MIRA INFORM REPORT

Report No. :	306799
Report Date :	06.02.2015

IDENTIFICATION DETAILS

Name :	JOULES LIMITED

Formerly Known as :	ORIGINALS LIMITED

Registered Office :	Joules Building, The Point, Rockingham Road, Market Harborough, LE16 7QU

Country :	United Kingdom

Financials (as on) :	26.05.2013

Date of Incorporation :	31.05.1994

Com. Reg. No.:	02934327

Legal Form :	Private Limited With Share Capital

Line of Business :	· Engaged as Wholesaler of clothing and footwear · A group engaged to design and sale of Lifestyle Clothing and Related Accessories Subject product ranges includes: Women Clothes Dresses, Gilets, Jackets & Coats, Knitwear, Polo Shirts, Shirts & Blouses, Skirts, Sweatshirts, Tops, Jeans & Trousers, Tunics & Nightwear Men Clothes Gilets, Jackets & Coats, Polo Shirts, Rugby Shirts, Shirts, Sweatshirts & Jumpers, Trousers, T-Shirts & Tops, Loungewear & Underwear Boys Clothes Gilets, Jackets & Coats, Polo Shirts, Rugby Shirts, Shirts, Sweatshirts & Jumpers, Trousers, T-Shirts & Tops & Pyjamas Footwear & Accessories Gadget Cases, Handbags & Purses, Hats & Gloves, Jewellery, Scarves, Shoes & Boots, Slippers, Socks & Wellies

No of Employees :	879 (26.05.2013)

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 name &02934327 address

Company Name: JOULES LIMITED

Company No: 02934327

Company Status: Active - Accounts Filed

Registered Address

JOULES BUILDING, THE POINT
ROCKINGHAM ROAD
MARKET HARBOROUGH
LE16 7QU

Trading Address

Joules Building
The Point
Rockingham Road
Market Harborough, Leicestershire
LE16 7QU

Website Address http://www.joules.com

Telephone Number 08452507170

Company Summary

Incorporation Date 31/05/1994

Previous Name ORIGINALS LIMITED

Type Private limited with Share Capital

Date of Change 20/10/2005

Filing Date of Accounts 16/08/2013

Currency GBP

Share Capital £134,273

Principal Activity

Wholesaler of clothing and footwear

A group engaged to design and sale of lifestyle clothing and related accessories

Subject product ranges includes:

Women Clothes

Dresses, Gilets, Jackets & Coats, Knitwear, Polo Shirts, Shirts & Blouses, Skirts, Sweatshirts, Tops, Jeans & Trousers, Tunics & Nightwear

Men Clothes

Gilets, Jackets & Coats, Polo Shirts, Rugby Shirts, Shirts, Sweatshirts & Jumpers, Trousers, T-Shirts & Tops, Loungewear & Underwear

Boys Clothes

Gilets, Jackets & Coats, Polo Shirts, Rugby Shirts, Shirts, Sweatshirts & Jumpers, Trousers, T-Shirts & Tops & Pyjamas

Footwear & Accessories

Gadget Cases, Handbags & Purses, Hats & Gloves, Jewellery, Scarves, Shoes & Boots, Slippers, Socks & Wellies

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder Funds Employees

26/05/2013 £79,424,000 £3,695,000 £11,994,000 879

27/05/2012 £66,571,000 £1,147,000 £8,967,000 796

29/05/2011 £60,933,000 -£535,000 £8,235,000 641

Mortgage Summary

Total Mortgage 12

Outstanding 2

Satisfied 10

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 4

Total Value of Documented Trade £6,255

Commentary

This company has been treated as a Large company in respect of the rating/limit generated.

This company's return on total assets employed ratio indicates a highly efficient use of assets.

This company has made late payments on a medium percentage of invoices.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

The company has more cash than short term bank borrowings.

This company trades in an industry with a lower level of corporate failures.

