MIRA INFORM REPORT

Report No. :	305396
Report Date :	31.01.2015

IDENTIFICATION DETAILS

Name :	PAUL SMITH LIMITED
Registered Office :	The Poplars Lenton Lane, Nottingham, Ng7 2pw
Country :	United Kingdom
Financials (as on) :	30.06.2014
Date of Incorporation :	17.05.1974
Com. Reg. No.:	01170719
Legal Form :	Private Limited With Share Capital
Line of Business :	· Engaged in Designing, Supplying, Licensing, Retailing and Wholesaling of men's and women's clothing. · Engaged in Wholesale of clothing and footwear subject product lines are as follows: Men Cloth Blazers, Coats & Jackets, Jeans, Knitwear, Polo Shirts, Shirts, Shorts, Suits, Sweatshirts & Hoodies, Swimwear, Trousers, T-Shirts, Underwear & Sleepwear Women Cloth Coats & Outerwear, Dresses, Jackets, Jeans, Knitwear, Shirts, Skirts, Swimwear, Tops, T-Shirts, Trousers & Shorts
No of Employees :	903 (30.06.2014)

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 :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
United Kingdom	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

Company identification

PAUL SMITH LIMITED	Telephone	+44 011 5986 8877
THE POPLARS LENTON LANE	Fax	-
NOTTINGHAM	Website	www.paulsmith.co.uk
NG7 2PW
United Kingdom

Company Number:	01170719	Status:	Active - Accounts Filed
Foundation:	17/05/1974

Comments

This company's return on total assets employed ratio indicates a highly efficient use of assets. This company's ratio of total liabilities to total assets indicates the presence of strong 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.

This company has been treated as a Large company in respect of the rating/limit generated. This company has made late payments on a medium percentage of invoices.

Legal form

Private limited with Share Capital

Foundation

17/05/1974

Company No.

01170719

Shareholders

Name	Currency	Number of shares	Share type	Nominal value
PAUL SMITH HOLDINGS LTD	GBP	47,940	ORDINARY	1
Total Share Capital				GBP 47,940

Management

Directors
Name	Address:	Date of birth	Nationality	Appointment date
Sir Paul Brierley Smith	The Poplars Lenton Lane, Nottingham NG7 2PW	05/07/1946	British	21/03/1991
Mr Masahiro Morofuji	7-1 Takamidai, Talkatsuki-Shi, Osaka 569-1020	10/12/1960	Japanese	01/04/2010
Mr John David Francis	The Poplars Lenton Lane, Nottingham NG7 2PW	23/09/1963	British	01/07/2014
Mr Glynn Ashley Chilton	The Poplars Lenton Lane, Nottingham NG7 2PW	14/01/1973	British	01/07/2014
Mr Ashley James Snowden Long	The Poplars Lenton Lane, Nottingham NG7 2PW	27/01/1963	British	01/07/2014

Company Secretary
Name	Address:	Appointment date
Ms Alison Margaret Bland	2 Lincoln Circus, The Park, Nottingham NG7 1BG	31/07/2001
Mr Ashley James Snowden Long	5 Castle Grove, The Park, Nottingham, Nottinghamshire NG7 1DN	29/04/1997

Other Known Addresses

The Poplars Lenton Lane, Nottingham, Notts NG7 2PW

Company relationships

Company No.	Name	Status	Country
Ultimate parent
05534862	PAUL SMITH GROUP HOLDINGS LIMITED	Active	United Kingdom

Business activities

Main activity
Principal Activity	Design, supply, licensing, retail and wholesale of men's and women's clothing.
SIC03	Wholesale of clothing and footwear

subject product lines are as follows:

Men Cloth

Blazers, Coats & Jackets, Jeans, Knitwear, Polo Shirts, Shirts, Shorts, Suits, Sweatshirts & Hoodies, Swimwear, Trousers, T-Shirts, Underwear & Sleepwear

Women Cloth

Coats & Outerwear, Dresses, Jackets, Jeans, Knitwear, Shirts, Skirts, Swimwear, Tops, T-Shirts, Trousers & Shorts

