MIRA INFORM REPORT

Report Date :

27.10.2014

IDENTIFICATION DETAILS

Name :	WM MORRISON SUPERMARKETS P L C
Registered Office :	Hilmore House, Gain Lane, Brad Ford BD3 7DL
Country :	United Kingdom
Financials (as on) :	02.02.2014
Date of Incorporation :	22.01.1940
Com. Reg. No.:	00358949
Legal Form :	Public Limited with Share Capital
Line of Business :	· Retail sale in Non-specialized stores with food, beverage or tobacco predominating · A Group engaged in the operation of retail supermarket stores and associated activities.
No. of Employees :	127403

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 :	Slow but correct
Litigation :	Exist

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 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

REGISTERED NAME & COMPANY SUMMARY

Company Name: WM MORRISON SUPERMARKETS P L C

Company No: 00358949

Company Status: Active - Accounts Filed

DIRECTORS/MANAGEMENT

Current Directors

Name	Penelope Lesley Hughes	Date of Birth	31/07/1959
Officers Title	Ms	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	01/01/2010
Address	Hilmore House, Gain Lane, Bradford, West Yorkshire, BD3 7DL
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Philip Gotsall Cox	Date of Birth	22/09/1951
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	01/04/2009
Address	Hilmore House, Gain Lane, Bradford, West Yorkshire, BD3 7DL
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Johanna Elizabeth Martin Waterous	Date of Birth	12/09/1957
Officers Title	Mrs	Nationality	Canadian
Present Appointments	6	Function	Director
Appointment Date	01/02/2010
Address	Hilmore House, Gain Lane, Bradford, West Yorkshire, BD3 7DL
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Ian Gibson	Date of Birth	01/02/1947
Officers Title	Sir	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/09/2007
Address	Hilmore House, Gain Lane, Bradford, West Yorkshire, BD3 7DL
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Trevor Strain	Date of Birth	28/10/1975
Officers Title	Mr	Nationality	British
Present Appointments	73	Function	Director
Appointment Date	10/04/2013
Address	Hilmore House, Gain Lane, Bradford, West Yorkshire, BD3 7DL
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Timothy David Dalton Philips	Date of Birth	18/02/1968
Officers Title	Mr	Nationality	Irish
Present Appointments	3	Function	Director
Appointment Date	29/03/2010
Address	Hilmore House, Gain Lane, Bradford, West Yorkshire, BD3 7DL
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Richard Gillingwater	Date of Birth	21/07/1956
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/03/2013
Address	Hilmore House, Gain Lane, Bradford, West Yorkshire, BD3 7DL
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Andrew Thomas Higginson	Date of Birth	10/07/1957
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/10/2014
Address	Wm Morrison Plc Hilmore House, Gain Lane, Bradford, West Yorks, BD3 7DL

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	13	Total Value of Exact CCJs -	£36,349
Total Number of Possible CCJs -	2	Total Value of Possible CCJs -	£803
Total Number of Satisfied CCJs -	6	Total Value of Satisfied CCJs -	£4,670
Total Number of Writs -	-