Current Directors

Name	Colin Nigel Porter	Date of Birth	05/08/1961
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	01/05/2011
Address	Joules Building, The Point, Rockingham Road, Market Harborough, Leicestershire, LE16 7QU

Name	Tom Simon Lee Joule	Date of Birth	12/02/1968
Officers Title	Mr	Nationality	British
Present Appointments	7	Function	Director
Appointment Date	31/05/1994
Address	Joules Building, The Point, Rockingham Road, Market Harborough, Leicestershire, LE16 7QU

Name	Chloe Ward	Date of Birth	21/08/1980
Officers Title	Ms	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/08/2006
Address	Joules Building, The Point, Rockingham Road, Market Harborough, Leicestershire, LE16 7QU

Name	Ronald Michael Helvey	Date of Birth	29/08/1958
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	01/12/2009
Address	Joules Building, The Point, Rockingham Road, Market Harborough, Leicestershire, LE16 7QU

Name	Marcello Lombardo	Date of Birth	06/09/1958
Officers Title	Mr	Nationality	British
Present Appointments	9	Function	Director
Appointment Date	27/02/2012
Address	Joules Building, The Point, Rockingham Road, Market Harborough, Leicestershire, LE16 7QU

Name	Kara Eugenie Groves	Date of Birth	12/08/1969
Officers Title	Mrs	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	24/12/2012
Address	Joules Building, The Point, Rockingham Road, Market Harborough, Leicestershire, LE16 7QU

Name	Andrea Michelle Gray	Date of Birth	26/08/1969
Officers Title	Mrs	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	24/12/2012
Address	Joules Building, The Point, Rockingham Road, Market Harborough, Leicestershire, LE16 7QU

Current Company Secretary

Name	Jonathan William Dargie	Date of Birth	-
Officers Title	Mr	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	06/07/2012
Address	Joules Building, The Point, Rockingham Road, Market Harborough, Leicestershire, LE16 7QU

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
JOULES INVESTMENTS HOLDINGS LIMITED	GBP	120,501	ORDINARY	1	89.74
JOULES INVESTMENTS HOLDINGS LIMITED	GBP	9,633	ORDINARY B	1	7.17
JOULES INVESTMENTS HOLDINGS LIMITED	GBP	4,139	ORDINARY A	1	3.08

Profit & Loss

Date Of Accounts	26/05/13	(%)	27/05/12	(%)	29/05/11	(%)	30/05/10	(%)	31/05/09
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	69
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	Y	(%)	N
Turnover	£79,424,000	19.3%	£66,571,000	9.3%	£60,933,000	19.1%	£51,167,000	9.8%	£46,604,000
Export	£3,935,000	21.8%	£3,230,000	-	-	-	£4,688,000	14.6%	£4,091,000
Cost of Sales	£37,210,000	15.8%	£32,137,000	10.2%	£29,160,000	28.3%	£22,729,000	1.9%	£22,302,000
Gross Profit	£42,214,000	22.6%	£34,434,000	8.4%	£31,773,000	11.7%	£28,438,000	17%	£24,302,000
Wages & Salaries	£15,790,000	11%	£14,223,000	6.1%	£13,405,000	34.8%	£9,944,000	12.6%	£8,828,000
Directors Emoluments	£1,630,000	82.3%	£894,000	-26.7%	£1,219,000	10.3%	£1,105,000	-6.8%	£1,186,000
Operating Profit	£3,878,000	180.4%	£1,383,000	631.9%	-£260,000	-105.2%	£4,962,000	88%	£2,639,000
Depreciation	£2,370,000	24.6%	£1,902,000	35.5%	£1,404,000	14.8%	£1,223,000	24.8%	£980,000
Audit Fees	£31,000	19.2%	£26,000	8.3%	£24,000	-	£24,000	33.3%	£18,000
Interest Payments	£190,000	-20.5%	£239,000	-16.7%	£287,000	176%	£104,000	-39.9%	£173,000
Pre Tax Profit	£3,695,000	222.1%	£1,147,000	314.4%	-£535,000	-111%	£4,858,000	95.8%	£2,481,000
Taxation	-£1,087,000	-161.9%	-£415,000	-999.9%	-£9,000	99.3%	-£1,291,000	-38.4%	-£933,000
Profit After Tax	£2,608,000	256.3%	£732,000	234.6%	-£544,000	-115.3%	£3,567,000	130.4%	£1,548,000
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	£2,608,000	256.3%	£732,000	234.6%	-£544,000	-115.3%	£3,567,000	130.4%	£1,548,000