Economic data

Turnover and Employees

Date of Accounts	Turnover	Employees
30/06/2012	GBP 178,799,000	836
30/06/2013	GBP 176,683,000	856
30/06/2014	GBP 181,284,000	903

Banks

Bank Name

YORKSHIRE BANK PLC

Auditor

Auditor name

PRICEWATERHOUSECOOPERS LLP

Events

Company history
Date	Action
06/04/2010	Annual Returns
29/04/2010	M. Otsuki has left the board
24/05/2010	New Board Member Mr M. Morofuji appointed
30/12/2010	New Accounts Filed
04/04/2011	Annual Returns
22/12/2011	New Accounts Filed
19/04/2012	Annual Returns
06/07/2012	Change in Reg.Office
06/07/2012	Change of Company Postcode
18/07/2012	Change in Reg.Office
18/07/2012	Change of Company Postcode
28/12/2012	Change in Reg.Office
28/12/2012	Change of Company Postcode
03/01/2013	New Accounts Filed
06/04/2013	Annual Returns
06/01/2014	New Accounts Filed
24/03/2014	Annual Returns
15/07/2014	New Board Member Mr A.J. Long appointed
15/07/2014	New Board Member Mr G.A. Chilton appointed
15/07/2014	New Board Member Mr J.D. Francis appointed
22/07/2014	New Board Member Mr A.J. Long appointed
12/01/2015	Mr J. Morley has left the board
21/01/2015	New Accounts Filed

Mortgages

Charge created	03/03/1978
Charge registered	20/03/1978
Status	SATISFIED
Entitled person	YORKSHIRE BANK LTD.
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	44 FLORAL STREET, COVENT GARDEN WESTMINSTER, LONDON.

Charge created	21/03/1979
Charge registered	26/03/1979
Status	OUTSTANDING
Entitled person	YORKSHIRE BANK LTD
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	FIXED CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL AND BOOK DEBTS UNCALLED CAPITAL. TOGETHER WITH FIXED AND MOVEABLE PLANTMACHINERY FIXTURES IMPLEMENTS AND UTENSILS

Charge created	01/05/1980
Charge registered	03/05/1980
Status	SATISFIED
Entitled person	YORKSHIRE BANK LIMITED.
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	F/H 88 AUBREY RD, LONDON W.8. LN 174192

Charge created	04/06/1982
Charge registered	10/06/1982
Status	SATISFIED
Entitled person	YORKSHIRE BANK LIMITED
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	F/H 177 PORTLAND ROAD, LONDON W11 TITLENO:- 251808.

Charge created	04/06/1982
Charge registered	08/06/1982
Status	SATISFIED
Entitled person	LONDON AND MANCHESTER ASSURANCE COMPANY LTD
Secured amount	GBP 47,000 AND ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND PAUL B. SMITH TO THE CHARGEE.
Mortgage detail	F/H 177 PORTLAND RD, LONDON W11

Charge created	29/03/1988
Charge registered	05/04/1988
Status	OUTSTANDING
Entitled person	YORKSHIRE BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail GROUND FLOOR AND BASEMENT PREMISES AT 42 FLORAL STREET, COVENT

GARDEN, LONDON WC2. FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIPMENT

Charge created	05/08/1988
Charge registered	10/08/1988
Status	SATISFIED
Entitled person	YORKSHIRE BANK PLC.
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	STANFORD HOUSE, 6 STANFORD STREET, NOTTINGHAM, INCLUDING ALL FIXTURES AND FITTINGS, PLANT AND MACHINERY. FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIPMENT

Charge created	28/09/1988
Charge registered	05/10/1988
Status	SATISFIED
Entitled person	YORKSHIRE BANK PLC
Secured amount	ALL MONEYS DUE OR TO BECOME DUE FROM PAUL HELLENES SMITH, PAULINE NELLENESE DENYER AND PENSIONEER TRUSTEES (LONDON) LIMITED, BEING THE TRUSTEES FOR THE TIME BEING OF THE PAUL SMITH LIMITED EXECUTIVE PENSION FUND TO THE CHARGEE, UNDER THE TERMS OF THE CHARGE.
Mortgage detail	41 AND 42 FLORAL STREET LONDON, INCLUDINGALL FIXTURES AND FITTINGS (OTHER THAN TRADE) PLANT AND MACHINERY FLOATING CHARGE OVER ALL MOVABLE FIXTURES FITTINGS PLANTMACHINERY AND EQUIPMENT AND MATERIALS AND ARTICLES.