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
10/07/2014	EDINBURGH	£3,000	Judgment	SA790/14	-
04/04/2014	NORTHAMPTON CCBC	£2,310	Judgment	A3QZ8394	-
06/03/2014	NORTHAMPTON CCBC	£460	Judgment	A2XF5139	-
08/01/2014	NORTHAMPTON CCBC	£2,684	Judgment	3QZ67241	-
20/12/2013	NORTHAMPTON CCBC	£4,143	Judgment	3QR53135	-
25/04/2013	NORTHAMPTON CCBC	£403	Satisfied	3XJ06943	04/06/2013
27/03/2013	NORTHAMPTON CCMCC	£1,814	Judgment	3YJ77986	-
25/05/2012	NORTHAMPTON CCBC	£389	Satisfied	2XC65701	20/08/2012
15/05/2012	NORTHAMPTON CCMCC	£241	Judgment	2YJ53116	-
25/04/2012	NORTHAMPTON CCBC	£1,655	Judgment	2QT26378	-
03/02/2012	NORTHAMPTON CCBC	£1,639	Judgment	2XX80003	-
06/05/2011	WAKEFIELD	£16,500	Judgment	9HD02120	-
12/01/2010	ST HELENS	£508	Satisfied	9SW02281	24/02/2010
20/12/2009	NORTHAMPTON CCBC	£1,324	Satisfied	9XZ78053	25/02/2010
29/10/2009	NORTHAMPTON CCBC	£1,369	Judgment	9XF80755	-
16/09/2009	NORTHAMPTON CCBC	£570	Satisfied	9XH00670	21/10/2009
30/07/2009	NORTHAMPTON CCBC	£226	Judgment	9XN01826	-
26/06/2009	WALSALL	£308	Judgment	9WJ82449	-
09/04/2009	NORTHAMPTON CCBC	£1,476	Satisfied	9XW50079	22/05/2009

Possible CCJs Details

Date	Court	Amount	Status	Case Number	Date Paid	Registered CCJ Details
31/03/2014	COUNTY COURT BUSINESS CENTRE	£678	Satisfied	A5QD0193	30/05/2014	W M MORRISON SUPERMARKETS PLC, WM MORRISONS, KINGS WOOD HOUSE, 80 RICHARD SHAR LANE, LS26 BN, LS26 BN
06/12/2013	NORTHAMPTON CCBC	£125	Judgment	3QZ46290	-	WM MORRISON SUPERMARKETS PLC, WATERGLADE RETAIL PARK, OLD ROAD, CLACTON ON SEA, CO15 1XH, CO15 1XH

Writ Details

Date	Court	Plaintiff
27/02/2012	R C J - LONDON QUEENS BENCH	RENSHAW NAPIER LTD

SHARE & SHARE CAPITAL INFORMATION

N/A

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	75 companies
Linkages	1 companies
Countries	In 1 countries

Summary

Holding Company	WM MORRISON SUPERMARKETS P L C
Ownership Status	Ultimately Owned
Ultimate Holding Company	WM MORRISON SUPERMARKETS P L C

Group structure

Statistics

Group	75 companies
Linkages	1 companies
Countries	In 1 countries

Other Linked companies

Name	Number	Latest Key Financials	Turnover
BOS BROTHERS FRUIT & VEGETABLES B.V.	27228322	02.02.2013	€137,846,624

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	02/02/14	(%)	03/02/13	(%)	29/01/12	(%)	30/01/11	(%)	31/01/10
Weeks	52	(%)	53	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	Y	(%)	Y
Turnover	£17,680,000,000	-2.4%	£18,116,000,000	2.6%	£17,663,000,000	7.2%	£16,479,000,000	6.9%	£15,410,000,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£16,606,000,000	-1.8%	£16,910,000,000	2.8%	£16,446,000,000	7.3%	£15,331,000,000	6.9%	£14,348,000,000
Gross Profit	£1,074,000,000	-10.9%	£1,206,000,000	-0.9%	£1,217,000,000	6%	£1,148,000,000	8.1%	£1,062,000,000
Wages & Salaries	£1,972,000,000	1.3%	£1,947,000,000	1.6%	£1,916,000,000	4.2%	£1,838,000,000	7.7%	£1,707,000,000
Directors Emoluments	£2,670,000	-99.9%	£3,764,000,000	999.9%	£3,640,000	-28.2%	£5,070,000	-0.6%	£5,100,000
Operating Profit	-£95,000,000	-110%	£949,000,000	-2.5%	£973,000,000	7.6%	£904,000,000	-0.3%	£907,000,000
Depreciation	£336,000,000	0.3%	£335,000,000	7.7%	£311,000,000	3%	£302,000,000	0.7%	£300,000,000
Audit Fees	£400,000	-	£400,000	-	£400,000	-42.9%	£700,000	-	£700,000
Interest Payments	£87,000,000	16%	£75,000,000	27.1%	£59,000,000	40.5%	£42,000,000	-16%	£50,000,000
Pre Tax Profit	-£176,000,000	-120%	£879,000,000	-7.2%	£947,000,000	8.4%	£874,000,000	1.9%	£858,000,000
Taxation	-£62,000,000	73.3%	-£232,000,000	9.7%	-£257,000,000	-6.2%	-£242,000,000	6.9%	-£260,000,000
Profit After Tax	-£238,000,000	-136.8%	£647,000,000	-6.2%	£690,000,000	9.2%	£632,000,000	5.7%	£598,000,000
Dividends Payable	£283,000,000	4.8%	£270,000,000	-10.3%	£301,000,000	36.8%	£220,000,000	38.4%	£159,000,000
Retained Profit	-£521,000,000	-238.2%	£377,000,000	-3.1%	£389,000,000	-5.6%	£412,000,000	-6.2%	£439,000,000

