MIRA INFORM REPORT

Report No. :	340732
Report Date :	16.09.2015

IDENTIFICATION DETAILS

Name :	A. JONES & SONS LIMITED

Formerly Known As :	A. JONES & SONS PUBLIC LIMITED COMPANY

Registered Office :	Macintosh Fashion UK Interlink Way West, Bardon, Coalville LE67 1LD

Country :	United Kingdom

Financials (as on) :	31.12.2013

Date of Incorporation :	04.06.1934

Com. Reg. No.:	00288766

Legal Form :	Private limited with Share Capital

Line of Business :	Retailing of fine footwear and handbags.

No. of Employees :	469 (2013)

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 :	Slow but correct

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 has been a net importer of energy since 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 6.0% in 2014.

In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.7% and in 2014, 2.6%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

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).

Source : CIA

Company name

A. JONES & SONS LIMITED

Company No

00288766

Company Status

Active - Accounts Filed

Registered Address

MACINTOSH FASHION UK

INTERLINK WAY WEST,

BARDON, COALVILLE

LE67 1LD

Company Summary

Registered Address	MACINTOSH FASHION UK	Trading Address	Macintosh Fashion UK
	INTERLINK WAY WEST,		Interlink Way West
	BARDON, COALVILLE		Bardon Business Park, Bardon
	LE67 1LD		Hill
			Coalville, Leicestershire
			LE67 1LD
Website Address	http://www.jonesbootmaker.com
Telephone Number	-	Fax Number
TPS	-	FPS	No
Incorporation Date	04/06/1934
Previous Name	A. JONES & SONS PUBLIC	Type	Private limited with Share Capital
	LIMITED COMPANY
FTSE Index	-	Date of Change	24/01/2001
Filing Date of Accounts	30/09/2014	Currency	GBP
Share Capital	£125,000	SIC07	47721
Charity Number	-
SIC07 Description	RETAIL SALE OF FOOTWEAR IN SPECIALISED STORES
Principal Activity	Retailing of fine footwear and handbags.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31/12/2013	£78,333,000	-£2,034,000	£6,119,000	469
31/12/2012	£73,867,000	-£3,342,000	£8,153,000	589
28/01/2012	£77,959,000	-£168,000	£11,493,000	624

Mortgage Summary

Total Mortgage	13
Outstanding	2
Satisfied	11

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade	0
Total Value of Documented Trade	£0

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 poor or negative return on assets.

This company has only made late payments on a low 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 higher level of corporate failures.

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs - 0		Total Value of Satisfied CCJs -
Total Number of Writs -	-

Total Current Directors	3
Total Current Secretaries	0
Total Previous Directors / Company Secretaries	22

Current Directors

Name	David Robert Short	Date of Birth	04/03/1963
Officers Title	Mr	Nationality	British
Present Appointments	15	Function	Director
Appointment Date	02/12/2013
Address	Macintosh Fashion Uk Interlink Way West,, Interlink Business Park, Bardon, Coalville, Leicestershire,

	LE67 1LD
Name	Terry Michael Boot	Date of Birth	20/08/1964
Officers Title	Mr	Nationality	British
Present Appointments	10	Function	Director
Appointment Date	02/12/2013
Address	Macintosh Fashion Uk Interlink Way West,, Interlink Business Park, Bardon, Coalville, Leicestershire,

	LE67 1LD
Name	Simon Edward Cook	Date of Birth	22/11/1967
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	30/03/2015
Address	Macintosh Fashion Uk Interlink Way West,, Interlink Business Park, Bardon, Coalville, Leicestershire,

Top 20 Shareholders

Name		Currency Share Count	Share Type	Nominal Value	% of Total Share Count
MONSTA HOLDINGS LTD	GBP	2,500,000	ORDINARY	0.05	100

Profit & Loss

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10

Weeks	52	(%)	48	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated
	N	(%)	N	(%)	N	(%)	N	(%)	N
A/cs
Turnover	£78,333,000	6%	£73,867,000	-5.2%	£77,959,000	4.9%	£74,314,000	12.2%	£66,246,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	£14,643,000	8.1%	£13,552,000	-5%	£14,266,000	7.3%	£13,297,000	7.7%	£12,347,000
Directors Emoluments	£327,000	22.5%	£267,000	999.9%	£23,000	-	-	-	-

