MIRA INFORM REPORT

Report Date :

10.11.2008

IDENTIFICATION DETAILS

Name :	J.D. WILLIAMS & COMPANY LIMITED

Registered Office :	Griffin House, 40 Lever Street, Manchester, M60 6ES

Country :	United Kingdom

Financials (as on) :	24.02.2007

Date of Incorporation :	13.12.1921

Legal Form :	Private Limited with Share Capital

Line of Business :	Retail of Direct Home Shopping Services.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	[£] 3,500,000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Name of the company

J.D. WILLIAMS & COMPANY LIMITED

Number 00178367

company summary

Phone	01612368256	Type	Private limited with Share Capital
Address	GRIFFIN HOUSE, 40 LEVER STREET, MANCHESTER, M60 6ES	Company Status	Active - Accounts Filed
Postcode	M60 6ES	Incorporated Date	13/12/1921

Todays Limit [£] 3,500,000

	Active CCJ's	0
	Value of CCJ's [£]	£0
	Number Of Writs	0

	*Current Directors	10
	Total Directorships	more than 200 directorships

Trading to Date	24/02/07	28/02/06	28/02/05
Turnover	£493,744,000	£454,320,000	£420,531,000
Shareholder Funds	£93,993,000	£156,346,000	£154,501,000
Employees	2,912	3,577	4,166

	Trends
	Profitability
	Liquidity
	Shareholders Funds

Secondary Industry Code Details

	SIC Code	Description
	5261	Retail Sale Via Mail Order Houses

Mortgage Details

Mortgage Type:	assignation in security
Date Charge Created:	16/04/2004	Date Charge Registered:	23/04/2004
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	REGENCY ASSETS LIMITED
Amount Secured:	all monies due or to become due from the company to the chargee under the termsof the aforementioned instrument creating or evidencing the charge
Details:	the right title and interest in and to a ) all book and other debts, revenues and claims b) the relevant contracts and th e ancillary receivables rights c) the re ceivables sale agreement

Mortgage Type:	deed of charge
Date Charge Created:	16/04/2004	Date Charge Registered:	23/04/2004
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	REGENCY ASSETS LIMITED
Amount Secured:	all monies due or to become due from the company to the chargee under the termsof the aforementioned instrument creating or evidencing the charge
Details:	a) all its right title and interest in a nd to the applicable charged monies b) a ll book and other debts, revenues and cl aims c) all its rights, title and intere st in and to the relevant contracts and the ancillary receivable rights d) all i ts right title adn interest in and to th e shares

Mortgage Type:	deed of charge and assignment
Date Charge Created:	07/06/2002	Date Charge Registered:	24/06/2002
Date Charge Satisfied:	22/04/2004	Status:	Satisfied
Person(s) Entitled:	HOMESHOP PARTICIPANT LIMITED
Amount Secured:	all monies due or to become due from the company to the chargee under the termsof the aforementioned instrument creating or evidencing the charge
Details:	all right,title and interest in and to t he charged monies,all book/other debts,r evenues and claims whatsoever and all ot her rights title and interest in and to the relevant contracts

Mortgage Type:	scottish assignation in security
Date Charge Created:	07/06/2002	Date Charge Registered:	24/06/2002
Date Charge Satisfied:	22/04/2004	Status:	Satisfied
Person(s) Entitled:	HOMESHOP PARTICIPANT LIMITED
Amount Secured:	all moneys,obligations and liabilities d ue or to become due from the company to the chargee under the terms of the aforementioned instrument creating or evidencing the charge
Details:	all right,title,interest and benefit to all book and other debts,revenues and cl aims and all other rights and interest i n and to the relevant contracts