Balance Sheet

Date Of Accounts	02/02/14	(%)	03/02/13	(%)	29/01/12	(%)	30/01/11	(%)	31/01/10
Tangible Assets	£8,841,000,000	0.8%	£8,770,000,000	6.5%	£8,234,000,000	5.2%	£7,827,000,000	2.1%	£7,668,000,000
Intangible Assets	£458,000,000	10.4%	£415,000,000	37%	£303,000,000	64.7%	£184,000,000	-	0
Total Fixed Assets	£9,299,000,000	1.2%	£9,185,000,000	7.6%	£8,537,000,000	6.6%	£8,011,000,000	4.5%	£7,668,000,000
Stock	£852,000,000	9.1%	£781,000,000	-	0	-100%	£638,000,000	10.6%	£577,000,000
Trade Debtors	£180,000,000	7.1%	£168,000,000	-12%	£191,000,000	-3%	£197,000,000	35.9%	£145,000,000
Cash	£261,000,000	-1.5%	£265,000,000	10%	£241,000,000	5.7%	£228,000,000	-6.9%	£245,000,000
Other Debtors	£136,000,000	10.6%	£123,000,000	-4.7%	£129,000,000	81.7%	£71,000,000	31.5%	£54,000,000
Miscellaneous Current Assets	£1,000,000	-80%	£5,000,000	-99.3%	£761,000,000	999.9%	£4,000,000	-94.4%	£71,000,000
Total Current Assets	£1,430,000,000	6.6%	£1,342,000,000	1.5%	£1,322,000,000	16.2%	£1,138,000,000	4.2%	£1,092,000,000
Trade Creditors	£1,436,000,000	-4.3%	£1,501,000,000	6.5%	£1,409,000,000	0.6%	£1,400,000,000	3.7%	£1,350,000,000
Bank Loans & Overdrafts	£13,000,000	160%	£5,000,000	-82.8%	£29,000,000	-	0	-	0
Other Short Term Finance	£550,000,000	999.9%	£50,000,000	-41.9%	£86,000,000	-	0	-100%	£213,000,000
Miscellaneous Current Liabilities	£874,000,000	12.3%	£778,000,000	-0.1%	£779,000,000	13.6%	£686,000,000	16.5%	£589,000,000
Total Current Liabilities	£2,873,000,000	23.1%	£2,334,000,000	1.3%	£2,303,000,000	10.4%	£2,086,000,000	-3.1%	£2,152,000,000
Bank Loans & Overdrafts and LTL	£3,177,000,000	7%	£2,968,000,000	35.6%	£2,188,000,000	33.2%	£1,643,000,000	-1%	£1,659,000,000
Other Long Term Finance	£36,000,000	125%	£16,000,000	-99%	£1,600,000,000	52.1%	£1,052,000,000	2.4%	£1,027,000,000
Total Long Term Liabilities	£3,164,000,000	6.8%	£2,963,000,000	37.2%	£2,159,000,000	31.4%	£1,643,000,000	-1%	£1,659,000,000