Operating Profit	-£1,496,000	47.5%	-£2,850,000	-999.9%	£294,000	-81.5%	£1,588,000	6.7%	£1,488,000
Depreciation	£2,097,000	-2.2%	£2,144,000	8.2%	£1,981,000	48.1%	£1,338,000	-7.4%	£1,445,000
Audit Fees	£84,000	-30.6%	£121,000	-	-	-	-	-100%	£24,000
Interest Payments	£538,000	9.3%	£492,000	6.5%	£462,000	132.2%	£199,000	53.1%	£130,000

Pre Tax Profit	-£2,034,000	39.1%	-£3,342,000	-999.9%	-£168,000	-112%	£1,403,000	3%	£1,362,000
Taxation	-	-100%	£2,000	100.4%	-£548,000	-220.5%	-£171,000	54.9%	-£379,000
Profit After Tax	-£2,034,000	39.1%	-£3,340,000	-366.5%	-£716,000	-158.1%	£1,232,000	25.3%	£983,000
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-£2,034,000	39.1%	-£3,340,000	-366.5%	-£716,000	-158.1%	£1,232,000	25.3%	£983,000

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10
Tangible Assets	£6,687,000	-6.8%	£7,175,000	-17.5%	£8,693,000	14.7%	£7,577,000	11.4%	£6,802,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£6,687,000	-6.8%	£7,175,000	-17.5%	£8,693,000	14.7%	£7,577,000	11.4%	£6,802,000
Stock	£17,331,000	19.5%	£14,503,000	4.8%	£13,844,000	18.2%	£11,708,000	9.3%	£10,709,000
Trade Debtors	£726,000	72.4%	£421,000	999.9%	£12,000	-25%	£16,000	60%	£10,000
Cash	£1,224,000	-3.6%	£1,270,000	-44.8%	£2,300,000	102.1%	£1,138,000	-	0
Other Debtors	£11,779,000	0.2%	£11,757,000	6.5%	£11,042,000	-29.7%	£15,710,000	23.9%	£12,683,000
Cash	£1,224,000	-3.6%	£1,270,000	-44.8%	£2,300,000	102.1%	£1,138,000	-	0
Other Debtors	£11,779,000	0.2%	£11,757,000	6.5%	£11,042,000	-29.7%	£15,710,000	23.9%	£12,683,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£31,060,000	11.1%	£27,951,000	2.8%	£27,198,000	-4.8%	£28,572,000	22.1%	£23,402,000
Trade Creditors	£6,470,000	33.5%	£4,848,000	-13.5%	£5,604,000	-6.7%	£6,009,000	25.7%	£4,780,000
Bank Loans & Overdrafts	0	-	0	-	0	-100%	£4,078,000	37.8%	£2,960,000
Other Short Term Finance	£11,728,000	45.2%	£8,075,000	19.3%	£6,770,000	11.1%	£6,094,000	17.4%	£5,193,000
Miscellaneous Current Liabilities	£7,707,000	10.4%	£6,979,000	-1.7%	£7,100,000	6.3%	£6,680,000	33.2%	£5,014,000
Total Current Liabilities	£25,905,000	30.2%	£19,902,000	2.2%	£19,474,000	-14.8%	£22,861,000	27.4%	£17,947,000
Bank Loans & Overdrafts and LTL	£5,723,000	-19.1%	£7,071,000	43.6%	£4,924,000	-4.5%	£5,157,000	21.6%	£4,240,000
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£5,723,000	-19.1%	£7,071,000	43.6%	£4,924,000	356.3%	£1,079,000	-15.7%	£1,280,000

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10
Called Up Share Capital	£125,000	-	£125,000	-	£125,000	-	£125,000	-	£125,000
P & L Account Reserve	£5,961,000	-25.4%	£7,995,000	-29.5%	£11,335,000	-5.9%	£12,051,000	11.4%	£10,819,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£33,000	-	£33,000	-	£33,000	-	£33,000	-	£33,000
Shareholder Funds	£6,119,000	-24.9%	£8,153,000	-29.1%	£11,493,000	-5.9%	£12,209,000	11.2%	£10,977,000