Charge created	28/04/1989
Charge registered	09/05/1989
Status	SATISFIED
Entitled person	YORKSHIRE BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	ALL THAT F/H LAND K/A UNIT 1, QUEENS LINK DRIVE, RIVERSIDE WAY NOTTINGHAM T/N NT 122173 WITH ALL FIXTURES AND FITTINGS FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIPMENT

Charge created	19/12/1994
Charge registered	22/12/1994
Status	SATISFIED
Entitled person	YORKSHIRE BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail PROPERTY K/A UNITS 2 AND 3 RIVERSIDE PARK QUEENS DRIVE NOTTING-

HAM FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIPMENT INCLUDING ALL FIXTURES AND FITTINGS (OTHER THAN TRADE FIXTURES AND FITTINGS) PLANT AND MACHINERY

Charge created	18/04/1997
Charge registered	19/04/1997
Status	SATISFIED
Entitled person	YORKSHIRE BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	122 KENSINGTON PARK ROAD KENSINGTON OTHERWISE K/A 306 WESTBORNE GROVE LONDON T/NO.LN214829.FIXED CHARGE THE EQUIPMENT AND GOODS (IF ANY) AND ALL OTHER FIXTURES,FITTINGS,PLANT AND MACHINERY WHICH MAY FROM TIME TO TIME BE ERECTED ON OR AFFIXED TO THE PROPERTYTHE COMPANY ASSIGNS TO THE BANK THE GOODWILL BELONGING TO THE COMPANY OF ALL BUSINESSES FROM TIME TO TIME CARRIED ON ATTHE PROPERTY FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIPMENT

Charge created	28/05/1997
Charge registered	29/05/1997
Status	SATISFIED
Entitled person	YORKSHIRE BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	UNIT 4 CENTURIAN WAY NOTTINGHAM T/NO: NT308084 ASSIGNS THE GOODWILL OF ALL BUSINESSESFROM TIME TO TIME CARRIED ON AT THE PROPERTY WITH THE BENEFIT OF ALL AUTHORISATIONS PERMITS REGISTRATION CERTIFICATES OR LICENCES OF ANY KIND ALSO BY WAY OF FIXED CHARGE THE EQUIPMENT AND GOODS (IF ANY) AND ALL OTHER FIXTURES FITTINGS PLANT AND MACHINERY AND BY WAY OF FLOATING CHARGE ON OTHER MOVEABLE PLANT MACHINERY FURNITURE EQUIPMENT GOODS AND OTHER EFFECTS WHICH FROM TIME TO TIME ON THE PROPERTY

Charge created	15/06/1999
Charge registered	18/06/1999
Status	OUTSTANDING
Entitled person	YORKSHIRE BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	41/42 FLORAL STREET COVENT GARDEN LONDON. ASSIGNS THE GOODWILL OF ALL BUSINESSESFROM TIME TO TIME CARRIED ON AT THE PROPERTY WITH THE BENEFIT OF ALL AUTHORISATIONS PERMITS REGISTRATION CERTIFICATES OR LICENCES OF ANY KIND ALSO BY WAY OF FIXED CHARGE THE EQUIPMENT AND GOODS (IF ANY) AND ALL OTHER FIXTURES FITTINGS PLANT AND MACHINERY AND BY WAY OF FLOATING CHARGE ON OTHER MOVEABLE PLANT MACHINERY FURNITURE EQUIPMENT GOODS AND OTHER EFFECTS WHICH FROM TIME TO TIME ON THE PROPERTY

