MIRA INFORM REPORT

Report No. :	323459
Report Date :	21.05.2015

IDENTIFICATION DETAILS

Name :	J.P. BODEN & CO. LIMITED

Formerly Known as:	CHANCEREVISE LIMITED

Registered Office :	Boden House114-120 Victoria Road London Nw10 6ny

Country :	United Kingdom

Financials (as on) :	31.12.2013

Date of Incorporation :	02.03.1992

Com. Reg. No.:	02692601

Legal Form :	Private limited with Share Capital

Line of Business :	Supply of goods through mail order Catalogues and the internet. Retail sale via mail order houses

No. of Employees :	Not Available

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. 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. In 2008, 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. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. 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 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 5.8% in 2013. The Bank of England (BoE) implemented an asset purchase program of �375 billion (approximately $586 billion) as of December 2014. 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 1.8%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

Source : CIA

Company name and address

J.P. BODEN & CO. LIMITED

BODEN HOUSE Telephone +44 020 8453 1345

114-120 VICTORIA ROAD Fax -

LONDON Website www.boden.co.uk

NW10 6NY United Kingdom

Company summary

Company Number: 02692601

Foundation: 02/03/1992

Status: Active - Accounts Filed

No exact match CCJs are recorded against the company. Sales in the latest trading period increased 5.1\\% on the previous trading period.Net Worth increased by 12.7\\% during the latest trading period. A 12.8\\% growth in Total Assets occurred during the latest trading period. Pre-tax profits increased by 14.7\\% compared to the previous trading period. The company saw an increase in their Cash Balance of 89.2\\% during the latest trading period. The audit report contains

no adverse comments.

No recent Changes in directorship are recorded. The company is part of a group. The company was established over 22 years ago.

Legal form Private limited with Share Capital

Foundation 02/03/1992

Company No. 02692601

Previous Names

Date of Change Previous Name

16/04/1992 CHANCEREVISE LIMITED

Shareholders

Name Currency Number of Share type Nominal value

shares

JP BODEN (HOLDINGS) LTD GBP 117,150 ORDINARY D 0.25

JP BODEN (HOLDINGS) LTD GBP 294,579 ORDINARY B 0.25

JP BODEN (HOLDINGS) LTD GBP 396,000 ORDINARY A 0.01

JP BODEN (HOLDINGS) LTD GBP 8,446 ORDINARY E 0.25

JP BODEN (HOLDINGS) LTD GBP 900,008 ORDINARY C 0.25

Total capital GBP 334,007.01

Directors

Name Address: Date of birth date Nationality Appointment

Mr John Peter Boden Boden House, 114-120 01/06/1961 British 11/03/1992

Victoria Road, London

NW10 6NY

Mr Julian Philip Boden House, 114-120 20/06/1967 British 19/04/1996

Granville Victoria Road, London

NW10 6NY

Mr Robin Paul Boden House, 114-120 17/07/1957 British 14/08/1998

Howard Victoria Road, London

NW10 6NY

Mr Francis Mark Boden House, 114-120 29/07/1962 British 14/08/1998

Binnington Victoria Road, London

NW10 6NY

Mr Paul Simon Boden House, 114-120 12/08/1967 British 25/09/2000

O'Leary Victoria Road, London

NW10 6NY

Mr Benjamin William Boden House, 114-120 13/07/1967 British 25/03/1998

Dreyer Victoria Road, London

NW10 6NY

Ms Penny Jayne Boden House, 114-120 13/07/1970 British 12/09/2013

Herriman Victoria Road, London

NW10 6NY

Company Secretary

Name Address: Appointment date

Mr Paul Simon O'Leary Boden House, 114-120 25/09/2000

Victoria Road, London

NW10 6NY

Other Known Addresses

Boden House, 114-120 Victoria Road, London NW10 6NY

Company relationships

Company No. Name Status Country

Ultimate parent

06074040 JP BODEN (HOLDINGS) LIMITED Active United Kingdom

Affiliated companies

07632525 JP BODEN (EUROPE) LIMITED Active United Kingdom

Immediate parent

06074040 JP BODEN (HOLDINGS) LIMITED Active United Kingdom

Business activities

Principal Supply of goods through mail order

Activity catalogues and the internet.