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10
Net Worth	£6,119,000	-24.9%	£8,153,000	-29.1%	£11,493,000	-5.9%	£12,209,000	11.2%	£10,977,000
Working Capital	£5,155,000	-36%	£8,049,000	4.2%	£7,724,000	35.2%	£5,711,000	4.7%	£5,455,000
Total Assets	£37,747,000	7.5%	£35,126,000	-2.1%	£35,891,000	-0.7%	£36,149,000	19.7%	£30,204,000
Total Liabilities	£31,628,000	17.3%	£26,973,000	10.6%	£24,398,000	1.9%	£23,940,000	24.5%	£19,227,000
Net Assets	£6,119,000	-24.9%	£8,153,000	-29.1%	£11,493,000	-5.9%	£12,209,000	11.2%	£10,977,000

Cash Flow

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	28/01/12	(%)	29/01/11	(%)	30/01/10
Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
Capital Employed	£11,842,000	-22.2%	£15,224,000	-7.3%	£16,417,000	23.5%	£13,288,000	8.4%	£12,257,000
Number of Employees	469	-20.4%	589	-5.6%	624	4.2%	599	-41.7%	1027
Accountants
Auditors	ERNST & YOUNG LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	BARCLAYS BANK PLC
Bank Branch Code	20-07-71

Ratios

Date Of Accounts	31/12/13	31/12/12	28/01/12	29/01/11	30/01/10
Pre-tax profit margin %	-2.60	-4.52	-0.22	1.89	2.06
Current ratio	1.20	1.40	1.40	1.25	1.30
Sales/Net Working Capital	15.20	9.18	10.09	13.01	12.14
Gearing %	93.50	86.70	42.80	42.20	38.60
Equity in %	16.20	23.20	32	33.80	36.30
Creditor Days	30.06	22.05	26.16	29.43	26.26
Debtor Days	3.37	1.91	0.05	0.07	0.05
Liquidity/Acid Test	0.52	0.67	0.68	0.73	0.70
Return On Capital Employed %	-17.17	-21.95	-1.02	10.55	11.11
Return On Total Assets Employed %	-5.38	-9.51	-0.46	3.88	4.50
Current Debt Ratio	4.23	2.44	1.69	1.87	1.63
Total Debt Ratio	5.16	3.30	2.12	1.96	1.75
Stock Turnover Ratio %	22.12	19.63	17.75	15.75	16.16
Return on Net Assets Employed %	-33.24	-40.99	-1.46	11.49	12.40

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
22/05/2015	Annual Returns
17/04/2015	New Board Member Mr S.E. Cook appointed
10/04/2015	New Board Member Mr S. Cook appointed
17/12/2014	Mr A.R. White has left the board
09/10/2014	New Accounts Filed
20/06/2014	Annual Returns
18/06/2014	Mr F.K. De Moor has left the board
18/06/2014	Mr P.T. Hunen has left the board
18/06/2014	Mr T.L. Strijbos has left the board
18/06/2014	Mr E.M. Coorens has left the board
30/04/2014	Ms A.J. Noble has left the board
04/12/2013	Change in Reg.Office
04/12/2013	Change of Company Postcode
04/12/2013	New Board Member Mr T.M. Boot appointed
04/12/2013	New Board Member Mr D.R. Short appointed

Previous Company

Date	Previous Name
24/01/2001	A. JONES & SONS PUBLIC LIMITED COMPANY

Writ Details

No writs found

Statistics

Group	13 companies
Linkages	51 companies
Countries	In 6 countries

Summary

Holding Company	MONSTA HOLDINGS LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	MACINTOSH RETAIL GROUP N.V.

