MIRA INFORM REPORT

Report Date :

29.09.2008

IDENTIFICATION DETAILS

Name :	SIGNET TRADING LIMITED

Formerly Known as :	SIGNET UK TRADING LIMITED

Registered Office :	15 Golden Square, London, W1K 9JG

Country :	United Kingdom

Financials (as on) :	02.02.2008

Date of Incorporation :	12.05.1999

Legal Form :	Private Limited with Share Capital

Line of Business :	Other Business Activities

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Very Good

Payment Behaviour :	Regular

Litigation :	Clear

Name of the company

SIGNET TRADING LIMITED

Number 03768979

company summary

Address 15 GOLDEN SQUARE,
LONDON,
W1K 9JG

Postcode W1K 9JG

Phone

Type Private limited with Share Capital

Company Status Active - Accounts Filed

Incorporated Date 12/05/1999

Active CCJ's 0

Value of CCJ's [£] £0

Number Of Writs 0

Current Directors 3

Total Directorships 116

Trading to Date 02/02/08 03/02/07 31/01/06

Turnover £110,618,000 £108,073,000 £102,490,000

Shareholder Funds £187,243,000 £186,854,000 £168,813,000

Employees 3,767 4,083 4,200

Trends

Profitability

Liquidity

Shareholders Funds

Previous Names Details

Previous Name(s)

Changed : 29/07/1999 Signet Uk Trading Limited

Changed : 17/06/1999 Signet Uk Jewellery Limited

Secondary Industry Code Details

SIC Code Description

7487 Other Business Activities

Shareholders Details

Name Shares

Signet Holdings Ltd 162,067,896 Ordinary Gbp 1.00

Trading Address Details

Address Telephone Number TCPS

15 Golden Square W1K 9JG

accounts

PROFIT & LOSS

Annual Accounts	02/07-02/08	Change (%)	01/06-02/07	Change (%)	02/05-01/06
Months	13	-	14	-	12
Currency	GBP	-	GBP	-	GBP
Consolidated A/cs	N	-	N	-	N
Turnover	110,618,000	2.4 %	108,073,000	5.4 %	102,490,000
Export	-	-	-	-	-
Cost of Sales	103,381,000	2.4 %	101,004,000	5.5 %	95,783,000
Gross Profit	7,237,000	2.4 %	7,069,000	5.4 %	6,707,000
Wages & Salaries	87,937,000	-0.9 %	88,775,000	6.4 %	83,418,000
Directors Emoluments	-	-	-	-	-
Operating Profits	7,871,000	18.9 %	6,619,000	179.6 %	2,367,000
Depreciation	3,686,000	446.1 %	675,000	-	-
Audit Fees	232,000	50.6 %	154,000	4.8 %	147,000
Interest Payments	34,681,000	-8.1 %	37,720,000	36.5 %	27,632,000
Pre Tax Profit	23,098,000	-75.5 %	94,149,000	47.9 %	63,661,000
Taxation	-2,667,000	-96.7 %	-1,356,000	40.6 %	-2,281,000
Profit After Tax	20,431,000	-78.0 %	92,793,000	51.2 %	61,380,000
Dividends Payable	15,000,000	-82.6 %	86,000,000	53.6 %	56,000,000
Retained Profits	5,431,000	-20.1 %	6,793,000	26.3 %	5,380,000