SIC03 Retail sale via mail order houses

SIC07 Retail sale via mail order houses or via Internet

Turnover and Employees

Date of Accounts Turnover Turnover

31/12/2011 GBP 204,575,156 808

31/12/2012 GBP 214,948,849 832

31/12/2013 GBP 224,082,246 899

Banks

Bank Name Bank Branch Sort Code

BARCLAYS BANK PLC 20-00-00

Auditor

SAFFERY CHAMPNESS

Events

Company history

Date Action

06/04/2010 Annual Returns

23/09/2010 New Accounts Filed

18/03/2011 Annual Returns

20/09/2011 New Accounts Filed

27/10/2011 Ms V.J. Andreae has left the board

13/03/2012 Annual Returns

06/08/2012 Mr C.J. Curry has left the board

06/08/2012 Mr C.N. Tweddell has left the board

12/10/2012 New Accounts Filed

12/03/2013 Annual Returns

10/06/2013 Mrs C.E. Carrington Birch has left the board

16/09/2013 New Board Member Ms P.J. Herriman appointed

02/10/2013 New Accounts Filed

17/03/2014 Annual Returns

02/10/2014 New Accounts Filed

Mortgages

Mortgage type DEBENTURE

Charge created 25/02/1994

Charge registered 04/03/1994

Status SATISFIED

Entitled person THE ROYAL BANK OF SCOTLAND PLC

Secured amount ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO

THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail 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 DEBENTURE

Charge created 24/10/1995

Charge registered 14/11/1995

Status OUTSTANDING

Entitled person BARCLAYS BANK PLC

Secured amount ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO

THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail 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 DEBENTURE

Charge created 13/05/2003

Charge registered 16/05/2003

Status OUTSTANDING

Entitled person NATIONAL WESTMINSTER BANK PLC

Secured amount ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO

THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail 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 MEMBERSHIP INTEREST PLEDGE AGREEMENT

Charge created 27/07/2007

Charge registered 02/08/2007

Status OUTSTANDING

Entitled person BARCLAYS BANK PLC

Secured amount ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO

THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONED

INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Mortgage detail PLEDGED INTERESTS BEING ALL ISSUED AND OUTSTANDING

MEMBERSHIP INTERESTS OF JP BODEN USA LLC SEE THE

MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage type CHARGE OF DEPOSIT

Charge created 20/12/2012

Charge registered 03/01/2013

Status OUTSTANDING

Entitled person NATIONAL WESTMINSTER BANK PLC

Secured amount ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO

THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail ALL AMOUNTS NOW AND IN THE FUTURE CREDITED TO ACCOUNT