Balance Sheet

Date Of Accounts	26/05/13	(%)	27/05/12	(%)	29/05/11	(%)	30/05/10	(%)	31/05/09
Tangible Assets	£8,347,000	35.9%	£6,142,000	-4.9%	£6,457,000	64%	£3,938,000	32.2%	£2,979,000
Intangible Assets	0	-	0	-100%	£97,000	-9.3%	£107,000	-	0
Total Fixed Assets	£8,347,000	35.9%	£6,142,000	-6.3%	£6,554,000	62%	£4,045,000	35.8%	£2,979,000
Stock	£11,518,000	21.2%	£9,502,000	41.7%	£6,704,000	-3.4%	£6,942,000	104.4%	£3,396,000
Trade Debtors	£1,834,000	-33.4%	£2,754,000	14.4%	£2,408,000	-44.5%	£4,341,000	110.5%	£2,062,000
Cash	£4,290,000	111.9%	£2,025,000	999.9%	£107,000	999.9%	£4,000	-99.6%	£1,026,000
Other Debtors	£5,102,000	0.4%	£5,082,000	-11.9%	£5,770,000	31.9%	£4,375,000	22.8%	£3,563,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£22,744,000	17.5%	£19,363,000	29.2%	£14,989,000	-4.3%	£15,662,000	55.9%	£10,047,000
Trade Creditors	£7,082,000	44.2%	£4,912,000	8.7%	£4,519,000	24.8%	£3,621,000	102.9%	£1,785,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£5,700,000	-10.7%	£6,386,000	68%	£3,802,000	-2.3%	£3,893,000	178.1%	£1,400,000
Miscellaneous Current Liabilities	£6,148,000	51.1%	£4,068,000	73.9%	£2,339,000	38.2%	£1,692,000	-41.5%	£2,894,000
Total Current Liabilities	£18,930,000	23.2%	£15,366,000	44.1%	£10,660,000	15.8%	£9,206,000	51.4%	£6,079,000
Bank Loans & Overdrafts and LTL	£167,000	-85.8%	£1,172,000	-55.7%	£2,648,000	53.8%	£1,722,000	-4.3%	£1,800,000
Other Long Term Finance	£167,000	-85.8%	£1,172,000	-55.7%	£2,648,000	53.8%	£1,722,000	-4.3%	£1,800,000
Total Long Term Liabilities	£167,000	-85.8%	£1,172,000	-55.7%	£2,648,000	53.8%	£1,722,000	-4.3%	£1,800,000

Capital & Reserves

Date Of Accounts	26/05/13	(%)	27/05/12	(%)	29/05/11	(%)	30/05/10	(%)	31/05/09
Called Up Share Capital	£128,000	12.3%	£114,000	-	£114,000	-	£114,000	1.8%	£112,000
P & L Account Reserve	£11,378,000	29.7%	£8,770,000	9.1%	£8,038,000	-6.3%	£8,582,000	71.1%	£5,015,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£488,000	488%	£83,000	-	£83,000	-	£83,000	315%	£20,000
Shareholder Funds	£11,994,000	33.8%	£8,967,000	8.9%	£8,235,000	-6.2%	£8,779,000	70.6%	£5,147,000

Other Financial Items

Date Of Accounts	26/05/13	(%)	27/05/12	(%)	29/05/11	(%)	30/05/10	(%)	31/05/09
Net Worth	£11,994,000	33.8%	£8,967,000	10.2%	£8,138,000	-6.2%	£8,672,000	68.5%	£5,147,000
Working Capital	£3,814,000	-4.6%	£3,997,000	-7.7%	£4,329,000	-32.9%	£6,456,000	62.7%	£3,968,000
Total Assets	£31,091,000	21.9%	£25,505,000	18.4%	£21,543,000	9.3%	£19,707,000	51.3%	£13,026,000
Total Liabilities	£19,097,000	15.5%	£16,538,000	24.3%	£13,308,000	21.8%	£10,928,000	38.7%	£7,879,000
Net Assets	£11,994,000	33.8%	£8,967,000	8.9%	£8,235,000	-6.2%	£8,779,000	70.6%	£5,147,000

Cash Flow

Date Of Accounts	26/05/13	(%)	27/05/12	(%)	29/05/11	(%)	30/05/10	(%)	31/05/09
Net Cashflow from Operations	£9,220,000	306.9%	£2,266,000	-42.3%	£3,926,000	197.2%	£1,321,000	-58.6%	£3,191,000
Net Cashflow before Financing	£3,537,000	336.7%	£810,000	210.7%	-£732,000	67.7%	-£2,268,000	-258.3%	-£633,000
Net Cashflow from Financing	-£1,272,000	-214.8%	£1,108,000	32.7%	£835,000	-33%	£1,246,000	2.5%	£1,216,000
Increase in Cash	£2,265,000	18.1%	£1,918,000	999.9%	£103,000	110.1%	-£1,022,000	-275.3%	£583,000