BALANCE SHEET

Annual Accounts	02/07-02/08	Change (%)	01/06-02/07	Change (%)	02/05-01/06
Tangible Assets	234,768,000	0.6 %	233,422,000	5.0 %	222,215,000
Intangible Assets	-	-	-	-	-
Total Fix Assets	234,768,000	0.6 %	233,422,000	5.0 %	222,215,000
Total Current Assets	355,955,000	-44.5 %	641,516,000	1.8 %	630,239,000
Trade Debtors	1,653,000	-45.8 %	3,051,000	-60.1 %	7,650,000
Stock	3,873,000	-40.1 %	6,467,000	-28.9 %	9,094,000
Cash	9,655,000	219.4 %	3,023,000	-85.7 %	21,089,000
Other Current Assets	340,774,000	-45.8 %	628,975,000	6.2 %	592,406,000
Increase In Cash	6,632,000	136.7 %	-18,066,000	-	-
Miscellaneous Current Assets	-	-	-	-	-
Total Assets	590,723,000	-32.5 %	874,938,000	2.6 %	852,454,000
Total Current Liabilities	400,633,000	-41.9 %	689,807,000	2.5 %	672,819,000
Trade Creditors	20,989,000	1.4 %	20,691,000	-24.9 %	27,563,000
Bank Overdraft	30,478,000	42.3 %	21,415,000	-30.0 %	30,585,000
Other Short Term Fin	318,241,000	-48.2 %	613,958,000	5.9 %	579,950,000
Miscellaneous Current Liabilities	30,925,000	-8.4 %	33,743,000	-2.8 %	34,721,000
Other Long Term Fin	-	-	-	-	-
Total Long Term Liabilities	2,847,000	265.2 %	-1,723,000	-115.9 %	10,822,000
Bank Overdraft & LTL	33,325,000	69.2 %	19,692,000	-52.4 %	41,407,000
Total Liabilities	403,480,000	-41.4 %	688,084,000	0.6 %	683,641,000
Net Assets	187,243,000	0.2 %	186,854,000	10.7 %	168,813,000
Working Capital	-44,678,000	7.5 %	-48,291,000	-13.4 %	-42,580,000

CAPITALS & RESERVES

Annual Accounts	02/07-02/08	Change (%)	01/06-02/07	Change (%)	02/05-01/06
Paid up equity	162,068,000	-	162,068,000	-	162,068,000
P&L Account Reserve	20,551,000	-17.1 %	24,786,000	267.5 %	6,745,000
Sundry Reserves	4,624,000	-	-	-	-
Revaluation Reserve	-	-	-	-	-
Shareholder Funds	187,243,000	0.2 %	186,854,000	10.7 %	168,813,000
Net Worth	187,243,000	0.2 %	186,854,000	10.7 %	168,813,000

MISCELLANEOUS

Annual Accounts	02/07-02/08	Change (%)	01/06-02/07	Change (%)	02/05-01/06
Net Cashflow from Operations	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-
Contingent Liability	NO	-	NO	-	NO
Capital Employed	190,090,000	2.7 %	185,131,000	3.1 %	179,635,000
No of Employees	3,767	-7.7 %	4,083	-2.8 %	4,200

	Auditors	KPMG AUDIT PLC
	AuditQualification	No Adverse Comments
	Bankers	BARCLAYS BANK PLC
	BankBranchCode

RATIOS

Annual Accounts	02/07-02/08	01/06-02/07	02/05-01/06
Pre-tax profit margin %	20.9 %	87.1 %	62.1 %
Current ratio	0.89	0.93	0.94
Sales/Net Working Capital	-2.48	-2.24	-2.41
Gearing %	17.8 %	10.5 %	24.5 %
Equity in %	31.7 %	21.4 %	19.8 %
Creditor Days	69.07	71.03	98.16
Debtor Days	5.44	10.47	27.24
Liquidity/Acid Test	0.88	0.92	0.92
Return On Capital Employed %	12.2 %	50.9 %	35.4 %
Return On Total Assets Employed %	3.9 %	10.8 %	7.5 %
Current Debt Ratio %	2.1 %	3.7 %	4.0 %
Total Debt Ratio %	2.2 %	3.7 %	4.1 %
Stock Turnover Ratio %	3.5 %	6.0 %	8.9 %
Return on Net Assets Employed %	12.3 %	50.4 %	37.7 %

Credit Limit Explanation

The Recommended Credit Limit is calculated using a formula that analyses information from a company's financial accounts and payment record.
The advised amount can be defined as the maximum amount that could be advanced in any one calendar month, assuming standard payment terms of 30 days beyond the month of invoice. Therefore the same maximum amount could be advanced in the next calendar month.