NUMBER 40491048 WITH THE BANK

There are no County Court Judgments listed against this company

Financials

Profit \& Loss

- 31/12/2013 31/12/2012 31/12/2011 31/12/2010

52 52 52 52

GBP GBP GBP GBP

Group: No Group: No Group: Yes Group: Yes

Turnover 224,082,246 214,948,849 204,575,156 165,771,162

Export - 46,300,731 - -

Cost of Sales 152,192,428 144,380,062 137,853,040 95,814,394

Gross Profit 71,889,818 70,568,787 66,722,116 69,956,768

Wages And Salaries 25,298,928 24,695,559 20,462,376 19,955,666

Directors Emoluments 2,087,408 2,485,560 1,362,705 2,462,966

Operating Profit 21,320,690 21,752,123 20,293,296 30,208,720

Depreciation 1,517,567 1,722,747 1,642,629 1,469,643

Audit Fees 58,000 55,000 49,000 49,000

Interests Payments 177,812 176,030 149,365 105,364

Pre Tax Profit 21,380,504 23,305,481 20,314,341 30,193,921

Taxation -5,028,299 -5,360,256 -4,700,286 -8,318,902

Profit After Tax 16,352,205 17,945,225 15,614,055 21,875,019

Dividends Payable 8,889,828 9,850,890 11,670,044 25,519,642

Retained Profit 7,462,377 8,094,335 3,944,011 -3,644,623

Balance Sheet

- 31/12/2013 31/12/2012 31/12/2011 31/12/2010

52 52 52 52

GBP GBP GBP GBP

Group: No Group: No Group: Yes Group: Yes

Tangible Assets 1,336,237 2,320,741 3,643,872 2,297,601

Intangible Assets 0 0 0 0

Total Fixed Assets 1,336,237 2,320,741 3,643,872 2,297,601

Stock 19,399,333 13,022,324 16,205,925 11,608,670

Trade Debtors 17,102,347 15,140,915 11,363,462 9,548,540

Cash 35,061,985 35,623,917 18,829,049 21,789,125

Other Debtors 47,819,037 47,672,988 50,812,084 50,947,003

Miscellaneous Current Assets 0 0 0 0

Total Current Assets 119,382,702 111,460,144 97,210,520 93,893,338

Trade Creditors 2,921,635 3,285,333 4,206,364 1,837,084

Bank Loans and Overdraft 0 0 0 0

Other Short Term Finance 8,775,977 8,194,754 9,660,788 11,393,518

Miscellaneous Current 37,261,981 38,462,476 30,359,740 28,555,861

Liabilities

Total Current Liabilities 48,959,593 49,942,563 44,226,892 41,786,463

Bank Loans and Overdrafts LTL 0 0 0 0

Other Long Term Finance 0 0 0 0

Total Long Term Liabilities 0 0 0 0

Capital \& Reserves

- 31/12/2013 31/12/2012 31/12/2011 31/12/2010

52 52 52 52

GBP GBP GBP GBP

Group: No Group: No Group: Yes Group: Yes

Called Up Share Capital 334,006 334,006 334,006 334,006

P and L Account Reserve 69,795,374 62,455,328 55,936,586 53,362,215

Revaluation Reserve 0 0 0 0

Sundry Reserves 1,629,966 1,048,988 356,908 708,255

Shareholders Funds 71,759,346 63,838,322 56,627,500 54,404,476

Other Financial Items

- 31/12/2013 31/12/2012 31/12/2011 31/12/2010

52 52 52 52

GBP GBP GBP GBP

Group: No Group: No Group: Yes Group: Yes

Net Worth 71,759,346 63,838,322 56,627,500 54,404,476

Working Capital 70,423,109 61,517,581 52,983,628 52,106,875

Total Assets 120,718,939 113,780,885 100,854,392 96,190,939

Total Liabilities 48,959,593 49,942,563 44,226,892 41,786,463

Net Assets 71,759,346 63,838,322 56,627,500 54,404,476

Cash Flow

- 31/12/2013 31/12/2012 31/12/2011 31/12/2010

52 52 52 52

GBP GBP GBP GBP

Group: No Group: No Group: Yes Group: Yes

Net Cash Flow from Operations 14,147,654 30,902,283 20,090,353 30,982,966

Net Cash Flow before Financing -561,932 16,865,620 -2,960,076 -5,141,726

Net Cash Flow from Financing 0 0 0 0

Increase in Cash -561,932 16,794,868 -2,960,076 -5,199,910

Miscellaneous

- 31/12/2013 31/12/2012 31/12/2011 31/12/2010

52 52 52 52

GBP GBP GBP GBP

Group: No Group: No Group: Yes Group: Yes

Capital Employed 71,759,346 63,838,322 56,627,500 54,404,476

Financial Ratios

Name 31/12/2013 31/12/2012 31/12/2011 31/12/2010

Pre Tax Profit Margin 9.54 % 10.84 % 9.93 % 18.21 %

Current Ration 2.44 2.23 2.20 2.25

Sales or Net Working Capital 3.18 3.49 3.86 3.18

Gearing 0.00 % 0.00 % 0.00 % 0.00 %

Equity 59.44 % 56.11 % 56.15 % 56.56 %

Creditor Days 4.74 5.56 7.48 4.03

Debtor Days 27.78 25.64 20.21 20.96

Liquidity or Acid test 2.04 1.97 1.83 1.96

Return on Capital Employed 29.79 % 36.50 % 35.87 % 55.49 %

Return on Total Assets Employed 17.71 % 20.48 % 20.14 % 31.38 %

Current Debt Ratio 0.68 % 0.78 % 0.78 % 0.76 %

Total Debt Ratio 0.68 % 0.78 % 0.78 % 0.76 %

Stock Turnover Ratio 8.65 % 6.05 % 7.92 % 7.00 %

Return on Net Assets Employed 29.79 % 36.50 % 35.87 % 55.49 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.86
UK Pound	1	Rs.98.89
Euro	1	Rs.70.73

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	ANK

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.