-0.6%	£44,065,000	-11.9%	£50,044,000
Number of Employees	-	-	-	-	-	-	-	-	-
Auditors	KPMG AUDIT PLC
Auditor Comments	The audit report contains no adverse comments
Bankers	CITIBANK N.A.
Bank Branch Code

Ratios

Date Of Accounts	31/01/13	31/01/12	31/01/11	31/01/10	31/01/09
Pre-tax profit margin %	-23.76	-11.29	0.23	-8.41	5.53
Current ratio	16.56	20.43	8.61	1.78	1.63
Sales/Net Working Capital	0.21	0.24	0.23	1.12	1.64
Gearing %	0.50	0.50	0.30	0	0
Equity in %	93.50	94.60	88.20	45.80	42.30
Creditor Days	-	-	-	67.14	65.85
Debtor Days	-	-	-	44.38	47.39
Liquidity/Acid Test	16.56	20.43	8.60	1.51	1.31
Return On Capital Employed %	-5.01	-2.72	0.05	-8.66	7.75
Return On Total Assets Employed %	-4.70	-2.59	0.04	-3.96	3.27
Current Debt Ratio	0.06	0.05	0.13	1.18	1.36
Total Debt Ratio	0.06	0.05	0.13	1.18	1.36
Stock Turnover Ratio %	-	-	-	29.75	30.61
Return on Net Assets Employed %	-5.03	-2.74	0.05	-8.66	7.75

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Status History

No Status History found

Event History

Date	Description
11/10/2013	New Board Member Mr A. Castleton appointed
03/08/2013	New Accounts Filed
03/08/2013	New Accounts Filed
22/07/2013	Annual Returns
03/06/2013	Mr R.C. Naismith has left the board
20/09/2012	New Accounts Filed
14/07/2012	Annual Returns
18/10/2011	New Accounts Filed
18/10/2011	New Accounts Filed
20/07/2011	Annual Returns
27/07/2010	New Accounts Filed
12/07/2010	Annual Returns
31/07/2009	Annual Returns
22/07/2009	New Accounts Filed
25/09/2008	New Accounts Filed

Previous Company Names

Date	Previous Name
07/08/1992	FRENCH CONNECTION LIMITED (THE)

Mortgage Details

Mortgage Type:	SUPPLEMENTAL LEGAL CHARGE
Date Charge Created:	13/06/96
Date Charge Registered:	24/06/96
Date Charge Satisfied:	30/01/98
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC, AS AGENT AND TRUSTEE FOR THE LENDERS
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER BUT PURSUANT TO A GUARANTEE AND DEBENTURE DATED 1ST DECEMBER 1989 ANDDEED OF ACCESSION AND SUPPLEMENTAL CHARGEDATED 1ST MAY 1996
Details:	L/H PROPERTY SITUATED ON PART OF THE GROUND FLOOR AND BASEMENT AT 52 TO 66 MORTIMER STREET, L/B OF CITY OF WESTMINSTER. SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	SUPPLEMENTAL LEGAL CHARGE
Date Charge Created:	13/06/96
Date Charge Registered:	24/06/96
Date Charge Satisfied:	30/01/98
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC, AS AGENT AND TRUSTEE FOR THE LENDERS
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER BUT PURSUANT TO A GUARANTEE AND DEBENTURE DATED 1ST DECEMBER 1989 ANDDEED OF ACCESSION AND SUPPLEMENTAL CHARGEDATED 1ST MAY 1996
Details:	L/H PROPERTY COMPRISED IN PART OF THE GROUND FLOOR AND BASEMENT AT 64 TO 66 GREAT PORTLAND STREET, L/B OF CITY OF WESTMINSTER. SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEED OF ACCESSION AND SUPPLEMENTAL CHARGE
Date Charge Created:	01/05/96
Date Charge Registered:	16/05/96
Date Charge Satisfied:	30/01/98
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM FRENCH CONNECTION (HONG KONG) LIMITED TO THE CHARGEE AND TO THELENDERS OR EACH OFTHEM ON ANY ACCOUNT WHATSOEVER
Details:	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 SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	TRADE MARKS MORTGAGE
Date Charge Created:	02/03/95
Date Charge Registered:	03/03/95
Date Charge Satisfied:	30/01/98
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR STEPHEN MARKS (LONDON) LIMITED TO THE CHARGEE UNDER THE FACILITY LETTER DATED 1ST JUNE 1994 AND THIS DEED
Details:	ALL THE TRADE MARKS LISTED UNDER THE COMPANY\S NAME, ALL OTHER TRADE MARKS OR THEIR EQUIVALENT IN OTHER LOCAL JURISDICTIONS REGISTERED OR NOT PRESENTLY AND/OR HEREAFTER BELONGING TO OR ACQUIRED BY THECOMPANY IN THE UNITED KINGDOM AND ELSEWHERE WORLDWIDE, ALL INTERESTS AND RIGHTS OF THE COMPANY BOTHPRESENT AND FUTUREIN TRADE MARKS OR TRADENAMES BELONGING TO THIRD PARTIES OR TO WHICH THE COMPANYISNOT ABSOLUTELY ENTITLED TOGETHER WITH ALL THE GOODWILL OF THE BUSINESS ABOVE, ALL OTHER GOODWILL, BOTH PRESENT AND FUTURE SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	SUPPLEMENTAL LEGAL CHARGE
Date Charge Created:	11/06/91
Date Charge Registered:	12/06/91
Date Charge Satisfied:	30/01/98
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE. SUPPLEMENTAL TO A GUARANTEE AND DEBENTURE DATED 1/12/89.
Details:	L/H 29 HAMPSTEAD HIGH STREET, L/B OF CAMDEN T/N NGL 645519