Charge created	20/03/2002
Charge registered	26/03/2002
Status	OUTSTANDING
Entitled person	YORKSHIRE BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	KEMBLE HOUSE LONDON T/NO NGL785532 ASSIGNS THE GOODWILL OF ALL BUSINESSESFROM TIME TO TIME CARRIED ON AT THE PROPERTY WITH THE BENEFIT OF ALL AUTHORISATIONS PERMITS REGISTRATION CERTIFICATES OR LICENCES OF ANY KIND ALSO BY WAY OF FIXED CHARGE THE EQUIPMENT AND GOODS (IF ANY) AND ALL OTHER FIXTURES FITTINGS PLANT AND MACHINERY AND BY WAY OF FLOATING CHARGE ON OTHER MOVEABLE PLANT MACHINERY FURNITURE EQUIPMENT GOODS AND OTHER EFFECTS WHICH FROM TIME TO TIME ON THE PROPERTY

Charge created	20/03/2002
Charge registered	26/03/2002
Status	SATISFIED
Entitled person	YORKSHIRE BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	L/H KEMBLE HOUSE, KEMBLE STREET, LONDONT/NO. LN189617 ASSIGNS THE GOODWILL OF ALL BUSINESSESFROM TIME TO TIME CARRIED ON AT THE PROPERTY WITH THE BENEFIT OF ALL AUTHORISATIONS PERMITS REGISTRATION CERTIFICATES OR LICENCES OF ANY KIND ALSO BY WAY OF FIXED CHARGE THE EQUIPMENT AND GOODS (IF ANY) AND ALL OTHER FIXTURES FITTINGS PLANT AND MACHINERY AND BY WAY OF FLOATING CHARGE ON OTHER MOVE- ABLE PLANT MACHINERY FURNITURE EQUIPMENT GOODS AND OTHER EFFECTS WHICH FROM TIME TO TIME ON THE PROPERTY

Charge created	21/08/2003
Charge registered	22/08/2003
Status	OUTSTANDING
Entitled person	YORKSHIRE BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	WILLOUGHBY HOUSE LOW PAVEMENT NOTTINGHAM ASSIGNS THE GOODWILL OF ALL BUSINESSESFROM TIME TO TIME CARRIED ON AT THE PROPERTY WITH THE BENEFIT OF ALL AUTHORISATIONS PERMITS REGISTRATION CERTIFICATES OR LICENCES OF ANY KIND ALSO BY WAY OF FIXED CHARGE THE EQUIPMENT AND GOODS (IF ANY) AND ALL OTHER FIXTURES FITTINGS PLANT AND MACHINERY AND BY WAY OF FLOATING CHARGE ON OTHER MOVEABLE PLANT MACHINERY FURNITURE EQUIPMENT GOODS AND OTHER EFFECTS WHICH FROM TIME TO TIME ON THE PROPERTY

County Court Judgments

(CCJs)

There are no County Court Judgments listed against this company

Accounts

Profit & Loss

	30/06/2014 52 GBP Group: No	30/06/2013 52 GBP Group: No	30/06/2012 52 GBP Group: No	30/06/2011 52 GBP Group: No
Turnover	181,284,000	176,683,000	178,799,000	171,620,000
Export	107,914,000	105,791,000	108,568,000	101,055,000
Cost of Sales	84,342,000	79,224,000	79,969,000	75,927,000
Gross Profit	96,942,000	97,459,000	98,830,000	95,693,000
Wages And Salaries	30,254,000	32,626,000	28,154,000	24,097,000
Directors Emoluments	1,956,000	4,154,000	240,000	5,100,000
Operating Profit	16,726,000	18,350,000	24,817,000	27,387,000
Depreciation	4,423,000	4,258,000	4,008,000	3,563,000
Audit Fees	53,000	40,000	37,000	48,000
Interests Payments	296,000	272,000	448,000	442,000
Pre Tax Profit	18,366,000	18,395,000	24,853,000	27,382,000
Taxation	-4,733,000	-5,153,000	-7,889,000	-9,093,000
Profit After Tax	13,633,000	13,242,000	16,964,000	18,289,000
Dividends Payable	5,162,000	13,806,000	4,587,000	309,000
Retained Profit	8,471,000	-564,000	12,377,000	17,980,000