Shareholders Details

	Name	Shares
	J.d. Williams Group Limited	120,039 Ord £1

Trading Address Details

	Address	Telephone Number	TCPS
	Griffin House 40 Lever Street Manchester M60 6ES

accounts

PROFIT & LOSS

Annual Accounts	02/06-02/07	Change (%)	03/05-02/06	Change (%)	03/04-02/05
Months	13	-	12	-	12
Currency	GBP	-	GBP	-	GBP
Consolidated A/cs	N	-	N	-	N
Turnover	493,744,000	8.7 %	454,320,000	8.0 %	420,531,000
Export	-	-	-	-	-
Cost of Sales	224,160,000	11.2 %	201,563,000	-7.6 %	218,098,000
Gross Profit	269,584,000	6.7 %	252,757,000	24.9 %	202,433,000
Wages & Salaries	59,197,000	-8.8 %	64,911,000	1.0 %	64,274,000
Directors Emoluments	2,607,000	5.2 %	2,477,000	43.1 %	1,731,000
Operating Profits	65,944,000	33.7 %	49,324,000	131.5 %	21,302,000
Depreciation	12,052,000	23.8 %	9,733,000	3.9 %	9,366,000
Audit Fees	125,000	34.4 %	93,000	151.4 %	37,000
Interest Payments	19,256,000	25.1 %	15,395,000	-6.8 %	16,517,000
Pre Tax Profit	54,915,000	30.6 %	42,047,000	232.8 %	12,635,000
Taxation	-18,387,000	-69.9 %	-10,821,000	-335.8 %	-2,483,000
Profit After Tax	36,528,000	17.0 %	31,226,000	207.6 %	10,152,000
Dividends Payable	100,000,000	300.0 %	25,000,000	25.0 %	20,000,000
Retained Profits	-63,472,000	-1,119.5 %	6,226,000	163.2 %	-9,848,000

BALANCE SHEET

Annual Accounts	02/06-02/07	Change (%)	03/05-02/06	Change (%)	03/04-02/05
Tangible Assets	102,643,000	20.8 %	84,956,000	12.6 %	75,426,000
Intangible Assets	972,000	-24.9 %	1,295,000	-14.3 %	1,511,000
Total Fix Assets	103,615,000	20.1 %	86,251,000	12.1 %	76,937,000
Total Current Assets	461,860,000	-11.7 %	523,000,000	-3.1 %	539,718,000
Trade Debtors	336,108,000	12.2 %	299,511,000	6.3 %	281,676,000
Stock	51,366,000	-2.1 %	52,484,000	17.7 %	44,603,000
Cash	26,282,000	31.6 %	19,977,000	-39.4 %	32,960,000
Other Current Assets	48,104,000	-68.1 %	151,028,000	-15.3 %	178,302,000
Increase In Cash	6,305,000	148.6 %	-12,983,000	-168.4 %	18,972,000
Miscellaneous Current Assets	-	-	-	-100.0 %	2,177,000
Total Assets	565,475,000	-7.2 %	609,251,000	-1.2 %	616,655,000
Total Current Liabilities	466,021,000	3.6 %	449,663,000	-1.7 %	457,350,000
Trade Creditors	35,657,000	-5.2 %	37,617,000	10.2 %	34,144,000
Bank Overdraft	-	-	-	-	-
Other Short Term Fin	382,148,000	3.3 %	369,955,000	-6.3 %	394,634,000
Miscellaneous Current Liabilities	48,216,000	14.6 %	42,091,000	47.3 %	28,572,000
Other Long Term Fin	-	-	-	-	-
Total Long Term Liabilities	5,461,000	68.4 %	3,242,000	-32.5 %	4,804,000
Bank Overdraft & LTL	5,461,000	68.4 %	3,242,000	-32.5 %	4,804,000
Total Liabilities	471,482,000	4.1 %	452,905,000	-2.0 %	462,154,000
Net Assets	93,993,000	-39.9 %	156,346,000	1.2 %	154,501,000
Working Capital	-4,161,000	-105.7 %	73,337,000	-11.0 %	82,368,000