Capital & Reserves

Date Of Accounts	02/02/14	(%)	03/02/13	(%)	29/01/12	(%)	30/01/11	(%)	31/01/10
Called Up Share Capital	£234,000,000	-0.4%	£235,000,000	-7.1%	£253,000,000	-4.9%	£266,000,000	0.4%	£265,000,000
P & L Account Reserve	£1,714,000,000	-24.6%	£2,273,000,000	-6.8%	£2,440,000,000	-0.9%	£2,463,000,000	22.7%	£2,008,000,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£2,744,000,000	0.8%	£2,722,000,000	0.7%	£2,704,000,000	0.5%	£2,691,000,000	0.6%	£2,676,000,000
Shareholder Funds	£4,692,000,000	-10.3%	£5,230,000,000	-3.1%	£5,397,000,000	-0.4%	£5,420,000,000	9.5%	£4,949,000,000

Other Financial Items

Date Of Accounts	02/02/14	(%)	03/02/13	(%)	29/01/12	(%)	30/01/11	(%)	31/01/10
Net Worth	£4,234,000,000	-12.1%	£4,815,000,000	-5.5%	£5,094,000,000	-2.7%	£5,236,000,000	5.8%	£4,949,000,000
Working Capital	-£1,443,000,000	-45.5%	-£992,000,000	-1.1%	-£981,000,000	-3.5%	-£948,000,000	10.6%	-£1,060,000,000
Total Assets	£10,729,000,000	1.9%	£10,527,000,000	6.8%	£9,859,000,000	7.8%	£9,149,000,000	4.4%	£8,760,000,000
Total Liabilities	£6,037,000,000	14%	£5,297,000,000	18.7%	£4,462,000,000	19.7%	£3,729,000,000	-2.2%	£3,811,000,000
Net Assets	£4,692,000,000	-10.3%	£5,230,000,000	-3.1%	£5,397,000,000	-0.4%	£5,420,000,000	9.5%	£4,949,000,000

Cash Flow

Date Of Accounts	02/02/14	(%)	03/02/13	(%)	29/01/12	(%)	30/01/11	(%)	31/01/10
Net Cashflow from Operations	£722,000,000	-34.8%	£1,107,000,000	19.3%	£928,000,000	3.3%	£898,000,000	20.5%	£745,000,000
Net Cashflow before Financing	-£330,000,000	-443.8%	£96,000,000	159.5%	£37,000,000	-88.3%	£316,000,000	302.6%	-£156,000,000
Net Cashflow from Financing	£325,000,000	822.2%	-£45,000,000	15.1%	-£53,000,000	84.1%	-£333,000,000	-550%	£74,000,000
Increase in Cash	-£5,000,000	-109.8%	£51,000,000	418.8%	-£16,000,000	5.9%	-£17,000,000	79.3%	-£82,000,000

Miscellaneous

Date Of Accounts	02/02/14	(%)	03/02/13	(%)	29/01/12	(%)	30/01/11	(%)	31/01/10
Contingent Liability	YES	-	YES	-	NO	-	YES	-	YES
Capital Employed	£7,856,000,000	-4.1%	£8,193,000,000	8.4%	£7,556,000,000	7%	£7,063,000,000	6.9%	£6,608,000,000
Number of Employees	127403	-1%	128705	-1.9%	131207	-0.7%	132074	-1.2%	133743
Auditors	KPMG AUDIT PLC
Auditor Comments	The audit report contains no adverse comments
Bankers	NM ROTHSCHILD & SONS LIMITED
Bank Branch Code