Balance Sheet

	30/06/2014 52 GBP Group: No	30/06/2013 52 GBP Group: No	30/06/2012 52 GBP Group: No	30/06/2011 52 GBP Group: No
Tangible Assets	53,863,000	60,459,000	50,765,000	44,152,000
Intangible Assets	0	0	0	0
Total Fixed Assets	53,863,000	60,459,000	50,765,000	44,152,000
Stock	41,093,000	40,906,000	36,029,000	31,399,000
Trade Debtors	11,171,000	11,042,000	13,788,000	15,015,000
Cash	41,018,000	23,670,000	34,293,000	30,772,000
Other Debtors	68,591,000	71,144,000	70,518,000	67,191,000
Miscellaneous Current Assets	0	0	0	0
Total Current Assets	161,873,000	146,762,000	154,628,000	144,377,000
Trade Creditors	16,094,000	18,751,000	19,329,000	15,707,000
Bank Loans and Overdraft	0	0	0	0
Other Short Term Finance	31,147,000	27,504,000	22,991,000	21,993,000
Miscellaneous Current Liabilities	12,320,000	13,262,000	14,805,000	14,938,000
Total Current Liabilities	59,561,000	59,517,000	57,125,000	52,638,000
Bank Loans and Overdrafts LTL	0	0	0	0

Capital & Reserves

	30/06/2014 52 GBP Group: No	30/06/2013 52 GBP Group: No	30/06/2012 52 GBP Group: No	30/06/2011 52 GBP Group: No
Called Up Share Capital	48,000	48,000	48,000	48,000
P and L Account Reserve	156,124,000	147,653,000	148,217,000	135,840,000
Revaluation Reserve	0	0	0	0
Sundry Reserves	3,000	3,000	3,000	3,000
Shareholders Funds	156,175,000	147,704,000	148,268,000	135,891,000

Other Financial Items

	30/06/2014 52 GBP Group: No	30/06/2013 52 GBP Group: No	30/06/2012 52 GBP Group: No	30/06/2011 52 GBP Group: No
Net Worth	156,175,000	147,704,000	148,268,000	135,891,000
Working Capital	102,312,000	87,245,000	97,503,000	91,739,000
Total Assets	215,736,000	207,221,000	205,393,000	188,529,000
Total Liabilities	59,561,000	59,517,000	57,125,000	52,638,000
Net Assets	156,175,000	147,704,000	148,268,000	135,891,000

Cash Flow

	30/06/2014	30/06/2013	30/06/2012	30/06/2011
	52	52	52	52
	GBP	GBP	GBP	GBP
	Group: No	Group: No	Group: No	Group: No
Increase in Cash	17,348,000	-10,623,000	3,521,000	-715,000

Miscellaneous

	30/06/2014	30/06/2013	30/06/2012	30/06/2011
	52	52	52	52
	GBP	GBP	GBP	GBP
	Group: No	Group: No	Group: No	Group: No
Capital Employed	156,175,000	147,704,000	148,268,000	135,891,000

Financial Ratios

Name	30/06/2014	30/06/2013	30/06/2012	30/06/2011
Pre Tax Profit Margin	10.13%	10.41 %	13.90%	15.96%
Current Ration	2.72	2.47	2.71	2.74
Sales or Net Working Capital	1.77	2.03	1.83	1.87
Gearing	0.00 %	0.00 %	0.00 %	0.00 %
Equity	72.39 %	71.28%	72.19%	72.08 %
Creditor Days	32.31	38.63	39.35	33.31
Debtor Days	22.43	22.74	28.06	31.84
Liquidity or Acid test	2.02	1.77	2.07	2.14
Return on Capital Employed	11.75 %	12.45 %	16.76%	20.14%
Return on Total Assets Employed	8.51 %	8.87 %	12.10%	14.52%
Current Debt Ratio	0.38 %	0.40 %	0.38 %	0.38 %
Total Debt Ratio	0.38 %	0.40 %	0.38 %	0.38 %
Stock Turnover Ratio	22.66 %	23.15%	20.15%	18.29%
Return on Net Assets Employed	11.75 %	12.45 %	16.76%	20.14%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.76
UK Pound	1	Rs.93.13
Euro	1	Rs.70.03

INFORMATION DETAILS

Analysis Done by :	SUB
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.