Miscellaneous

Date Of Accounts	26/05/13	(%)	27/05/12	(%)	29/05/11	(%)	30/05/10	(%)	31/05/09
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£12,161,000	19.9%	£10,139,000	-6.8%	£10,883,000	3.6%	£10,501,000	51.2%	£6,947,000
Number of Employees	879	10.4%	796	24.2%	641	37.8%	465	47.6%	315
Auditors	DELOITTE LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	NATIONAL WESTMINSTER BANK PLC

Ratios

Date Of Accounts	26/05/13	27/05/12	29/05/11	30/05/10	31/05/09
Pre-tax profit margin %	4.65	1.72	-0.88	9.49	5.32
Current ratio	1.20	1.26	1.41	1.70	1.65
Sales/Net Working Capital	20.82	16.66	14.08	7.93	11.74
Gearing %	1.40	13.10	32.20	19.60	35
Equity in %	38.60	35.20	38.40	44.80	39.50
Creditor Days	32.45	26.85	26.99	25.75	18.49
Debtor Days	8.40	15.05	14.38	30.88	21.37
Liquidity/Acid Test	0.59	0.64	0.77	0.94	1.09
Return On Capital Employed %	30.38	11.31	-4.91	46.26	35.71
Return On Total Assets Employed %	11.88	4.49	-2.48	24.65	19.04
Current Debt Ratio	1.57	1.71	1.29	1.04	1.18
Total Debt Ratio	1.59	1.84	1.61	1.24	1.53
Stock Turnover Ratio %	14.50	14.27	11	13.56	7.28
Return on Net Assets Employed %	30.80	12.79	-6.49	55.33	48.20

Event History

Date	Description
21/10/2014	Mr J.S. Davey has left the board
04/07/2014	Annual Returns
19/11/2013	Mrs E.J. Jewitt-Cross has left the board
19/11/2013	Mr J.M. Pearson has left the board
24/08/2013	New Accounts Filed
24/08/2013	New Accounts Filed
24/07/2013	Annual Returns
04/01/2013	New Board Member Mrs E.J. Jewitt-Cross appointed
28/12/2012	New Board Member Mrs A.M. Gray appointed
28/12/2012	New Board Member Mr J.S. Davey appointed
28/12/2012	New Board Member Mrs K.E. Groves appointed
28/12/2012	New Board Member Mrs E.J. Jewitt-Cross appointed
29/10/2012	New Accounts Filed
11/07/2012	Annual Returns
10/07/2012	B. Hollinshead has resigned as company secretary

Previous Company Names

Date	Previous Name
20/10/2005	ORIGINALS LIMITED

Statistics

Group	16 companies
Linkages	226 companies
Countries	In 14 countries

Summary

Holding Company	JOULES INVESTMENTS HOLDINGS LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	LDC II LP

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
LDC II LP	SL012114	-	N
JOULES INVESTMENTS HOL...	08752970	-	N
JOULES LIMITED	02934327	26.05.2013	Y	£79,424,000
JOULES CLOTHING LI...	05588106	31.05.2013	N
JOULES (MARKET HAR...	05953240	31.05.2013	N
WICKMERE NO.1 LIMITED	07155939	31.05.2014	N
WICKMERE NO.2 LIM...	06369149	25.05.2014	N
RAMCO ACQUISITION LIMITED	SC443468	31.12.2013	Y	£18,534,003
RAMCO PIPETECH LIMITED	SC470070	-	N
PIPETECH ACQUISITI...	SC470319	-	N
PIPETECH OPERATION...	SC470328	-	N
RAMCO HOLDINGS LIMITED	SC286980	31.12.2013	N
RAMCO OIL SERVICES...	SC131741	31.12.2013	N
RAMCO OIL SERVICE...	SC083958	31.12.2013	N
RAMCO PIPELINE...	SC090368	31.12.2013	N
RAMCO TUBULAR SER...	SC099251	31.12.2013	N	£10,829,899

Mortgage Details

Mortgage Type:
Date Charge Created:	04/11/13
Date Charge Registered:	09/11/13
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	LDC (MANAGERS) LIMITED (AS SECURITY TRUSTEE);
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.
Mortgage Type:
Date Charge Created:	05/11/13
Date Charge Registered:	06/11/13
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