Ratios

Date Of Accounts	02/02/14	03/02/13	29/01/12	30/01/11	31/01/10
Pre-tax profit margin %	-1	4.85	5.36	5.30	5.57
Current ratio	0.50	0.57	0.57	0.55	0.51
Sales/Net Working Capital	-12.25	-18.26	-18.01	-17.38	-14.54
Gearing %	67.70	56.70	40.50	30.30	33.50
Equity in %	45.70	51.70	56.50	60.50	56.50
Creditor Days	29.56	30.73	29.03	30.92	31.88
Debtor Days	3.70	3.44	3.93	4.35	3.42
Liquidity/Acid Test	0.20	0.24	0.57	0.23	0.23
Return On Capital Employed %	-2.24	10.72	12.53	12.37	12.98
Return On Total Assets Employed %	-1.64	8.34	9.60	9.55	9.79
Current Debt Ratio	0.61	0.44	0.42	0.38	0.43
Total Debt Ratio	1.28	1.01	0.82	0.68	0.77
Stock Turnover Ratio %	4.81	4.31	-	3.87	3.74
Return on Net Assets Employed %	-3.75	16.80	17.54	16.12	17.33

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-

No Creditor Data

FOREIGN EXCHANGE RATES

N/A

ADDITIONAL INFORMATION

Enquiries Trend

There have been 1234 enquiries in the last 12 months.

There are an average of 103 reports taken each month.

Current Company Secretary

Name	Mark Rowan Amsden	Date of Birth	-
Officers Title	Mr	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	01/02/2013
Address	Hilmore House, Gain Lane, Bradford, West Yorkshire, BD3 7DL

Status History

No Status History found

Event History

Date	Description
13/10/2014	New Board Member Mr A.T. Higginson appointed
14/07/2014	Annual Returns
17/06/2014	New Accounts Filed
17/06/2014	New Accounts Filed
05/07/2013	Annual Returns
14/06/2013	New Accounts Filed
14/06/2013	New Accounts Filed
17/05/2013	New Accounts Filed
15/04/2013	Mr R. Pennycook has left the board
15/04/2013	New Board Member Mr T. Strain appointed
25/03/2013	Mr N.M. Robertson has left the board
08/03/2013	New Board Member Mr R. Gillingwater appointed
12/02/2013	New Company Secretary Mr M.R. Amsden appointed
11/02/2013	Mr G.J. McMahon has resigned as company secretary
24/10/2012	Annual Returns

Previous Company Names

No Previous Names found

Mortgage Details

Mortgage Type:	STANDARD SECURITY
Date Charge Created:	23/12/08
Date Charge Registered:	17/01/09
Date Charge Satisfied:	18/07/12
Status:	SATISFIED
Person(s) Entitled:	MAPLE OAK LIMITED
Amount Secured:
Details:	THE SUBJECTS EXTENDING TO 3.139 HECTARES OR THEREBY LYING TO THE SOUTH OF WHITBURN ROAD BATHGATE WEST LOTHIAN T/NO. WLN42811

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	24/09/93
Date Charge Registered:	29/09/93
Date Charge Satisfied:	18/12/93
Status:	SATISFIED
Person(s) Entitled:	BASS DEVELOPMENTS LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE PURSUANT TO ANAGREEMENT DATED 24/09/93
Details:	F/H LAND AT WELLINGTON ROAD BRANSTON BURTON-ON-TRENT TOG WITH BUILDINGS

Mortgage Type:	DEED OF CHARGE
Date Charge Created:	09/08/93
Date Charge Registered:	12/08/93
Date Charge Satisfied:	07/12/93
Status:	SATISFIED
Person(s) Entitled:	BRITISH COAL CORPORATION
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF CLAUSE 18.2 OF THE AGREEMENT FOR SALE DATED 13/07/93
Details:	LAND ADJACENT TO PETTICOAT LANE,INCE-IN-MAKERFIELD,WIGAN,GREATER MANCHESTER