Group Structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
MACINTOSH RETAIL GROUP N.V.	14628300	31.12.2014	Y	€870,645,000
BRANTANO NV	432980383	31.12.2014	N	€136,533,230
BRANTANO (UK) LIMITED	03472784	31.12.2013	N	£94,739,000
BRANTANO UK PENSIO...	03514379	28.02.2014	N
SHOE CITY LIMITED	03153387	31.12.2013	N
RUBY BELGIUM NV	N/A	-	-
RUBY JONES LIMITED	07470655	31.12.2013	N
MONSTA GROUP LIMITED	05363970	31.12.2013	N
MONSTA HOLDINGS L...	04094896	31.12.2013	N
A. JONES & SONS...	00288766	31.12.2013	N	£78,333,000
GORDON SCOTT LI...	00788228	31.12.2013	N	£4,919,346
GORDON SCOTT...	00788227	31.12.2013	N
GORDON SCOTT...	00933391	31.12.2013	N

Mortgage Details

Mortgage Type:
Date Charge Created:	14/11/14
Date Charge Registered:	25/11/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	ING BANK N.V. (THE "SECURITY AGENT") AS TRUSTEE FOR EACH OF THE SECURED PARTIES;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.CONTAINS NEGATIVE PLEDGE.
Mortgage Type:
Date Charge Created:	14/11/14
Date Charge Registered:	25/11/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	ING BANK N.V., ACTING IN ITS CAPACITY OF SECURITY AGENT (THE "SECURED PARTY" WHICH EXPRESSION I;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS NEGATIVEPLEDGE.

Mortgage Type:	DEBENTURE
Date Charge Created:	15/09/10
Date Charge Registered:	18/09/10
Date Charge Satisfied:	20/05/11
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC
Amount Secured:
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY
Mortgage Type:	DEBENTURE
Date Charge Created:	09/11/05
Date Charge Registered:	16/11/05
Date Charge Satisfied:	12/01/11
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS 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:	DEBENTURE
Date Charge Created:	20/12/02
Date Charge Registered:	02/01/03
Date Charge Satisfied:	07/12/05
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE 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
Mortgage Type:	DEBENTURE
Date Charge Created:	07/03/02
Date Charge Registered:	21/03/02
Date Charge Satisfied:	07/12/05
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE 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

Mortgage Type:	DEBENTURE
Date Charge Created:	08/02/02
Date Charge Registered:	23/02/02
Date Charge Satisfied:	12/03/02
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE 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
Mortgage Type:	SUPPLEMENTAL MORTGAGE TO A DEBENTURE DATED 22 FEBRUARY 2001,
Date Charge Created:	16/08/01
Date Charge Registered:	03/09/01
Date Charge Satisfied:	24/12/02
Status:	SATISFIED
Person(s) Entitled:	BURDALE FINANCIAL LIMITED
Amount Secured:	ALL PRESENT AND FUTURE OBLIGATIONS AND LIABILITIES, WHETHER ACTUAL OR CONTINGENT AND WHETHER OWED JOINTLY OR SEVERALLY OR IN ANY OTHER CAPACITY WHATSOEVER, OF EACH OBLIGOR TO THE LENDER
Details:	BY WAY OF FIRST LEGAL MORTGAGE THE PROPERTY BEING ALL THAT L/H PREMISES K/A 53 WEST STREET HORSHAM WEST SUSSEX, ALL THAT L/H PREMISES K/A NUMBER 30-32 THE PROMENADE CHELTENHAM GLOUCESTERSHIRE, ALL THAT L/H PREMISES K/A 40 HIGH STREET REIGATE SURREY RH2 9AT, ALL THAT L/H PREMISESK/A 103-105 TERMINUSROAD EASTBOURNE EAST SUSSEX, TOGETHER WITH ALL BUILDINGS AND ERECTIONS AND FIXTURES (INCLUDING TRADEFIXTURES) AT ANY TIME THEREON