Mortgage Type:	ASSIGNMENT
Date Charge Created:	29/08/12
Date Charge Registered:	08/11/13
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	HSBC ASSET FINANCE (UK) LTD AND HSBC EQUIPMENT FINANCE (UK) LTD;
Amount Secured:
Details:	ASSIGNMENT OVER ANY CREDIT BALANCE DUE TO THE ASSIGNOR IN RELATION TO THEIR AGREEMENT FOR THE PURCHASE OF DEBTS TOGETHER WITH ANY INTERESTS COSTS AND DISCOUNTING ALLOWANCES DUE UNDER THE AGREEMENT INCLUDING ALL THE PROVISIONS BUT ONLY IN RELATION TO THAT CREDIT BALANCE
Mortgage Type:	LEGAL ASSIGNMENT
Date Charge Created:	12/07/10
Date Charge Registered:	08/11/13
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC;
Amount Secured:
Details:	ANY CREDIT BALANCE DUE TO THE COMPANY UNDER CONDITION 13 OF THE AGREEMENT FOR THE PURCHASE OF DEBTS AND ANY DISCOUNTINGALLOWANCE DUE UNDER THE CONTRACT THE BENEFIT OF ALL THE OTHER PROVISIONS OF THECONTRACT AND ALL SECURITIES IN RESPECT OF THAT CREDIT BALANCE

Mortgage Type:	LEGAL MORTGAGE
Date Charge Created:	02/11/09
Date Charge Registered:	08/11/13
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC;
Amount Secured:
Details:	F/H 19 THE POINT ROCKINGHAM ROAD MARKETHARBOROUGH LEICESTERSHIRE WITH THE BENEFIT OF ALL RIGHTS, LICENCES, GUARANTEES,RENT DEPOSITS, CONTRACTS, DEEDS UNDERTAKINGS & WARRANTIES RELATING TO THE PROPERTY. ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY.ANY GOODWILL OF ANY BUSINESS FROM TIME TO TIME CARRIED ON AT THE PROPERTY. ANY RENTAL & OTHER MONEY PAYABLE UNDER ANY LEASE LICENCE OR OTHER INTEREST CREATED IN RESPECT OF THE PROPERTY & ALL OTHER PAYMENTS WHATEVER IN RESPECT OF THE PROPERTY
Mortgage Type:	FLOATING CHARGE (ALL ASSETS)
Date Charge Created:	07/10/08
Date Charge Registered:	08/11/13
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	HSBC INVOICE FINANCE (UK) LTD;
Amount Secured:
Details:	BY WAY OF FLOATING CHARGE ALL THE UNDERTAKING OF THE COMPANY AND ALL ASSETS WHATSOEVER AND WHERESOEVER INCLUDING STOCK IN TRADE AND UNCALLED CAPITAL BUT EXCLUDING ANY DEBTS AND ASSOCIATED RIGHTS RELATING THERETO. SEE IMAGE FOR FULL DETAILS

Mortgage Type:	LEGAL MORTGAGE
Date Charge Created:	16/05/08
Date Charge Registered:	08/11/13
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC;
Amount Secured:
Details:	F/H 1 MIDDLE STREET PADSTOW T/NO CL182217 WITH THE BENEFIT OF ALL RIGHTS, LICENCES, GUARANTEES, RENT DEPOSITS, CONTRACTS, DEEDS UNDERTAKINGS & WARRANTIES RELATING TO THE PROPERTY. ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY. ANY GOODWILL OF ANY BUSINESS FROM TIME TO TIME CARRIED ON AT THE PROPERTY. ANY RENTAL & OTHER MONEY PAYABLE AND ANY LEGAL LICENCE OR OTHER INTEREST CREATED IN RESPECT OF THE PROPERTY & ALL OTHER PAYMENTS WHATEVER IN RESPECTOF THE PROPERTY
Mortgage Type:	CHATTELS MORTGAGE
Date Charge Created:	23/10/07
Date Charge Registered:	08/11/13
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	HSBC ASSET FINANCE (UK) LTD & HSBC EQUIPMENT FINANCE (UK) LTD;
Amount Secured:
Details:	PRIMA EPOS TILL SYSTEMS SER NO`S S80045568895163, S80045148696388, FFPPN9PA1802426, S80045149639388 & S80045149504267 DESKTOP PC SER NO 86045405826613