Mortgage Type:	DEED OF COLLATERAL CHARGE
Date Charge Created:	20/05/83
Date Charge Registered:	01/06/83
Date Charge Satisfied:	13/06/95
Status:	SATISFIED
Person(s) Entitled:	LEGAL AND GENERAL ASSURANCE SOCIETY LIMITED
Amount Secured:	FOR FURTHER SECURING £200,000 DUE FROM THE COMPANY TO THE CHARGEE SUPPLEMENTAL TO A MORTGAGE DATED 15 JUNE 1970.
Details:	LAND COMPRISED IN THE FOLLOWING LAND REGISTRY TITLE NUMBERS WYK 206082 WYK 183981 WYK 25235 WYK 211997 AND WYK 230316 (PLEASE SEE DOC M108)

Mortgage Type:	MORTGAGE
Date Charge Created:	15/06/70
Date Charge Registered:	19/06/70
Date Charge Satisfied:	13/06/95
Status:	SATISFIED
Person(s) Entitled:	LEGAL & GENERAL ASSURANCE SOCIETY LTD
Amount Secured:	£200,000
Details:	THE PROPERTY IN 4 CONVEYANCES DATED 1 MAY 1968, 28 MARCH 1968 & 2 JAN. 1969.

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	18	£263,270

Company Name	Amount	Statement Date
Briark Fabrications Ltd	£78,600	29/11/2011
Hit And Run Fashions Ltd	£48,098	14/10/2011
Oakham Clothing Ltd	£40,083	30/12/2011
Q O H Artisan Bakery Ltd	£27,198	20/06/2013
Marbran Limited	£19,548	27/04/2012
Restoration Management Limited	£18,000	26/04/2012
Pontoise One Ltd	£7,500	13/04/2011
Visionsoft Limited	£7,193	22/09/2009
Holz-Her (Special Machines) Great Britian Ltd	£6,195	24/09/2009
J & N Ductwork Installation Services Limited	£4,617	04/10/2010
Joosee Ltd	£1,800	25/08/2011
Oakham Clothing Ltd	£1,189	30/12/2011
Stark Naked Foods Ltd	£756	29/11/2012
Garamonde (M K) Ltd	£669	25/09/2012
Whitecase Ltd	£612	24/04/2013
Middlegate Holdings Limited	£588	10/03/2010
Red Fish Corporation Limited	£360	09/05/2012
Smart Auto Body Coat Limited	£264	23/09/2010

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Duncan Henry Davidson	5	24
Paul Victor Falzon Sant Manduca	4	59
Martin Ackroyd	10	31
Martin Ackroyd	10	31
Kenneth Duncan Morrison	5	10
Roger Anthony Owen	4	11
Keith Hutchinson	0	1
George Duncan Buttle	0	2
John Dowd	0	4
Brian Barnfather	0	1
David Charles Jones	25	52
Marie Margaret Melnyk	6	11
Francis Robert Emmott	1	6
Susan Elizabeth Murray	2	11
Mark Gunter	1	10
Jonathan James Burke	5	59
Robert Winston Stott	7	31
David Robert Hutchinson	2	13
Nigel Mark Inches Robertson	7	27
Brian John Flanagan	3	2
Richard John Pennycook	7	78
Marc Bolland	0	4
Charles Martyn Jones	0	1
Gregory Joseph McMahon	37	144
Kenneth James Bludell	0	1
Stephen John Butler	0	1

NOTES & COMMENTS

Commentary

A 1.9% growth in Total Assets occurred 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.

Multiple CCJ's recorded against the company.

Sales in the latest trading period decreased 2.4% on the previous trading period.

Net Worth decreased by 12.1% during the latest trading period.

Pre-tax profits decreased by 120% compared to the previous trading period.

The company saw a decrease in their Cash Balance of 1.5% during the latest trading period.

The company was established over 74 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.24
UK Pound	1	Rs.98.67
Euro	1	Rs.77.97

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

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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