Mortgage Type:	SUPPLEMENTAL DEBENTURE TO A DEBENTURE DATED 22 FEBRUARY 2001 MADE BETWEEN (AMONGST OTHERS) THE CHARGOR AND BURDALE FINANCIAL LIMITED
Date Charge Created:	10/08/01
Date Charge Registered:	31/08/01
Date Charge Satisfied:	24/12/02
Status:	SATISFIED
Person(s) Entitled:	BURDALE FINANCIAL LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM EACH OBLIGOR TO THE CHARGEE (ALL TERMS AS DEFINED)
Details:	BY WAY OF FIRST FIXED CHARGE ALL OF ITSRIGHT TITLE AND INTEREST IN AND TO THE ADDITIONAL COLLECTIONACCOUNT AND ALL MONIES STANDING TO THE CREDIT OF THE ADDITIONAL COLLECTION ACCOUNT AND THE DEBTS REPRESENTED BY THEM SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	SECURITY AGREEMENT
Date Charge Created:	22/02/01
Date Charge Registered:	07/03/01
Date Charge Satisfied:	24/12/02
Status:	SATISFIED
Person(s) Entitled:	BURDALE FINANCIAL LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER PURSUANT TO OR IN CONNECTION WITH THE FACILITY AGREEMENT (ALL TERMS AS DEFINED)
Details:	IN ORDER TO PROVIDE CONTINUING SECURITY FOR THE PAYMENT OR PERFORMANCE OF THE OBLIGATION IN THE AGREEMENT THE OBLIGOR VESTED POSSESSION OF THE CERTIFICATES OFTITLE TO THE COLLATERAL IN THE SECURED PARTY (OR ITS AGENT) TO THE INTENT THAT THE SECURED PARTY SHOULD HAVE A SECURITYINTEREST OR INTERESTSIN THE COLLATERALIN ACCORDANCE WITH ARTICLE 2 (3) OF THE1983 LAW BUT SO THAT THE SECURED PARTY SHOULD NOT IN ANY CIRCUMSTANCES INCUR ANY LIABILITY OR BE UNDER ANY OBLIGATION WHATSOEVER IN CONNECTION WITH THE COLLATERAL SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEED OF DEBENTURE MADE BETWEEN, AMONGSTOTHERS, THE COMPANY AND THE CHARGEE
Date Charge Created:	22/02/01
Date Charge Registered:	07/03/01
Date Charge Satisfied:	24/12/02
Status:	SATISFIED
Person(s) Entitled:	BURDALE FINANCIAL LIMITED
Amount Secured:	ALL PRESENT AND FUTURE OBLIGATIONS AND LIABILITIES OF EACH OBLIGOR TO THE CHARGEE (ALL TERMS AS DEFINED)
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:	FLOATING CHARGE
Date Charge Created:	22/02/01
Date Charge Registered:	07/03/01
Date Charge Satisfied:	05/11/05
Status:	SATISFIED
Person(s) Entitled:	CHURCH & CO PLC
Amount Secured:	ALL MONIES AND LIABILITIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEEUNDER THE LOAN NOTE INSTRUMENT AND IN ACCORDANCE WITH THE TERMS OF AN AGREEMENTOF EVEN DATE
Details:	FLOATING CHARGE UNDERTAKING AND ALL PROPERTY AND ASSETS

Mortgage Type:	STANDARD SECURITY
Date Charge Created:	20/04/95
Date Charge Registered:	21/04/95
Date Charge Satisfied:	17/02/01
Status:	SATISFIED
Person(s) Entitled:	SCOTTISH AMICABLE LIFE ASSURANCE SOCIETY LIMITED
Amount Secured:	£20,000 DUE FROM THE COMPANY TO THE CHARGEE
Details:	FIRST FLOOR OFFICE PREMISES AT 56 HANOVER STREET EDINBURGH

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Iain Manning Kennedy	1	17
John Crawshaw	2	9
David Edward Johnson	0	9
David Edward Johnson	0	9
John George Church	7	12
Howard Walton Jones	0	5
Lancelot Pease Clark	7	9
Paul William Shorten	1	1
Peter John Phillips	14	12
John Dudley Watkinson	5	18
Alastair David Duncan Smith	0	10
Kenneth Bartle	4	18
Alison Jane Bennett Noble	0	6
Vaclav Jelinek	0	6
Jeremy Todd	1	12
Jeremy Todd	1	12
Andrew Robert White	1	6
Andrew Robert White	0	1
Eric Maria Hendrikus Coorens	0	4
Theodorus Leonardus Strijbos	0	4
Peter Therese Antoon Hunen	0	4
Frank Karel De Moor	0	5

Average Invoice Value	Ł10166.08
Invoices available	4068
Paid	4005
Outstanding	63

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	3046	867	46	28	18
Outstanding	43	18	1	1	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.44
UK Pound	1	Rs.102.41
Euro	1	Rs.75.05

INFORMATION DETAILS

Analysis Done by :	TRI

Report Prepared by :	VNT

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.