Mortgage Type:	DEBENTURE
Date Charge Created:	23/10/07
Date Charge Registered:	08/11/13
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	HSBC ASSET FINANCE (UK) LTD & HSBC EQUIPMENT FINANCE (UK) LTD;
Amount Secured:
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 MACHINERYSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	FIXED CHARGE ON PURCHASED DEBTS WHICH FAIL TO VEST
Date Charge Created:	07/02/05
Date Charge Registered:	08/11/13
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	HSBC INVOICE FINANCE (UK) LTD;
Amount Secured:
Details:	BY WAY OF FIXED EQUITABLE CHARGE ALL FACTORED RECEIVABLES WHICH FAIL TO VEST EFFECTIVELY OR ABSOLUTELY IN THE SECURITY HOLDER PURSUANT TO THE AGREEMENT

Mortgage Type:	DEBENTURE
Date Charge Created:	21/12/04
Date Charge Registered:	08/11/13
Date Charge Satisfied:	-
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC;
Amount Secured:
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
Mortgage Type:	MORTGAGE DEBENTURE
Date Charge Created:	08/09/94
Date Charge Registered:	12/09/94
Date Charge Satisfied:	05/02/05
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	A SPECIFIC EQUITABLE CHARGE OVER ALL FREEHOLD AND LEASEHOLD PROPERTIES AND/OR THE PROCEEDS OF SALE THEREOF FIXED AND FLOATING CHARGES OVER UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS AND THE BENEFITS OF ANY LICENCES

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	4	£6,255
Company Name		Amount	Statement Date
Must Have Brands Limited		£2,661	16/08/2012
Los Ninos Ltd		£2,650	08/06/2012
Traveller ( N C L) Limited		£724	20/03/2014
Pembrokeshire Equestrian & Pets Limited		£220	10/09/2010

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
James Simon Davey	1	1
Eve Davies	3	1
John Malcolm Pearson	3	6
Nancy Marples	0	1
Jean Marguerite Joule	1	1
Belaea Hollinshead	3	5
Belaea Hollinshead	3	5
Georgina Johnson	0	1
Michele Peryer	0	1
Kevin McSpadden	1	1
Clare Lorna Du Mughn	1	1
Paul Clements	0	1
Robin Frank Hicking	0	3
LONDON LAW SERVICES LIMITED	1697	53451
LONDON LAW SECRETARIAL LIMITED	1799	53393
Helen Louise Barnes	1	5
Elizabeth June Jewitt-Cross	3	1

Average Invoice Value	£5631.53
Invoices available	81
Paid	77
Outstanding	4

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	24	33	11	3	6
Outstanding	0	1	1	1	1

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.87
UK Pound	1	Rs.94.07
Euro	1	Rs.70.19

INFORMATION DETAILS

Analysis Done by :	RAS

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.

Name	Number	Latest Key Financials	Turnover
TATA STEEL	0011-260	31.03.2014	€22,432,743,662
TATA SPONGE IRON	15-01091	31.03.2014	€117,562,699
TINPLATE COMPANY OF INDIA		31.03.2014	€161,424,460
TATA STEEL NETHERLANDS HOLDINGS B.V.	34255148	31.03.2014
TATA STEEL EUROPE LIMITED	05957565	31.03.2014	£8,556,000,000
TULIP UK HOLDINGS (NO.3) LIMITED	05934885	31.03.2014
TATA STEEL UK HOLDINGS LIMITED	05887351	31.03.2014	£8,556,000,000
TATA STEEL UK LIMITED	02280000	31.03.2014	£4,491,000,000
CORUS GROUP LIMITED	03811373	31.03.2014
TRF	03-00700	31.03.2014	€181,037,595
TAYO ROLLS	00030818	31.03.2014	€23,409,250
CORUS INTERNATIONAL LIMITED	00747010	31.03.2014
CORUS INTERNATIONAL (OVERSEAS HOLDINGS) LIMITED	02643008	31.03.2014
TATA STEEL GERMANY GMBH	HRB 55722	31.03.2013	€736,230,080
NORSK STÅL AS	959493715	31.12.2013	1,495,447 KNOK
COGENT POWER ELECTRICAL STEELS LIMITED	03849650	31.03.2012	£46,000
TATA STEEL FRANCE RAIL SAS	391575354	31.03.2013	€239,611,786
STAALVERWERKING EN HANDEL B.V.	34072703	31.03.2014
COGENT POWER LIMITED	02642030	29.03.2014	£696,000
BRITISH STEEL BENELUX B.V.	14636012	31.03.2009