CAPITALS & RESERVES

Annual Accounts	02/06-02/07	Change (%)	03/05-02/06	Change (%)	03/04-02/05
Paid up equity	120,000	-	120,000	-	120,000
P&L Account Reserve	93,873,000	-39.9 %	156,226,000	1.2 %	154,381,000
Sundry Reserves	-	-	-	-	-
Revaluation Reserve	-	-	-	-	-
Shareholder Funds	93,993,000	-39.9 %	156,346,000	1.2 %	154,501,000
Net Worth	93,021,000	-40.0 %	155,051,000	1.3 %	152,990,000

MISCELLANEOUS

Annual Accounts	02/06-02/07	Change (%)	03/05-02/06	Change (%)	03/04-02/05
Net Cashflow from Operations	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-
Contingent Liability	YES	-	NO	-	NO
Capital Employed	99,454,000	-37.7 %	159,588,000	0.2 %	159,305,000
No of Employees	2,912	-18.6 %	3,577	-14.1 %	4,166

	Auditors	DELOITTE & TOUCHE LLP
	AuditQualification	No Adverse Comments
	Bankers	HSBC BANK PLC
	BankBranchCode	40-20-12

RATIOS

Annual Accounts	02/06-02/07	03/05-02/06	03/04-02/05
Pre-tax profit margin %	11.1 %	9.3 %	3.0 %
Current ratio	0.99	1.16	1.18
Sales/Net Working Capital	-118.66	6.19	5.11
Gearing %	5.8 %	2.1 %	3.1 %
Equity in %	16.7 %	25.7 %	25.1 %
Creditor Days	26.29	30.22	29.64
Debtor Days	247.79	240.63	244.48
Liquidity/Acid Test	0.88	1.05	1.08
Return On Capital Employed %	55.2 %	26.4 %	7.9 %
Return On Total Assets Employed %	9.7 %	6.9 %	2.1 %
Current Debt Ratio %	5.0 %	2.9 %	3.0 %
Total Debt Ratio %	5.0 %	2.9 %	3.0 %
Stock Turnover Ratio %	10.4 %	11.6 %	10.6 %
Return on Net Assets Employed %	58.4 %	26.9 %	8.2 %

ccj's

	Active CCJ's	0
	Value of CCJ's [£]	£0
	Number Of Writs	0

Year	CCJ's	Writs Registered
2006	1	0
2005	1	0

Date	Court	Amount	Status	Case Number	Date Paid
13/09/2006	NORTHAMPTON CCBC	£130	Satisfied	6QZ57439	24/10/2006
22/11/2005	NORTHAMPTON CCBC	£9518	Satisfied	4XH80277	24/02/2006