Date Description

15/07/2008 Very Good Credit Worthiness

06/08/2007 Analysed - Query raised

20/10/2006 Very Good Credit Worthiness

09/03/2006 Very Good Credit Worthiness

22/02/2006 Very Good Credit Worthiness

group structure

Ultimate Parent Company SIGNET GROUP PLC

Companies in Group 27

Company Name Registered Number Latest Annual Accounts

SIGNET GROUP PLC 00477692 02/02/2008

SIGNET HOLDINGS LIMITED 03769622 02/02/2008

C.L. EDWARDS & SONS LIMITED 00717417 03/02/2007

RATNERS PROPERTY DEVELOPMENTS LIMITED 02238892 02/02/2008

SIGNET GROUP SERVICES LIMITED 03769623 02/02/2008

SIGNET TRADING LIMITED<<< 03768979 02/02/2008

SIGNET CARD SERVICES LIMITED 04521609 02/02/2008

CHECKBURY LIMITED 01131608 02/02/2008

LESLIE DAVIS LIMITED 03769521 02/02/2008

ERNEST JONES LIMITED 03768966 02/02/2008

H SAMUEL LIMITED 00146570 02/02/2008

SIGNET UK DORMANTS LIMITED 03768981 02/02/2008

EJ LIMITED 00512687 02/02/2008

STEPHEN'S JEWELLERS LIMITED 00629737 02/02/2008

TERRY'S (JEWELLERS) LIMITED 01361155 02/02/2008

ERNEST JONES (JEWELLERS) P L C 01375668 02/02/2008

ERNEST JONES & CO.(LONDON)LIMITED 00468771 02/02/2008

SAPHENA LIMITED 00550909 02/02/2008

SIGNET JEWELLERY LIMITED 01569284 02/02/2008

SIGNET JEWELLERY GROUP LIMITED 02005783 02/02/2008

RATNERS LIMITED 02068822 02/02/2008

RATNERS TRUSTEES LIMITED 02108408 02/02/2008

COLLINGWOOD THE COUNTY JEWELLERS LIMITED 02246778 02/02/2008

JAMES WALKER GOLDSMITH AND SILVERSMITH LIMITED 00278248 02/02/2008

SIGNET GROUP PUBLIC LIMITED COMPANY IE902912 02/02/2008

SIGNET US HOLDINGS INC U.S.A. N/A

SIGNET US FINANCE LIMITED 05012307 02/02/2008

Status History

Date Description

No Status History

Event History

Date Description

15/07/2008 New Accounts Filed

26/05/2008 Annual Returns

06/08/2007 New Accounts Filed

02/07/2007 Simon Cashman Has Left The Board

02/07/2007 New Board Member (mark Jenkins) Appointed

20/10/2006 New Accounts Filed

02/02/2006 Change In Reg.office

02/02/2006 Change Of Company Postcode

04/08/2005 New Accounts Filed

13/05/2005 Data Refresh

18/09/2004 Directors Data Refresh

10/08/2004 New Accounts Filed

25/05/2004 Annual Returns

25/03/2004 New Board Member

directors

Name Mark Andrew Jenkins

Address Elba House

Goosey

Farringdon

Oxfordshire

SN7 8PA

Officers Title Mr Date Of Birth 15/11/1957

Honours Present Appointments 59

Appointment Date 01/03/2004 Function Company Secretary

Name Mark Andrew Jenkins

Address Elba House

Goosey

Farringdon

Oxfordshire

SN7 8PA

Officers Title Mr Date Of Birth 15/11/1957

Honours Present Appointments 59

Appointment Date 25/06/2007 Function Director

Name Walker Gordon Boyd

Address Ivy Close Cottage

Wolverton

Stratford Upon Avon

Warwickshire

CV37 0HH

Officers Title Mr Date Of Birth 21/04/1952

Honours Present Appointments 57

Appointment Date 12/05/1999 Function Director

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.97
UK Pound	1	Rs.85.57
Euro	1	Rs.67.79

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

MIRA INFORM REPORT

Name of the company

company summary

company information

Previous Names Details

Secondary Industry Code Details

Shareholders Details

Trading Address Details

accounts

group structure

Status History

Event History

directors

Unit