Mortgage Type:	SUPPLEMENTAL LEGAL CHARGE
Date Charge Created:	05/09/90
Date Charge Registered:	06/09/90
Date Charge Satisfied:	30/01/98
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE SUPPLEMENTAL TO A GUARANTEE AND DEBENTURE DATED 1.12.89
Details:	F/H 29, HAMPSTEAD HIGH STREET. IN THE LONDON BOROUGH OF CAMDEN T/N NGL 645519

Mortgage Type:	TRADE MARKS MORTGAGE.
Date Charge Created:	01/12/89
Date Charge Registered:	11/12/89
Date Charge Satisfied:	30/01/98
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	TRADE MARKS (SEE FORM 395 REF M172 FOR FULL DETAILS)

Mortgage Type:	GUARANTEE & DEBENTURE
Date Charge Created:	01/12/89
Date Charge Registered:	11/12/89
Date Charge Satisfied:	30/01/98
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	(SEE FORM 395 REF M 155 FOR FULL DETAILS) FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY

Mortgage Type:	GENERAL LETTER OF PLEDGED HYPOTHECATION
Date Charge Created:	30/06/87
Date Charge Registered:	20/07/87
Date Charge Satisfied:	03/02/88
Status:	SATISFIED
Person(s) Entitled:	BANQUE INTERNATIONALE A LUXEMBOURG
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	ALL GOODS, BILLS OF LADING, WARRANTS, DELIVERY ORDERS, DOCUMENTS OF TITLE TO GOODS, AND ALL PROPERTY& OTHER RIGHTS EMBODIED THEREIN (SEE DOC M395 FOR FULL DETAILS)

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	12/06/80
Date Charge Registered:	26/06/80
Date Charge Satisfied:	26/06/80
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	85,87,89,91,93,95,97 & 99 FAIRFIELD ROAD BOW E.3 TOWER HAMLETS LONDON TITLE NOSNGL 96974 122582 165161

Mortgage Type:	FURTHER GUARANTEE & DEBENTURE
Date Charge Created:	04/03/80
Date Charge Registered:	12/03/80
Date Charge Satisfied:	12/03/80
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER.
Details:	ALL THAT UNDERTAKING ETC CHARGED BY THEPRINCIPAL & FURTHER DEEDS

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.00
UK Pound	1	Rs.102.05
Euro	1	Rs.81.71

INFORMATION DETAILS

Analysis Done by :	SUB

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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