group structure

	Ultimate Parent Company	N BROWN GROUP PLC
	Companies in Group	67

Company Name	Registered Number	Latest Annual Accounts
N BROWN GROUP PLC	00814103	01/03/2008
N.BROWN HOLDINGS LIMITED	00815495	24/02/2007
DALY, HARVEY, MORFITT LIMITED	01164272	24/02/2007
INVESTMENT ADMINISTRATION SERVICES LIMITED	01533233	24/02/2007
D H M (MANAGEMENT SERVICES) LIMITED	01587373	24/02/2007
HOLLAND & HEELEY LIMITED	01970115	24/02/2007
WINGMARK LIMITED	03174215	24/02/2007
DALE FINANCIAL SERVICES LIMITED	03603674	24/02/2007
N BROWN GROUP QUEST TRUSTEE LIMITED	03606532	24/02/2007
ZENDOR LIMITED	03859788	24/02/2007
N BROWN PROPERTY ONE LIMITED	02119196	24/02/2007
N BROWN PROPERTY THREE LIMITED	02216828	24/02/2007
N BROWN PROPERTY TWO LIMITED	01313914	24/02/2007
EUNITE LIMITED	03728761	24/02/2007
EUNITED LIMITED	03747685	24/02/2007
HAMMOND HOUSE INVESTMENTS LIMITED	01786844	24/02/2007
HAMMOND HOUSE INVESTMENTS INTERNATIONAL LIMITED	01861797	24/02/2007
N B GUERNSEY UK	05188345	24/02/2007
N BROWN EUROPEAN INVESTMENT BV	NETHERLANDS	N/A
TAGMA LIMITED	01801118	24/02/2007
VOTE IT LIMITED	03726054	24/02/2007
N. BROWN FUNDING LIMITED	03338402	24/02/2007
OXENDALE & CO. LIMITED	IE263438	24/02/2007
J.D. WILLIAMS GROUP LIMITED	00927506	24/02/2007
J.D. WILLIAMS & COMPANY LIMITED<<<	00178367	24/02/2007
LANGLEY HOUSE LIMITED	00373893	24/02/2007
ALDREX LIMITED	00525786	24/02/2007
CUSS CONTRACTORS LIMITED	00738659	24/02/2007
ODHAMS LEISURE GROUP LIMITED	00751645	24/02/2007
LAUNFALL LIMITED	00814255	24/02/2007
FIRST FINANCIAL LIMITED	00815494	24/02/2007
CRESCENT DIRECT LIMITED	00836054	24/02/2007
COMFORTABLY YOURS LIMITED	00883222	24/02/2007
MATURE WISDOM LIMITED	00907811	24/02/2007
SANDER & KAY LIMITED	01060981	24/02/2007
FASHION WORLD LIMITED	01814697	24/02/2007
WATKINS & COLE LIMITED	02448741	24/02/2007
JOHN HARVEY LIMITED	02448745	24/02/2007
TOPVOGUE MAIL ORDER LIMITED	02651934	24/02/2007
VITASAFE PLAN (ENGLAND) LIMITED	02662258	24/02/2007
GRAY & OSBOURN LIMITED	03539270	30/12/2006
CLASSIC SELECTION LIMITED	04190611	28/02/2008
SARTOR LIMITED	03917259	24/02/2007
ASK FOR IT LIMITED	03941468	24/02/2007
HOME SHOPPING DIRECT LIMITED	04037832	24/02/2007
FULFILMENT LOGISTICS LIMITED	04077437	24/02/2007
ASK4INFO LIMITED	04121168	24/02/2007
BETTER LIVING LIMITED	00987269	24/02/2007
BRIGHTVENTURE LIMITED	00498878	24/02/2007
BURROWCOURT LIMITED	00588283	24/02/2007
CLASSIC COMBINATION LIMITED	00310933	24/02/2007
DALE HOUSE (MAIL ORDER) LIMITED	00803971	24/02/2007
HALWINS LIMITED	01185489	24/02/2007
HARTINGDON HOUSE LIMITED	01576631	24/02/2007
HEATHER VALLEY (WOOLLENS) LIMITED	SC036376	24/02/2007
HILTON MAILING LIMITED	01538671	24/02/2007
JDW FINANCE LIMITED	04968326	24/02/2007
E. LANGFIELD & COMPANY LIMITED	00256737	24/02/2007
MELGOLD LIMITED	01908187	24/02/2007
OXENDALE & COMPANY LIMITED	00153451	24/02/2007
THE VALUE CATALOGUE LIMITED	00907904	24/02/2007
WHITFORDS(BURY)LIMITED	00489999	24/02/2007
WHITFORDS(COSYTRED)LIMITED	00598559	24/02/2007
BURY BOOT & SHOE COMPANY (1953) LIMITED(THE)	00516589	24/02/2007
WHITFORDS (TEXTILES) LIMITED	01411524	24/02/2007
J.D. WILLIAMS MERCHANDISE COMPANY LIMITED	00362263	24/02/2007
AMBROSE WILSON LIMITED	00144766	24/02/2007

Status History

Date Description

No Status History

*Event History

Date	Description
03/11/2008	New Board Member Mr A. White Appointed
07/01/2008	New Accounts Filed
17/09/2007	New Board Member (mark Cheshire) Appointed
29/01/2007	Denis George Montgomerywilliams Has Left The Board
12/01/2007	New Accounts Filed
13/01/2006	New Accounts Filed
16/11/2005	New Accounts Filed
13/05/2005	Data Refresh
09/03/2005	New Board Member (peter Johntynan) Appointed
09/03/2005	New Board Member (keith Jamesrisk) Appointed
09/03/2005	New Board Member (john Hinchcliffe) Appointed
09/03/2005	New Board Member (graham Green) Appointed
09/03/2005	New Board Member (denis George Montgomerywilliams) Appointed
14/01/2005	New Accounts Filed
18/09/2004	Directors Data Refresh

directors

Name	Alan White
Address	Whirley House Wrigley Lane
	Over Alderley
	Cheshire
	SK10 4RP
Officers Title	Mr	Date Of Birth	15/04/1955
Honours		Present Appointments	31
Appointment Date	02/09/2002	Function	Director

Name	Paul Robert Kendrick
Address	52 Chillington Way
	Stoke On Trent
	Staffordshire
	ST6 8GA
Officers Title	Mr	Date Of Birth	31/07/1967
Honours		Present Appointments	1
Appointment Date	25/02/2008	Function	Director

Name	Neil Angus McGowan
Address	5 Bollin Hill
	Wilmslow
	Cheshire
	SK9 4AN
Officers Title	Mr	Date Of Birth	18/10/1957
Honours		Present Appointments	2
Appointment Date	12/05/2008	Function	Director

Name	Mark Cheshire
Address	Crossroads Farm
	Barton Le Willows
	York
	North Yorkshire
	YO60 7PD
Officers Title	Mr	Date Of Birth	27/04/1958
Honours		Present Appointments	1
Appointment Date	13/08/2007	Function	Director

Name	Paul Newell Short
Address	Beckside Cottage
	Linton In Craven
	Skipton
	North Yorkshire
	BD23 5HH
Officers Title	Mr	Date Of Birth	18/12/1954
Honours		Present Appointments	1
Appointment Date	27/07/2004	Function	Director

Name	Dean Moore
Address	Bleak House
	Oaks Road
	Whitwick
	Leicestershire
	LE67 5UP
Officers Title	Mr	Date Of Birth	22/10/1957
Honours		Present Appointments	60
Appointment Date	28/01/2004	Function	Director

Name	Keith James Risk
Address	10 Lyndale Park
	Orton Wistow
	Peterborough
	Cambridgeshire
	PE2 6FE
Officers Title	Mr	Date Of Birth	19/08/1955
Honours		Present Appointments	4
Appointment Date	22/09/2003	Function	Director

Name	John Hinchcliffe
Address	Old Oxenhope Hall
	Old Oxenhope Lane Oxenhope
	Keighley
	BD22 9RL
Officers Title	Mr	Date Of Birth	17/01/1965
Honours		Present Appointments	44
Appointment Date	15/09/2003	Function	Director

Name	Alan White
Address	Orrell House
	Ostlers Lane
	Mobberley
	Cheshire
Officers Title	Mr	Date Of Birth	15/04/1955
Honours		Present Appointments	33
Appointment Date	02/09/2002	Function	Director

Name	Peter John Tynan
Address	9 Parkville Road
	Withington
	Manchester
	Lancashire
	M20 4TX
Officers Title	Mr	Date Of Birth	05/03/1953
Honours		Present Appointments	80
Appointment Date	19/07/1991	Function	Company Secretary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.32
UK Pound	1	Rs.74.20
Euro	1	Rs.60.73

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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

Web Address	jdwilliams.co.uk	Incorporation Date	13/12/1921
Type of Accounts	Full Accounts	Filing Date of Accounts	22/12/2007
Company Type	Private Limited With Share Capital	Date of Latest Accounts	24/02/2007
Annual Return	19/07/2006

	Shareholders
	Share Capital	120040	Currency	Gbp

Registered Address		Trading Address
Telephone Number	01612368256	Telephone Number
TPS	N	TPS
Address		Address
GRIFFIN HOUSE 40 LEVER STREET MANCHESTER M60 6ES		Griffin House 40 Lever Street Manchester M60 6ES

	Mortgage Charges
	Outstanding	2	Satisfied	2